CENTEX CORP
S-3, EX-25.1, 2000-11-15
OPERATIVE BUILDERS
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<PAGE>   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) ____

                                   ----------

                            THE CHASE MANHATTAN BANK
               (Exact name of trustee as specified in its charter)

                                   13-4994650
                     (I.R.S. Employer Identification Number)

     712 MAIN STREET, HOUSTON, TEXAS                            77002
  (Address of principal executive offices)                    (Zip code)

                    LEE BOOCKER, 712 MAIN STREET, 26TH FLOOR
                       HOUSTON, TEXAS 77002 (713) 216-2448
            (Name, address and telephone number of agent for service)

                               CENTEX CORPORATION
               (Exact name of obligor as specified in its charter)

                NEVADA                                    75-0778259
    (State or other jurisdiction of                    (I.R.S. Employer
    incorporation or organization)                   Identification Number)

           2728 N. HARWOOD
            DALLAS, TEXAS                                    75201
(Address of principal executive offices)                   (Zip code)

                             SENIOR DEBT SECURITIES
                         (Title of indenture securities)

================================================================================



<PAGE>   2

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.

                  State of New York Banking Department
                  Federal Deposit Insurance Corporation, Washington, D.C.
                  Board of Governors of the Federal Reserve System, 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 THE OBLIGOR.

                  IF THE OBLIGOR IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH
         SUCH AFFILIATION.

                  The obligor is not an affiliate of the trustee. (See Note on
                  Page 7.)

ITEM 3.           VOTING SECURITIES OF THE TRUSTEE.

                  FURNISH THE FOLLOWING INFORMATION AS TO EACH CLASS OF VOTING
         SECURITIES OF THE TRUSTEE.

<TABLE>
<CAPTION>
                            COL. A                          COL. B
                        TITLE OF CLASS                AMOUNT OUTSTANDING
                        --------------                ------------------
<S>                                                   <C>

                  Not applicable by virtue of Form T-1 General Instruction B and
                  response to Item 13.
</TABLE>

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 SUCH
                  OTHER INDENTURE.

                  Not applicable by virtue of Form T-1 General Instruction B and
                  response to Item 13.



<PAGE>   3

ITEM 4. (CONTINUED)

                  (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 by virtue of Form T-1 General Instruction B and
                  response to Item 13.

ITEM 5.           INTERLOCKING DIRECTORATES AND SIMILAR RELATIONSHIPS WITH
                  OBLIGOR OR UNDERWRITERS.

                  IF THE TRUSTEE OR ANY OF THE DIRECTORS OR EXECUTIVE OFFICER 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 by virtue of Form T-1 General Instruction B and
                  response to Item 13.

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.

<TABLE>
<CAPTION>
      COL. A                 COL. B                COL. C                 COL. D
                                                                       PERCENTAGE OF
                                                                     VOTING SECURITIES
                                                                       REPRESENTED BY
                                                 AMOUNT OWNED         AMOUNT GIVEN IN
   NAME OF OWNER          TITLE OF CLASS         BENEFICIALLY             COL. C
   -------------          --------------         ------------        -----------------
<S>                       <C>                    <C>                 <C>

   Not applicable by virtue of Form T-1 General Instruction B and response to
   Item 13.
</TABLE>



                                       2
<PAGE>   4

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.

<TABLE>
<CAPTION>
      COL. A                COL. B                COL. C                  COL. D
                                                                       PERCENTAGE OF
                                                                     VOTING SECURITIES
                                                                       REPRESENTED BY
                                                AMOUNT OWNED          AMOUNT GIVEN IN
   NAME OF OWNER         TITLE OF CLASS         BENEFICIALLY              COL. C
   -------------         --------------         ------------         -----------------
<S>                      <C>                    <C>                  <C>

   Not applicable by virtue of Form T-1 General Instruction B and response to
   Item 13.
</TABLE>

ITEM 8.           SECURITIES OF THE OBLIGOR OWNED OR HELD BY THE TRUSTEE.

                  FURNISH THE FOLLOWING INFORMATION AS TO THE SECURITIES OF THE
OBLIGOR OWNED BENEFICIALLY OR HELD AS COLLATERAL SECURITY FOR OBLIGATIONS IN
DEFAULT BY THE TRUSTEE.

