EX-25.1 74 dex251.htm STATEMENT OF ELIGIBILITY OF LASALLE BANK NATIONAL ASSOCIATION, AS TRUSTEE Statement of eligibility of LaSalle Bank National Association, as Trustee

Exhibit 25.1


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)  ¨

LASALLE BANK NATIONAL ASSOCIATION

(Exact name of trustee as specified in its charter)

36-0884183

(I.R.S. Employer Identification No.)

135 South LaSalle Street, Chicago, Illinois 60603

(Address of principal executive offices) (Zip Code)

 


Guy Rounsaville

Executive Vice President

General Counsel

Telephone: (312) 904-5469

135 South LaSalle Street, Suite 925

Chicago, Illinois 60603

(Name, address and telephone number of agent for service)

 


Owens Corning

(Exact name of obligor as specified in its charter)

 

Delaware   43-2109021

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

One Owens Corning Parkway

Toledo, Ohio

  43659
(Address of principal executive offices)   (Zip Code)

 


6.50% Senior Notes due 2016

7.00% Senior Notes due 2036

(Title of the indenture securities)

 



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.

 

  1. Comptroller of the Currency, Washington D.C.

 

  2. Federal Deposit Insurance Corporation, Washington, D.C.

 

  3. The Board of Governors of the Federal Reserve Systems, Washington, D.C.

 

  (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.

Not Applicable

 


* Pursuant to General Instruction B, the trustee has responded only to items 1, 2 and 16 of this form since to the best knowledge of the trustee the obligor is not in default under any indenture under which the trustee is a trustee.


ITEM 16. LIST OF EXHIBITS.

List below all exhibits filed as part of this statement of eligibility and qualification.

 

  1. A copy of the Articles of Association of LaSalle Bank National Association now in effect. (incorporated herein by reference to Exhibit 1 to Form T-1 filed as Exhibit 25 to Form S-3, dated June 28, 2006, in File No. 333-135417).

 

  2. A copy of the certificate of authority to commence business (incorporated herein by reference to Exhibit 2 filed with Form T-1 filed with the Current Report on Form 8-K, dated June 29, 2000, in File No. 333-61691).

 

  3. A copy of the authorization to exercise corporate trust powers (incorporated herein by reference to Exhibit 3 filed with Form T-1 filed with the Current Report on Form 8-K, dated June 29, 2000, in File No. 333-61691).

 

  4. A copy of the existing By-Laws of LaSalle Bank National Association (incorporated herein by reference to Exhibit 4 filed with Form T-1 filed as Exhibit 25 to Form S-3, dated June 28, 2006, in File No. 333-135417).

 

  5. Not applicable.

 

  6. The consent of the trustee required by Section 321(b) of the Trust Indenture Act of 1939 (incorporated herein by reference to Exhibit 6 filed with Form T-1 filed with the Current Report on Form 8-K, dated June 29, 2000, in File No. 333-61691).

 

  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, LaSalle Bank National Association, a corporation organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Chicago, State of Illinois, on the 12th day of April, 2007.

 

LASALLE BANK NATIONAL ASSOCIATION
By:  

/s/ Russell C. Bergman

Name:   Russell C. Bergman
Title:   First Vice President


LaSalle Bank N.A.

   Call Date: 12/31/2006    ST-BK: 17-1520    FFIEC    031

135 South LaSalle Street

            Page    RC-1

Chicago, IL 60603

   Vendor ID: D    CERT: 15407    11   

Transit Number: 71000505

Consolidated Report of Condition for Insured Commercial and State-Chartered Savings Banks for December 31, 2006

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

 

                 Dollar Amounts in Thousands      
ASSETS         
1.  

Cash and balances due from depository institutions (from Schedule RC-A):

   RCFD      
 

a. Noninterest-bearing balances and currency and coin (1)

   0081    2,229,087    1.a
 

b. Interest-bearing balances (2)

   0071    10,729    1.b
2.  

Securities:

        
 

a. Held-to-maturity securities (from Schedule RC-B, column A)

   1754    51,616    2.a
 

b. Available-for-sale securities (from Schedule RC-B, column D)

   1773    20,599,408    2.b
3.  

Federal funds sold and securities purchased under agreements to resell

        
 

a. Federal funds sold in domestic offices

   B987    316,355    3.a
 

b. Securities purchased under agreements to resell (3)

   B989    165,943    3.b
4.  

Loans and lease financing receivables (from schedule RC-C)

        
 

a. Loans and leases held for sale

   5369    1,913,918    4.a
 

b. Loans and leases, net of unearned income

   B528    42,909,034   
 

c. LESS: Allowance for loan and lease losses

   3123    666,554    4.c
 

d. Loans and leases, net of unearned income, allowance, and reserve (item 4.a minus 4.b and 4.c)

   B529    42,242,480    4.d
5.  

