EX-25.1 8 k49669exv25w1.htm EX-25.1 exv25w1
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)
 
U.S. BANK NATIONAL ASSOCIATION
(Exact name of Trustee as specified in its charter)
31-0841368
I.R.S. Employer Identification No.
     
800 Nicollet Mall
   
Minneapolis, Minnesota   55402
     
(Address of principal executive offices)   (Zip Code)
Ann M. Forey
U.S. Bank National Association
10 West Market Street
Suite 1150
Indianapolis, IN 46204
(317) 264-2500
(Name, address and telephone number of agent for service)
Titan International, Inc.
(Issuer with respect to the Securities)
     
Illinois   36-3228472
     
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
     
2701 Spruce Street    
Quincy, IL   62301
     
(Address of Principal Executive Offices)   (Zip Code)
7.875% Senior Secured Notes due 2017
(Title of the Indenture Securities)

 


 

FORM T-1
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.
Comptroller of the Currency
Washington, D.C.
  b)   Whether it is authorized to exercise corporate trust powers.
Yes
Item 2.   AFFILIATIONS WITH OBLIGOR. If the obligor is an affiliate of the Trustee, describe each such affiliation.
None
Items 3-15   Items 3-15 are not applicable because to the best of the Trustee’s knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.
Item 16.   LIST OF EXHIBITS: List below all exhibits filed as a part of this statement of eligibility and qualification.
  1.   A copy of the Articles of Association of the Trustee.*
 
  2.   A copy of the certificate of authority of the Trustee to commence business.**
 
  3.   A copy of the certificate of authority of the Trustee to exercise corporate trust powers.**
 
  4.   A copy of the existing bylaws of the Trustee.**
 
  5.   A copy of each Indenture referred to in Item 4. Not applicable.
 
  6.   The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6.
 
  7.   Report of Condition of the Trustee as of June 30, 2010 published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7.
 
*   Incorporated by reference to Exhibit 25.1 to Amendment No. 2 to registration statement on S-4, Registration Number 333-128217 filed on November 15, 2005.
 
**   Incorporated by reference to Exhibit 25.1 to registration statement on S-4, Registration Number 333-166527 filed on May 5, 2010.

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SIGNATURE
     Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, 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 Indianapolis, State of Indiana on the 29th of October, 2010.
         
     
  By:   /s/ Ann M. Forey    
    Ann M. Forey   
    Vice President   

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Exhibit 6
CONSENT
     In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.
Dated: October 29, 2010
         
     
  By:   /s/ Ann M. Forey    
    Ann M. Forey   
    Vice President   
 

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Exhibit 7
U.S. Bank National Association
Statement of Financial Condition
Exhibit 7
As of 6/30/2010
         
U.S. Bank National Association       FFIEC 031
Legal Title of Bank       Page RC-1
Cincinnati       14
City        
OH   45202    
State   Zip Code    
FDIC Certificate Number: 06548        
Consolidated Report of Condition for Insured Commercial and State-Chartered Savings Banks for June 30, 2010
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
                                  
    Dollar Amounts in Thousands   RCFD   Tril | Bil | Mil | Thou    
ASSETS
                               
1. Cash and balances due from depository institutions (from Schedule RC-A):
                               
a. Noninterest-bearing balances and currency and coin (1)
                0081       4,543,989     1.a
b. Interest-bearing balances (2)
                0071       477,520     1.b
2. Securities:
                               
a. Held-to-maturity securities (from Schedule RC-B, column A)
                1754       590,001     2.a
b. Available-for-sale securities (from Schedule RC-B, column D)
                1773       46,161,441     2.b
3. Federal funds sold and securities purchased under agreements to resell:
              RCON              
a. Federal Funds sold in domestic offices
                B987       4,344,927     3.a
 
              RCFD              
b. Securities purchased under agreements to resell (3)
                B989       0     3.b
4. Loans and lease financing receivables (from Schedule RC-C):
                               
a. Loans and leases held for sale
                5369       4,912,045     4.a
b. Loans and leases, net of unearned income
    B528   182,407,235                     4.b
c. LESS: Allowance for loan and lease losses
    3123   5,082,118                     4.c
d. Loans and leases, net of unearned income and allowance (item 4.b minus 4.c)
                B529       177,325,117     4.d
5. Trading assets (from Schedule RC-D)
                3545       1,415,269    
6. Premises and fixed assets (including capitalized leases)
                2145       2,231,636    
7. Other real estate owned (from Schedule RC-M)
                2150       1,729,810    
8. Investments in unconsolidated subsidiaries and associated companies
                2130       63,797    
9. Direct and indirect investments in real estate ventures
                3656       0    
10. Intangible assets:
                               
a. Goodwill
                3163       8,990,069     10.a
b. Other intangible assets (from Schedule RC-M)
                0426       4,016,244     10.b
11. Other assets (from Schedule RC-F)
                2160       21,662,778     11 
 
                               
12. Total assets (sum of items 1 through 11)
                2170       278,464,643     12 
 
                               
 
(1)   Includes cash items in process of collection and unposted debits.
 
