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15 U.S.C. § 77mmm — Reports by indenture trustee
Federal law — U.S. Code and appendices · legal_authorities
**(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):— 11 So in original. The colon probably should not appear.
(1) any change to its eligibility and its qualifications under [section 77jjj of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77jjj&num=0&edition=prelim);
(2) the creation of or any material change to a relationship specified in paragraph 22 So in original. Probably should be “paragraphs”. (1) through (10) of [section 77jjj(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77jjj/b&num=0&edition=prelim);
(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 owing 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 mann
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Stable record: federal_law:legal_authorities:record_usc_e35539c94997a1b6b7867000
Source file: Laws/federal/codes/united-states-code/title-15/section-77mmm-reports-by-indenture-trustee--a15a39c405.md
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Source location: Title 15, Chapter 2A, § 77mmm; chapter-2a-securities-and-trust-indentures.md
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**(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):— 11 So in original. The colon probably should not appear.
(1) any change to its eligibility and its qualifications under [section 77jjj of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77jjj&num=0&edition=prelim);
(2) the creation of or any material change to a relationship specified in paragraph 22 So in original. Probably should be “paragraphs”. (1) through (10) of [section 77jjj(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77jjj/b&num=0&edition=prelim);
(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 owing 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77kkk&num=0&edition=prelim);
(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77nnn&num=0&edition=prelim), 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) (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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Periodic reports** Each person who, as set forth in the registration statement or application, is or is to be an obligor upon the indenture securities covered thereby shall—
(1) file with the indenture trustee copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the Commission may by rules and regulations prescribe) which such obligor is required to file with the Commission pursuant to section 78m or 78o(d) of this title; or, if the obligor is not required to file information, documents, or reports pursuant to either of such sections, then to file with the indenture trustee and the Commission, in accordance with rules and regulations prescribed by the Commission, such of the supplementary and periodic information, documents, and reports which may be required pursuant to [section 78m of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78m&num=0&edition=prelim), in respect of a security listed and registered on a national securities exchange as may be prescribed in such rules and regulations;
(2) file with the indenture trustee and the Commission, in accordance with rules and regulations prescribed by the Commission, such additional information, documents, and reports with respect to compliance by such obligor with the conditions and covenants provided for in the indenture, as may be required by such rules and regulations, including, in the case of annual reports, if required by such rules and regulations, certificates or opinions of independent public accountants, conforming to the requirements of subsection (e) of this section, as to compliance with conditions or covenants, compliance with which is subject to verification by accountants, but
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Persons eligible for appointment as trustee**
(1) There shall at all times be one or more trustees under every indenture qualified or to be qualified pursuant to this subchapter, at least one of whom shall at all times be a corporation organized and doing business under the laws of the United States or of any State or Territory or of the District of Columbia or a corporation or other person permitted to act as trustee by the Commission (referred to in this subchapter as the institutional trustee), which (A) is authorized under such laws to exercise corporate trust powers, and (B) is subject to supervision or examination by Federal, State, Territorial, or District of Columbia authority. The Commission may, pursuant to such rules and regulations as it may prescribe, or by order on application, permit a corporation or other person organized and doing business under the laws of a foreign government to act as sole trustee under an indenture qualified or to be qualified pursuant to this subchapter, if such corporation or other person (i) is authorized under such laws to exercise corporate trust powers, and (ii) is subject to supervision or examination by authority of such foreign government or a political subdivision thereof substantially equivalent to supervision or examination applicable to United States institutional trustees. In prescribing such rules and regulations or making such order, the Commission shall consider whether under such laws, a United States institutional trustee is eligible to act as sole trustee under an indenture relating to securities sold within the jurisdiction of such foreign government.
