EXHIBIT 25
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED, OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305 (b) (2)
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IBJ WHITEHALL BANK & TRUST COMPANY
(Exact name of trustee as specified in its charter)
New York 13-5375195
(State of Incorporation (I.R.S. Employer
if not a U.S. national bank) Identification No.)
One State Street, New York, New York 10004
(Address of principal executive offices) (Zip code)
Stephen Giurlando, Assistant Vice President
IBJ Whitehall Bank & Trust Company
One State Street
New York, New York 10004
(212) 858-2000
(Name, Address and Telephone Number of Agent for Service)
CARROLS CORPORATION
CARROLS REALTY HOLDINGS CORP.
CARROLS REALTY I CORP.
CARROLS REALTY II CORP.
CARROLS J.G. CORP.
QUANTA ADVERTISING CORP.
POLLO FRANCHISE, INC.
POLLO OPERATIONS, INC.
(Exact name of each registrant as specified in its charter)
Delaware 16-0958146
Delaware 16-1443701
Delaware 16-1440018
Delaware 16-1440017
Delaware 16-1440019
New York 16-1033405
Florida 65-0446291
Florida 65-0446289
(State or jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
968 James Street
Syracuse, New York 13203
(Address of principal executive office) (Zip code)
9 1/2% Senior Subordinated Notes due 2008
(Title of Indenture Securities)
2
Item 1. General information
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority
to which it is subject.
New York State Banking Department,
Two Rector Street, New York, New York
Federal Deposit Insurance Corporation,
Washington, D.C.
Federal Reserve Bank of New York Second
District,
33 Liberty Street, New York, New York
(b) Whether it is authorized to exercise corporate trust powers.
Yes
Item 2. Affiliations with the Obligors.
If the obligors are an affiliate of the trustee, describe
each such affiliation.
The obligors are not an affiliate of the trustee.
Item 13. Defaults by the Obligors.
3
(a) State whether there is or has been a default with
respect to the securities under this indenture.
Explain the nature of any such default.
None
(b) If the trustee is a trustee under another indenture
under which any other securities, or certificates
of interest or participation in any other
securities, of the obligors are outstanding, or is
trustee for more than one outstanding series of
securities under the indenture, state whether there
has been a default under any such indenture or
series, identify the indenture or series affected,
and explain the nature of any such default.
None
Item 16. List of exhibits.
List below all exhibits filed as part of this statement of
eligibility.
*1. A copy of the Charter of IBJ Whitehall Bank & Trust Company
(formerly known as IBJ Schroder Bank & Trust Company) as
amended to date. (See Exhibit 1A to Form T-1, Securities and
Exchange Commission File No. 22-18460 and Exhibit 25.1 to
Form T-1, Securities and Exchange Commission File No.
333-46849.)
*2. A copy of the Certificate of Authority of the trustee to
Commence Business (Included in Exhibit 1 above).
*3. A copy of the Authorization of the trustee to exercise
corporate trust powers, as amended to date (See Exhibit 4 to
Form T-1, Securities and Exchange Commission File
No. 22-19146).
*4. A copy of the existing By-Laws of the trustee, as amended to
date (See Exhibit 25.1 to Form T-1, Securities and Exchange
Commission File No. 333-46849).
5. Not Applicable
6. The consent of United States institutional trustee required
by Section 321(b) of the Act.
7. A copy of the latest report of condition of the trustee
published pursuant to law or the requirements of its
supervising or examining authority.
4
* The Exhibits thus designated are incorporated herein by reference as
exhibits hereto. Following the description of such Exhibits is a
reference to the copy of the Exhibit heretofore filed with the
Securities and Exchange Commission, to which there have been no
amendments or changes.
NOTE
In answering any item in this Statement of Eligibility which relates
to matters peculiarly within the knowledge of the obligors and its
directors or officers, the trustee has relied upon information
furnished to it by the obligors.
Inasmuch as this Form T-1 is filed prior to the ascertainment by the
trustee of all facts on which to base responsive answers to Item 2,
the answer to said Item is based on incomplete information.
Item 2, may, however, be considered as correct unless amended by an
amendment to this Form T-1.
Pursuant to General Instruction B, the trustee has responded to Items
1, 2 and 16 of this form since to the best knowledge of the trustee
as indicated in Item 13, the obligors are not in default under any
indenture under which the applicant is trustee.
5
SIGNATURE
Pursuant to the requirements of the Trust Indenture
Act of 1939, the trustee, IBJ Whitehall Bank & Trust Company, a
corporation organized and existing under the laws of the State of New
York, has duly caused this statement of eligibility to be signed on
its behalf by the undersigned, thereunto duly authorized, all in the
City of New York, and State of New York, on the 15th day of March,
1999.
