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) ________
________________________________________________
CHEMICAL BANK
(Exact name of trustee as specified in its charter)
New York 13-4994650
(State of incorporation (I.R.S. employer
if not a national bank) identification No.)
270 Park Avenue
New York, New York 10017
(Address of principal executive offices) (Zip Code)
William H. McDavid
General Counsel
270 Park Avenue
New York, New York 10017
Tel: (212) 270-2611
(Name, address and telephone number of agent for service)
_____________________________________________
USF&G CORPORATION
(Exact name of obligor as specified in its charter)
Maryland 52-1220567
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.
100 Light Street
Baltimore, Maryland 21202
(Address of principal executive offices) (Zip Code)
____________________________________________
Subordinated Debt Securities
(Title of the indenture securities)
____________________________________________
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GENERAL
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.
New York State Banking Department, State House, Albany,
New York 12110.
Board of Governors of the Federal Reserve System, Washington,
D.C., 20551 and Federal Reserve Bank of New York, District No. 2,
33 Liberty Street, New York, N.Y.
Federal Deposit Insurance Corporation, Washington, D.C., 20429.
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
Item 2. Affiliations with the Obligor.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None.
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16. List of Exhibits
List below all exhibits filed as a part of this Statement of
Eligibility.
1. A copy of the Articles of Association of the Trustee as now
in effect, including the Organization Certificate and the
Certificates of Amendment dated February 17, 1969, August 31, 1977,
December 31, 1980, September 9, 1982, February 28, 1985 and
December 2, 1991 (see Exhibit 1 to Form T-1 filed in connection
with Registration Statement No. 33-50010, which is incorporated
by reference).
2. A copy of the Certificate of Authority of the Trustee to
Commence Business (see Exhibit 2 to Form T-1 filed in
connection with Registration Statement No. 33-50010, which is
incorporated by reference).
3. None, authorization to exercise corporate trust powers being
contained in the documents identified above as Exhibits 1 and 2.
4. A copy of the existing By-Laws of the Trustee (see Exhibit 4
to Form T-1 filed in connection with Registration Statement
No. 33-46892, which is incorporated by reference).
6. The consent of the Trustee required by Section 321(b) of the
Act (see Exhibit 6 to Form T-1 filed in connection with
Registration Statement No. 33-50010, which is incorporated by
reference).
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.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939
the Trustee, Chemical Bank, 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
11th day of January, 1994.
CHEMICAL BANK
By
John Generale
Vice President
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Exhibit 7 to Form T-1
Bank Call Notice
RESERVE DISTRICT NO. 2
CONSOLIDATED REPORT OF CONDITION OF
Chemical Bank
of 270 Park Avenue, New York, New York 10017
and Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System,
at the close of business September 30, 1993, 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 Millions
Cash and balances due from depository institutions:
Noninterest-bearing balances and
currency and coin ................................. $ 5,291
Interest-bearing balances ......................... 4,658
Securities ............................................ 20,620
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 IBF's:
Federal funds sold ................................ 1,706
Securities purchased under agreements to resell ... 434
Loans and lease financing receivables:
Loans and leases, net of unearned income $63,249
Less: Allowance for loan and lease losses 2,197
Less: Allocated transfer risk reserve ... 181
Loans and leases, net of unearned income,
allowance, and reserve ............................ 60,871
Assets held in trading accounts ....................... 6,747
Premises and fixed assets (including capitalized
leases)............................................ 1,132
Other real estate owned ............................... 786
Investments in unconsolidated subsidiaries and
associated companies............................... 116
Customer's liability to this bank on acceptance
outstanding ....................................... 1,231
Intangible assets ..................................... 504
Other assets .......................................... 6,894
TOTAL ASSETS .......................................... $110,990
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LIABILITIES
Deposits
In domestic offices ................................ $50,535
Noninterest-bearing .........................$17,241
Interest-bearing ............................ 33,294
In foreign offices, Edge and Agreement subsidiaries,
and IBF's .......................................... 23,545
Noninterest-bearing .........................$ 136
Interest-bearing ............................ 23,409
Federal funds purchased and securities sold under agree-
ments to repurchase in domestic offices of the bank and
of its Edge and Agreement subsidiaries, and in IBF's
Federal funds purchased ............................ 9,006
Securities sold under agreements to repurchase ..... 685
Demand notes issued to the U.S. Treasury .............. 1,502
Other Borrowed money .................................. 8,152
Mortgage indebtedness and obligations under capitalized
leases ............................................. 18
Bank's liability on acceptances executed and outstanding 1,249
Subordinated notes and debentures ..................... 3,350
Other liabilities ..................................... 5,267
TOTAL LIABILITIES ..................................... 103,309
EQUITY CAPITAL
Common stock .......................................... 620
Surplus ............................................... 4,501
Undivided profits and capital reserves ................ 2,565
Cumulative foreign currency translation adjustments ... (5)
TOTAL EQUITY CAPITAL .................................. 7,681
TOTAL LIABILITIES, LIMITED-LIFE PREFERRED
STOCK AND EQUITY CAPITAL .......................... $110,990
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I, Joseph L. Sclafani, S.V.P. & Controller 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.
JOSEPH L. SCLAFANI
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 confor-
mance with the instructions and is true and correct.
JOHN F. McGILLICUDDY )
WALTER V. SHIPLEY )DIRECTORS
EDWARD D. MILLER )
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