Document:

<PAGE>

                                                                  EXECUTION COPY

                                                                    EXHIBIT 10.1

                       Nexstar Finance Holdings, L.L.C.

                        Nexstar Finance Holdings, Inc.

                             Nexstar Equity Corp.

                                  as Issuers

                      Nexstar Broadcasting Group, L.L.C.

                                 as Guarantor

                                  $36,988,000

                          36,988 Units Consisting of
                    16% Senior Discount Notes due 2009 and
           one share of Class B Common Stock of Nexstar Equity Corp.

                              Purchase Agreement

                           dated as of May 14, 2001

                        Banc of America Securities LLC
                             Barclays Capital Inc.

<PAGE>

                               Table of Contents

<TABLE>
<S>                                                                                                      <C>
SECTION 1.     Representations and Warranties..........................................................      2
  (a)   No Registration Required.......................................................................      2
  (b)   No Integration of Offerings or General Solicitation............................................      3
  (c)   Eligibility for Resale under Rule 144A.........................................................      3
  (d)   The Offering Memorandum........................................................................      3
  (e)   The Purchase Agreement.........................................................................      3
  (f)   The Registration Rights Agreement..............................................................      3
  (g)   The Investor Rights Agreement..................................................................      4
  (h)   The Limited Liability Company Agreement........................................................      4
  (i)   Authorization of the Units.....................................................................      4
  (j)   Authorization of the Common Shares.............................................................      4
  (k)   Authorization of Class D Interests.............................................................      4
  (l)   Authorization of the Notes, the Guarantee and the Exchange Notes...............................      5
  (m)   Authorization of the Indenture.................................................................      5
  (n)   Authorization of the Unit Agreement............................................................      5
  (o)   Description of the Securities and the Indenture................................................      6
  (p)   No Material Adverse Change.....................................................................      6
  (q)   Independent Accountants........................................................................      6
  (r)   Preparation of the Financial Statements........................................................      6
  (s)   Incorporation and Good Standing of the Issuers and their Respective Subsidiaries...............      7
  (t)   Capitalization and Other Capital Stock Matters.................................................      7
  (U)   Assets, Liabilities and Business Activities of Newco...........................................      7
  (v)   Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required.....      8
  (w)   No Material Actions or Proceedings.............................................................      8
  (x)   Intellectual Property Rights...................................................................      9
  (y)   All Necessary Permits, etc.....................................................................      9
  (z)   FCC Licenses...................................................................................      9
  (aa)  Condition of Stations..........................................................................     10
  (bb)    Title to Properties..........................................................................     10
  (cc)  Tax Law Compliance.............................................................................     10
  (dd)    Issuers Not an "Investment Company"..........................................................     10
  (ee)  Insurance......................................................................................     11
  (ff)  No Price Stabilization or Manipulation.........................................................     11
  (gg)    Company's Accounting System..................................................................     11
  (hh)    ERISA Compliance.............................................................................     12
SECTION 2.     Purchase, Sale and Delivery of the Units................................................     12
  (a)   The Units......................................................................................     12
  (b)   The Closing Date...............................................................................     12
  (c)   Delivery of the Units..........................................................................     13
  (d)   Delivery of Offering Memorandum to the Initial Purchasers......................................     13
  (E)   Initial Purchaser as Qualified Purchaser.......................................................     13
  (f)   Resale of Securities...........................................................................     13
SECTION 3.     Additional Covenants....................................................................     14
  (a)   Initial Purchasers' Review of Proposed Amendments and Supplements..............................     14
  (b)   Amendments and Supplements to the Offering Memorandum and Other Securities Act Matters.........     14
  (c)   Copies of the Offering Memorandum..............................................................     15
  (d)   Blue Sky Compliance............................................................................     15
  (e)   Use of Proceeds................................................................................     15
  (f)   The Depositary.................................................................................     15
  (g)   Additional Issuer Information..................................................................     15
  (h)   Future Reports to the Initial Purchasers.......................................................     15
  (i)   No Integration.................................................................................     16
</TABLE>

                                       i
<PAGE>

<TABLE>
<CAPTION>
  <S>                                                                                                 <C>
  (j)   Legended Securities.......................................................................      16
  (k)   PORTAL....................................................................................      16
SECTION 4.     Payment of Expenses................................................................      16
SECTION 5.     Conditions of the Obligations of the Initial Purchasers............................      17
  (a)   Accountants' Comfort Letter...............................................................      17
  (b)   No Material Adverse Change or Ratings Agency Change.......................................      17
  (c)   Financial Information.....................................................................      17
  (d)   Reorganization............................................................................      18
  (e)   Opinion of Counsel for the Issuers........................................................      18
  (f)   Opinion of Regulatory Counsel for the Company.............................................      18
  (g)   Opinion of Counsel for the Initial Purchasers.............................................      18
  (h)   Officers' Certificate.....................................................................      18
  (i)   PORTAL Listing............................................................................      18
  (j)   Registration Rights Agreement.............................................................      18
  (k)   Indenture.................................................................................      19
  (l)   Unit Agreement............................................................................      19
  (m)   Investor Rights Agreement.................................................................      19
  (n)   Limited Liability Company Agreement.......................................................      19
  (o)   Additional Documents......................................................................      19
  (p)   Execution by Newco........................................................................      19
SECTION 6.     Reimbursement of Initial Purchasers' Expenses......................................      19
SECTION 7.     Offer, Sale and Resale Procedures..................................................      20
SECTION 8.     Indemnification....................................................................      21
  (a)   Indemnification of the Initial Purchaser..................................................      21
  (b)   Indemnification of the Issuers, their Directors and Officers..............................      22
  (c)   Notifications and Other Indemnification Procedures........................................      22
  (d)   Settlements...............................................................................      23
SECTION 9.     Contribution.......................................................................      23
SECTION 10.    Termination of this Agreement......................................................      24
SECTION 11.    Representations and Indemnities to Survive Delivery................................      25
SECTION 12.    Notices............................................................................      25
SECTION 13.    Successors.........................................................................      26
SECTION 14.    Partial Unenforceability...........................................................      26
SECTION 15.    Governing Law Provisions...........................................................      26
SECTION 16.    Consent to Jurisdiction............................................................      26
SECTION 17.    Default of One or More of the Several Initial Purchasers...........................      26
SECTION 18.    General Provisions.................................................................      27
SECTION 19.    Supercedes Prior Purchase Agreement................................................      27
</TABLE>

                                       ii
<PAGE>

                                                                    EXHIBIT 10.1

                               Purchase Agreement

                                                                    May 14, 2001

BANC OF AMERICA SECURITIES LLC
BARCLAYS CAPITAL INC.
c/o BANC OF AMERICA SECURITIES LLC
9 West 57/th/ Street, 31/st/ Floor
New York, New York  10019

Ladies and Gentlemen:

                  Nexstar Finance Holdings, L.L.C., a Delaware limited liability
company, and Nexstar Finance Holdings, Inc., a Delaware corporation (together,
the "Company"), and Nexstar Equity Corp., a Delaware corporation ("Newco"),
     -------                                                       -----
propose to issue and sell to the several Initial Purchasers named in Schedule I
                                                                     ----------
(the "Initial Purchasers"), acting severally and not jointly, the respective
      ------------------
amounts of units (the "Units"), set forth in such Schedule I, each Unit
                       -----                      ----------
consisting of $1,000 in principal amount at maturity of the Company's 16% Senior
Discount Notes due 2009 (the "Notes") and one share (collectively, the "Common
                              -----                                     ------
Shares") of Class B common stock of Newco, par value $0.01 per share (the
------
"Common Stock"). On the Closing Date (as defined below), the sole asset of Newco
 ------------
will be securities representing 1.0% of the equity interests (the "Class D
                                                                   -------
Interests") in Nexstar Broadcasting Group, L.L.C. ("Nexstar"), calculated on a
---------                                           -------
fully-diluted basis.

                  The Units will be issued pursuant to a unit agreement, dated
as of May 17, 2001 (the "Unit Agreement"), among the Company, the Guarantor,
                         --------------
Newco and United States Trust Company of New York, as unit agent (the "Unit
                                                                       ----
Agent"). Units issued in book-entry form will be issued in the name of Cede &
----
Co., as nominee of the Depositary. The Notes will be issued pursuant to an
indenture, to be dated as of May 17, 2001 (the "Indenture"), among the Company,
                                                ---------
the Guarantor (as defined below), Bastet Broadcasting, Inc. ("Bastet"), Mission
                                                              ------
Broadcasting of Wichita Falls, Inc. ("Mission") and United States Trust Company
                                      -------
of New York, as trustee (the "Trustee"). Notes issued in book-entry form will be
                              -------
issued in the name of Cede & Co., as nominee of The Depository Trust Company
(the "Depositary").
      ----------
                  The holders of the Notes will be entitled to the benefits of a
registration rights agreement, dated as of May 17, 2001 (the "Registration
                                                              ------------
Rights Agreement"), among the Company and the Initial Purchasers, pursuant to
----------------
which the Company will agree to file, within 30 days after the consummation of
the Reorganization (as defined in the Indenture), a registration statement with
the Commission registering the Exchange Notes (as defined below) under the
Securities Act. The payment of principal, premium and Liquidated Damages (as
defined in the Indenture), if any, and interest on the Notes will be fully and
unconditionally guaranteed on a senior unsecured basis by Nexstar Broadcasting
Group, L.L.C. (the "Guarantor"), pursuant to its guaranty (the "Guarantee"). The
                    ---------                                   ---------
relative rights, power and duties of Newco and the other members of Nexstar
Broadcasting Group, L.L.C. ("Nexstar") will be set forth in the third amended
and restated limited liability company agreement, dated as of May 17, 2001 (the
"Limited Liability Company Agreement"). The Class D Interests will be issued to
 -----------------------------------
Newco for the benefit of the holders of the Common Shares. The holders of the
Common Shares will be entitled to the benefits of the third amended and restated
investor rights agreement, dated as of May 17, 2001 (the "Investor Rights
                                                          ---------------
Agreement"), among Nexstar and Newco, pursuant to which the holders will be
---------
entitled to receive certain tag-along rights and piggyback registration rights
and will be subject to certain drag-along rights with
<PAGE>

respect to Newco's Class D Interests in Nexstar. Newco, the Company and the
Guarantor are each individually referred to herein as an "Issuer" and are
collectively referred to herein as the "Issuers". The Units, the Notes, the
                                        -------
Guarantee and the Common Shares are collectively referred to herein as the
"Securities".
 ----------

                  The Issuers understand that the Initial Purchasers propose to
make an offering of the Units on the terms and in the manner set forth herein
and to be set forth in the Offering Memorandum (as defined below) and agree that
the Initial Purchasers may resell, subject to the conditions set forth herein,
all or a portion of the Units to purchasers (the "Subsequent Purchasers") at any
                                                  ---------------------
time after the date of this Agreement. The Units are to be offered and sold to
or through the Initial Purchasers without being registered with the Securities
and Exchange Commission (the "Commission") under the Securities Act of 1933 (as
                              ----------
amended, the "Securities Act," which term, as used herein, includes the rules
              --------------
and regulations of the Commission promulgated thereunder), in reliance upon
exemptions therefrom. The terms of the Units and the Unit Agreement will require
that investors that acquire Units expressly agree that Units may only be resold
or otherwise transferred, after the date hereof, if such Units are registered
for sale under the Securities Act or if an exemption from the registration
requirements of the Securities Act is available (including the exemptions
afforded by Rule 144A ("Rule 144A") thereunder and in any event only to
                        ---------
"qualified purchasers" as such term is defined in the Investment Company Act of
1940, as amended (the "Investment Company Act")). The terms of the Notes and the
                       ----------------------
Indenture will require that investors that acquire Notes (including the
Guarantee endorsed thereon) expressly agree that Notes (including the Guarantee
endorsed thereon), may only be resold or otherwise transferred, after the date
hereof, if such Notes are registered for sale under the Securities Act or if an
exemption from the registration requirements of the Securities Act is available
(including the exemptions afforded by Rule 144A thereunder).

                  The Issuers will prepare on or before May 17, 2001, and
deliver to the Initial Purchasers, copies of the Offering Memorandum describing
the terms of the Securities, each for use by such Initial Purchaser in
connection with its solicitation of offers to purchase the Units. As used
herein, the "Offering Memorandum" shall mean, with respect to any date or time
             -------------------
referred to in this Agreement, the Issuers' Offering Memorandum, to be dated on
or before May 17, 2001, including amendments or supplements thereto, any
exhibits thereto, in the most recent form that will be prepared and delivered by
the Issuers to the Initial Purchasers in connection with its solicitation of
offers to purchase Units. Further, any reference to the Offering Memorandum
shall be deemed to refer to and include any Additional Issuer Information (as
defined in Section 3) furnished by the Issuers prior to the completion of the
distribution of the Units.

                  The Issuers hereby confirm their agreements with the Initial
Purchasers as follows:

SECTION 1.        Representations and Warranties. Each of the Issuers, jointly
                  ------------------------------
and severally, hereby represent, warrant and covenant to each Initial Purchaser
on the date hereof, on the date of delivery of the Offering Memorandum and on
the Closing Date, as follows (it being understood that Newco will be deemed to
represent, warrant and covenant only on the date of the delivery of the Offering
Memorandum and on the Closing Date):

   (a) No Registration Required. Subject to compliance by the Initial Purchasers
       ------------------------
with the representations and warranties set forth in Section 2 hereof and with
the procedures set forth in Section 7 hereof, it is not necessary in connection
with the offer, sale and delivery of the Units to the Initial Purchasers and to
each Subsequent Purchaser in the manner contemplated by this Agreement and the
Offering Memorandum to register the Securities under the Securities Act or,
until such time as the Exchange Notes are issued pursuant to an effective
registration statement, to qualify the Indenture under the Trust Indenture Act
of 1939 (the "Trust Indenture Act," which term, as used herein, includes the
              -------------------
rules and regulations of the Commission promulgated thereunder).

   (b) No Integration of Offerings or General Solicitation. No Issuer has,
       ---------------------------------------------------
directly or indirectly, solicited any offer to buy or offered to sell, nor will,
directly or indirectly, solicit any offer to buy or offer to sell, in the United
States or to any United States citizen or resident, any security which is or
would be

                                       2
<PAGE>

integrated with the sale of the Units in a manner that would require any of the
Securities to be registered under the Securities Act. None of the Issuers, their
respective affiliates (as such term is defined in Rule 501 under the Securities
Act (each, an "Affiliate"), or any person acting on its or their respective
               ---------
behalf (other than the Initial Purchasers, as to whom the Issuers make no
representation or warranty) has engaged or will engage, in connection with the
offering of the Units, in any form of general solicitation or general
advertising within the meaning of Rule 502 under the Securities Act.

   (c) Eligibility for Resale under Rule 144A. The Securities are eligible for
       --------------------------------------
resale pursuant to Rule 144A and will not be, at the Closing Date, of the same
class as securities listed on a national securities exchange registered under
Section 6 of the Exchange Act or quoted in a U.S. automated interdealer
quotation system.

   (d) The Offering Memorandum. The Offering Memorandum, as of its date and a
       -----------------------
Closing Date, will not include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided
that this representation, warranty and agreement shall not apply to statements
in or omissions from the Offering Memorandum made in reliance upon and in
conformity with information furnished to the Issuers in writing by any Initial
Purchaser expressly for use in the Offering Memorandum. The Offering Memorandum,
as of its date, will contain all the information specified in, and meeting the
requirements of, Rule 144A. No Issuer has distributed or will distribute, prior
to the later of the Closing Date and the completion of the Initial Purchasers'
distribution of the Units, any offering material in connection with the offering
and sale of the Units other than the Offering Memorandum.

   (e) The Purchase Agreement. This Agreement has been duly authorized, executed
       ----------------------
and delivered by, and is a valid and binding agreement of the Issuers,
enforceable against the Issuers in accordance with its terms, except as rights
to indemnification hereunder may be limited by applicable law and except as the
enforcement hereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to or affecting the rights and
remedies of creditors or by general equitable principles and except as rights to
indemnification under the Registration Rights Agreement may be limited by
applicable law.

     (f) The Registration Rights Agreement. At the Closing Date, the
         ---------------------------------
Registration Rights Agreement will be duly authorized, executed and delivered
by, and will be a valid and binding agreement of the Company, enforceable
against the Company in accordance with its terms, except as the enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws relating to or affecting the rights and remedies of creditors
or by general equitable principles and except as rights to indemnification under
the Registration Rights Agreement may be limited by applicable law. Pursuant to
the Registration Rights Agreement, the Company will agree to file with the
Commission, under the circumstances set forth therein, a registration statement
under the Securities Act relating to another series of debt securities of the
Company with terms substantially identical to the Notes (the "Exchange Notes")
                                                              --------------
to be offered in exchange for the Notes (the "Exchange Offer") and (ii) to the
                                              -----------------------
extent required by the Registration Rights Agreement, a shelf registration
statement pursuant to Rule 415 of the Securities Act relating to the resale by
certain holders of the Notes, and in each case, to use its best efforts to cause
such registration statements to be declared effective.

     (g) The Investor Rights Agreement. At the Closing Date, the Investor Rights
         -----------------------------
Agreement will be duly authorized, executed and delivered by, and will be a
valid and binding agreement of Nexstar and Newco, enforceable against Nexstar
and Newco in accordance with its terms, except as the enforcement thereof may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws relating to or affecting the rights and remedies of creditors or by general
equitable principles.

     (h) The Limited Liability Company Agreement. At the Closing Date, the
         ---------------------------------------
Limited Liability Company Agreement will be duly authorized, executed and
delivered by, and will be a valid and binding agreement of Nexstar and Newco,
enforceable against Nexstar and Newco in accordance with its terms,

                                       3
<PAGE>

except as the enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting the
rights and remedies of creditors or by general equitable principles.

     (i) Authorization of the Units.  Each of the Issuers has duly authorized
         --------------------------
the issuance of the Notes (including the Guarantee endorsed thereon) and the
Common Shares as a Unit.

     (j) Authorization of the Common Shares. The Common Shares to be purchased
         ----------------------------------
by the Initial Purchasers from Newco have been duly authorized for issuance and
sale pursuant to this Agreement and, when issued and delivered by Newco pursuant
to this Agreement, will be validly issued, fully paid and nonassessable.

     (k) Authorization of Class D Interests. The Class D Interests of Nexstar
         ----------------------------------
has been duly authorized for issuance by Nexstar and, when delivered to and paid
for by Newco, will be validly issued, fully paid and non-assessable and free of
preemptive rights; the Class D Interests are in the form contemplated by the
Limited Liability Company Agreement; no holder of the Class D Interests will be
subject to personal liability with respect to the obligations of Nexstar by
reason of being such a holder.

     (l) Authorization of the Notes, the Guarantee and the Exchange Notes.
         ----------------------------------------------------------------

          (i) The Notes to be purchased by the Initial Purchasers from the
Company will be in the form contemplated by the Indenture, have been duly
authorized for issuance and sale pursuant to this Agreement and at the Closing
Date the Indenture will have been duly executed by the Company and, when
authenticated in the manner provided for in the Indenture and delivered against
payment of the purchase price therefor, will constitute valid and binding
agreements of the Company, enforceable against the Company in accordance with
their terms, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or
affecting the rights and remedies of creditors or by general equitable
principles and will be entitled to the benefits of the Indenture.

          (ii) The Exchange Notes have been duly and validly authorized for
issuance by the Company, and when issued and authenticated in accordance with
the terms of the Indenture, the Registration Rights Agreement and the Exchange
Offer, will constitute valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms, except as the enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or
similar laws relating to or affecting enforcement of the rights and remedies of
creditors or by general principles of equity and will be entitled to the
benefits of the Indenture.

          (iii) The Guarantee of the Notes is in the form contemplated by the
Indenture, has been duly authorized for issuance and sale pursuant to this
Agreement and the Indenture and, at the Closing Date, will have been duly
executed by the Guarantor and, when the Notes have been authenticated in the
manner provided for in the Indenture and delivered against payment of the
purchase price therefor, will constitute a valid and binding agreement of the
Guarantor, enforceable in accordance with its terms, except as the enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws relating to or affecting the rights and remedies of creditors
or by general equitable principles and will be entitled to the benefits of the
Indenture.

