EX-25.1 10 a2081408zex-25_1.txt EXHIBIT 25.1 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)___ WACHOVIA BANK, NATIONAL ASSOCIATION (FORMERLY FIRST UNION NATIONAL BANK) (Name of Trustee) 22-1147033 (Jurisdiction of Incorporation or (I.R.S. Employer Organization if not a U.S. National Bank) Identification No.) 301 SOUTH COLLEGE STREET, CHARLOTTE, NORTH CAROLINA 28288-0630 (Address of Principal Executive Offices) (Zip Code) K. HOVNANIAN ENTERPRISES, INC. (Name of Obligor) NEW JERSEY 22-2423583 (State of Incorporation) (I.R.S. Employer Identification No.) 10 HIGHWAY 35, PO BOX 500 REDBANK, NJ 07701 (Address of Principal Executive Offices) (Zip Code) DEBT SECURITIES (Title of Indenture Securities) GENERAL ITEM 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: Comptroller of the Currency, Washington, D.C. Board of Governors of the Federal Reserve System, New York, N.Y. Federal Deposit Insurance Corporation, 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 OBLIGOR. IF THE OBLIGOR IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH AFFILIATION. None. ITEM 3. VOTING SECURITIES OF THE TRUSTEE. FURNISH THE FOLLOWING INFORMATION AS TO EACH CLASS OF VOTING SECURITIES OF THE TRUSTEE:
COL. A COL. B ------ ------ TITLE OF CLASS AMOUNT OUTSTANDING
Not applicable ITEM 4. TRUSTEESHIP 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: (a) TITLE OF THE SECURITIES OUTSTANDING UNDER EACH SUCH OTHER INDENTURE. Not Applicable (b) A BRIEF STATEMENT OF THE FACTS RELIED UPON AS A BASIS FOR THE CLAIM THAT NO CONFLICTING INTEREST WITHIN THE MEANING OF SECTION 310(B)(1) OF THE ACT ARISES AS A RESULT OF THE TRUSTEESHIP UNDER ANY SUCH OTHER INDENTURE, INCLUDING A STATEMENT AS TO HOW THE INDENTURE SECURITIES WILL RANK AS COMPARED WITH THE SECURITIES ISSUED UNDER SUCH OTHER INDENTURE. Not Applicable. ITEM 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 ITEM 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.
COL. A COL. B COL. C COL. D. ------ ------ ------ ------- Percentage of Voting Amount owned securities represented Name of Owner Title of Class beneficially by amount given in Col. C
Not Applicable ITEM 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.
------------------------------------------------------------------------------------------------------------- COL. A COL. B COL. C COL. D. ------ ------ ------ ------- Percentage of Voting Amount owned securities represented Name of Owner Title of Class beneficially by amount given in Col. C
Not Applicable ITEM 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 THE OBLIGATIONS IN DEFAULT BY THE TRUSTEE.
------------------------------------------------------------------------------------------------------------- COL. A COL. B COL. C COL. D. ------ ------ ------ ------- Whether the Amount owned beneficially Percent of class securities are or held as collateral represented by voting or non voting obligations in default by amt given in Col C Not Applicable Trustee
ITEM 9. SECURITIES OF THE UNDERWRITERS OWNED OR HELD BY THE TRUSTEE. IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS AS COLLATERAL SECURITY FOR OBLIGATIONS IN DEFAULT ANY SECURITIES OF AN UNDERWRITER FOR THE OBLIGOR, FURNISH THE FOLLOWING INFORMATION AS TO EACH CLASS OF SECURITIES OF SUCH UNDERWRITER ANY OF WHICH ARE SO OWNED OR HELD BY THE TRUSTEE.
COL. A. COL. B. COL. C. COL. D. -------------------------------------------------------------------------------------------------------------- AMOUNT OWNED BENEFICIALLY PERCENT OF CLASS NAME OF OR HELD AS COLLATERAL REPRESENTED BY ISSUER AND AMOUNT SECURITY FOR OBLIGATIONS AMOUNT GIVEN IN TITLE OF CLASS OUTSTANDING IN DEFAULT BY TRUSTEE COL. C. Not applicable
ITEM 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 OBLIGATIONS IN DEFAULT VOTING SECURITIES OF A PERSON WHO, TO THE KNOWLEDGE OF THE TRUSTEE (1) OWNS 10 PERCENT OR MORE OF THE VOTING SECURITIES 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.
