RegAlert2002-04-23
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SEC Order Granting Application: USG Corporation
The Securities and Exchange Commission orders that National City Bank of Indiana is not disqualified from acting as trustee under a qualified indenture for USG Corporation's Senior Notes and twelve non-qualified indentures for tax-exempt bonds. This exemption under Section 310(b)(1)(ii) of the Trust Indenture Act of 1939 is granted because the securities are wholly unsecured, rank pari passu, and share similar default and remedy provisions, making a material conflict of interest unlikely despite USG's Chapter 11 bankruptcy default. The order allows National City to serve as successor trustee for all identified indentures without disqualification.
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Trust Indenture Act - Exemptive Orders
SEC Order Granting Application
Securities and Exchange Commission (File No. 22-28586)
Order Granting Application: USG Corporation
April 23, 2002
USG Corporation has filed an application under Section 310(b)(1)(ii) of the Trust Indenture Act of 1939. In that application, USG has asked the Commission to find that the trusteeship of National City Bank of Indiana as successor trustee under:
an indenture dated October 1, 1986, between USG and Harris Trust and Savings Bank, a predecessor trustee, with respect to 9-1/4% Senior Notes due September 15, 2001 and 8-1/2% Senior Notes due August 1, 2005, and
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SEC published 7 documents in the last 30 days. We email you each new one the day it's published.