15 U.S.C. § 77lll : US Code - Section 77LLL: Bondholders' lists

Search 15 U.S.C. § 77lll : US Code - Section 77LLL: Bondholders' lists

(a) Periodic filing of information by obligor with trustee
Each obligor upon the indenture securities shall furnish or cause
to be furnished to the institutional trustee thereunder at stated
intervals of not more than six months, and at such other times as
such trustee may request in writing, all information in the
possession or control of such obligor, or of any of its paying
agents, as to the names and addresses of the indenture security
holders, and requiring such trustee to preserve, in as current a
form as is reasonably practicable, all such information so
furnished to it or received by it in the capacity of paying agent.
(b) Access of information to security holders
Within five business days after the receipt by the institutional
trustee of a written application by any three or more indenture
security holders stating that the applicants desire to communicate
with other indenture security holders with respect to their rights
under such indenture or under the indenture securities, and
accompanied by a copy of the form of proxy or other communication
which such applicants propose to transmit, and by reasonable proof
that each such applicant has owned an indenture security for a
period of at least six months preceding the date of such
application, such institutional trustee shall, at its election,
either -
(1) afford to such applicants access to all information so
furnished to or received by such trustee; or
(2) inform such applicants as to the approximate number of
indenture security holders according to the most recent
information so furnished to or received by such trustee, and as
to the approximate cost of mailing to such indenture security
holders the form of proxy or other communication, if any,
specified in such application.
If such trustee shall elect not to afford to such applicants access
to such information, such trustee shall, upon the written request
of such applicants, mail to all such indenture security holders
copies of the form of proxy or other communication which is
specified in such request, with reasonable promptness after a
tender to such trustee of the material to be mailed and of payment,
or provision for the payment, of the reasonable expenses of such
mailing, unless within five days after such tender, such trustee
shall mail to such applicants, and file with the Commission
together with a copy of the material to be mailed, a written
statement to the effect that, in the opinion of such trustee, such
mailing would be contrary to the best interests of the indenture
security holders or would be in violation of applicable law. Such
written statement shall specify the basis of such opinion. After
opportunity for hearing upon the objections specified in the
written statement so filed, the Commission may, and if demanded by
such trustee or by such applicants shall, enter an order either
sustaining one or more of such objections or refusing to sustain
any of them. If the Commission shall enter an order refusing to
sustain any of such objections, or if, after the entry of an order
sustaining one or more of such objections, the Commission shall
find, after notice and opportunity for hearing, that all objections
so sustained have been met, and shall enter an order so declaring,
such trustee shall mail copies of such material to all such
indenture security holders with reasonable promptness after the
entry of such order and the renewal of such tender.
(c) Disclosure of information deemed not violative of any law
The disclosure of any such information as to the names and
addresses of the indenture security 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
specifically 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.