     (m) Authorization of the Indenture. The Indenture has been duly authorized
         ------------------------------
by the Company and the Guarantor, and, at the Closing Date, will have been duly
executed and delivered by the Company and the Guarantor, and will, when executed
by the Trustee, constitute a valid and binding agreement of the Company and the
Guarantor, enforceable against the Company and the Guarantor in accordance with
its terms, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or
affecting the rights and remedies of creditors or by general equitable
principles.

                                       4
<PAGE>

     (n) Authorization of the Unit Agreement. The Unit Agreement has been duly
         -----------------------------------
authorized by the Issuers, and, at the Closing Date, will have been duly
executed and delivered by the Issuers, and will, when executed by the Unit
Agent, constitute a valid and binding agreement of the Issuers and, enforceable
against the Issuers in accordance with its terms, except as the enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws relating to or affecting the rights and remedies of creditors
or by general equitable principles.

     (o) Description of the Securities and the Indenture. The Notes, the
         -----------------------------------------------
Exchange Notes, the Guarantee of the Notes, the Units, the Common Stock
(including the Common Shares), the equity interests in Nexstar (including the
Class D Interests), the Investor Rights Agreement, the Limited Liability Company
Agreement and the Indenture will conform in all material respects to the
respective statements relating thereto to be contained in the Offering
Memorandum.

     (p) No Material Adverse Change. Except as otherwise will be disclosed in
         --------------------------
the Offering Memorandum, subsequent to the respective dates as of which
information will be given in the Offering Memorandum: (i) there has been no
material adverse change, or any development that could reasonably be expected to
result in a material adverse change, in the condition, financial or otherwise,
or in the earnings, business, operations or prospects, whether or not arising
from transactions in the ordinary course of business, of any Issuer or their
respective subsidiaries (any such change is called a "Material Adverse Change");
                                                      -----------------------
(ii) none of the Issuers or their respective subsidiaries have incurred any
material liability or obligation, indirect, direct or contingent, not in the
ordinary course of business nor entered into any material transaction or
agreement not in the ordinary course of business; and (iii) there has been no
dividend or distribution of any kind declared, paid or made by any Issuer or,
except for dividends paid to such Issuer, its respective subsidiaries on any
class of capital stock or repurchase or redemption by the Issuers, or their
respective subsidiaries of any class of capital stock.

     (q) Independent Accountants. PricewaterhouseCoopers LLP and Ernst & Young
         -----------------------
LLP, who have expressed their opinion with respect to the financial statements
(which term as used in this Agreement includes the related notes thereto)
included in the Offering Memorandum are independent public or certified public
accountants within the meaning of Regulation S-X under the Securities Act and
the Exchange Act.

     (r) Preparation of the Financial Statements. The financial statements,
         ---------------------------------------
together with the related schedules and notes, to be included in the Offering
Memorandum will present fairly the consolidated financial position of the
Company and its respective subsidiaries as of and at the dates indicated and the
results of their operations and cash flows for the periods specified. Such
financial statements have been prepared in conformity with generally accepted
accounting principles applied on a consistent basis throughout the periods
involved, except as may be expressly stated in the related notes thereto. The
financial data to be set forth in the Offering Memorandum under the captions
"Offering Memorandum Summary--Summary Historical and Pro Forma Condensed
Consolidated Financial Data" and "Selected Historical Consolidated Financial
Data" fairly present the information set forth therein on a basis consistent
with that of the audited financial statements contained in the Offering
Memorandum. The pro forma consolidated, condensed financial statements of the
Issuers and their respective subsidiaries and the related notes thereto included
under the caption "Offering Memorandum Summary--Summary Historical and Pro Forma
Condensed Consolidated Financial Data", "Unaudited Pro Forma Consolidated
Financial Statements" and elsewhere in the Offering Memorandum will present
fairly the information contained therein, have been prepared in accordance with
the Commission's rules and guidelines with respect to pro forma financial
statements, except that Adjusted EBITDA and broadcast cash flow are not within
the scope of the Commission's guidelines, and have been properly presented on
the bases described therein, and the assumptions used in the preparation thereof
are reasonable and the adjustments used therein are appropriate to give effect
to the transactions and circumstances referred to therein.

     (s) Incorporation and Good Standing of the Issuers and their Respective
         -------------------------------------------------------------------
Subsidiaries. Each of the Issuers and their respective subsidiaries has been
------------
duly incorporated or formed, as applicable, and is

                                       5
<PAGE>

validly existing as a corporation or limited liability company, as the case may
be, in good standing under the laws of the jurisdiction of its incorporation or
formation and has corporate power and authority to own, lease and operate its
properties and to conduct its business as described in the Offering Memorandum
and, in the case of each Issuer, to enter into and perform their respective
obligations under each of this Agreement, the Registration Rights Agreement, the
Unit Agreement, the Investor Rights Agreement, the Securities, the Exchange
Notes and the Indenture. Each of the Issuers and their respective subsidiaries
is duly qualified as a foreign corporation to transact business and is in good
standing in each jurisdiction in which such qualification is required, whether
by reason of the ownership or leasing of property or the conduct of business,
except for such jurisdictions where the failure to so qualify or to be in good
standing would not, individually or in the aggregate, result in a Material
Adverse Change. All of the issued and outstanding capital stock or LLC
interests, as applicable, of the Issuers and each subsidiary of the Issuers has
been duly authorized and validly issued, is fully paid and nonassessable and is
owned by the applicable Issuer, directly or through subsidiaries, free and clear
of any security interest, mortgage, pledge, lien, encumbrance or claim. The
Issuers do not own or control, directly or indirectly, any corporation,
association or other entity other than the subsidiaries listed in Schedule II
                                                                  -----------
hereto.

     (t) Capitalization and Other Capital Stock Matters. At March 31, 2001, on a
         ----------------------------------------------
consolidated basis, after giving pro forma effect to the issuance and sale of
the Units pursuant hereto, the Company would have an authorized and outstanding
capitalization to be set forth in the Offering Memorandum under the caption
"Capitalization" (other than for subsequent issuances of capital stock, if any,
pursuant to employee benefit plans to be described in the Offering Memorandum or
upon exercise of outstanding options or warrants described in the Offering
Memorandum). All of the issued and outstanding shares of Common Stock have been
duly authorized and validly issued, are fully paid and nonassessable and have
been issued in compliance with federal and state securities laws. None of the
outstanding shares of Common Stock were issued in violation of any preemptive
rights, rights of first refusal or other similar rights to subscribe for or
purchase securities of Newco. All of the issued and outstanding equity interests
of Nexstar (including the Class D Interests) have been duly authorized and
validly issued, are fully paid and nonassessable and have been issued in
compliance with federal and state securities laws. None of the outstanding
equity interests of Nexstar (including the Class D Interests) were issued in
violation of any preemptive rights, rights of first refusal or other similar
rights to subscribe for or purchase securities of Nexstar. There are no
authorized or outstanding options, warrants, preemptive rights, rights of first
refusal or other rights to purchase, or equity or debt securities convertible
into or exchangeable or exercisable for, any capital equity of either of Newco
or Nexstar or any of their subsidiaries other than those to be accurately
described in the Offering Memorandum. The description of Nexstar's stock option,
stock bonus and other stock plans or arrangements, and the options or other
rights granted thereunder, to be set forth in the Offering Memorandum accurately
and fairly presents the information required to be shown with respect to such
plans, arrangements, options and rights.

     (u) Assets, Liabilities and Business Activities of Newco. Newco's sole
         ----------------------------------------------------
assets are the Class D Interests, and Newco's sole permitted activity is to
hold, or to engage in activities related to or necessitated by the holding of,
such Class D Interests. Newco has no liabilities.

     (v) Non-Contravention of Existing Instruments; No Further Authorizations or
         -----------------------------------------------------------------------
Approvals Required. None of the Issuers, nor any of their respective
------------------
subsidiaries is in violation of its charter or by-laws or is in default (or,
with the giving of notice or lapse of time, would be in default) ("Default")
                                                                   -------
under any indenture, mortgage, loan or credit agreement, note, contract,
franchise, lease or other instrument to which any Issuer or their respective
subsidiaries is a party or by which it or any of them may be bound (including,
without limitation, the Company's $72.0 million, six-year revolving credit
facility, $110.0 million, six-year term loan facility, and the Bastet Group's
$43.0 million, six-year revolving credit facility), or to which any of the
property or assets of the Issuers or any of their respective subsidiaries is
subject (each, an "Existing Instrument"), except for such Defaults as would not,
                   -------------------
individually or in the aggregate, result in a Material Adverse Change. The
Issuers' execution, delivery and performance, as applicable, of this Agreement,
the Registration Rights Agreement, the Investor Rights Agreement and the
Indenture, and the issuance and delivery of the Securities or the Exchange Notes
and consummation of the transactions

                                       6
<PAGE>

contemplated hereby and thereby and by the Offering Memorandum (i) have been
duly authorized by all necessary corporate action and will not result in any
violation of the provisions of the charter or by-laws or operation agreement, as
applicable, of any of the Issuers or any of their respective subsidiaries, (ii)
will not conflict with or constitute a breach of, or Default under, or result in
the creation or imposition of any lien, charge or encumbrance upon any property
or assets of any of the Issuers or their respective subsidiaries pursuant to, or
require the consent of any other party to, any Existing Instrument, except for
such conflicts, breaches, Defaults, liens, charges or encumbrances as would not,
individually or in the aggregate, result in a Material Adverse Change and (iii)
will not result in any violation of any law, administrative regulation or
administrative or court decree applicable to the Issuers or any of their
respective subsidiaries. No consent, approval, authorization or other order of,
or registration or filing with, any court or other governmental or regulatory
authority or agency, is required for the Issuers' execution, delivery and
performance, as applicable, of this Agreement, the Registration Rights
Agreement, the Investor Rights Agreement, the Limited Liability Company
Agreement, the Unit Agreement or the Indenture, or the issuance and delivery of
the Securities or the Exchange Notes or consummation of the transactions
contemplated hereby and thereby and by the Offering Memorandum, except such as
have been obtained or made by the Issuers and are in full force and effect under
the Securities Act, applicable state securities or blue sky laws and except such
as may be required by federal and state securities laws with respect to the
obligations under the Registration Rights Agreement, or any FCC (as defined
below) approvals required in connection with the proposed Reorganization.

     (w) No Material Actions or Proceedings. There are no legal or governmental
         ----------------------------------
actions, suits or proceedings pending or, to the best of the Issuers' knowledge,
threatened against or affecting any of the Issuers or their respective
subsidiaries, which has as the subject thereof any property owned or leased by
the Issuers or their respective subsidiaries, where in any such case there is a
reasonable possibility that such action, suit or proceeding might be determined
adversely to any Issuer or any such subsidiary and any such action, suit or
proceeding, if so determined adversely, would reasonably be expected to result
in a Material Adverse Change or adversely affect the consummation of the
transactions contemplated by this Agreement. No material labor dispute with the
employees of the Issuers' or their respective subsidiaries, exists or, to the
best of the Issuers' knowledge, is threatened or imminent.

     (x) Intellectual Property Rights. Except as otherwise disclosed in the
         ----------------------------
Offering Memorandum, the Issuers and their respective subsidiaries, or Bastet or
Mission, own or possess sufficient trademarks, trade names, patent rights,
copyrights, licenses, approvals, trade secrets and other similar rights
(collectively, "Intellectual Property Rights") reasonably necessary to conduct
                ----------------------------
their businesses as now conducted; and the expected expiration of any of such
Intellectual Property Rights would not result in a Material Adverse Change. No
Issuer or any of their respective subsidiaries, or Bastet or Mission, has
received any notice of infringement or conflict with asserted Intellectual
Property Rights of others, which infringement or conflict, if the subject of an
unfavorable decision, would result in a Material Adverse Change.

     (y) All Necessary Permits, etc. Each of the Issuers and their respective
         --------------------------
subsidiaries possesses such valid and current certificates, authorizations or
permits issued by the appropriate state, federal or foreign regulatory agencies
or bodies necessary to conduct their respective businesses, and none of the
Issuers or any of their respective subsidiaries has received any notice of
proceedings relating to the revocation or modification of, or non-compliance
with, any such certificate, authorization or permit which, singly or in the
aggregate, if the subject of an unfavorable decision, ruling or finding, could
result in a Material Adverse Change.

     (z) FCC Licenses.
         ------------

          (i) The Company or its respective subsidiaries, or Bastet or Mission,
hold such validly issued Federal Communications Commission ("FCC") licenses and
                                                             ---
authorizations as are necessary to operate their respective television stations,
which are listed on Schedule III (the "Stations"), as they are currently
                    ------------       --------
operated (collectively, the "FCC Licenses"), and each such FCC License is in
                             ------------
full force and

                                       7
<PAGE>

effect. The FCC Licenses of the Company or its subsidiaries, or Bastet or
Mission, are listed on Schedule III, and each of such FCC Licenses has the
                       ------------
expiration date indicated on Schedule III.
                             ------------

          (ii)  The Company has no knowledge of any condition imposed by the FCC
as part of any FCC License, which condition is neither set forth on the face
thereof as issued by the FCC nor contained in the rules and regulations of the
FCC applicable generally to stations of the type, nature, class or location of
the Station in question. Each Station has been and is being operated in all
material respects in accordance with the terms and conditions of the FCC
Licenses applicable to it and the rules and regulations of the FCC and the
Communications Act of 1934, as amended (the "Communications Act").
                                             ------------------

          (iii) No proceedings are pending or are threatened which may result in
the revocation, modification, non-renewal or suspension of any of the FCC
Licenses, the denial of any pending applications, the issuance of any cease and
desist order or the imposition of any fines, forfeitures or other administrative
actions by the FCC with respect to any Station or its operation, other than any
matters which, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Change and proceedings affecting the
television broadcasting industry in general.

          (iv)  All reports, applications and other documents required to be

filed by the Company and its respective subsidiaries, or Bastet or Mission, with
the FCC with respect to the Stations have been timely filed, and all such
reports, applications and documents are true, correct and complete in all
respects, except where the failure to make such timely filing or any inaccuracy
therein could not reasonably be expected to result in a Material Adverse Change,
and the Company has no knowledge of any matters that could reasonably be
expected to result in the suspension or revocation of or the refusal to renew
any of the FCC Licenses or the imposition on any Issuer or any of their
respective subsidiaries, or Bastet or Mission, of any material fines or
forfeitures by the FCC, or which could reasonably be expected to result in the
revocation, rescission, reversal or modification of any Station's authorization
to operate as currently authorized under the Communications Act and the
policies, rules and regulations of the FCC.

          (v)   There are no unsatisfied or otherwise outstanding citations
issued by the FCC with respect to any Station or its operations.

     (aa) Condition of Stations. All of the material properties, equipment and
          ---------------------
systems of the Issuers or their respective subsidiaries, or Bastet or Mission,
and the Stations owned and/or operated by them are, and all material properties,
equipment and systems to be added in connection with any contemplated Station
expansion or construction will be, in condition which is sufficient for the
operation thereof in accordance with past practice of the Station in question
and are and will be in compliance with all applicable standards, rules or
requirements imposed by (a) any governmental agency or authority including
without limitation the FCC and (b) any FCC License, in each case except where
such noncompliance could not reasonably be expected to result in a Material
Adverse Change.

     (bb) Title to Properties. The Issuers and each of their respective
          -------------------
subsidiaries have good and marketable title to all the properties and assets
reflected as owned in the financial statements referred to in Section 1 above,
in each case free and clear of any security interests, mortgages, liens,
encumbrances, equities, claims and other defects, except such as do not
materially and adversely affect the value of such property and do not materially
interfere with the use made or proposed to be made of such property by such
Issuer or such subsidiary. The real property, improvements, equipment and
personal property held under lease by the Issuers or any of their respective
subsidiaries are held under valid and enforceable leases, with such exceptions
as are not material and do not materially interfere with the use made or
proposed to be made of such real property, improvements, equipment or personal
property by such Issuer or such subsidiary.

     (cc) Tax Law Compliance. The Issuers and their consolidated subsidiaries
          ------------------
have filed all necessary federal, state and foreign income and franchise tax
returns and have paid all taxes required to be paid by

                                       8
<PAGE>

any of them and, if due and payable, any related or similar assessment, fine or
penalty levied against any of them. Each Issuer has made adequate charges,
accruals and reserves in the applicable financial statements referred to in
Section 1 above in respect of all federal, state and foreign income and
franchise taxes for all periods as to which the tax liability of the Issuers and
any of its consolidated subsidiaries has not been finally determined.

     (dd)  Issuers Not an "Investment Company"
           ----------------------------------

          (i)   Each Issuer has been advised of the rules and requirements under
the Investment Company Act. No Issuer is, or after receipt of payment for the
Securities will be, an "investment company" within the meaning of Investment
Company Act, and each Issuer will conduct its business in a manner so that it
will not become subject to the Investment Company Act.

          (ii)  Each Issuer reasonably believes that based on the procedures it
has put in place to ensure that all purchasers and transferees of the Units are
and will be "qualified purchasers" for the purposes of the Investment Company
Act ("Qualified Purchasers") and "qualified institutional buyers" within the
meaning of Rule 144A ("Qualified Institutional Buyers"), and the sale of the
Units hereunder and the subsequent transfers of the Units will only be made to
Qualified Institutional Buyers that are Qualified Purchasers as set forth above.

          (iii) No Issuer shall offer the Securities in its own or any
affiliated participant-directed Plan.

          (iv)  Each Issuer shall cause the CUSIP numbers associated with the
Units and all third-party vendor screens (including those maintained by
Bloomberg, L.P. and The Depository Trust Company) to include appropriate legends
regarding the purchase restrictions in respect of Rule 144A under the Securities
Act and Section 3(c)(7) of the Investment Company Act and shall provide the
relevant information vendors with information regarding the Units applicable to
such restrictions.

          For the purposes hereof, (a) "Plan" means an ERISA Plan or any other
"plan" (as defined in Section 4975(e)(1) of the Code) that is subject to the
provisions of Section 4975 of the Code, or any entity whose underlying assets
include the assets of such plan and (b) "ERISA Plan" means an "employee benefit
plan" (as defined in Section 3(3) of the Employee Retirement Income Security Act
of 1974, as amended, and the regulations and published interpretations
thereunder (collectively, "ERISA")) which is subject to the provisions or Title
I of ERISA, or any entity whose underlying assets include the assets of any such
plan.

     (ee)  Insurance. Except as set forth on Schedule 1(ee), Each of the Issuers
and their respective subsidiaries are insured by recognized, financially sound
institutions with policies in such amounts and with such deductibles and
covering such risks as are generally deemed adequate and customary for their
businesses including, but not limited to, policies covering real and personal
property owned or leased by the Issuers and their respective subsidiaries
against theft, damage, destruction, acts of vandalism and earthquakes. The
Issuers have no reason to believe that it they any of their respective
subsidiaries will not be able (i) to renew their existing insurance coverage as
and when such policies expire or (ii) to obtain comparable coverage from similar
institutions as may be necessary or appropriate to conduct their business as now
conducted and at a cost that would not result in a Material Adverse Change. None
of the Issuers or any of their respective subsidiaries has been denied any
insurance coverage that it has sought or for which it has applied.

     (ff)  No Price Stabilization or Manipulation. No Issuer has taken or
will take, directly or indirectly, any action designed to or that might be
reasonably expected to cause or result in stabilization or manipulation of the
price of any security of any Issuer to facilitate the sale or resale of the
Securities.

                                       9
<PAGE>

          (gg) Company's Accounting System. The Company maintains a system of
               ----------------------------
accounting controls sufficient to provide reasonable assurances that (i)
transactions are executed in accordance with management's general or specific
authorization; (ii) transactions are recorded as necessary to permit preparation
of financial statements in conformity with generally accepted accounting and to
maintain accountability for assets; (iii) access to assets is permitted only in
accordance with management's general or specific authorization; and (iv) the
recorded accountability for assets is compared with existing assets at
reasonable intervals and appropriate action is taken with respect to any
differences.