<TABLE>
<CAPTION>
         COL. A               COL. B                  COL. C                  COL. D
                                                  AMOUNT OWNED
                            WHETHER THE          BENEFICIALLY OR           PERCENT OF
                             SECURITIES         HELD AS COLLATERAL            CLASS
                             ARE VOTING            SECURITY FOR           REPRESENTED BY
                            OR NONVOTING          OBLIGATIONS IN          AMOUNT GIVEN IN
      TITLE OF CLASS         SECURITIES               DEFAULT                 COL. C
      --------------        ------------        ------------------        ---------------
<S>                         <C>                 <C>                       <C>

         Not applicable by virtue of Form T-1 General Instruction B and response
         to Item 13.
</TABLE>



                                       3
<PAGE>   5

ITEM 9.           SECURITIES OF 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.

<TABLE>
<CAPTION>
         COL. A                COL. B                COL. C                     COL. D
                                                  AMOUNT OWNED
                                                 BENEFICIALLY OR              PERCENT OF
                                                HELD AS COLLATERAL              CLASS
     NAME OF ISSUER                               SECURITY FOR              REPRESENTED BY
           AND                AMOUNT              OBLIGATIONS IN           AMOUNT GIVEN IN
     TITLE OF CLASS         OUTSTANDING         DEFAULT BY TRUSTEE              COL. C
     --------------         -----------         ------------------         ---------------
<S>                         <C>                 <C>                        <C>

     Not applicable by virtue of Form T-1 General Instruction B and response to
     Item 13.
</TABLE>

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% 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.

<TABLE>
<CAPTION>
         COL. A                COL. B               COL. C                      COL. D
                                                 AMOUNT OWNED
                                                BENEFICIALLY OR               PERCENT OF
                                               HELD AS COLLATERAL               CLASS
     NAME OF ISSUER                              SECURITY FOR               REPRESENTED BY
           AND                AMOUNT             OBLIGATIONS IN            AMOUNT GIVEN IN
     TITLE OF CLASS         OUTSTANDING        DEFAULT BY TRUSTEE               COL. C
     --------------         -----------        ------------------          ---------------
<S>                         <C>                <C>                         <C>

    Not applicable by virtue of Form T-1 General Instruction B and response to
    Item 13.
</TABLE>



                                       4
<PAGE>   6

ITEM 11.          OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF ANY SECURITIES OF A
                  PERSON OWNING 50% 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% OR MORE OF THE VOTING SECURITIES OF THE
OBLIGOR, FURNISH THE FOLLOWING INFORMATION AS TO EACH CLASS OF SECURITIES OR
SUCH PERSON ANY OF WHICH ARE SO OWNED OR HELD BY THE TRUSTEE.

<TABLE>
<CAPTION>
        COL. A               COL. B                 COL. C                   COL. D
                                                 AMOUNT OWNED
                                                BENEFICIALLY OR            PERCENT OF
                                               HELD AS COLLATERAL            CLASS
    NAME OF ISSUER                               SECURITY FOR             REPRESENTED BY
          AND                AMOUNT              OBLIGATIONS IN          AMOUNT GIVEN IN
    TITLE OF CLASS         OUTSTANDING         DEFAULT BY TRUSTEE            COL. C
    --------------         -----------         ------------------        ---------------
<S>                        <C>                 <C>                       <C>

    Not applicable by virtue of Form T-1 General Instruction B and response to
    Item 13.
</TABLE>

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:

<TABLE>
<CAPTION>
           COL. A                           COL. B                         COL. C

          NATURE OF                         AMOUNT
        INDEBTEDNESS                      OUTSTANDING                     DATE DUE
        ------------                      -----------                     --------
<S>                                       <C>                             <C>

       Not applicable by virtue of Form T-1 General Instruction B and response
       to Item 13.
</TABLE>

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.

         There is not, nor has there been, a default with respect to the
securities under this indenture. (See Note on Page 7.)



                                       5
<PAGE>   7

ITEM 13. (CONTINUED)

         (b)      IF THE TRUSTEE IS A TRUSTEE UNDER ANOTHER INDENTURE UNDER
WHICH ANY 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 a default under any such indenture or series. (See
Note on Page 7.)

