Registration Statement 333-27355
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM T-1
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STATEMENT OF ELIGIBILITY AND QUALIFICATION
UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED, 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_
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FIRST UNION NATIONAL BANK
(Exact name of trustee as specified in its charter)
United States National Bank 56-0900030
(State of incorporation if (I.R.S. employer
not a national bank) identification no.)
First Union National Bank
230 South Tryon Street, 9th Floor
Charlotte, North Carolina 28288-1179
(Address of principal (Zip Code)
executive offices)
Same as above
(Name, address and telephone number, including
area code, of trustee's agent for service)
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
(Exact name of obligor as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
13-3526694
(I.R.S. employer identification no.)
One New York Plaza, 15th Floor
New York, New York 10292
(Address, including zip code, of principal executive offices)
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Prudential Securities Secured Financing Corporation
Class A-1 Asset-Backed Notes, Series 1997-4
Class A-2 Asset-Backed Notes, Series 1997-4
Class A-3 Asset-Backed Notes, Series 1997-4
Class A-4 Asset-Backed Notes, Series 1997-4
Class A-5 Asset-Backed Notes, Series 1997-4
Class A-6 Asset-Backed Notes, Series 1997-4
(Title of the indenture securities)
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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
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Name Address
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Federal Reserve Bank of Richmond, VA Richmond, VA
Comptroller of the Currency Washington, D.C.
Securities and Exchange Commission
Division of Market Regulation Washington, D.C.
Federal Deposit Insurance Corporation Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers.
The trustee is authorized to exercise corporate trust powers.
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.
None.
(See Note 1 on Page 4.)
Because the obligor is not in default on any securities issued under indentures
under which the applicant is trustee, Items 3 through 15 are not required
herein.
16. List of Exhibits.
All exhibits identified below are filed as a part of this statement of
eligibility.
*1. A copy of the Articles of Association of First Union National Bank as
now in effect, which contain the authority to commence business and a
grant of powers to exercise corporate trust powers.
*2. A copy of the certificate of authority of the trustee to commence
business, if not contained in the Articles of Association.
*3. A copy of the authorization of the trustee to exercise corporate trust
powers, if such authorization is not contained in the documents
specified in exhibits (1) or (2) above.
*4. A copy of the existing By-laws of the trustee, or instruments
corresponding thereto.
5. Inapplicable.
2
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6. The consent of the trustee required by Section 321(b) of the Trust
Indenture Act of 1939. Included at Page 4 of this Form T-1 Statement.
7. A copy of the latest report of condition of the trustee published
pursuant to law or to the requirements of its supervising or examining
authority.
8. Inapplicable.
9. Inapplicable.
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* Incorporated by reference to Exhibits bearing identical numbers in Item 16 of
the Form T-1 of First Union National Bank, filed as Exhibit 25.01 of the
Amendment No. 1 to Form S-3 Registration Statement of Financial Security
Assurance Holdings Ltd. filed with the Securities and Exchange Commission on
September 8, 1997 (Registration No. 333-34181).
3
<PAGE>
NOTE
Note 1: Inasmuch as this Form T-1 is filed prior to the ascertainment by the
Trustee of all facts on which to base a responsive answer to Item 2, the answer
to said Item is based on incomplete information. Item 2 may, however, be
considered correct unless amended by an amendment to this Form T-1.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, First Union National Bank, a national 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
Charlotte, and State of North Carolina, on the 26th day of November, 1997.
FIRST UNION NATIONAL BANK
(trustee)
By: /s/ Robert Ashbaugh
` ----------------------------------
Name: Robert Ashbaugh
Title: Vice President
CONSENT OF TRUSTEE
Under section 321(b) of the Trust Indenture Act of 1939, as amended,
and in connection with the proposed issuance by Prudential Securities Secured
Financing Corporation of its Asset-Backed Notes, First Union National Bank as
the trustee herein named, hereby consents that reports of examinations of said
Trustee by Federal, State, Territorial or District authorities may be furnished
by such authorities to the Securities and Exchange Commission upon requests
therefor.
FIRST UNION NATIONAL BANK
By: /s/ Robert Ashbaugh
` ----------------------------------
Name: Robert Ashbaugh
Title: Vice President
Dated: November 26, 1997
4
<PAGE>
Legal Title of Bank: First Union National Bank Call Date: 9/30/97
Address: Two First Union Center ST-BK: 37-0351 FFIEC 031
City, State, Zip: Charlotte, NC 28288-0201 Page RC-1
FDIC Certificate #: 04885
Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for September 30, 1997
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.
<TABLE>
<CAPTION>
Schedule RC--Balance Sheet
Dollar Amount in Thousands RCFD Bil Mil Thou C400
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<S> <C> <C> <C>
ASSETS /////////////////////////
1. Cash and balances due from depository institutions (from Schedule RC-A): /////////////////////////
a. Noninterest-bearing balances and currency and coin (1) ................................ 0081 5,101,644 1.a.
b. Interest-bearing balances (2) ......................................................... 0071 102,192 1.b.
