DIRECTIONS AND WAIVERS BY BONDHOLDERS; PROHIBITION OF IMPAIRMENT OF RIGHT TO PAYMENT; RECORD DATES.

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” after “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.”.