COL. A. COL. B. COL. C. COL. D. -------------------------------------------------------------------------------------------------------------- AMOUNT OWNED BENEFICIALLY PERCENT OF VOTING NAME OF OR HELD AS COLLATERAL SECURITIES ISSUER AND AMOUNT SECURITY FOR OBLIGATIONS REPRESENTED BY AMOUNT TITLE OF CLASS OUTSTANDING IN DEFAULT BY TRUSTEE GIVEN IN COL. C. -------------------------------------------------------------------------------------------------------------- Not Applicable
ITEM 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 SO OWNED OR HELD BY THE TRUSTEE.
COL. A. COL. B. COL. C. COL. D. -------------------------------------------------------------------------------------------------------------- AMOUNT OWNED BENEFICIALLY PERCENT OF VOTING NAME OF OR HELD AS COLLATERAL SECURITIES ISSUER AND AMOUNT SECURITY FOR OBLIGATIONS REPRESENTED BY AMOUNT TITLE OF CLASS OUTSTANDING IN DEFAULT BY TRUSTEE GIVEN IN COL. C. -------------------------------------------------------------------------------------------------------------- Not Applicable
ITEM 12. INDEBTEDNESS OF THE OBLIGOR TO THE TRUSTEE. EXCEPT AS NOTED IN THE INSTRUCTIONS, IF THE OBLIGOR IS INDEBTED TO THE TRUSTEE, FURNISH THE FOLLOWING INFORMATION:
COL. A. COL. B. COL. C. COL. D. -------------------------------------------------------------------------------------------------------------- NATURE OF INDEBTEDNESS AMOUNT OUTSTANDING DATE DUE --------------------------------------------------------------------------------------------------------------
Not Applicable ITEM 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 DEFAULT UNDER ANY SUCH INDENTURE OR SERIES, IDENTIFY THE INDENTURE OR SERIES AFFECTED, AND EXPLAIN THE NATURE OF ANY SUCH DEFAULT. None ITEM 14. AFFILIATIONS WITH THE UNDERWRITERS. IF ANY UNDERWRITER IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH AFFILIATION. Not Applicable ITEM 15. FOREIGN TRUSTEE. IDENTIFY THE ORDER OR RULE PURSUANT TO WHICH THE FOREIGN TRUSTEE IS AUTHORIZED TO ACT AS SOLE TRUSTEE UNDER INDENTURES QUALIFIED OR TO BE QUALIFIED UNDER THE ACT. Not Applicable ITEM 16. LISTS OF EXHIBITS. 1* -COPY OF ARTICLES OF ASSOCIATION OF THE TRUSTEE AS NOW IN EFFECT. 2 -NO CERTIFICATE OF AUTHORITY OF THE TRUSTEE TO COMMENCE BUSINESS IS FURNISHED SINCE THIS AUTHORITY IS CONTAINED IN THE ARTICLES OF ASSOCIATION OF THE TRUSTEE. 3* -COPY OF THE AUTHORIZATION OF THE TRUSTEE TO EXERCISE CORPORATE TRUST POWERS. 4* -COPY OF THE EXISTING BY-LAWS OF THE TRUSTEE, AS NOW IN EFFECT. 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 THE LAW OR THE REQUIREMENTS OF ITS SUPERVISING OR EXAMINING AUTHORITY. 8 -NOT APPLICABLE 9 -NOT APPLICABLE
*EXHIBIT THUS DESIGNATED HAS HERETOFORE BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, HAVE NOT BEEN AMENDED SINCE FILING AND ARE INCORPORATED HEREIN BY REFERENCE (SEE EXHIBIT T-1 REGISTRATION NUMBER 333-86372). ** AS OF 3/31/02, THE TRUSTEE WAS TWO SEPARATE NATIONAL BANKING ASSOCIATIONS HENCE THERE ARE TWO SEPARATE REPORTS ATTACHED IN ANSWERING ANY ITEM IN THIS STATEMENT OF ELIGIBILITY AND QUALIFICATION WHICH RELATES TO MATTERS PECULIARLY WITHIN THE KNOWLEDGE OF THE OBLIGOR OR OF ITS DIRECTORS OR OFFICERS, OR AN UNDERWRITER FOR THE OBLIGOR, THE UNDERSIGNED, WACHOVIA BANK, NATIONAL ASSOCIATION (FORMERLY FIRST UNION NATIONAL BANK), HAS RELIED UPON INFORMATION FURNISHED TO IT BY THE OBLIGOR OR SUCH UNDERWRITER. SIGNATURE PURSUANT TO THE REQUIREMENTS OF THE TRUST INDENTURE ACT OF 1939 THE TRUSTEE, WACHOVIA BANK, NATIONAL ASSOCIATION (FORMERLY FIRST UNION NATIONAL BANK), A NATIONAL BANKING ASSOCIATION ORGANIZED AND EXISTING UNDER THE LAWS OF THE UNITED STATES, HAS DULY CAUSED THIS STATEMENT OF ELIGIBILITY TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED, ALL IN THE TOWN OF MORRISTOWN, AND STATE OF NEW JERSEY, ON THE 22 DAY OF MAY, 2002 WACHOVIA BANK, NATIONAL ASSOCIATION (FORMERLY