Common use of Purchase Closing Clause in Contracts

Purchase Closing. On the Purchase Date, (a) Purchasing Creditors, First Lien Nexstar Agent, First Lien Mission Agent, First Lien Nexstar Lenders and First Lien Mission Lenders will execute and deliver the respective Assignment and Assumption, (b) Purchasing Creditors will pay the Purchase Price allocable to the First Lien Nexstar Obligations to First Lien Nexstar Agent and the Purchase Price allocable to the First Lien Mission Obligations to First Lien Mission Agent by wire transfer of immediately available funds, (c) Purchasing Creditors will deposit with (i) First Lien Nexstar Agent or its designee by wire transfer of immediately available funds, the sum of (A) 105% of the aggregate undrawn amount of all then outstanding Nexstar Letters of Credit and (B) the aggregate facing and similar fees that will accrue thereon through the stated maturity of the Nexstar Letters of Credit (assuming no drawings thereon before stated maturity), and (ii) First Lien Mission Agent or its designee by wire transfer of immediately available funds, the sum of (A) 105% of the aggregate undrawn amount of all then outstanding Mission Letters of Credit and (B) the aggregate facing and similar fees that will accrue thereon through the stated maturity of the Mission Letters of Credit (assuming no drawings thereon before stated maturity), and (d) Second Lien Agent will execute and deliver to First Lien Nexstar Agent and First Lien Mission Agent a waiver of all claims arising out of this Agreement and the transactions contemplated hereby as a result of exercising the purchase option contemplated by this Section 5.