Prospectus excerpt: Terms of the Series A preferred securities include:
Dividends are: payable quarterly only if declared, and non-cumulative, which means that you will not receive them later if they are not declared in the applicable period. Conditionally exchangeable, without your approval or any action on your part, for depositary shares with substantially equivalent terms as to dividends, liquidation preference and redemption of Wachovia Corporation, our indirect parent company, except that the depositary shares will: not have any voting rights, not have the right to elect independent directors, not have the benefit of similar favorable covenants as the Series A preferred securities, and not be listed on any securities exchange. This exchange will be made only at the direction of the Office of the Comptroller of the Currency under the following specified circumstances: Wachovia Bank, National Association, our indirect parent company, becomes undercapitalized under the OCC?s Ùprompt corrective actionˆ regulations, or the Bank is placed into conservatorship or receivership, or the OCC, in its sole discretion, anticipates that the Bank may become undercapitalized in the near term, or takes supervisory action that limits the payment of dividends by us and in connection therewith directs an exchange. Redeemable at our option on or after December 31, 2022, with the prior consent of the OCC. Senior to our common stock and our Series C preferred securities but on a parity with our Series B and D preferred securities. Entitled to 1/10th of one vote per security on all matters submitted to holders of our common stock. We are qualified as a real estate investment trust, or REIT, for Federal income tax purposes.