Form T-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)

George J. Rayzis

U.S. Bank National Association

50 S. 16th St., Suite 2000

Philadelphia, PA 19102

(215) 761-9317

(Name, address and telephone number of agent for service)

 

 

Radian Group Inc.

(Issuer with respect to the Securities)

 

 

 

Delaware   23-2691170

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

 

1601 Market Street,

Philadelphia, PA

   19103
(Address of Principal Executive Offices)   (Zip Code)

 

 

Senior Debt Securities

(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 September 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 Philadelphia, State of Pennsylvania on the 9th of November, 2010.

 

By:      

/s/ George J. Rayzis

  George J. Rayzis
  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: November 9, 2010

 

By:      

/s/ George J. Rayzis

  George J. Rayzis
  Vice President

 

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Exhibit 7

U.S. Bank National Association

Statement of Financial Condition

Exhibit 7

As of 9/30/2010

 

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 September 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         4,000,424         1.a   
  b. Interest-bearing balances (2)           0071         468,431         l.b   
  2.   Securities:                 
  a. Held-to-maturity securities (from Schedule RC-B, column A)           1754         556,937         2.a   
  b. Available-for-sale securities (from Schedule RC-B, column D)           1773         46,791,187         2.b   
  3.   Federal funds sold and securities purchased under agreements to resell:           RCON               
  a. Federal funds sold in domestic offices           B987         4,391,378         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         8,437,998         4.a   
  b. Loans and leases, net of unearned income     B528         185,672,738              4.b   
  c, LESS: Allowance for loan and lease losses     3123         5,084,088                  4.c   
  d. Loans and leases, net of unearned income and allowance (item 4.b minus 4.c)           B529         180 ,588,650         4.d   
  5.   Trading assets (from Schedule RC-D)           3545         1,644,586         5   
  6.   Premises and fixed assets (including capitalized leases)           2145         2,278,588         6   
  7.   Other real estate owned (from Schedule RC-M)           2150         1,752,045         7   
  8.   Investments in unconsolidated subsidiaries and associated companies           2130         59,089         8   
  9.   Direct and indirect investments in real estate ventures           3656         0         9   
10.   Intangible assets;                 
  a. Goodwill           3163         9,011,961         10.a   
  b. Other Intangible assets (from Schedule RC-M)           0426         3,780,076         10.b   
11.   Other assets (from Schedule RC- F )           2160         22,001,025         11   
12.   Total assets (sum of items 1 through 11)           2170         285,762,375         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.

 

1

 

  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        172,872,525        13.a   
     (1) Noninterest-bearing (1)         6631         41,182,470               13.a.l   
     (2) Interest-bearing         6636         131,690,055                  
  b.    In foreign offices, Edge and Agreement subsidiaries, and IBFs               RCFN                13.a.2   
     (from Schedule RC-E, part II)               2200        23,501,699        13.b   
     (1) Noninterest-bearing         6631         0               13.b.1   
     (2) Interest-bearing         6636         23,501,699                     13.b.2   
14.   Federal funds purchased and securities sold under agreements to repurchase:         RCON             
  a.    Federal funds purchased in domestic offices (2)            B993        2,066,407        14.a   
             RCFD         
  b.    Securities sold under agreements to repurchase (3)           B995        8,640, 655        14.b   
15.   Trading liabilities (from Schedule RC-D)               3548        476, 735        15   
16.   Other borrowed money (includes mortgage indebtedness and                   
  obligations under capitalized leases) (from Schedule RC-M)               3190        33,801,510        16   
17.  

and 18. Not applicable

  

             
19.  

Subordinated notes and debentures (4)

  

            3200        7,760,721        19   
20.   Other liabilities (from Schedule RC-G)               2930        7,649,489        20   
21.   Total liabilities (sum of items 13 through 20)               2948        256,769,741        21   
22.  

Not applicable

  

               

EQUITY CAPITAL

                  
  Bank Equity Capital                  
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        15,331,282        26.a   
  b. Accumulated other comprehensive income (5)              B530        (719,106 )      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        27,267,248        27.a   
  b. Noncontrolling (minority) interests in consolidated subsidiaries               3000        1,725,386        27.b   
28.   Total equity capital (sum of items 27.a and 27. b)               G105        28,992,634        28   
29.   Total liabilities and equity capital (sum of items 21 and 28)               3300        285,762,375        29   

 

Memoranda

To be reported with the March Report of Condition.

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    RCFD   Number   
      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 flow 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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