This excerpt taken from the PNC 8-K filed Feb 13, 2008.
TRANSFER OF INTERESTS
SECTION 9.1 Transfer of Securities.
(a) The Property Trustee shall designate, with the consent of the Regular Trustees, which consent shall not be unreasonably withheld, an office or offices or agency or agencies where Trust Preferred Security Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Trustees in respect of the Trust Preferred Security Certificates and the Trust Common Security Certificates may be served (the Corporate Trust Office). The Property Trustee initially designates its Corporate Trust Office at 101 Barclay Street, Floor 8 West, New York, NY 10286, Attention: Corporate Trust Administration, as its Corporate Trust Office for such purposes, which Corporate Trust Office the Regular Trustees hereby consent to. The Property Trustee shall give prompt written notice to the Sponsor, the Regular Trustees and to the Holders of any change in the location of any such office or agency. The Sponsor may at any time rescind or approve a change in the designation of or the location of the Corporate Trust Office. However, the Trust will be required to maintain a Corporate Trust Office.
(b) The Property Trustee shall act as the registrar and transfer agent (the Securities Registrar) for the purpose of registering the Securities and transfers and exchanges of the Securities. The Property Trustee shall keep or cause to be kept at its Corporate Trust Office a register or registers for the purpose of registering Trust Preferred Security Certificates and transfers and exchanges of Trust Preferred Security Certificates in which the registrar and transfer agent with respect to the Trust Preferred Securities (the Securities Register), subject to such reasonable regulations as it may prescribe, shall provide for the registration of Trust Preferred Security Certificates and Trust Common Security Certificates and registration of transfers and exchanges of Trust Preferred Security Certificates as herein provided.
(c) Securities may only be transferred, in whole or in part, in accordance with the terms and conditions set forth in this Declaration and in the terms of the Securities. Any transfer or purported transfer of any Security not made in accordance with this Declaration shall be null and void to the fullest extent permitted by law.
(d) Securities may be exchanged for other Securities of the same type and with the same aggregate Liquidation Amount and same terms as the Securities surrendered for exchange.
(e) Subject to this Article IX, Trust Preferred Securities shall be freely transferable.
(f) Subject to this Article IX, the Sponsor and any Related Party may only transfer Trust Common Securities to the Sponsor or a Related Party of the Sponsor; provided, that any such transfer is subject to the condition precedent that the transferor obtain the written opinion of nationally recognized counsel experienced in such matters that such transfer would not cause more than an insubstantial risk that:
(i) the Trust would not be classified for United States federal income tax purposes as a grantor trust; and
(ii) the Trust would be an Investment Company or the transferee would become an Investment Company.
To the fullest extend permitted by law, any attempted transfer of the Trust Common Securities, other than as set forth in this clause (e), shall be void. The Regular Trustees shall cause each Trust Common Securities Certificate issued to the Sponsor to contain the following legend:
THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT TO THE SPONSOR OR AN AFFILIATE OF THE SPONSOR IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 9.1 OF THE DECLARATION.
(g) Upon surrender for registration of transfer of any Certificate, the Property Trustee shall cause one or more new Certificates to be issued in the name of the designated transferee or transferees. Every Certificate surrendered for registration of transfer shall be accompanied by a written instrument of transfer in form satisfactory to the Property Trustee duly executed by the Holder or such Holders attorney duly authorized in writing. Each Certificate surrendered for registration of transfer shall be canceled by the Property Trustee. A transferee of a Certificate shall be entitled to the rights and subject to the obligations of a Holder hereunder upon the receipt by such transferee of a Certificate. By acceptance of a Certificate, each transferee shall be deemed to have agreed to be bound by this Declaration.
(h) No service charge shall be made for any registration of transfer of Securities or any exchange, but the Trust may require payment of a sum sufficient to cover any tax or other charge that may be imposed in connection with any registration or transfer of Securities.
(i) All Securities issued upon any transfer or exchange of Securities shall be the valid obligations of the Trust, evidencing the same debt, and entitled to the same benefits under this Declaration, as the Securities surrendered upon such transfer or exchange.
(j) Neither the Trust nor the Property Trustee shall be required to register the transfer of or exchange any Security during a period beginning at the opening of business 15 days
before the day of selection for redemption of Securities and ending at the close of business on the day of mailing of a notice of redemption or to transfer or exchange any Security so selected for redemption in whole or in part, except, in the case of any Security to be redeemed in part, any portion thereof not to be redeemed.
SECTION 9.2 Deemed Security Holders.
The Trustees may treat the Person in whose name any Certificate shall be registered on the books and records of the Trust as the sole holder of such Certificate and of the Securities represented by such Certificate for purposes of receiving Distributions and for all other purposes whatsoever and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Certificate or in the Securities represented by such Certificate on the part of any Person, whether or not the Trust shall have actual or other notice thereof.
