|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the CYN 8-K filed Dec 8, 2009. SECTION 3.7 Prohibition of Actions by the Trust and the Trustees.(a) The Trust shall not, and the Trustees (including the Institutional Trustee) shall not cause the Trust to, engage in any activity other than as required or authorized by this Declaration of Trust. In particular, the Trust shall not:(i) invest any proceeds received by the Trust from holding the Junior Subordinated Debt Securities, but shall promptly distribute all such proceeds to Holders of Securities pursuant to the terms of this Declaration of Trust and of the Securities;(ii) acquire any assets other than as expressly provided herein;(iii) possess Trust property for other than a Trust purpose;(iv) make any loans or incur any indebtedness;(v) possess any power or otherwise act in such a way as to vary the Trust assets;
-14-
(vi) possess any power or otherwise act in such a way as to vary the terms of the Securities in any way whatsoever (except to the extent expressly authorized in this Declaration of Trust or by the terms of the Securities);(vii) issue any securities or other evidences of beneficial ownership of, or beneficial interest in, the Trust other than the Securities;(viii) take any action inconsistent with the status of the Trust as a domestic grantor trust for United States federal income tax purposes;(ix) other than as provided in this Declaration of Trust or Annex I, (A) direct the time, method and place of exercising any trust or power conferred upon the Indenture Trustee with respect to the Junior Subordinated Debt Securities, (B) waive any past Declaration Default that is waivable under the Indenture, (C) exercise any right to rescind or annul any declaration that the principal of all the Junior Subordinated Debt Securities shall be due and payable or (D) consent to any amendment, modification or termination of the Indenture or the Junior Subordinated Debt Securities where such consent shall be required unless the Trust shall have obtained an opinion of nationally recognized independent tax counsel experienced in such matters to the effect that as a result of such action, the Trust will not fail to be classified as a domestic grantor trust for United States federal income tax purposes; or(x) revoke any action previously authorized or approved by a vote of the Holders of the Trust Preferred Securities. |
| |||||||
