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) X
-
(Name of Trustee)
SUMMIT BANK
(I.R.S. Employer Identification No.)
22-0834947
(Address of Principal Executive Offices)
210 Main Street
Hackensack, NJ
07601
(Name of Obligor)
Interep National Radio Sales, Inc.
(State of Incorporation)
New York
(I.R.S. Employer Identification No.)
13-1865151
(Address of Principal Executive Offices)
100 Park Avenue
New York, NY 10017
(Title of Indenture Securities)
10 % Subordinated Debt Securities due 2008
1. GENERAL INFORMATION
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervisory authority to which it
is subject:
Name Address
- ---- -------
Federal Reserve Bank (2nd District) New York, NY
Federal Deposit Insurance Corporation Washington, D.C.
New Jersey Department of Banking Trenton, NJ
(b) Whether it is authorized to exercise corporate trust powers.
Yes
2. AFFILIATIONS WITH OBLIGOR
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None (See Note on page 6)
3. VOTING SECURITIES OF THE TRUSTEE
Furnish the following information as to each class of voting securities of
the trustee: As of _____________________
Col. A Col. B
------ ------
Summit Bank Common Stock 34,021,623 shares
Summit Bank, Preferred Stock 120,000 shares
4. TRUSTEESHIPS UNDER OTHER INDENTURES
If the trustee is a trustee under another indenture under which any other
securities, or certificates of interest or participation in any other
securities, of the obligor are outstanding, furnish the following
information:
Not applicable - see answer to item 13
5. INTERLOCKING DIRECTORATES AND SIMILAR RELATIONSHIPS WITH THE OBLIGOR OR
UNDERWRITERS
If the trustee or any of the directors or executive officers of the trustee
is a director, officer, partner, employee, appointee, or representative of
the obligor or of any underwriter for the obligor, identify each such
person having any such connection and state the nature of each such
connection.
Not applicable - see answer to item 13
6. VOTING SECURITIES OF THE TRUSTEE OWNED BY THE OBLIGOR OR ITS OFFICIALS
Furnish the following information as to the voting securities of the
trustee owned beneficially by the obligor and each director, partner, and
executive officer of the obligor:
Not applicable - see answer to item 13
7. VOTING SECURITIES OF THE TRUSTEE OWNED BY UNDERWRITERS OR THEIR OFFICIALS
Furnish the following information as to the voting securities of the
trustee owned beneficially by each underwriter for the obligor and each
director, partner, and executive officer of each such underwriter:
8. SECURITIES OF THE OBLIGOR OWNED OR HELD BY THE TRUSTEE
Furnish the following information as to securities of the obligor owned
beneficially or held as collateral security for obligations in default by
the Trustee:
Not applicable - see answer to item 13
9. SECURITIES OF UNDERWRITERS OWNED OR HELD BY THE TRUSTEE
If the trustee owned beneficially or holding as collateral security for
obligations in default any securities or an underwriter for the obligor,
furnish the following information as to each class of securities of such
underwriter any of which are owned or held by the trustee:
Not applicable - see answer to item 13
10. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF VOTING SECURITIES OF CERTAIN
AFFILIATES OR SECURITY HOLDERS OF THE OBLIGOR
If the trustee owns beneficially or holds as collateral security for
oblications in default voting securities of a person who, to the knowledge
of the trustee (1) owns 10 percent or
-2-
more of the voting stock of the obligor or (2) is an affiliate, other than
a subsidiary, of the obligor, furnish the following information as to the
voting securities of such person:
Not applicable - see answer to item 13
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
If the trustee owns beneficially or holds as collateral security for
obligations in default any securities of a person who, to the knowledge of
the trustee, owns 50 percent or more of the voting securities of the
obligor, furnish the following information as to each class of securities
of such person any of which are owned or held by the trustee:
Not applicable - see answer to item 13
12. INDEBTEDNESS OF THE OBLIGOR TO THE TRUSTEE
(a) State whether there is or has been a default with respect to the
securities under this indenture. Explain the nature of any such
default.