(2) Such institution 11 So in original. Probably should be “institutional”. trustee shall have at all times a combined capital and surplus of a specified m
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77jjj
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Trustee as creditor of obligor** Subject to the provisions of subsection (b) of this section, if the indenture trustee shall be, or shall become, a creditor, directly or indirectly, secured or unsecured, of an obligor upon the indenture securities, within three months prior to a default as defined in the last paragraph of this subsection, or subsequent to such a default, then, unless and until such default shall be cured, such trustee shall set apart and hold in a special account for the benefit of the trustee individually and the indenture security holders—
(1) an amount equal to any and all reductions in the amount due and owing upon any claim as such creditor in respect of principal or interest, effected after the beginning of such three months’ period and valid as against such obligor and its other creditors, except any such reduction resulting from the receipt or disposition of any property described in paragraph (2) of this subsection, or from the exercise of any right of setoff which the trustee could have exercised if a petition in bankruptcy had been filed by or against such obligor upon the date of such default; and
(2) all property received in respect of any claim as such creditor, either as security therefor, or in satisfaction or composition thereof, or otherwise, after the beginning of such three months’ period, or an amount equal to the proceeds of any such property, if disposed of, subject, however, to the rights, if any, of such obligor and its other creditors in such property or such proceeds.
Nothing herein contained shall affect the right of the indenture trustee—
(A) to retain for its own account (i) payments made on account of any such claim by any person (other than such obligor) who is liable thereon, and (ii) the proceeds of the bona fi
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment; composition; limitations on commissioners; terms of office** There is hereby established a Securities and Exchange Commission (hereinafter referred to as the “Commission”) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practicable. No commissioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this chapter. Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after June 6, 1934, shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after June 6, 1934.
**(b) Appointment and compensation of staff and leasing authority**
(1) **Appointment and compensation** — The Commission shall appoint and compensate offic
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78d
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Duties prior to default** The indenture to be qualified shall automatically be deemed (unless it is expressly provided therein that any such provision is excluded) to provide that, prior to default (as such term is defined in such indenture)—
(1) the indenture trustee shall not be liable except for the performance of such duties as are specifically set out in such indenture; and
(2) the indenture trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, in the absence of bad faith on the part of such trustee, upon certificates or opinions conforming to the requirements of the indenture;
but the indenture trustee shall examine the evidence furnished to it pursuant to [section 77nnn of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77nnn&num=0&edition=prelim) to determine whether or not such evidence conforms to the requirements of the indenture.
**(b) Notice of defaults** The indenture trustee shall give to the indenture security holders, in the manner and to the extent provided in subsection (c) of [section 77mmm of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77mmm&num=0&edition=prelim), notice of all defaults known to the trustee, within ninety days after the occurrence thereof: Provided, That such indenture shall automatically be deemed (unless it is expressly provided therein that such provision is excluded) to provide that, except in the case of default in the payment of the principal of or interest on any indenture security, or in the payment of any sinking or purchase fund installment, the trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or
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Federal law — U.S. Code and appendices · legal_authorities
Page 191
TITLE 15—COMMERCE AND TRADE
§ 77mmm
1 So in original. The colon probably should not appear.
2 So in original. Probably should be ‘‘paragraphs’’.
ture security holders with reasonable prompt-
ness after the entry of such order and the re-
newal of such tender.
(c) Disclosure of information deemed not viola-
tive of any law
The disclosure of any such information as to
the names and addresses of the indenture secu-
rity holders in accordance with the provisions of
this section, regardless of the source from which
such information was derived, shall not be
deemed to be a violation of any existing law, or
of any law hereafter enacted which does not spe-
cifically refer to this section, nor shall such
trustee be held accountable by reason of mailing
any material pursuant to a request made under
subsection (b) of this section.
(May 27, 1933, ch. 38, title III, § 312, as added Aug.
3, 1939, ch. 411, 53 Stat. 1164; amended Pub. L.
101–550, title IV, § 410, Nov. 15, 1990, 104 Stat.
2728.)
Editorial Notes
AMENDMENTS
1990—Subsec. (a). Pub. L. 101–550, § 410(1), (2), sub-
stituted ‘‘Each obligor’’ for ‘‘The indenture to be quali-
fied shall contain provisions requiring each obligor’’
and ‘‘indenture securities shall’’ for ‘‘indenture securi-
ties to’’.
Subsec. (b). Pub. L. 101–550, § 410(3), substituted
‘‘Within’’ for ‘‘The indenture to be qualified shall also
contain provisions requiring that, within’’.
Executive Documents
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, §§ 1, 2,
eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under
section 78d of this title.
§ 77mmm. Reports by indenture trustee
(a) Report to
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 77mmm
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