FIRST UNION NATIONAL BANK) (TRUSTEE) (CORPORATE SEAL) BY: /S/ STEPHANIE ROCHE ------------------------- VICE PRESIDENT CONSENT OF TRUSTEE PURSUANT TO THE REQUIREMENTS OF SECTION 321 (b) OF THE TRUST INDENTURE ACT OF 1939, AND IN CONNECTION WITH THE PROPOSED ISSUE OF K. HOVNANIAN ENTERPRISES, INC. WE HEREBY CONSENT THAT REPORTS OF EXAMINATIONS BY FEDERAL, STATE, TERRITORIAL OR DISTRICT AUTHORITIES MAY BE FURNISHED BY SUCH AUTHORITIES TO THE SECURITIES AND EXCHANGE COMMISSION UPON REQUEST THEREFOR. WACHOVIA BANK, NATIONAL ASSOCATION (FORMERLY FIRST UNION NATIONAL BANK) BY: /S/ STEPHANIE ROCHE ----------------------- VICE PRESIDENT MORRISTOWN, NJ MAY 22, 2002 EXHIBIT T-7 REPORT OF CONDITION Consolidating domestic and foreign subsidiaries of the Wachovia Bank, National Association, at the close of business on March 31, 2002, published in response to call made by Comptroller of the Currency, under title 12, United States Code, Section 161. Charter Number 1559 Comptroller of the Currency. STATEMENT OF RESOURCES AND LIABILITIES
ASSETS THOUSAND OF DOLLARS ------------------- Cash and balance due from depository institutions: Noninterest-bearing balances and currency and coin......... 2,471,466 Interest-bearing balances.................................. 298,663 Securities................................................... ///////// Hold-to-maturity securities................................ 8,824 Available-for-sale securities.............................. 6,320,594 Federal funds sold and securities purchased under agreements ////////// to resell 1,066,041 Loans and lease financing receivables: Loan and leases held for sale 369,481 Loan and leases, net of unearned income......48,708,954 LESS: Allowance for loan and lease losses.......718,907 LESS: Allocated transfer risk reserve.................0 Loans and leases, net of unearned income, allowance, and reserve................................................. 47,990,047 Trading Assets .............................. 586,517 Premises and fixed assets (including capitalized leases)...... 835,290 Other real estate owned....................................... 19,794 Investment in unconsolidated subsidiaries and associated ////////// companies..................................................... 0 Customer's liability to this bank on acceptances outstanding... 14,270 Intangible assets............................................. Goodwill.................................................. 7,076,522 Other intangible Assets.................................... 1,865,824 Other assets.................................................. 3,194,125 TOTAL ASSETS............................................... 72,117,458 LIABILITIES Deposits: In domestic offices..................................... 42,721,166 Noninterest-bearing........................ 7,505,623 Interest-bearing......................... 35,215,543 In foreign offices, Edge and Agreement subsidiaries, and IBFs................................................ 4,232,893 Noninterest-bearing............................. 0 Interest-bearing.............................4,232,893 Federal funds purchased and securities sold under agreements to repurchase 3,191,918 Trading liabilities........................................... 519,957 Other borrowed money:......................................... 3,772,435 Bank's liability on acceptances executed and outstanding..... 14,270 Subordinated notes and debentures............................ 2,325,300 Other liabilities............................................ 1,528,389 TOTAL LIABILITIES............................................ 58,306,328 Minority Interest in consolidated subsidiaries............... 0 EQUITY CAPITAL Perpetual preferred stock and related surplus................. 0 Common Stock.................................................. 53,182 Surplus....................................................... 13,390,540 Retained Earnings........................ 338,026 Accumulated other comprehensive income........................ 29,382 Other Equity Capital components........... 0 Total equity capital.......................................... 13,811,130 Total liabilities and equity capital.... 72,117,458