          (hh) ERISA Compliance. Except as otherwise will be disclosed in the
               ----------------
Offering Memorandum, the Issuers, their respective subsidiaries and any
"employee benefit plan" (as defined under ERISA) established or maintained by
the Issuers or their respective subsidiaries or their "ERISA Affiliates" (as
defined below) are in compliance in all material respects with ERISA. "ERISA
                                                                       -----
Affiliate" means, with respect to the Issuers or any of their respective
---------
subsidiaries, any member of any group of organizations described in Section 414
of the Internal Revenue Code of 1986, as amended, and the regulations and
published interpretations thereunder (the "Code") of which such Issuers or such
                                           ----
subsidiary is a member. No "reportable event" (as defined under ERISA) has
occurred or is reasonably expected to occur with respect to any "employee
benefit plan" established or maintained by the Issuers or their respective
subsidiaries or any of their ERISA Affiliates. No "employee benefit plan"
established or maintained by the Issuers, their respective subsidiaries or any
of their ERISA Affiliates, if such "employee benefit plan" were terminated,
would have any "amount of unfunded benefit liabilities" (as defined under
ERISA). None of the Issuers, their respective subsidiaries or any of their ERISA
Affiliates have incurred or reasonably expect to incur any liability under Title
IV of ERISA with respect to termination of, or withdrawal from, any "employee
benefit plan" or (ii) Sections 412, 4971, 4975 or 4980B of the Code. Each
"employee benefit plan" established or maintained by the Issuers, their
respective subsidiaries or any of their ERISA Affiliates that is intended to be
qualified under Section 401 of the Code is so qualified and nothing has
occurred, whether by action or failure to act, which would cause the loss of
such qualification.

                  Any certificate signed by an officer of any of the Issuers and
delivered to the Initial Purchasers or to counsel for the Initial Purchasers
shall be deemed to be a representation and warranty by such Issuer such Issuer
to the Initial Purchasers as to the matters set forth therein.

SECTION 2.        Purchase, Sale and Delivery of the Units.
                  ----------------------------------------

     (a) The Units. The Issuers agree to issue and sell to the several Initial
         ---------
Purchasers, severally and not jointly, all of the Units upon the terms herein
set forth. On the basis of the representations, warranties and agreements herein
contained, and upon the terms but subject to the conditions herein set forth,
the Initial Purchasers agrees, to purchase from the Issuers the number of Units
set forth opposite their names on Schedule I, at a purchase price equal to
                                  ----------
$521.80 per Unit payable on the Closing Date.

     (b) The Closing Date. Delivery of certificates for the Units in definitive
         ----------------
form to be purchased by the Initial Purchasers and payment therefor shall be
made at the offices of Latham & Watkins, 885 Third Avenue, New York, New York
(or such other place as may be agreed to by the Issuers and the Initial
Purchaser) at 9:00 a.m. New York City time, on May 17, 2001 or such other time
and date as the Initial Purchasers shall designate by notice to the Issuers (the
time and date of such closing are called the "Closing Date"). Each Issuer hereby
                                              ------------
acknowledges that circumstances under which the Initial Purchasers may provide
notice to postpone the Closing Date as originally scheduled include, but are in
no way limited to, any determination by the Issuers or the Initial Purchasers to
recirculate to investors copies of an amended or supplemented Offering
Memorandum or a delay as contemplated by the provisions of Section 16.

     (c) Delivery of the Units. The Issuers shall deliver, or cause to be
         ---------------------
delivered, to the Initial Purchaser certificates for the Units on the Closing
Date against the irrevocable release of a wire transfer of immediately available
funds for the amount of the purchase price therefor. The certificates for the
Units shall be in such denominations and registered in the name of Cede & Co.,
as nominee of the Depository,

                                       10
<PAGE>

and shall be made available for inspection on the business day preceding the
Closing Date at a location in New York City, as the Initial Purchaser may
designate. Time shall be of the essence, and delivery at the time and place
specified in this Agreement is a further condition to the obligations of the
Initial Purchaser.

     (d) Delivery of Offering Memorandum to the Initial Purchasers. Not later
         ---------------------------------------------------------
than 12:00 noon on Thursday, May 17, 2001, the Issuers shall deliver or cause to
be delivered copies of the Offering Memorandum in such quantities and at such
places as the Initial Purchasers shall reasonably request.

     (e) Initial Purchaser as Qualified Purchaser. Each Initial Purchaser,
         ----------------------------------------
severally and not jointly, represents and warrants to, and agrees with, the
Issuers that it is a Qualified Institutional Buyer within the meaning of Rule
144A, an "accredited investor" within the meaning of Rule 501 under the
Securities Act and a Qualified Purchaser.

     (f) Resale of Securities. Each Initial Purchaser, severally and not
         --------------------
jointly, represents and warrants to, and agrees with, the Issuers that: (i) it
will offer and sell the Units only to persons (A) who (x) it reasonably believes
are Qualified Institutional Buyers in transactions meeting the requirements of
Rule 144A and (y) are Qualified Purchasers, (B) who are not broker-dealers that
own and invest on a discretionary basis less than $25,000,000 in securities of
issuers that are not affiliated persons of the dealer, (C) who are purchasing
the Units for their own account or, in the case of the Units sold to Qualified
Institutional Buyers, the account of another Qualified Purchaser that is also a
Qualified Institutional Buyer as to which the purchaser exercises sole
investment discretion, (D) who are (and who represent that any such account is)
acquiring the Units as principal for its own account for investment and not for
sale in connection with any distribution thereof, (E) who were not (and who
represent that any such account was not) formed solely for the purpose of
investing in the Units (except when each beneficial owner of the purchaser and
each such account is a Qualified Purchaser), (F) who have received (and who
represent that each such account has received), to the extent the purchaser (or
any account for which it is purchasing the Units) is a private investment
company formed before April 30, 1996, the necessary consent from its beneficial
owners, (G) who are not (and who represent that any such account is not)
pension, profit sharing or other retirement trust funds or plans in which the
partners, beneficiaries or participants, as applicable, may designate the
particular investments to be made and (H) who are (and who represent that each
such account is) purchasing the Units in an initial principal amount of not less
than $250,000 for the purchaser and each such account; (ii) it will only offer
and sell the Unit in such minimum denominations; (iii) it will provide, or
cooperate to provide, its customers that purchase the Units with notice of the
Issuers' reliance on Section 3(c)(7) of the Investment Company Act; (iv) it will
cooperate and assist in the proper dissemination of notices and periodic reports
delivered by the Issuers to the Holders of the Units under the Indenture; (v) it
will notify the Issuers and the relevant information vendors if it discovers
that the legends on the third-party vendor screens relating to the Units are
missing, inaccurate or incomplete; (vi) it will take reasonable steps to cause
all "confirms" of trades of the Units to contain a CUSIP number that has a
"fixed field" attached which contains "3c7" and "144A" indicators; (vii) it will
take reasonable steps to cause its internal database and other systems to notify
all of its personnel responsible for settling transactions involving the Units
of the Issuers' reliance on Section 3(c)(7) of the Investment Company Act; and
(viii) it will cause any website relating to the Units and maintained by it to
contain a password protected system that permits access only to Persons who
certify that they are, or were at the time they acquired the Units, Qualified
Purchasers.

SECTION 3.  Additional Covenants. The Issuers, jointly and severally, further
            --------------------
covenant and agree with the Initial Purchasers as follows:

      (a) Initial Purchasers' Review of Proposed Amendments and Supplements.
          -----------------------------------------------------------------
Prior to amending or supplementing the Offering Memorandum, the Issuers shall
furnish to the Initial Purchasers for review a copy of each such proposed
amendment or supplement, and the Issuers shall not use any such proposed
amendment or supplement to which the Initial Purchasers reasonably object.

                                       11
<PAGE>

     (b) Amendments and Supplements to the Offering Memorandum and Other
         ---------------------------------------------------------------
Securities Act Matters. If, prior to the completion of the placement of the
----------------------
Units by the Initial Purchasers with the Subsequent Purchasers, any event shall
occur or condition exist as a result of which it is necessary to amend or
supplement the Offering Memorandum in order to make the statements therein, in
the light of the circumstances when the Offering Memorandum is delivered to a
purchaser, not misleading, or if in the opinion of the Initial Purchasers or
counsel for the Initial Purchasers it is otherwise necessary to amend or
supplement the Offering Memorandum to comply with law, the Issuers jointly and
severally agree to promptly prepare (subject to Section 3 hereof), and furnish
at their own expense to the Initial Purchasers, amendments or supplements to the
Offering Memorandum so that the statements in the Offering Memorandum as so
amended or supplemented will not, in the light of the circumstances when the
Offering Memorandum is delivered to a purchaser, be misleading or so that the
Offering Memorandum, as amended or supplemented, will comply with law.

          Following the consummation of the Exchange Offer or the effectiveness
of an applicable shelf registration statement and for so long as the Securities
are outstanding if, in the reasonable judgment of the Initial Purchasers, the
Initial Purchasers or any of its affiliates (as such term is defined in the
rules and regulations under the Securities Act) are required to deliver a
prospectus in connection with sales of, or market-making activities with respect
to, such securities, to periodically amend the applicable registration statement
so that the information contained therein complies with the requirements of
Section 10 of the Securities Act, to amend the applicable registration statement
or supplement the related prospectus or the documents incorporated therein when
necessary to reflect any material changes in the information provided therein so
that the registration statement and the prospectus will not contain any untrue
statement of a material fact or omit to state any material fact necessary in
order to make the statements therein, in the light of the circumstances existing
as of the date the prospectus is so delivered, not misleading and to provide the
Initial Purchasers with copies of each amendment or supplement filed and the
information required to be provided to the Trustee pursuant to the Indenture.

          The Issuers hereby expressly acknowledge that the indemnification and
contribution provisions of Sections 8 and 9 hereof are specifically applicable
and relate to each offering memorandum, registration statement, prospectus,
amendment or supplement referred to in this Section 3.

     (c) Copies of the Offering Memorandum. The Issuers agree to furnish the
         ---------------------------------
Initial Purchasers, without charge, as many copies of the Offering Memorandum
and any amendments and supplements thereto as it shall have reasonably
requested.

     (d) Blue Sky Compliance. The Issuers shall cooperate with the Initial
         -------------------
Purchasers and counsel for the Initial Purchasers to qualify or register the
Securities for sale under (or obtain exemptions from the application of) the
Blue Sky or state securities laws of those jurisdictions designated by the
Initial Purchasers, shall comply with such laws and shall continue such
qualifications, registrations and exemptions in effect so long as required for
the distribution of the Securities. None of the Issuers shall be required to
qualify as a foreign corporation or to take any action that would subject it to
general service of process in any such jurisdiction where it is not presently
qualified or where it would be subject to taxation as a foreign corporation. The
Issuers will advise the Initial Purchasers promptly of the suspension of the
qualification or registration of (or any such exemption relating to) the
Securities for offering, sale or trading in any jurisdiction or any initiation
or threat of any proceeding for any such purpose, and in the event of the
issuance of any order suspending such qualification, registration or exemption,
the Issuers shall use their respective best efforts to obtain the withdrawal
thereof at the earliest possible moment.

     (e) Use of Proceeds. The Issuers shall apply the net proceeds from the sale
         ---------------
of the Units sold by it in the manner to be described under the caption "Use of
Proceeds" in the Offering Memorandum.

     (f) The Depositary. The Issuers will cooperate with the Initial Purchasers
         --------------
and use their respective best efforts to permit the Units to be eligible for
clearance and settlement through the facilities of the Depositary.

                                       12
<PAGE>

     (g) Additional Issuer Information. Additionally, at any time when any
         -----------------------------
Issuer is not subject to Section 13 or 15 of the Exchange Act, for the benefit
of holders and beneficial owners from time to time of Securities, the Issuers
shall furnish, at its expense, upon request, to holders and beneficial owners of
Securities and prospective purchasers of Securities information ("Additional
                                                                 -----------
Issuer Information") satisfying the requirements of subsection of Rule 144A.
-------------------

     (h) Future Reports to the Initial Purchasers. For so long as any Exchange
         ----------------------------------------
Notes remain outstanding, the Issuers will furnish to Banc of America Securities
LLC (i) as soon as practicable after the end of each fiscal year, copies of the
Annual Report of the Company containing the balance sheet of the Company as of
the close of such fiscal year and statements of income, stockholders' equity (or
member's equity, as applicable) and cash flows for the year then ended and the
opinion thereon of the Company's independent public or certified public
accountants; (ii) as soon as practicable after the filing thereof, copies of
each proxy statement, Annual Report on Form 10-K, Quarterly Report on Form 10-Q,
Current Report on Form 8-K or other report filed by any of the Issuers with the
Commission, the NASD or any securities exchange; and (iii) as soon as available,
copies of any report or communication any Issuer mailed generally to holders of
its capital equity or debt securities (including the holders of the Securities).

     (i) No Integration. Each Issuer agrees that it will not and will cause its
         --------------
Affiliates not to make any offer or sale of securities of such Issuer of any
class if, as a result of the doctrine of "integration" referred to in Rule 502
under the Securities Act, such offer or sale would render invalid (for the
purpose of the sale of the Units by the Issuers to the Initial Purchaser, (i)
the resale of the Securities by the Initial Purchasers to Subsequent Purchasers
or (ii) the resale of the Securities by such Subsequent Purchasers to others)
the exemption from the registration requirements of the Securities Act provided
by Section 4 thereof or by Rule 144A thereunder or otherwise.

     (j) Legended Securities. Each certificate for a Unit, Note or Common Share
         -------------------
will bear the respective legend to be contained in "Notice to Investors" in the
Offering Memorandum for the time period and upon the other terms stated in the
Offering Memorandum.

     (k) PORTAL. The Issuers will use their respective best efforts to cause
         ------
such Securities to be eligible for the National Association of Securities
Dealers, Inc. PORTAL market (the "PORTAL market").
                                 ---------------

               Banc of America Securities LLC, on behalf of the several Initial
Purchasers, may, in its sole discretion, waive in writing the performance by the
any Issuer of any one or more of the foregoing covenants or extend the time for
their performance.

SECTION 4.     Payment of Expenses. The Issuers agree to pay all costs, fees and
               -------------------
expenses incurred in connection with the performance of their obligations
hereunder and in connection with the transactions contemplated hereby,
including, without limitation, all expenses incident to the issuance and
delivery of the Units (including all printing and engraving costs), (ii) all
necessary issue, transfer and other stamp taxes in connection with the issuance
and sale of the Units to the Initial Purchaser, (iii) all fees and expenses of
the Issuers' counsel, independent public or certified public accountants and
other advisors, (iv) all costs and expenses incurred in connection with the
preparation, printing, filing, shipping and distribution of the Offering
Memorandum (including financial statements and exhibits), and all amendments and
supplements thereto, this Agreement, the Registration Rights Agreement, the
Indenture, the Unit Agreement, the Investors Rights Agreement and the
Securities, all filing fees, attorneys' fees and expenses incurred by the
Issuers or the Initial Purchasers in connection with qualifying or registering
(or obtaining exemptions from the qualification or registration of) all or any
part of the Units for offer and sale under the Blue Sky laws and, if requested
by the Initial Purchasers, preparing and printing a "Blue Sky Survey" or
memorandum, and any supplements thereto, advising the Initial Purchasers of such
qualifications, registrations and exemptions, (vi) the fees and expenses of the
Trustee, including the fees and disbursements of counsel for the Trustee in
connection with the Indenture, the Notes and the Exchange Notes, (vii) any fees
payable in connection with the rating of the Notes or the Exchange Notes with
the ratings agencies and the listing of the Securities with the PORTAL market,
(viii) any filing fees incident to the review by the National

                                       13
<PAGE>

Association of Securities Dealers, Inc., if any, of the terms of the sale of the
Securities or the Exchange Notes, (ix) all fees and expenses (including
reasonable fees and expenses of counsel) of the Issuers in connection with
approval of the Securities by the Depositary for "book-entry" transfer, and the
performance by the Issuers of their respective obligations under this Agreement.
Except as provided in this Section 4, Section 6, Section 8 and Section 9 hereof,
the Initial Purchasers shall pay their own expenses, including the fees and
disbursements of their counsel.

SECTION 5. Conditions of the Obligations of the Initial Purchasers. The
           -------------------------------------------------------
obligations of the Initial Purchasers to purchase and pay for the Units as
provided herein on the Closing Date shall be subject to the accuracy of the
representations and warranties on the part of the Issuers set forth in Section 1
hereof as of the date hereof and as of the Closing Date as though then made and
to the timely performance by the Issuers of their respective covenants and other
obligations hereunder, and to each of the following additional conditions:

     (a) Accountants' Comfort Letter. On the Closing Date, the Initial
         ---------------------------
Purchasers shall have received from each of PricewaterhouseCoopers LLP,
independent public or certified public accountants for the Issuers, and Ernst &
Young LLP, independent auditors with respect to KTAL-TV, Inc., a letter dated
such date addressed to the Initial Purchasers, in form and substance reasonably
satisfactory to the Initial Purchasers, containing statements and information of
the type ordinarily included in accountant's "comfort letters" to the Initial
Purchasers, delivered according to Statement of Auditing Standards Nos. 72 and
76 (or any successor bulletins), with respect to the audited and unaudited
financial statements and certain financial information contained in the Offering
Memorandum.

     (b) No Material Adverse Change or Ratings Agency Change.  For the period
         ---------------------------------------------------
from and after the date of this Agreement and prior to the Closing Date:

                           (i)  in the reasonable judgment of the Initial
                           Purchasers there shall not have occurred any Material
                           Adverse Change; and

                           (ii) there shall not have occurred any downgrading,
                           nor shall any notice have been given of any intended
                           or potential downgrading or of any review for a
                           possible change that does not indicate the direction
                           of the possible change, in the rating accorded any
                           securities of any of the Issuers or their respective
                           subsidiaries by any "nationally recognized
                           statistical rating organization" as such term is
                           defined for purposes of Rule 436 under the Securities
                           Act.

     (c) Financial Information. The preliminary financial statements provided by
         ---------------------
the Company to the Initial Purchasers on the date hereof, a copy of which are
attached hereto as Attachment A, together with the related schedules and notes,
                   ------------
shall not be materially different, in the reasonable judgment of the Initial
Purchasers, from the financial statements, together with the related schedules
and notes, included in the Offering Memorandum, as of its date.

     (d) Reorganization. On the Closing Date, the Issuers shall have covenanted
         --------------
to complete the Reorganization.

     (e) Opinion of Counsel for the Issuers. On the Closing Date, the Initial
         ----------------------------------
Purchasers shall have received the favorable opinion of Kirkland & Ellis,
counsel for the Issuers, dated as of such Closing Date, the form of which is
attached as Exhibit A.
            ---------

     (f) Opinion of Regulatory Counsel for the Company. On the Closing Date,
         ---------------------------------------------
the Initial Purchasers shall have received the favorable opinions of Arter &
Hadden LLP, special regulatory counsel for the Company, dated as of such Closing
Date, the form of which is attached as Exhibit B.
                                       ---------

                                       14
<PAGE>

     (g) Opinion of Counsel for the Initial Purchasers. On the Closing Date the
         ---------------------------------------------
Initial Purchasers shall have received the favorable opinion of Latham &
Watkins, counsel for the Initial Purchasers, dated as of such Closing Date, with
respect to such matters as may be reasonably requested by the Initial
Purchasers.

     (h) Officers' Certificate. On the Closing Date the Initial Purchasers shall
         ---------------------
have received a written certificate executed by the Chairman of the Board, Chief
Executive Officer or President and the Chief Financial Officer or Chief
Accounting Officer of each Issuer, dated as of the Closing Date, to the effect
set forth in subsection (b) (ii) of this Section 5, and further to the effect
that:

                           (i)    for the period from and after the date of this
                           Agreement and prior to the Closing Date there has not
                           occurred any Material Adverse Change;

                           (ii)   the representations and warranties of such
                           Issuer set forth in Section 1 of this Agreement are
                           true and correct with the same force and effect as
                           though expressly made on and as of the Closing Date;
                           and

                           (iii)  such Issuer has complied with all the
                           agreements and satisfied all the conditions on its
                           part to be performed or satisfied at or prior to the
                           Closing Date.

          (i)      PORTAL Listing. At the Closing Date the Securities shall have
                   --------------
been designated for trading on the PORTAL market.

          (j)      Registration Rights Agreement. The Company shall have entered
                   -----------------------------
into the Registration Rights Agreement, and the Initial Purchasers shall have
received executed counterparts thereof.

          (k)      Indenture. The Company, the Guarantor, Bastet, Mission and
                   ---------
the Trustee shall have entered into the Indenture, and the Initial Purchasers
shall have received an executed copy thereof.

