EXHIBIT 25.1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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) _
BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)
A National Banking Association 31-0838515
(I.R.S. employer
identification number)
100 East Broad Street, Columbus, Ohio 43271-0181
(Address of principal executive offices) (Zip Code)
Bank One Trust Company, National Association
1 Bank One Plaza
Chicago, Illinois 60670
Attn: Sandra L. Caruba, First Vice President, (312) 336-9436
(Name, address and telephone number of agent for service)
TOLL CORP.
(Exact name of obligor as specified in its charter)
Delaware 22-2485860
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
3103 Philmont Avenue
Huntingdon Valley, Pennsylvania 19006
(Address of principal executive offices) (Zip Code)
Debt Securities
(Title of Indenture Securities)
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.
Comptroller of Currency, Washington, D.C.;
Federal Deposit Insurance Corporation,
Washington, D.C.; The Board of Governors of
the Federal Reserve System, Washington D.C.
(b) Whether it is authorized to exercise
corporate trust powers.
The trustee is authorized to exercise corporate trust powers.
Item 2. Affiliations With the Obligor. If the obligor
is an affiliate of the trustee, describe each
such affiliation.
No such affiliation exists with the trustee.
Item 16. List of exhibits. List below all exhibits filed as a part
of this Statement of Eligibility.
1. A copy of the articles of association of the
trustee now in effect.*
2. A copy of the certificate of authority of the
trustee to commence business.*
3. A copy of the authorization of the trustee to
exercise corporate trust powers.*
4. A copy of the existing by-laws of the trustee.*
5. Not Applicable.
6. The consent of the 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.
8. Not Applicable.
9. Not Applicable.
Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, Bank One Trust Company, National Association, a
national banking association organized and existing under the laws of
the United States of America, has duly caused this Statement of
Eligibility to be signed on its behalf by the undersigned, thereunto
duly authorized, all in the City of Chicago and State of Illinois, on
the 19th day of March, 2002.
Bank One Trust Company, National Association,
Trustee
By /s/Sandra L. Caruba
Sandra L. Caruba
First Vice President
*Exhibits 1, 2, 3, and 4 are herein incorporated by reference to Exhibits
bearing identical numbers in Item 16 of the Form T-1 of Bank One Trust Company,
National Association, filed as Exhibit 25 to the Registration Statement on Form
S-4 of U S WEST Communications, Inc., filed with the Securities and Exchange
Commission on March 24, 2000 (Registration No. 333-32124).
EXHIBIT 6
THE CONSENT OF THE TRUSTEE REQUIRED
BY SECTION 321(b) OF THE ACT
March 19, 2002
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
In connection with the qualification of an indenture between Toll Corp. and Bank
One Trust Company, National Association, as Trustee, the undersigned, in
accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended,
hereby consents that the reports of examinations of the undersigned, made by
Federal or State authorities authorized to make such examinations, may be
furnished by such authorities to the Securities and Exchange Commission upon its
request therefor.
Very truly yours,
Bank One Trust Company, National Association
By: /s/Sandra L. Caruba
Sandra L. Caruba
First Vice President
EXHIBIT 7
Legal Title of Bank: Bank One Trust Company, N.A. Call Date: 12/31/01 State #: 391581 FFIEC 041
Address: 100 Broad Street Vendor ID: D Cert #: 21377 Page RC-1
City, State Zip: Columbus, OH 43271 Transit #: 04400003
Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for December 31, 2001
All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding of the last business day of the
quarter.
Schedule RC--Balance Sheet
Dollar Amounts in thousands
RCON BIL MIL THOU C300
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ASSETS
1. Cash and balances due from depository institutions (from Schedule
RC-A): RCON
a. Noninterest-bearing balances and currency and coin(1) .................. 0081 285,199 1.a
b. Interest-bearing balances(2)............................................ 0071 0 1.b
2. Securities
a. Held-to-maturity securities (from Schedule RC-B, column A) ............. 1754 0 2.a
b. Available-for-sale securities (from Schedule RC-B, column D)............ 1773 336 2.b
3. Federal funds sold and securities purchased under agreements to
resell .................................................................... 1350 1,466,628 3.
