Salem Media Group, Inc. and certain subsidiaries of the Company party to the Credit Agreement and the Forbearance Agreement entered into an Amendment Number Nine to Credit Agreement and Amendment to Forbearance Agreement and Amendment Number Seven to Credit Agreement and Amendment Number One to Guaranty and Security Agreement, dated as of September 28, 2023, with the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent. The Amendment amends the Credit Agreement, dated as of May 19, 2017, by and among the Company and the other Loan Parties that are borrowers thereunder, the Lenders and the Agent, and the Forbearance Agreement and Amendment Number Seven to Credit Agreement and Amendment Number One to Guaranty and Security Agreement, dated as of August 7, 2023, by and among the Loan Parties, the Lenders and the Agent. The Amendment extends the current Forbearance Period under the Forbearance Agreement though and including November 3, 2023.

In addition, among other things, the Amendment amends the Credit Agreement by requiring the Borrowers to maintain availability of at least $1,000,000 at all times from August 7, 2023 until, but not including November 3, 2023, and $5,000,000 at all times from November 3, 2023 and thereafter.