Illiquid Investment definition

Illiquid Investment means, as of any date, any Investment that has any material condition to or restriction on the ability of the Borrower, the Lenders or any assignee of either thereof to sell, assign, transfer, pledge, hypothecate or otherwise encumber or liquidate the same in a commercially reasonable time and manner (other than customary securities law arrangements or restrictions), whether or not such condition or restriction is intrinsic to such Investment, provided that any condition or restriction that could reasonably be expected to (a) prohibit or delay any such sale, assignment, transfer, pledge, hypothecation, encumbrancing or liquidation for more than seven (7) Business Days, or (b) require any payment (other than a nominal amount) in connection therewith, shall be deemed to be such a material condition or restriction within the meaning of this defined term.
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Illiquid Investment means, as of any date:
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Illiquid Investment means, as of any date, any Investment that has any material condition to or restriction on the ability of the Borrower or any assignee to sell, assign, transfer, pledge, hypothecate or otherwise encumber or liquidate the same in a commercially reasonable time and manner (other than customary securities law arrangements or restrictions), whether or not such condition or restriction is intrinsic to such investment, including without limitation, with respect to each Investment other than a Bank Loan, any condition or restriction that could reasonably be expected to (i) prohibit or delay the settlement of any such sale, assignment, transfer, pledge, hypothecation, encumbrancing or liquidation for more than seven (7) days, or (ii) require any payment (other than a nominal amount) in connection therewith, shall be deemed to be such a material condition or restriction, and in the event that the Borrower enters into any arrangement pursuant to which any Investment (other than a Bank Loan) is to be sold or otherwise transferred by the Borrower and such sale or transfer is not settled within seven (7) days, such investment shall be deemed to be an Illiquid Investment.
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Examples of Illiquid Investment in a sentence

  • Distributions and redemptions with respect to Side Pocket Shares will be effected periodically as portions of the relevant Illiquid Investment are liquidated for cash or are otherwise realized or become available for distribution in the sole discretion of the Directors or their delegate.

  • Shareholders in Classes other than the Side Pocket Class described herein shall not participate in the pro rata portion of the Illiquid Investment attributable to the relevant Side Pocket Class and the pro rata portion of the Illiquid Investment attributable to the Side Pocket Class shall be segregated from and shall not form part of the other assets of the relevant Fund.

  • In the event such Side Pocket Shares are established, the Directors will issue to each redeeming Shareholder in that Fund for the particular Redemption Day, in exchange for its Shares and in partial satisfaction of the redemption price, Side Pocket Shares which shall correspond with each such Shareholder’s pro rata portion of such Illiquid Investment.

  • There may be more than one class of S Share, depending upon the timing of any underlying fund becoming illiquid.Shareholders at the date of issue of S Shares will have a right to any proceeds of realisation or income received from the Illiquid Investment concerned.S Shares will not be redeemable at the option of the Shareholder.

  • A Shareholder entitled to S Shares may redeem his Shares but will retain his entitlement to the S Shares until the Illiquid Investment is realised or considered by the Directors, after consultation with the Investment Manager and the Administrator, to have become liquid or to have no value.

  • The Directors shall create a separate class of S Shares for each investment which is designated by the Directors as an Illiquid Investment after its acquisition by the Company and upon the designation of the Illiquid Investment shall procure the issue of the S Shares to each Member who holds Participating Shares pro rata to the number of Participating Shares held.

  • A holder of Participating Shares at the date of issue of a class of S Shares will have the right to any proceeds of realisation or income received from the Illiquid Investment concerned.

  • A holder of Participating Shares at the time the investment is deemed illiquid will have a proportionate interest in that Illiquid Investment even if the holder subsequently redeemed their Participating Shares.

  • In the event such Side Pocket Shares are established, the Directors will issue to each redeeming Shareholder in that Fund for the particular Redemption Day, in exchange for its Participating Shares and in partial satisfaction of the redemption price, Side Pocket Shares which shall correspond with each such Shareholder’s pro rata portion of such Illiquid Investment.

  • A report of the due diligence analysis and a complete evaluation of how the investment is expected to achieve the strategic objectives of the Board shall be presented to the Chief Investment Officer who shall have final authority to evaluate, select, monitor, and terminate Illiquid Investment Managers and investment vehicles in accordance with the terms of their contracts.


