Exhibit T-1.7
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF
A CORPORATION DESIGNATED TO ACT AS TRUSTEE
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CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY
OF A TRUSTEE PURSUANT TO SECTION 305(B)(2)
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U.S. TRUST COMPANY, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)
95-4311476
(I.R.S. employer
Identification No.)
515 South Flower Street, Suite 2700
Los Angeles, CA 90071
(Address of principal (Zip Code)
executive offices)
DWIGHT LIU
515 South Flower Street, Suite 2700
Los Angeles, California 90071
(213) 861-5000
(Name, address, including zip code and telephone number of agent for service)
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GOLDEN NORTHWEST ALUMINUM, INC.
(Exact name of obligor as specified in its charter)
OREGON 93-1249606
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
3313 W. Second Street
The Dalles, Oregon 97058
(Address of principal chief executive offices)
Northwest Aluminum Company
Northwest Aluminum Specialties, Inc.
Northwest Aluminum Technologies, LLC
Goldendale Holding Company
Goldendale Aluminum Company
(Exact name of guarantors as specified in their charters)
Oregon 93-0905834
Oregon 93-1019176
Washington 93-1196863
Delaware 91-1785763
Delaware 91-1380241
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
12% First Mortgage Notes due 2006
(Title of indenture securities)
GENERAL
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.
Comptroller of the Currency
490 L'Enfant Plaza East, S.W.
Washington, D.C. 20219
Federal Deposit Insurance Corporation
550 17th Street, N.W.
Washington, D.C. 20429
Federal Reserve Bank (12th District)
San Francisco, California
(b) Whether it is authorized to exercise corporate trust powers.
The trustee is authorized to exercise corporate trust powers.
2. Affiliations with the Obligor
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None.
3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 and 15.
The obligor currently is not in default under any of its outstanding
securities for which U.S. Trust Company, National Association is Trustee.
Accordingly, responses to Items 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 and 15
of Form T-1 are not required under General Instruction B.
16. List of Exhibits
T-1.1 - A copy of the Articles of Association of U.S. Trust Company,
National Association currently in effect; incorporated herein by reference to
Exhibit T-1.1 filed with Form T-1 Statement, Registration No. 333-59485.
T-1.2 - A copy of the certificate of authority of the trustee to commence
business, if not contained in the articles of association, incorporated herein
by reference to Exhibit T-1.1 filed with Form T-1 Statement, Registration No.
33-33031.
T-1.3 -A copy of the authorization of the trustee to exercise corporate
trust powers, if such authorization is not contained in the documents specified
in paragraph (1) or (2) above, incorporated herein by reference to Exhibit T-1.1
filed with Form T-1 Statement, Registration No. 33-33031.
T-1.4 - A copy of the By-Laws of U.S. Trust Company, National Association,
as amended to date; incorporated by reference to Exhibit T-1.4 filed with Form
T-1 Statement, Registration No. 33-54136.
T-1.6 - The consent of the trustee required by Section 321(b) of the Trust
Indenture Act of 1939; incorporated herein by reference to Exhibit T-1.6 filed
with Form T-1 Statement, Registration No. 33-33031.
T-1.7 - A copy of the latest report of condition of the trustee published
pursuant to law or the requirements of its supervising or examining authority
T-1.8 - Not applicable.
T-1.9 - Not applicable.
NOTE
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As of April 7, 1999, the Trustee had 20,000 shares of Capital Stock outstanding,
all of which are owned by U.S. Trust Corporation.
The responses to Items 2, 5, 6, 7, 8, 9, 10, 11 and 14 set forth the information
requested as though U. S. Trust Company, National Association and U.S. Trust
Corporation were the "trustee."
In answering Item 2 in this statement of eligibility as to matters peculiarly
within the knowledge of the obligor or its directors, the trustee has relied
upon information furnished to it by the obligor and will rely on information to
be furnished by the obligor and the trustee disclaims responsibility for the
accuracy or completeness of such information.
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Pursuant to the requirements of the Trust Indenture of Act of 1939, the trustee,
U.S. Trust Company, National Association, a corporation organized and existing
under the laws of the State of California, 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 Los Angeles, and State of
California, on the 7th day of April 1999.
U.S. TRUST COMPANY, NATIONAL ASSOCIATION
Trustee
By: SANDEE PARKS
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Sandee Parks
Authorized Signatory
U.S. Trust Company, N.A. Call Date: 12/31/98 ST-BK: 06-0784 FFIEC 033
515 South Flower Street, Suite 2700 Vendor ID: D Cert #: 33332 Page RC-1
Los Angeles, CA 90071 Transit 12204024
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CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL
AND STATE-CHARTERED SAVINGS BANKS FOR DECEMBER 31, 1998
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.
