SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
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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) __
STATE STREET BANK AND TRUST COMPANY
(Exact name of trustee as specified in its charter)
Massachusetts 04-1867445
(Jurisdiction of incorporation or (I.R.S. Employer
organization if not a U.S. national bank) Identification No.)
225 Franklin Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip Code)
John R. Towers, Esq. Executive Vice President and General Counsel
225 Franklin Street, Boston, Massachusetts 02110
(617) 654-3253
(Name, address and telephone number of agent for service)
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U.S. OFFICE PRODUCTS COMPANY
(Exact name of obligor as specified in its charter)
Delaware 52-1906050
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1025 Thomas Jefferson Street, N.W., Suite 600 East
Washington, DC 20007
(202) 339-6700
(Address of principal executive offices) (Zip Code)
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$400,000,000 9 3/4% Senior Subordinated Notes Due 2008
(Title of indenture securities)
GENERAL
Item 1. General Information.
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervisory
authority to which it is subject.
Department of Banking and Insurance of The Commonwealth
of Massachusetts, 100 Cambridge Street, Boston,
Massachusetts.
Board of Governors of the Federal Reserve System,
Washington, D.C., Federal Deposit Insurance Corporation,
Washington, D.C.
(b) Whether it is authorized to exercise corporate trust
powers.
Trustee is authorized to exercise corporate
trust powers.
Item 2. Affiliations with Obligor.
If the Obligor is an affiliate of the trustee, describe each
such affiliation.
The obligor is not an affiliate of the trustee or of its
parent, State Street Boston Corporation.
(See note on page 2.)
Item 3. through Item 15. Not applicable.
Item 16. List of Exhibits.
List below all exhibits filed as part of this statement of
eligibility.
1. A copy of the articles of association of the trustee as now
in effect.
A copy of the Articles of Association of the trustee, as
now in effect, is on file with the Securities and
Exchange Commission as Exhibit 1 to Amendment No. 1 to
the Statement of Eligibility and Qualification of
Trustee (Form T-1) filed with the Registration Statement
of Morse Shoe, Inc. (File No.22-17940) and is
incorporated herein by reference thereto.
2. A copy of the certificate of authority of the trustee to
commence business, if not contained in the articles of association.
A copy of a Statement from the Commissioner of Banks of
Massachusetts that no certificate of authority for the
trustee to commence business was necessary or issued is
on file with the Securities and Exchange Commission as
Exhibit 2 to Amendment No. 1 to the Statement of
Eligibility and Qualification of Trustee (Form T-1)
filed with the Registration Statement of Morse Shoe,
Inc. (File No.22-17940) and is incorporated herein by
reference thereto.
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.
A copy of the authorization of the trustee to exercise
corporate trust powers is on file with the Securities
and Exchange Commission as Exhibit 3 to Amendment No. 1
to the Statement of Eligibility and Qualification of
Trustee (Form T-1) filed with the Registration Statement
of Morse Shoe, Inc.(File No. 22-17940) and is
incorporated herein by reference thereto.
4. A copy of the existing by-laws of the trustee, or
instruments corresponding thereto.
A copy of the by-laws of the trustee, as now in effect,
is on file with the Securities and Exchange Commission
as Exhibit 4 to the Statement of Eligibility and
Qualification of Trustee (Form T-1) filed with
the Registration Statement of Eastern Edison Company
(File No. 33-37823) and is incorporated herein by
reference thereto.
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5. A copy of each indenture referred to in Item 4. if the
obligor is in default.
Not applicable.
6. The consents of United States institutional trustees
required by Section 321(b) of the Act.
The consent of the trustee required by Section 321(b) of
the Act is annexed hereto as Exhibit 6 and made a part
hereof.
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.
A copy of the latest report of condition of the trustee
published pursuant to law or the requirements of its
supervising or examining authority is annexed hereto as
Exhibit 7 and made a part hereof.
NOTES
In answering any item of this Statement of Eligibility which
relates to matters peculiarly within the knowledge of the obligor or any
underwriter for the obligor, the trustee has relied upon information furnished
to it by the obligor and the underwriters, and the trustee disclaims
responsibility for the accuracy or completeness of such information.