          (l)      Unit Agreement. The Issuers and the Unit Agent shall have
                   --------------
entered into the Unit Agreement, and the Initial Purchasers shall have received
an executed copy thereof.

          (m)      Investor Rights Agreement. Nexstar and Newco shall have
entered into the Investor Rights Agreement, and the Initial Purchasers shall
have received an executed copy thereof.

          (n)      Limited Liability Company Agreement. Nexstar, Newco and the
                   -----------------------------------
other members of Nexstar shall have entered into the Limited Liability Company
Agreement, and the Initial Purchasers shall have received an executed copy
thereof.

          (o)      Reimbursement Agreement. Nexstar and Newco shall have entered
                   -----------------------
into a reimbursement agreement, dated as of the Closing Date, providing for the
reimbursement by Nexstar to Newco of expenses incurred in connection with
Newco's holding the Class D Interests, and the Initial Purchasers shall have
received an executed copy thereof.

          (p)      Additional Documents. On or before the Closing Date, the
                   --------------------
Initial Purchasers and counsel for the Initial Purchasers shall have received
such information, documents and opinions as they may reasonably require for the
purposes of enabling them to pass upon the issuance and sale of the Units as
contemplated herein, or in order to evidence the accuracy of any of the
representations and warranties, or the satisfaction of any of the conditions or
agreements, herein contained.

          (q)      Execution by Newco. On the Closing Date, Newco shall have
                   ------------------
entered into this Agreement by executing a supplemental signature page hereto,
and the Initial Purchasers shall have received an executed copy thereof.

                                       15
<PAGE>

                  If any condition specified in this Section 5 is not satisfied
when and as required to be satisfied, this Agreement may be terminated by the
Initial Purchasers by notice to the Issuers at any time on or prior to the
Closing Date, which termination shall be without liability on the part of any
party to any other party, except that Section 4, Section 6, Section 8 and
Section 9 shall at all times be effective and shall survive such termination.

SECTION 6.   Reimbursement of Initial Purchasers' Expenses. If this Agreement is
             ---------------------------------------------
terminated by the Initial Purchasers pursuant to Section 5, or if the sale to
the Initial Purchasers of the Units on the Closing Date is not consummated
because of any refusal, inability or failure on the part of the Issuers to
perform any agreement herein or to comply with any provision hereof, each of the
Issuers agrees, jointly and severally, to reimburse the Initial Purchasers (or
such Initial Purchasers as have terminated this Agreement with respect to
themselves), severally, upon demand for all out-of-pocket expenses that shall
have been reasonably incurred by the Initial Purchasers in connection with the
proposed purchase and the offering and sale of the Securities, including but not
limited to fees and disbursements of counsel, printing expenses, travel
expenses, postage, facsimile and telephone charges.

SECTION 7.   Offer, Sale and Resale Procedures. Each of the Initial Purchasers,
             ---------------------------------
on the one hand, and each Issuer, on the other hand, hereby establish and agree
to observe the following procedures in connection with the offer and sale of the
Units:

             (A) Offers and sales of the Units will be made only by the Initial
Purchasers or Affiliates thereof qualified to do so in the jurisdictions in
which such offers or sales are made. Each such offer or sale shall only be made
to persons whom the offeror or seller reasonably believes to be Qualified
Institutional Buyers and Qualified Purchasers.

             (B) The Units will be offered by approaching prospective Subsequent
Purchasers on an individual basis. No general solicitation or general
advertising (within the meaning of Rule 502 under the Securities Act) will be
used in the United States in connection with the offering of the Units.

             (C) Upon original issuance by the Issuers, and until such time as
the same is no longer required under the applicable requirements of the
Securities Act, the Units (and all securities issued in exchange therefor or in
substitution thereof, other than the Exchange Notes) shall bear the following
legend:

"THE SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY
ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY ACT") OR THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED. THE HOLDER HEREOF, BY PURCHASING THE
SECURITIES IN RESPECT OF WHICH THIS SECURITY HAS BEEN ISSUED, AGREES FOR THE
BENEFIT OF THE ISSUER THAT THE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED, ONLY (A) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES
IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A
UNDER THE SECURITIES ACT, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $250,000 FOR
THE PURCHASER AND FOR EACH ACCOUNT FOR WHICH IT IS ACTING, TO A PURCHASER AND,
AS APPLICABLE, EACH ACCOUNT FOR WHICH SUCH PURCHASER IS ACTING, THAT (1) IS A
QUALIFIED PURCHASER WITHIN THE MEANING OF SECTION 3(C)(7) OF THE INVESTMENT
COMPANY ACT, (2) WAS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE ISSUER
(EXCEPT WHEN EACH BENEFICIAL OWNER OF THE PURCHASER AND EACH SUCH ACCOUNT IS A
QUALIFIED PURCHASER), (3) HAS RECEIVED THE NECESSARY CONSENT FROM ITS BENEFICIAL
OWNERS WHEN THE PURCHASER OR SUCH ACCOUNT IS A PRIVATE INVESTMENT COMPANY FORMED
BEFORE APRIL 30, 1996, (4) IS NOT A BROKER-DEALER THAT OWNS AND INVESTS ON A
DISCRETIONARY BASIS LESS THAN $25,000,000 IN

                                       16
<PAGE>

SECURITIES OF UNAFFILIATED ISSUERS AND (5) IS NOT A PENSION, PROFIT SHARING OR
OTHER RETIREMENT TRUST FUND OR PLAN IN WHICH THE PARTNERS, BENEFICIARIES OR
PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE PARTICULAR INVESTMENTS TO BE
MADE, AND IN A TRANSACTION THAT MAY BE EFFECTED WITHOUT LOSS OF ANY APPLICABLE
INVESTMENT COMPANY ACT EXEMPTION AND (B) IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE STATES OF THE UNITED STATES. ANY TRANSFER IN VIOLATION OF
THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO AND WILL
NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY
INSTRUCTIONS TO THE CONTRARY TO THE ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY.
EACH TRANSFEROR OF THIS SECURITY WILL PROVIDE NOTICE OF THE TRANSFER
RESTRICTIONS SET FORTH HEREIN, IN THE INDENTURE AND IN THE UNIT AGREEMENT TO ITS
TRANSFEREE. IN ADDITION TO THE FOREGOING, THE ISSUERS MAINTAIN THE RIGHT TO
PURCHASE OR FORCE THE RESALE OF ANY SECURITIES PREVIOUSLY TRANSFERRED TO NON-
PERMITTED HOLDERS (AS DEFINED IN THE UNIT AGREEMENT) IN ACCORDANCE WITH AND
SUBJECT TO THE TERMS OF THE UNIT AGREEMENT."

         Following the sale of the Units by the Initial Purchasers to Subsequent
Purchasers pursuant to the terms hereof, the Initial Purchasers shall not be
liable or responsible to the Issuers for any losses, damages or liabilities
suffered or incurred by the Issuers, including any losses, damages or
liabilities under the Securities Act, arising from or relating to any resale or
transfer of any Security by non-Affiliates of the Initial Purchasers.

SECTION 8.   Indemnification.
             ----------------

      (a) Indemnification of the Initial Purchaser. The Issuers, jointly and
          ----------------------------------------
severally, agree to indemnify and hold harmless the Initial Purchaser, its
directors, officers and employees, and each person, if any, who controls each
Initial Purchaser within the meaning of the Securities Act and the Exchange Act
against any loss, claim, damage, liability or expense, as incurred, to which the
Initial Purchaser or such controlling person may become subject, under the
Securities Act, the Exchange Act or other federal or state statutory law or
regulation, or at common law or otherwise (including in settlement of any
litigation, if such settlement is effected with the written consent of the
Issuers), insofar as such loss, claim, damage, liability or expense (or actions
in respect thereof as contemplated below) arises out of or is based (i) upon any
untrue statement or alleged untrue statement of a material fact contained in the
Offering Memorandum (or any amendment or supplement thereto), or the omission or
alleged omission therefrom of a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading; or (ii) in whole or in part upon any failure of any Issuer
to perform its obligations hereunder or under law; or (iii) any act or failure
to act or any alleged act or failure to act by such Initial Purchaser in
connection with, or relating in any manner to, the offering contemplated hereby,
and which is included as part of or referred to in any loss, claim, damage,
liability or action arising out of or based upon any matter covered by clause
above; provided that the Issuers shall not be liable under this clause (iii) to
the extent that a court of competent jurisdiction shall have determined by a
final judgment that such loss, claim, damage, liability or action resulted
directly from any such acts or failures to act undertaken or omitted to be taken
by such Initial Purchaser through its gross negligence or willful misconduct;
and to reimburse each Initial Purchaser and each such controlling person for
reasonable expenses (including the reasonable fees and disbursements of counsel
chosen by the Banc of America Securities LLC) as such expenses are reasonably
incurred by such Initial Purchaser or such controlling person in connection with
investigating, defending, settling, compromising or paying any such loss, claim,
damage, liability, expense or action; provided, however, that the foregoing
indemnity agreement shall not apply to any loss, claim, damage, liability or
expense to the extent, but only to the extent, arising out of or based upon any
untrue statement or alleged untrue statement or omission or alleged omission
made in reliance upon and in conformity with written information furnished to
the Issuers by the Initial Purchasers for use in the Offering Memorandum (or any
amendment or supplement thereto). The indemnity

                                       17
<PAGE>

agreement set forth in this Section 8 shall be in addition to any liabilities
that the Issuers may otherwise have.

     (b) Indemnification of the Issuers, their Directors and Officers. Each
         ------------------------------
Initial Purchaser agrees, severally and not jointly, to indemnify and hold
harmless the Issuers and each of their respective directors and each person, if
any, who controls the Issuers within the meaning of the Securities Act or the
Exchange Act, against any loss, claim, damage, liability or expense, as
incurred, to which any Issuer or any such director, or controlling person may
become subject, under the Securities Act, the Exchange Act, or other federal or
state statutory law or regulation, or at common law or otherwise (including in
settlement of any litigation, if such settlement is effected with the written
consent of such Initial Purchaser), insofar as such loss, claim, damage,
liability or expense (or actions in respect thereof as contemplated below)
arises out of or is based upon any untrue or alleged untrue statement of a
material fact contained in the Offering Memorandum (or any amendment or
supplement thereto), or arises out of or is based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in the Offering Memorandum
(or any amendment or supplement thereto), in reliance upon and in conformity
with written information furnished to the Issuers by the Initial Purchasers
expressly for use therein; and to reimburse any such Issuer or any such director
or controlling person for any legal and other expenses reasonably incurred by
any such Issuer or any such director or controlling person in connection with
investigating, defending, settling, compromising or paying any such loss, claim,
damage, liability, expense or action. The Issuers hereby acknowledge that the
only information that the Initial Purchasers have furnished to the Issuers
expressly for use in the Offering Memorandum (or any amendment or supplement
thereto) are the statements referenced on Schedule IV, which Schedule IV shall
                                          -----------        -----------
be attached to this Agreement on the date of the Offering Memorandum and shall
be part of this Agreement as if attached to this Agreement on the date hereof);
and each Initial Purchaser confirms that such statements are correct. The
indemnity agreement set forth in this Section 8 shall be in addition to any
liabilities that each Initial Purchaser may otherwise have.

     (c) Notifications and Other Indemnification Procedures. Promptly after
         --------------------------------------------------
receipt by an indemnified party under this Section 8 of notice of the
commencement of any action, such indemnified party will, if a claim in respect
thereof is to be made against an indemnifying party under this Section 8, notify
the indemnifying party in writing of the commencement thereof, but the omission
so to notify the indemnifying party will not relieve it from any liability which
it may have to any indemnified party for contribution or otherwise than under
the indemnity agreement contained in this Section 8 or to the extent it is not
prejudiced as a proximate result of such failure. In case any such action is
brought against any indemnified party and such indemnified party seeks or
intends to seek indemnity from an indemnifying party, the indemnifying party
will be entitled to participate in and, to the extent that it shall elect,
jointly with all other indemnifying parties similarly notified, by written
notice delivered to the indemnified party promptly after receiving the aforesaid
notice from such indemnified party, to assume the defense thereof with counsel
reasonably satisfactory to such indemnified party; provided, however, if the
defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded
that a conflict may arise between the positions of the indemnifying party and
the indemnified party in conducting the defense of any such action or that there
may be legal defenses available to it and/or other indemnified parties which are
different from or additional to those available to the indemnifying party, the
indemnified party or parties shall have the right to select separate counsel to
assume such legal defenses and to otherwise participate in the defense of such
action on behalf of such indemnified party or parties. Upon receipt of notice
from the indemnifying party to such indemnified party of such indemnifying
party's election so to assume the defense of such action and approval by the
indemnified party of counsel, the indemnifying party will not be liable to such
indemnified party under this Section 8 for any legal or other expenses
subsequently incurred by such indemnified party in connection with the defense
thereof unless the indemnified party shall have employed separate counsel in
accordance with the proviso to the next preceding sentence (it being understood,
however, that the indemnifying party shall not be liable for the expenses of
more than one separate counsel (together with local counsel),

                                       18
<PAGE>

approved by the indemnifying party (Banc of America Securities LLC in the case
of Section 8 and Section 9), representing the indemnified parties who are
parties to such action) or (ii) the indemnifying party shall not have employed
counsel satisfactory to the indemnified party to represent the indemnified party
within a reasonable time after notice of commencement of the action, in each of
which cases the fees and expenses of counsel shall be at the expense of the
indemnifying party.

     (d) Settlements. The indemnifying party under this Section 8 shall not be
         -----------
liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for
the plaintiff, the indemnifying party agrees to indemnify the indemnified party
against any loss, claim, damage, liability or expense by reason of such
settlement or judgment. Notwithstanding the foregoing sentence, if at any time
an indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel as contemplated by Section 8
hereof, the indemnifying party agrees that (i) it shall be liable for any
settlement of any proceeding effected without its written consent if such
settlement is entered into more than 30 days after receipt by such indemnifying
party of the aforesaid request and (ii) such indemnifying party shall not have
reimbursed the indemnified party in accordance with such request prior to the
date of such settlement. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement, compromise or consent
to the entry of judgment in any pending or threatened action, suit or proceeding
in respect of which any indemnified party is or could have been a party and
indemnity was or could have been sought hereunder by such indemnified party,
unless such settlement, compromise or consent includes an unconditional release
of such indemnified party from all liability on claims that are the subject
matter of such action, suit or proceeding.

SECTION 9.  Contribution.
            -------------

            If the indemnification provided for in Section 8 is for any reason
held to be unavailable to or otherwise insufficient to hold harmless an
indemnified party in respect of any losses, claims, damages, liabilities or
expenses referred to therein, then each indemnifying party shall contribute to
the aggregate amount paid or payable by such indemnified party, as incurred, as
a result of any losses, claims, damages, liabilities or expenses referred to
therein in such proportion as is appropriate to reflect the relative benefits
received by the Issuers, on the one hand, and the Initial Purchasers, on the
other hand, from the offering of the Units pursuant to this Agreement or (ii) if
the allocation provided by clause above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause above but also the relative fault of the Issuers, on the
one hand, and the Initial Purchasers, on the other hand, in connection with the
statements or omissions or inaccuracies in the representations and warranties
herein which resulted in such losses, claims, damages, liabilities or expenses,
as well as any other relevant equitable considerations. The relative benefits
received by the Issuers, on the one hand, and the Initial Purchasers, on the
other hand, in connection with the offering of the Units pursuant to this
Agreement shall be deemed to be in the same respective proportions as the total
net proceeds from the offering of the Units pursuant to this Agreement (before
deducting expenses) received by the Issuers, and the total discount received by
the Initial Purchasers bear to the aggregate initial offering price of the
Units. The relative fault of the Issuers, on the one hand, and the Initial
Purchasers, on the other hand, shall be determined by reference to, among other
things, whether any such untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact or any such inaccurate
or alleged inaccurate representation or warranty relates to information supplied
by the Issuers, on the one hand, or the Initial Purchasers, on the other hand,
and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.

            The amount paid or payable by a party as a result of the losses,
claims, damages, liabilities and expenses referred to above shall be deemed to
include, subject to the limitations set forth in Section 8, any legal or other
fees or expenses reasonably incurred by such party in connection with
investigating or defending any action or claim. The provisions set forth in
Section 8 with respect to notice of commencement of any action shall apply if a
claim for contribution is to be made under this Section 9;

                                       19
<PAGE>

provided, however, that no additional notice shall be required with respect to
any action for which notice has been given under Section 8 for purposes of
indemnification.

        The Issuers and the Initial Purchasers agree that it would not be just
and equitable if contribution pursuant to this Section 9 were determined by pro
rata allocation (even if the Initial Purchasers were treated as one entity for
such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to in this Section 9.

        Notwithstanding the provisions of this Section 9, the Initial
Purchaser shall not be required to contribute any amount in excess of the
discount received by the Initial Purchaser in connection with the Units
distributed by it. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11 of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The
Initial Purchasers' obligations to contribute pursuant to this Section 9 are
several, and not joint, in proportion to their respective commitments as set
forth opposite their names on Schedule I. For purposes of this Section 9, each
                              ----------
director, officer and employee of the Initial Purchaser and each person, if any,
who controls an Initial Purchaser within the meaning of the Securities Act and
the Exchange Act shall have the same rights to contribution as such Initial
Purchaser, and each director of an Issuer, and each person, if any, who controls
an Issuer with the meaning of the Securities Act and the Exchange Act shall have
the same rights to contribution as such Issuer.

SECTION 10.   Termination of this Agreement. Prior to the Closing Date, this
              -----------------------------
Agreement may be terminated by the Initial Purchasers by notice given to the
Issuers if at any time (i) trading in securities generally on either the Nasdaq
Stock Market or the New York Stock Exchange shall have been suspended or limited
or minimum or maximum prices shall have been generally established on any such
stock exchanges by the Commission or the NASD; (ii) a general banking moratorium
shall have been declared by any of federal, New York, Delaware or California
authorities; (iii) there shall have occurred any outbreak or escalation of
national or international hostilities or any crisis or calamity, or any change
in the United States or international financial markets, or any substantial
change or development involving a prospective substantial change in United
States' or international political, financial or economic conditions, as in the
reasonable judgment of the Initial Purchasers is material and adverse and makes
it impracticable to market the Units in the manner and on the terms described in
the Offering Memorandum or to enforce contracts for the sale of securities; (iv)
in the reasonable judgment of the Initial Purchasers there shall have occurred
any Material Adverse Change; or the Issuer or their respective subsidiaries
shall have sustained a loss by strike, fire, flood, earthquake, accident or
other calamity of such character as in the reasonable judgment of the Initial
Purchasers may interfere materially with the conduct of the business and
operations of the Issuers or their respective subsidiaries regardless of whether
or not such loss shall have been insured. Any termination pursuant to this
Section 10 shall be without liability on the part of (A) the Issuers to any
Initial Purchaser, except that the Issuers shall be obligated to reimburse the
expenses of the Initial Purchasers pursuant to Section 4 and, in the case of
clause (iv) above, Section 6 hereof, (B) any Initial Purchaser to the Issuers,
or (c) any party hereto to any other party except that the provisions of Section
8 and Section 9 shall at all times be effective and shall survive such
termination.

SECTION 11.   Representations and Indemnities to Survive Delivery. The
              ---------------------------------------------------
respective indemnities, agreements, representations, warranties and other
statements of the Issuers, of their respective officers and of the several
Initial Purchasers set forth in or made pursuant to this Agreement will remain
in full force and effect, regardless of any investigation made by or on behalf
of any Initial Purchaser, any Issuer or any of their respective partners,
officers or directors or any controlling person, as the case may be, and will
survive delivery of and payment for the Units sold hereunder and any termination
of this Agreement.

SECTION 12.   Notices. All communications hereunder shall be in writing and
              -------
shall be mailed, hand delivered or telecopied and confirmed to the parties
hereto as follows:

                                       20
<PAGE>

If to the Initial Purchasers:

         Banc of America Securities LLC
         9 West 57/th/ Street, 31/st/ Floor
         New York, NY 10019
         Facsimile: 212-583-8324
         Attention: High Yield Capital Markets

   with a copy to:

         Latham & Watkins
         885 Third Avenue, Suite 1000
         New York, NY 10022
         Facsimile: 212-751-4864
         Attention: Gregory Ezring, Esq.

