Common use of Fair Market Value For Designated Subsidiary Stock Dispositions Clause in Contracts

Fair Market Value For Designated Subsidiary Stock Dispositions. If, at the time when any of the 5.50% Notes are outstanding, the Company or a Subsidiary consummates a sale or other disposition of any Capital Stock of a Designated Subsidiary or a Designated Subsidiary issues Capital Stock, in each case to a Person other than the Company or a Subsidiary, then the Company or the Subsidiary must receive consideration at the time of a Designated Subsidiary Stock Disposition at least equal to the fair market value of such Capital Stock as determined by the Company’s Board of Directors (acting in good faith).

Appears in 3 contracts

Samples: Indenture (Legg Mason, Inc.), Indenture (Legg Mason, Inc.), First Supplemental Indenture (Legg Mason, Inc.)

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Fair Market Value For Designated Subsidiary Stock Dispositions. If, at the time when any of the 5.50% Notes are outstanding, If the Company or a Subsidiary consummates a sale or other disposition of any Capital Stock of a Designated Subsidiary or a Designated Subsidiary issues Capital Stock, in each case to a Person other than the Company or a Subsidiary, then the Company or the Subsidiary must receive consideration at the time of a Designated Subsidiary Stock Disposition at least equal to the fair market value of such Capital Stock as determined by the Company’s Board of Directors (acting in good faith).

Appears in 1 contract

Samples: Indenture (Legg Mason, Inc.)

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