AZURIX CORP
S-4, EX-25.1, 2000-07-28
WATER SUPPLY
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<PAGE>   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) ____

                               ------------------

                    CHASE BANK OF TEXAS, NATIONAL ASSOCIATION
               (Exact name of trustee as specified in its charter)

                                   74-0800980
                     (I.R.S. Employer Identification Number)

<TABLE>
<S>                                                                                     <C>
     712 MAIN STREET, HOUSTON, TEXAS                                                       77002
  (Address of principal executive offices)                                              (Zip code)
</TABLE>

                    LEE BOOCKER, 712 MAIN STREET, 26TH FLOOR
                       HOUSTON, TEXAS 77002 (713) 216-2448
            (Name, address and telephone number of agent for service)

                                  AZURIX CORP.
               (Exact name of obligor as specified in its charter)

<TABLE>
<S>                                                           <C>
                      DELAWARE                                        76-0589114
            (State or other jurisdiction of                        (I.R.S. Employer
            incorporation or organization)                      Identification Number)

                 333 CLAY STREET, 10TH FLOOR
                       HOUSTON, TEXAS                                    77002
        (Address of principal executive offices)                       (Zip code)
</TABLE>

                   $240,000,000 10 3/8% SENIOR NOTES DUE 2007
             POUND STERLING100,000,000 10 3/8% SENIOR NOTES DUE 2007
                   $200,000,000 10 3/4 % SENIOR NOTES DUE 2010
                         (Title of indenture securities)

================================================================================



<PAGE>   2

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

                  The obligor is not an affiliate of the trustee. (See Note on
                  Page 7.)

ITEM 3.  VOTING SECURITIES OF THE TRUSTEE.

                  FURNISH THE FOLLOWING INFORMATION AS TO EACH CLASS OF VOTING
         SECURITIES OF THE TRUSTEE.

                            COL. A                COL. B
                        TITLE OF CLASS       AMOUNT OUTSTANDING
                        --------------       ------------------

                  Not applicable by virtue of Form T-1 General Instruction B and
                  response to Item 13.

ITEM 4.  TRUSTEESHIPS UNDER OTHER INDENTURES.

                  IF THE TRUSTEE IS A TRUSTEE UNDER ANOTHER INDENTURE UNDER
WHICH ANY OTHER SECURITIES, OR CERTIFICATES OF INTEREST OR PARTICIPATION IN ANY
OTHER SECURITIES, OF THE OBLIGOR ARE OUTSTANDING, FURNISH THE FOLLOWING
INFORMATION:

                  (a)  TITLE OF THE SECURITIES OUTSTANDING UNDER EACH SUCH OTHER
                       INDENTURE.

                  Not applicable by virtue of Form T-1 General Instruction B and
                  response to Item 13.


ITEM 4. (CONTINUED)
<PAGE>   3

                  (b) A BRIEF STATEMENT OF THE FACTS RELIED UPON AS A BASIS FOR
                  THE CLAIM THAT NO CONFLICTING INTEREST WITHIN THE MEANING OF
                  SECTION 310(b)(1) OF THE ACT ARISES AS A RESULT OF THE
                  TRUSTEESHIP UNDER ANY SUCH OTHER INDENTURE, INCLUDING A
                  STATEMENT AS TO HOW THE INDENTURE SECURITIES WILL RANK AS
                  COMPARED WITH THE SECURITIES ISSUED UNDER SUCH OTHER
                  INDENTURE.

                  Not applicable by virtue of Form T-1 General Instruction B and
                  response to Item 13.

ITEM 5. INTERLOCKING DIRECTORATES AND SIMILAR RELATIONSHIPS WITH OBLIGOR OR
        UNDERWRITERS.

                  IF THE TRUSTEE OR ANY OF THE DIRECTORS OR EXECUTIVE OFFICER OF
THE TRUSTEE IS A DIRECTOR, OFFICER, PARTNER, EMPLOYEE, APPOINTEE, OR
REPRESENTATIVE OF THE OBLIGOR OR OF ANY UNDERWRITER FOR THE OBLIGOR, IDENTIFY
EACH SUCH PERSON HAVING ANY SUCH CONNECTION AND STATE THE NATURE OF EACH SUCH
CONNECTION.

                  Not applicable by virtue of Form T-1 General Instruction B and
                  response to Item 13.

ITEM 6. VOTING SECURITIES OF THE TRUSTEE OWNED BY THE OBLIGOR OR ITS OFFICIALS.

