EXHIBIT 25
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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)_________
_______________
U.S. TRUST COMPANY OF TEXAS, N.A.
(Exact name of trustee as specified in its charter)
75-2353745
(State of incorporation (I.R.S. employer
if not a national bank) identification No.)
2001 Ross Avenue, Suite 2700 75201-2936
Dallas, Texas (Zip Code)
(Address of trustee's
principal executive offices)
Compliance Officer
U.S. Trust Company of Texas, N.A.
2001 Ross Avenue, Suite 2700
Dallas, Texas 75201-2936
(214) 754-1200
(Name, address and telephone number of agent for service)
_______________
La Quinta Inns, Inc.
(Exact name of obligor as specified in its charter)
Texas 74-1724417
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
112 East Pecan Street
San Antonio, Texas 78205
(Address of principal executive offices) (Zip Code)
_______________
Debt Securities
(Title of the indenture securities)
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GENERAL
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 Dallas (11th District), Dallas, Texas
(Board of Governors of the Federal Reserve System)
Federal Deposit Insurance Corporation, Dallas, Texas
The Office of the Comptroller of the Currency, Dallas, Texas
(b) Whether it is authorized to exercise corporate trust powers.
The Trustee is authorized to exercise corporate trust powers.
2. AFFILIATIONS WITH OBLIGOR AND UNDERWRITERS.
If the obligor or any underwriter for the obligor is an affiliate of the
Trustee, describe each such affiliation.
None.
3. VOTING SECURITIES OF THE TRUSTEE.
Furnish the following information as to each class of voting securities of
the Trustee:
As of August 8, 1995
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Col A. Col B.
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Title of Class Amount Outstanding
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Capital Stock - par value $100 per share 5,000 shares
4. TRUSTEESHIPS UNDER OTHER INDENTURES.
Not Applicable
5. INTERLOCKING DIRECTORATES AND SIMILAR RELATIONSHIPS WITH THE OBLIGOR OR
UNDERWRITERS.
Not Applicable
6. VOTING SECURITIES OF THE TRUSTEE OWNED BY THE OBLIGOR OR ITS OFFICIALS.
Not Applicable
7. VOTING SECURITIES OF THE TRUSTEE OWNED BY UNDERWRITERS OR THEIR OFFICIALS.
Not Applicable
8. SECURITIES OF THE OBLIGOR OWNED OR HELD BY THE TRUSTEE.
Not Applicable
9. SECURITIES OF UNDERWRITERS OWNED OR HELD BY THE TRUSTEE.
Not Applicable
10. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF VOTING SECURITIES OF CERTAIN
AFFILIATES OR SECURITY HOLDERS OF THE OBLIGOR.
Not Applicable
11. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF ANY SECURITIES OF A PERSON OWNING
50 PERCENT OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR.
Not Applicable
12. INDEBTEDNESS OF THE OBLIGOR TO THE TRUSTEE.
Not Applicable
13. DEFAULTS BY THE OBLIGOR.
Not Applicable
14. AFFILIATIONS WITH THE UNDERWRITERS.
Not Applicable
15. FOREIGN TRUSTEE.
Not Applicable
16. LIST OF EXHIBITS.
T-1.1 - A copy of the Articles of Association of U.S. Trust Company of
Texas, N.A.; incorporated herein by reference to Exhibit T-1.1 filed
with Form T-1 Statement, Registration No. 22-21897.
16. (con't.)
T-1.2 - A copy of the certificate of authority of the Trustee to commence
business; incorporated herein by reference to Exhibit T-1.2 filed
with Form T-1 Statement, Registration No. 22-21897.
T-1.3 - A copy of the authorization of the Trustee to exercise corporate
trust powers; incorporated herein by reference to Exhibit T-1.3
filed with Form T-1 Statement, Registration No. 22-21897.
T-1.4 - A copy of the By-laws of the U.S. Trust Company of Texas, N.A., as
amended to date; incorporated herein by reference to Exhibit T-1.4
filed with Form T-1 Statement, Registration No. 22-21897.
T-1.5 - The consent of the Trustee required by Section 321(b) of the
Trust Indenture Act of 1939.
T-1.6 - A copy of the latest report of condition of the Trustee published
pursuant to law or the requirements of its supervising or examining
authority.
