CITE

    15 USC Sec. 77mmm                                           01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER III - TRUST INDENTURES

HEAD

    Sec. 77mmm. Reports by indenture trustee

STATUTE

    (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)
        (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;
        (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.

SOURCE

    (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.

FOOTNOTE

    (!1) So in original. The colon probably should not appear.
    (!2) So in original. Probably should be "paragraphs".