                  FURNISH THE FOLLOWING INFORMATION AS TO THE VOTING SECURITIES
OF THE TRUSTEE OWNED BENEFICIALLY BY THE OBLIGOR AND EACH DIRECTOR, PARTNER AND
EXECUTIVE OFFICER OF THE OBLIGOR.

<TABLE>
<CAPTION>
         COL. A                     COL. B                    COL. C                          COL. D
                                                                                           PERCENTAGE OF
                                                                                        VOTING SECURITIES
                                                                                         REPRESENTED BY
                                                           AMOUNT OWNED                  AMOUNT GIVEN IN
   NAME OF OWNER               TITLE OF CLASS              BENEFICIALLY                       COL. C
   -------------               --------------              ------------                       ------
<S>                            <C>                         <C>                                <C>
   Not applicable by virtue of Form T-1 General Instruction B and response to Item 13.
</TABLE>








ITEM 7.  VOTING SECURITIES OF THE TRUSTEE OWNED BY UNDERWRITERS OR THEIR
         OFFICIALS.


                                       2
<PAGE>   4
         FURNISH THE FOLLOWING INFORMATION AS TO THE VOTING SECURITIES OF THE
TRUSTEE OWNED BENEFICIALLY BY EACH UNDERWRITER FOR THE OBLIGOR AND EACH
DIRECTOR, PARTNER AND EXECUTIVE OFFICER OF EACH SUCH UNDERWRITER.

<TABLE>
<CAPTION>
         COL. A                     COL. B                    COL. C                    COL. D
                                                                                     PERCENTAGE OF
                                                                                    VOTING SECURITIES
                                                                                     REPRESENTED BY
                                                            AMOUNT OWNED            AMOUNT GIVEN IN
   NAME OF OWNER                TITLE OF CLASS              BENEFICIALLY                COL. C
  --------------                --------------              ------------                ------
<S>                             <C>                         <C>                         <C>
   Not applicable by virtue of Form T-1 General Instruction B and response to Item 13.
</TABLE>


ITEM 8.  SECURITIES OF THE OBLIGOR OWNED OR HELD BY THE TRUSTEE.

         FURNISH THE FOLLOWING INFORMATION AS TO THE SECURITIES OF THE OBLIGOR
OWNED BENEFICIALLY OR HELD AS COLLATERAL SECURITY FOR OBLIGATIONS IN DEFAULT BY
THE TRUSTEE.

<TABLE>
<CAPTION>
         COL. A                     COL. B                    COL. C                    COL. D
                                                          AMOUNT OWNED
                                 WHETHER THE            BENEFICIALLY OR                PERCENT OF
                                   SECURITIES            HELD AS COLLATERAL              CLASS
                                   ARE VOTING              SECURITY FOR              REPRESENTED BY
                                    OR NONVOTING          OBLIGATIONS IN             AMOUNT GIVEN IN
      TITLE OF CLASS               SECURITIES                 DEFAULT                     COL. C
      --------------               ----------                 -------                     ------
<S>                                <C>                        <C>                         <C>
         Not applicable by virtue of Form T-1 General Instruction B and response to Item 13.
</TABLE>

ITEM 9.  SECURITIES OF UNDERWRITERS OWNED OR HELD BY THE TRUSTEE.

         IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS AS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT ANY SECURITIES OF AN UNDERWRITER FOR THE OBLIGOR, FURNISH
THE FOLLOWING


                                       3
<PAGE>   5

INFORMATION AS TO EACH CLASS OF SECURITIES OF SUCH UNDERWRITER ANY OF WHICH ARE
SO OWNED OR HELD BY THE TRUSTEE.

<TABLE>
<CAPTION>
         COL. A                     COL. B                    COL. C                             COL. D
                                                         AMOUNT OWNED
                                                          BENEFICIALLY OR                      PERCENT OF
                                                         HELD AS COLLATERAL                      CLASS
    NAME OF ISSUER                                         SECURITY FOR                      REPRESENTED BY
           AND                      AMOUNT               OBLIGATIONS IN                     AMOUNT GIVEN IN
     TITLE OF CLASS              OUTSTANDING           DEFAULT BY TRUSTEE                         COL. C
     --------------              -----------           ------------------                         ------
<S>                              <C>                   <C>                                        <C>
     Not applicable by virtue of Form T-1 General Instruction B and response to Item 13.
</TABLE>

ITEM 10.  OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF VOTING SECURITIES
          OF CERTAIN AFFILIATES OR SECURITY HOLDERS OF THE OBLIGOR.

          IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS AS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT VOTING SECURITIES OF A PERSON WHO, TO THE KNOWLEDGE OF
THE TRUSTEE (1) OWNS 10% OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR OR (2)
IS AN AFFILIATE, OTHER THAN A SUBSIDIARY, OF THE OBLIGOR, FURNISH THE FOLLOWING
INFORMATION AS TO THE VOTING SECURITIES OF SUCH PERSON.

<TABLE>
<CAPTION>
         COL. A                     COL. B                    COL. C                             COL. D
                                                         AMOUNT OWNED
                                                          BENEFICIALLY OR                      PERCENT OF
                                                       HELD AS COLLATERAL                        CLASS
    NAME OF ISSUER                                         SECURITY FOR                     REPRESENTED BY
           AND                      AMOUNT                OBLIGATIONS IN                   AMOUNT GIVEN IN
     TITLE OF CLASS               OUTSTANDING        DEFAULT BY TRUSTEE                          COL. C
     --------------               -----------        ------------------                          ------
<S>                               <C>                <C>                                         <C>
    Not applicable by virtue of Form T-1 General Instruction B and response to
    Item 13.
</TABLE>

ITEM 11.  OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF ANY SECURITIES OF
          A PERSON OWNING 50% OR MORE OF THE VOTING SECURITIES OF THE
          OBLIGOR.

          IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS AS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT ANY SECURITIES OF A PERSON WHO, TO THE KNOWLEDGE OF THE
TRUSTEE, OWNS 50% OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR, FURNISH THE
FOLLOWING INFORMATION AS TO EACH CLASS OF SECURITIES OR SUCH PERSON ANY OF WHICH
ARE SO OWNED OR HELD BY THE TRUSTEE.


                                       4
<PAGE>   6

<TABLE>
<CAPTION>
       COL. A                     COL. B                       COL. C                   COL. D
                                                            AMOUNT OWNED
                                                           BENEFICIALLY OR            PERCENT OF
                                                          HELD AS COLLATERAL             CLASS
   NAME OF ISSUER                                            SECURITY FOR            REPRESENTED BY
         AND                      AMOUNT                    OBLIGATIONS IN          AMOUNT GIVEN IN
    TITLE OF CLASS              OUTSTANDING              DEFAULT BY TRUSTEE             COL. C
    --------------              -----------              ------------------             ------
<S>                             <C>                      <C>                            <C>
    Not applicable by virtue of Form T-1 General Instruction B and response to Item 13.
</TABLE>

ITEM 12. INDEBTEDNESS OF THE OBLIGOR TO THE TRUSTEE.

         EXCEPT AS NOTED IN THE INSTRUCTIONS, IF THE OBLIGOR IS INDEBTED TO THE
TRUSTEE, FURNISH THE FOLLOWING INFORMATION:

<TABLE>
<CAPTION>
            COL. A                                  COL. B                              COL. C

           NATURE OF                                AMOUNT
        INDEBTEDNESS                             OUTSTANDING                            DATE DUE
        ------------                             -----------                            --------
<S>                                              <C>                                    <C>
       Not applicable by virtue of Form T-1 General Instruction B and response to Item 13.
</TABLE>

ITEM 13.  DEFAULTS BY THE OBLIGOR.

         (a)  STATE WHETHER THERE IS OR HAS BEEN A DEFAULT WITH RESPECT TO
THE SECURITIES UNDER THIS INDENTURE.  EXPLAIN THE NATURE OF ANY SUCH DEFAULT.

         There is not, nor has there been, a default with respect to the
securities under this indenture. (See Note on Page 7.)

ITEM 13. (CONTINUED)

         (b) IF THE TRUSTEE IS A TRUSTEE UNDER ANOTHER INDENTURE UNDER WHICH ANY
SECURITIES, OR CERTIFICATES OF INTEREST OR PARTICIPATION IN ANY OTHER
SECURITIES, OF THE OBLIGOR ARE OUTSTANDING, OR IS TRUSTEE FOR MORE THAN ONE
OUTSTANDING SERIES OF SECURITIES UNDER THE INDENTURE, STATE WHETHER THERE HAS
BEEN A DEFAULT UNDER ANY SUCH INDENTURE OR SERIES, IDENTIFY THE INDENTURE OR
SERIES AFFECTED, AND EXPLAIN THE NATURE OF ANY SUCH DEFAULT.

