UNITED ~~STATESSECURITIES AND EXCHANGE COMMISSION~~ ~~Washington, D.C. 20549~~ STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT ~~REPORT~~ Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): June 1, 2005 TRUST CREATED FEBRUARY 25, 1986 (Exact name of registrant as specified in its charter) OREGON (State or other jurisdiction of incorporation or organization) REPORT

~~333-109667-01 51-6162910~~Pursuant ~~(Commission~~ to ~~file~~Section ~~number)~~ 13 or 15(~~IRS~~d) ~~Employer~~of ~~Identification~~the ~~No.)~~Securities Exchange Act of 1934

~~3850 THREE MILE LANE, McMINNVILLE, OREGON~~Date ~~97128-9496 (Address~~ of ~~principal executive offices)~~ ~~(Zip~~ report ~~Code)503-472-9361~~ (~~Registrant’s~~Date ~~telephone~~of ~~number,~~earliest ~~including~~event ~~area code~~reported): March ~~NONE (Former name~~ 10, ~~former address and former fiscal year, if changed since last report)~~ 2006

TRUST ~~Check~~ CREATED ~~the~~FEBRUARY ~~appropriate~~25, box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions):[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 1986

1(Exact name of registrant as specified in its charter)

~~SECTION 2 - FINANCIAL INFORMATION~~OREGON

~~Item 2.04 Triggering Events That Accelerate~~ (State or other ~~Increase~~jurisdiction aof ~~Direct~~incorporation ~~Financial Obligation~~ or anorganization) ~~Obligation under an Off-Balance Sheet Arrangement.~~

Evergreen International Aviation, Inc. ("Aviation") is a wholly-owned subsidiary of Evergreen Holdings, Inc. ("Holdings"). On May 13, 2004, Aviation and certain of its subsidiaries (the "Borrowers") entered into a $100.0 million three-year senior secured credit facility financing agreement (the "Secured Credit Facility") with Wells Fargo Foothill, Inc., as Agent, and Ableco Finance LLC (collectively, "the Wells Fargo Lenders"). The Secured Credit Facility is secured by substantially all of the assets of Aviation and its domestic subsidiaries (the "Collateral"). Payment of the Secured Credit Facility is guaranteed by Aviation, Holdings, and the owner trustee of the Trust Created February 25, 1986, a subsidiary of Aviation (the "Trust"). Aviation, Holdings, and the Trust are collectively referred to herein as "the Guarantors".

333-109667-01		51-6162910
(Commission file number)		(IRS Employer Identification No.)

3850 THREE MILE LANE, McMINNVILLE, OREGON		97128-9496
(Address of principal executive offices)		(Zip Code)

On June 1, 2005, the Wells Fargo Lenders notified the Borrowers that the Wells Fargo Lenders believed that the Borrowers were in default of certain covenants of the Secured Credit Facility (the "Specified Events of Default"), as follows:503-472-9361

i) occurrence of a default at the final maturity date, on April 29, 2005, of the obligations under that certain Secured Loan Agreement, dated as of May 7, 1999, as amended, among FINOVA Capital Corporation, as lender, the owner trustee of the Trust, as borrower, and Aviation and Delford M. Smith, as owner participants (~~the~~Registrant’s telephone ~~"FINOVA Loan") (as of April 29~~number, ~~2005,~~including ~~the~~area ~~outstanding principal balance of the FINOVA Loan was $2.5 million~~code); ii) failure to maintain insurance on the Collateral; iii) making an unpermitted investment toward the purchase of two Boeing 747 airplanes; and iv) unauthorized use of the proceeds from advances under the Secured Credit Facility to renovate the two Boeing 747 airplanes.

The Wells Fargo Lenders further notified the Borrowers that, as a result of the Specified Events of Default, the Wells Fargo Lenders had elected to charge the default rate of interest, which, as set forth in the Secured Credit Facility, is a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable. The default rate of interest will be charged retroactive to April 29, 2005, the date on which the Wells Fargo Lenders have asserted a default occurred under the FINOVA Loan. At April 29, 2005, the per annum rates of interest on the Secured Credit Facility ranged from 6.09% to 8.75%.NONE

~~The Agent~~ ~~specifically reserved all of its rights and remedies~~ (~~and~~Former ~~all~~name, ~~rights~~former ~~and~~address ~~remedies of the Wells Fargo Lenders) against the Borrowers~~ and ~~the~~former ~~Guarantors,~~fiscal ~~whether under the Secured Credit Facility~~year, ~~applicable~~if ~~law,~~changed orsince ~~otherwise, including, but not limited~~last ~~to, the right to declare all or any portion of the obligations due under the Secured Credit Facility immediately due and payable. As of the date of the filing of this~~ report~~, the Borrowers have not received notice of any such declaration.~~)

~~Based upon~~ Check the ~~facts~~ appropriate ~~and~~box ~~circumstances,~~below ~~the~~if ~~Borrowers do not believe that~~ the ~~Specified~~Form ~~Events~~8-K offiling ~~Default~~is ~~constitute~~intended ~~actual~~to ~~Events of Default, as~~simultaneously ~~defined~~ satisfy ~~under~~ the ~~Secured~~filing ~~Credit~~obligation ~~Facility. The~~of ~~Borrowers are currently in active discussions with~~ the ~~Wells~~registrant ~~Fargo~~under ~~Lenders~~any toof ~~resolve~~ the following ~~matter.~~ provisions:

2o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry Into a Material Definitive Agreement.

On March 10, 2006, Evergreen International Aviation, Inc. and its subsidiaries that are co-borrowers under that certain Loan and Security Agreement dated May 13, 2004, as amended (the "Loan Agreement"), and Trust Created February 25, 1986, as co-guarantor under the Loan Agreement, entered into Amendment Number Five to Loan and Security Agreement effective as of March 9, 2006 with Wells Fargo Foothill, Inc. ("Amendment Number Five"). The effect of Amendment Number Five is to: (i) add and revise definitions to the Loan Agreement; (ii) revise provisions relating to permitted purchase money indebtedness; and (iii) delete one aircraft from the collateral securing the Loan Agreement.

Item 9.01. Exhibits.

(a)	Exhibits. The following document is filed as an exhibit to this Form 8-K:

10.1 Amendment Number Five to Loan and Security Agreement effective as of March 9, 2006 by and between the lenders identified on the signature pages thereof (the "Lenders"), Wells Fargo Foothill, Inc., as the arranger and administrative agent for the Lenders, and Evergreen International Aviation, Inc. and each of its subsidiaries that are signatories thereto as borrowers.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

TRUST CREATED FEBRUARY 25, 1986.(Registrant)


	TRUST CREATED FEBRUARY 25, 1986
	(Registrant)

Date: March 17, 2006	By:	/s/ John A. Irwin
		John A. Irwin
		Principal Executive Officer

~~Date: June 7, 2005 /s/ John A. Irwin John A. IrwinPrincipal Executive Officer~~2

Filing Compare · TRUST CREATED FEBRUARY 25 1986