REGISTRATION NO. 333-08929
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1
TO
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) X
ZIONS FIRST NATIONAL BANK
(Exact name of trustee as specified in its charter)
A U.S. National Banking Association 87-0189025
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(I.R.S. employer
identification number)
One South Main, Salt Lake City, Utah 84111
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(Address of principal executive offices) (Zip Code)
Zions First National Bank
Gateway Tower East, Suite 900
10 East South Temple
Salt Lake City, Utah 84133
Attn: Louis H. Callister (801) 530-7300
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(Name, address and telephone number of agent for service)
Union Financial Services-1, Inc.
Nevada 86-0817755
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(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
1801 California Street, Suite 3920
Denver, Colorado 80202
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(Address of principal executive offices) (Zip Code)
$1,000,000 Taxable Student Loan Asset-Backed Notes
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(Title of Indenture Securities)
<PAGE>
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 Currency, Washington, D.C.
Federal Deposit Insurance Corporation, Washington, D.C.
The Board of Governors of the Federal Reserve System,
Washington, D.C.
(b) WHETHER IT IS AUTHORIZED TO EXERCISE CORPORATE TRUST
POWERS.
The trustee is authorized to exercise corporate trust powers.
ITEM 2. AFFILIATIONS WITH THE OBLIGOR. IF THE OBLIGOR IS AN AFFILIATE
OF THE TRUSTEE, DESCRIBE EACH SUCH AFFILIATION.
No such affiliation exists with the trustee.
ITEMS 3-15. Not applicable.
ITEM 16. LIST OF EXHIBITS.
List below all exhibits filed as a part of this Statement of
Eligibilty.
*1. A copy of the Articles of Association of the Trustee
now in effect.
*2. A copy of the Certificate of authority of the trustee
to commence business dated December 30, 1957,
and issued by the Comptroller of the Currency.
*3. A copy of the authorization of the Trustee to
exercise corporate trust powers dated July 16, 1973,
and issued by the Comptroller of the Currency.
*4. A copy of the existing Bylaws of the Trustee.
5. Not applicable.
*6. The consent of the Trustee required by Section 321(b)
of the Act.
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.
* Previously filed.
<PAGE>
Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the
trustee, Zions First National Bank, 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 Salt Lake City, State of Utah, on the 3rd day
of June 1999.
ZIONS FIRST NATIONAL BANK, TRUSTEE
By: /s/ Dale M. Gibons
-------------------------------
Its Secretary
EXHIBIT 7
A copy of the latest report of the conditions of the trustee published
pursuant to law or the requirements of its supervising or examining authority.
Zions First National Bank Call Date: 03/31/99 State #: FFIEC 031
One South Main Street VendorID: D Cert #: 02270 RC-1
Salt Lake City, UT 84111 Transit #: 12400005 Transmitted to EDS as 0011517 on
04/29/99 at 12:14:40 CST
Consolidated Report of Condition for insured Commercial
and State-Chartered Savings Banks for March 31, 1999
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.
<TABLE>
<CAPTION>
Schedule RC - Balance Sheet
Dollar Amounts in Thousands
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ASSETS
<S> <C>
1. Cash and balances due from depository institutions (from Schedule RC-A):
a. Noninterest-bearing balances and currency and coin (1) .............................. 272,576
b. Interest-bearing balances (2) ....................................................... 17,912
2. Securities:
a. Held-to-maturity securities (from Schedule RC-B, column A) .......................... 910,239
b. Available-for-sale securities (from Schedule RC-B, column D) ........................ 346,141
3. Federal funds sold and securities purchased under agreements to resell ................. 367,446
4. Loans and lease financing receivables:
a. Loans and leases, net of unearned income (from Schedule RC-C) .......... 3,646,408
b. LESS: Allowance for loan and lease losses .............................. 61,894
c. LESS: Allocated transfer risk reserve .................................. 0
d. Loans and leases, net of unearned income, allowance and reserve
(item 4.a minus 4.b and 4.c) ....................................................... 3,584,514
5. Trading assets (from Schedule RC-D) .................................................... 221,127
6. Premises and fixed assets (including capitalized leases) ............................... 61,967
7. Other real estate owned (from Schedule RC-M) ........................................... 1,059
8. Investments in unconsolidated subsidiaries and associated companies (from Schedule RC-M) 7,397
9. Customers' liability to this bank on acceptances outstanding ........................... 601
10. Intangible assets (from Schedule RC-M) ................................................ 21,045
11. Other assets (from Schedule RC-F) ..................................................... 465,997
12. Total assets (sum of items 1 through 11) .............................................. 6,278,021
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(1) Includes cash items in process of collection and unposted debits. (2)
Includes time certificates of deposit not held for trading.
<PAGE>
Zions First National Bank Call Date: 03/31/99 State #: FFIEC 031
One South Main Street VendorID: D Cert #: 02270 RC-1
Salt Lake City, UT 84111 Transit #: 12400005 Transmitted to EDS as 0011517 on
04/29/99 at 12:14:40 CST
Schedule RC - Continued
Dollar Amounts in Thousands
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LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of columns A and C from Schedule RC-E,
part I) .......................................................................... 3,649,015
(1) Noninterest-bearing (1) ......................................... 895,872
(2) Interest-bearing ................................................ 2,753,143
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs (from
Schedule RC-E, part II) .......................................................... 188,475
(1) Noninterest-bearing ............................................. 0
(2) Interest-bearing ................................................ 188,475
14. Federal funds purchased and securities sold under agreements to repurchase ............ 1,034,724
15. a. Demand notes issued to the U.S. Treasury 0 b. Trading liabilities (from
Schedule RC-D) 247,249
16 Other borrowed money (includes mortgage indebtedness and obligations
under capitalized leases):
a. With a remaining maturity of one year or less ..................................... 201,777
b. With a remaining maturity of more than one year through three years ............... 19,337
c. With a remaining maturity of more than three years ................................ 36,690
17. Not applicable
18. Bank's liability on acceptances executed and outstanding .............................. 601
19. Subordinated notes and debentures (2) ................................................. 200,000
20. Other liabilities (from Schedule RC-G) ................................................ 290,374
21. Total liabilities (sum of items 13 through 20) ........................................ 5,868,242
22. Not applicable
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus ......................................... 0
24. Common stock .......................................................................... 15,000
25. Surplus (exclude all surplus related to preferred stock) .............................. 59,602
26. a. Undivided profits and capital reserves ............................................. 340,120
b. Net unrealized holding gains (losses) on available-for-sale securities ............ (4,943)
c. Accumulated net gains (losses) on cash flow hedges ................................ 0
27. Cumulative foreign currency translation adjustments ................................... 0
28. Total equity capital (sum of items 23 through 27) ..................................... 409,779
29. Total liabilities and equity capital (sum of items 21 and 28) ......................... 6,278,021
</TABLE>
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(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited-life preferred stock and related surplus.