         There has not been a default under any such indenture or series. (See
Note on Page 7.)

                                       5
<PAGE>   7

ITEM 14.  AFFILIATIONS WITH THE UNDERWRITERS.

          IF ANY UNDERWRITER IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH
SUCH AFFILIATION.

          Not applicable by virtue of Form T-1 General Instruction B and
response to Item 13.

ITEM 15.  FOREIGN TRUSTEE.

          IDENTIFY THE ORDER OR RULE PURSUANT TO WHICH THE FOREIGN TRUSTEE IS
AUTHORIZED TO ACT AS SOLE TRUSTEE UNDER INDENTURES QUALIFIED OR TO BE QUALIFIED
UNDER THE ACT.

          Not applicable.

ITEM 16.  LIST OF EXHIBITS.

          LIST BELOW ALL EXHIBITS FILED AS PART OF THIS STATEMENT OF
ELIGIBILITY.

          o 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.

          * 3.  A copy of the certificate of authorization of the
                trustee to exercise corporate trust powers issued by the
                Board of Governors of the Federal Reserve System under
                date of January 21, 1948.

          + 4.  A copy of the existing bylaws of the trustee.

            5.  Not applicable.

            6.  The consent of the United States institutional trustees
                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.


                      NOTE REGARDING INCORPORATED EXHIBITS

            Effective January 20, 1998, the name of the Trustee was changed from
Texas Commerce Bank National Association to Chase Bank of Texas, National
Association. Certain of the exhibits incorporated herein by reference, except
for Exhibit 7, were filed under the former name of the Trustee.

                                       6
<PAGE>   8

         o Incorporated by reference to exhibit bearing the same designation and
previously filed with the Securities and Exchange Commission as exhibits to the
Form S-3 File No. 33-56195.

         # Incorporated by reference to exhibit bearing the same designation and
previously filed with the Securities and Exchange Commission as exhibits to the
Form S-3 File No. 33-42814.

         * Incorporated by reference to exhibit bearing the same designation and
previously filed with the Securities and Exchange Commission as exhibits to the
Form S-11 File No. 33-25132.

         + Incorporated by reference to exhibit bearing the same designation and
previously filed with the Securities and Exchange Commission as exhibits to the
Form S-3 File No. 33-65055.

        [] Incorporated by reference to exhibit bearing the same
designation and previously filed with the Securities and Exchange Commission as
exhibits to the Form S-3 File No. 333-39744.


                                      NOTE

           Inasmuch as this Form T-1 is filed prior to the ascertainment by the
trustee of all facts on which to base responsive answers to Items 2 and 13, the
answers to said Items are based on incomplete information. Such Items may,
however, be considered as correct unless amended by an amendment to this
Form T-1.


                                    SIGNATURE

         PURSUANT TO THE REQUIREMENTS OF THE TRUST INDENTURE ACT OF 1939 THE
TRUSTEE, CHASE BANK OF TEXAS, NATIONAL ASSOCIATION, FORMERLY KNOWN AS TEXAS
COMMERCE 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 AUTHORIZED, ALL IN THE CITY OF HOUSTON, AND STATE OF TEXAS, ON THE ___
DAY OF JULY, 2000.

                                             CHASE BANK OF TEXAS, NATIONAL
                                              ASSOCIATION, AS TRUSTEE


                                             By: __________________________

                                       7
<PAGE>   9

                                                       John G. Jones
                                                       Vice President











                                       8
<PAGE>   10
                                                                       EXHIBIT 6



Securities and Exchange Commission
Washington, D.C. 20549

Gentlemen:

         The undersigned is trustee under an Indenture between Azurix Corp., a
Delaware corporation, as obligor (the "Company"), and Chase Bank of Texas,
National Association, as Trustee, entered into in connection with the issuance
of the Company's Debt Securities.

         In accordance with Section 321(b) of the Trust Indenture Act of 1939,
the undersigned hereby consents that reports of examinations of the undersigned,
made by Federal or State authorities authorized to make such examinations, may
be furnished by such authorities to the Securities and Exchange Commission upon
its request therefor.

                                                 Very truly yours,

                                                 CHASE BANK OF TEXAS, NATIONAL
                                                  ASSOCIATION, as Trustee


                                                 By: _________________________
                                                          John G. Jones
                                                          Vice President








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