EX-25.1 7 nt10019657x1_ex25-1.htm EXHIBIT 25.1

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)

U.S. BANK NATIONAL ASSOCIATION
(Exact name of Trustee as specified in its charter)

31-0841368
I.R.S. Employer Identification No.

800 Nicollet Mall
Minneapolis, Minnesota
55402
(Address of principal executive offices)
(Zip Code)

Beverly A. Freeney
U.S. Bank National Association
100 Wall Street , Suite 600
New York, New York 10005
(212) 951-6993
(Name, address and telephone number of agent for service)

TAPESTRY, INC.
(Issuer with respect to the Securities)
Maryland
52-2242751
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
   

10 Hudson Yard
New York, New York
10001
(Address of Principal Executive Offices)
(Zip Code)

(Title of the Indenture Securities)



FORM T-1

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.

Comptroller of the Currency
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.

None

Items 3-15
Items 3-15 are not applicable because to the best of the Trustee's knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.

Item 16.
LIST OF EXHIBITS:  List below all exhibits filed as a part of this statement of eligibility and qualification.

1.   A copy of the Articles of Association of the Trustee.*

2.   A copy of the certificate of authority of the Trustee to commence business, attached as Exhibit 2.

3.          A copy of the certificate of authority of the Trustee to exercise corporate trust powers, attached as Exhibit 3.

4.          A copy of the existing bylaws of the Trustee.**

5.          A copy of each Indenture referred to in Item 4.  Not applicable.

6.          The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6.

7.          Report of Condition of the Trustee as of September 30, 2020 published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7.

* Incorporated by reference to Exhibit 25.1 to Amendment No. 2 to registration statement on S-4, Registration Number 333-128217 filed on November 15, 2005.

** Incorporated by reference to Exhibit 25.1 to registration statement on form S-3ASR,  Registration Number 333-199863 filed on November 5, 2014.


SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United 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 New York, State of New York on the 25th of January, 2021.

 
By:
/s/ Beverly A. Freeney
   
Beverly A. Freeney
   
Vice President


Exhibit 2


Exhibit 3



Exhibit 6

CONSENT

In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.

Dated: January 25, 2021

 
By:
/s/ Beverly A. Freeney
   
Beverly A. Freeney
   
Vice President


Exhibit 7

U.S. Bank National Association
Statement of Financial Condition
As of 9/30/2020

($000’s)

   
9/30/2020
 
Assets
     
Cash and Balances Due From Depository Institutions
 
$
43,891,940
 
Securities
   
132,530,990
 
Federal Funds
   
898
 
Loans & Lease Financing Receivables
   
307,196,612
 
Fixed Assets
   
7,598,340
 
Intangible Assets
   
12,549,045
 
Other Assets
   
26,728,893
 
Total Assets
 
$
530,496,718
 
         
Liabilities
       
Deposits
 
$
426,766,411
 
Fed Funds
   
1,460,030
 
Treasury Demand Notes
   
0
 
Trading Liabilities
   
859,917
 
Other Borrowed Money
   
29,719,033
 
Acceptances
   
0
 
Subordinated Notes and Debentures
   
3,850,000
 
Other Liabilities
   
14,732,819
 
Total Liabilities
 
$
477,388,210
 
         
Equity
       
Common and Preferred Stock
   
18,200
 
Surplus
   
14,266,915
 
Undivided Profits
   
38,022,958
 
Minority Interest in Subsidiaries
   
800,435
 
Total Equity Capital
 
$
53,108,508
 
         
Total Liabilities and Equity Capital
 
$
530,496,718