8. Commitments and Contingencies Guarantees of Nexstar Debt Mission is a guarantor of and has pledged substantially all its assets, excluding FCC licenses, to guarantee Nexstar s credit facility. Mission is also a guarantor of Nexstar s 6.875% Notes. The 6.875% Notes are general senior unsecured obligations subordinated to all of Mission s senior debt. In the event that Nexstar is unable to repay amounts due under these debt obligations, Mission will be obligated to repay such amounts. The maximum potential amount of future payments that Mission would be required to make under these guarantees would be generally limited to the amount of borrowings outstanding under Nexstar s senior secured credit facility and 6.875% Notes. As of June 30, 2014, Nexstar had $525.0 million outstanding obligations under its 6.875% Notes due on November 15, 2020 and had a maximum commitment of $495.5 million under its senior secured credit facility, of which $262.0 million in Term Loan B-2 and $71.3 million in Term Loan A were outstanding. Nexstar s Term Loan B-2 is payable in consecutive quarterly installments of 0.25% of the aggregate principal, adjusted for any prepayments, with the remainder due in full at maturity on October 1, 2020. Nexstar s Term Loan A is payable in quarterly installments that increase over time from 5.0% to 10.0% of the aggregate principal, adjusted for any prepayments, beginning December 31, 2014. The remainder of the principal is due at maturity on June 28, 2018. Purchase Options Granted to Nexstar In consideration of the guarantee of Mission s bank credit facility by Nexstar Broadcasting Group, Inc. and its subsidiaries, Mission has granted Nexstar purchase options to acquire the assets and assume the liabilities of each Mission station, subject to FCC consent, for consideration equal to the greater of (1) seven times the station s cash flow, as defined in the option agreement, less the amount of its indebtedness as defined in the option agreement, or (2) the amount of its indebtedness. Cash flow is define