If to any Issuer:

         Nexstar Finance, L.L.C.
         200 Abington Executive Park, Suite 201
         Clarks Summit, PA 18411
         Facsimile: 570-586-8745
         Attention: Shirley Green

with a copy to:

         Kirkland & Ellis
         153 East 53/rd/ Street
         New York, NY 10022
         Facsimile: (212) 446-4900
         Attention: Joshua N. Korff, Esq.

Any party hereto may change the address for receipt of communications by giving
written notice to the others.

SECTION 13.    Successors. This Agreement will inure to the benefit of and be
               ----------
binding upon the parties hereto, including any substitute Initial Purchasers
pursuant to Section 16 hereof, and to the benefit of the employees, officers and
directors and controlling persons referred to in Section 8 and Section 9, and in
each case their respective successors, and no other person will have any right
or obligation hereunder. The term "successors" shall not include any purchaser
of the Units as such from the Initial Purchasers merely by reason of such
purchase.

SECTION 14.    Partial Unenforceability. The invalidity or unenforceability of
               ------------------------
any Section, paragraph or provision of this Agreement shall not affect the
validity or enforceability of any other Section, paragraph or provision hereof.
If any Section, paragraph or provision of this Agreement is for any reason
determined to be invalid or unenforceable, there shall be deemed to be made such
minor changes (and only such minor changes) as are necessary to make it valid
and enforceable.

SECTION 15.    Governing Law Provisions. THIS AGREEMENT SHALL BE GOVERNED BY AND
               ------------------------
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE.

SECTION 16.    Consent to Jurisdiction. Any legal suit, action or proceeding
               -----------------------
arising out of or based upon this Agreement or the transactions contemplated
hereby ("Related Proceedings") may be instituted in
         -------------------

                                       21
<PAGE>

the federal courts of the United States of America located in the City and
County of New York or the courts of the State of New York in each case located
in the City and County of New York (collectively, the "Specified Courts"), and
                                                       ----------------
each party irrevocably submits to the non-exclusive jurisdiction (except for
proceedings instituted in regard to the enforcement of a judgment of any such
court (a "Related Judgment"), as to which such jurisdiction is non-exclusive) of
          ----------------
such courts in any such suit, action or proceeding. Service of any process,
summons, notice or document by mail to such party's address set forth above
shall be effective service of process for any suit, action or other proceeding
brought in any such court. The parties irrevocably and unconditionally waive any
objection to the laying of venue of any suit, action or other proceeding in the
Specified Courts and irrevocably and unconditionally waive and agree not to
plead or claim in any such court that any such suit, action or other proceeding
brought in any such court has been brought in an inconvenient forum.

SECTION 17.    Default of One or More of the Several Initial Purchasers. If any
               --------------------------------------------------------
one or more of the several Initial Purchasers shall fail or refuse to purchase
Securities that it or they have agreed to purchase hereunder on the Closing
Date, and the aggregate number of Units that such defaulting Initial Purchaser
or Initial Purchasers agreed but failed or refused to purchase does not exceed
10% of the aggregate number of the Units to be purchased on such date, the other
Initial Purchasers shall be obligated, severally, in the proportions that the
number of Units set forth opposite their respective names on Schedule I bears to
                                                             ----------
the aggregate number of Units set forth opposite the names of all such non-
defaulting Initial Purchasers, or in such other proportions as may be specified
by the Initial Purchasers with the consent of the non-defaulting Initial
Purchasers, to purchase the Units that such defaulting Initial Purchaser or
Initial Purchasers agreed but failed or refused to purchase on such date. If any
one or more of the Initial Purchasers shall fail or refuse to purchase Units and
the aggregate number of Units with respect to which such default occurs exceeds
10% of the aggregate number of Units to be purchased on the Closing Date, and
arrangements satisfactory to the Initial Purchasers and the Issuers for the
purchase of such Units are not made within 48 hours after such default, this
Agreement shall terminate without liability of any party to any other party
except that the provisions of Section 4, Section 8 and Section 9 shall at all
times be effective and shall survive such termination. In any such case, either
the Initial Purchasers or the Issuers shall have the right to postpone the
Closing Date, as the case may be, but in no event for longer than seven days in
order that the required changes, if any, to the Offering Memorandum or any other
documents or arrangements may be effected.

               As used in this Agreement, the term "Initial Purchaser" shall be
deemed to include any person substituted for a defaulting Initial Purchaser
under this Section 10. Any action taken under this Section 16 shall not relieve
any defaulting Initial Purchaser from liability in respect of any default of
such Initial Purchaser under this Agreement.

SECTION 18.    General Provisions. This Agreement constitutes the entire
               ------------------
agreement of the parties to this Agreement and supersedes all prior written or
oral and all contemporaneous oral agreements, understandings and negotiations
with respect to the subject matter hereof. This Agreement may be executed in two
or more counterparts, each one of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.
This Agreement may not be amended or modified unless in writing by all of the
parties hereto, and no condition herein (express or implied) may be waived
unless waived in writing by each party whom the condition is meant to benefit.
The Table of Contents and the section headings herein are for the convenience of
the parties only and shall not affect the construction or interpretation of this
Agreement.

SECTION 19.    Supercedes Prior Purchase Agreement. This Agreement supercedes in
               -----------------------------------
its entirety that certain Purchase Agreement dated May 1, 2001 entered into
among the parties (the "May 1 Agreement"). No party hereunder shall have any
                        ---------------
obligations arising under the May 1 Agreement.

                                       22
<PAGE>

               If the foregoing is in accordance with your understanding of our
agreement, kindly sign and return to the Issuers the enclosed copies hereof,
whereupon this instrument, along with all counterparts hereof, shall become a
binding agreement in accordance with its terms.

                                      Very truly yours,

                                      Nexstar Finance Holdings, L.L.C.
                                      Nexstar Finance Holdings, Inc.

                                      By: /s/ Shirley Green
                                          -------------------------------------
                                          Name:
                                          Title:

                                      Nexstar Broadcasting Group, L.L.C.

                                      By: /s/ Shirley Green
                                          -------------------------------------
                                          Name:
                                          Title:
<PAGE>

                                       Nexstar Equity Corp.

                                       By: /s/ Shirley Green
                                           ------------------------------------
                                           Name:
                                           Title:
<PAGE>

               The foregoing Purchase Agreement is hereby confirmed and accepted
by the Initial Purchasers as of the date first above written.

Banc of America Securities LLC
Barclays Capital Inc.

By:  Banc of America Securities LLC

By: /s/ Marc Birenbaum
    ---------------------------------
    Name: Marc Birenbaum
    Title: Vice President
<PAGE>

                                  SCHEDULE I

                                                              Number of Units
 Initial Purchaser                                            to be Purchased

 Banc of America Securities LLC ...........................        33,289
 Barclays Capital Inc......................................         3,699

          Total............................................        36,988

                                      I-1
<PAGE>

                                  SCHEDULE II
                                 Subsidiaries

Nexstar Finance, L.L.C.
Nexstar Finance, Inc.
Entertainment Realty Corporation
Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting of Abilene, L.L.C.
Nexstar Broadcasting of Beaumont/Port Arthur, L.L.C.
Nexstar Broadcasting of Champaign, L.L.C.
Nexstar Broadcasting of Erie, L.L.C.
Nexstar Broadcasting of Joplin, L.L.C.
Nexstar Broadcasting of Louisiana, L.L.C.
Nexstar Broadcasting of Midland-Odessa, L.L.C.
Nexstar Broadcasting of the Midwest, Inc.
Nexstar Broadcasting of Northeastern Pennsylvania, L.L.C.
Nexstar Broadcasting of Peoria, L.L.C.
Nexstar Broadcasting of Rochester, L.L.C.
Nexstar Broadcasting of Wichita Falls, L.L.C.

                                     II-1
<PAGE>

                                 SCHEDULE III

                              Port Arthur, Texas
            (Nexstar Broadcasting of Beaumont-Port Arthur, L.L.C.)

Facility Type                             Call Sign            Exp. Date
-------------                             ---------            ---------

TV Broadcast Station License              KBTV-TV              08/01/2006
TV Intercity Relay                        KB-98129             08/01/2006
TV Pickup                                 KD-4600              08/01/2006
TV Pickup                                 KE-5101              08/01/2006
Auxiliary Remote Pickup                   KKX215               08/01/2006
TV Studio Transmitter Link                KLA-89               08/01/2006
TV Pickup                                 KT-2456              08/01/2006
TV Intercity Relay                        WLD-443              08/01/2006
TV Intercity Relay                        WPNG-520             08/01/2006

                              Wichita Falls, Texas
                 (Nexstar Broadcasting of Wichita Falls, L.L.C.)

Facility Type                            Call Sign              Exp. Date
-------------                            ---------              ---------

TV Broadcast Station License             KFDX-TV                08/01/2006
Auxiliary Low Power System               BLP00464               08/01/2006
TV Pickup                                KB-55270               08/01/2006
Auxiliary Remote Pickup                  KLB-725                08/01/2006
TV Pickup                                KJ-3525                08/01/2006

                                 Midland, Texas
                (Nexstar Broadcasting of Midland-Odessa, L.L.C.)

Facility Type                             Call Sign             Exp. Date
-------------                             ---------             ---------

TV Broadcast Station License              KMID                  08/01/2006
TV Translator Station License             K12FM                 08/01/2006
TV Pickup                                 KB-96686              08/01/2006
TV Studio Transmitter Link                KKR-61                08/01/2006
TV Studio Transmitter Link                KLB-45                08/01/2006
TV Studio Transmitter Link                WHG-362               08/01/2006
TV Intercity Relay                        WLE-628               08/01/2006
TV Intercity Relay                        WLE-644               08/01/2006
TV Intercity Relay                        WLF-217               08/01/2006
Weather Radar Station                     WPMY-327              03/25/2004

                                     III-1
<PAGE>

                                 Abilene, Texas
                    (Nexstar Broadcasting of Abilene, L.L.C.)

Facility Type                               Call Sign            Exp. Date
-------------                               ---------            ---------

TV Broadcast Station License                KTAB-TV              08/01/2006
Receive-Only Earth Station                  E8009                11/16/2004
Business Radio                              KA-51599             04/17/2004
TV Pickup                                   KS-5717              08/01/2006
Business Radio                              WGA-708              04/17/2004
TV Studio Transmitter Link                  WGH-906              08/01/2006
Business Radio                              WZJ-613              04/17/2004

                                Texarkana, Texas
                   (Nexstar Broadcasting of Louisiana, L.L.C.)

Facility Type                               Call Sign            Exp. Date
-------------                               ---------            ---------

TV Broadcast Station License                KTAL-TV              08/01/2006
Transmit-Receive Earth Station              E940521              12/02/2004
Auxiliary Low Power Station                 BLQ-74               08/01/2006
TV Pickup                                   KA-88839             08/01/2006
Auxiliary Remote Pickup                     KLB-589              08/01/2006
Auxiliary Remote Pickup                     KLB-590              08/01/2006
Auxiliary Remote Pickup                     KLB-591              08/01/2006
TV Studio Transmitter Link                  KLS-96               08/01/2006
TV Intercity Relay                          WHB-602              08/01/2006
TV Studio Transmitter Link                  WHB-603              08/01/2006
TV Studio Transmitter Link                  WHB-604              08/01/2006
TV Intercity Relay                          WLP-781              08/01/2006
TV Intercity Relay                          WLP-782              08/01/2006

                               Rochester, New York
                   (Nexstar Broadcasting of Rochester, L.L.C.)

Facility Type                               Call Sign            Exp. Date
-------------                               ---------            ---------

TV Broadcast Station License                WROC                 06/01/2007
Receive-Only Earth Station                  E940506              09/15/2004
Transmit/Receive Earth Station              E000660              12/12/2010
TV Pickup                                   KA-4851              06/01/2007
TV Intercity Relay                          KA-6058              06/01/2007
TV Studio Transmitter Link                  KEA-91               06/01/2007
TV Pickup                                   KR-4704              06/01/2007
TV Pickup                                   KR-4705              06/01/2007
Auxiliary Remote Pickup                     WHE-925              06/01/2007
Auxiliary Remote Pickup                     WHE-926              06/01/2007

                                     III-2
<PAGE>

                           Wilkes-Barre, Pennsylvania
           (Nexstar Broadcasting of Northeastern Pennsylvania, L.L.C.)

Facility Type                                 Call Sign           Exp. Date
-------------                                 ---------           ---------

TV Broadcast Station License                  WBRE-TV             08/01/2007
TV Translator Station License                 W24BL               07/31/2007
TV Translator Station License                 W30AN               07/31/2007
TV Translator Station License                 W51BP               07/31/2007
TV Translator Station License                 W64AL               07/31/2007
Transmit-Only Earth Station License           E910642             11/01/2001
TV Pickup                                     KA-35201            08/01/2007
TV Pickup                                     KA-35425            08/01/2007
TV Pickup                                     KA-74870            08/01/2007
Business Radio                                KB-88735            06/26/2004
TV Pickup                                     KC-62824            08/01/2007
Broadcast Auxiliary                           KF-5726             08/01/2007
R/P Base Mobile System                        KGU-973             08/01/2007
TV Studio Transmitter Link                    KGH-66              08/01/2007
TV Pickup                                     KK-4138             08/01/2007
TV Pickup                                     KL-2535             08/01/2007
TV Pickup                                     KP-4407             08/01/2007
R/P Base Mobile System                        KQB-618             08/01/2007
TV Pickup                                     KR-7688             08/01/2007
TV Pickup                                     KR-7693             08/01/2007
TV Pickup                                     KR-7771             08/01/2007
TV Pickup                                     KS-2001             08/01/2007
TV Pickup                                     KY-2899             08/01/2007
R/P Mobile                                    KY-5608             08/01/2007
TV Studio Transmitter Link                    KZO-21              08/01/2007
TV Intercity Relay                            WFW-575             08/01/2007
TV Intercity Relay                            WGI-290             08/01/2007
TV Intercity Relay                            WHB-674             08/01/2007
TV Intercity Relay                            WLI-324             08/01/2007
TV Intercity Relay                            WLI-325             08/01/2007
TV Intercity Relay                            WLI-337             08/01/2007

                               Erie, Pennsylvania
                     (Nexstar Broadcasting of Erie, L.L.C.)

Facility Type                                 Call Sign           Exp. Date
-------------                                 ---------           ---------

TV Broadcast Station License                  WJET-TV             08/01/2007
Auxiliary TV Broadcast Pickup                 KC-26079            08/01/2007
TV Intercity Relay                            WPJE-618            08/01/2007
Weather Radar Station                         WPOZ-488            09/14/2004
R/P Base Mobile System                        WSM-744             08/01/2007

                                     III-3
<PAGE>

                              St. Joseph, Missouri
                  (Nexstar Broadcasting of the Midwest, Inc.)

Facility Type                          Call Sign              Exp. Date
-------------                          ---------              ----------

TV Broadcast Station License           KQTV                   02/01/2006
TV Pickup                              KC-26093               02/01/2006
R/P Automatic Relay                    KQB-577                02/01/2006

                                Joplin, Missouri
                    (Nexstar Broadcasting of Joplin, L.L.C.)

Facility Type                          Call Sign              Exp. Date
-------------                          ---------              ----------

TV Broadcast Station License           KSNF                   02/01/2006
TV Pickup                              KW-6078                02/01/2006
Business Radio                         WNKN-977               01/04/2003
Weather Radar Station                  WPMJ-419               08/12/2003

                              Terre Haute, Indiana
                  (Nexstar Broadcasting of the Midwest, Inc.)

Facility Type                          Call Sign              Exp. Date
-------------                          ---------              ----------

TV Broadcast Station License           WTWO                   08/01/2005
TV Pickup                              KC-26086               08/01/2005
R/P Base Mobile System                 KLH-391                08/01/2005
Weather Radar Station                  KVB-629                03/30/2004
Broadcast Auxiliary                    KW-4107                08/01/2005
Tv Pickup                              KW-4108                08/01/2005
Tv Intercity Relay                     WHF-306                08/01/2005
Tv Intercity Relay                     WMU-968                08/01/2005
Weather Radar Station                  WPPH-816               01/06/2005

                             Springfield, Illinois
                  (Nexstar Broadcasting of Champaign, L.L.C.)

Facility Type                          Call Sign              Exp. Date
-------------                          ---------              ----------

Tv Broadcast Station License           WCFN                   12/01/2005
Tv Studio Transmitter Link             WLD-973                12/01/2005

                                     III-4
<PAGE>

                              Champaign, Illinois
                  (Nexstar Broadcasting of Champaign, L.L.C.)

Facility Type                          Call Sign              Exp. Date
-------------                          ---------              ----------

TV Broadcast Station License           WCIA                   12/01/2005
Auxiliary Low Power Station            BLP00192               12/01/2005
Auxiliary Low Power Station            BLP00322               12/01/2005
Auxiliary Low Power Station            BLP00544               12/01/2005
Auxiliary Low Power Station            BLP00883               12/01/2005
Auxiliary Low Power Station            BLP00919               12/01/2005
Auxiliary Low Power Station            BLP01124               12/01/2005
Auxiliary Low Power Station            BLP01288               12/01/2005
TV Pickup                              KA-95317               12/01/2005
TV Pickup                              KC-5875                12/01/2005
Auxiliary Remote Pickup                KSD-920                12/01/2005
Auxiliary Remote Pickup                KSD-921                12/01/2005
TV Studio Transmitter Link             KSG-35                 12/01/2005
TN Intercity Relay                     KSI-74                 12/01/2005
TV Intercity Relay                     KSI-75                 12/01/2005
TV Pickup                              KW-6073                12/01/2005
TV Pickup                              KW-6074                12/01/2005
TV Intercity Relay                     WBJ-983                12/01/2005
TV Intercity Relay                     WBJ-986                12/01/2005
TV Intercity Relay                     WBJ-987                12/01/2005
TV Intercity Relay                     WBJ-988                12/01/2005
TV Intercity Relay                     WLG-233                12/01/2005
TV Intercity Relay                     WPNL-408               12/01/2005

                                Peoria, Illinois
                    (Nexstar Broadcasting of Peoria, L.L.C.)

Facility Type                          Call Sign              Exp. Date
-------------                          ---------              ----------

TV Broadcast Station License           WMBD-TV                12/01/2005
TV Pickup                              KA-88843               12/01/2005
TV Pickup                              KA-88844               12/01/2005
Remote Pickup Mobile System            KS-2010                12/01/2005
TV Intercity Relay                     KSI-71                 12/01/2005
TV Intercity Relay                     KSI-72                 12/01/2005
TV Intercity Relay                     KSI-73                 12/01/2005
TV Studio Transmitter Link             KSK-48                 12/01/2005
TV Intercity Relay                     WBJ-984                12/01/2005
TV Intercity Relay                     WBJ-985                12/01/2005
TV Intercity Relay                     WLG-752                12/01/2005
TV Intercity Relay                     WMV-276                12/01/2005
__________________________

                                     III-5
<PAGE>

                              Wichita Falls, Texas
                 (Mission Broadcasting of Wichita Falls, Inc.)

Facility Type                          Call Sign              Exp. Date
-------------                          ---------              ----------

TV Broadcast Station License           KJTL                   08/01/2006
LPTV Broadcast Station License         KJBO-LP                08/01/2006
TV Translator License                  K47DK                  06/01/2006
TV Translator License                  K53DS                  06/01/2006
TV Studio Transmitter Link             WLD-942                08/01/2006
TV Studio Transmitter Link             WLJ-748                08/01/2006

                             Scranton, Pennsylvania
                          (Bastet Broadcasting, Inc.)

