The following trust$-$preferred securities structure applies to questions $8$ and $9.$

Bank L sets up a trust $($a subsidiary entity$)$ and owns $100\%$ of the common stock in the trust. That trust issues preferred securities to investors $($in exchange for cash$),$ and the investors earn periodic fixed dividend payments on their preferred shares. Using the funds from the sale of preferred stock, the trust purchases junior subordinated debt from Bank L$,$ and this debt pays periodic fixed interest payments equal to the dividend payments made by the trust. The trust has a call option, allowing it to call back the preferred shares from investors at its option. Additionally, Bank L has a call option, allowing it to call back its debt from the trust at its option. Bank L guarantees to the trust$$s investors that the trust will use its available cash to make interest payments.

Read the following fact pattern, then select the label that best describes the party or interest rate that fits in each box. Some answer choices will be used more than once.