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)____
--------------------------
U.S. TRUST COMPANY OF CALIFORNIA, N.A.
(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)
----------------------------
Perry-Judd's Incorporated
(Exact name of obligor as specified in its charter)
DELAWARE 51-0365965
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
575 West Madision Street
Waterloo, WY 53594
(Address of principal chief executive offices)
Perry-Judd's Incorporated
(Exact name of guarantor as specified in its charter)
Delaware 51-0365965
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Perry Graphic Communications, Inc.
(Exact name of guarantor as specified in its charter)
Delaware 51-0365772
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Judd's, Incorporated
(Exact name of guarantor as specified in its charter)
Maryland 51-1051630
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Judd & Detweiler, Inc.
(Exact name of guarantor as specified in its charter)
Washington, D.C. 53-0091660
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Mount Jackson Press, Inc.
(Exact name of guarantor as specified in its charter)
Virginia 62-1238824
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Port City Press, Inc.
(Exact name of guarantor as specified in its charter)
Maryland 52-0736485
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Shenandoah Valley Press
(Exact name of guarantor as specified in its charter)
Virginia 52-1016758
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Judd's Online, Inc.
(Exact name of guarantor as specified in its charter)
Washington, D.C. 54-1895254
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
10.5/8% Senior Subordinated Notes, Due 2007, Series A
(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 of California, N.A. 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 of
California, N.A. currently in effect; incorporated herein by reference to
Exhibit T-1.1 filed with Form T-1 Statement, Registration No. 33-33031.
T-1.2 - Included in Exhibit T-1.1
T-1.3 - Included in Exhibit T-1.1
T-1.4 - A copy of the By-Laws of U.S. Trust Company of California, N.A.,
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
NOTE
As of April 21, 1998 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 of California, N.A. 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.
-----------------------------
Pursuant to the requirements of the Trust Indenture of Act of 1939, the trustee,
U.S. Trust Company of California, N.A., a corporation organized and existing
under the laws of the Unites 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 Los Angeles, and State of
California, on the 21th day of April 1998.
U.S. TRUST COMPANY OF CALIFORNIA, N.A.
Trustee
By: /s/ Deborah Young
-------------------------------------------
Deborah Young
Authorized Signatory
U.S. TRUST COMPANY OF CALIFORNIA, N.A. Call Date: 12/31/97 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
----------
9
----------
CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL
AND STATE-CHARTERED SAVINGS BANKS FOR DECEMBER 31, 1997
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
- ------------------------------------------------------------------------------------------------------------------------------
ASSETS
1. Cash and balances due from depository institutions (from Schedule RC-A) RCON
----
a. Noninterest-bearing balances and currency and coin (1)_________________ ______ _______ 0081 7,614 1.a
-------
b. Interest bearing balances (2)__________________________________________ ______ _______ 0071 239 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 178,381 2.b
-------
3. Federal funds sold and securities purchased under agreements to resell_____ ______ _______ 1350 60,000 3.
-------
4. Loans and lease financing receivables: RCON
----
a. Loans and leases, net of unearned income (from Schedule RC-C)__________ 2122 55706 4.a
--------
b. LESS: Allowance for loan and lease losses_____________________________ 3123 1,000 4.b
--------
c. LESS: Allocated transfer risk reserve_________________________________ 3128 0 4.c
--------
d. Loans and leases, net of unearned income, allowance, and reserve RCON 54,706
---- -------
(item 4.a minus 4.b and 4.c)__________________________________________ ______ _______ 2125 4.d
5. Trading assets__________________________________________________________ ______ _______ 3545 0 5.
-------
6. Premises and fixed assets (including capitalized leases)___________________ ______ _______ 2145 6,801 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 2,380 10.
-------
11. Other assets (from Schedule RC-F)_______________________________________ ______ _______ 2160 5,307 11.
-------
12. Total assets (sum of items 1 through 11)________________________________ ______ _______ 2170 315,428 12.
-------
- -------------
(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 OF CALIFORNIA, N.A. Call Date: 12/31/97 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
----------
10
----------
SCHEDULE RC - CONTINUED
Dollar Amounts in Thousands
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of RCON
----
columns A and C from Schedule RC-E)__________________________________ 2200 277,226 13.a
RCON
----
(1) Noninterest-bearing (1)__________________________________________ 6631 33,806 13.a.1
-------
(2) Interest-bearing ________________________________________________ 6636 243,420
-------
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs
(1) Noninterest-bearing___________________________________________
(2) Interest-bearing________________________________________________
14. Federal funds purchased(2) and securities sold under agreements to RCON 0 14
---- -------
repurchase: 2800
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 8,609 20.
-------
21. Total liabilities (sum of items 13 through 20)_____________________________ ______ _______ 2948 285,835 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 12,745 25.
-------
26. a. Undivided profits and capital reserves_________________________________ ______ ______ 3632 8,609 26.a
-------
b. Net unrealized holding gains (losses) on available-for-sale securities _______ ______ 8434 1,239 26.b
-------
27. Cumulative foreign currency translation adjustments_______________________
28. a. Total equity capital (sum of items 23 through 27)______________________ ______ ______ 3210 29,593 28.
-------
29. Total liabilities and equity capital (sum of items 21 and 28)______________ ______ ______ 3300 315,428 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 that best
describes the most comprehensive level of auditing work performed for the
bank by independent external auditors as RCON
----
of any date during 1996_______________________________________________________________________ 6724 N/A M.1
1 = Independent audit of the bank conducted in accordance with generally
accepted auditing standards by certified public accounting firm which
submits a report on the bank
2 = Independent audit of the bank's parent holding company conducted in
accordance with generally accepted auditing standards by a certified public
accounting firm which submits a report on the consolidated holding company
(but not on the bank separately)
3 = Directors' examination of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm (may be
required by state chartering authority)
4 = Directors' examination of the bank performed by other external auditors
(may be required by state chartering authority)
5 = Review of the bank's financial statements by external auditors
6 = Compilation of the bank's financial statements by external auditors
7 = Other audit procedures (excluding tax preparation work)
8 = No external audit work
- ---------
(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited life preferred stock and related surplus.