None
(b) If the trustee is a trustee under another indenture under which any
other securities, or certificates of interest or participation in any
other securities, of the obligor are outstanding, or is trustee for
more than one outstanding series of securities under the indenture,
state whether there has been a default under any such indenture or
series, identify the indenture or series affected, and explain the
nature of any such default.
13. DEFAULTS BY THE OBLIGOR
(a) State whether there is or has been a default with respect to the
securities under this indenture. Explain the nature of any such
default.
None
(b) If the trustee is a trustee under another indenture under which any
other securities, or certificates of interest or participation in any
other securities, of the obligor are outstanding, or is trustee for
more than one outstanding series of securities under the indenture,
state whether there has been a default under any such indenture or
series, identify the indenture or series affected, and explain the
nature of any such default.
-3-
NOTE
The Trustee disclaims responsibility for the accuracy or completeness
of information contained in this Statement of Eligibility and Qualification not
known to the trustee and not obtained by it through reasonable investigation and
as to which information it has obtained from the obligor and has had to rely or
will obtain from the principal underwriters and will have to rely.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
trustee, Summit Bank, a corporation organized and existing under the laws of the
State of New Jersey, 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 Hackensack and State of New Jersey on the 29th
day of June, 1998.
SUMMIT BANK
By:/s/ Jennifer J. Houle
------------------------
Jennifer J. Houle
Assistant Vice President
-4-
CONSENT OF TRUSTEE
Summit Bank, as trustee (the "Trustee") under an indenture to be
entered into between itself and Interep National Radio Sales, Inc. hereby
consents to Section 321(b) of the Trust Indenture Act of 1939, as amended, to
the furnishing by Federal, State, Territorial or District Authorities to the
Securities and Exchange Commission of all reports, records or other information
relating thereto.
SUMMIT BANK
By: /s/ Jennifer J. Houle
---------------------
Jennifer J. Houle
Assistant Vice President
Dated: June 29, 1998
-5-
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, 2000
Federal Financial Institutions Examination Council
- --------------------------------------------------------------------------------
Please refer to page 1,
Table of Contents, for
the required disclosure
of estimated burden
- --------------------------------------------------------------------------------
Consolidated Reports of Condition and Income for
A Bank With Domestic and Foreign Offices -- FFIEC 031
Report at the close of business December 31, 1997 (971231)
---------
(RCRI 9999)
This report is required by law: 12 U.S.C. (S)324 (State This report form is to be filed by banks with branches and
member banks); 12 U.S.C. (S)1817 (State nonmember banks); consolidated subsidiaries in U.S. territories and possessions,
and 12 U.S.C. (S)161 (National banks). Edge or Agreement subsidiaries, foreign branches, consolidated
foreign subsidiaries, or International Banking Facilities.
- ------------------------------------------------------------------------------------------------------------------------------
NOTE: The Reports of Condition and Income must be signed by The Reports of Condition and Income are to be prepared in
an authorized officer and the Report of Condition must be accordance with Federal regulatory authority instructions.
attested to by not less than two directors (trustees) for
State nonmember banks and three directors for State member We, the undersigned directors (trustees), attest to the
and National banks. correctness of the Report of Condition (including the supporting
schedules) for this report date and declare that it has been
I, William J. Healy, Assistant Treasurer examined by us and to the best of our knowledge and belief has
------------------------------------------------------- been prepared in conformance with the instructions issued by the
Name and Title of Officer Authorized to Sign Report appropriate Federal regulatory authority and is true and correct.
of the named bank do hereby declare that the Reports of
condition and income (including the supporting schedules) on
this report date 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 /s/
belief. ------------------------------------------------------------------
Director (Trustee)
/s/ William J. Healy /s/
- ------------------------------------------------------------ ------------------------------------------------------------------
Signature of Officer Authorized to Sign Report Director (Trustee)
/s/
- ------------------------------------------------------------ ------------------------------------------------------------------
Date of Signature Director (Trustee)
- ------------------------------------------------------------------------------------------------------------------------------
(b) in hard-copy (paper) form and arrange for another party to
Submission of Reports convert the paper report to automated form. That party (if other
than EDS) must transmit the bank's computer data file to EDS.
