Illiquid Assets definition

Illiquid Assets. As of any date of determination, collectively, the Borrower’s Eligible Investments (or any portion thereof) (i) in respect of which redemptions are suspended or subject to application of a fund-level gate (but only in respect of that portion of such Eligible Investments subject to such suspension or gate), (ii) that do not permit redemptions by the end of the twelfth (12th) month immediately following such date of determination, (iii) in the Borrower’s “Direct Credit (Co-Investments)” strategy and all sub-strategies thereunder and asset classes associated therewith or (iv) in private real estate investment trusts (REITs).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Illiquid Assets means with respect to a Borrower at any date of determination, the fair market value of such Borrower’s investments (or any portion thereof) in hedge funds:

Illiquid Assets has the meaning set forth in Section 3.4 hereof.

Examples of Illiquid Assets in a sentence

• If the Collateral Manager declines such offer, the Trustee will take such action as directed by the Collateral Manager (on behalf of the Issuer) to dispose of the Illiquid Assets, which may be by donation to a charity, abandonment or other means.

• To the extent that minimum denominations do not permit a pro rata distribution, the Trustee will distribute the Illiquid Assets on a pro rata basis to the extent possible and the Collateral Manager will select by lottery the Holder to whom the remaining amount will be delivered.

• The Trustee shall have no liability for the results of any such sale or disposition of Illiquid Assets, including, without limitation, if the proceeds received, if any, are insufficient to pay all outstanding Administrative Expenses in full.

• The proceeds of the sale of Illiquid Assets (after payment of fees and expenses of the Trustee (or other bank or agent retained by it) and the Collateral Manager incurred in connection with dispositions under the provisions described in this section), if any, shall be applied in accordance with the Priority of Payments.

• 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.

More Definitions of Illiquid Assets

Illiquid Assets means assets that cannot be readily converted into cash due to the nature of the asset or the condition of the market;

Illiquid Assets means, at any date of determination, the fair market value of the Borrower’s investments (or any portion thereof) in hedge funds: (i) where redemptions have been suspended or have been subject to application of a fund-level gate, (ii) that do not permit redemptions by the twelfth month-end immediately following the date of such determination, and (iii) that are held in Side Pockets.

Illiquid Assets means, as of any date, the sum, without duplication, of (i) memberships in exchanges, (ii) furniture, equipment and leasehold improvements, (iii) goodwill, (iv) intangible assets, (v) the applicable haircuts on securities owned by the Parent or its Subsidiaries, (vi) the applicable haircuts on trade receivables, (vii) any assets of a Broker-Dealer Subsidiary that would be deducted from Regulatory Capital in determining net regulatory capital, (viii) any asset for which a reserve has been established, and (ix) any other assets that in accordance with GAAP or pursuant to the guidelines provided by Moody’s as in effect as of the Closing Date, are to be treated as “illiquid”.

Illiquid Assets means those Investments which are not Liquid Assets

Illiquid Assets means, as of any date, the sum, without duplication, on a consolidated basis (excluding RJ Bank other than as provided in clause (vii) below) of (i) Intangible Assets, (ii) property and equipment, (iii) net equity Investments in real estate partnerships, (iv) private equity Investments and the funding commitments related thereto, (v) net deferred tax assets, (vi) prepaid expenses and “other” assets, (vii) shareholder equity in RJ Bank and receivables from RJ Bank, (viii) any assets of RJA, RJFS, ▇▇▇▇▇▇▇ ▇▇▇▇▇ Ltd. or any other broker-dealer Subsidiary that would be deducted from regulatory capital in determining net regulatory capital, (ix) auction rate securities owned by the Borrower or its Subsidiaries, (x) the applicable haircuts on securities owned by the Borrower or its Subsidiaries as specified on Schedule 6.20, and (xi) other Investments (but excluding investments in Canadian Treasury bills at ▇▇▇▇▇▇▇ ▇▇▇▇▇ Ltd. that are recorded under “other” assets).

Illiquid Assets means all assets other than those described in Section 351(e)(1) of the Code. Neither cash nor an interest in a partnership shall be considered an Illiquid Asset, provided, however, that a specific amount of cash shall be considered an Illiquid Asset if the cash is specifically set aside for investment in an Illiquid Asset according to a written plan upon receipt of such cash by the Partnership.

Illiquid Assets mean (i) the student loans made or held by Borrower that do not qualify as FFELP Loans or Private Loans pursuant to Section 4.13 (Student Loans), (ii) the portion of the aggregate outstanding principal amount (including accrued interest to be capitalized) of the FFELP Loans and Private Loans that cannot be funded pursuant to FFELP Loan Funding or Private Loan Funding, and (iii) any Retained Securitization Interests.