EXHIBIT 25.1
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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JPMORGAN CHASE 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
TELEPHONE: (212) 270-2611
(Name, address and telephone number of agent for service)
(1) EL PASO ENERGY PARTNERS, L.P.
(2) EL PASO ENERGY PARTNERS FINANCE CORPORATION
(Exact name of obligor as specified in its charter)
SEE TABLE OF ADDITIONAL OBLIGORS BELOW
(1) DELAWARE (1) 76-0396023
(2) DELAWARE (2) 76-0605880
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
1001 LOUISIANA STREET
HOUSTON, TEXAS 77002
(Address of principal executive offices) (Zip Code)
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8 1/2% SERIES B SUBORDINATED NOTES DUE 2011
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TABLE OF ADDITIONAL OBLIGORS
<Table>
<Caption>
ADDRESS, INCLUDING ZIP
CODE, AND TELEPHONE
NUMBER, INCLUDING AREA
STATE OR OTHER CODE, OF REGISTRANT'S
JURISDICTION OF IRS EMPLOYER PRINCIPAL EXECUTIVE
NAME INCORPORATION ID NO. OFFICES
---- --------------- ------------ ----------------------
Argo, L.L.C. Delaware 76-0396023 *
Argo I, L.L.C. Delaware 76-0396023 *
Argo II, L.L.C. Delaware 76-0396023 *
Chaco Liquids Plant Trust Massachusetts 76-0396023 *
Crystal Holding, L.L.C. Delaware 76-0396023 *
Delos Offshore Company, L.L.C. Delaware 76-0396023 *
East Breaks Gathering Company, L.L.C. Delaware 76-0396023 *
El Paso Energy Partners Deepwater, L.L.C. Delaware 76-0396023 *
El Paso Energy Partners Oil Transport, L.L.C. Delaware 76-0396023 *
El Paso Energy Partners Operating Company, L.L.C. Delaware 76-0396023 *
EPN NGL Storage, L.L.C. Delaware 76-0396023 *
First Reserve Gas. L.L.C. Delaware 76-0396023 *
Flextrend Development Company, L.L.C. Delaware 76-0396023 *
Green Canyon Pipeline Company, L.P. Delaware N/A *
Hattiesburg Gas Storage Company Delaware N/A *
Hattiesburg Industrial Gas Sales, L.L.C. Delaware 76-0396023 *
High Island Offshore System, L.L.C. Delaware 76-0396023 *
Manta Ray Gathering Company, L.L.C. Delaware 76-0396023 *
Petal Gas Storage, L.L.C. Delaware 76-0396023 *
Poseidon Pipeline Company, L.L.C. Delaware 76-0396023 *
VK Deepwater Gathering Company, L.L.C. Delaware 76-0396023 *
VK-Main Pass Gathering Company, L.L.C. Delaware 76-0396023 *
</Table>
* 4 East Greenway Plaza, Houston, Texas 77046, Telephone (713) 420-2600.
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.
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 AND GUARANTORS.
IF THE OBLIGOR OR ANY GUARANTOR IS AN AFFILIATE OF THE TRUSTEE,
DESCRIBE EACH SUCH AFFILIATION.
None.
ITEMS 3 THROUGH 15, INCLUSIVE, ARE NOT APPLICABLE BY VIRTUE OF T-1 GENERAL
INSTRUCTION B.
ITEM 16. LIST OF EXHIBITS
LIST BELOW ALL EXHIBITS FILED AS A PART OF THIS STATEMENT OF
ELIGIBILITY.
1. A copy of the Restated Organization Certificate of the Trustee dated
March 25, 1997 and the Certificate of Amendment dated October 22, 2001 (see
Exhibit 1 to Form T-1 filed in connection with Registration Statement No.
333-76894, 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). On November 11,
2001, in connection with the merger of The Chase Manhattan Bank and Morgan
Guaranty Trust Company of New York, the surviving corporation was renamed
JPMorgan Chase Bank.
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. 333-76894, which is
incorporated by reference).
