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Registration No. 33-98620
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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AMENDMENT NO. 1
TO
FORM T-1
STATEMENT OF ELIGIBILITY AND QUALIFICATION
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
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LASALLE NATIONAL BANK
(Exact name of trustee as specified in its charter)
36-1521370
(I.R.S. Employer Identification No.)
135 South LaSalle Street, Suite 1740 Chicago,
Illinois 60674 (Address, including zip code, of
principal executive offices)
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Mr. Robert K. Quinn
Senior Vice President and General Counsel
Telephone: (312) 443-2010
135 South LaSalle Street
Chicago, Illinois 60603
(Name, address and telephone number of agent for service)
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AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1996-C
(Exact name of obligor as specified in its charter)
DELAWARE NOT APPLICABLE
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
C/O Bankers Trust, Delaware
1001 Jefferson Street, Suite 550
Wilmington, Delaware 19801
(Address, including zip code, of registrant's Principal Executive Offices)
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CLASS A-1 5.574% MONEY MARKET ASSET BACKED NOTES
CLASS A-2 FLOATING RATE ASSET BACKED NOTED
CLASS A-3 6.40% ASSET BACKED NOTES
(Title of the indenture securities)
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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.
1. Comptroller of the Currency, Washington D.C.
2. Federal Deposit Insurance Corporation, Washington, D.C.
3. The Board of Governors of the Federal Reserve Systems,
Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
ITEM 2. AFFILIATIONS WITH OBLIGOR AND UNDERWRITERS.
If the obligor or any underwriter for the obligor is an
affiliate of the trustee, describe each such affiliation.
Neither the obligor nor any underwriter for the obligor is an affiliate
of the trustee.
ITEM 3. VOTING SECURITIES OF THE TRUSTEE.
Furnish the following information as to each class of voting securities
of the trustee:
Not applicable
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ITEM 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:
(a) Title of the securities outstanding under each other
indenture.
Americredit Receivables Finance Corp. 8.19% Automobile
Receivables Backed Notes Series 1994-A
Americredit Receivables Finance Corp. 6.55% Automobile
Receivables Backed Notes Series 1995-A
(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 such other indenture, including a statement
as to how the indenture securities will rank as compared with
the securities issued under such other indenture.
No conflict exists, the indenture securities will
rank on par with other such indentures.
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.
Not applicable
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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.
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 obligations in default
by the trustee:
Not applicable
ITEM 9. SECURITIES OF THE UNDERWRITER 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.
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.
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.
Not applicable
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ITEM 12. INDEBTEDNESS OF THE OBLIGOR TO THE TRUSTEE.
If the obligor is indebted to the trustee, furnish the following
information.
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.
Not applicable
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.
No defaults have occurred
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.
Not applicable
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ITEM 16. LIST OF EXHIBITS.
List below all exhibits filed as part of this statement of eligibility
and qualification.
*1. A copy of the Articles of Association of LaSalle
National Bank now in effect.
*2. A copy of the certificate of authority to commence
business.
*3. A copy of the authorization to exercise corporate
trust powers.
*4. A copy of the existing By-Laws of LaSalle National
Bank.
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.
8. Not applicable.
9. Not applicable.
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* Previously filed.
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee,
LaSalle National Bank, a corporation 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 Chicago, State of Illinois, on the 8th day of
August 1996.
LaSalle National Bank
By: /s/ Brian D. Ames
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Brian D. Ames
Trust Officer
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EXHIBIT 7
Latest Report of Condition of
Trustee published pursuant to
law or the requirement of its
surviving or examining authority.
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LaSalle National Bank Call Date: 06/30/96 ST-BK: 17-1520 FFIEC 031
120 South LaSalle Street Page RC- 1
Chicago IL 60603 Vendor ID: D CERT: 15407 11
Transit Number: 71000505
CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL AND STATE-CHARTERED
SAVINGS BANKS FOR JUNE 30, 1996
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
<TABLE>
<CAPTION>
C400
Dollar Amounts in Thousands
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ASSETS
<S> <C> <C> <C>
1. Cash and balances due from depository institutions (from Schedule RC-A):______________________ RCFD
a. Noninterest-bearing balances and currency and coin (1)_____________________________________ 0081. . 507,809 1.a
b. Interest-bearing balances (2)_______________________________________________________________ 0071. . 277 1.b
2. Securities:
a. Held-to-maturity securities (from Schedule RC-B, column A)_________________________________ 1754. . 1,102,928 2.a
b. Available-for-sale securities (from Schedule RC-B, column D)_______________________________ 1773. . 2,459,147 2.b
3. Federal funds sold and securities purchased under agreements to resell in
domestic offices of the bank and of its Edge and Agreement subsidiaries, and
in IBFs:
a. Federal funds sold_________________________________________________________________________ 0276. . 120,234 3.a
b. Securities purchased under agreements to resell____________________________________________ 0277. . 0 3.b
4. Loans and lease financing receivables:
a. Loans and leases, net of unearned income RCFD
(from Schedule RC-C)__________________________________ 2122 . .7,563,456 . . . . . . 4.a
b. LESS: Allowance for loan and lease losses____________ 3123 . . 139,202 . . . . . . 4.b
c. LESS: Allocated transfer risk reserve________________ 3128 . . 0 . . . . . . 4.c
d. Loans and leases, net of unearned income,
allowance, and reserve (item 4.a minus 4.b and 4.c)________________________________________ 2125. . 7,424,254 4.d