Facility Type                          Call Sign              Exp. Date
-------------                          ---------              ----------

TV Broadcast Station License           WYOU                   08/01/2007
TV Translator License                  W19AR                  08/01/2007
TV Translator License                  W26AT                  08/01/2007
TV Translator License                  W54AV                  08/01/2007
TV Translator License                  W55AG                  08/01/2007
TV Translator License                  W60AH                  08/01/2007
TV Translator License                  W66AI                  08/01/2007
Auxiliary Low Power                    BLQ-375                08/01/2007
TV Pickup                              KA-35173               08/01/2007
TV Pickup                              KA-35174               08/01/2007
TV Pickup                              KA-35184               08/01/2007
TV Pickup                              KA-35185               08/01/2007
Auxiliary Remote Pickup                KB-97161               08/01/2007
TV Studio Transmitter Link             KGH-69                 08/01/2007
TV Intercity Relay                     KGI-49                 08/01/2007
TV Intercity Relay                     KHC-88                 08/01/2007
TV Pickup                              KO-9753                08/01/2007
Auxiliary Remote Pickup                KPH-450                08/01/2007
Auxiliary Remote Pickup                KPJ-719                08/01/2007
Auxiliary Remote Pickup                KQB-642                08/01/2007
Auxiliary Remote Pickup                KQB-643                08/01/2007
TV Intercity Relay                     WFD-523                08/01/2007
TV Studio Transmitter Link             WLL-212                08/01/2007
TV Intercity Relay                     WLO-276                08/01/2007
TV Intercity Relay                     WLO-277                08/01/2007
TV Studio Transmitter Link             WPNF-884               08/01/2007

                               Erie, Pennsylvania
                          (Bastet Broadcasting, Inc.)

Facility Type                          Call Sign              Exp. Date
-------------                          ---------              ----------

TV Broadcast Station License           WFXP                   08/01/2007

                                     III-6
<PAGE>

TV Studio Transmitter Link             WLD-767                08/01/2007

                                     III-7
<PAGE>

                                  SCHEDULE IV
                         Initial Purchasers Information

                                     IV-1
<PAGE>

                                 SCHEDULE 1(ee)

Nexstar Equity Corp. intends in the ordinary course to obtain customary
directors' and officers' insurance coverage.

                                 Schedule 1(ee)
<PAGE>

                                   EXHIBIT A

                                      A-1
<PAGE>

                                   EXHIBIT B

                                      B-1
<PAGE>

                                 ATTACHMENT A

                                 Attachment-1<PAGE>

                                                                  EXECUTION COPY

                                                                    EXHIBIT 10.2

================================================================================

                                UNIT AGREEMENT

                                     among

                       Nexstar Finance Holdings, L.L.C.

                        Nexstar Finance Holdings, Inc.

                             Nexstar Equity Corp.

                                      and

                      Nexstar Broadcasting Group, L.L.C.

                    United States Trust Company Of New York
                       as Unit Agent and Transfer Agent

                          __________________________

                                 May 17, 2001
                          __________________________

================================================================================
<PAGE>

          UNIT AGREEMENT dated as of May 17, 2001 among Nexstar Finance
Holdings, L.L.C., a Delaware corporation ("Nexstar Holdings"), Nexstar Finance
Holdings, Inc., a Delaware corporation ("Holdings Inc." and, together with
Nexstar Holdings, the "Note Issuers"), Nexstar Equity Corp., a Delaware
corporation ("Equity Corp. and, together with the Note Issuers, the "Issuers"),
Nexstar Broadcasting Group, L.L.C., a Delaware corporation (the "Note
Guarantor"), and United States Trust Company of New York, a New York banking
corporation ("U.S. Trust"), as Unit Agent and Transfer Agent.

          WHEREAS, the Note Issuers propose to issue their 16% Senior Discount
Notes due 2009 (the "Notes") pursuant to an Indenture dated as of May 17, 2001
(the "Indenture") among the Note Issuers, the Note Guarantor, Bastet
Broadcasting, Inc., a Delaware corporation ("Bastet Broadcasting"), Mission
Broadcasting of Wichita Falls, Inc., a Delaware corporation ("Mission
Broadcasting"), and U.S. Trust, as Trustee (the "Trustee"), and Equity Corp.
proposes to issue 36,988 shares (each, a "Common Share" and, collectively, the
"Common Shares") of its Class B common stock, par value $0.01 per share.  The
Notes and the Common Shares will initially be represented by units (the
"Units"), with each Unit consisting of $1,000 aggregate principal amount at
maturity of Notes and one Common Share.  The authenticating agent and registrar
for the Common Shares shall be the Secretary of Equity Corp., except as
otherwise provided below.

          WHEREAS, to induce Banc of America Securities LLC and Barclays Capital
Inc. (together, the "Initial Purchasers") to purchase the Units, the Equity
Corp. and Nexstar Broadcasting Group, L.L.C. ("Nexstar") have entered into an
Investor Rights Agreement, dated as of May 17, 2001 (the "Investor Rights
Agreement"), relating to certain rights and privileges pertaining to the Common
Shares.

          WHEREAS, the Note Issuers, the Note Guarantor and Equity Corp. desire
to appoint U.S. Trust to act as their agent for the purpose of issuing
certificates ("Unit Certificates") representing the Units and for the
registration of transfers and exchanges thereof. U.S. Trust, in such capacity,
is referred to herein as the "Unit Agent."

          WHEREAS, the Units will be exchanged for the Notes and the Common
Shares represented thereby upon the earliest to occur of:  (i) 180 days after
the closing of the offering of the Units, (ii) in the event the Note Issuers are
required to make a Change of Control Offer pursuant to the terms of the
Indenture, the date on which notice of the offer is mailed to the holders of
Notes, (iii) the date on which a registration statement with respect to the
Notes or a registered exchange offer for the Notes is declared effective under
the Securities Act, (iv) immediately prior to the redemption of any Notes with
the proceeds of an Equity Offering (as defined in the Indenture); (v) the
consummation of an Initial Public Offering by Nexstar Broadcasting Group, L.L.C.
or any successor entity; or (vi) such earlier date as determined by Banc of
America Securities LLC in its sole discretion.  The earliest date on which an
event listed in the preceding sentence occurs is referred to as the "Separation
Date."

          WHEREAS, Equity Corp. desires to appoint U.S. Trust to act as their
agent for the purpose of issuing certificates ("Share Certificates")
representing the Common Shares after the Separation Date and for the
registration of transfers and exchanges thereof. U.S. Trust, in such capacity,
is referred to herein as the "Transfer Agent."

          NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereto agree as follows (all
capitalized terms not defined herein are as defined in the Indenture):
<PAGE>

          Section 1.  Appointment of Unit Agent and Transfer Agent.
                      --------------------------------------------

          (a)    The Issuers and the Note Guarantor hereby appoint the Unit
Agent to act as agent for the Issuers and the Note Guarantor in accordance with
and subject to the terms and conditions set forth in this Agreement, and the
Unit Agent hereby accepts such appointment.

          (b)    The Note Issuers hereby appoint the Unit Agent as
Authenticating Agent and Registrar (as such terms are defined in the Indenture)
for the Notes for so long as the Notes are represented by the Units. In its
capacity as Authenticating Agent and Registrar, the Unit Agent shall have the
rights and obligations provided for such capacities in the Indenture.

          (c)    Equity Corp., in its capacity as issuer of the Common Shares,
hereby appoints (i) the Unit Agent as transfer agent and registrar for the
Common Shares for so long as the Common Shares are represented by the Units, and
the Unit Agent hereby accepts such appointment, and (ii) the Transfer Agent as
transfer agent and registrar for the Common Shares after the Separation Date,
and the Transfer Agent hereby accepts such appointment.

          Section 2.  Definitions.
                      -----------

          "144A Global Security" means, prior to the Separation Date, the 144A
Global Unit, and on or after the Separation Date, the 144A Global Share.

          "144A Global Share" means a global Common Share bearing the Global
Security Legend and the Private Placement Legend and deposited with or on behalf
of, and registered in the name of, the Depositary or its nominee that will be
issued in reliance on Rule 144A.

          "144A Global Unit" means a global unit in the form of Exhibit A hereto
                                                                ---------
bearing the Global Unit Legend and the Private Placement Legend and deposited
with or on behalf of, and registered in the name of, the Depositary or its
nominee that will be issued in a denomination equal to the outstanding number of
the Units sold in reliance on Rule 144A.

          "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person.  For purposes of this definition "control"
(including, with correlative meanings, the terms "controlling," "controlled by"
and "under common control with") as used with respect to any Person, shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; provided that
beneficial ownership of 10% or more of the voting stock of a person shall be
deemed to be control.

          "Agent" means, prior to the Separation Date, the Unit Agent, and on or
after the Separation Date, the Transfer Agent.

          "Applicable Procedures" means, with respect to any transfer or
exchange of or for beneficial interests in any Global Security, the rules and
procedures of the Depositary that apply to such transfer or exchange.

          "Definitive Security" means, prior to the Separation Date, a
Definitive Unit and, on or after the Separation Date, a Definitive Share.

                                       2
<PAGE>

          "Definitive Share" means a certificated Common Share registered in the
name of the Holder thereof and issued in accordance with Section 3.6 hereof;
such Common Share shall not bear the Global Security Legend and shall not have
the "Schedule of Exchanges of Interests in the Global Security" attached
thereto.

          "Definitive Unit" means a certificated Unit registered in the name of
the Holder thereof and issued in accordance with Section 3.6 hereof,
substantially in the form of Exhibit A hereto except that such Unit shall not
                             ---------
bear the Global Security Legend and shall not have the "Schedule of Exchanges of
Interests in the Global Security" attached thereto.

          "Depositary" means, with respect to the Units or Common Shares
issuable or issued in whole or in part in global form, the Person specified in
Section 3.3 hereof as the Depositary with respect to the Units or Common Shares,
as applicable, and any and all successors thereto appointed as depositary
hereunder and having become such pursuant to the applicable provision of this
Unit Agreement.

          "Exchange Act" means the Securities Exchange Act of 1034, as amended.

          "Global Securities" means, prior to the Separation Date, the Global
Units and, on or after the Separation Date, the Global Shares.

          "Global Shares" means, individually and collectively, each of the
Restricted Global Shares issued in accordance with Section 3.1 hereof.

          "Global Units" means, individually and collectively, each of the
Restricted Global Units, in the form of Exhibit A hereto issued in accordance
                                        ---------
with Section 3.1 hereof.

          "Global Security Legend" means the legend set forth in Section
3.6(f)(ii), which is required to be placed on all Global Securities issued under
this Unit Agreement.

          "Holder" means a Person in whose name a Security is registered.

          "Indirect Participant" means a Person who holds a beneficial interest
in a Global Security through a Participant.

          "Officer" means, with respect to any Person, the Chairman of the
Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the
Controller, the Secretary or any Vice-President of such Person.

          "Officers' Certificate" means a certificate signed on behalf of an
Issuer (or, if the context requires, the Note Guarantor) by two Officers of such
Issuer (or the Note Guarantor, if applicable), one of whom must be the principal
executive officer, the principal financial officer, the treasurer or the
principal accounting officer of such Issuer (or the Note Guarantor), that meets
the requirements of Section 12.04 and Section 12.05 of the Indenture.

          "Opinion of Counsel" means an opinion from legal counsel who is
reasonably acceptable to the Unit Agent, that meets the requirements of Section
12.04 and Section 12.05 of the Indenture.  When such opinion is issued in
connection with the Units, the counsel may be an employee of or counsel to the
Issuers and the Note Guarantor, or the Unit Agent.  When such opinion is issued
in connection with the Common Shares, the counsel may be an employee of or
counsel to Equity Corp. or the Transfer Agent.

                                       3
<PAGE>

          "Participant" means, with respect to the Depositary, a Person who has
an account with the Depositary.

          "Private Placement Legend" means the legend set forth in Section
3.6(f)(i) to be placed on all Securities issued under this Unit Agreement except
where otherwise permitted by the provisions of this Unit Agreement.

          "QIB" means a "qualified institutional buyer" as defined in Rule 144A.

          "Restricted Definitive Security" means a Definitive Security bearing
the Private Placement Legend.

          "Restricted Global Security" means a Global Security bearing the
Private Placement Legend.

          "Rule 144A" means Rule 144A promulgated under the Securities Act.

          "Securities Act" means the Securities Act of 1933, as amended.

          "Security" means, prior to the Separation Date, a Unit and, on or
after the Separation Date, a Common Share.

          "Share Custodian" means the Transfer Agent, as custodian with respect
to the Common Shares in global form, or any successor entity thereto.

          "Transfer Agent" means the party named as such above until a successor
replaces it in accordance with the applicable provisions of this Unit Agreement
and thereafter means the successor serving hereunder.

          "Unit Agent" means the party named as such above until a successor
replaces it in accordance with the applicable provisions of this Unit Agreement
and thereafter means the successor serving hereunder.

          "Unit Custodian" means the Unit Agent, as custodian with respect to
the Units in global form, or any successor entity thereto.

          Section 3.  Securities.
                      ----------

          Section 3.1.    Form and Dating.
                          ---------------
          (a)     General.

                  (i)     Units. The Units and the Unit Agent's certificate of
     authentication shall be substantially in the form of Exhibit A hereto. The
                                                          ---------
     Units may have notations, legends or endorsements required by law, stock
     exchange rule or usage. Each Unit shall be dated the date of its
     authentication.

                  The terms and provisions contained in the Units shall
     constitute, and are hereby expressly made, a part of this Unit Agreement,
     and the Issuers, the Note Guarantor and the Unit Agent, by their execution
     and delivery of this Unit Agreement, expressly agree to such terms and

                                       4
<PAGE>

     provisions and to be bound thereby. However, to the extent any provision of
     any Unit conflicts with the express provisions of this Unit Agreement, the
     provisions of this Unit Agreement shall govern and be controlling.

               (ii) Common Shares. The certificates evidencing the Common Shares
     shall be substantially in the form prescribed by the certificate of
     incorporation of Equity Corp. (the "Share Certificates"). The Share
     Certificates may have notations, legends or endorsements required by law,
     stock exchange rule or usage. Each Share Certificate shall be dated the
     date of the countersignature.

          (b)  Global Units. Units issued in global form shall be substantially
in the form of Exhibit A attached hereto (including the Global Units Legend
               ---------
thereon and the "Schedule of Exchanges of Interests in the Global Unit" attached
thereto). Units issued in definitive form shall be substantially in the form of
Exhibit A attached hereto (but without the Global Unit Legend thereon and
---------
without the "Schedule of Exchanges of Interests in the Global Unit" attached
thereto). Each Global Unit shall represent such of the outstanding Units as
shall be specified therein and each shall provide that it shall represent the
outstanding Units from time to time endorsed thereon and that the outstanding
Units represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. Any endorsement of a Global
Unit to reflect the amount of any increase or decrease in the aggregate amount
of outstanding Units represented thereby shall be made by the Unit Agent or the
Unit Custodian, at the direction of the Unit Agent, in accordance with
instructions given by the Holder thereof as required by Section 3.6 hereof.

          (c)  Global Shares. Common Shares issued in global form shall bear the
Global Security Legend and the Private Placement Legend; Common Shares issued in
definitive form shall bear the Private Placement Legend. Each Global Share shall
represent such of the outstanding Common Shares as shall be specified therein
and each shall provide that it shall represent the outstanding Common Shares
from time to time endorsed thereon and that the outstanding Common Shares
represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges. Any endorsement of a Global Share to reflect
the amount of any increase or decrease in the aggregate amount of outstanding
Common Shares represented thereby shall be made by the Transfer Agent or the
Share Custodian, at the direction of the Transfer Agent, in accordance with
instructions given by the Holder thereof as required by Section 3.6 hereof.

          Section 3.2.  Execution and Authentication.
                        ----------------------------

          (a)  Units. One Officer of each Issuer shall sign the Units for the
Issuers by manual or facsimile signature.

          If any Officer whose signature is on a Unit no longer holds that
office at the time a Unit is authenticated, the Unit shall nevertheless be
valid.

          A Unit shall not be valid until authenticated by the manual signature
of the Unit Agent and such signature shall be conclusive evidence that the Unit
has been authenticated under this Unit Agreement.

          The Unit Agent shall, upon a written order of each of the Issuers
signed by one Officer of each Issuer (a "Unit Authentication Order"),
authenticate Units for original issue up to the number

                                       5
<PAGE>

stated in the Units. The aggregate number of Units outstanding at any time may
not exceed such amount except as provided in Section 3.7 hereof.

          The Unit Agent may appoint an authenticating agent acceptable to the
Issuers to authenticate Units.  An authenticating agent may authenticate Units
whenever the Unit Agent may do so.  Each reference in this Unit Agreement to
authentication by the Unit Agent includes authentication by such agent.  An
authenticating agent has the same rights as an Agent to deal with Holders or an
Affiliate of the Issuers.

          (b)  Common Shares.  An Officer of Equity Corp. shall sign the Share
Certificates for Equity Corp. by manual or facsimile signature.

          If the Officer whose signature is on a Share Certificate no longer
holds that office at the time a Share Certificate is countersigned, the Share
Certificate shall nevertheless be valid.

          A Share Certificate shall not be valid until countersigned by the
manual signature of the Transfer Agent, and such signature shall be conclusive
evidence that the Common Shares represented by such Share Certificate has been
properly issued under this Unit Agreement.

          The Transfer Agent shall, upon a written order of Equity Corp. signed
by an Officer (a "Share Countersignature Order"), countersign Share Certificates
for original issue of Common Shares up to the number stated in the preamble
hereto.

          The Transfer Agent may appoint an authenticating agent acceptable to
Equity Corp. to countersign Share Certificates.  An authenticating agent may
countersign Share Certificates whenever the Transfer Agent may do so.  Each
reference in this Unit Agreement to a countersignature by the Transfer Agent
includes a countersignature by such agent.  An authenticating agent has the same
rights as the Transfer Agent to deal with Holders or an Affiliate of Equity
Corp.

          Section 3.3.  Unit Registrar and Unit Paying Agent; Share Registrar.
                        -----------------------------------------------------

          (a)  Units. The Issuers shall maintain an office or agency where Units
may be presented for registration of transfer or for exchange (the "Unit
Registrar") and an office or agency where Units may be presented for payment
(the "Unit Paying Agent"). The Unit Registrar shall keep a register of the Units
and of their transfer and exchange. The Issuers may appoint one or more co-
registrars and one or more additional paying agents. The term "Unit Registrar"
includes any co-registrar and the term "Unit Paying Agent" includes any
additional paying agent. The Issuers may change any Unit Paying Agent or Unit
Registrar without notice to any Holder. The Issuers shall notify the Unit Agent
in writing of the name and address of any agent not a party to this Unit
Agreement. If the Issuers fail to appoint or maintain another entity as Unit
Registrar or Unit Paying Agent, the Unit Agent shall act as such. The Issuers or
any of their Subsidiaries (as defined in the Indenture) may act as Unit Paying
Agent or Unit Registrar. The Issuers initially appoint The Depository Trust
Company ("DTC") to act as Depositary with respect to the Global Units.

          The Issuers initially appoint the Unit Agent to act as the Unit
Registrar and Unit Paying Agent and to act as Unit Custodian with respect to the
Global Units.

          (b)  Common Shares. Equity Corp. shall maintain an office or agency
where Common Shares may be presented for registration of transfer or for
exchange (the "Share Registrar"). The Share Registrar shall keep a register of
the Common Shares and of their transfer and exchange.

                                       6
<PAGE>

Equity Corp. may appoint one or more co-registrars. The term "Share Registrar"
includes any co-registrar. Equity Corp. may change any Share Registrar without
notice to any Holder. The Issuers shall notify the Transfer Agent in writing of
the name and address of any agent not a party to this Unit Agreement. If Equity
Corp. fails to appoint or maintain another entity as Share Registrar, the
Transfer Agent shall act as such. Equity Corp. may act as Share Registrar.
Equity Corp. initially appoints DTC to act as Depositary with respect to the
Global Shares.

          Equity Corp. initially appoints the Transfer Agent to act as the Share
Registrar and to act as Share Custodian with respect to the Global Shares.

          (c)  As used in this Unit Agreement, "Registrar" means, if prior to
the Separation Date, the Unit Registrar and, if on or after the Separation Date,
the Share Registrar.

          Section 3.4.  Unit Paying Agent to Hold Money in Trust. The Issuers
                        ----------------------------------------
shall require each Unit Paying Agent other than the Unit Agent to agree in
writing that the Unit Paying Agent will hold in trust for the benefit of Holders
or the Unit Agent all money held by the Unit Paying Agent for the payment of
principal, premium or Liquidated Damages (as defined in the Registration Rights
Agreement), if any, or interest on the Notes and will notify the Unit Agent in
writing of any default by the Issuers in making any such payment. While any such
default continues, the Unit Agent may require a Unit Paying Agent to pay all
money held by it to the Unit Agent. The Issuers at any time may require a Unit
Paying Agent to pay all money held by it to the Unit Agent. Upon payment over to
the Unit Agent, the Unit Paying Agent (if other than the Issuers or a
Subsidiary) shall have no further liability for the money. If the Issuers or a
Subsidiary acts as Unit Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of the Holders all money held by it as Unit Paying
Agent. Upon any bankruptcy or reorganization proceedings relating to the
Issuers, the Unit Agent shall serve as Unit Paying Agent for the Units.