5. Not applicable.
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). On November 11, 2001, in
connection with the merger of The Chase Manhattan Bank and Morgan Guaranty Trust
Company of New York, the surviving corporation was renamed JPMorgan Chase Bank.
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.
8. Not applicable.
9. Not applicable.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939 the
Trustee, JPMorgan Chase 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 Houston and State of Texas, on the 12th day of August, 2002.
JPMORGAN CHASE BANK
By: /s/ Rebecca A. Newman
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Rebecca A. Newman
Vice President and Trust Officer
Exhibit 7 to Form T-1
Bank Call Notice
RESERVE DISTRICT NO. 2
CONSOLIDATED REPORT OF CONDITION OF
JPMorgan Chase 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 March 31, 2002, in
accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.
<Table>
<Caption>
DOLLAR AMOUNTS
ASSETS IN MILLIONS
Cash and balances due from depository institutions:
Noninterest-bearing balances and
currency and coin .......................................... $ 22,028
Interest-bearing balances .................................. 9,189
Securities:
Held to maturity securities ..................................... 428
Available for sale securities ................................... 56,159
Federal funds sold and securities purchased under
agreements to resell
Federal funds sold in domestic offices ..................... 1,901
Securities purchased under agreements to resell ............ 69,260
Loans and lease financing receivables:
Loans and leases held for sale ............................. 13,042
Loans and leases, net of unearned income ......... $ 165,950
Less: Allowance for loan and lease losses ........ 3,284
Loans and leases, net of unearned income and
allowance .................................................. 162,666
Trading Assets .................................................. 152,633
Premises and fixed assets (including capitalized leases) ........ 5,737
Other real estate owned ......................................... 43
Investments in unconsolidated subsidiaries and
associated companies ....................................... 366
Customers' liability to this bank on acceptances
outstanding ................................................ 306
Intangible assets
Goodwill ................................................ 1,908
Other Intangible assets ................................. 7,218
Other assets .................................................... 38,458
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TOTAL ASSETS .................................................... $ 541,342
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</Table>
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<Table>
LIABILITIES
Deposits
In domestic offices ........................................................ $ 151,985
Noninterest-bearing .............................................. $ 66,567
Interest-bearing ................................................. 85,418
In foreign offices, Edge and Agreement subsidiaries and IBF's .............. 119,955
Noninterest-bearing .............................................. $ 6,741
Interest-bearing ................................................. 113,214
Federal funds purchased and securities sold under agreements to repurchase:
Federal funds purchased in domestic offices ................................ 12,983
Securities sold under agreements to repurchase ............................. 82,618
Trading liabilities ............................................................. 94,099
Other borrowed money (includes mortgage indebtedness
and obligations under capitalized leases) .................................. 10,234
Bank's liability on acceptances executed and outstanding ........................ 311
Subordinated notes and debentures ............................................... 9,679
Other liabilities ............................................................... 25,609
TOTAL LIABILITIES ............................................................... 507,473
Minority Interest in consolidated subsidiaries .................................. 109
EQUITY CAPITAL
Perpetual preferred stock and related surplus ................................... 0
Common stock .................................................................... 1,785
Surplus (exclude all surplus related to preferred stock) ....................... 16,304
Retained earnings ............................................................... 16,548
Accumulated other comprehensive income .......................................... (877)
Other equity capital components ................................................. 0
TOTAL EQUITY CAPITAL ............................................................ 33,760
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TOTAL LIABILITIES, MINORITY INTEREST, AND EQUITY CAPITAL ........................ $ 541,342
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</Table>
I, Joseph L. Sclafani, E.V.P. & Controller of the above-named bank, do hereby
declare that this Report of Condition has been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and is true
to the best of my knowledge and belief.
JOSEPH L. SCLAFANI
We, the undersigned directors, attest to the correctness of this Report of
Condition and 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
issued by the appropriate Federal regulatory authority and is true and correct.
WILLIAM B. HARRISON, JR. )
ELLEN V. FUTTER )
LAWRENCE A. BOSSIDY )
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