EX-25.1 5 w50334ex25-1.txt FORM T-1 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) [X] ------------------------- SUNTRUST BANK (Exact name of trustee as specified in its charter) 303 PEACHTREE STREET 30TH FLOOR ATLANTA, GEORGIA (Address of principal executive 30308 58-0466330 offices) (Zip Code) (I.R.S. employer identification no.)
------------------------- BARTON A. DONALDSON SUNTRUST BANK 25 PARK PLACE, N.E. 24TH FLOOR ATLANTA, GEORGIA 30303-2900 (404) 588-7266 (Name, address and telephone number of agent for service) ------------------------- THE RYLAND GROUP, INC. MARYLAND (State or other jurisdiction of 52-0849948 incorporation or organization) (IRS employer identification no.) 24025 PARK SORRENTO, SUITE 400 91302 CALABASAS, CALIFORNIA (Zip Code) (Address of principal executive offices) ------------------------- ALL DEBT SECURITIES ISSUED AND SOLD ON A DELAYED BASIS PURSUANT TO REGISTRATION STATEMENT NO. 333-31034 AND REGISTRATION STATEMENT NO. 333-58208 (Title of the indenture securities) ================================================================================ 2 1. General information. Furnish the following information as to the trustee- Name and address of each examining or supervising authority to which it is subject. DEPARTMENT OF BANKING AND FINANCE, STATE OF GEORGIA ATLANTA, GEORGIA FEDERAL RESERVE BANK OF ATLANTA 104 MARIETTA STREET, N.W. ATLANTA, GEORGIA FEDERAL DEPOSIT INSURANCE CORPORATION WASHINGTON, D.C. 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. 3-12 NO RESPONSES ARE INCLUDED FOR ITEMS 3 THROUGH 12. RESPONSES TO THOSE ITEMS ARE NOT REQUIRED BECAUSE, AS PROVIDED IN GENERAL INSTRUCTION B AND AS SET FORTH IN ITEM 13(b), THE OBLIGOR IS NOT IN DEFAULT ON ANY SECURITIES ISSUED UNDER INDENTURES UNDER WHICH SUNTRUST BANK IS A TRUSTEE. 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. THERE IS NOT AND HAS NOT BEEN ANY DEFAULT UNDER THIS INDENTURE. (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. THERE HAS NOT BEEN ANY SUCH DEFAULT. 14-15 NO RESPONSES ARE INCLUDED FOR ITEMS 14 AND 15. RESPONSES TO THOSE ITEMS ARE NOT REQUIRED BECAUSE, AS PROVIDED IN GENERAL INSTRUCTION (b) TO ITEM 13, THE OBLIGOR IS NOT IN DEFAULT IN DEFAULT ON ANY SECURITIES ISSUED UNDER INDENTURES UNDER WHICH SUNTRUST BANK IS A TRUSTEE. 2 3 16. List of Exhibits. List below all exhibits filed as a part of this statement of eligibility; exhibits identified in parentheses are filed with the Commission and are incorporated herein by reference as exhibits hereto pursuant to Rule 7a-29 under the Trust Indenture Act of 1939, as amended, and Rule 24 of the Commission's Rules of Practice. (1) A copy of the Articles of Amendment and Restated Articles of Association of the trustee as now in effect. (Exhibit 1 to Form T-1, Registration No. 333-62338 filed by Rock-Tenn Company) (2) A copy of the certificate of authority of the trustee to commence business. (Included in Exhibit 1) (3) A copy of the authorization of the trustee to exercise corporate trust powers. (Exhibit 3 to Form T-1, Registration No. 333-62338 filed by Rock-Tenn Company) (4) A copy of the existing by-laws of the trustee. (Exhibit 4 to Form T-1, Registration No. 333-62338 filed by Rock-Tenn Company) (5) Not applicable. (6) The consent of the trustee required by Section 321(b) of the Trust Indenture Act of 1939. (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 as of the close of business on March 31, 2001. (8) Not applicable. (9) Not applicable. 3 4 SIGNATURE Pursuant to the requirements of the Trust Indenture Act of 1939 the trustee, SunTrust Bank, a banking corporation organized and existing under the laws of the State of Georgia, 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 Atlanta and the State of Georgia, on the 12th day of June, 2001. SUNTRUST BANK By: /s/ Barton A. Donaldson ------------------------------------- Barton A. Donaldson Vice President 4 5 EXHIBIT 1 TO FORM T-1 ARTICLES OF ASSOCIATION OF SUNTRUST BANK (Incorporated by reference from Exhibit 1 to Form T-1, Registration No. 333-62338 filed by Rock-Tenn Company) 5 6 EXHIBIT 2 TO FORM T-1 CERTIFICATE OF AUTHORITY OF SUNTRUST BANK TO COMMENCE BUSINESS (Included in Exhibit 1) 6 7 EXHIBIT 3 TO FORM T-1 AUTHORIZATION OF SUNTRUST BANK TO EXERCISE CORPORATE TRUST POWERS (Incorporated by reference from Exhibit 3 to Form T-1, Registration No. 333-62338 filed by Rock-Tenn Company) 7 8 EXHIBIT 4 TO FORM T-1 BY-LAWS OF SUNTRUST BANK (Incorporated by reference from Exhibit 4 to Form T-1, Registration No. 333-62338 filed by Rock-Tenn Company) 8 9 EXHIBIT 5 TO FORM T-1 (INTENTIONALLY OMITTED. NOT APPLICABLE.) 