NOTE
As of July 24, 1995 the Trustee had 5,000 shares of Capital Stock outstanding,
all of which are owned by U.S. T.L.P.O. Corp. As of August 5, 1993
U.S. T.L.P.O. Corp. had 35 shares of Capital Stock outstanding, all of which are
owned by U.S. Trust Corporation. U.S. Trust Corporation had outstanding
9,653,964 shares of $5 par value Common Stock as of
July 24, 1995.
The term "Trustee" in Items 2, 5, 6, 7, 8, 9, 10 and 11 refers to each of U.S
Trust Company of Texas, N.A., U.S. T.L.P.O. Corp. and U.S. Trust Corporation.
Inasmuch as this Form T-1 is filed prior to the ascertainment by the Trustee of
all the facts on which to base responsive answers to Items 2, 5, 6, 7, 9,
10 and 11, the answers to said Items are based upon incomplete information.
Items 2, 5, 6, 7, 9, 10 and 11 may, however, be considered correct unless
amended by an amendment to this Form T-1.
In answering any items in this Statement of Eligibility and Qualification which
relates to matters peculiarly within the knowledge of the obligors or their
directors or officers, or an underwriter for the obligors, the Trustee has
relied upon information furnished to it by the obligors and will rely on
information to be furnished by the obligors or such underwriter, and the Trustee
disclaims responsibility for the accuracy or completeness of such information.
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939 the Trustee,
U.S Trust Company of Texas, N.A., a national banking association organized under
the laws of the United States of America, has duly caused this statement of
eligibility and qualification to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of Dallas, and State of Texas on the
19th day of January, 1996.
U.S. Trust Company of Texas, N.A., Trustee
By: /s/ John C. Stohlmann
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John C. Stohlmann
Vice President
Exhibit T-1.5
CONSENT OF TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust Indenture Act of
1939 as amended in connection with the proposed issue of La Quinta Inns, Inc.
Debt Securities, we hereby consent that reports of examination by Federal,
State, Territorial or District authorities may be furnished by such
authorities to the Securities and Exchange Commission upon request therefor.
U.S. Trust Company of Texas, N.A.
By: /s/ John C. Stohlmann
--------------------------
John C. Stohlmann
Vice President
Board of Governors of the Federal Reserve System
OMB Number: 7100-0036
Federal Deposit Insurance Corporation
OMB Number: 3064-0052
Office of the Comptroller of the Currency
OMB Number: 1557-0081
Expires March 31, 1996
FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
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[LOGO] Please refer to page i, /1/
Table of Contents, for
the required disclosure
of estimated burden.
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CONSOLIDATED REPORTS OF CONDITION AND INCOME FOR
A BANK WITH DOMESTIC OFFICES ONLY AND
TOTAL ASSETS OF LESS THAN $100 MILLION--FFIEC 034
REPORT AT THE CLOSE OF BUSINESS SEPTEMBER 30, 1995 (950930)
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(RCRI 9999)
This report is required by law: 12 U.S.C. Section 324 (State member banks);
12 U.S.C. Section 1817 (State nonmember banks); and 12 U.S.C. Section 161
(National banks).
This report form is to be filed by banks with domestic offices only. Banks
with branches and consolidated subsidiaries in U.S. territories and
possessions, Edge or Agreement subsidiaries, foreign branches, consolidated
foreign subsidiaries, or International Banking Facilities must file FFIEC 031.
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NOTE: The Reports of Condition and Income must be signed by an authorized
officer and the Report of Condition must be attested to by not less than two
directors (trustees) for State nonmember banks and three directors for State
member and National banks.
I, Alfred B. Childs SVP & Cashier
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Name and Title of Officer Authorized to Sign Report
of the named bank do hereby declare that these Reports of Condition and
Income (including the supporting schedules) have been prepared in conformance
with the instructions issued by the appropriate Federal regulatory authority
and are true to the best of my knowledge and belief.
/s/ ALFRED B. CHILDS
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Signature of Officer Authorized to Sign Report
October 18, 1995
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Date of Signature
The Reports of Condition and Income are to be prepared in accordance with
Federal regulatory authority instructions. NOTE: These instructions may in
some cases differ from generally accepted accounting principles.
We, the undersigned directors (trustees), attest to the correctness of this
Report of Condition (including the supporting schedules) and declare that it
has been examined by us and to the best of our knowledge and belief has been
prepared in conformance with the instructions issued by the appropriate
Federal regulatory authority and is true and correct.
/s/ STUART PEARMAN
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Director (Trustee)
/s/ J.T. MOORE, JR.
