Corporate GovernanceMay 8, 2026, 04:23 PM
Permian Basin Royalty Trust Indenture Modified by Court
AI Summary
The 96th District Court of Tarrant County, Texas, approved modifications to the Permian Basin Royalty Trust's Indenture, as requested by unitholder SoftVest, L.P. These changes eliminate the 75% unitholder approval requirement for certain amendments and replace the section on prohibited amendments with a provision allowing any amendment by a majority vote of unitholders constituting a quorum. Argent Trust Company, as trustee, subsequently entered into Amendment No. 2 to implement these court-approved modifications.
Key Highlights
- Court approved modifications to Permian Basin Royalty Trust's Indenture.
- Eliminated the 75% unitholder approval requirement for certain amendments.
- Deleted Section 10.01 of the Indenture regarding prohibited amendments.
- Replaced Article X with a provision allowing any amendment by unitholder vote.
- New amendment process requires a majority in interest of unitholders at a quorum.
- SoftVest, L.P., a unitholder, filed the original petition for modification.
- Argent Trust Company, the trustee, executed Amendment No. 2 to the Indenture.
Price Impact
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