More Definitions of Illiquid Investment

Illiquid Investment means an investment in global securities or other assets that cannot easily be sold or exchanged for cash without a substantial loss in value. As explained in the Investment Policy, an investment strategy involving these assets include illiquid equities (hedged and private equity), illiquid credit (private and distressed debt and hedged credit) and illiquid real assets (illiquid real estate, illiquid real assets and market-neutral strategies). Illiquid Investments generally target long- term return objectives. These assets are designed to provide the portfolio with higher risk-adjusted returns and/or enhanced diversification. Illiquid Investments are usually made outside of public securities exchanges by acquiring an interest in a limited partnership, limited liability company, fund of one, separate account, dedicated managed account, commingled fund, offshore entity, or similar investment vehicle, as appropriate for the individual investment. Illiquid Investments were typically referred to as alternative assets in prior versions of this Procedure.
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Illiquid Investment means securities or other assets that cannot easily be sold or exchanged for cash within one month without a substantial loss in value. These investments include private equities, private credit, private real assets (including real estate), and hedge fund strategy products. These assets are intended to provide the portfolio with higher risk-adjusted returns and/or enhanced diversification. They are not intended to be a source of short-term liquidity.
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Illiquid Investment means, as of any date, any investment that has any material condition to or restriction on the ability of the Borrower or any assignee thereof to sell, assign, transfer, pledge, hypothecate or otherwise encumber or liquidate the same in a commercially reasonable time and manner (other than customary securities law arrangements or restrictions), whether or not such condition or restriction is intrinsic to such investment, including without limitation, with respect to each investment other than a Bank Loan, any condition or restriction that could reasonably be expected to (i) prohibit or delay the settlement of any such sale, assignment, transfer, pledge, hypothecation, encumbrancing or liquidation for more than seven (7) days, or (ii) require any payment (other than a nominal amount) in connection therewith, shall be deemed to be such a material condition or restriction, and in the event that the Borrower enters into any arrangement pursuant to which any investment (other than a Bank Loan) is to be sold or otherwise transferred by the Borrower and such sale or transfer is not settled within seven (7) days, such investment shall be deemed to be an Illiquid Investment.
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Illiquid Investment means an investment the value of which cannot be easily realised through the availability of a secondary market;
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Illiquid Investment means any in- vestment that the fund reasonably ex- pects cannot be sold or disposed of in current market conditions in seven cal- endar days or less without the sale or disposition significantly changing the market value of the investment, as de- termined pursuant to the provisions of paragraph (b)(1)(ii) of this section.
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Related to Illiquid Investment

  • Liquid Investments means (a) readily marketable direct full faith and credit obligations of the United States of America or obligations unconditionally guaranteed by the full faith and credit of the United States of America; (b) commercial paper issued by (i) any Lender or any Affiliate of any Lender or (ii) any commercial banking institutions or corporations rated at least P-1 by Moody’s or A-1 by S&P; (c) certificates of deposit, time deposits, and bankers’ acceptances issued by (i) any of the Lenders or (ii) any other commercial banking institution which is a member of the Federal Reserve System and has a combined capital and surplus and undivided profits of not less than $250,000,000 and rated Aa by Moody’s or AA by S&P; (d) repurchase agreements which are entered into with any of the Lenders or any major money center banks included in the commercial banking institutions described in clause (c) and which are secured by readily marketable direct full faith and credit obligations of the government of the United States of America or any agency thereof; (e) investments in any money market fund which holds investments substantially of the type described in the foregoing clauses (a) through (d); (f) readily and immediately available cash held in any money market account maintained with any Lender; provided that, such money market accounts and the funds therein shall be unencumbered and free and clear of all Liens and other third party rights other than a Lien in favor of the Administrative Agent pursuant to the Security Documents; and (g) other investments made through the Administrative Agent or its Affiliates and approved by the Administrative Agent. All the Liquid Investments described in clauses (a) through (d) above shall have maturities of not more than 365 days from the date of issue.

  • PIPE Investment has the meaning specified in the Recitals hereto.

  • Eligible Investments mean book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form which evidence:

  • Cash Equivalent Investment means, at any time:

  • Investments as defined in Section 7.8.