PERSONS INELIGIBLE FOR APPOINTMENT AS TRUSTEE.

SEC. 407. PERSONS INELIGIBLE FOR APPOINTMENT AS TRUSTEE. Section 310(a) of the Trust Indenture Act of 1939 (15 U.S.C. 77jjj(a)) is amended by adding at the end thereof the following new paragraph: “(5) No obligor upon the indenture securities or person directly or indirectly controlling, controlled by, or under common control with such obligor shall serve as trustee upon such indenture securities.”.