2. Securities: /////////////////////////
a. Held-to-maturity securities (from Schedule RC-B, column A) ............................ 1754 1,751,546 2.a.
b. Available-for-sale securities (from Schedule RC-B, column D) .......................... 1773 12,629,007 2.b.
3. Federal funds sold and securities purchased under agreements to resell .................... 1350 2,640,885 3.
4. Loans and lease financing receivables /////////////////////////
a. Loans and leases, net of unearned income (from Schedule RC-C) .. RCFD 2122 75,530,867 ///////////////////////// 4.a.
b. LESS: Allowance for loan and lease losses ...................... RCFD 3123 1,143,846 ///////////////////////// 4.b.
c. LESS: Allocated transfer risk reserve .......................... RCFD 3128 0 ///////////////////////// 4.c.
d. Loans and leases, net of unearned income, /////////////////////////
allowance, and reserve (item 4.a minus 4.b and 4.c) ................................... 2126 74,387,021 4.d.
5. Trading assets (from Schedule RC-D) ....................................................... 3545 3,440,660 5.
6. Premises and fixed assets (including capitalized leases) .................................. 2145 2,024,718 6.
7. Other real estate owned (from Schedule RC-M) .............................................. 2150 68,264 7.
8. Investments in unconsolidated subsidiaries and associated companies (from Schedule RC-M) .. 2180 155,345 8.
9. Customers' liability to this bank on acceptances outstanding .............................. 2155 751,815 9.
10. Intangible assets (from Schedule RC-M) .................................................... 2143 2,449,609 10.
11. Other assets (from Schedule RC-F) ......................................................... 2160 3,610,109 11.
12. Total assets (sum of items 1 through 11) .................................................. 2170 109,112,815 12.
</TABLE>
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(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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Schedule RC--Continued
<TABLE>
<CAPTION>
Dollar Amount in Thousands Bil Mil Thou
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<S> <C> <C> <C>
LIABILITIES /////////////////////////
13. Deposits: /////////////////////////
a. In domestic offices (sum of totals of columns A and C from Schedule RC-E, /////////////////////////
part I) ............................................................................... RCON 2200 69,612,110 13.a.
(1) Noninterest-bearing (1) ............................. RCON 6631 12,956,103 ///////////////////////// 13.a.(1)
(2) Interest-bearing .................................... RCON 6636 56,656,007 ///////////////////////// 13.a.(2)
b. In foreign offices, Edge and Agreement subsidiaries,
and IBFs (from Schedule RC-E, /////////////////////////
part II) .............................................................................. RCFN 2200 5,163,776 13.b.
(1) Noninterest-bearing ................................. RCFN 6631 0 ///////////////////////// 13.b.(1)
(2) Interest-bearing .................................... RCFN 6636 5,163,776 ///////////////////////// 13.b.(2)
14. Federal funds purchased and securities sold under agreements to repurchase ................ RCFD 2800 14,135,805 14.
15. a. Demand notes issued to the U.S. Treasury .............................................. RCON 2840 191,337 15.a.
b. Trading liabilities (from Schedule RC-D) .............................................. RCFD 3548 3,064,414 15.b.
16. Other borrowed money (includes mortgage indebtedness and obligations under /////////////////////////
capitalized leases): /////////////////////////
a. With a remaining maturity of one year or less ......................................... RCFD 2332 2,889,205 16.a.
b. With a remaining maturity of more than one year through three years ................... RCFD A547 525,793 16.b.
c. With a remaining maturity of more than three years .................................... RCFD A548 59,777 16.c.
17. Not applicable /////////////////////////
18. Bank's liability on acceptances executed and outstanding .................................. RCFD 2920 751,815 18.
19. Subordinated notes and debentures (2) ..................................................... RCFD 3200 2,195,501 19.
20. Other liabilities (from Schedule RC-G) .................................................... RCFD 2930 1,983,925 20.
21. Total liabilities (sum of items 13 through 20) ............................................ RCFD 2948 100,573,456 21.
22. Not applicable /////////////////////////
EQUITY CAPITAL /////////////////////////
23. Perpetual preferred stock and related surplus ............................................. RCFD 3838 0 23.
24. Common stock .............................................................................. RCFD 3230 82,795 24.
25. Surplus (exclude all surplus related to preferred stock) .................................. RCFD 3839 6,197,897 25.
26. a. Undivided profits and capital reserves ................................................ RCFD 3632 2,148,062 26.a.
b. Net unrealized holding gains (losses) on available-for-sale securities ................ RCFD 8434 110,603 26.b.
27. Cumulative foreign currency translation adjustments ....................................... RCFD 3284 0 27.
28. Total equity capital (sum of items 23 through 27) ......................................... RCFD 3210 8,539,357 28.
29. Total liabilities and equity capital (sum of items 21 and 28) ............................. RCFD 3300 109,112,815 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 Number
for the bank by independent external auditors as of any date during 1996 ................ RCFD 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
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
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(1) Includes total demand deposits and noninterest-bearing time and savings
deposit.
(2) Includes limited-life preferred stock and related surplus.
