Exhibit 25
-----------------------------------------------
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) ________
-------------------------------------
THE CHASE MANHATTAN 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)
----------------------------------------
MERRILL LYNCH & CO., INC.
(Exact name of obligor as specified in its charter)
DELAWARE 13-2740599
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
MERRILL LYNCH PREFERRED FUNDING III, L.P.
(Exact name of obligor as specified in its certificate of limited partnership)
DELAWARE APPLIED FOR
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
MERRILL LYNCH PREFERRED CAPITAL TRUST III
(Exact name of obligor as specified in its certificate of trust)
DELAWARE APPLIED FOR
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
WORLD FINANCIAL CENTER
NORTH TOWER
NEW YORK, NEW YORK 10281-1334
(Address of principal executive offices) (Zip Code)
------------------------------------------------------------
TRUST ORIGINATED PREFERRED SECURITIES OF MERRILL LYNCH PREFERRED CAPITAL TRUST
III PARTNERSHIP PREFERRED SECURITIES OF MERRILL LYNCH PREFERRED FUNDING III,
L.P. GUARANTEE OF MERRILL LYNCH & CO., INC. WITH RESPECT TO TRUST PREFERRED
SECURITIES
GUARANTEE OF MERRILL LYNCH & CO., INC. WITH RESPECT TO PARTNERSHIP PREFERRED
SECURITIES
GUARANTEES OF MERRILL LYNCH & CO., INC. WITH RESPECT TO CERTAIN DEBENTURES
OF ITS WHOLLY OWNED SUBSIDIARIES (THE "AFFILIATED DEBENTURES")
SUBORDINATED DEBENTURE OF MERRILL LYNCH & CO., INC.
(Title of the indenture securities)
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, Suite 2310, 5 Empire State Plaza,
Albany, New York 12223.
Board of Governors of the Federal Reserve System, 20th and C Street
NW, Washington, D.C., 20551
Federal Reserve Bank of New York, District No. 2, 33 Liberty Street,
New York, N.Y.
Federal Deposit Insurance Corporation, 550 Seventeenth Street,
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.
-2-
Item 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, December 2, 1991 and July 10, 1996 (see Exhibit 1 to Form T-1
filed in connection with Registration Statement No. 333-06249, 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 July 14, 1996,
in connection with the merger of Chemical Bank and The Chase Manhattan Bank
(National Association), Chemical Bank, the surviving corporation, was renamed
The Chase Manhattan 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. 333-06249, 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 July 14, 1996, in connection
with the merger of Chemical Bank and The Chase Manhattan Bank (National
Association), Chemical Bank, the surviving corporation, was renamed The Chase
Manhattan 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, The Chase Manhattan 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 December, 1997
THE CHASE MANHATTAN BANK
By /s/ James D. Heaney
---------------------------------
James D. Heaney, Vice President
-3-
Exhibit 7 to Form T-1
Bank Call Notice
RESERVE DISTRICT NO. 2
CONSOLIDATED REPORT OF CONDITION OF
The Chase Manhattan 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, 1997, 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 ...................................... $ 11,760
Interest-bearing balances .............................. 4,343
Securities: .................................................
Held to maturity securities.................................. 2,704
Available for sale securities................................ 37,885
Federal funds sold and securities purchased under
agreements to resell ................................... 27,358
Loans and lease financing receivables:
Loans and leases, net of unearned income $127,370
Less: Allowance for loan and lease losses 2,760
Less: Allocated transfer risk reserve ........ 13
--------
Loans and leases, net of unearned income,
allowance, and reserve ................................. 124,597
Trading Assets .............................................. 64,630
Premises and fixed assets (including capitalized
leases)................................................. 2,925
Other real estate owned ..................................... 286
Investments in unconsolidated subsidiaries and
associated companies.................................... 232
Customers' liability to this bank on acceptances
outstanding ............................................ 2,212
Intangible assets .............................................................
1,480
Other assets ................................................ 11,117
--------
TOTAL ASSETS................................................. $291,529
========
- 4 -
LIABILITIES
Deposits
In domestic offices .................................... $ 86,574
Noninterest-bearing .................................... $ 31,818
Interest-bearing ....................................... 54,756
--------
In foreign offices, Edge and Agreement subsidiaries,
and IBF's............................................... 69,887
Noninterest-bearing ......................................... $ 3,777
Interest-bearing ....................................... 66,110
Federal funds purchased and securities sold under agree-
ments to repurchase
............................................................. 45,307
Demand notes issued to the U.S. Treasury .................... 161
Trading liabilities ......................................... 47,406
Other borrowed money (includes mortgage indebtedness
and obligations under capitalized leases):
With a remaining maturity of one year or less .......... 4,578
With a remaining maturity of more than one year
through three years.............................. 261
With a remaining maturity of more than three years..... 131
Bank's liability on acceptances executed and outstanding..... 2,212
Subordinated notes and debentures ........................... 5,715
Other liabilities ........................................... 12,355
TOTAL LIABILITIES ........................................... 274,587
--------
EQUITY CAPITAL
Perpetual preferred stock and related surplus................ 0
Common stock ................................................ 1,211
Surplus (exclude all surplus related to preferred stock).... 10,294
Undivided profits and capital reserves ...................... 5,414
Net unrealized holding gains (losses)........................
on available-for-sale securities ............................ 7
Cumulative foreign currency translation adjustments ......... 16
TOTAL EQUITY CAPITAL ........................................ 16,942
______
TOTAL LIABILITIES AND EQUITY CAPITAL ........................ $291,529
========
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.
WALTER V. SHIPLEY )
THOMAS G. LABRECQUE ) DIRECTORS
WILLIAM B. HARRISON, JR.)
