15 U.S.C. § 77qqq : US Code - Section 77QQQ: Special powers of trustee; duties of paying agents

Search 15 U.S.C. § 77qqq : US Code - Section 77QQQ: Special powers of trustee; duties of paying agents

(a) The indenture trustee shall be authorized -
(1) ,(!1) in the case of a default in payment of the principal
of any indenture security, when and as the same shall become due
and payable, or in the case of a default in payment of the
interest on any such security, when and as the same shall become
due and payable and the continuance of such default for such
period as may be prescribed in such indenture, to recover
judgment, in its own name and as trustee of an express trust,
against the obligor upon the indenture securities for the whole
amount of such principal and interest remaining unpaid; and
(2) to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of
such trustee and of the indenture security holders allowed in any
judicial proceedings relative to the obligor upon the indenture
securities, its creditors, or its property.
(b) Each paying agent shall hold in trust for the benefit of the
indenture security holders or the indenture trustee all sums held
by such paying agent for the payment of the principal of or
interest on the indenture securities, and shall give to such
trustee notice of any default by any obligor upon the indenture
securities in the making of any such payment.