Usually there is no technical default until 30 days or more after a payment has become due. The percentage of bondholders usually 20 to 25%at whose request the trustee shall proceed to foreclose the mortgage or to take such steps as may be prescribed. 5. The responsibilities, liabilities, and compensation of the trustee are presented, and provision is made for the resignation or removal of a trustee, and for the appointment of a successor. Many corporate mortgages contain what is known as the "after acquired property" clause, which makes the mortgage cover not only the specific pieces of property described therein, but also such other property as may later be acquired. The object clearly is to furnish further protection to the bondholders and to make it difficult for the corporation to embark upon new expenditures without giving full protection to the bondholders. When this clause is missing, there is always the possible danger that the property covered by the mortgage may deteriorate or at least become of secondary importance as compared with other property later acquired. Suppose, for instance, that a manufacturing corporation mortgages one of its plants but later purchases another plant which is better located; in that case the first plant would probably be neglected and would rapidly deteriorate. There is the opposite danger to the corporation in case the "after acquired property" clause is included in the mortgage. The company may later wish to purchase property essential to its business and which will tend to increase the value of the property mortgaged. In order to purchase the new property, it will need to borrow more funds. But the "after acquired property" clause covers the new property with a first lien so that it may be impracticable to use it as security for the new loan. The usual solution of this particular problem seems to be to evade the provisions of the mortgage by turning over the newly acquired property to a subsidiary corporation which is then able to give a first mortgage and go ahead with whatever borrowing is required....

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