IBJ WHITEHALL BANK & TRUST COMPANY
By: /s/Stephen J. Giurlando
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Stephen J. Giurlando
Assistant Vice President
6
Exhibit 6
CONSENT OF TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust
Indenture Act of 1939, as amended, in connection with the issue by Carrols
Corporation, of its 9 1/2% Senior Subordinated Notes due 2008, we hereby
consent that reports of examinations by Federal, State, Territorial, or
District authorities may be furnished by such authorities to the Securities
and Exchange Commission upon request therefor.
IBJ WHITEHALL BANK & TRUST COMPANY
By: /s/Stephen J. Giurlando
---------------------------------
Stephen J. Giurlando
Assistant Vice President
Dated: March 15, 1999
7
EXHIBIT 7
CONSOLIDATED REPORT OF CONDITION OF
IBJ SCHRODER BANK & TRUST COMPANY
of New York, New York
And Foreign and Domestic Subsidiaries
Report as of December 31, 1998
Dollar Amounts
in Thousands
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ASSETS
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1. Cash and balance due from depository institutions:
a. Non-interest-bearing balances and currency and coin.......................................................$ 26,852
b. Interest-bearing balances.................................................................................$ 17,489
2. Securities:
a. Held-to-maturity securities...............................................................................$ -0-
b. Available-for-sale securities.............................................................................$ 207,069
3. Federal funds sold and securities purchased under agreements to resell in
domestic offices of the bank and of its Edge and Agreement subsidiaries
and in IBFs:
Federal Funds sold and Securities purchased under agreements to resell........................................$ 80,389
4. Loans and lease financing receivables:
a. Loans and leases, net of unearned income................................................$ 2,033,599
b. LESS: Allowance for loan and lease losses...............................................$ 62,853
c. LESS: Allocated transfer risk reserve...................................................$ -0-
d. Loans and leases, net of unearned income, allowance, and reserve..........................................$ 1,970,746
5. Trading assets held in trading accounts.......................................................................$ 853
6. Premises and fixed assets (including capitalized leases)......................................................$ 1,583
7. Other real estate owned.......................................................................................$ -0-
8. Investments in unconsolidated subsidiaries and associated companies...........................................$ -0-
9. Customers' liability to this bank on acceptances outstanding..................................................$ 340
10. Intangible assets.............................................................................................$ 11,840
11. Other assets..................................................................................................$ 66,691
12. TOTAL ASSETS..................................................................................................$ 2,383,847
LIABILITIES
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13. Deposits:
a. In domestic offices.......................................................................................$ 804,562
(1) Noninterest-bearing ....................................................................$ 168,822
(2) Interest-bearing........................................................................$ 635,740
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs.............................................$ 885,076
(1) Noninterest-bearing.....................................................................$ 16,554
(2) Interest-bearing .......................................................................$ 868,522
14. Federal funds purchased and securities sold under agreements to repurchase
in domestic offices of the bank and of its Edge and Agreement
subsidiaries, and in IBFs:
Federal Funds purchased and Securities sold under agreements to repurchase....................................$ 225,000
15. a. Demand notes issued to the U.S. Treasury..................................................................$ 674
b. Trading Liabilities.......................................................................................$ 560
16. Other borrowed money:
a. With a remaining maturity of one year or less.............................................................$ 38,002
b. With a remaining maturity of more than one year...........................................................$ 1,375
c. With a remaining maturity of more than three years........................................................$ 1,550
17. Not applicable.
18. Bank's liability on acceptances executed and outstanding......................................................$ 340
19. Subordinated notes and debentures.............................................................................$ 100,000
20. Other liabilities.............................................................................................$ 74,502
21. TOTAL LIABILITIES.............................................................................................$ 2,131,641
22. Limited-life preferred stock and related surplus..............................................................$ N/A
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus.................................................................$ -0-
24. Common stock..................................................................................................$ 28,958
25. Surplus (exclude all surplus related to preferred stock)......................................................$ 210,319
26. a. Undivided profits and capital reserves....................................................................$ 11,655
b. Net unrealized gains (losses) on available-for-sale securities............................................$ 1,274
27. Cumulative foreign currency translation adjustments...........................................................$ -0-
28. TOTAL EQUITY CAPITAL..........................................................................................$ 252,206
29. TOTAL LIABILITIES AND EQUITY CAPITAL..........................................................................$ 2,383,847