104 STAT. 2728 PUBLIC LAW 101-550 —NOV. 15, 1990 for collection, or as custodian, escrow agent or depositary, or in any similar representative capacity. "For the purposes of this subsection, the term 'underwriter' when used with reference to an obligor upon the indenture securities means every person who, within one year prior to the time as of which the determination is made, Was an underwriter of any security of such obligor outstanding at the time of the determination. "Except in the case of a 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 indenture trustee shall not be required to resign as provided by this subsection if such trustee shall have sustained the burden of proving, on application to the Commission and after opportunity for hearing thereon, that— "(i) the default under the indenture may be cured or waived during a reasonable period and under the procedures described in such application, and "(ii) a stay of the trustee's duty to resign will not be inconsistent with the interests of holders of the indenture securities. The filing of such an application shall automatically stay the performance of the duty to resign until the Commission orders otherwise. "Any resignation of an indenture trustee shall become effective only upon the appointment of a successor trustee and such successor's acceptance of such an appointment.". SEC. 409. PREFERENTIAL COLLECTION OF CLAIMS AGAINST OBLIGOR Section 311 of the Trust Indenture Act of 1939 (15 U.S.C. 77kkk) is amended— (1) by striking "the indenture to be qualified shall provide that" in the first paragraph of subsection (a); (2) by striking "The indenture to be qualified shall provide that, if' at the beginning of the third paragraph of subsection (a) and inserting "If; (3) by striking "four months" and "four months'" each place they appear in subsection (a) and inserting "three months" and "three months' ", respectively; (4) by inserting at the end of subsection (a) the following: "In any case commenced under the Bankruptcy Act of July 1, 1898, or any amendment thereto enacted prior to November 6, 1978, all references to periods of three months shall be deemed to be references to periods of four months."; and (5) by striking "may" in the first line of subsection (b) and inserting "shall automatically be deemed (unless it is expressly provided therein that any such provision is excluded) to". SEC. 410. BONDHOLDER LISTS. Section 312 of the Trust Indenture Act of 1939 (15 U.S.C. 77///) is amended— (1) by striking "The indenture to be qualified shall contain provisions requiring each obligor" in subsection (a) and inserting "Each obligor"; (2) in subsection (a), by striking "indenture securities to" and inserting "indenture securities shall"; and (3) by striking "The indenture to be qualified shall also contain provisions requiring that, within" in subsection (b) and inserting "Within".
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