-5-
-----------------------------------------------
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) ________
-------------------------------------
THE CHASE MANHATTAN 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)
----------------------------------------
MERRILL LYNCH & CO., INC.
(Exact name of obligor as specified in its charter)
DELAWARE 13-2740599
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
MERRILL LYNCH PREFERRED FUNDING IV, L.P.
(Exact name of obligor as specified in its certificate of limited partnership)
DELAWARE APPLIED FOR
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
MERRILL LYNCH PREFERRED CAPITAL TRUST IV
(Exact name of obligor as specified in its certificate of trust)
DELAWARE APPLIED FOR
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
WORLD FINANCIAL CENTER
NORTH TOWER
NEW YORK, NEW YORK 10281-1334
(Address of principal executive offices) (Zip Code)
------------------------------------------------------------
TRUST ORIGINATED PREFERRED SECURITIES OF MERRILL LYNCH PREFERRED CAPITAL TRUST
IV PARTNERSHIP PREFERRED SECURITIES OF MERRILL LYNCH PREFERRED FUNDING IV,
L.P. GUARANTEE OF MERRILL LYNCH & CO., INC. WITH RESPECT TO TRUST PREFERRED
SECURITIES
GUARANTEE OF MERRILL LYNCH & CO., INC. WITH RESPECT TO PARTNERSHIP PREFERRED
SECURITIES
GUARANTEES OF MERRILL LYNCH & CO., INC. WITH RESPECT TO CERTAIN DEBENTURES
OF ITS WHOLLY OWNED SUBSIDIARIES (THE "AFFILIATED DEBENTURES")
SUBORDINATED DEBENTURE OF MERRILL LYNCH & CO., INC.
(Title of the indenture securities)
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, Suite 2310, 5 Empire State Plaza,
Albany, New York 12223.
Board of Governors of the Federal Reserve System, 20th and C Street
NW, Washington, D.C., 20551
Federal Reserve Bank of New York, District No. 2, 33 Liberty Street,
New York, N.Y.
Federal Deposit Insurance Corporation, 550 Seventeenth Street,
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.
-2-
Item 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, December 2, 1991 and July 10, 1996 (see Exhibit 1 to Form T-1
filed in connection with Registration Statement No. 333-06249, 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 July 14, 1996,
in connection with the merger of Chemical Bank and The Chase Manhattan Bank
(National Association), Chemical Bank, the surviving corporation, was renamed
The Chase Manhattan 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. 333-06249, 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 July 14, 1996, in connection
with the merger of Chemical Bank and The Chase Manhattan Bank (National
Association), Chemical Bank, the surviving corporation, was renamed The Chase
Manhattan 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, The Chase Manhattan 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 December, 1997
THE CHASE MANHATTAN BANK
By /s/ James D. Heaney
---------------------------------
James D. Heaney, Vice President
-3-
Exhibit 7 to Form T-1
Bank Call Notice
RESERVE DISTRICT NO. 2
CONSOLIDATED REPORT OF CONDITION OF
The Chase Manhattan 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, 1997, 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 ...................................... $ 11,760
Interest-bearing balances .............................. 4,343
Securities: .................................................
Held to maturity securities.................................. 2,704
Available for sale securities................................ 37,885
Federal funds sold and securities purchased under
agreements to resell ................................... 27,358
Loans and lease financing receivables:
Loans and leases, net of unearned income $127,370
Less: Allowance for loan and lease losses 2,760
Less: Allocated transfer risk reserve ........ 13
--------
Loans and leases, net of unearned income,
allowance, and reserve ................................. 124,597
Trading Assets .............................................. 64,630
Premises and fixed assets (including capitalized
leases)................................................. 2,925
Other real estate owned ..................................... 286
Investments in unconsolidated subsidiaries and
associated companies.................................... 232
Customers' liability to this bank on acceptances
outstanding ............................................ 2,212
Intangible assets .......................................... 1,480
Other assets ................................................ 11,117
--------
TOTAL ASSETS................................................. $291,529
========
- 4 -
LIABILITIES
Deposits
In domestic offices .................................... $ 86,574
Noninterest-bearing .................................... $ 31,818
Interest-bearing ....................................... 54,756
--------
In foreign offices, Edge and Agreement subsidiaries,
and IBF's............................................... 69,887
Noninterest-bearing ......................................... $ 3,777
Interest-bearing ....................................... 66,110
Federal funds purchased and securities sold under agree-
ments to repurchase
............................................................. 45,307
Demand notes issued to the U.S. Treasury .................... 161
Trading liabilities ......................................... 47,406
Other borrowed money (includes mortgage indebtedness
and obligations under capitalized leases):
With a remaining maturity of one year or less .......... 4,578
With a remaining maturity of more than one year
through three years.............................. 261
With a remaining maturity of more than three years..... 131
Bank's liability on acceptances executed and outstanding..... 2,212
Subordinated notes and debentures ........................... 5,715
Other liabilities ........................................... 12,355
TOTAL LIABILITIES ........................................... 274,587
--------
EQUITY CAPITAL
Perpetual preferred stock and related surplus................ 0
Common stock ................................................ 1,211
Surplus (exclude all surplus related to preferred stock).... 10,294
Undivided profits and capital reserves ...................... 5,414
Net unrealized holding gains (losses)........................
on available-for-sale securities ............................ 7
Cumulative foreign currency translation adjustments ......... 16
TOTAL EQUITY CAPITAL ........................................ 16,942
______
TOTAL LIABILITIES AND EQUITY CAPITAL ........................ $291,529
========
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.
WALTER V. SHIPLEY )
THOMAS G. LABRECQUE ) DIRECTORS
WILLIAM B. HARRISON, JR.)
-5-