§ 130-k. Exemptions from restrictions on trustees and trust\nindentures. The provisions of sections one hundred and twenty-six and\none hundred and twenty-seven of this article shall not apply to any\nmortgage, deed of trust, trust indenture, or other similar instrument\nwhich has been qualified with the United States securities and exchange\ncommission pursuant to the provisions of the trust indenture act of\nnineteen hundred thirty-nine, as from time to time amended and in force.\nIn the case of a mortgage, deed of trust, trust indenture, or other\nsimilar instrument which has not been so qualified, the provisions of\nsection one hundred twenty-seven shall not apply if such instrument\n(hereinafter referred to as the "indenture") contains provisions in\nsubstance to the following effect:\n (a) If the trustee has or shall acquire any conflicting interest as\nhereinafter defined,\n (1) such trustee shall, within ninety days after ascertaining that it\nhas such conflicting interest, either eliminate such conflicting\ninterest or resign, such resignation to become effective upon the\nappointment of a successor trustee and such successor's acceptance of\nsuch appointment; and the obligor upon the bonds, notes or other\nevidences of indebtedness issued under the indenture (hereinafter\nreferred to as the "indenture securities") shall take prompt steps to\nhave a successor appointed in the manner provided in the indenture;\n (2) in the event that such trustee shall fail to comply with the\nprovisions of subparagraph (1), such trustee shall, within ten days\nafter the expiration of such ninety-day period, transmit notice of such\nfailure by mail (i) to all registered holders of indenture securities,\nas the names and addresses of such holders appear upon the registration\nbooks of the obligor upon the indenture securities, (ii) to such holders\nof indenture securities as have, within the two years preceding such\ntransmission, filed their names and addresses with the indenture trustee\nfor the purpose of receiving notices or reports to indenture security\nholders, and (iii) to all holders of indenture securities whose names\nand addresses are contained in information currently preserved by the\ntrustee for such purpose in accordance with provisions of the indenture\nrequiring the obligor to furnish or cause to be furnished to the trustee\nat stated intervals of not more than six months, and at such other times\nas the trustee may request in writing, all information in the possession\nor control of such obligor, or of any of its paying agents, as to the\nnames and addresses of the indenture security holders, and requiring the\ntrustee to preserve, in as currrent a form as is reasonably practicable,\nall such information so furnished to it or received by it in the\ncapacity of paying agent; and\n (3) subject to any provision of the indenture to the effect that in a\nsuit against the trustee (unless instituted by a holder or group of\nholders of more than ten per centum in principal amount of the indenture\nsecurities outstanding) the court may in its discretion require an\nundertaking for costs and may assess reasonable costs, including\nreasonable attorneys' fees, against any party litigant, any security\nholder who has been a bona fide holder of indenture securities for at\nleast six months may, on behalf of himself and all others similarly\nsituated, petition any court of competent jurisdiction for the removal\nof such trustee, and the appointment of a successor, if such trustee\nfails, after written request therefor by such holder, to comply with the\nprovisions of subparagraph (1).\n (b) For purposes of paragraph (a), the trustee shall be deemed to have\na conflicting interest if---\n (1) such trustee is trustee under another indenture under which any\nother securities, or certificates of interest or participation in any\nother securities, of an obligor upon the indenture securities are\noutstanding unless (A) the indentur
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