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) _____ --------------------------------- THE FIRST NATIONAL BANK OF CHICAGO (Exact name of trustee as specified in its charter) A National Banking Association 36-0899825 (I.R.S. employer identification number) One First National Plaza, Chicago, Illinois 60670-0126 (Address of principal executive offices) (Zip Code) The First National Bank of Chicago One First National Plaza, Suite 0286 Chicago, Illinois 60670-0286 Attn: Lynn A. Goldstein, Law Department (312) 732-6919 (Name, address and telephone number of agent for service) ----------------------------------- APPLIED POWER INC. (Exact name of obligor as specified in its charter) Wisconsin 39-1068610 (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification number) 13000 West Silver Spring Drive Butler, Wisconsin 53007-1093 (Address of principal executive offices) (Zip Code) Debt Securities Guarantees of Preferred Securities of Applied Power Capital Trust I and Applied Power Capital Trust II (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. 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. 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 now in effect.* 2. A copy of the certificates of authority of the trustee to commence business.* 3. A copy of the authorization of the trustee to exercise corporate trust powers.* 4. A copy of the existing by-laws 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. Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, The First National Bank of Chicago, 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 Chicago and State of Illinois, on the 21st day of December, 1998. The First National Bank of Chicago, Trustee By /s/ Sandra L. Caruba Sandra L. Caruba Vice President * Exhibits 1, 2, 3 and 4 are herein incorporated by reference to Exhibits bearing identical numbers in Item 16 of the Form T-1 of The First National Bank of Chicago, filed as Exhibit 25 to the Registration Statement on Form S-3 of U S WEST Capital Funding, Inc. filed with the Securities and Exchange Commission on May 6, 1998 (Registration No. 333-51907-01). EXHIBIT 6 THE CONSENT OF THE TRUSTEE REQUIRED BY SECTION 321(b) OF THE ACT December 21, 1998 Securities and Exchange Commission Washington, D.C. 20549 Ladies and Gentlemen: In connection with the qualification of an indenture between Applied Power Inc. and The First National Bank of Chicago, the undersigned, in accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, hereby consents that the 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, The First National Bank of Chicago By: /s/ Sandra L. Caruba Sandra L. Caruba Vice President EXHIBIT 7 Legal Title of Bank: The First National Bank of Chicago Call Date: 09/30/98 ST-BK: 17-1630 FFIEC 031 Address: One First National Plaza, Ste 0460 Page RC-1 City, State Zip: Chicago, IL 60670 FDIC Certificate No.: 0/3/6/1/8 --------- Consolidated Report of Condition for Insured Commercial and State-Chartered Savings Banks for September 30, 1998 All schedules are to be reported in thousands of dollars. Unless otherwise indicated, report the amount outstanding of the last business day of the quarter. Schedule RC--Balance Sheet
Dollar Amounts in thousands C400 RCFD BIL MIL THOU ---- ---- ------------ ASSETS 1. Cash and balances due from depository institutions (from Schedule RC-A): RCFD ---- a. Noninterest-bearing balances and currency and coin(1).................... 0081 4,898,646 1.a b. Interest-bearing balances(2)............................................. 0071 4,612,143 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 9,817,318 2.b 3. Federal funds sold and securities purchased under agreements to resell...... 1350 6,071,229 3. 4. Loans and lease financing receivables: RCFD ---- a. Loans and leases, net of unearned income (from Schedule RC-C)............ 2122 26,327,215 4.a b. LESS: Allowance for loan and lease losses................................ 3123 412,850 4.b c. LESS: Allocated transfer risk reserve.................................... 3128 0 4.c RCFD ---- d. Loans and leases, net of unearned income, allowance, and reserve (item 4.a minus 4.b and 4.c)............................................. 2125 25,914,365 4.d 5. Trading assets (from Schedule RD-D)......................................... 3545 6,924,064 5. 6. Premises and fixed assets (including capitalized leases).................... 2145 731,747 6. 7. Other real estate owned (from Schedule RC-M)................................ 2150 6,424 7. 8. Investments in unconsolidated subsidiaries and associated companies (from Schedule RC-M)...................................................... 2130 153,385 8. 9. Customers' liability to this bank on acceptances outstanding................ 2155 352,324 9. 10. Intangible assets (from Schedule RC-M)...................................... 2143 295,823 10. 11. Other assets (from Schedule RC-F)........................................... 2160 2,193,803 11. 12. Total assets (sum of items 1 through 11).................................... 2170 61,971,271 12.
