FORM T-1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF
A CORPORATION DESIGNATED TO ACT AS TRUSTEE
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CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2) _______
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THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)
New York 13-5160382
(State of incorporation (I.R.S. employer
if not a national bank) identification no.)
One Wall Street, New York, N.Y. 10286
(Address of principal executive offices) (Zip Code)
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Compass Minerals Group, Inc.
(Exact name of each obligor as specified in its charter)
Delaware 48-1135403
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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Carey Salt Company
(Exact name of each obligor as specified in its charter)
Delaware 13-3563048
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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Great Salt Lakes Minerals Corporation
(Exact name of each obligor as specified in its charter)
Delaware 87-0274174
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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North American Salt Company
(Exact name of each obligor as specified in its charter)
Delaware 48-1047632
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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Namsco Inc.
(Exact name of each obligor as specified in its charter)
Delaware 48-1065647
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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GSL Corporation
(Exact name of each obligor as specified in its charter)
Delaware 48-1106349
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8300 College Boulevard 66210
Overland Park, Kansas (Zip Code)
(913) 344-9300
(Address and telephone number of obligor's principal executive offices)
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10% Senior Subordinated Notes due 2011
(Title of the indenture securities)
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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.
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Name Address
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Superintendent of Banks of the 2 Rector Street,
State of New York New York, N.Y. 10006, and
Albany, N.Y. 12203
Federal Reserve Bank of New York 33 Liberty Plaza,
New York, N.Y. 10045
Federal Deposit Insurance Corporation Washington, D.C. 20429
New York Clearing House Association New York, New York 10005
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
2. Affiliations with the Obligor.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None
16. List of Exhibits.
Exhibits identified in parentheses below, on file with the Commission,
are incorporated herein by reference as an exhibit hereto, pursuant to
Rule 7a-29 under the Trust Indenture Act of 1939 and rule 24 of the
Commission's Rules of Practice.
1. A copy of the Organization Certificate of The Bank of New York
(formerly Irving Trust Company) as now in effect, which
contains the authority to commence business and a grant of
powers to exercise corporate trust powers. (Exhibit 1 to
Amendment No. 1 to Form T-1, filed with Registration Statement
No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with
Registration Statement No. 33-21672 and Exhibit 1 to Form T-1
filed with Registration Statement No. 33-29637.)
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4. A copy of the existing By-Laws of the Trustee. (Exhibit 4 to
Form T-1 filed with Registration Statement No. 33-31019).
6. The consent of the Trustee required by Section 321(b) of the
Act. (Exhibit 6 to Form T-1 filed with Registration Statement
No. 33-44051.)
7. A copy of the latest report of condition of the Trustee
published pursuant to law or to the requirements of its
supervising or examining authority.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee,
The Bank 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 23rd day of January, 2002.
THE BANK OF NEW YORK
By: /s/ Cynthia Chaney
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Cynthia Chaney
Authorized Signer
Attorney-in-Fact
EXHIBIT 7
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Consolidated Report of Condition of
THE BANK OF NEW YORK
of One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the close of business September 30,
2001, published 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 Thousands
Cash and balances due from depository
institutions:
Noninterest-bearing balances and
currency and coin .................... $3,238,092
Interest-bearing balances ................ 5,255,952
Securities:
Held-to-maturity securities .............. 127,193
Available-for-sale securities ............ 12,143,488
Federal funds sold and Securities
purchased under agreements to resell ..... 281,677
Loans and lease financing receivables:
Loans and leases held for
sale ................................. 786
Loans and leases, net of unearned
income ............................... 46,206,726
LESS: Allowance for loan and
lease losses ......................... 607,115
Loans and leases, net of unearned
income and allowance ................. 45,599,611
Trading Assets ............................... 9,074,924
Premises and fixed assets (including
capitalized leases) ...................... 783,165
Other real estate owned ...................... 935
Investments in unconsolidated
subsidiaries and associated companies .... 200,944
Customers' liability to this bank on
acceptances outstanding .................. 311,521
Intangible assets
Goodwill ................................. 1,546,125
Other intangible assets .................. 8,497
Other assets ................................. 8,761,129
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Total assets ................................. $87,334,039
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LIABILITIES
Deposits:
In domestic offices ...................... $28,254,986
Noninterest-bearing ...................... 10,843,829
Interest-bearing ......................... 17,411,157
In foreign offices, Edge and Agreement
subsidiaries, and IBFs ............... 31,999,406
Noninterest-bearing ...................... 1,006,193
Interest-bearing ......................... 30,993,213
Federal funds purchased and securities
sold under agreements to repurchase ...... 6,004,678
Trading liabilities .......................... 2,286,940
Other borrowed money:
(includes mortgage indebtedness and
obligations under capitalized leases) .... 1,845,865
Bank's liability on acceptances executed
and outstanding .......................... 440,362
Subordinated notes and debentures ............ 2,196,000
Other liabilities ............................ 7,607,267
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Total liabilities ............................ $80,635,504
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EQUITY CAPITAL
Common stock ................................. 1,135,284
Surplus ...................................... 1,050,729
Retained earnings ............................ 4,436,230
Accumulated other comprehensive income ....... 76,292
Other equity capital components .............. 0
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Total equity capital ......................... 6,698,535
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Total liabilities and equity capital ......... $87,334,039
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I, Thomas J. Mastro, Senior Vice President and Comptroller of the
above-named bank do hereby declare that this Report of Condition has been
prepared in conformance with the instructions issued by the Board of Governors
of the Federal Reserve System and is true to the best of my knowledge and
belief.
Thomas J. Mastro,
Senior Vice President and Comptroller
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 Board of Governors of the Federal Reserve System and is true and
correct.
Thomas A. Renyi |
Gerald L. Hassell | Directors
Alan R. Griffith |