THE CLIENT ACCOUNTS definition
THE CLIENT ACCOUNTS means all investments, money, assets (including the benefit of contracts) or borrowings for the time being subject to Sub-Investment Manager's discretionary authority hereunder, including, for the avoidance of doubt, liabilities relating to investments sold short (that is sold even though not yet so held). The term does not include any portion of an account managed by Investment Manager that is not subject to Sub-Investment Manager's discretionary authority.