ITEM 14.          AFFILIATIONS WITH THE UNDERWRITERS.

                  IF ANY UNDERWRITER IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE
EACH SUCH AFFILIATION.

       Not applicable by virtue of Form T-1 General Instruction B and response
       to Item 13.

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.          LIST OF EXHIBITS.

                  LIST BELOW ALL EXHIBITS FILED AS PART OF THIS STATEMENT OF
ELIGIBILITY.

                  o  1.  A copy of the articles of association of the trustee
               now in effect.

                  ++ 2.  A copy of the certificate of authority of the trustee
               to commence business.

                  *  3.  A copy of the certificate of authorization of the
               trustee to exercise corporate trust powers.

                  +  4.  A copy of the existing bylaws of the trustee.

                     5.  Not applicable.

                     6.  The consent of the United States institutional
               trustees required by Section 321(b) of the Act.



                                       6
<PAGE>   8

                  [ ] 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.

                      NOTE REGARDING INCORPORATED EXHIBITS

         Effective August 1, 2000, Chase Bank of Texas, National Association
merged into The Chase Manhattan Bank, a New York banking corporation. The
exhibits incorporated below relate to The Chase Manhattan Bank. The report of
condition is that of The Chase Manhattan bank for the second quarter, 2000.

         o   Incorporated by reference to exhibit bearing the same designation
and previously filed with the Securities and Exchange Commission as exhibits to
the Form S-4 File No. 333-46070.

         ++  Incorporated by reference to exhibit bearing the same designation
and previously filed with the Securities and Exchange Commission as exhibits to
the Form S-4 File No. 333-46070.

         *   The Trustee is authorized to exercise corporate trust powers under
the banking law of the State of New York.

         +   Incorporated by reference to exhibit bearing the same designation
and previously filed with the Securities and Exchange Commission as exhibits to
the Form S-4 File No. 333-46070.

         [ ] Incorporated by reference to exhibit bearing the same designation
and previously filed with the Securities and Exchange Commission as exhibits to
the Form S-4 File No. 333-49162.

                                      NOTE

             Inasmuch as this Form T-1 is filed prior to the ascertainment by
the trustee of all facts on which to base responsive answers to Items 2 and 13,
the answers to said Items are based on incomplete information. Such Items may,
however, be considered as correct unless amended by an amendment to this Form
T-1.



                                       7
<PAGE>   9

                                    SIGNATURE

         PURSUANT TO THE REQUIREMENTS OF THE TRUST INDENTURE ACT OF 1939 THE
TRUSTEE, THE CHASE MANHATTAN BANK, A NEW YORK BANKING CORPORATION AND SUCCESSOR
TO CHASE BANK OF TEXAS, NATIONAL ASSOCIATION, HAS DULY CAUSED THIS STATEMENT OF
ELIGIBILITY TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO AUTHORIZED,
ALL IN THE CITY OF HOUSTON, AND STATE OF TEXAS, ON THE 15TH DAY OF NOVEMBER,
2000.

                                       THE CHASE MANHATTAN BANK,
                                         AS TRUSTEE


                                       By: /s/ John G. Jones
                                          -------------------
                                               John G. Jones
                                               Vice President



                                       8
<PAGE>   10

                                                                       EXHIBIT 6



Securities and Exchange Commission
Washington, D.C. 20549

Gentlemen:

         The undersigned is trustee under an Indenture between Centex
Corporation, a Nevada corporation, as obligor (the "Company"), and The Chase
Manhattan Bank, as Trustee, entered into in connection with the issuance of the
Company's Senior Debt Securities.

         In accordance with Section 321(b) of the Trust Indenture Act of 1939,
the undersigned hereby consents that reports of examinations of the undersigned,
made by Federal or State authorities authorized to make such examinations, may
be furnished by such authorities to the Securities and Exchange Commission upon
its request therefor.

                                       Very truly yours,

                                       THE CHASE MANHATTAN BANK, as Trustee


                                       By: /s/ John G. Jones
                                          -------------------
                                               John G. Jones
                                               Vice President


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