Exhibit 25.1
FORM T-1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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) _______
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THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)
New York 13-5160382
(State of incorporation (I.R.S. employer
if not a national bank) identification no.)
One Wall Street, New York, N.Y. 10286
(Address of principal executive offices) (Zip Code)
__________________
Vail Resorts, Inc.
(Exact name of each obligor as specified in its charter)
Delaware 51-0291762
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
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Beaver Creek Associates, Inc.
Exact name of each obligor as specified in its charter)
Colorado 84-0677537
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Beaver Creek Consultants, Inc.
Exact name of each obligor as specified in its charter)
Colorado 84-0760348
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Beaver Creek Food Services, Inc.
Exact name of each obligor as specified in its charter)
Colorado 84-0815288
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Breckenridge Resort Properties, Inc.
(Exact name of each obligor as specified in its charter)
Colorado N/A
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Complete Telecommunications, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 84-1533678
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
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Gillett Broadcasting, Inc.
(Exact name of each obligor as specified in its charter)
Delaware 37-0920781
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Grand Teton Lodge Company
(Exact name of each obligor as specified in its charter)
Wyoming 83-0161154
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Heavenly Valley, Limited Partnership
(Exact name of each obligor as specified in its charter)
Nevada 84-0266125
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Jackson Hole Golf and Tennis Club, Inc.
(Exact name of each obligor as specified in its charter)
Wyoming N/A
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
JHL&S LLC
(Exact name of each obligor as specified in its charter)
Wyoming 83-0332983
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
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Keystone Conference Services, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 84-1075280
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Keystone Development Sales, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 43-1463384
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Keystone Food and Beverage Company
(Exact name of each obligor as specified in its charter)
Colorado 84-0678950
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Keystone Resort Property Management Company
(Exact name of each obligor as specified in its charter)
Colorado 84-0705922
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Lodge Properties, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 84-0607010
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Lodge Realty, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 13-3051423
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
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Property Management Acquisition Corp., Inc.
(Exact name of each obligor as specified in its charter)
Tennessee 62-1634422
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Rockresorts Casa Madrona, LLC
(Exact name of each obligor as specified in its charter)
Delaware 84-1606603
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Rockresorts Cheeca, LLC
(Exact name of each obligor as specified in its charter)
Delaware 84-1606605
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Rockresorts Equinox, Inc.
(Exact name of each obligor as specified in its charter)
Vermont 06-1634157
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
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Rockresorts International, LLC
(Exact name of each obligor as specified in its charter)
Delaware 84-1606606
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Rockresorts LaPosada, LLC
(Exact name of each obligor as specified in its charter)
Delaware 84-1606604
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Rockresorts, LLC
(Exact name of each obligor as specified in its charter)
Delaware 75-2829919
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Rockresorts Rosario, LLC
(Exact name of each obligor as specified in its charter)
Delaware 84-1606602
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Rockresorts Wyoming, LLC
(Exact name of each obligor as specified in its charter)
Wyoming 86-1076452
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
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Teton Hospitality Services, Inc.
(Exact name of each obligor as specified in its charter)
Wyoming 83-0332998
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
The Vail Corporation
(Exact name of each obligor as specified in its charter)
Colorado 84-0601461
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
The Village at Breckenridge Acquisition Corp., Inc.
(Exact name of each obligor as specified in its charter)
Tennessee 62-1633660
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Vail Associates Holdings, Ltd.
(Exact name of each obligor as specified in its charter)
Colorado 84-1214955
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Vail Associates Real Estate, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 84-1013094
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
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Vail Food Services, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 84-0596378
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Vail Holdings, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 84-0568230
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Vail Resorts Development Company
(Exact name of each obligor as specified in its charter)
Colorado 84-1242948
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Vail Summit Resorts, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 43-1273996
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Vail Trademarks, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 84-1253320
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
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Vail/Arrowhead, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 84-1253319
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Vail/Beaver Creek Resort Properties, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 52-1479879
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
VAMHC, Inc.
(Exact name of each obligor as specified in its charter)
Colorado N/A
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
Vail RR, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 84-1606210
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
VA Rancho Mirage I, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 84-1606209
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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VA Rancho Mirage II, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 84-1606208
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
VA Rancho Mirage Resort, L.P.
(Exact name of each obligor as specified in its charter)
Delaware 78-2578150
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
VR Heavenly I, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 33-1039478
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
__________________
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VR Heavenly II, Inc.
(Exact name of each obligor as specified in its charter)
Colorado 33-1039481
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
137 Benchmark Road 8160
Avon, Colorado (Zip Code)
(970) 845-2500
(Address and telephone number of obligor's principal executive offices)
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6 3/4% Senior Subordinated Notes due 2014
(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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Superintendent of Banks of the 2 Rector Street,
State of New York New York, N.Y. 10006, and
Albany, N.Y. 12203
Federal Reserve Bank of New York 33 Liberty Plaza,
New York, N.Y. 10045
Federal Deposit Insurance Corporation Washington, D.C. 20429
New York Clearing House Association New York, New York 10005
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
2. Affiliations with the Obligor.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None
16. List of Exhibits.
Exhibits identified in parentheses below, on file with the Commission, are
incorporated herein by reference as an exhibit hereto, pursuant to Rule
7a-29 under the Trust Indenture Act of 1939 and rule 24 of the Commission's
Rules of Practice.