SECTION 9.3 Book Entry Interests.
Unless otherwise specified in the terms of the Trust Preferred Securities, the Trust Preferred Securities Certificates, on original issuance, will be issued in the form of one or more, fully registered, global Trust Preferred Security Certificates (each a Global Certificate), to be delivered to DTC, the initial Clearing Agency, by, or on behalf of, the Trust. Such Global Certificates shall initially be registered on the books and records of the Trust in the name of Cede & Co., the nominee of DTC, and no Trust Preferred Security Beneficial Owner will receive a definitive Trust Preferred Security Certificate representing such Trust Preferred Security Beneficial Owners interests in such Global Certificates, except as provided in Section 9.6. Unless and until definitive, fully registered Trust Preferred Security Certificates (the Definitive Trust Preferred Security Certificates) have been issued to the Trust Preferred Security Beneficial Owners pursuant to Section 9.6:
(a) the provisions of this Section 9.3 shall be in full force and effect;
(b) the Trust and the Trustees shall be entitled to deal with the Clearing Agency for all purposes of this Declaration (including the payment of Distributions or Liquidation Distributions on the Global Certificates and receiving approvals, votes or consents hereunder) as the Holder of the Trust Preferred Securities and the sole holder of the Global Certificates and shall have no obligation to the Trust Preferred Security Beneficial Owners;
(c) to the extent that the provisions of this Section 9.3 conflict with any other provisions of this Declaration, the provisions of this Section 9.3 shall control; and
(d) the rights of the Trust Preferred Security Beneficial Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Trust Preferred Security Beneficial Owners and the Clearing Agency and/or the Clearing Agency Participants.
SECTION 9.4 Notices to Clearing Agency.
Whenever a notice or other communication to the Trust Preferred Security Holders is required under this Declaration, unless and until Definitive Trust Preferred Security Certificates shall have been issued to the Trust Preferred Security Beneficial Owners pursuant to Section 9.6, the Trustees
shall give all such notices and communications specified herein to be given to the Trust Preferred Security Holders to the Clearing Agency, and shall have no notice obligations to the Trust Preferred Security Beneficial Owners.
SECTION 9.5 Appointment of Successor Clearing Agency.
If any Clearing Agency elects to discontinue its services as a securities depositary with respect to the Trust Preferred Securities, the Regular Trustees may, in their sole discretion, appoint a successor Clearing Agency with respect to such Trust Preferred Securities.
SECTION 9.6 Definitive Trust Preferred Security Certificates.
(a) a Clearing Agency elects to discontinue its services as a securities depositary with respect to the Trust Preferred Securities and a successor Clearing Agency is not appointed within 90 days after such discontinuance pursuant to Section 9.5; or
(b) the Regular Trustees elect after consultation with the Sponsor to terminate the book entry system through the Clearing Agency with respect to the Trust Preferred Securities,
(c) Definitive Trust Preferred Security Certificates shall be prepared by the Regular Trustees on behalf of the Trust with respect to such Trust Preferred Securities; and
(d) upon surrender of the Global Certificates by the Clearing Agency, accompanied by registration instructions, the Regular Trustees shall cause Definitive Trust Preferred Security Certificates to be delivered to Trust Preferred Security Beneficial Owners in accordance with the instructions of the Clearing Agency. Neither the Trustees nor the Trust shall be liable for any delay in delivery of such instructions and each of them may conclusively rely on and shall be protected in relying on, said instructions of the Clearing Agency. The Definitive Trust Preferred Security Certificates shall be printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Regular Trustees, as evidenced by their execution thereof, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements as the Regular Trustees may deem appropriate (but in no event will such legends or other endorsements affect the rights, duties or immunities of the Trustees), or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which Trust Preferred Securities may be listed, or to conform to usage.
SECTION 9.7 Definitive Trust Common Security Certificates.
A single Trust Common Security Certificate representing the Trust Common Securities shall be issued to the Sponsor in the form of a definitive Trust Common Security Certificate.
SECTION 9.8 Mutilated, Destroyed, Lost or Stolen Certificates.
(a) any mutilated Certificates should be surrendered to the Property Trustee, or if the Property Trustee shall receive evidence to their satisfaction of the destruction, loss or theft of any Certificate; and
(b) there shall be delivered to the Property Trustee such evidence of loss and such security or indemnity as may be required by it to keep each of the Trustees, the Sponsor and the Trust harmless;
then, in the absence of notice that such Certificate shall have been acquired by a protected purchaser, the Property Trustee on behalf of the Trust shall execute and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like denomination. In connection with the issuance of any new Certificate under this Section 9.8, the Property Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section 9.8 shall constitute conclusive evidence of an ownership interest in the relevant Securities, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.