1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SECURITIES XXX XXXXXXXX XXXXXXXXXX
XXXXXXXXXX, X.X. 00000
---------------------------
FORM T-1
---------------------------
STATEMENT OF ELIGIBILITY AND QUALIFICATION
UNDER THE TRUST INDENTURE ACT FOR 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) _____
---------------------------
FIRST UNION NATIONAL BANK
(Exact name of Trustee as specified in its charter)
000 XXXXX XXXXX XXXXXX, 0XX XX.
XXXXXXXXX, XX 00000-0000 00-0000000
(Address of principal executive office) (Zip Code) (I.R.S. Employer Identification No.)
Xxxxxxxx X. Xxxxxxx, (804) 788-9663
000 X. Xxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx 00000
---------------------------
XXXXXXXXX INDUSTRIES, INC.
(Exact name of obligor as specified in its charter)
Delaware 00-0000000
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
00000 X.X. 0xx Xxxxxx
Xxxxxxx, XX 00000
(Address of principal executive offices) (Zip Code)
---------------------------
__% CONVERTIBLE SUBORDINATED NOTES DUE 2003
(Title of the indenture securities)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
2
1. GENERAL INFORMATION.
(a) The following are the names and addresses of each examining or
supervising authority to which the Trustee is subject:
The Comptroller of the Currency, Washington, D.C.
Federal Reserve Bank of Richmond, Richmond, Virginia.
Federal Deposit Insurance Corporation, Washington, D.C.
Securities and Exchange Commission, Division of Market
Regulation, Washington, D.C.
(b) The Trustee is authorized to exercise corporate trust powers.
2. AFFILIATIONS WITH OBLIGOR.
The obligor is not an affiliate of the Trustee.
3. VOTING SECURITIES OF THE TRUSTEE.
Not applicable.
(See answer to Item 13)
4. TRUSTEESHIPS UNDER OTHER INDENTURES.
Not applicable.
(See answer to Item 13)
5. INTERLOCKING DIRECTORATES AND SIMILAR RELATIONSHIPS WITH THE OBLIGOR
OR UNDERWRITERS.
Not applicable.
(See answer to Item 13)
6. VOTING SECURITIES OF THE TRUSTEE OWNED BY THE OBLIGOR OR ITS OFFICIALS.
Not applicable.
(See answer to Item 13)
7. VOTING SECURITIES OF THE TRUSTEE OWNED BY UNDERWRITERS OR THEIR
OFFICIALS.
Not applicable.
(See answer to Item 13)
8. SECURITIES OF THE OBLIGOR OWNED OR HELD BY THE TRUSTEE.
Not applicable.
(See answer to Item 13)
2
3
9. SECURITIES OF UNDERWRITERS OWNED OR HELD BY THE TRUSTEE.
Not applicable.
(See answer to Item 13)
10. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF VOTING SECURITIES OF CERTAIN
AFFILIATES OR SECURITY HOLDERS OF THE OBLIGOR.
Not applicable.
(See answer to Item 13)
11. OWNERSHIP OF HOLDERS BY THE TRUSTEE OF ANY SECURITIES OF A PERSON
OWNING 50 PERCENT OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR.
Not applicable.
(See answer to Item 13)
12. INDEBTEDNESS OF THE OBLIGOR TO THE TRUSTEE.
Not applicable.
(See answer to Item 13)
13. DEFAULTS BY THE OBLIGOR.
A. None
B. None
14. AFFILIATIONS WITH THE UNDERWRITERS.
Not applicable.
(See answer to Item 13)
15. FOREIGN TRUSTEE.
Trustee is a national banking association organized under the
laws of the United States.
16. LIST OF EXHIBITS.
(1) *Articles of Incorporation.
(2) Certificate of Authority of the Trustee to conduct business. No
Certificate of Authority of the Trustee to commence business is
furnished since this authority is continued in the Articles of
Association of the Trustee.
3
4
(3) *Certificate of Authority of the Trustee to exercise corporate
trust powers.
(4) *By-Laws.
(5) Inapplicable.
(6) Consent by the Trustee required by Section 321(b) of the Trust
Indenture Act of 1939. Included at Page 6 of this Form T-1
Statement.
(7) Report of condition of Trustee.
(8) Inapplicable.
(9) Inapplicable.
* Exhibits thus designated have heretofore been filed with the
Securities and Exchange Commission, have not been amended since filing
are incorporated herein by reference (See Exhibit T-1 Registration
Number 333-43241).