9 10 EXHIBIT 6 TO FORM T-1 CONSENT OF TRUSTEE Pursuant to the requirements of Section 321(b) of the Trust Indenture Act of 1939, in connection with the proposed issuance on a delayed basis of up to $250,000,000 of debt securities of The Ryland Group, Inc., SunTrust Bank hereby consents 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. SUNTRUST BANK By: /s/ Barton A. Donaldson ------------------------------------- Barton A. Donaldson Vice President 10 11 EXHIBIT 7 TO FORM T-1 REPORT OF CONDITION (ATTACHED) 12 SUNTRUST BANK Call Date: 03/31/2001 P.O. BOX 4418 CENTER 832 Vendor ID: D State #: 130330 FFIEC 031 ATLANTA, GA 30302 Transit #: 61000104 Cert #: 00867 RC-1 ---------------------- 11 ----------------------
CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL AND STATE-CHARTERED SAVINGS BANKS FOR MARCH 31, 2001 All schedules are to be reported in thousands of dollars. Unless otherwise indicated, report the amount outstanding as of the last business day of the quarter. SCHEDULE RC - BALANCE SHEET C400 Dollar Amounts in Thousands -----------------------------------------------------------------
ASSETS 1. Cash and balances due from depository institutions (from Schedule RC-A): RCFC ---- ------------- a. Noninterest bearing balances and currency and coin (1)................................... 0081 3,752,683 1.a ------------- b. Interest-bearing balances (2)............................................................ 0071 253,289 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 17,660,633 2.b ------------- 3. Federal funds sold and securities purchased under agreements to resell 1350 2,339,417 3 ------------- 4. Loans and lease financing receivables: RCFD ---- ----------- a. Loans and leases, net of unearned income (from Schedule RC-C)........ 2122 70,147,551 4.a ----------- b. LESS: Allowance for loan and lease losses............................ 3123 854,744 4.b ----------- c. LESS: Allocated transfer risk reserve............................... 3128 0 4.c ----------- d. Loans and leases, net of unearned income, allowance, and reserve RCFD ---- ------------- (item 4.a minus 4.b and 4.c).............................................................. 2125 69,292,807 4.d ------------- 5. Tracing assets (from Schedule RC-D)....................................................... 3545 586,751 5. ------------- 6. Premises and fixed assets (including capitalized leases).................................. 2145 1,297,516 6. ------------- 7. Other real estate owned f(from Schedule RC-V)............................................. 2150 34,863 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 103,607 9. ------------- 10. Intangible assets......................................................................... 2143 10. ------------- a. Goodwill.............................................................................. 3163 257,967 10.a ------------- b. Other intangible assets from Schedule RC-M............................................ 0428 377,437 10.b ------------- 11. Other assets (from Schedule RC-F)......................................................... 2160 2,134,204 11. ------------- 12. Total assets (sum of items 1 through 11).................................................. 2170 100,442,885 12. -------------
-------- (1) Includes cash items in process of collection and unposted debits. (2) Includes time certificates of deposit not held for trading. - 12 - 13 SUNTRUST BANK Call Date: 03/31/2001 P.O. BOX 4418 CENTER 832 Vendor ID: D State #: 130330 FFIEC 031 ATLANTA, GA 30302 Transit #: 61000104 Cert #: 00867 RC-1 ---------------------- 12 ----------------------
SCHEDULE RC - CONTINUED Dollar Amounts in Thousands -----------------------------------------------------------------------