(2)   Includes time certificates of deposit not held for trading.
 
(3)   Includes all securities resale agreements in domestic and foreign offices, regardless of maturity.

 


 

     
U.S. Bank National Association   FFIEC 031
Legal Title of Bank   Page RC-2
FDIC Certificate Number: 06548   15
Schedule RC—Continued
                                   
      Dollar Amounts in Thousands             Tril | Bil | Mil | Thou    
LIABILITIES
                               
13. Deposits:
              RCON              
a. In domestic offices (sum of totals of columns A and C from Schedule RC-E, part I)
                2200       169,153,019     13.a
(1) Noninterest-bearing (1)
    6631   42,160,505                     13.a.1
(2) Interest-bearing
    6636   126,992,514                     13.a.2
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs
              RCFN              
(from Schedule RC-F, part II)
                2200       21,880,326     13.b
(1) Noninterest-bearing
    6631   0                     13.b.1
(2) Interest-bearing
    6636   21,880,326                     13.b.2
14. Federal funds purchased and securities sold under agreements to repurchase:
              RCON              
a. Federal funds purchased in domestic offices (2)
                B993       2,399,708     14.a
 
              RCFD              
b. Securities sold under agreements to repurchase (3)
                B995       8,679,973     14.b
15. Trading liabilities (from Schedule RC-D)
                3548       437,280     15 
16. Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) (from Schedule RC-M)
                3190       32,340,366     16 
17. and 18. Not applicable
                               
19. Subordinated notes and debentures (4)
                3200       8,129,967     19 
20. Other liabilities (from Schedule RC-G)
                2930       7,450,842     20 
 
                               
21. Total liabilities (sum of items 13 through 20)
                2948       250,471,481     21 
 
                               
22. Not applicable
                               
EQUITY CAPITAL
                               
Bank Equity Captal
                               
23. Perpetual preferred stock and related surplus
                3838       0     23 
24. Common stock
                3230       18,200     24 
25. Surplus (excludes all surplus related to preferred stock)
                3839       12,636,872     25 
26. a. Retained earnings
                3632       14,476,070     26.a
b. Accumulated other comprehensive income (5)
                B530       (842,534 )   26.b
c. Other equity capital components (6)
                A130       0     26.c
 
                               
27. a. Total bank equity capital (sum of items 23 through 26.c)
                3210       26,288,608     27.a
 
                               
b. Noncontrolling (minority) interests in consolidated subsidiaries
                3000       1,704,554     27.b
28. Total equity capital (sum of items 27.a and 27.b)
                G105       27,993,162     28 
 
                               
29. Total liabilities and equity capital (sum of items 21 and 28)
                3300       278,464,643     29 
 
                               
 
Memoranda
 
To be reported with the March Report of Condition.
                                   
              RCFD       Number      
1. Indicate 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 any date during 2009
          6724       N/A     M.1
1 = Independent audit of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the bank
 
2 = Independent audit of the bank’s parent holding company conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the consolidated holding company (but not on the bank separately)
 
3 = Attestation on bank management’s assertion on the effectiveness of the bank’s internal control over financial reporting by a certified public accounting firm.
 
4 = Directors’ examination of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm (may be required by state chartering authority)
 
5 = Directors’ examination of the bank performed by other external auditors (may be required by state chartering authority)
 
6 = Review of the bank’s financial statements by external auditors
 
7 = Compilation of the bank’s financial statements by external auditors
 
8 = Other audit procedures (excluding tax preparation work)
 
9 = No external audit work
To be reported with the March Report of Condition.
                                   
                RCON   MM / DD    
2. Bank’s fiscal year-end date
                8678       N/A     M.2
 
(1)   Includes total demand deposits and noninterest-bearing time and savings deposits.
 
(2)   Report overnight Federal Home Loan Bank advances In Schedule RC, item 16, “Other borrowed money.”
 
(3)   Includes all securities repurchase agreements in domestic and foreign offices, regardless of maturity.
 
(4)   Includes limited-life preferred stock and related surplus.
 
(5)   Includes net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash how hedges, cumulative foreign currency translation adjustments, and minimum pension liability adjustments.
 
(6)   Includes treasury stock and unearned Employee Stock Ownership Plan shares.

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