§ 77mmm. — Reports by indenture trustee.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77mmm]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER III--TRUST INDENTURES
Sec. 77mmm. Reports by indenture trustee
(a) Report to security holders; time; contents
The indenture trustee shall transmit to the indenture security
holders as hereinafter provided, at stated intervals of not more than 12
months, a brief report with respect to any of the following events which
may have occurred within the previous 12 months (but if no such event
has occurred within such period no report need be transmitted):-- \1\
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\1\ So in original. The colon probably should not appear.
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(1) any change to its eligibility and its qualifications under
section 77jjj of this title;
(2) the creation of or any material change to a relationship
specified in paragraph \2\ (1) through (10) of section 77jjj(b) of
this title;
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\2\ So in original. Probably should be ``paragraphs''.
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(3) the character and amount of any advances made by it, as
indenture trustee, which remain unpaid on the date of such report,
and for the reimbursement of which it claims or may claim a lien or
charge, prior to that of the indenture securities, on the trust
estate or on property or funds held or collected by it as such
trustee, if such advances so remaining unpaid aggregate more than
one-half of 1 per centum of the principal amount of the indenture
securities outstanding on such date;
(4) any change to the amount, interest rate, and maturity date
of all other indebtedness owning to it in its individual capacity,
on the date of such report, by the obligor upon the indenture
securities, with a brief description of any property held as
collateral security therefor, except an indebtedness based upon a
creditor relationship arising in any manner described in paragraphs
(2), (3), (4), or (6) of subsection (b) of section 77kkk of this
title;
(5) any change to the property and funds physically in its
possession as indenture trustee on the date of such report;
(6) any release, or release and substitution, of property
subject to the lien of the indenture (and the consideration
therefor, if any) which it has not previously reported;
(7) any additional issue of indenture securities which it has
not previously reported; and
(8) any action taken by it in the performance of its duties
under the indenture which it has not previously reported and which
in its opinion materially affects the indenture securities or the
trust estate, except action in respect of a default, notice of which
has been or is to be withheld by it in accordance with an indenture
provision authorized by subsection (b) of section 77ooo of this
title.
(b) Additional reports to security holders
The indenture trustee shall transmit to the indenture security
holders as hereinafter provided, within the times hereinafter specified,
a brief report with respect to--
(1) the release, or release and substitution, of property
subject to the lien of the indenture (and the consideration
therefor, if any) unless the fair value of such property, as set
forth in the certificate or opinion required by paragraph (1) of
subsection (d) of section 77nnn of this title, is less than 10 per
centum of the principal amount of indenture securities outstanding
at the time of such release, or such release and substitution, such
report to be so transmitted within 90 days after such time; and
(2) the character and amount of any advances made by it as such
since the date of the last report transmitted pursuant to the
provisions of subsection (a) of this section (or if no such report
has yet been so transmitted, since the date of execution of the
indenture), for the reimbursement of which it claims or may claim a
lien or charge, prior to that of the indenture securities, on the
trust estate or on property or funds held or collected by it as such
trustee, and which it has not previously reported pursuant to this
paragraph, if such advances remaining unpaid at any time aggregate
more than 10 per centum of the principal amount of indenture
securities outstanding at such time, such report to be so
transmitted within 90 days after such time.
(c) Additional parties to whom reports to be transmitted
Reports pursuant to this section shall be transmitted by mail--
(1) to all registered holders of indenture securities, as the
names and addresses of such holders appear upon the registration
books of the obligor upon the indenture securities;
(2) to such holders of indenture securities as have, within the
two years preceding such transmission, filed their names and
addresses with the indenture trustee for that purpose; and
(3) except in the case of reports pursuant to subsection (b) of
this section, to all holders of indenture securities whose names and
addresses have been furnished to or received by the indenture
trustee pursuant to section 77lll of this title.
(d) Filing of report with stock exchanges
A copy of each such report shall, at the time of such transmission
to indenture security holders, be filed with each stock exchange upon
which the indenture securities are listed, and also with the Commission.
(May 27, 1933, ch. 38, title III, Sec. 313, as added Aug. 3, 1939, ch.
411, 53 Stat. 1165; amended Pub. L. 101-550, title IV, Secs. 411, 412,
Nov. 15, 1990, 104 Stat. 2729; Pub. L. 105-353, title III,
Sec. 301(e)(3), Nov. 3, 1998, 112 Stat. 3237.)
Amendments
1998--Subsec. (a)(4). Pub. L. 105-353, Sec. 301(e)(3)(A), inserted
``any change to'' before ``the amount''.
Subsec. (a)(6). Pub. L. 105-353, Sec. 301(e)(3)(B), struck out ``any
change to'' before ``any release''.
1990--Subsec. (a). Pub. L. 101-550, Sec. 411(1), (2), substituted
``The indenture trustee shall'' for ``The indenture to be qualified
shall contain provisions requiring the indenture trustee to'' and
inserted ``any of the following events which may have occurred within
the previous 12 months (but if no such event has occurred within such
period no report need be transmitted):'' after ``a brief report with
respect to''.
Subsec. (a)(1). Pub. L. 101-550, Sec. 411(3), (4), inserted ``any
change to'' before ``its eligibility'' and struck out ``, or in lieu
thereof, if to the best of its knowledge it has continued to be eligible
and qualified under such section, a written statement to such effect''
after ``of this title''.
Subsec. (a)(2). Pub. L. 101-550, Sec. 411(5), added par. (2) and
redesignated former par. (2) as (3).
Subsec. (a)(3), (4). Pub. L. 101-550, Sec. 411(5)(A), redesignated
pars. (2) and (3) as (3) and (4), respectively. Former par. (4)
redesignated (5).
Subsec. (a)(5). Pub. L. 101-550, Sec. 411(5)(A), redesignated par.
(4) as (5). Former par. (5) redesignated (6).
Pub. L. 101-550, Sec. 411(3), inserted ``any change to'' after the
paragraph designation.
Subsec. (a)(6). Pub. L. 101-550, Sec. 411(5)(A), redesignated par.
(5) as (6). Former par. (6) redesignated (7).
Pub. L. 101-550, Sec. 411(3), inserted ``any change to'' after the
paragraph designation.
Subsec. (a)(7), (8). Pub. L. 101-550, Sec. 411(5)(A), redesignated
pars. (6) and (7) as (7) and (8), respectively.
Subsec. (b). Pub. L. 101-550, Sec. 412(1), substituted ``The
indenture trustee shall'' for ``The indenture to be qualified shall also
contain provisions requiring the indenture trustee to''.
Subsec. (c). Pub. L. 101-550, Sec. 412(2), substituted ``Reports''
for ``The indenture to be qualified shall also provide that reports''.
Subsec. (d). Pub. L. 101-550, Sec. 412(3), substituted ``A copy''
for ``The indenture to be qualified shall also provide that a copy''.
Transfer of Functions
For transfer of functions of Securities and Exchange Commission,
with certain exceptions, to Chairman of such Commission, see Reorg. Plan
No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat.
1265, set out under section 78d of this title.
Section Referred to in Other Sections
This section is referred to in sections 77jjj, 77nnn, 77ooo, 77rrr
of this title.
