Exhibit 25.1

 

 

 

UNITED STATES

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)

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

(Exact name of trustee as specified in its charter)

 

A National Banking Association 94-1347393
(Jurisdiction of incorporation or (I.R.S. Employer
organization if not a U.S. national Identification No.)
bank)  
   
101 North Phillips Avenue  
Sioux Falls, South Dakota 57104
(Address of principal executive offices) (Zip code)

 

Wells Fargo & Company
Law Department, Trust Section

MAC N9305-175

Sixth Street and Marquette Avenue, 17th Floor

Minneapolis, Minnesota 55479

(612) 667-4608

(Name, address and telephone number of agent for service)

 

 

 

SALEM MEDIA GROUP, INC.

(Exact name of obligor as specified in its charter)

 

Additional Registrants Named in the Table of Additional Registrants

 

Delaware 77-0121400
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
   
4880 Santa Rosa Road  
Camarillo, California 93012
 (Address of principal executive offices) (Zip code)

 

 

 

Debt Securities
(Title of the indenture securities)

 

 

 

 

TABLE OF ADDITIONAL REGISTRANTS

 

Exact Name of Registrant as Specified in its Charter   State or Other
Jurisdiction of
Incorporation or
Organization
  I.R.S. Employer
Identification
Number
Air Hot, Inc.   Delaware   80-0316086
Bison Media, Inc.   Colorado   77-0434654
Caron Broadcasting, Inc.   Ohio   77-0439370
Common Ground Broadcasting, Inc.   Oregon   93-1079989
Eagle Products, LLC   Delaware   32-0427053
Inspiration Media, Inc.   Washington   77-0132974
Inspiration Media of Texas, LLC   Texas   75-2615876
New Inspiration Broadcasting Company, Inc.   California   95-3356921
NI Acquisition Corporation   California   77-0472233
Pennsylvania Media Associates, Inc.   Pennsylvania   94-3134636
Reach Satellite Network, Inc.   Tennessee   62-1499223
Salem Consumer Products, Inc.   Delaware   26-0592055
Salem Communications Holding Corporation   Delaware   52-2253737
Salem Media of Colorado, Inc.   Colorado   84-1239646
Salem Media of Hawaii, Inc.   Delaware   91-1973005
Salem Media of Illinois, LLC   Delaware   52-2295222
Salem Media of Kentucky, Inc.   Kentucky   61-1346985
Salem Media of Massachusetts, LLC   Delaware   26-1524392
Salem Media of New York, LLC   Delaware   52-2293254
Salem Media of Ohio, Inc.   Ohio   95-3690954
Salem Media of Oregon, Inc.   Oregon   77-0114986
Salem Media of Texas, Inc.   Texas   77-0379125
Salem Media of Virginia, Inc.   Virginia   54-1927897
Salem Media Representatives, Inc.   Texas   77-0281576
Salem Publishing, Inc.   Tennessee   95-3394730
Salem Radio Network Incorporated   Delaware   77-0305542
Salem Radio Operations, LLC   Delaware   77-0581097
Salem Radio Properties, Inc.   Delaware   52-2194731
Salem Satellite Media, LLC   Delaware   52-2324849
Salem Web Network, LLC   Delaware   52-2141739
SCA License Corporation   Delaware   52-2255733
SCA-Palo Alto, LLC   Delaware   36-4502016
South Texas Broadcasting, Inc.   Texas   77-0388924
SRN News Network, Inc.   Texas   77-0426090
SRN Store, Inc.   Texas   42-3434092

 

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.

 

Federal Reserve Bank of San Francisco
San Francisco, California 94120

 

 

 

 

(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.

 

Exhibit 1. A copy of the Articles of Association of the trustee now in effect.*

 

Exhibit 2. A copy of the Comptroller of the Currency Certificate of Corporate
Existence for Wells Fargo Bank, National Association, dated January 14, 2015.*

Exhibit 3. A copy of the Comptroller of the Currency Certification of Fiduciary Powers for Wells Fargo Bank, National Association, dated January 6, 2014.*

 

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 the exhibit of the same number to the trustee’s Form T-1 filed as exhibit to the Filing 305B2 dated March 13, 2015 of file number 333-190926.

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wells Fargo 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 duly authorized, all in the City of Los Angeles and State of California on the 1st day of August, 2016.

 

  WELLS FARGO BANK, NATIONAL ASSOCIATION  
     
  /s/ Maddy Hughes  
  Maddy Hughes  
  Vice President  

 

 

 

 

EXHIBIT 6

 

August 1, 2016

 

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, NATIONAL ASSOCIATION  
     
  /s/  Maddy.Hughes  
  Maddy Hughes  
  Vice President  

 

 

 

 

Exhibit 7

Consolidated Report of Condition of

 

Wells Fargo Bank National Association

of 101 North Phillips Avenue, Sioux Falls, SD 57104

And Foreign and Domestic Subsidiaries,

at the close of business March 31, 2016, filed in accordance with 12 U.S.C. §161 for National Banks.

 

       Dollar Amounts 
       In Millions 
         
ASSETS          
Cash and balances due from depository institutions:          
Noninterest-bearing balances and currency and coin       $17,096 
Interest-bearing balances        249,869 
Securities:          
Held-to-maturity securities        79,348 
Available-for-sale securities        236,036 
Federal funds sold and securities purchased under agreements to resell:          
Federal funds sold in domestic offices        88 
Securities purchased under agreements to resell        21,788 
Loans and lease financing receivables:          
Loans and leases held for sale        13,154 
Loans and leases, net of unearned income   905,478      
LESS: Allowance for loan and lease losses   10,504      
Loans and leases, net of unearned income and allowance        894,974 
Trading Assets        37,241 
Premises and fixed assets (including capitalized leases)        7,767 
Other real estate owned        1,205 
Investments in unconsolidated subsidiaries and associated companies        10,083 
Direct and indirect investments in real estate ventures        0 
Intangible assets          
Goodwill        23,004 
Other intangible assets        16,667 
Other assets        59,465 
           
Total assets       $1,667,785 
           
LIABILITIES          
Deposits:          
In domestic offices       $1,139,478 
Noninterest-bearing   348,335      
Interest-bearing   791,143      
In foreign offices, Edge and Agreement subsidiaries, and IBFs        145,961 
Noninterest-bearing   959      
Interest-bearing   145,002      
Federal funds purchased and securities sold under agreements to repurchase:          
Federal funds purchased in domestic offices        6,268 
Securities sold under agreements to repurchase        20,054 

 

 

 

 

   Dollar Amounts 
   In Millions 
     
Trading liabilities   25,900 
Other borrowed money     
(includes mortgage indebtedness and obligations under capitalized leases)   130,425 
Subordinated notes and debentures   14,780 
Other liabilities   30,233 
      
Total liabilities  $1,513,099 
      
EQUITY CAPITAL     
Perpetual preferred stock and related surplus   0 
Common stock   519 
Surplus (exclude all surplus related to preferred stock)   106,704 
Retained earnings   43,436 
Accumulated other comprehensive income   3,626 
Other equity capital components   0 
      
Total bank equity capital   154,285 
Noncontrolling (minority) interests in consolidated subsidiaries   401 
      
Total equity capital   154,686 
      
Total liabilities, and equity capital  $1,667,785 

 

I, John R. Shrewsberry, Sr. EVP & CFO of the above-named bank do hereby declare that this Report of Condition has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief.

 

  John R. Shrewsberry
  Sr. EVP & CFO  

 

We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.

 

John Stumpf Directors
James Quigley  
Enrique Hernandez, Jr