LIABILITIES 13. Deposits: RCON ---- ------------ a. In domestic offices (sum of totals of columns A and C from Schedule RC-E, part 1): RCON 2200 58,032,413 13.a ---- ----------- ------------ (1)Noninterest-bearing (1)...................................... 6831 9,032,006 13.a.1 ----------- (2)Interest-bearing............................................. 6636 49,000,407 13.a.2 ----------- b. In foreign offices, Edge and Agreement subsidiaries, and IBFs RCFN 13.b ---- ------------ (from Schedule RC-E, part II)................................... RCFN 2200 4,984,307 ---- ------------ ----------- (1)Noninterest-bearing.......................................... 6631 0 13.b.1 ----------- (2)Interest-bearing............................................. 6636 4,984,307 RCFD 13.b.2 ----------- ---- ------------ 14. Federal funds purchased and securities sold under agreements to repurchase............... 2800 14,214,221 14 ------------ RCFD ---- ------------ 15. Trading liabilities (from Schedule RC-D)................................................. 3548 0 15.a ------------ 16. Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) (from Schedule RC-M): ------------ a. With a remaining maturity of one year or less......................................... 3190 9,862,320 16.a ------------ 17. Not applicable........................................................................... ------------ 18. Bank's liability on acceptances executed and outstanding................................. 2920 103,607 18 ------------ 19. Subordinated notes and debentures(2)..................................................... 3200 1,493,549 19 ------------ 20. Other liabilities (from Schedule RC-G)................................................... 2930 2,712,568 20 ------------ 21. Total liabilities (sum of items 13 through 20)........................................... 2943 91,513,985 21 ------------ 22. Minority interest in consolidated subsidiaries........................................... EQUITY CAPITAL 3000 166,493 22 ------------ ------------ 23. Perpetual preferred stock and related surplus............................................ 3838 0 23 ------------ 24. Common stock............................................................................. 3230 21,600 24 ------------ 25. Surplus (exclude all surplus related to preferred stock)................................. 3839 2,516,538 25 ------------ 26. a. Retained earnings..................................................................... 3632 5,262,819 26.a ------------ b. Accumulated other comprehensive income (3)............................................ B530 961,450 26.b ------------ 27. Other equity capital components (4)...................................................... A130 0 27 ------------ 28. Total equity capital (sum of items 23 through 27)........................................ 3210 8,762,407 28 ------------ 29. Total liabilities and equity capital (sum of items 21 and 28)............................ 3300 100,442,885 29 ------------
- 13 - 14 MEMORANDUM TO BE REPORTED ONLY WITH THE MARCH REPORT OF CONDITION. 1. Indicated in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of RCFD Number ---------- any date during 2000............................................................................ 6724 2 M.1 ---------- 1= Independent audit of the bank conducted in accordance 5.= Directors' examination of the bank performed by other with generally accepted auditing standards by a external auditors (may be required by state chartering certified public accounting firm which submits a authority) report on the bank 2= Independent audit of the bank's parent holding company 6= Review of the bank's financial statements by external conducted in accordance with generally accepted auditing auditors standards by a certified public accounting firm which submits a report on the consolidated holding company 7= Compilation of the bank's financial statements by (but not on the bank separately) external auditors 3= Director's examination of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm (may be required 8= Other audit procedures (excluding tax preparation work) by state chartering authority) 4= Directors' examination of the bank conducted in accordance with generally accepted auditing standards 9= No external audit work by a certified public accounting firm (may be required by state chartering authority)
--------------- (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, cumulative foreign currency translation adjustments, and minimum pension liability adjustments. (4) Includes treasury stock and unearned Employee Stock Ownership Plan Shares. - 14 - 15 EXHIBIT 8 TO FORM T-1 (INTENTIONALLY OMITTED. NOT APPLICABLE.) - 15 - 16 EXHIBIT 9 TO FORM T-1 (INTENTIONALLY OMITTED. NOT APPLICABLE.) - 16 -