Schedule RC - Balance Sheet
C200
Dollar Amounts in Thousands
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ASSETS RCON
1. Cash and balances due from depository institutions (from Schedule RC-A) ----
a. Noninterest-bearing balances and currency and coin (1)_________________ _______ _______ 0081 10,239 1.a
b. Interest bearing balances (2)__________________________________________ _______ _______ 0071 199 1.b
2. Securities:
a. Held-to-maturity securities (from Schedule RC-B, column A)_____________ _______ _______ 1754 0 2.a
b. Available-for-sale securities (from Schedule RC-B, column D)___________ _______ _______ 1773 167,359 2.b
3. Federal funds sold and securities purchased under agreements to resell______ _______ _______ 1350 65,000 3.
RCON
4. Loans and lease financing receivables: ----
a. Loans and leases, net of unearned income (from Schedule RC-C)__________ 2122 60,536 4.a
b. LESS: Allowance for loan and lease losses_____________________________ 3123 979 4.b
c. LESS: Allocated transfer risk reserve_________________________________ 3128 0 4.c
RCON
d. Loans and leases, net of unearned income, allowance, and reserve ----
(item 4.a minus 4.b and 4.c)___________________________________________ _______ _______ 2125 59,557 4.d
5. Trading assets______________________________________________________________ _______ _______ 3545 0 5.
6. Premises and fixed assets (including capitalized leases)____________________ _______ _______ 2145 9,041 6.
7. Other real estate owned (from Schedule RC-M)________________________________ _______ _______ 2150 0 7.
8. Investments in unconsolidated subsidiaries and associated companies
(from Schedule RC-M)________________________________________________________ _______ _______ 2130 0 8.
9 Customers' liability to this bank on acceptances outstanding________________ _______ _______ 2155 0 9.
10. Intangible assets (from Schedule RC-M)______________________________________ _______ _______ 2143 30,166 10.
11. Other assets (from Schedule RC-F)___________________________________________ _______ _______ 2160 6,802 11.
12. Total assets (sum of items 1 through 11)____________________________________ _______ _______ 2170 348,363 12.
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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.
U.S. Trust Company, N.A. Call Date: 12/31/98 ST-BK: 06-0784 FFIEC 033
515 South Flower Street, Suite 2700 Vendor ID: D Cert #: 33332 Page RC-2
Los Angeles, CA 90071 Transit 12204024
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Schedule RC - Continued
Dollar Amounts in Thousands
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LIABILITIES
13. Deposits: RCON
a. In domestic offices (sum of totals of columns A and C from ----
Schedule RC-E)_________________________________________________________ 2200 291,235 13.a
RCON
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(1) Noninterest-bearing (1)___________________________________________ 6631 84,867 13.a.1
(2) Interest-bearing__________________________________________________ 6636 206,368
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs
(1) Noninterest-bearing_______________________________________________
(2) Interest-bearing__________________________________________________
RCON
14. Federal funds purchased (2) and securities sold under agreements to ----
repurchase:_________________________________________________________________ 2800 0 14
15. a. Demand notes issued to the U.S. Treasury_______________________________ _______ _______ 2840 0 15.a
b. Trading liabilities____________________________________________________ _______ _______ 3548 0 15.b
16. Other borrowed money (includes mortgage indebtedness and obligations
under capitalized leases):
a. With a remaining maturity of one year or less__________________________ _______ _______ 2332 0 16.a
b. With a remaining maturity of more than one year through three
years__________________________________________________________________ _______ _______ A547 0 16.b
c. With a remaining maturity of more than three years_____________________ _______ _______ A548 0 16.c
17. Not applicable
18. Bank's liability on acceptances executed and outstanding____________________ _______ _______ 2920 0 18.
19. Subordinated notes and debentures___________________________________________ _______ _______ 3200 0 19.
20. Other liabilities (from Schedule RC-G)______________________________________ _______ _______ 2930 9,492 20.
21. Total liabilities (sum of items 13 through 20)______________________________ _______ _______ 2948 300,727 21.
22. Not applicable
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus_______________________________ _______ _______ 3838 5,000 23.
24. Common stock________________________________________________________________ _______ _______ 3230 2,000 24.
25. Surplus (exclude all surplus related to preferred stock)____________________ _______ _______ 3839 25,004 25.
26. a. Undivided profits and capital reserves__________________________________ _______ _______ 3632 14,703 26.a
b. Net unrealized holding gains (losses) on available-for-sale securities__ _______ _______ 8434 929 26.b
27. Cumulative foreign currency translation adjustments_________________________
28. a. Total equity capital (sum of items 23 through 27)_______________________ _______ _______ 3210 47,636 28.
29. Total liabilities and equity capital (sum of items 21 and 28)_______________ _______ _______ 3300 348,363 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 RCON
that best describes the most comprehensive level of auditing work ----
performed for the bank by independent external auditors as of any 6724 N/A M.1
date during 1997______________________________________________________________________
1 = Independent audit of the bank conducted in accordance 4 = Directors' examination of the bank performed by other
with generally accepted auditing standards by certified external auditors (may be required by state chartering
public accounting firm which submits a report on the bank authority)
2 = Independent audit of the bank's parent holding company 5 = Review of the bank's financial statements by external
conducted in accordance with generally accepted auditing auditors
standards by a certified public accounting firm which 6 = Compilation of the bank's financial statements by
submits a report on the consolidated holding company (but external auditors
not on the bank separately) 7 = Other audit procedures (excluding tax preparation
3 = Directors' examination of the bank conducted in accordance work)
with generally accepted auditing standards by a certified 8 = No external audit work
public accounting firm (may be required by state chartering
authority)
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(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited life preferred stock and related surplus.