NOTICE OF GUARANTEED DELIVERY
FOR
OFFER FOR ALL OUTSTANDING
PRIVATELY PLACED 9 1/2% SERIES A SENIOR SUBORDINATED NOTES DUE 2007
IN EXCHANGE FOR
9 1/2% SERIES B SENIOR SUBORDINATED NOTES DUE 2007
OF
SALEM COMMUNICATIONS CORPORATION
Registered holders of privately placed 9 1/2% Series A Senior Subordinated
Notes Due 2007 (the "Old Notes") who wish to tender their Old Notes in
exchange for a like principal amount of 9 1/2% Series B Senior Subordinated
Notes Due 2007 (the "Notes") and whose Old Notes are not immediately available
or who cannot deliver their Old Notes and Letter of Transmittal or any other
documents required by the Letter of Transmittal to The Bank of New York, (the
"Exchange Agent") prior to the Expiration Date, must use this Notice of
Guaranteed Delivery or one substantially equivalent hereto. This Notice of
Guaranteed Delivery may be delivered by hand or sent by facsimile transmission
or mail to the Exchange Agent. See "THE EXCHANGE OFFER--Procedures for
Tendering" in the Prospectus.
THE EXCHANGE AGENT FOR THE OFFER IS
THE BANK OF NEW YORK
By Mail or Overnight Express
(insured or registered recommended):
By Hand Delivery By Mail or Overnight Express
THE BANK OF NEW YORK THE BANK OF NEW YORK
101 BARCLAY STREET 101 BARCLAY STREET--FLOOR 7E
CORPORATE TRUST SERVICES WINDOW NEW YORK, NEW YORK 10286
GROUND LEVEL ATTN: [ ]
NEW YORK, NEW YORK 10286 REORGANIZATION DEPARTMENT
ATTN: [ ]
REORGANIZATION DEPARTMENT
By Facsimile: By Telephone:
(212) 815-6339 (212) 815-[TBD]
DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS
SET FORTH ABOVE OR TRANSMISSION OF INSTRUCTIONS VIA A FACSIMILE TRANSMISSION
TO A NUMBER OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID
DELIVERY.
THIS NOTICE OF GUARANTEED DELIVERY IS NOT TO BE USED TO GUARANTEE
SIGNATURES. IF A SIGNATURE ON A LETTER OF TRANSMITTAL IS REQUIRED TO BE
GUARANTEED BY AN ELIGIBLE INSTITUTION UNDER THE INSTRUCTIONS THERETO, SUCH
SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED ON THE LETTER
OF TRANSMITTAL FOR GUARANTEE OF SIGNATURES.
Ladies and Gentlemen:
The undersigned hereby tenders the principal amount of Old Notes
indicated below, upon the terms and subject to the conditions contained in
the Registration Statement on Form S-4 filed by Salem Communications
Corporation, a California corporation, with the Securities and Exchange
Commission (the "Registration Statement") and the accompanying Prospectus
dated , 1997 included therein (the "Prospectus"), receipt of
which is hereby acknowledged.
DESCRIPTION OF SECURITIES TENDERED
NAME AND ADDRESS OF
REGISTERED HOLDER AS IT CERTIFICATE NUMBER(S) PRINCIPAL AMOUNT OF
APPEARS ON THE OLD NOTES OF OLD NOTES TRANSMITTED OLD NOTES TRANSMITTED
-------------------------- -------------------------- --------------------------
__________________________ __________________________ __________________________
__________________________ __________________________ __________________________
__________________________ __________________________ __________________________
__________________________ __________________________ __________________________
__________________________ __________________________ __________________________
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THE FOLLOWING GUARANTEE MUST BE COMPLETED
GUARANTEE
(NOT TO BE USED FOR SIGNATURE GUARANTEE)
The undersigned, a firm that is a member of a registered national
securities exchange or a member of the National Association of Securities
Dealers, Inc. or a commercial bank or trust company having an office,
branch, agency or correspondent in the United States, which is a member of
a recognized Medallion Signature Program approved by the Securities
Transfer Association, Inc., hereby guarantees to deliver to the Exchange
Agent at one of its addresses set forth above, the Old Notes, together
with a properly completed and duly executed Letter of Transmittal (or
facsimile thereof), with any required signature guarantees, and any other
documents required by the Letter of Transmittal within five New York Stock
Exchange, Inc. trading days after the date of execution of this Notice of
Guaranteed Delivery.
Name of Firm: _____________________________________________________________
___________________________________________________________________________
(AUTHORIZED SIGNATURE)
Address: __________________________________________________________________
(ZIP CODE)
Area Code and Telephone Number: ___________________________________________
Name: _____________________________________________________________________
(PLEASE TYPE OR PRINT)
Title: ____________________________________________________________________
Date: , 1997
NOTE:DO NOT SEND OLD NOTES WITH THIS NOTICE OF GUARANTEED DELIVERY. OLD
NOTES SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL.
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