Each bank must prepare its Reports of Condition and Income
either: To fulfill the signature and attestation requirement for the
Reports of Condition and Income for this report date, attach this
(a) in automated form and then file the computer data file signature page to the hard-copy record of the completed report
directly with the banking agencies' collection agent, that the bank places in its files
Electronic Data Systems Corporation (EDS), by modern or on
computer diskette; or
- ------------------------------------------------------------------------------------------------------------------------------
FDIC Certificate Number 00550
---------
(RCRI 9050) SUMMIT BANK
301 CARNEGIE CENTER
4TH FLOOR
PRINCETON NJ 8543 2066
B341220000 023412200000 00550
Board of Governors of the Federal Reserve System, Federal Deposit Insurance
Corporation, Office of the Comptroller of the Currency
Affix the address label in this space
Summit Bank NJ
- --------------------------------------------------------------------------------
Legal Title of Bank
FDIC Certificate Number 550
-----
Consolidated Report of Income
for the period January 1, 1997 - December 31, 1997
All Report of Income schedules are to be reported on a calendar year-to-date
basis in thousands of dollars.
Schedule RI - Income Statement
480
--------------------------------
Dollar Amounts in Thousands
- -------------------------------------------------------------------------------------------------------------------
1. Interest income:
a. Interest and fee income on loans:
(1) In domestic offices:
--------------------
(a) Loans secured by real estate......................................... RIAD 653,773 1.a.(1)(a)
4011
--------------------
(b) Loans to depository institutions..................................... RIAD 4,276 1.a.(1)(b)
4019
--------------------
(c) Loans to finance agricultural production and other loans to farmers.. RIAD 22 1.a.(1)(c)
4024
--------------------
(d) Commercial and industrial loans...................................... RIAD 340,201 1.a.(1)(d)
4012
--------------------
(e) Acceptances of other banks........................................... RIAD 0 1.a.(1)(e)
4026
--------------------
(f) Loans to individuals for household, family, and other personal
expenditures:
--------------------
(1) Credit cards and related plans.................................. RIAD 13,621 1.a.(1)(f)(1)
4054
--------------------
(2) Other........................................................... RIAD 60,083 1.a.(1)(f)(2)
4055
--------------------
(g) Loans to foreign governments and official institutions............... RIAD 0 1.a.(1)(g)
4056
--------------------
(h) Obligations (other than securities and leases) of states and
political subdivisions in the U.S.:
--------------------
(1) Taxable obligations............................................ RIAD 99 1.a.(1)(h)(1)
4503
--------------------
(2) Tax-exempt obligations......................................... RIAD 7,599 1.a.(1)(h)(2)
4504
--------------------
(i) All other loans in domestic offices.................................. RIAD 12,012 1.a.(1)(i)
4058
--------------------
(2) In foreign offices, Edge and Agreement subsidiaries, and IBFs............ RIAD 0 1.a.(2)
4059
--------------------
b. Income from lease financing receivables:
--------------------
(1) Taxable leases............................................................ RIAD 36,976 1.b.(1)
4505
--------------------
(2) Tax-exempt leases......................................................... RIAD 0 1.b.(2)
4307
--------------------
c. Interest income on balances due from depository institutions/1/:
--------------------
(1) In domestic offices...................................................... RIAD 557 1.c.(1)
4105
--------------------
(2) In foreign offices, Edge and Agreement subsidiaries, and IBFs............ RIAD 0 1.c.(2)
4106
d. Interest and dividend income on securities:
--------------------
(1) U.S. Treasury securities and U.S. Government agency obligations.......... RIAD 287,674 1.d.(1)
4027
--------------------
(2) Securities issued by states and political subdivisions in the U.S.:
--------------------
(a) Taxable securities.................................................. RIAD 0 1.d.(2)(a)
4506
--------------------
(b) Tax-exempt securities............................................... RIAD 11,434 1.d.(2)(b)
4507
--------------------
(3) Other domestic debt securities.......................................... RIAD 72,826 1.d.(3)
3657
- -------------------------------------------------------------------------------------------------------------------------------
/1/ Includes interest income on time certificates of deposit not held for
trading.
