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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


o CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b) (2)

WELLS FARGO BANK MINNESOTA,
NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)

A U.S. National Banking Association
(Jurisdiction of incorporation or
organization if not a U.S. national bank)
  41-1592157
(I.R.S. Employer
Identification No.)


Sixth Street and Marquette Avenue
Minneapolis, Minnesota

(Address of principal executive offices)

 

55479
(Zip code)


Stanley S. Stroup, General Counsel
WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479
(612) 667-1234
(Name, address and telephone number of agent for service)


HUNTSMAN INTERNATIONAL LLC
(Exact name of obligor as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)
  87-0630358
(I.R.S. Employer
Identification No.)


500 Huntsman Way
Salt Lake City, Utah

(Address of principal executive offices)

 

84108
(Zip code)

97/8% Senior Notes due 2009
(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.

 

 

 

 

Comptroller of the Currency
Treasury Department
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 Obligor.    If the obligor is an affiliate of the trustee, describe each such affiliation.

 

 

None with respect to the trustee.

No responses are included for Items 3-14 of this Form T-1 because the obligor is not in default as provided under Item 13.
 
   
   
   
Item 15. Foreign Trustee.   Not applicable.

Item 16.
List of Exhibits.

 

List below all exhibits filed as a part of this Statement of Eligibility. Wells Fargo Bank incorporates by reference into this Form T-1 the exhibits attached hereto.

 

 

Exhibit 1.

 

a.

 

A copy of the Articles of Association of the trustee now in effect.**

 

 

Exhibit 2.

 

a.

 

A copy of the certificate of authority of the trustee to commence business issued June 28, 1872, by the Comptroller of the Currency to The Northwestern National Bank of Minneapolis.*

 

 

 

 

b.

 

A copy of the certificate of the Comptroller of the Currency dated January 2, 1934, approving the consolidation of The Northwestern National Bank of Minneapolis and The Minnesota Loan and Trust Company of Minneapolis, with the surviving entity being titled Northwestern National Bank and Trust Company of Minneapolis.*

 

 

 

 

c.

 

A copy of the certificate of the Acting Comptroller of the Currency dated January 12, 1943, as to change of corporate title of Northwestern National Bank and Trust Company of Minneapolis to Northwestern National Bank of Minneapolis.*

 

 

 

 

d.

 

A copy of the letter dated May 12, 1983 from the Regional Counsel, Comptroller of the Currency, acknowledging receipt of notice of name change effective May 1, 1983 from Northwestern National Bank of Minneapolis to Norwest Bank Minneapolis, National Association.*

 

 

 

 

e.

 

A copy of the letter dated January 4, 1988 from the Administrator of National Banks for the Comptroller of the Currency certifying approval of consolidation and merger effective January 1, 1988 of Norwest Bank Minneapolis, National Association with various other banks under the title of "Norwest Bank Minnesota, National Association."*
             


 

 

 

 

f.

 

A copy of the letter dated July 10, 2000 from the Administrator of National Banks for the Comptroller of the Currency certifying approval of consolidation effective July 8, 2000 of Norwest Bank Minnesota, National Association with various other banks under the title of "Wells Fargo Bank Minnesota, National Association."***

 

 

Exhibit 3.

 

A copy of the authorization of the trustee to exercise corporate trust powers issued January 2, 1934, by the Federal Reserve Board.*

 

 

Exhibit 4.

 

Copy of By-laws of the trustee as now in effect.**

 

 

Exhibit 5.

 

Not applicable.

 

 

Exhibit 6.

 

The consent of the trustee required by Section 321(b) of the Act.

 

 

Exhibit 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.

 

 

Exhibit 8.

 

Not applicable.

 

 

Exhibit 9.

 

Not applicable.

*
Incorporated by reference to exhibit number 25 filed with registration statement number 33-66026.

**
Incorporated by reference to the exhibit of the same number to the trustee's Form T-1 filed as exhibit 99.T3G to the Form T-3 dated July 13, 2000 of GB Property Funding Corp. file number 022-22473.

***
Incorporated by reference to exhibit number 2f to the trustee's Form T-1 filed as exhibit 25.1 to the Current Report Form 8-K dated September 8, 2000 of NRG Energy Inc. file number 001-15891.


SIGNATURE

        Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wells Fargo Bank Minnesota, 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 Minneapolis and State of Minnesota on the 20th day of June 2003.


    WELLS FARGO BANK MINNESOTA,
NATIONAL ASSOCIATION

 

 

By:

 
     
Jane Y. Schweiger
Vice President


Exhibit 6

June 20, 2003

Securities and Exchange Commission
Washington, D.C. 20549

Gentlemen:

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


 

Very truly yours,

 

WELLS FARGO BANK MINNESOTA,
NATIONAL ASSOCIATION
   
   

 


Jane Y. Schweiger
Vice President

Wells Fargo Bank Minnesota, N.A.   FFIEC 031

  RC-1
Legal Title of Bank   12
     
Minneapolis    

   
City    
     
MN                                                                                                                                             55479    

   
State                                                                                                                                      Zip Code    
Transmitted to InterCept on 04/30/2003. Confirmation Number—0005056    
FDIC Certificate Number—05208    

Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for March 31, 2003

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
  RCFD
  Bil — Mil — Thou
   
ASSETS                    
1. Cash and balances due from depository institutions (from Schedule RC-A):                    
  a. Noninterest-bearing balances and currency and coin (1)           0081   1,808,024   1.a
  b. Interest-bearing balances (2)           0071   61,952   1.b
2. Securities:                    
  a. Held-to-maturity securities (from Schedule RC-B, column A)           1754   0   2.a
  b. Available-for-sale securities (from Schedule RC-B, column D)           1773   1,894,615   2.b
3. Federal funds sold and securities purchased under agreements to resell:           RCON        
  a. Federal funds sold in domestic offices           B987   4,420,010   3.a
            RCFD        
  b. Securities purchased under agreements to resell (3)           B989   66,300   3.b
4. Loans and lease financing receivables (from Schedule RC-C):                    
  a. Loans and leases held for sale           5369   21,749,977   4.a
  b. Loans and leases, net of unearned income   B528   18,479,391           4.b
  c. LESS: Allowance for loan and lease losses   3123   283,003           4.c
  d. Loans and leases, net of unearned income and allowance (item 4.b minus 4.c)           B529   18,196,388   4.d
5. Trading assets (from Schedule RC-D)           3545   53,262   5
6. Premises and fixed assets (including capitalized leases)           2145   155,743   6
7. Other real estate owned (from Schedule RC-M)           2150   5,728   7
8. Investments in unconsolidated subsidiaries and associated companies (from Schedule RC-M)           2130   0   8
9. Customers' liability to this bank on acceptances outstanding           2155   6,322   9
10. Intangible assets:                    
  a. Goodwill           3163   291,457   10.a
  b. Other intangible assets (from Schedule RC-M)           0426   7,166   10.b
11. Other assets (from Schedule RC-F)           2160   1,387,956   11
12. Total assets (sum of items 1 through 11)           2170   50,104,900   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.

Wells Fargo Bank Minnesota, N.A.   FFIEC 031

  RC-2
Legal Title of Bank   13
     
     
Transmitted to InterCept on 04/30/2003. Confirmation Number—0005056    
FDIC Certificate Number—05208    

Schedule RC—Continued

 
  Dollar Amounts in Thousands
  RCON
  Bil — Mil — Thou
   
LIABILITIES                    
13. Deposits:                    
  a.  In domestic offices (sum of totals of columns A and C from Schedule RC-E, part I)           2200   32,835,865   13.a
    (1) Noninterest-bearing (1)   6631   20,287,304           13.a.1
    (2) Interest-bearing   6636   12,548,561           13.a.2
  b.  In foreign offices, Edge and Agreement subsidiaries, and IBFs           RCFN        
    (from Schedule RC-E, part II)           2200   4,728,569   13.b
    (1) Noninterest-bearing   6631   803           13.b.1
    (2) Interest-bearing   6636   4,727,766           13.b.2
14. Federal funds purchased and securities sold under agreements to repurchase:           RCON        
  a. Federal funds purchased in domestic offices (2)           B993   2,034,891   14.a
            RCFD        
  b. Securities sold under agreements to repurchase (3)           B995   323,318   14.b
15. Trading liabilities (from Schedule RC-D)           3548   49,169   15
16. Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) (from Schedule RC-M)           3190   5,526,099   16
17. Not applicable                    
18. Bank's liability on acceptances executed and outstanding           2920   6,322   18
19. Subordinated notes and debentures(4)           3200   0   19
20. Other liabilities (from Schedule RC-G)           2930   918,916   20
21. Total liabilities (sum of items 13 through 20)           2948   46,423,149   21
22. Minority interest in consolidated subsidiaries           3000   0   22
EQUITY CAPITAL                    
23. Perpetual preferred stock and related surplus           3838   0   23
24. Common stock           3230   100,000   24
25. Surplus (exclude all surplus related to preferred stock)           3839   2,133,596   25
26. a. Retained earnings           3632   1,397,118   26.a
  b. Accumulated other comprehensive income (5)           B530   51,037   26.b
27. Other equity capital components (6)           A130   0   27
28. Total equity capital (sum of items 23 through 27)           3210   3,681,751   28
29. Total liabilities, minority interest, and equity capital (sum of items 21, 22, and 28)           3300   50,104,900   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 2002           RCFD

6724
  Number

2
 

M. 1
1 =   Independent audit of the bank conducted in accordance   4 =   Directors' examination of the bank conducted
    with generally accepted auditing standards by a certified       in accordance with generally accepted auditing
    public accounting firm which submits a report on the bank       standards by a certified public accounting firm
2 =   Independent audit of the bank's parent holding company       (may be required by state chartering authority)
    conducted in accordance with generally accepted auditing   5 =   Directors' examination of the bank performed by
    standards by a certified public accounting firm which       other external auditors (may be required by state
    submits a report on the consolidated holding company (but       chartering authority)
    not on the bank separately)   6 =   Review of the bank's financial statements by
3 =   Attestation on bank management's assertion on the       external auditors
    effectiveness of the bank's internal control over financial   7 =   Compilation of the bank's financial statements by
    reporting by a certified public accounting firm       external auditors
        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 repurchase 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.



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Stanley S. Stroup, General Counsel WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION Sixth Street and Marquette Avenue Minneapolis, Minnesota 55479 (612) 667-1234 (Name, address and telephone number of agent for service)
SIGNATURE