- ------------------ (1) Includes cash items in process of collection and unposted debits. (2) Includes time certificates of deposit not held for trading. Legal Title of Bank: The First National Bank of Chicago Call Date: 09/30/98 ST-BK: 17-1630 FFIEC 031 Address: One First National Plaza, Ste 0460 Page RC-2 City, State Zip: Chicago, IL 60670 FDIC Certificate No.: 0/3/6/1/8 ---------
Schedule RC-Continued Dollar Amounts in Thousands --------- LIABILITIES 13. Deposits: RCON a. In domestic offices (sum of totals of columns A and C ---- from Schedule RC-E, part 1).................................... 2200 20,965,124 13.a (1) Noninterest-bearing(1)..................................... 6631 9,191,662 13.a1 (2) Interest-bearing........................................... 6636 11,773,462 13.a2 RCFN b. In foreign offices, Edge and Agreement subsidiaries, and ---- IBFs (from Schedule RC-E, part II)............................. 2200 15,912,956 13.b (1) Noninterest bearing........................................ 6631 475,182 13.b1 (2) Interest-bearing........................................... 6636 15,437,774 13.b2 14. Federal funds purchased and securities sold under agreements to repurchase: RCFD 2800 4,245,925 14 15. a. Demand notes issued to the U.S. Treasury....................... RCON 2840 359,381 15.a b. Trading Liabilities(from Sechedule RC-D)....................... RCFD 3548 5,614,049 15.b 16. Other borrowed money: RCFD ---- a. With original maturity of one year or less..................... 2332 4,603,402 16.a b. With original maturity of more than one year................... A547 328,001 16.b c. With original maturity of more than three years................ A548 324,984 16.c 17. Not applicable 18. Bank's liability on acceptance executed and outstanding........... 2920 352,324 18. 19. Subordinated notes and debentures................................. 3200 2,400,000 19. 20. Other liabilities (from Schedule RC-G)............................ 2930 1,833,935 20. 21. Total liabilities (sum of items 13 through 20).................... 2948 56,940,081 21. 22. Not applicable EQUITY CAPITAL 23. Perpetual preferred stock and related surplus..................... 3838 0 23. 24. Common stock...................................................... 3230 200,858 24. 25. Surplus (exclude all surplus related to preferred stock).......... 3839 3,192,857 25. 26. a. Undivided profits and capital reserves......................... 3632 1,614,511 26.a b. Net unrealized holding gains (losses) on available-for-sale securities..................................................... 8434 27,815 26.b 27. Cumulative foreign currency translation adjustments............... 3284 (4,851) 27. 28. Total equity capital (sum of items 23 through 27)................. 3210 5,031,190 28. 29. Total liabilities, limited-life preferred stock, and equity capital (sum of items 21, 22, and 28)............................. 3300 61,971,271 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 1996............. ............ RCFD 6724....... N/A Number M.1. 1 = Independent audit of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the bank 2 = Independent audit of the bank's parent holding company conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the consolidated holding company (but not on the bank separately) 3 = Directors' examination of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm (may be required by state chartering authority) 4 = Directors' examination of the bank performed by other external auditors (may be required by state chartering authority) 5 = Review of the bank's financial statements by external auditors 6 = Compilation of the bank's financial statements by external auditors 7 = Other audit procedures (excluding tax preparation work) 8 = No external audit work - ------------------- (1) Includes total demand deposits and noninterest-bearing time and savings deposits.