Illiquid Asset definition

Illiquid Asset means as of any date, any asset (i) for which there is no established public or private institutional trading market, such that such asset may be reasonably expected to be sold in such market within seven (7) days in the ordinary course of business at a price approximating the Asset Value of such asset on such date, subject only to fluctuations in the market price therefor, (ii) the fair market value of which is not readily ascertainable from recognized independent sources in the market for such assets or (iii) otherwise classified as an “illiquid security” by the Borrower or the Investment Adviser.

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Illiquid Asset means an asset that may not be readily disposed of through market facilities on which public quotations are widely available, at an amount at least equal to the amount at which the asset is valued in calculating the net asset value, or a restricted security, the resale of which is prohibited for any reason.

Illiquid Asset means, as of any date, any asset for which (a) there is no established public or private institutional trading market, such that such asset may be reasonably expected to be sold in such market within ten (10) days in the ordinary course of business at a price approximating the Value of such asset on such date subject only to fluctuations in the market price therefor, (b) the fair market value of such asset is not readily ascertainable from recognized independent sources in the market for such assets or is not readily determinable using procedures approved by the Board of Directors of the Borrower, or (c) are otherwise categorized as “illiquid securities” by the Borrower or the Investment Adviser.

Examples of Illiquid Asset in a sentence

The Trustee shall have no duty, obligation or responsibility with respect to the sale of any Illiquid Asset under this Section 4.4(b) other than to act upon the written instruction of the Collateral Manager and in accordance with the express provisions of this Section 4.4(b).
The Collateral Manager shall not dispose of Illiquid Assets in accordance with clause (a) above if directed not to do so, at any time following the notice of disposals prior to release, or acceptance of an offer for sale, of such Illiquid Asset, by a Majority of the Controlling Class or a Majority of the Preferred Interests.
Any FFELP Loan shall no longer qualify for FFELP Loan Funding (but shall qualify for Illiquid Asset Funding) if it is not sold, securitized or newly funded through a U.S. federal program within the next six fiscal quarters of Borrower after first appearing in the twelve-month funding forecast.
Manufacturer Retail Store (on-site store) MOS Wholesale GST Winery Agency Store (off-site store) WAS Wholesale GST Independent wine store* WIN Wholesale GST Hospitality Licensee LDB Established Retail Price GST Licensee Retail Store* LRS Wholesale GST Rural Licensee Retail Store RLRS Wholesale GST Grocery (Wine on Shelves) Licensee GRC Wholesale GST Duty Free Store DFS Price set by Land Based Winery provided the same price is offered to all Duty Free stores.
In addition to the Supplemental Illiquid Asset Funding pursuant to Section 2.5 (Supplemental Illiquid Asset Funding), the Commitment may be increased in respect of one or more Types of Revolving Loans (subject to payment of an additional up-front fee to be mutually agreed upon by Lender and Borrower) or may be reallocated among the Types of Revolving Loans by mutual agreement of Lender and Borrower in writing.

More Definitions of Illiquid Asset

Illiquid Asset. Any Portfolio Asset with respect to which either (a) the Collateral Manager (if no Event of Default has occurred and is continuing), (b) the Liquidation Agent (when exercising its rights to direct the disposition of such Portfolio Asset under Section 12.1(c)) or (c) the Trustee (when attempting to dispose of such Portfolio Asset pursuant to Article 5 and not at the direction of the Liquidation Agent pursuant to Section 12.1(c)) has made commercially reasonable efforts (or, in the case of (b), the Issuer or Trustee at the Liquidation Agent’s direction has made commercially reasonable efforts) to dispose of such Portfolio Asset for at least 90 days but has been unable to sell such Portfolio Asset and in the Liquidation Agent’s commercially reasonable judgment such Portfolio Asset is not expected to be saleable for the foreseeable future.

Illiquid Asset. The meaning specified in Section 12.3.

Illiquid Asset. (a) A Defaulted Obligation, an Equity Security, an obligation received in connection with an Offer or other exchange or any other security or debt obligation that is part of the Assets, in respect of which (i) the Issuer has not received a payment in Cash during the preceding twelve calendar months and (ii) the Portfolio Manager certifies that it is not aware, after reasonable inquiry, that the issuer or Obligor of such asset has publicly announced or informed the holders of such asset that it intends to make a payment in Cash in respect of such asset within the next twelve calendar months or (b) any asset, claim or other property identified in a certificate of the Portfolio Manager as having a Market Value of less than U.S.$1,000.

Illiquid Asset means an asset or Security whose conversion to cash at fair market value is limited for at least 45 days.

Illiquid Asset means an asset that cannot be sold or disposed of by the Fund in the ordinary course of business within seven calendar days, at approximately the value ascribed to them by the Fund.

Illiquid Asset means an asset or security whose conversion to cash at fair market value is limited for a certain period of time.

Illiquid Asset means as of any date, any asset for which (a) there is no established public or private institutional trading market, such that such asset may be reasonably expected to be sold in such market within seven (7) days in the ordinary course of business at a price approximating the Asset Value of such asset on such date subject only to fluctuations in the market price therefor, (b) the fair market value of such asset is not readily ascertainable from recognized independent sources in the market for such assets or is not readily determinable using procedures approved by the Board of Trustees of the Borrower, or (c) are otherwise categorized as “illiquid securities” by the Borrower or the Investment Manager.