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EXHIBIT 25.1
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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 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(B)(2)______________
THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK
(Exact name of trustee as specified in its charter)
New York 13-5691211
(State of Incorporation (I.R.S. employer
If not a U.S. national bank) Identification number)
One Liberty Plaza
New York, N.Y. 10006
(Address of principal (Zip code)
Executive office)
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CENDANT CORPORATION
(Exact name of obligor as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
06-0918165
(I.R.S. employer identification no.)
9 West 57th Street
New York, NY 10019
(Address of principal executive offices) (Postal Code)
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NOTE SECURITIES
(Title of the indenture securities)
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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.
Federal Reserve Bank of New York
33 Liberty Street
New York, N. Y. 10045
State of New York Banking Department
State House, Albany, N.Y.
(b) Whether it is authorized to exercise corporate trust powers.
The Trustee is authorized to exercise corporate trust powers.
Item 2. AFFILIATION WITH THE OBLIGOR.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
The obligor is not an affiliate of the Trustee.
Item 16. LIST OF EXHIBITS.
List below all exhibits filed as part of this statement of
eligibility.
Exhibit 1 -Copy of the Organization Certificate of the Trustee as
now in effect. (Exhibit 1 to T-1 to Registration Statement
No. 333-6688).
Exhibit 2 -Copy of the Certificate of Authority of the Trustee to
commerce business. (Exhibit 2 to T-1 to Registration
Statement No. 333-6688).
Exhibit 3 -None; authorization to exercise corporate trust powers is
contained in the documents identified above as Exhibit 1
and 2.
Exhibit 4 -Copy of the existing By-Laws of the Trustee.(Exhibit 4 to
T-1 to Registration Statement No. 333-6688).
Exhibit 5 -No Indenture referred to in Item 4.
Exhibit 6 -The consent of the Trustee required by Section 321 (b) of
the Trust Indenture Act of 1939.(Exhibit 6 to T-1 to
Registration Statement No. 333-27685).
Exhibit 7 -Copy of the latest Report of Condition of the Trustee as
of June 30, 2001
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of
1939, the Trustee, The Bank of Nova Scotia Trust Company of New York, 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 26th day of October, 2001.
THE BANK OF NOVA SCOTIA TRUST
COMPANY OF NEW YORK
By: /s/ George E. Timmes
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George E. Timmes
Vice President
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THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK
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Legal Title of Bank
NEW YORK
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City
NEW YORK 10006
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State Zip Code
CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL
AND STATE-CHARTERED SAVINGS BANKS FOR JUNE 30, 2001
ALL SCHEDULES ARE TO BE REPORTED IN THOUSANDS OF DOLLARS. UNLESS OTHERWISE
INDICATED, REPORT THE AMOUNT OUTSTANDING AS OF THE LAST BUSINESS DAY OF THE
QUARTER.
SCHEDULE RC--BALANCE SHEET
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<Caption>
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Dollar Amounts in Thousands RCON Bil Mil Thou
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ASSETS
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1. Cash and balances due from depositary institutions (from Schedule RC-A)
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a. Noninterest-bearing balances and currency and coin(1)......... 0081 199 1.a.
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b. Interest-bearing balances(2).................................. 0071 7 080 1.b.
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2. Securities:
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a. Held-to-maturity securities (from Schedule RC-B, column A).... 1754 1 219 2.a.
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b. Available-for-sale securities (from Schedule RC-B, column D).. 1773 0 2.b.
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3. Federal funds sold and securities purchases under agreements to
resell............................................................ 1350 12 307 3.
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4. Loans and lease financing receivables (from Schedule RC-C):
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a. Loans and leases held for sale................................ 5369 0 4.a.
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b. Loans and leases, net of unearned income...................... B528 4.b.
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c. LESS: Allowance for loan and lease loses..................... 3123 4.c.
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d. Loans and leases, net of unearned income and allowance (item
4.b minus 4.c)................................................ 3529 0 4.d.