EXHIBIT T-7 REPORT OF CONDITION Consolidating domestic and foreign subsidiaries of the First Union National Bank, at the close of business on March 31, 2002, published in response to call made by Comptroller of the Currency, under title 12, United States Code, Section 161. Charter Number 1 Comptroller of the Currency. STATEMENT OF RESOURCES AND LIABILITIES
ASSETS THOUSAND OF DOLLARS ------------------- Cash and balance due from depository institutions: Noninterest-bearing balances and currency and coin......... 8,227,000 Interest-bearing balances.................................. 4,256,000 Securities................................................... ///////// Hold-to-maturity securities................................ 0 Available-for-sale securities.............................. 47,671,000 Federal funds sold and securities purchased under agreements ////////// to resell 7,350,000 Loans and lease financing receivables: Loan and leases held for sale 7,102,000 Loan and leases, net of unearned income......115,198,000 LESS: Allowance for loan and lease losses......2,247,000 LESS: Allocated transfer risk reserve.................0 Loans and leases, net of unearned income, allowance, and reserve................................................. 112,951,000 Trading Assets .............................. 18,180,000 Premises and fixed assets (including capitalized leases)...... 2,566,000 Other real estate owned....................................... 87,000 Investment in unconsolidated subsidiaries and associated ////////// companies..................................................... 492,000 Customer's liability to this bank on acceptances outstanding... 874,000 Intangible assets............................................. Goodwill................................................. 2,253,000 Other intangible Assets...................... 325,000 Other assets.................................................. 14,563,000 TOTAL ASSETS............................................... 226,897,000 LIABILITIES Deposits: In domestic offices..................................... 130,068,000 Noninterest-bearing..................... .. 20,202,000 Interest-bearing.........................109,866,000 In foreign offices, Edge and Agreement subsidiaries, and IBFs................................................ 10,718,000 Noninterest-bearing............................. 28,000 Interest-bearing.............................10,690,000 Federal funds purchased and securities sold under agreements to repurchase 21,543,000 Trading liabilities........................................ 13,593,000 Other borrowed money:......................................... 18,549,000 Bank's liability on acceptances executed and outstanding..... 877,000 Subordinated notes and debentures............................ 5,993,000 Other liabilities............................................ 8,516,000 TOTAL LIABILITIES............................................ 209,857,000 Minority Interest in consolidated subsidiaries............... 977,000 EQUITY CAPITAL Perpetual preferred stock and related surplus................. 0 Common Stock.................................................. 455,000 Surplus....................................................... 13,462,000 Retained Earnings........................ 2,052,000 Accumulated other comprehensive income........................ 94,000 Other Equity Capital components........... 0 Total equity capital.......................................... 16,063,000 TOTAL LIABILITIES AND EQUITY CAPITAL.... 226,897,000