EXHIBIT 4.5
DECLARATION OF TRUST, dated as of November 27, 2001 between Cinergy Corp.,
a Delaware corporation, as Sponsor (the "SPONSOR"), and The Bank of New York, as
trustee (the "PROPERTY TRUSTEE"), The Bank of New York (Delaware), as trustee
(the "DELAWARE TRUSTEE"), and Xxxxx X. Xxxxxxxx, as trustee (the "ADMINISTRATIVE
TRUSTEE," and together with the Property Trustee and the Delaware Trustee, the
"TRUSTEES"). The Sponsor and the Trustees hereby agree as follows:
1. The Delaware business trust created hereby shall be known as "CC Funding
Trust I" (the "TRUST"), in which name the Trustees, or the Sponsor to the extent
provided herein, may conduct the business of the Trust, make and execute
contracts, and xxx and be sued.
2. The Sponsor hereby assigns, transfers, conveys and sets over to the
Trust the sum of $10. The Trust hereby acknowledges receipt of such amount from
the Sponsor, which amount shall constitute the initial trust estate. It is the
intention of the parties hereto that the Trust created hereby constitute a
business trust under Chapter 38 of Title 12 of the Delaware Code, 12 DEL. CODE
'3801 ET. SEQ. (the "BUSINESS TRUST ACT"), and that this document constitutes
the governing instrument of the Trust. The Trustees are hereby authorized and
directed to execute and file a certificate of trust with the Secretary of State
of the State of Delaware in the form attached hereto in accordance with the
provisions of the Business Trust Act. The trust is hereby established by the
Sponsor and the Trustees for the purposes of (i) issuing preferred securities
representing undivided beneficial interests in the assets of the Trust
("PREFERRED SECURITIES") in exchange for cash and investing the proceeds thereof
in debt securities of the Sponsor, (ii) issuing and selling common securities
representing an undivided beneficial interest in the assets of the Trust
("COMMON SECURITIES") to the Sponsor in exchange for cash and investing the
proceeds thereof in additional debt securities of the Sponsor and (iii) engaging
in such other activities as are necessary or incidental thereto.
3. The Sponsor and the Trustees will enter into an Amended and Restated
Declaration of Trust, satisfactory to each such party and substantially in the
form included as an exhibit to the Securities Act Registration Statement
referred to below, to provide for the contemplated operation of the Trust
created hereby and the issuance of the Preferred Securities and Common
Securities referred to therein. Prior to the execution and delivery of such
Amended and Restated Declaration of Trust, the Trustees shall not have any duty
or obligation hereunder or with respect to the trust estate, except as otherwise
required by applicable law or as may be necessary to obtain prior to such
execution and delivery any licenses, consents or approvals required by
applicable law or otherwise.
4. The Sponsor, as the sponsor of the Trust, is hereby authorized (i) to
prepare and file with the Securities and Exchange Commission (the "COMMISSION")
and execute, in each case on behalf of the Trust, (a) a Registration Statement
on Form S-3 or on such other form or forms as may be appropriate, including
without limitation any registration statement of the type contemplated by Rule
462(b) of the Securities Act of
1933, as amended (the "SECURITIES ACT") (any such registration statement,
whether on Form S-3, another form or under Rule 462(b) being referred to herein
as the "SECURITIES ACT REGISTRATION STATEMENT"), including any pre-effective or
post-effective amendments to such Registration Statement, relating to the
registration under the Securities Act of the Preferred Securities and certain
other securities of the Sponsor and (b) if the Sponsor shall deem it desirable,
a Registration Statement on Form 8-A (the "EXCHANGE ACT REGISTRATION
STATEMENT"), including all pre-effective and post-effective amendments thereto,
relating to the registration of the Preferred Securities under Section 12 of the
Securities Exchange Act of 1934, as amended; (ii) if the Sponsor shall deem it
desirable, to prepare and file with New York Stock Exchange, Inc. or any other
automated quotation system, exchange or over-the-counter market (collectively,
the "EXCHANGES") and execute on behalf of the Trust a listing application or
applications and all other applications, statements, certificates, agreements
and other instruments as shall be necessary or desirable to cause the Preferred
Securities to be listed on any Exchange; (iii) to prepare and file and execute
on behalf of the Trust such applications, reports, surety bonds, irrevocable
consents, appointments of attorney for service of process and other papers and
documents as the Sponsor, on behalf of the Trust, may deem necessary or
desirable to register the Preferred Securities under the securities or "Blue
Sky" laws of such jurisdictions as the Sponsor, on behalf of the Trust, may deem
necessary or desirable; (iv) to negotiate the terms of and execute on behalf of
the Trust an underwriting or other purchase agreement among the Trust, the
Sponsor and any underwriter(s), dealer(s) or agent(s) relating to the Preferred
Securities, as the Sponsor, on behalf of the Trust, may deem necessary or
desirable; and (v) to execute and deliver on behalf of the Trust letters or
documents to, or instructions for filing with, a depository relating to the
Preferred Securities. In the event that any filing referred to in clauses
(i)-(iii) above is required by the rules and regulations of the Commission, any
Exchange, the National Association of Securities Dealers, Inc. or state
securities or blue sky laws, to be executed on behalf of the Trust by a Trustee,
any natural person appointed pursuant to Section 6 hereof, in his or her
capacity as trustee of the Trust, and the Sponsor are hereby authorized to join
in any such filing and to execute on behalf of the Trust any and all of the
foregoing.
5. This Declaration of Trust may be executed in one or more counterparts.
6. The number of Trustees initially shall be three (3) and thereafter the
number of Trustees shall be such number as shall be fixed from time to time by a
written instrument signed by the Sponsor that may increase or decrease the
number of Trustees; PROVIDED, HOWEVER, that the number of Trustees shall in no
event be less than three (3); and PROVIDED FURTHER that to the extent required
by the Business Trust Act, one Trustee shall either be a natural person who is a
resident of the State of Delaware or, if not a natural person, an entity that
has its principal place of business in the State of Delaware and meets other
requirements imposed by applicable law. Subject to the foregoing, the Sponsor is
entitled to appoint or remove without cause any Trustee at any time. Any Trustee
may resign upon thirty days' prior notice to the Sponsor.
7. The Trust may be dissolved and terminated at the election of the
Sponsor.
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8. This Declaration of Trust shall be governed by, and construed in
accordance with, the laws of the State of Delaware (without regard to conflict
of laws principles).
9. The Sponsor agrees to indemnify each of the Property Trustee, the
Delaware Trustee and the Administrative Trustee for, and to hold each of them
harmless against, any and all loss, damage, claim, liability or expense incurred
by such Trustee arising out of or in connection with the acceptance or
administration of the Trust, except to the extent such loss, damage, claim,
liability or expense is due to the negligence or bad faith of such Trustee.
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IN WITNESS WHEREOF, the parties hereto have caused this Declaration of
Trust to be duly executed as of the day and year first above written.
CINERGY CORP.,
as Sponsor
By: /s/ XXXXX X. XXXXXXXX
-------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Acting Treasurer
THE BANK OF NEW YORK,
as Property Trustee
By: /s/ XXXX X. XXXXXXXXX
-------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Vice President
THE BANK OF NEW YORK
(DELAWARE),
as Delaware Trustee
By: /s/ XXXXXXX X. XXXXX
-------------------------
Name: Xxxxxxx X. Xxxxx
Title: Senior Vice President
XXXXX X. XXXXXXXX,
as Administrative Trustee
/s/ XXXXX X. XXXXXXXX
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