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Director (Trustee)
/s/ PETER J. DENKER
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Director (Trustee)
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FOR BANKS SUBMITTING HARD COPY REPORT FORMS:
STATE MEMBER BANKS: Return the original and one copy to the appropriate
Federal Reserve District Bank.
STATE NONMEMBER BANKS: Return the original only in the SPECIAL RETURN ADDRESS
ENVELOPE PROVIDED. If express mail is used in lieu of the special return
address envelope, return the original only to the FDIC, c/o Quality Data
Systems, 2127 Espey Court, Suite 204, Crofton, MD 21114.
NATIONAL BANKS: Return the original only in the SPECIAL RETURN ADDRESS
ENVELOPE PROVIDED. If express mail is used in lieu of the special return
address envelope, return the original only to the FDIC, c/o Quality Data
Systems, 2127 Espey Court, Suite 204, Crofton, MD 21114.
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FDIC Certificate Number | | | | | |
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(RCRI 9050)
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CALL NO. 193 34 09-30-95
STBK: 48-6797 02805 STCERT: 48-33217
U.S. TRUST COMPANY OF TEXAS, NATIONAL
2001 ROSS AVENUE, SUITE 2700
DALLAS, TX 75201
| |
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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, FEDERAL DEPOSIT
INSURANCE CORPORATION, OFFICE OF THE COMPTROLLER OF THE CURRENCY
U.S. Trust Company of Texas, N.A. Call Date: 09/30/95 ST-BK: 486797 FFIEC 034
2001 Ross Avenue Page RC-1
Dallas, TX 75201 Vendor ID: D Cert: 33217
9
Transit Number: 11101765
CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL
AND STATE-CHARTERED SAVINGS BANKS FOR SEPTEMBER 30, 1995
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
C100 -
DOLLAR AMOUNTS IN THOUSANDS
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ASSETS
1. Cash and balances due from depository institutions:
RCON
a. Noninterest-bearing balances and currency and coin (1,2)........................................ 0081 472 1.a
RCON
b. Interest-bearing balances (3)................................................................... 0071 40 1.b
2. Securities:
RCON
a. Held-to-maturity securities (from Schedule RC-B, column A)...................................... 1754 0 2.b
RCON
b. Available-for-sale securities (from Schedule RC-B, column D).................................... 1773 4,770 2.b
3. Federal funds sold and securities purchased under agreements to resell:
RCON
a. Federal funds sold (4).......................................................................... 0276 0 3.a
RCON
b. Securities purchased under agreements to resell (5)............................................. 0277 0 3.b
4. Loans and lease financing receivables:
RCON
a. Loans and leases, net of unearned income (from Schedule RC-C).......... 2122 29,887 4.a
RCON
b. LESS: Allowance for loan and lease losses.............................. 3123 451 4.b
RCON
c. LESS: Allocated transfer risk reserve.................................. 3128 0 4.c
RCON
d. Loans and leases, net of unearned income, allowance, and reserve (item 4.a minus 4.b and 4.c)... 2125 29,436 4.d
RCON
5. Trading assets..................................................................................... 3545 0 5.
RCON
6. Premises and fixed assets (including capitalized leases)........................................... 2145 631 6.
RCON
7. Other real estate owned (from Schedule RC-M)....................................................... 2150 0 7.
RCON
8. Investments in unconsolidated subsidiaries and associated companies (from Schedule RC-M)........... 2130 0 8.
RCON
9. Customers' liability to this bank on acceptances outstanding....................................... 2155 0 9.
RCON
10. Intangible assets (from Schedule RC-M)............................................................. 2143 0 10.
RCON
11. Other assets (from Schedule RC-F).................................................................. 2160 660 11.
RCON
12. a. Total assets (sum of items 1 through 11)........................................................ 2170 36,009 12.a
RCON
b. Losses deferred pursuant to 12 U.S.C. 1823(j)................................................... 0306 0 12.b
RCON
c. Total assets and losses deferred pursuant to 12 U.S.C. 1823 (j) (sum of 12.a and 12.b).......... 0307 36,009 12.c
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(1) Includes cash items in process of collection and unposted debits.
(2) The amount reported in this item must be greater than or equal to the
sum of Schedule RC-M, item 3.a and 3.b.
(3) Includes time certificates of deposit not held for trading.
(4) Report "term federal funds sold" in Schedule RC, item 4.a, "Loans and
leases, net of unearned income", and in Schedule RC-C, part I.
(5) Report securities purchased under agreements to resell that involve the
receipt of immediately available funds and mature in one business day or
roll over under a continuing contract in Schedule RC, item 3.a, "Federal
funds sold."
