15 U.S.C. § 77ppp — Directions and waivers by bondholders; prohibition of impairment of holder’s right to payment; record date

(a) Bondholder direction and waivers The indenture is automatically treated as including provisions (unless expressly excluded) letting holders of a majority — or, if the indenture specifies, of any series — of the outstanding bond principal: (A) direct the timing, method, and place for the trustee to pursue any remedy or exercise any trust or power under the indenture; or (B) consent, on behalf of all bondholders, to waive a past default and its consequences. The indenture may also — this part is optional, not automatic — let holders of at least 75% of the outstanding principal, or of a series if specified, consent on behalf of all bondholders to postpone an interest payment for up to three years past its due date. When counting whether enough bondholders concurred in a direction or consent under this subsection or under section 77ooo(d)(3), bonds owned by the obligor, or by anyone who directly or indirectly controls, is controlled by, or shares common control with the obligor, are disregarded. But for deciding whether the trustee is protected in relying on a direction or consent, only bonds the trustee actually knows are owned that way are disregarded. (b) Protecting bondholders' right to be paid Despite anything else in the indenture, a bondholder's right to receive payment of principal and interest on or after the due date, or to sue to enforce that payment, cannot be impaired or affected without that bondholder's consent, except: (1) a postponement of an interest payment properly consented to under subsection (a)(2); (2) the indenture may limit or deny a bondholder's right to sue if bringing or continuing that suit, or getting judgment in it, would — under applicable law — cause the indenture's lien on the mortgaged property to be surrendered, weakened, waived, or lost; and (3) a bondholder's payment right is not considered impaired or affected by a change resulting from applying 12 U.S.C. § 5803 to the bond. (c) Record date The obligor may set a record date to determine which bondholders can vote or consent to actions authorized under subsection (a). Unless the indenture says otherwise, that record date is whichever is later: 30 days before the first solicitation of the consent, or the date of the most recent bondholder list given to the trustee under section 77lll before that solicitation.