Trading assets (from Schedule RC-D)

   3545    1,862,146    5.
6.  

Premises and fixed assets (including capitalized leases)

   2145    245,605    6.
7.  

Other real estate owned (from Schedule RC-M)

   2150    17,138    7.
8.   Investments in unconsolidated subsidiaries and associated companies (from Schedule RC-M)    2130    0    8.
9.  

Not applicable

        
10.  

Intangible assets (from Schedule RC-M)

        
 

a. Goodwill

   3163    165,599    10.a
 

b. Other Intangible assets

   0426    0    10.b
11.  

Other assets (from Schedule RC-F)

   2160    3,146,505    11.
12.  

Total assets (sum of items 1 through 11)

   2170    72,966,529    12.

(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
(3) Includes all securities resale agreements in domestic and foreign offices, regardless of maturity.


LaSalle Bank N.A.    Call Date: 12/31/2006    ST-BK: 17-1520    FFIEC    031
135 South LaSalle Street             Page    RC- 2
Chicago, IL 60603    Vendor ID: D       CERT: 15407    12   

Transit Number: 71000505

Schedule RC—Continued

 

                 Dollar Amounts in Thousands      
LIABILITIES         
13.   Deposits:    RCON      
 

a. In domestic offices (sum of totals of columns A and C from Schedule RC-E, part I)

   2200    34,170,104    13.a
     RCON      
      (1) Noninterest-bearing (1)    6631    7,231,037    13.a.1
      (2) Interest-bearing    6636    26,939,067    13.a.2
 

b. In foreign offices, Edge and Agreement subsidiaries, and IBFs (from Schedule RC-E, part II)

   RCFN      
     2200    9,613,111    13.b
     RCFN      
      (1) Noninterest-bearing    6631    0    13.b.1
      (2) Interest-bearing    6636    9,613,111    13.b.2
14.   Federal funds purchased and securities sold under agreements to repurchase:    RCON      
  a. Federal funds purchased in domestic offices (2)    B993    3,880,981    14.a
     RCFD      
  b. Securities sold under agreements to repurchase (3)    B995    1,882,664    14.b
15.   Trading liabilities (from Schedule RC-D)    3548    375,453    15
16.   Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases): From schedule RC-M    3190    11,938,091    16
17.   Not applicable         
18.   Not applicable         
19.   Subordinated notes and debentures (4)    3200    540,000    19.
20.   Other liabilities (from Schedule RC-G)    2930    3,509,032    20.
21.   Total liabilities (sum of items 13 through 20)    2948    65,909,436    21.
22.   Minority Interest in consolidated subsidiaries    3000    63,441    22.
EQUITY CAPITAL         
     RCFD      
23.   Perpetual preferred stock and related surplus    3838    500,000    23.
24.   Common stock    3230    41,234    24.
25.   Surplus (exclude all surplus related to preferred stock)    3839    2,010,375    25.
26.  

a. Retained Earnings

   3632    4,208,586    26.a
 

b. Accumulated Other Comprehensive income.(5)

   B530    233,457    26.b
27.   Other Equity capital components (6)    3284    0    27.
28.   Total equity capital (sum of items 23 through 27)    3210    6,993,652    28.
29.   Total liabilities, minority interest, and equity capital (sum of items 21, 22, and 28)    3300    72,966,529    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 of any date during 2001    RCFD    Number   
     6724    N/A    M.1

 

1 =   Independent audit of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the bank    4 =    Directors’ examination of the bank conducted in accordance with generally accepted auditing standards by a certified accounting firm.(may be required by state chartering authority)
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)    5 =    Directors’ examination of the bank performed by other external auditors (may be required by state chartering authority)
     6 =    Review of the bank’s financial statements by external auditors
3 =   Attestation on bank managements assertion on the      
  effectiveness of the banks internal control over financial    7 =    Compilation of the bank’s financial statements by external auditors
  reporting by a certified public accounting firm. with generally accepted auditing standards by a certified public accounting firm      
     8 =    Other audit procedures (excluding tax preparation work)
     9 =    No external audit work

(1) Includes total demand deposits and noninterest-bearing time and savings deposits.
(2) Report overnight Federal Home Loan Bank advances in Schedule RC, item 16 “other borrowed money.”
(3) Includes all securities repurchased agreements in domestic and foreign offices, regardless of maturity.
(4) Includes limited-life preferred stock and related surplus.
(5) Includes net unrealized holding gains(losses) on available for sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and minimum pension liability adjustments.
(6) Includes treasury stock and unearned Employee Stock Ownership plan shares.