          Section 3.5.  Holder Lists.
                        ------------
          (a)  Units. The Unit Agent shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of all Holders of Units and shall otherwise comply with TIA (S)
312(a). If the Unit Agent is not the Unit Registrar, the Issuers shall furnish
to the Unit Agent at least seven Business Days before each interest payment date
and at such other times as the Unit Agent may request in writing, a list in such
form and as of such date as the Unit Agent may reasonably require of the names
and addresses of the Holders of Units and the Issuers shall otherwise comply
with TIA (S) 312(a).

          (b)  Common Shares. On and after the Separation Date, the Transfer
Agent shall preserve in as current a form as is reasonably practicable the most
recent list available to it of the names and addresses of all Holders of Common
Shares. If the Transfer Agent is not the Share Registrar, Equity Corp. shall
promptly furnish to the Transfer Agent at such times as the Transfer Agent may
request in writing, a list in such form and as of such date as the Transfer
Agent may reasonably require of the names and addresses of the Holders.

          Section 3.6.  Transfer and Exchange.
                        ---------------------

          (a)  Transfer and Exchange of Global Securities. A Global Security may
not be transferred as a whole except by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another
nominee of the Depositary, or by the Depositary or any such

                                       7
<PAGE>

nominee to a successor Depositary or a nominee of such successor Depositary. All
Global Securities will be exchanged by the Issuers or Equity Corp., as
applicable, for Definitive Securities if (i) the Issuers or Equity Corp.
deliver(s) to the Agent notice from the Depositary that it is unwilling or
unable to continue to act as Depositary or that it is no longer a clearing
agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Issuers or Equity Corp., as applicable,
within 120 days after the date of such notice from the Depositary or (ii) the
Issuers (or Equity Corp.) in their (or its) sole discretion determines that the
Global Securities (in whole but not in part) should be exchanged for Definitive
Securities and delivers a written notice to such effect to the Agent. Upon the
occurrence of any of the preceding events in (i) or (ii) above, Definitive
Securities shall be issued in such names as the Depositary shall instruct the
Agent in writing. Global Securities also may be exchanged or replaced, in whole
or in part, as provided in Sections 3.7 and 3.10 hereof. Every Security
authenticated (or countersigned) and delivered in exchange for, or in lieu of, a
Global Security or any portion thereof, pursuant to this Section 3.6 or Section
3.7 or 3.10 hereof, shall be authenticated (or countersigned) and delivered in
the form of, and shall be, a Global Security. A Global Security may not be
exchanged for another Security other than as provided in this Section 3.6(a),
however, beneficial interests in a Global Security may be transferred and
exchanged as provided in Section 3.6(b) or (c) hereof.

          (b)  Transfer and Exchange of Beneficial Interests in the Global
Securities. The transfer and exchange of beneficial interests in the Global
Securities shall be effected through the Depositary, in accordance with the
provisions of this Unit Agreement and the Applicable Procedures. Beneficial
interests in the Restricted Global Securities shall be subject to restrictions
on transfer comparable to those set forth herein to the extent required by the
Securities Act. Transfers of beneficial interests in the Global Securities also
shall require compliance with either subparagraph (i) or (ii) below, as
applicable, as well as one or more of the other following subparagraphs, as
applicable:

               (i)  Transfer of Beneficial Interests in the Same Global
     Security. Beneficial interests in any Restricted Global Security may be
     transferred to Persons who take delivery thereof in the form of a
     beneficial interest in the same Restricted Global Security in accordance
     with the transfer restrictions set forth in the Private Placement Legend.
     No written orders or instructions shall be required to be delivered to the
     Registrar to effect the transfers described in this Section 3.6(b)(i).

               (ii) All Other Transfers and Exchanges of Beneficial Interests
     in Global Securities. In connection with all transfers and exchanges of
     beneficial interests that are not subject to Section 3.6(b)(i) above, the
     transferor of such beneficial interest must deliver to the Registrar either
     (A) (1) a written order from a Participant or an Indirect Participant given
     to the Depositary in accordance with the Applicable Procedures directing
     the Depositary to credit or cause to be credited a beneficial interest in
     another Global Security in an amount equal to the beneficial interest to be
     transferred or exchanged and (2) instructions given in accordance with the
     Applicable Procedures containing information regarding the Participant
     account to be credited with such increase or (B) (1) a written order from a
     Participant or an Indirect Participant given to the Depositary in
     accordance with the Applicable Procedures directing the Depositary to cause
     to be issued a Definitive Security in an amount equal to the beneficial
     interest to be transferred or exchanged and (2) instructions given by the
     Depositary to the Registrar containing information regarding the Person in
     whose name such Definitive Security shall be registered to effect the
     transfer or exchange referred to in (1) above. Upon satisfaction of all of
     the requirements for transfer or exchange of beneficial interests in Global
     Securities contained in this Unit Agreement and the Securities or otherwise
     applicable provisions under the Securities Act applicable, the

                                       8

<PAGE>

     Agent shall adjust the number amount of the relevant Global Security or
     Global Securities pursuant to Section 3.6(g) hereof.

               (iii)  Transfer of Beneficial Interests to Another Restricted
     Global Security. A beneficial interest in any Restricted Global Security
     may be transferred to a Person who takes delivery thereof in the form of a
     beneficial interest in another Restricted Global Security if the transfer
     complies with the requirements of Section 3.6(b)(ii) above and the
     Registrar receives from the transferor a certificate in the form of Exhibit
                                                                         -------
     B hereto, including the certifications in item (1) thereof.
     -

          (c)  Transfer or Exchange of Beneficial Interests in Restricted Global
Securities to Restricted Definitive Securities. If any holder of a beneficial
interest in a Restricted Global Security proposes to exchange such beneficial
interest for a Restricted Definitive Security or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Restricted
Definitive Security, then, upon receipt by the Registrar of the following
documentation:

                      (A)  if the holder of such beneficial interest in a
          Restricted Global Security proposes to exchange such beneficial
          interest for a Restricted Definitive Security, a certificate from such
          holder in the form of Exhibit C hereto, including the certifications
                                ---------
          in item (1)(a) thereof;

                      (B)  if such beneficial interest is being transferred to a
          QIB in accordance with Rule 144A under the Securities Act, a
          certificate to the effect set forth in Exhibit B hereto, including the
                                                 ---------
          certifications in item (1) thereof; or

                      (C)  if such beneficial interest is being transferred to
          the Issuers or any of their Subsidiaries, a certificate to the effect
          set forth in Exhibit B hereto, including the certifications in item
                       ---------
          (2)(a) thereof.

     the Agent shall cause the aggregate number of the applicable Global
     Security to be reduced accordingly pursuant to Section 3.6(g) hereof, and
     the Issuers shall execute and, upon receipt of a Unit Authentication Order,
     the Unit Agent shall authenticate (or Equity Corp, shall execute and, upon
     receipt of a Share Countersignature Order, the Transfer Agent shall
     countersign) and deliver to the Person designated in the instructions a
     Definitive Security in the appropriate number. Any Definitive Security
     issued in exchange for a beneficial interest in a Restricted Global
     Security pursuant to this Section 3.6(c) shall be registered in such name
     or names and in such authorized denomination or denominations as the holder
     of such beneficial interest shall instruct the Registrar through
     instructions from the Depositary and the Participant or Indirect
     Participant. The Agent shall deliver such Definitive Securities to the
     Persons in whose names such Securities are so registered. Any Definitive
     Security issued in exchange for a beneficial interest in a Restricted
     Global Security pursuant to this Section 3.6(c) shall bear the Private
     Placement Legend and shall be subject to all restrictions on transfer
     contained therein.

          (d)  Transfer and Exchange of Restricted Definitive Securities to
Beneficial Interests in Restricted Global Securities. If any Holder of a
Restricted Definitive Security proposes to exchange such Security for a
beneficial interest in a Restricted Global Security or to transfer such
Restricted Definitive Securities to a Person who takes delivery thereof in the
form of a beneficial interest in a Restricted Global Security, then, upon
receipt by the Registrar of the following documentation:

                                       9
<PAGE>

                      (A)  if the Holder of such Restricted Definitive Security
          proposes to exchange such Security for a beneficial interest in a
          Restricted Global Security, a certificate from such Holder in the form
          of Exhibit C hereto, including the certifications in item (1)(b)
             ---------
          thereof;

                      (B)  if such Restricted Definitive Security is being
          transferred to a QIB in accordance with Rule 144A under the Securities
          Act, a certificate to the effect set forth in Exhibit B hereto,
                                                        ---------
          including the certifications in item (1) thereof; or

                      (C)  if such Restricted Definitive Security is being
          transferred to the Issuers or any of its Subsidiaries, a certificate
          to the effect set forth in Exhibit B hereto, including the
                                     ---------
          certifications in item (2)(a) thereof.

     the Agent shall cancel the Restricted Definitive Security, increase or
     cause to be increased the number of the appropriate Restricted Global
     Security.

          (e)  Transfer and Exchange of Restricted Definitive Securities to
Restricted Definitive Securities. Upon request by a Holder of Definitive
Securities and such Holder's compliance with the provisions of this Section
3.6(e), the Registrar shall register the transfer or exchange of Definitive
Securities. Prior to such registration of transfer or exchange, the requesting
Holder shall present or surrender to the Registrar the Definitive Securities
duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by his attorney,
duly authorized in writing. In addition, the requesting Holder shall provide any
additional certifications, documents and information, as applicable, required
pursuant to the following provisions of this Section 3.6(e).

                      Any Restricted Definitive Security may be transferred to
     and registered in the name of Persons who take delivery thereof in the form
     of a Restricted Definitive Security if the Registrar receives from the
     transferor a certificate in the form of Exhibit B hereto, including the
                                             ---------
     certifications in item (1) thereof.

          (f)  Legends. The following legends shall appear on the face of all
Global Securities and Definitive Securities issued under this Unit Agreement
unless specifically stated otherwise in the applicable provisions of this Unit
Agreement.

               (i)    Private Placement Legend. Each Global Security and each
     Definitive Security (and all Securities issued in exchange therefor or
     substitution thereof) shall bear the following legend, and, with respect to
     the Units, the Issuers agree and, with respect to the Common Shares, Equity
     Corp. agrees not to remove such legend while the Securities are
     outstanding:

               "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
          INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY
          ACT") OR THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED. THE
          HOLDER HEREOF, BY PURCHASING THE SECURITIES IN RESPECT OF WHICH THIS
          SECURITY HAS BEEN ISSUED, AGREES FOR THE BENEFIT OF THE ISSUER[S] THAT
          THE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
          ONLY (A) TO A PERSON WHOM THE

                                      10
<PAGE>

          SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN
          THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS
          OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN
          A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE
          SECURITIES ACT, [IN A PRINCIPAL AMOUNT OF NOT LESS THAN $250,000]/[IN
          AN AGGREGATE NUMBER OF SHARES OF AT LEAST 250 SHARES] FOR THE
          PURCHASER AND FOR EACH ACCOUNT FOR WHICH IT IS ACTING, TO A PURCHASER
          AND, AS APPLICABLE, EACH ACCOUNT FOR WHICH SUCH PURCHASER IS ACTING,
          THAT (1) IS A QUALIFIED PURCHASER WITHIN THE MEANING OF SECTION
          3(C)(7) OF THE INVESTMENT COMPANY ACT, (2) WAS NOT FORMED FOR THE
          PURPOSE OF INVESTING IN [ANY]/[THE] ISSUER (EXCEPT WHEN EACH
          BENEFICIAL OWNER OF THE PURCHASER AND EACH SUCH ACCOUNT IS A QUALIFIED
          PURCHASER), (3) HAS RECEIVED THE NECESSARY CONSENT FROM ITS BENEFICIAL
          OWNERS WHEN THE PURCHASER OR SUCH ACCOUNT IS A PRIVATE INVESTMENT
          COMPANY FORMED BEFORE APRIL 30, 1996, (4) IS NOT A BROKER-DEALER THAT
          OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN $25,000,000 IN
          SECURITIES OF UNAFFILIATED ISSUERS AND (5) IS NOT A PENSION, PROFIT
          SHARING OR OTHER RETIREMENT TRUST FUND OR PLAN IN WHICH THE PARTNERS,
          BENEFICIARIES OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE
          PARTICULAR INVESTMENTS TO BE MADE, AND IN A TRANSACTION THAT MAY BE
          EFFECTED WITHOUT LOSS OF ANY APPLICABLE INVESTMENT COMPANY ACT
          EXEMPTION AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF
          THE STATES OF THE UNITED STATES. ANY TRANSFER IN VIOLATION OF THE
          FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO AND
          WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE,
          NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER[S], THE
          [UNIT]/[TRANSFER] AGENT OR ANY INTERMEDIARY. EACH TRANSFEROR OF THIS
          SECURITY WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS SET FORTH
          HEREIN AND IN THE UNIT AGREEMENT TO ITS TRANSFEREE. IN ADDITION TO THE
          FOREGOING, THE ISSUER[S] MAINTAIN[S] THE RIGHT TO PURCHASE OR FORCE
          THE RESALE OF ANY SECURITIES PREVIOUSLY TRANSFERRED TO NON-PERMITTED
          HOLDERS (AS DEFINED IN THE UNIT AGREEMENT) IN ACCORDANCE WITH AND
          SUBJECT TO THE TERMS OF THE UNIT AGREEMENT.

               THIS SECURITY MAY NOT BE OFFERED OR SOLD UNLESS: (1) THE
          TRANSFEREE REPRESENTS THAT IT IS A "QUALIFIED PURCHASER" (AS DEFINED
          IN 2(A)(51)(A) UNDER THE INVESTMENT COMPANY ACT, AS AMENDED); (2) THE
          TRANSFEROR REPRESENTS THAT PRIOR TO SUCH TRANSFER, THE TRANSFEROR HAS
          PROVIDED TO THE TRANSFEREE NOTICE OF THE TRANSFER RESTRICTIONS
          APPLICABLE TO THIS SECURITY; (3) BOTH THE TRANSFEROR AND THE
          TRANSFEREE ACKNOWLEDGE THAT THE ISSUER[S] MAY

                                      11
<PAGE>

          REFUSE TO HONOR THE TRANSFER OF THE SECURITY IF IT DETERMINES IN ITS
          SOLE DISCRETION THAT THE TRANSFEREE IS NOT A QUALIFIED PURCHASER; AND
          (4) THE TRANSFEREE ACKNOWLEDGES THAT THE ISSUER[S] [HAVE]/[HAS] THE
          RIGHT TO FORCE THE REDEMPTION OR RESALE OF THE SECURITY HELD BY THE
          TRANSFEREE IF IT DETERMINES IN ITS SOLE DISCRETION THAT THE TRANSFEREE
          IS NOT A QUALIFIED PURCHASER."

               (ii)   Global Security Legend. Each Global Security shall bear a
     legend in substantially the following form:

               "THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN
          THE UNIT AGREEMENT GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY
          FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
          TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE
          [UNIT]/[TRANSFER] AGENT MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
          REQUIRED PURSUANT TO SECTION 3.6 OF THE UNIT AGREEMENT, (II) THIS
          GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO
          SECTION 3.6(A) OF THE UNIT AGREEMENT, (III) THIS GLOBAL SECURITY MAY
          BE DELIVERED TO THE [UNIT]/[TRANSFER] AGENT FOR CANCELLATION PURSUANT
          TO SECTION 3.11 OF THE UNIT AGREEMENT AND (IV) THIS GLOBAL SECURITY
          MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN
          CONSENT OF THE ISSUER[S]."

               (iii)  Original Issue Discount Legend. Each Global Unit and each
     Definitive Unit (and all Notes issued in exchange therefor or substitution
     thereof) shall bear a legend in substantially the following form:

               "FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL
          REVENUE CODE OF 1986, AS AMENDED, THIS SECURITY IS BEING OFFERED WITH
          ORIGINAL ISSUE DISCOUNT; FOR EACH $1,000 PRINCIPAL AMOUNT AT MATURITY
          OF THIS SECURITY, THE ISSUE PRICE ALLOCATED TO THE UNIT IS $540.73,
          THE ISSUE PRICE ALLOCATED TO THE NOTE IS 506.75, THE AMOUNT OF
          ORIGINAL ISSUE DISCOUNT ALLOCATED TO THE NOTE IS $493.25, THE ISSUE
          DATE IS MAY 17, 2001 AND THE YIELD TO MATURITY IS 16% PER ANNUM."

          (g)  Cancellation and/or Adjustment of Global Securities. At such time
as all beneficial interests in a particular Global Security have been exchanged
for Definitive Securities or a particular Global Security has been redeemed,
repurchased or canceled in whole and not in part, each such Global Security
shall be returned to or retained and canceled by the Agent in accordance with
Section 3.11 hereof. At any time prior to such cancellation, if any beneficial
interest in a Global Security is exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another
Global Security or for Definitive Securities, the aggregate number of Securities
represented by such Global Security shall be reduced accordingly and an
endorsement shall be made on

                                      12
<PAGE>

such Global Security by the Agent, or by the Depositary at the direction of the
Agent to reflect such reduction; and if the beneficial interest is being
exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Security, such other Global
Security shall be increased accordingly and an endorsement shall be made on such
Global Security by the Agent, or by the Depositary at the direction of the Agent
to reflect such increase.

          (h)  General Provisions Relating to Transfers and Exchanges.

               (i)      To permit registrations of transfers and exchanges, the
     Issuers shall execute and the Unit Agent shall authenticate Global Units
     and/or Definitive Units upon the Issuers' order or at the Unit Registrar's
     written request. On or after the Separation Date, to permit registrations
     of transfers and exchanges, Equity Corp. shall execute and the Transfer
     Agent shall countersign Global Shares and/or Definitive Shares upon Equity
     Corp.'s order or at the Share Registrar's written request.

               (ii)     No service charge shall be made to a holder of a
     beneficial interest in a Global Security or to a Holder of a Definitive
     Security for any registration of transfer or exchange, but the Issuers or
     Equity Corp., as the case may be, may require payment of a sum sufficient
     to cover any transfer tax or similar governmental charge payable in
     connection therewith (other than any such transfer taxes or similar
     governmental charge payable upon exchange or transfer pursuant to Section
     3.10 hereof).

               (iii)    The Unit Registrar shall not be required to register the
     transfer of or exchange any Unit selected for redemption in whole or in
     part, except the unredeemed portion of any Unit being redeemed in part.

               (iv)     All Global Securities and/or Definitive Securities
     issued upon any registration of transfer or exchange of Global Securities
     or Definitive Securities shall be the valid obligations of, in the case of
     Units, the Issuers and, in the case of Common Shares, Equity Corp.,
     evidencing the same right or debt and entitled to the same benefits under
     this Unit Agreement, as the Global Securities or Definitive Securities
     surrendered upon such registration of transfer or exchange.

               (v)      Prior to due presentment for the registration of a
     transfer of any Unit, the Unit Agent, any agent and the Issuers may deem
     and treat the Person in whose name any Unit is registered as the absolute
     owner of such Unit for the purpose of receiving payment of principal of and
     interest and Liquidated Damages, if any, on such Units and for all other
     purposes, and none of the Unit Agent, any agent or the Issuers shall be
     affected by notice to the contrary.

               (vi)     The Unit Agent shall authenticate Global Units and/or
     Definitive Units in accordance with the provisions of Section 3.2(a)
     hereof. The Transfer Agent shall countersign Global Shares and/or
     Definitive Shares in accordance with the provisions of Section 3.2(b)
     hereof

               (vii)    All certifications, certificates and Opinions of Counsel
     required to be submitted to the Registrar pursuant to this Section 3.6 to
     effect a registration of transfer or exchange may be submitted by
     facsimile.

