EX-25 7 d349864dex25.htm FORM T-1 STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939 Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939

Exhibit 25

 

 

UNITED STATES

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)    ¨

 

 

UNION BANK, NATIONAL ASSOCIATION

(Exact name of trustee as specified in its charter)

 

 

 

  94-0304228

(Jurisdiction of incorporation or

organization if not a U.S. national bank)

 

(I.R.S. Employer

Identification no.)

400 California Street

San Francisco, California

  94104
(Address of principal executive offices)   (Zip Code)

General Counsel

Union Bank, National Association

400 California Street

Corporate Trust - 12th Floor

San Francisco, California 94104

(415) 765-2945

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

 

 

EXELIS INC.

(Exact name of obligor as specified in its charter)

 

 

 

Indiana   45-2083813

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification no.)

1650 Tysons Boulevard,

Suite 1700

McLean, Virginia

  22102
(Address of Principal Executive Offices)   (Zip Code)

 

 

4.250% Senior Notes due 2016

5.550% Senior Notes due 2021

(Title of 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.

Office of the Comptroller of the Currency

Washington, D.C. 20219

 

  (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.

 

  1. A copy of the Articles of Association of the Trustee as now in effect.*

 

  2. A copy of the certificate of authority of the Trustee to commence business, if not contained in the Articles of Association.*

 

  3. A copy of the authorization of the Trustee to exercise corporate trust powers, if such authorization is not contained in documents specified in paragraph (1) or (2) above.*

 

  4. A copy of the existing bylaws of the Trustee, or instruments corresponding thereto.*

 

  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 Trust Indenture Act of 1939. Attached as Exhibit 6.

 

  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. Attached as Exhibit 7.

 

  8. A copy of any order pursuant to which the foreign trustee is authorized to act as sole trustee under indentures qualified or to be qualified under the Trust Indenture Act of 1939. Not applicable.

 

  9. Foreign trustees are required to file a consent to service of process of Form F-X [§269.5 of this chapter]. Not applicable.

 

* Exhibits 1 through 4 are incorporated herein by reference to Form T-1 as presented in Exhibit 25.1 to Registration Statement on Form S-3, Registration No., 333-165578 filed with the Securities and Exchange Commission on March 19, 2010.


SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, Union 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 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 24th day of May, 2012.

 

Union Bank, National Association
By:   /s/ Eva Aryeetey
 

Name:    Eva Aryeetey

 

Title:      Vice President


EXHIBIT 6

CONSENT OF THE TRUSTEE

REQUIRED BY SECTION 321(b) OF THE ACT

May 24, 2012

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

In connection with the qualification of an indenture for senior indebtedness between Exelis Inc. (the “Company”) and Union Bank, National Association (the “Trustee”), the undersigned, in accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, hereby consents that reports of examinations of the undersigned by federal, state, territorial, or district authorities authorized to make such examinations may be furnished by such authorities to the Securities and Exchange Commission upon request therefor.

Sincerely,

 

Union Bank, National Association
By:   /s/ Eva Aryeetey
 

Name:    Eva Aryeetey

 

Title:      Vice President

 


EXHIBIT 7

Page 1

CONSOLIDATED REPORT OF CONDITION OF

Union Bank, N.A

of Los Angeles in the State of California, at the close of business December 31, 2011, published in response to call made by the Comptroller of the Currency, under Title 12, United States Code, Section 161. Charter 21541

 

BALANCE SHEET

  
    
 
Dollar Amounts
In Thousands
  
  

ASSETS

  

Cash and balances due from depository institutions:

  

Non-interest-bearing balances and currency and coin

   $ 1,338,379   

Interest-bearing balances

     2,826,245   

Securities:

  

Held-to-maturity securities

     1,273,306   

Available-for-sale securities

     22,823,230   

Federal funds sold and securities purchased under agreements to resell:

  

Federal funds sold in domestic offices

     0   

Securities purchased under agreements to resell

     11,668   

Loans and lease financing receivables:

  

Loans and leases held for sale

     15,759   

Loans and leases, net of unearned income

     52,694,251   

LESS: Allowance for loan and lease losses

     736,982   

Loans and leases, net of unearned income and allowance

     51,957,269   

Trading assets

     1,134,734   

Premises and fixed assets

     683,850   

Other real estate owned

     143,960   

Investments in unconsolidated subsidiaries and associated companies

     530,621   

Direct and indirect investments in real estate ventures

     0   

Intangible assets:

  

Goodwill

     2,456,949   

Other intangible assets

     360,367   

Other assets

     3,411,199   
  

 

 

 

Total assets

     88,967,536   
  

 

 

 


Exhi bit 7

Page 2

 

LIABILITIES

  

Deposits:

  

In domestic offices

     64,135,153   

Noninterest-bearing

     20,617,714   

Interest-bearing

     43,517,439   

In foreign offices, Edge and Agreement subsidiaries, and IBFs

     1,151,293   

Noninterest-bearing

     0   

Interest-bearing

     1,151,293   

Federal funds purchased and securities sold under agreements to repurchase:

  

Federal funds purchased in domestic offices

     572,200   

Securities sold under agreements to repurchase

     24,496   

Trading liabilities

     1,039,665   

Other borrowed money

     8,578,348   

Subordinated notes and debentures

     740,505   

Other liabilities

     1,997,439   
  

 

 

 

Total liabilities

     78,219,099   
  

 

 

 

EQUITY CAPITAL

  

Perpetual preferred stock and related surplus

     0   

Common stock

     604,577   

Surplus

     6,606,846   

Retained earnings

     4,077,930   

Accumulated other comprehensive income

     -808,828   

Other equity capital components

     0   

Noncontrolling (minority) interests in consolidated subsidiaries

     267,912   
  

 

 

 

Total bank equity capital

     10,480,525   

Total equity capital

     10,748,437   
  

 

 

 

Total liabilities, minority interest, and equity capital

     88,967,536