Common use of Investment Policies and Restrictions Clause in Contracts

Investment Policies and Restrictions. (a) Without prior written notice to the Administrative Agent of at least 30 days (which notice the Administrative Agent shall communicate to the Banks promptly following the receipt thereof), not rescind, amend or modify any investment policy described as "fundamental" in any prospectus or any registration statement(s) that may be on file with the Securities and Exchange Commission with respect thereto (collectively herein, a "proposed change"). If, in the judgment of the Majority Banks, such proposed change will result in a change in such Banks' analysis of the creditworthiness of such Fund or Portfolio, and if such proposed change is implemented with respect to such Fund or Portfolio, the Commitments to such Fund or Portfolio shall, as of the time such fundamental change is implemented, terminate, and all Loans outstanding from the Banks to such Fund or Portfolio, as well as all other amounts owing to the Banks from such Fund or Portfolio, shall thereupon become immediately due and payable.

Appears in 1 contract

Samples: Credit Agreement (Legg Mason Light Street Trust Inc)

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Investment Policies and Restrictions. (a) Without prior written notice to the Administrative Agent of at least 30 days (which notice the Administrative Agent shall communicate to the Banks promptly following the receipt thereof), not rescind, amend or modify any investment policy described as "fundamental" in any prospectus or any registration statement(s) that may be on file with the Securities and Exchange Commission with respect thereto (collectively herein, a "proposed changePROPOSED CHANGE"). If, in the judgment of the Majority Banks, such proposed change will result in a change in such Banks' analysis of the creditworthiness of such Fund or Portfolio, and if such proposed change is implemented with respect to such Fund or Portfolio, the Commitments to such Fund or Portfolio shall, as of the time such fundamental change is implemented, terminate, and all Loans outstanding from the Banks to such Fund or Portfolio, as well as all other amounts owing to the Banks from such Fund or Portfolio, shall thereupon become immediately due and payable.

Appears in 1 contract

Samples: Credit Agreement (Legg Mason Value Trust Inc)

Investment Policies and Restrictions. (a) Without prior written notice to the Administrative Agent and Documentation Agent of at least 30 days (which notice the Administrative Agent and Documentation Agent shall communicate to the Banks promptly following the receipt thereof), not rescind, amend or modify any investment policy described as "fundamental" in any prospectus or any registration statement(s) that may be on file with the Securities and Exchange Commission with respect thereto (collectively herein, a "proposed change"). If, in the judgment of the Majority Banks, such proposed change will result in a change in such Banks' analysis of the creditworthiness of such Fund or Portfolio, and if such proposed change is implemented with respect to such Fund or Portfolio, the Commitments to such Fund or Portfolio shall, as of the time such fundamental change is implemented, terminate, and all Loans outstanding from the Banks to such Fund or Portfolio, as well as all other amounts owing to the Banks from such Fund or Portfolio, shall thereupon become immediately due and payable.

Appears in 1 contract

Samples: Credit Agreement (Legg Mason Income Trust Inc)

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Investment Policies and Restrictions. (a) Without prior written notice to the Administrative Agent of at least 30 days (which notice the Administrative Agent shall communicate to the Banks promptly following the receipt thereof), not rescind, amend or modify any investment policy described as "fundamental" in any prospectus or any registration statement(s) that may be on file with the Securities and Exchange Commission with respect thereto (collectively herein, a "proposed change"). If, in the judgment of the Majority Banks, such proposed change will result in a change in such Banks' analysis of the creditworthiness of such Fund or Portfolio, and if such proposed change is implemented with respect to such Fund or Portfolio, the Commitments to such Fund or Portfolio shall, as of the time such fundamental change is implemented, terminate, and all Loans outstanding from the Banks to such Fund or Portfolio, as well as all other amounts owing to the Banks from such Fund or Portfolio, shall thereupon become immediately due and payable.

Appears in 1 contract

Samples: Credit Agreement (Legg Mason Global Trust Inc)

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