4
5
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
Richmond, and Commonwealth of Virginia on the 11th day of June, 1998.
FIRST UNION NATIONAL BANK
(Trustee)
BY: /s/ Xxxxxxxx X. Xxxxxxx
-------------------------------------
Xxxxxxxx X. Xxxxxxx, Vice President
EXHIBIT T-1 (6)
CONSENTS OF TRUSTEE
Under section 321(b) of the Trust Indenture Act of 1939 and in
connection with the proposed issuance by Xxxxxxxxx Industries, Inc. of its
Convertible Subordinated Notes due 2003, 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/ Xxxxx X. Xxxxxxx
--------------------------------
Xxxxx X. Xxxxxxx, Vice President
Dated: June 11, 1998
-------------
5
6
REPORT OF CONDITION
Consolidating domestic subsidiaries of the
First Union National Bank Charlotte
Name of Bank City
in the state of North Carolina, at the close of business on March 31, 1998,
published in response to call made by Comptroller of the Currency, under
title 00, Xxxxxx Xxxxxx Code, Section 161. Charter Number 02737 Comptroller
of the Currency Southeastern District
Statement of Resources and Liabilities
ASSETS
Thousands of dollars
1 Cash and balances due from depository institutions:
a. Noninterest-bearing balances and currency and coin................ 7,346,667
b. Interest-bearing balances......................................... 12,481
2 Securities:
a. Held-to-maturity securities........................................ 1,937,159
b. Available-for-sale securities...................................... 31,508,601
3 Federal funds sold and securities purchased under agmts to resell:..... 4,501,133
4 Loans and lease financing receivables:
a. Loans and leases, net of unearned income........................... 98,043,231
b. LESS: Allowance for loan and lease losses.......................... 1,213,121
c. LESS: Allocated transfer risk reserve.............................. 0
d. Loans and leases, net of unearned income, allowance, and reserve... 96,830,110
5 Assets held in trading accounts........................................ 3,818,431
6 Premises and fixed assets (including capitalized leases)............... 2,660,908
7 Other real estate owned................................................ 112,869
8 Investments in unconsolidated subsidiaries and associated companies.... 269,234
9 Customers' liability to this bank on acceptances outstanding........... 575,447
10 Intangible assets...................................................... 2,896,263
11 Other assets........................................................... 7,274,331
12 Total assets........................................................... 159,743,634
1
7
LIABILITIES
13 Deposits:
a. In domestic offices........................................................ 101,438,219
(1) Noninterest-bearing.................................................... 19,061,893
(2) Interest-bearing....................................................... 82,376,326
b. In foreign offices, Edge and Agmt subsidiaries, and IBFs................... 5,487,257
(1) Noninterest-bearing.................................................... 29,619
(2) Interest-bearing....................................................... 5,457,638
14 Federal funds purchased and securities sold under agmts to repurchase......... 24,525,123
15 a. Demand notes issued to the U.S. Treasury................................... 426,758
b. Trading liabilities........................................................ 4,547,787
16 Other borrowed money:
a. With a remaining maturity of one year or less.............................. 3,391,194
b. With a remaining maturity of more than one year through three year......... 635,109
c. With a remaining maturity of more than three years......................... 416,618
17 Not applicable
18 Bank's liability on acceptances executed and outstanding...................... 575,222
19 Subordinated notes and debentures............................................. 2,797,773
20 Other liabilities............................................................. 3,662,892
21 Total liabilities............................................................. 147,903,952
22 Not applicable
EQUITY CAPITAL
23 Perpetual preferred stock and related surplus................................. 160,540
24 Common stock.................................................................. 82,795
25 Surplus....................................................................... 8,532,323
26 a. Undivided profits and capital reserves..................................... 2,823,904
b. Net unrealized holding gains (losses) on available-for-sale securities .... 240,120
27 Cumulative foreign currency translation adjustments........................... 0
28 Total equity capital.......................................................... 11,839,682
29 Total liabilities, limited-life preferred stock, and equity capital
(sum of items 21 and 28)..................................................... 159,743,634
2
8
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.
Directors I, Xxxx X. Xxxxxxxx
Xxxxxx X. Xxxxxxxx Name
Xxxxxxxx X. Xxxxxxx, III Vice President
Xxxxxx X. Xxxxx Title
of the above-named bank do hereby
declare that this Report ofCondition
is true and correct to the best of my
knowledge and belief.
report.condition 3/31/98
3
