(a) Issued and fully paid;

(b) Non-cumulative;

(c) Able to absorb losses within the bank on a going-concern basis;

(d) Junior to depositors, general creditors, and subordinated debt of the bank;

(e) Permanent;

(f) Neither be secured nor covered by a guarantee of the issuer or related entity or other arrangement that legally or economically enhances the seniority of the claim vis-à-vis bank creditors;

(g) Callable at the initiative of the issuer only after a minimum of five years, with CBB approval and under the condition that it will be replaced with capital of same or better quality, unless the CBB determines that the bank has capital that is more than adequate to cover its risks.

(h) The main features of such instruments must be easily understood and publicly disclosed;

(i) Proceeds must be immediately available without limitation to the issuing bank;

(j) The bank must have discretion over the amount and timing of distributions, subject only to prior waiver of distributions on the bank's common stock, and banks must have full access to waived payments; and

(k) Distributions can only be paid out of distributable items; where distributions are pre-set they may not be reset based on the credit standing of the issuer.