4. Loans and lease financing receivables: (from Schedule RC-C): RCON
a. Loans and leases held for sale.......................................... 5369 0 4.a
b. Loans and leases, net of unearned income................................ B528 195,551 4.b
c. LESS: Allowance for loan and lease losses............................... 3123 292 4.c
d. Loans and leases, net of unearned income and allowance
(item 4.b minus 4.c).................................................... B529 195,259 4.d
5. Trading assets (from Schedule RC-D)......... .............................. 3545 0 5.
6. Premises and fixed assets (including capitalized leases) .................. 2145 13,065 6.
7. Other real estate owned (from Schedule RC-M) .............................. 2150 0 7.
8. Investments in unconsolidated subsidiaries and associated
companies (from Schedule RC-M)............................................. 2130 0 8.
9. Customers' liability to this bank on acceptances outstanding .............. 2155 0 9.
10. Intangible assets
a. Goodwill............................................................... 3163 0 10.a
b. Other intangible assets (from Schedule RC-M)........................... 0426 9,224 10.b
11. Other assets (from Schedule RC-F).......................................... 2160 250,027 11.
12. Total assets (sum of items 1 through 11)................................... 2170 2,219,738 12.
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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.
Legal Title of Bank: Bank One Trust Company, N.A. Call Date: 12/31/01 State #: 391581 FFIEC 041
Address: 100 East Broad Street Vendor ID: D Cert #" 21377 Page RC-2
City, State Zip: Columbus, OH 43271 Transit #: 04400003
Schedule RC-Continued
Dollar Amounts in
Thousands
---------
LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of columns A and C RCON
from Schedule RC-E) .................................................... 2200 1,957,028 13.a
(1) Noninterest-bearing(1).............................................. 6631 1,378,041 13.a1
(2) Interest-bearing.................................................... 6636 587,987 13.a2
b. Not applicable
14. Federal funds purchased and securities sold under agreements
to repurchase ............................................................. RCFD 2800 0 14.
15. Trading Liabilities (from Schedule RC-D)................................... RCFD 3548 0 15.
16. Other borrowed money (includes mortgage indebtedness and
obligations under capitalized leases) (from Schedule RC-M)................. 3190 0 16.
17. Not applicable
18. Bank's liability on acceptances executed and outstanding .................. 2920 0 18.
19. Subordinated notes and debentures (2)...................................... 3200 0 19.
20. Other liabilities (from Schedule RC-G)..................................... 2930 72,264 20.
21. Total liabilities (sum of items 13 through 20)............................. 2948 2,029,292 21.
22. Minority interest in consolidated subsidiaries............................. 3000 0 22.
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus.............................. 3838 0 23.
24. Common stock............................................................... 3230 800 24.
25. Surplus (exclude all surplus related to preferred stock) .................. 3839 45,157 25.
26. a. Retained earnings....................................................... 3632 144,485 26.a
b. Accumulated other comprehensive income (3).............................. B530 4 26.b
27. Other equity capital components (4)........................................ A130 0 27.
28. Total equity capital (sum of items 23 through 27) ......................... 3210 190,446 28.
29. Total liabilities, minority interest, and equity
capital (sum of items 21, 22, and 28)...................................... 3300 2,219,738 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 N/A Number
for the bank by independent external auditors as of any date during 2000... RCFD 6724 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
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(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited-life preferred stock and related surplus.
(3) Includes net unrealized holding gains (losses) on available-for-sale
securities, accumulated net gains (losses) on cash flow hedges, and minimum
pension liability adjustments.
(4) Includes treasury stock and unearned Employee Stock Ownership Plan shares.