480
-----------------------
Dollar Amounts in Thousands Bil Mil Thou
- ----------------------------------------------------------------------------------------------------------
(4) Foreign debt securities................................................. RIAD 1,390 1.d.(4)
3658
--------------------
(5) Equity securities (including investments in mutual funds)............... RIAD 6,986 1.d.(5)
3659
--------------------
e. Interest income from trading assets........................................... RIAD 745 1.e.
4069
--------------------
f. Interest income on federal funds sold and securities purchased under RIAD 7,892 1.f.
agreements to resell.......................................................... 4020
--------------------
g. Total interest income (sum of items 1.a through 1.f).......................... RIAD 1,518,166 1.g.
4107
--------------------
2. Interest expense:
a. Interest on deposits:
(1) Interest on deposits in domestic offices:
--------------------
(a) Transaction accounts (NOW accounts, ATS accounts, and RIAD 34,791 2.a.(1)(a)
telephone and preauthorized transfer accounts)..................... 4508
--------------------
(b) Nontransaction accounts:
--------------------
(1) Money market deposit accounts (MMDAs).......................... RIAD 114,440 2.a.(1)(b)(1)
4509
--------------------
(2) Other savings deposits......................................... RIAD 43,429 2.a.(1)(b)(2)
4511
--------------------
(3) Time deposits of $100,000 or more.............................. RIAD 61,242 2.a.(1)(b)(3)
A517
--------------------
(4) Time deposits of less than $100,000............................ RIAD 212,039 2.a.(1)(b)(4)
A518
--------------------
(2) Interest on deposits in foreign offices, Edge and Agreement RIAD 0 2.a.(2)
subsidiaries, and IBFs.................................................. 4172
--------------------
b. Expense of federal funds purchased and securities sold under RIAD 107,871 2.b.
agreements to repurchase..................................................... 4180
--------------------
c. Interest on demand notes issued to the U.S. Treasury, trading RIAD 39,158 2.c.
liabilities, and other borrowed money........................................ 4185
--------------------
d. Not applicable
--------------------
e. Interest on subordinated notes and debentures................................. RIAD 11,303 2.e.
4200
--------------------
f. Total interest expense (sum of items 2.a through 2.e)......................... RIAD 624,273 2.f.
4073
---------------------------------------
3. Net interest income (item 1.g minus 2.f).......................................... RIAD 893,893 3.
4074
---------------------------------------
4. Provisions:
---------------------------------------
a. Provision for loan and lease losses........................................... RIAD 49,904 4.a.
4230
---------------------------------------
b. Provision for allocated transfer risk......................................... RIAD 0 4.b.
4243
---------------------------------------
5. Noninterest income:
--------------------
a. Income from fiduciary activities.............................................. RIAD 43,689 5.a.
4070
--------------------
b. Service charges on deposit accounts in domestic offices....................... RIAD 97,340 5.b.
4080
--------------------
c. Trading revenue (must equal Schedule RI, sum of Memorandum items RIAD 405 5.c.
8.a through 8.d)............................................................. A220
--------------------
d.-e. Not applicable
--------------------
f. Other noninterest income:
--------------------
(1) Other fee income......................................................... RIAD 47,072 5.f.(1)
5407
--------------------
(2) All other noninterest income/*/.......................................... RIAD 42,089 5.f.(2)
5408
---------------------------------------
g. Total noninterest income (sum of items 5.a through 5.f)....................... RIAD 230,595 5.g.
4079
---------------------------------------
6. a. Realized gains (losses) on held-to-maturity securities........................ RIAD 5 6.a.
3529
---------------------------------------
b. Realized gains (losses) on available-for-sale securities...................... RIAD 526 6.b.
3196
---------------------------------------
7. Noninterest expense:
--------------------
a. Salaries and employee benefits................................................ RIAD 245,988 7.a.
4135
--------------------
b. Expenses of premises and fixed assets (net of rental income) RIAD 83,724 7.b.
(excluding salaries and employee benefits and mortgage interest).............. 4217
--------------------
c. Other noninterest expense/*/.................................................. RIAD 320,550 7.c.