5. Trading assets (from Schedule RC-D)___________________________________________________________ 3545. . 81,926 5.
6. Premises and fixed assets (including capitalized leases)______________________________________ 2145. . 33,088 6.
7. Other real estate owned (from Schedule RC-M)__________________________________________________ 2150. . 7,379 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. . 11,851 9.
10. Intangible assets (from Schedule RC-M)________________________________________________________ 2143. . 22,632 10.
11. Other assets (from Schedule RC-F)_____________________________________________________________ 2160. . 256,451 11.
12. Total assets (sum of items 1 through 11)______________________________________________________ 2170. . 12,027,976 12.
</TABLE>
_________________
(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
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LaSalle National Bank Call Date: 06/30/95 ST-BK: 17-1520 FFIEC 031
120 South LaSalle Street Page RC- 2
Chicago IL 60603 Vendor ID: D CERT: 15407 12
Transit Number: 71000505
SCHEDULE RC - CONTINUED
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
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<S> <C> <C> <C>
LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of RCON
columns A and C from Schedule RC-E, part I)_____________________________ _____________ 2200. . 6,072,781 13.a
RCON
(1) Noninterest-bearing (1)__________________________ 6631. .1,427,587 . . . . . . 13.a.1
(2) Interest-bearing_________________________________ 6636. .4,645,194 . . . . . . 13.a.2
RCFN
b. In foreign offices, Edge and Agreement subsidiaries and IBFs (from
Schedule RC-E, part II)____________________________________________________________________ 2200 1,851,846 13.b
RCFN
(1) Noninterest-bearing______________________________ 6631. . 0 . . . . . . 13.b.1
(2) Interest-bearing_________________________________ 6636. .1,851,846 . . . . . . 13.b.2
14. Federal funds purchased and securities sold under agreements to repurchase
in domestic offices of the bank and of its Edge and Agreement subsidiaries,
and in IBFs:
RCFD
a. Federal funds purchased____________________________________________________________________ 0278. . 1,579,062 14.a
b. Securities sold under agreements to repurchase_____________________________________________ 0279. . 207,689 14.b
RCON
15. a. Demand notes issued to the U.S. Treasury___________________________________________________ 2840. . 335,490 15.a
RCFD
b. Trading liabilities (from Schedule RC-D)___________________________________________________ 3548. . 41,859 15.b
16. Other borrowed money:
a. With a remaining maturity of one year or less_________________________________________________ 2332. . 707,673 16.a
b. With a remaining maturity of more than one year_______________________________________________ 2333. . 79,069 16.b
17. Mortgage indebtedness and obligations under capitalized leases________________________________ 2910. . 0 17.
18. Bank's liability on acceptances executed and outstanding______________________________________ 2920. . 11,851 18.
19. Subordinated notes and debentures_____________________________________________________________ 3200. . 242,500 19.
20. Other liabilities (from Schedule RC-G)________________________________________________________ 2930. . 203,909 20.
21. Total liabilities (sum of items 13 through 20)________________________________________________ 2948. . 11,333,729 21.
22. Limited-life preferred stock and related surplus______________________________________________ 3282. . 0 22.
EQUITY CAPITAL
RCFD
23. Perpetual preferred stock and related surplus_________________________________________________ 3838. . 0 23.
24. Common stock__________________________________________________________________________________ 3230. . 18,417 24.
25. Surplus (exclude all surplus related to preferred stock)______________________________________ 3839. . 126,213 25.
26. a. Undivided profits and capital reserves_____________________________________________________ 3632. . 566,393 26.a
b. Net unrealized holding gains (losses) on available-for-sale securities_____________________ 8434. . (16,776) 26.b
27. Cumulative foreign currency translation adjustments___________________________________________ 3284. . 0 27.
28. Total equity capital (sum of items 23 through 27)_____________________________________________ 3210. . 694,247 28.
29. Total liabilities, limited-life preferred stock, and equity capital (sum of
items 21, 22, and 28)_________________________________________________________________________ 3300. . 12,027,976 29.
MEMORANDUM
TO BE REPORTED ONLY 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 RCFD Number
during 1995___________________________________________________________________________________ 6724. . N/A M.1
</TABLE>
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
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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 = 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)
4 = Directors' examination of the bank performed by other external auditors
(may be required by state chartering authority)
5 = Review of the bank's financial statements by external auditors
6 = Compilation of the bank's financial statements by external auditors
7 = Other audit procedures (excluding tax preparation work)
8 = No external audit work
_________________
(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
