Illiquid Position definition
Illiquid Position means any Property issued by a Controlled Person, unless such Property is both: (x) listed or admitted to trading on a securities exchange, quotation system or public market as of the time of determination; and (y) have an average daily trading volume, over the 30-day period prior to the time of determination, of at least 0.5% of the shares then outstanding. For the avoidance of doubt, any Derivative that references an Illiquid Position shall also be deemed to be an Illiquid Position, unless such Derivative is both: (x) listed or admitted to trading on a securities exchange, quotation system or public market as of the time of determination; and (y) has an average daily trading volume, over the 30-day period prior to the time of determination, of at least 0.5% of the shares then outstanding.