1. A copy of the Organization Certificate of The Bank of New York
(formerly Irving Trust Company) as now in effect, which contains the
authority to commence business and a grant of powers to exercise
corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1,
filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to
Form T-1 filed with Registration Statement No. 33-21672 and Exhibit 1
to Form T-1 filed with Registration Statement No. 33-29637.)
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4. A copy of the existing By-Laws of the Trustee. (Exhibit 4 to Form T-1
filed with Registration Statement No. 33-31019).
6. The consent of the Trustee required by Section 321(b) of the Act.
(Exhibit 6 to Form T-1 filed with Registration Statement No.
33-44051.)
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.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee,
The Bank of New York, a corporation organized and existing under the laws of the
State of New York, has duly caused this statement of eligibility to be signed on
its behalf by the undersigned, thereunto duly authorized, all in the City of New
York, and State of New York, on the 19th day of March, 2004.
THE BANK OF NEW YORK
By: /s/Cynthia Chaney
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Cynthia Chaney
Authorized Signer
Attorney-in-Fact
EXHIBIT 7
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Consolidated Report of Condition of
THE BANK OF NEW YORK
of One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the close of business December 31,
2003, published in accordance with a call made by the Federal Reserve Bank of
this District pursuant to the provisions of the Federal Reserve Act.
Dollar Amounts
ASSETS In Thousands Cash and balances due from depository institutions:
Noninterest-bearing balances and currency and coin.. $3,752,987
Interest-bearing balances........................... 7,153,561
Securities:
Held-to-maturity securities......................... 260,388
Available-for-sale securities....................... 21,587,862
Federal funds sold and securities purchased under
agreements to resell................................
Federal funds sold in domestic offices.............. 165,000
Securities purchased under agreements to
resell............................................. 2,804,315
Loans and lease financing receivables:
Loans and leases held for sale..................... 557,358
Loans and leases, net of unearned
income........................................... 36,255,119
LESS: Allowance for loan and
lease losses..................................... 664,233
Loans and leases, net of unearned
income and allowance.............................. 35,590,886
Trading Assets......................................... 4,892,480
Premises and fixed assets (including capitalized
leases)............................................. 926,789
Other real estate owned................................ 409
Investments in unconsolidated subsidiaries and
associated companies................................ 277,788
Customers' liability to this bank on acceptances
outstanding......................................... 144,025
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Intangible assets......................................
Goodwill............................................ 2,635,322
Other intangible assets............................. 781,009
Other assets........................................... 7,727,722
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Total assets........................................... $89,257,901
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LIABILITIES
Deposits:
In domestic offices................................. $33,763,250
Noninterest-bearing................................. 14,511,050
Interest-bearing.................................... 19,252,200
In foreign offices, Edge and Agreement
subsidiaries, and IBFs............................ 22,980,400
Noninterest-bearing................................. 341,376
Interest-bearing.................................... 22,639,024
Federal funds purchased and securities sold under
agreements to repurchase..........................
Federal funds purchased in domestic
offices........................................... 545,681
Securities sold under agreements to
repurchase........................................ 695,658
Trading liabilities.................................... 2,338,897
Other borrowed money:
(includes mortgage indebtedness and obligations
under capitalized leases)....... 11,078,363
Bank's liability on acceptances executed and
outstanding......................................... 145,615
Subordinated notes and debentures...................... 2,408,665
Other liabilities...................................... 6,441,088
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Total liabilities...................................... $80,397,617
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Minority interest in consolidated
subsidiaries........................................ 640,126
EQUITY CAPITAL
Perpetual preferred stock and related
surplus............................................. 0
Common stock........................................... 1,135,284
Surplus................................................ 2,077,255
Retained earnings...................................... 4,955,319
Accumulated other comprehensive income................. 52,300
Other equity capital components........................ 0
Total equity capital................................... 8,220,158
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Total liabilities minority interest and equity capital. $89,257,901
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I, Thomas J. Mastro, Senior Vice President and Comptroller of the
above-named bank do hereby declare that this Report of Condition is true and
correct to the best of my knowledge and belief.
Thomas J. Mastro,
Senior Vice President and Comptroller
We, the undersigned directors, attest to the correctness of this statement
of resources and liabilities. We declare that it has been examined by us, and to
the best of our knowledge and belief has been prepared in conformance with the
instructions and is true and correct.
Thomas A. Renyi
Gerald L. Hassell
Alan R. Griffith Directors
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