Dispositions With No Investment Grade Ratings. If, at the time when any of the 5.50% Notes are outstanding, the Company or any Subsidiary engages in a Designated Subsidiary Stock Disposition and, immediately after giving effect to the Designated Subsidiary Stock Disposition and the application of the proceeds therefrom, neither Rating Agency rates the senior unsecured Debt of the Company Investment Grade, then no later than 30 Business Days following the consummation of such Designated Subsidiary Stock Disposition or, if later, 30 Business Days following the related ratings action, the Company shall apply an amount equal to the Disposition Amount to:
Appears in 3 contracts
Samples: Indenture (Legg Mason, Inc.), Indenture (Legg Mason, Inc.), First Supplemental Indenture (Legg Mason, Inc.)
Dispositions With No Investment Grade Ratings. If, at the time when any of the 5.50% Notes are outstanding, If the Company or any Subsidiary engages in a Designated Subsidiary Stock Disposition and, immediately after giving effect to the Designated Subsidiary Stock Disposition and the application of the proceeds therefrom, neither Rating Agency rates the senior unsecured Debt of the Company Investment Grade, then no later than 30 Business Days following the consummation of such Designated Subsidiary Stock Disposition or, if later, 30 Business Days following the related ratings action, the Company shall apply an amount equal to the Disposition Amount to:
Appears in 1 contract
Samples: Indenture (Legg Mason, Inc.)