The answer furnished to Item 2. of this statement will be
amended, if necessary, to reflect any facts which differ from those stated and
which would have been required to be stated if known at the date hereof.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of
1939, as amended, the trustee, State Street Bank and Trust Company, a
corporation organized and existing under the laws of The Commonwealth of
Massachusetts, has duly caused this statement of eligibility to be signed on its
behalf by the undersigned, thereunto duly authorized, all in the City of Boston
and The Commonwealth of Massachusetts, on the 21st day of July, 1998.
STATE STREET BANK AND TRUST COMPANY
By: /s/ Earl W. Dennison Jr.
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Earl W. Dennison Jr.
Vice President
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EXHIBIT 6
CONSENT OF THE TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust
Indenture Act of 1939, as amended, in connection with the proposed issuance by
U.S. Office Products Company of its 9 3/4% Senior Subordinated Notes, we hereby
consent that reports of examination by Federal, State, Territorial or District
authorities may be furnished by such authorities to the Securities and Exchange
Commission upon request therefor.
STATE STREET BANK AND TRUST COMPANY
By: /s/ Earl W. Dennison Jr.
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Earl W. Dennison Jr.
Vice President
Dated: July 21, 1998
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EXHIBIT 7
Consolidated Report of Condition of State Street Bank and Trust Company,
Massachusetts and foreign and domestic subsidiaries, a state banking institution
organized and operating under the banking laws of this commonwealth and a member
of the Federal Reserve System, at the close of business March 31, 1998,
published in accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act and in accordance
with a call made by the Commissioner of Banks under General Laws, Chapter 172,
Section 22(a).
Thousands of
Dollars
ASSETS
Cash and balances due from depository institutions:
Noninterest-bearing balances and currency and coin ................................... 1,144,309
Interest-bearing balances............................................................. 9,914,704
Securities.............................................................................. 10,062,052
Federal funds sold and securities purchased
under agreements to resell in domestic offices
of the bank and its Edge subsidiary................................................... 8,073,970
Loans and lease financing receivables:
Loans and leases, net of unearned income ....... .... 6,433,627
Allowance for loan and lease losses.................. 88,820
Allocated transfer risk reserve...................... 0
Loans and leases, net of unearned income and allowances .............................. 6,344,807
Assets held in trading accounts......................................................... 1,117,547
Premises and fixed assets............................................................... 453,576
Other real estate owned................................................................. 100
Investments in unconsolidated subsidiaries.............................................. 44,985
Customers' liability to this bank on acceptances outstanding ........................... 66,149
Intangible assets....................................................................... 263,249
Other assets............................................................................ 1,066,572
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Total assets............................................................................ 38,552,020
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LIABILITIES
Deposits:
In domestic offices................................................................... 9,266,492
Noninterest-bearing....................... 6,824,432
Interest-bearing ......................... 2,442,060
In foreign offices and Edge subsidiary................................................ 14,385,048
Noninterest-bearing...................... 75,909
Interest-bearing ........................ 14,309,139
Federal funds purchased and securities sold under
agreements to repurchase in domestic offices of
the bank and of its Edge subsidiary................................................. 9,949,994
Demand notes issued to the U.S. Treasury and Trading Liabilities ....................... 171,783
Trading liabilities..................................................................... 1,078,189
Other borrowed money.................................................................... 406,583
Subordinated notes and debentures....................................................... 0
Bank's liability on acceptances executed and outstanding ............................... 66,149
Other liabilities....................................................................... 878,947
Total liabilities....................................................................... 36,203,185
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EQUITY CAPITAL
Perpetual preferred stock and related surplus........................................... 0
Common stock............................................................................ 29,931
Surplus................................................................................. 450,003
Undivided profits and capital reserves/Net unrealized holding gains (losses) ........... 1,857,021
Net unrealized holding gains (losses) on available-for-sale securities.................. 18,136
Cumulative foreign currency translation adjustments..................................... (6,256)
Total equity capital.................................................................... 2,348,835
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Total liabilities and equity capital.................................................... 38,552,020
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I, Rex S. Schuette, Senior Vice President and Comptroller of the above named
bank do hereby declare that this Report of Condition has been prepared in
conformance with the instructions issued by the Board of Governors of the
Federal Reserve System and is true to the best of my knowledge and belief.
Rex S. Schuette
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 Board of Governors of the Federal Reserve System and is true and
correct.
David A. Spina
Marshall N. Carter
Truman S. Casner
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