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) ________
________________________________________
THE CHASE MANHATTAN BANK
(Exact name of trustee as specified in its charter)
New York 13-4994650
(State of incorporation (I.R.S. employer
if not a national bank) identification No.)
270 Park Avenue
New York, New York 10017
(Address of principal executive offices) (Zip Code)
William H. McDavid
General Counsel
270 Park Avenue
New York, New York 10017
Tel: (212) 270-2611
(Name, address and telephone number of agent for service)
_____________________________________________
Ambac Financial Group, Inc.
(Exact name of obligor as specified in its charter)
Delaware 13-3621676
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
One State Street Plaza
New York, New York 10004
(Address of principal executive offices) (Zip Code)
-----------------------------------------------
Debt Securities
(Title of the indenture securities)
---------------------------------------------------------
GENERAL
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, State House, Albany, New York
12110.
Board of Governors of the Federal Reserve System, Washington, D.C.,
20551
Federal Reserve Bank of New York, District No. 2, 33 Liberty Street,
New York, N.Y.
Federal Deposit Insurance Corporation, Washington, D.C., 20429.
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
Item 2. Affiliations with the Obligor.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None.
-2-
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 as now in
effect, including the Organization Certificate and the Certificates of Amendment
dated February 17, 1969, August 31, 1977, December 31, 1980, September 9, 1982,
February 28, 1985, December 2, 1991 and July 10, 1996 (see Exhibit 1 to Form T-1
filed in connection with Registration Statement No. 333-06249, which is
incorporated by reference).
2. A copy of the Certificate of Authority of the Trustee to Commence
Business (see Exhibit 2 to Form T-1 filed in connection with Registration
Statement No. 33-50010, which is incorporated by reference. On July 14, 1996, in
connection with the merger of Chemical Bank and The Chase Manhattan Bank
(National Association), Chemical Bank, the surviving corporation, was renamed
The Chase Manhattan Bank).
3. None, authorization to exercise corporate trust powers being
contained in the documents identified above as Exhibits 1 and 2.
4. A copy of the existing By-Laws of the Trustee (see Exhibit 4 to
Form T-1 filed in connection with Registration Statement No. 333-76439, which is
incorporated by reference).
5. Not applicable.
6. The consent of the Trustee required by Section 321(b) of the Act
(see Exhibit 6 to Form T-1 filed in connection with Registration Statement No.
33-50010, which is incorporated by reference. On July 14, 1996, in connection
with the merger of Chemical Bank and The Chase Manhattan Bank (National
Association), Chemical Bank, the surviving corporation, was renamed The Chase
Manhattan Bank).
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.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939 the
Trustee, The Chase Manhattan Bank, 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 27th day of August,
2001.
THE CHASE MANHATTAN BANK
By /s/ Robert S. Peschler
-------------------------------------------------
Robert S. Peschler, Assistant Vice President
- 3-
Exhibit 7 to Form T-1
Bank Call Notice
RESERVE DISTRICT NO. 2
CONSOLIDATED REPORT OF CONDITION OF
The Chase Manhattan Bank
of 270 Park Avenue, New York, New York 10017
and Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System,
at the close of business March 31, 2001, in
accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.
Dollar Amounts
ASSETS in Millions
Cash and balances due from depository institutions:
Noninterest-bearing balances and currency and coin.............................. $ 19,899
Interest-bearing balances....................................................... 23,359
Securities:
Held to maturity securities....................................................... 531
Available for sale securities..................................................... 60,361
Federal funds sold and securities purchased under agreements to resell............ 50,929
Loans and lease financing receivables:
Loans and leases held for sale.................................................. 3,311
Loans and leases, net of unearned income........................................ $153,867
Less: Allowance for loan and lease losses....................................... 2,369
Loans and leases, net of unearned income and allowance.......................... 151,498
Trading Assets.................................................................... 61,673
Premises and fixed assets (including capitalized leases).......................... 4,387
Other real estate owned........................................................... 39
Investments in unconsolidated subsidiaries and associated companies............... 429
Customers' liability to this bank on acceptances outstanding...................... 291
Intangible assets
Goodwill........................................................................ 1,839
Other Intangible assets......................................................... 3,479
Other assets...................................................................... 18,598
--------
TOTAL ASSETS...................................................................... $400,623
========
-4-
LIABILITIES
Deposits
In domestic offices................................................................... $131,214
Noninterest-bearing................................................................... $ 52,683
Interest-bearing...................................................................... 78,531
In foreign offices, Edge and Agreement subsidiaries and IBF's......................... 112,394
Noninterest-bearing................................................................... $ 5,045
Interest-bearing...................................................................... 107,349
Federal funds purchased and securities sold under agreements to repurchase.............. 61,321
Trading liabilities..................................................................... 43,847
Other borrowed money (includes mortgage indebtedness and obligations under capitalized
leases)............................................................................... 10,309
Bank's liability on acceptances executed and outstanding................................ 291
Subordinated notes and debentures....................................................... 6,030
Other liabilities....................................................................... 12,004
TOTAL LIABILITIES....................................................................... 377,410
Minority Interest in consolidated subsidiaries.......................................... 126
EQUITY CAPITAL
Perpetual preferred stock and related surplus........................................... 0
Common stock............................................................................ 1,211
Surplus (exclude all surplus related to preferred stock)................................ 12,714
Retained earnings..................................................................... 9,446
Accumulated other comprehensive income................................................ (284)
Other equity capital components......................................................... 0
TOTAL EQUITY CAPITAL.................................................................... 23,087
--------
TOTAL LIABILITIES, MINORITY INTEREST, AND EQUITY CAPITAL................................ $400,623
========
I, Joseph L. Sclafani, E.V.P. & Controller of the above-named bank, do hereby
declare that this Report of Condition has been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and is true
to the best of my knowledge and belief.
JOSEPH L. SCLAFANI
We, the undersigned directors, attest to the correctness of this Report of
Condition 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.
WILLIAM B. HARRISON JR. )
DOUGLAS A. WARNER III ) DIRECTORS
LAWRENCE A. BOSSIDY )
-5-