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5. Trading Assets (from Schedule RC-D)............................... 3545 0 5.
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6. Premises and fixed assets (including capitalized leases).......... 2145 2 6.
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7. Other real estate owned (from Schedule RC-M)...................... 2150 0 7.
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8. Investments in unconsolidated subsidiaries & associated
companies (from Schedule RC-M).................................... 2130 0 8.
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9. Customers' liability to this bank on acceptances
outstanding....................................................... 2155 0 9.
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(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
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10. Intangible assets:
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a. Goodwill..................................................... 3163 0 10.a.
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b. Other intangible assets (from Schedule RC-M)................. 0426 0 10.b.
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11. Other assets (from Schedule RC-F)................................ 2160 109 11.
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12. Total Assets (sum of items 1 through 11)......................... 2170 20 916 12.
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LIABILITIES
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13. Deposits:
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a. In domestic offices (sum of totals of columns A & C from
Schedule RC-E)............................................... 2200 7 658 13.a.
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(1) Noninterest-bearing(3)................................... 6631 7 598 13.a(1)
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(2) Interest-bearing......................................... 6636 60 13.a(2)
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b. Not applicable
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14. Federal funds purchased and securities sold under agreements to
repurchase....................................................... 2800 0 14.
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15. Trading liabilities (from Schedule RC-D)......................... 3548 0 15.
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16. Other borrowed money (includes mortgage indebtedeness and
obligations under capitalized leases) (from Schedule
RC-M)............................................................ 3190 0 16.
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17. Not applicable
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18. Bank's liability on acceptances executed and outstanding......... 2920 0 18.
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19. Subordinated notes and debentures4............................... 3200 0 19.
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20. Other liabilities (from Schedule RC-G)........................... 2930 177 20.
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21. Total liabilities (sum of items 13 through 20)................... 2948 7 835 21.
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22. Minority interest in consolidated subsidiaries................... 3000 0 22.
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EQUITY CAPITAL
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23. Perpetual preferred stock and related surplus.................... 3838 0 23.
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24. Common stock..................................................... 3230 1 000 24.
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25. Surplus (exclude all surplus related to preferred stock)......... 3839 10 030 25.
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26. a. Retained earnings............................................. 3632 2 051 26.a.
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b. Accumulated other comprehensive income(5).................. B530 0 26.b.
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27. Other equity capital components(6)............................... A130 0 27.
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28. Total equity capital (sum of items 23 through 27)................ 3210 13 081 28.
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29. Total liabilities, minority interest and equity capital (sum of
items 21, 22 & 28)............................................... 3300 20 916 29.
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Memorandum
To be reported with the March Report of Condition.
1. Indicated in the box at the right the number of the
statement below that best describes the most
comprehensive level of auditing work performed for the
bank by independent external auditors as of any date RCON Number
during 2000............................................. 6724 M.1.
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1 = Independent audit of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm which
submits a report on the bank
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2 = Independent audit of the bank's parent holding company con- ducted in
accordance with generally accepted auditing standards by a certified public
accounting firm which submits a report on the consolidated holding company
(but not the bank separately)
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3 = Attestation on bank management's assertion on the effective- ness of the
bank's internal control over financial reporting by a certified public
accounting firm
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4 = Directors' examination of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm (may be
required by state chartering authority)
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5 = Directors' examination of the bank performed by other external auditors
(may be required by state chartering authority)
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6 = Review of the bank's financial statements by external auditors
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7 = Compilation of the bank's financial statements by external auditors
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8 = Other audit procedures (excluding tax preparation work)
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9 = No external audit work
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(3) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(4) Includes limited-life preferred stock and realted surplus.
(5) Includes net unrealized holding gains (losses) on available-for-sale
securities, accumulated net gains (losses) on cash flow hedges, and minimum
persion liability adjustments.
(6) Includes treasury stock and unearned Employee Stock Ownership Plan shares.
2