PUBLIC LAW 101-550 —NOV. 15, 1990 104 STAT. 2731 SEC. 415. DIRECTIONS AND WAIVERS BY BONDHOLDERS; PROHIBITION OF IMPAIRMENT OF RIGHT TO PAYMENT; RECORD DATES. Section 316 of the Trust Indenture Act of 1939 (15 U.S.C. 77ppp) is amended— (1) by striking "may contain provisions" after "qualified" in subsection (a) and inserting "may contain provisions" before "authorizing the holders" in paragraph (2) of subsection (a); (2) by inserting "shall automatically be deemed (unless it is expressly provided therein that any such provision is excluded) to contain provisions" before "authorizing the holders" in paragraph (1) of subsection (a); (3) by inserting "or if expressly specified in such indenture, of any series of securities" grfter principal amount of the indenture securities" in paragraphs (1) and (2) of subsection (a); (4) by striking "The indenture to be qualified shall provide that, notwithstanding" in subsection (b) and inserting "Notwithstanding"; (5) by striking "thereof in subsection (b) and inserting "of the indenture to be qualified"; and (6) by adding at the end thereof the following new subsection: "(c) The obligor upon any indenture qualified under this title may set a record date for purposes of determining the identity of indenture security holders entitled to vote or consent to any action by vote or consent authorized or permitted by subsection (a) of this section. Unless the indenture provides otherwise, such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of holders furnished to the trustee pursuant to section 312 of this title prior to such solicitation.". SEC. 416. SPECIAL POWERS OF TRUSTEE; DUTIES OF PAYING AGENTS. Section 317 of the Trust Indenture Act of 1939 (15 U.S.C. 77qqq) is amended— (1) by striking "to be qualified shall contain provisions" in subsection (a) and inserting "trustee shall be authorized"; (2) by striking "authorizing the indenture trustee" in paragraph (1); (3) by striking "authorizing such trustee" from paragraph (2); and (4) by striking "The indenture to be qualified shall provide that each" in subsection (b) and inserting "Each". SEC. 417. EFFECT OF MANDATORY TERMS. Section 318 of the Trust Indenture Act of 1939 (15 U.S.C. 77rrr) is amended— (1) by striking subsection (a) and inserting the following: "SEC. 318. (a) If any provision of the indenture to be qualified limits, qualifies, or conflicts with the duties imposed by operation of subsection (c) of this section, the imposed duties shall control."; (2) by adding at the end thereof the following new subsection: "(c) The provisions of sections 310 to and including 317 that impose duties on any person (including provisions automatically deemed included in an indenture unless the indenture provides that such provisions are excluded) are a part of and govern every qualified indenture, whether or not physically contained therein, shall be deemed retroactively to govern each indenture heretofore qualified, and prospectively to govern each indenture hereafter qualified under this title and shall be deemed retroactively to amend and
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