U.S. Trust Company of Texas, N.A. Call Date: 09/30/95 ST-BK: 486797 FFIEC 034
2001 Ross Avenue Page RC-2
Dallas, TX 75201 Vendor ID: D Cert: 33217
/10/
Transit Number: 11101765
SCHEDULE RC - CONTINUED
DOLLAR AMOUNTS IN THOUSANDS
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LIABILITIES
13. Deposits
RCON
a. In domestic offices (sum of totals of columns A and C from Schedule RC-E) 2200 11,457 13.a
RCON
(1) Noninterest-bearing (1)------------------------------------------------ 6631 2,173 13.a.1
RCON
(2) Interest-bearing------------------------------------------------------- 6636 9,284 13.a.2
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs
(1) Noninterest-bearing----------------------------------------------------
(2) Interest-bearing-------------------------------------------------------
14. Federal funds purchased and securities sold under agreements to repurchase:
RCON
a. Federal funds purchased (2)------------------------------------------------------------- 0278 0 14.1
RCON
b. Securities sold under agreements to repurchase (3)-------------------------------------- 0279 0 14.b
RCON
15. a. Demand notes issued to the U.S. Treasury------------------------------------------------ 2840 0 15.a
RCON
b. Trading liabilities--------------------------------------------------------------------- 3548 0 15.b
16. Other borrowed money:
RCON
a. With original maturity of one year or less---------------------------------------------- 2332 0 16.a
RCON
b. With original maturity of more than one year-------------------------------------------- 2333 6,000 16.b
RCON
17. Mortgage indebtedness and obligations under capitalized leases----------------------------- 2910 0 17.
RCON
18. Bank's liability on acceptances executed and outstanding---------------------------------- 2920 0 18.
RCON
19. Subordinated notes and debentures--------------------------------------------------------- 3200 0 19.
RCON
20. Other liabilities (from Schedule RC-G)---------------------------------------------------- 2930 550 20.
RCON
21. Total liabilities (sum of items 13 through 20)-------------------------------------------- 2948 18,007 21.
RCON
22. Limited-life preferred stock and related surplus------------------------------------------ 3282 0 22.
EQUITY CAPITAL
RCON
23. Perpetual preferred stock and related surplus--------------------------------------------- 3838 7,000 23.
RCON
24. Common stock------------------------------------------------------------------------------ 3230 500 24.
RCON
25. Surplus (exclude all surplus related to preferred stock)---------------------------------- 3839 8,384 25.
RCON
26. a. Undivided profits and capital reserves------------------------------------------------- 3632 2,119 26.a
RCON
b. Net unrealized holding gains (losses) on available-for-sale securities---------------- 8434 (1) 26.b
27. Cumulative foreign currency translation adjustments---------------------------------------
RCON
28. a. Total equity capital (sum of items 23 through 27)-------------------------------------- 3210 18,002 28.a
RCON
b. Losses deferred pursuant to 12 U.S.C. 1823(j)------------------------------------------ 0306 0 28.b
c. Total equity capital and losses deferred pursuant to 12 U.S.C. 1823(j) RCON
(sum of items 28.a and 28.b)---------------------------------------------------------- 3559 18,002 28.c
29. Total liabilities, limited-life preferred stock, equity capital, and losses deferred RCON
pursuant to 12 U.S.C. 1823(j) (sum of items 21, 22, and 28.c)---------------------------- 2257 36,009 29.
MEMORANDUM
To be reported only with the March Report of Condition.
1. Indicate 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 RCON NUMBER
external auditors as of any date during 1994_______________________________________________ 6724 N/A M.1
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
2 = Independent audit of the bank's parent holding company conducted in
accordance with generally accepted auditing standards by a certified public
accounting firm which submits a report on the consolidated holding company
(but not on the bank separately)
3 = 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)
4 = Directors' examination of the bank performed by other external auditors
(may be required by state chartering authority)
5 = Review of the bank's financial statements by external auditors
6 = Compilation of the bank's financial statements by external auditors
7 = Other audit procedures (excluding tax preparation work)
8 = No external audit work
_________________________
(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Report "term federal funds purchased" in Schedule RC, item 16, "Other
borrowed Money."
(3) Report securities sold under agreements to repurchase that involve the
receipt of immediately available funds and mature in one business day
or roll over under a continuing contract in Schedule RC, item 14.a,
"Federal funds purchased".