4092
--------------------
d. Total noninterest expense (sum of items 7.a. through 7.c.).................... RIAD 650,262 7.d.
4093
---------------------
- --------------------
/*/ Describe on Schedule RI-E - Explanations
480
-----------------------
Dollar Amounts in Thousands Bil Mil Thou
- ----------------------------------------------------------------------------------------------------------
-----------------------------------------
8. Income (loss) before income taxes and extraordinary items and other RIAD 424,853 8.
adjustments (item 3 plus or minus items 4.a, 4.b, 5.g, 6.a, 6.b and 7.d).... 4301
-----------------------------------------
9. Applicable income taxes (on item 8)......................................... RIAD 149,030 9.
4302
-----------------------------------------
10. Income (loss) before extraordinary items and other adjustments RIAD 275,823 10.
(item 8 minus 9)........................................................... 4300
-----------------------------------------
11. Extraordinary items and other adjustments, net of income taxes/*/.......... RIAD 0 11.
4320
-----------------------------------------
12. Net income (loss) (sum of items 10 and 11)................................. RIAD 275,823 12.
4340
-----------------------------------------
- --------------------
/*/ Describe on Schedule RI-E - Explanations
Summit Bank NJ
- ----------------------------------------------------------------------
Legal Title of Bank
FDIC Certificate Number 550
---
Schedule RI - Continued
--------------------------------------
481
--------------------------------------
Memoranda Year-to-date
- ---------------------------------------------------------------------------------------------------------------------------
Dollar Amounts in Thousands
- ---------------------------------------------------------------------------------------------------------------------------
1. Interest expense incurred to carry tax-exempt securities, loans, and RIAD 0 M.1.
leases acquired after August 7, 1986, that is not deductible 4513
for federal income tax purposes................................................
-----------------------------------
2. Income from the sale and servicing of mutual funds and annuities in RIAD 28,911 M.2.
domestic offices (included in Schedule RI, item 8)............................. 8431
-----------------------------------
3.-4. Not applicable............................................................... Number
-----------------------------------
5. Number of full-time equivalent employees at end of current period (round RIAD 5238 M.4.
to nearest whole number)....................................................... 4150
-----------------------------------
6. Not applicable
-----------------------------------
7. If the reporting bank has restated its balance sheet as a result of RIAD CC YY MM DD M.7.
applying push down accounting this calendar year, report the date of 9106
the bank's acquisition/1/...................................................... 00000000
-----------------------------------
8. Trading revenue (from cash instruments and off-balance sheet derivative
instruments) (sum of Memorandum items 8.a through 8.d must equal
Schedule RI, item 5.c):
-----------------------------------
a. Interest rate exposures.................................................... RIAD (2,017) M.8.a.
8757
-----------------------------------
b. Foreign exchange exposures.................................................. RIAD 2,422 M.8.b.
8758
-----------------------------------
c. Equity security and index exposures......................................... RIAD 0 M.8.c.
8759
-----------------------------------
d. Commodity and other exposures............................................... RIAD 0 M.8.d.
8760
-----------------------------------
9. Impact on income of off-balance sheet derivatives held for purposes
other than trading:
-----------------------------------
a. Net increase (decrease) to interest income.................................. RIAD (815) M.9.a.
8761
-----------------------------------
b. Net (increase) decrease to interest expense................................. RIAD (947) M.9.b.
8762
-----------------------------------
c. Other (noninterest) allocations............................................. RIAD 0 M.9.c.
8763
-----------------------------------
10. Credit losses on off-balance sheet derivatives (see instructions)............. RIAD 0 M.10.
A251
-----------------------------------
11. Does the reporting bank have a Subchapter Selection in effect for RIAD YES NO M.11.
federal income tax purposes for the current tax year?......................... A530 [ ] [ ]
-----------------------------------
-----------------------------------
Bil Mil Thou
-----------------------------------
12. Deferred portion of total applicable income taxes included in Schedule RIAD 0 M.12.
RI, items 9 and 11 (to be reported with the December Report of Income)........ 4772
-----------------------------------
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/1/ For example, a bank acquired on June 1, 1997, would not report 19970601.