Illiquid Investments. Your overall commitment to investments which are not readily marketable is not disproportionate to your net worth and your investment in the Securities will not cause such overall commitment to become excessive. You have adequate means of providing for your current needs and personal contingencies.
Illiquid Investments. FIM will not invest all or any part of your portfolio in illiquid investments and other investments, which are not traded on or under a recognised exchange.
Illiquid Investments. Subject to any restrictions imposed on our discretion in accordance with clause 3.2, FIM may, with your specific authority, invest all or any part of your portfolio in illiquid investments and other investments, which are not traded on or under a recognised exchange. In such circumstances, it can be difficult to obtain information about the value of such investments or the extent of the risk to which such investments are exposed. Where such transactions are undertaken, we must use reasonable care to ensure any transaction is effected at a price and on terms which are fair and reasonable to you. The basis of valuation of any such investments will be verified by reference to an appropriate independent and competent pricing source.
Illiquid Investments. The Purchaser's overall commitment to --------------------- investments that are not readily marketable is not disproportionate to its net worth and its investment in the Shares will not cause such overall commitment to become excessive. The Purchaser has adequate means of providing for its current needs and personal contingencies.
Illiquid Investments. (i) The documentation for each Illiquid Investment shall be completed only by the Company, and the Manager shall have no authority to bind the Company whatsoever in respect of the Illiquid Portfolio.
(ii) Any instruments and other investment documentation evidencing any investment in Illiquid Securities shall be held by the Custodian, with a copy provided to the Company.
(iii) The Company shall have (A) sole authority to exercise all of the voting, approval, veto, and consent rights associated with the Illiquid Security (“Voting Rights”) and to sell or otherwise dispose of any Illiquid Securities and (B) the authority to execute and deliver, or instruct the Custodian to execute and deliver, any resolutions, consents, or other documentation reasonably necessary to reflect the exercise of any of such Voting Rights, and, in the event of a sale or other disposition, to execute and deliver any instruments or certificates of ownership to the purchaser thereof.
(iv) In the event an Illiquid Security becomes a Publicly Traded Security, such investment shall be reclassified under this Agreement as an Asset in the Trading Portfolio and no longer an Illiquid Security.
Illiquid Investments. The Fund will not invest 15% or more of its net assets in securities for which there are legal or contractual restrictions on resale and other illiquid securities. However, if more than 15% of Fund net assets are illiquid, the Fund's Adviser or Sub-Adviser will reduce illiquid assets such that they do not represent more than 15% of Fund assets, subject to timing and other considerations which are in the best interests of the Fund and its shareholders.
Illiquid Investments. Each Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment is a security or other position that cannot be disposed of quickly in the normal course of business. For example, some securities are not registered under U.S. securities laws and cannot be sold to the U.S. public because of SEC regulations (these are known as “restricted securities”). Under procedures adopted by each Fund’s Board of Trustees, certain restricted securities that are determined to be liquid will not be counted toward this 15% limit.
Illiquid Investments. GNA may, at its option and upon thirty days prior written notice to Buyer, require Buyer to purchase from GNA as of November 30, 2002 GNA's holding company investments described in Section 6.9 of the GNA Disclosure Letter (the "Illiquid Investments") at a purchase price equal to the difference between (i) 50% of the cost of such Illiquid Investments minus (ii) the amount of any cash received by GNA from the Illiquid Investments during the period commencing on the Closing Date and ending on the date of the closing of the purchase of the Illiquid Investments. Buyer may, at its option and upon thirty days prior written notice to GNA at any time prior to November 30, 2002, require GNA to sell
(1) the written notice must be received by Buyer or GNA, as applicable, on or before November 30, 2002; and (2) the purchase of the Illiquid Investments shall be consummated no later than December 30, 2002, provided that in the event that the transfer of any Illiquid Investment is subject to the consent of any Person other than a member of the Buyer Group, Buyer and GNA shall cooperate to obtain the consent to the transfer of such Illiquid Investment, and the transfer of such Illiquid Investment shall be consummated on such later date upon which such consent is obtained. As of the date of this Agreement, GNA's aggregate cost of the Illiquid Investments is as set forth in Section 6.9 of the GNA Disclosure Letter.
Illiquid Investments. The LPA must provide a report to the Board within one business day if a Fund's illiquid investments exceed the 15% limitation. The report must explain the breach, the extent of the breach and provide a plan to bring the Fund into compliance. If this continues for more than 30 consecutive days, the Board must assess whether the plan to address the shortfall continues to be in the Fund's best interest.
Illiquid Investments. 4.1. Some transactions you request us to effect on your behalf may be in illiquid investments. Basically, these are investments in which the market is limited or could become so. Illiquid investments can be difficult to sell and it can be difficult to assess what would be a proper market price for them. Where, acting as agent, we execute the transaction, we will use reasonable care to execute the transaction at a price and on other terms that are fair and reasonable to you.
