Rodman

The Richfield Oil Company of California, a Delaware corporation, hereinafter referred to as “the company,” was at the date of the issuance of the bonds and the deed of trust hereinafter mentioned, and at the date of the commencement of the action in which the appellant sought to intervene, engaged in the production, refining, and marketing of petroleum and its products.

Prior to July 19,1929, the company duly authorized the creation of a bonded indebtedness of $75,000,000. On June 19, 1929, the company executed a trust indenture, hearing date of May 1, 3929, securing the bond issue. At the time of the filing of the petition for leave to file a foreclosure complaint, by the Security First National Bank of Los Angeles, trustee under the indenture, which petition is hereinafter referred to, there were outstanding bonds aggregating $24,981,000. The pertinent provisions of the indenture follow:

Article XII, section 3:

Article XII, section 4: “If one or more of the events of default shall happen, the Trustee in its discretion may, and upon the written request of twenty-five per cent (25%) in amount of the bonds and coupons secured hereby then outstanding, and upon being furnished…