Salem Media Group, Inc., entered into Amendment Number Three, dated as of April 7, 2020, of the Credit Agreement, as amended (the "Credit Agreement"), with Wells Fargo Bank, N.A., as administrative agent for each member of the Lender Group and the Bank Product Providers (as these terms are defined in the Credit Agreement) and other lenders thereto. The Third Amendment amends the Credit Agreement dated as of May 19, 2017, as amended by Amendment Number One dated as of July 28, 2017, and as further amended by Amendment Number Two dated as of November 16, 2018.

The Credit Agreement provides that lenders may make, on a several and not joint basis, revolving loans to the Borrowers in an amount at any one time not to exceed $30,000,000.

The Third Amendment extends the maturity date from May 19, 2022 to March 1, 2024 and increases the borrowing base from 85% to 90% of eligible accounts less certain amounts, as set forth in the Credit Agreement.

The Third Amendment also provides that upon the occurrence of certain events providing for a transition away from LIBOR or at the election of the administrative agent or other certain lenders to adopt a new benchmark interest rate to replace LIBOR, then the administrative agent and the Company may amend the Credit Agreement with a benchmark replacement rate, as further set forth in the Credit Agreement.

The foregoing summary does not purport to be complete and is subject to, and qualified in its entirety by, reference to the full text of the Third Amendment, the form of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending March 31, 2020.