          Section 3.7.  Replacement Units and Share Certificates.
                        ----------------------------------------

                                      13
<PAGE>

          (a)  Units. If any mutilated Unit is surrendered to the Unit Agent or
the Issuers and the Unit Agent and the Issuers receives evidence to their
satisfaction of the destruction, loss or theft of any Unit and the Issuers shall
issue and the Unit Agent, upon receipt of a written order to authenticate the
Units, shall authenticate a replacement Unit if the Unit Agent's requirements
are met. If required by the Unit Agent or the Issuers, an indemnity bond must be
supplied by the Holder that is sufficient in the judgment of the Unit Agent and
the Issuers to protect the Issuers, the Unit Agent, any agent and any
authenticating agent from any loss that any of them may suffer if a Unit is
replaced. The Issuers may charge the Holder for their expenses in replacing a
Unit.

          Every replacement Unit is an additional obligation of the Issuers and
the Note Guarantor and shall be entitled to all of the benefits of this Unit
Agreement equally and proportionately with all other Units duly issued
hereunder.

          (b)  Share Certificates. If any mutilated Share Certificate is
surrendered to the Transfer Agent or Equity Corp. and the Transfer Agent and
Equity Corp. receives evidence to their satisfaction of the destruction, loss or
theft of any Share Certificate and Equity Corp. shall issue and the Transfer
Agent, upon receipt of a written order to countersign the Share Certificates,
shall countersign a replacement Share Certificate if the Transfer Agent's
requirements are met. If required by the Transfer Agent or Equity Corp., an
indemnity bond must be supplied by the Holder that is sufficient in the judgment
of the Transfer Agent and Equity Corp. to protect Equity Corp., the Transfer
Agent, any agent and any authenticating agent from any loss that any of them may
suffer if a Share Certificate is replaced. Equity Corp. may charge the Holder
for its expenses in replacing a Share Certificate.

          Every Common Share evidenced by a replacement Share Certificate shall
be entitled to all of the benefits of this Unit Agreement equally and
proportionately with all other Common Shares duly issued hereunder.

          Section 3.8.   Outstanding Units.  The Units outstanding at any time
                         -----------------
are all the Units authenticated by the Unit Agent except for those canceled by
it, those delivered to it for cancellation, those reductions in the interest in
a Global Unit effected by the Unit Agent in accordance with the provisions
hereof, and those described in this Section as not outstanding. Except as set
forth in Section 3.9 hereof, a Unit does not cease to be outstanding because the
Issuers or an Affiliate of the Issuers holds the Unit.

          If a Unit is replaced pursuant to Section 3.7 hereof, it ceases to be
outstanding unless the Unit Agent receives proof satisfactory to it that the
replaced Unit is held by a bona fide purchaser.

          If the principal amount at maturity (or, if prior to May 15, 2005, the
Accreted Value (as defined in the Indenture)) of any Note constituting a part of
any Unit is considered paid under Section 4.01 of the Indenture, it ceases to be
outstanding and interest on it ceases to accrue or accrete, as applicable.

          If the Unit Paying Agent (other than the Issuers, a Subsidiary or an
Affiliate of any thereof) holds, on a redemption date or maturity date, money
sufficient to pay Notes payable on that date, then on and after that date such
Notes shall be deemed to be no longer outstanding and shall cease to accrue or
accrete, as applicable, interest.

          Section 3.9.   Treasury Securities. In determining whether the Holders
                         -------------------
of the required number of Securities have concurred in any direction, waiver or
consent, Securities owned by the Issuers,

                                      14
<PAGE>

or by any Person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Issuers, shall be considered as
though not outstanding, except that for the purposes of determining whether the
Agent shall be protected in relying on any such direction, waiver or consent,
only Securities that the Agent knows are so owned shall be so disregarded.

          Section 3.10.  Temporary Securities. Until certificates representing
                         --------------------
Units are ready for delivery, the Issuers may prepare and the Unit Agent, upon
receipt of a Unit Authentication Order, shall authenticate temporary Units.
Until Share Certificates are ready for delivery, Equity Corp. may prepare and
the Transfer Agent, upon receipt of a Share Countersignature Order, shall
countersign temporary Share Certificates. Any such temporary Securities shall be
substantially in the form of certificated Securities but may have variations
that the Issuers consider appropriate for temporary Securities and as shall be
reasonably acceptable to the Agent. Without unreasonable delay, the Issuers
shall prepare and, upon receipt of a Unit Authentication Order (or Share
Countersignature Order), the Agent shall authenticate (or countersign)
Definitive Securities in exchange for temporary Securities.

          Holders of temporary Securities shall be entitled to all of the
benefits of this Unit Agreement.

          Section 3.11.  Cancellation.
                         ------------

          (a)  Units. The Issuers at any time may deliver Units to the Unit
Agent for cancellation. The Unit Registrar and Unit Paying Agent shall forward
to the Unit Agent any Units surrendered to them for registration of transfer,
exchange or payment. The Unit Agent and no one else shall cancel all Units
surrendered for registration of transfer, exchange, payment, replacement or
cancellation and shall destroy canceled Units. Certification of the destruction
of all canceled Units shall be delivered to the Issuers. The Issuers may not
issue new Units to replace Units that it has paid or that have been delivered to
the Unit Agent for cancellation.

          (b)  Share Certificates. Equity Corp. at any time may deliver Common
Shares to the Transfer Agent for cancellation. The Share Registrar shall forward
to the Transfer Agent any Share Certificates surrendered to them for
registration of transfer, exchange or payment. The Transfer Agent and no one
else shall cancel all Share Certificates surrendered for registration of
transfer, exchange, payment, replacement or cancellation and shall destroy
canceled Share Certificates. Certification of the destruction of all canceled
Share Certificates shall be delivered to Equity Corp. Equity Corp. may not issue
new Share Certificates to replace Share Certificates that have been delivered to
the Transfer Agent for cancellation.

          Section 4.     Covenants.
                         ---------

          (a)  DTC Notice to Investors. The Issuers shall (a) request of the
Depository, and cooperate with the Depository to ensure, that the Depository's
security description and delivery order include a "3(c)(7) marker" and confirm
that the Depository's Reference Directory contains an accurate description of
the restrictions on the holding and transfer of the Securities due to the
Issuers' reliance on the exclusion to registration provided by Section 3(c)(7)
of the Investment Company Act, (b) request of the Depository, and cooperate with
the Depository to ensure, that the Depository send to its participants in
connection with the initial offering of the Units a notice substantially in the
form attached as Exhibit E hereto, (c) request of the Depository, and cooperate
                 ---------
with the Depository to ensure, that the Depository's Reference Directory include
each class of Securities (and the applicable CUSIP numbers for the Securities)
in the listing of 3(c)(7) issues together with an attached description of the
limitations as to the

                                      15
<PAGE>

distribution, purchase, sale and holding of the Units and (d) at least [15]
Business Days prior to the date upon which the Annual Report shall be delivered
by the Issuers, the Issuers shall obtain from DTC a list (the "DTC List") of all
participants that are holding an interest in the Global Securities as of such
date.

          (b)  Minimum Denominations. The Units shall be issuable in minimum
denominations (the "Minimum Denominations") of $250,000 and integral multiples
of $1,000 in excess thereof. The Common Shares shall be issuable in minimum
amounts of 250 Common Shares.

          (c)  Deemed Representations of Holders. Each holder of Securities will
be deemed to have represented and agreed with the Issuers as follows:

               (i)   The holder is a qualified institutional buyer within the
     meaning of Rule 144A ("QIB") and a qualified purchaser within the meaning
     of Section 2(51)(A) of the Investment Company Act (a "Qualified
     Purchaser"), (B) the holder is not a broker-dealer that owns and invests on
     a discretionary basis less than $25,000,000 in securities of issuers that
     are not affiliated persons of the dealer, (C) the holder is purchasing the
     Securities for its own account or for the account of another Qualified
     Purchaser that is also a QIB as to which the holder exercises sole
     investment discretion, (D) the holder and any such account is acquiring the
     Securities as principal for its own account for investment and not for sale
     in connection with any distribution thereof, (E) the holder and any such
     account was not formed solely for the purpose of investing in the
     Securities (except when each beneficial owner of the holder or any such
     account is a Qualified Purchaser), (F) to the extent the holder (or any
     account for which it is purchasing the Securities) is a private investment
     company formed before April 30, 1996, the holder and each such account has
     received the necessary consent from its beneficial owners, (G) the holder
     and any such account is not a pension, profit sharing or other retirement
     trust fund or plan in which the partners, beneficiaries or participants, as
     applicable, may designate the particular investments to be made, (H) the
     holder agrees that it and each such account shall not hold such Securities
     for the benefit of any other Person and shall be the sole beneficial owner
     thereof for all purposes and that it shall not sell participation interests
     in the Securities or enter into any other arrangement pursuant to which any
     other Person shall be entitled to a beneficial interest in the
     distributions on the Securities, (I) the Securities purchased directly or
     indirectly by the holder or any account for which it is purchasing the
     Securities constitute an investment of no more than 40% of the holder's and
     each such account's assets (except when each beneficial owner of the holder
     and each such account is a Qualified Purchaser), (J) the holder and each
     such account is purchasing the Units in a principal amount at maturity of
     not less than $250,000 (or is purchasing no fewer than 250 Common Shares,
     as applicable) for the holder and each such account, (K) the holder will
     provide notice of the transfer restrictions set forth in this Unit
     Agreement (including the exhibits hereto) to any transferee of the
     Securities and (L) the holder understands and agrees that any purported
     transfer of the Securities to a holder that does not comply with the
     requirements of this Unit Agreement shall be null and void ab initio.

               (ii)  The holder understands that the Securities have not been
     and will not be registered under the Securities Act, and may be reoffered,
     resold or pledged or otherwise transferred only (A) to a person whom the
     purchaser reasonably believes is a QIB purchasing for its own account or
     for the account of a QIB as to which the purchaser exercises sole
     investment discretion in a transaction meeting the requirements of Rule
     144A and (B) in accordance with all applicable securities laws of the
     states of the United States. The holder also understands that the
     Securities have not been registered under the Investment Company Act.

                                      16
<PAGE>

          (d)  Certain Transactions Void; Issuers' Right to Force Sale or
Redemption.

               (i)   Notwithstanding anything to the contrary elsewhere in this
     Unit Agreement, any transfer of a beneficial interest in any Securities to
     a person that is not both a Qualified Institutional Buyer and a Qualified
     Purchaser shall be null and void and any such purported transfer of which
     the Issuers or the Agent shall have notice may be disregarded by the
     Issuers and the Agent for all purposes. The Agent shall hold any funds
     conveyed by the intended transferee of such interest in such Rule 144A
     Global Security in trust for the transferor and shall promptly reconvey
     such funds to such Person in accordance with the written instructions
     thereof delivered to the Agent at its address listed in Section 9.

               (ii)  If any person that is not both a Qualified Institutional
     Buyer and a Qualified Purchaser (any such person, a "Non-Permitted Holder")
     shall become the owner of a beneficial interest in any Global Security, or
     the Issuers or the Agent on its behalf shall, promptly after discovery that
     such person is a Non-Permitted Holder by the Issuers or the Agent (and
     notice by the Agent to the Issuers, if the Agent makes the discovery), send
     notice to such Non-Permitted Holder demanding that such Non-Permitted
     Holder transfer its interest to a Person that is not a Non-Permitted Holder
     within thirty (30) days of the date of such notice. If such Non-Permitted
     Holder fails to so transfer its Securities, the Issuers shall have the
     right, without further notice to the Non-Permitted Holder, either (i) to
     redeem such Units at a redemption price equal to the principal amount or
     accreted value thereof plus accrued interest thereon or (ii) to sell such
     Securities or such Non-Permitted Holder's interest in such Securities to a
     purchaser selected by the Issuers that is a not a Non-Permitted Holder on
     such terms as the Issuers may choose. The Issuers, or the Agent acting on
     behalf of the Issuers upon its instructions in writing, may select the
     purchaser by soliciting one or more bids from one or more brokers or other
     market professionals that regularly deal in securities similar to the
     Securities, and selling such Securities to the highest such bidder.
     However, the Issuers may select a purchaser by any other means determined
     by the Issuers in their sole discretion. The Holder of each Security, the
     Non-Permitted Holder and each other Person in the chain of title from the
     Holder to the Non-Permitted Holder, by its acceptance of an interest in the
     Securities, agrees to cooperate with the Issuers and the Agent to effect
     such transfers. The proceeds of any such forced sale, net of any
     commissions, expenses and taxes due in connection with such sale shall be
     remitted to the Non-Permitted Holder. The terms and conditions of any sale
     under this subsection shall be determined in the sole discretion of the
     Issuers, and the Issuers shall not be liable to any Person having an
     interest in the Securities sold as a result of any such sale or the
     exercise of such discretion.

          (e)  Required Contents of Certain Reports. Each quarterly and annual
report sent to any Holder or beneficial owner of a Security shall contain, or be
accompanied by, the following notice:

          The Securities may be beneficially owned only by persons that are
          qualified purchasers for purposes of Section 3(c)(7) of the Investment
          Company Act of 1940, as amended, and qualified institutional buyers
          within the meaning of Rule 144A under the Securities Act.  A
          beneficial ownership interest in the Rule 144A Global Securities may
          be transferred only to a Person that meets the qualifications set
          forth in clause (a)(ii)(x) of the preceding sentence and that can make
          the representations referred to in clause (b) of the preceding
          sentence.  The Issuers have the right to compel any beneficial owner
          of an interest in Rule 144A Global Securities that does not meet the
          qualifications set forth in such clauses to sell its interest in such
          Securities, or may redeem or sell such interest on behalf of such
          owner, pursuant to Section 4(d) of the Unit Agreement.

                                      17
<PAGE>

          (f)  CUSIP Numbers. The Issuers shall (i) request of Standard &
Poor's, and shall cooperate with Standard & Poor's, to ensure that all CUSIP
numbers identifying the Securities shall have a "fixed field" attached thereto
that contains "3c7" and "144A" indicators and (ii) take steps to cause the
initial purchasers to require that all "confirms" of trades of the Securities
contain CUSIP numbers with such "fixed field" identifiers.

          (g)  Bloomberg and other Third-Party Vendor Screens. The Issuers shall
cause the Bloomberg screen or screens containing information about the
Securities to include the following language: (i) the "Note Box" on the bottom
of "Security Display" page describing the Securities shall state: "Iss'd Under
144A/3(c)(7)", (ii) the "Security Display" page shall have the flashing red
indicator "See Other Available Information," and (iii) the indicator shall link
to the "Additional Security Information" page, which shall state that the
Securities "are being offered in reliance on the exemption from registration
under Rule 144A of the Securities Act o persons who are both (x) qualified
institutional buyers (as defined in Rule 144A under the Securities Act) and (y)
qualified purchasers (as defined under Section 3(c)(7) under the Investment
Company Act of 1940)." The Issuers shall require that any other third-party
vendor screens containing information about the Securities include substantially
similar language to clauses (i) through (iii) above.

          Section 5.  Rights of Holders.  The registered owner of a Unit
                      -----------------
Certificate shall have all the rights and privileges of a registered owner of
the aggregate principal amount at maturity of Notes represented thereby and the
number of Common Shares represented thereby and shall be treated as the
registered owner thereof for all purposes. The registered owner of a Share
Certificate shall have all the rights and privileges of a registered owner of
the number of Common Shares represented thereby and shall be treated as the
registered owner thereof for all purposes.

          Section 6.  Unit Agent and Transfer Agent.  The Agent undertakes to
                      -----------------------------
perform only the duties and obligations specifically set forth in this Agreement
upon the following terms and conditions, by which the Issuers and the holders of
Securities, by their acceptance thereof, shall be bound:

          (a)  The statements contained herein and in the Unit Certificates and
the Share Certificates shall be taken as statements of the Issuers, and the
Agent assumes no responsibility for the correctness of any of the same except
such as expressly describe the Agent. The Agent assumes no responsibility with
respect to the distribution of the Unit Certificates or the Share Certificates
except as herein otherwise specifically provided.

          (b)  The Agent shall not be responsible for any failure of any of the
Issuers to comply with any of the covenants in this Unit Agreement, the Unit
Certificates or the Investor Rights Agreement, as applicable.

          (c)  The Agent may consult at any time with counsel satisfactory to it
(who may be counsel for the Issuers), and the Agent shall incur no liability or
responsibility to the Issuers or to any holder of any Security in respect of any
action taken, suffered or omitted by it hereunder in good faith and in
accordance with the opinion or the advice of such counsel.

          (d)  The Agent shall incur no liability or responsibility to the
Issuers, the Note Guarantor or to any holder of any Unit Certificate or Share
Certificate for any action taken in reliance on any Unit Certificate,
certificate of shares, notice, resolution, waiver, consent, order, certificate,
or other paper, document or instrument believed by the Agent to be genuine and
to have been signed, sent or presented by the proper party or parties.

                                      18
<PAGE>

          (e)  The Issuers, jointly and severally, agree to pay to the Agent
compensation for all services rendered by the Agent in connection with the
execution and performance of this Unit Agreement at such rates as have been
separately agreed to by the Issuers and the Agent and to reimburse the Agent for
all expenses, taxes and governmental charges and other charges of any kind and
nature incurred by the Agent in the execution and performance of this Unit
Agreement, including reasonable fees and expenses of counsel. The Issuers,
jointly and severally, indemnify the Agent and its officers, directors,
employees and agents and save each of them harmless against any and all losses,
liabilities and expenses, including judgments, costs and reasonable counsel fees
and expenses and the costs and reasonable expenses of investigating or defending
any claim of such liability, for any action taken or omitted by the Agent or its
agents in the execution of and performance of its obligations under this Unit
Agreement except as a result of its gross negligence, willful misconduct or bad
faith. The Agent shall notify the Issuers promptly of any claim for which it may
seek indemnity; provided that failure by the Agent to so notify the Issuers
shall not relieve its obligations hereunder. The Issuers shall defend the claim
and the Agent shall cooperate in the defense. The Agent may have separate
counsel, and the Issuers shall pay the reasonable fees and expenses of such
counsel. The Issuers need not pay for any settlement made without its written
consent, which consent shall not be unreasonably withheld. The Issuers'
obligations under this Section 6(e) shall survive any termination of this Unit
Agreement.

          (f)  The Agent shall be under no obligation to consider instituting
any action, suit or legal proceeding or taking any other action likely to
involve expense unless the Issuers or one or more registered holders of Unit
Certificates or Share Certificates shall furnish the Agent with security and
indemnity reasonably satisfactory to it for any costs and expenses which may be
incurred, but this provision shall not affect the power of the Agent to take
such action as it may consider proper, whether with or without any such security
or indemnity. All rights of action under this Unit Agreement or under any of the
Securities may be enforced by the Agent without the possession of any of the
Unit Certificates or Share Certificates or the production thereof at any trial
or other proceeding relative thereto, and any such action, suit or proceeding
instituted by the Agent shall be brought in its name as Agent and any recovery
of judgment shall be for the ratable benefit of the registered holders of the
Securities, as their respective rights or interests may appear.

          (g)  The Agent, and any stockholder, director, officer or employee of
it, may buy, sell or deal in any of the Securities or other securities of the
Issuers or become pecuniarily interested in any transaction in which the Issuers
may be interested, or contract with or lend money to the Issuers or otherwise
act as fully and freely as though it were not the Agent under this Unit
Agreement. Nothing herein shall preclude the Agent from acting in any other
capacity for the Issuers or for any other legal entity.

          (h)  The Agent shall act hereunder solely as agent for the Issuers,
its duties shall be determined solely by the express provisions hereof and no
implied covenants or obligations shall be read into this Unit Agreement against
the Agent. The Agent shall not be liable for anything that it may do or refrain
from doing in connection with this Unit Agreement except for its own gross
negligence, willful misconduct or bad faith.

          (i)  In the absence of bad faith on its part, the Agent may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Agent
and conforming to the requirements of this Unit Agreement. However, the Agent
shall examine the certificates and opinions to determine whether or not they
conform to the requirements of this Unit Agreement.

                                      19
<PAGE>

          (j)  In absence of bad faith on its part, the Agent may conclusively
rely and shall be fully protected in relying upon any document believed by it to
be genuine and to have been signed or presented by the proper person. The Agent
need not investigate any fact or matter stated in the documents.

          (k)  The Agent may act through agents, attorneys, custodians or
nominees and shall not be responsible for the misconduct or negligence of any
agent, attorney, custodian or nominee appointed and monitored in good faith and
with due care.

          (l)  Before the Agent acts or refrains from acting, it may require an
Officers' Certificate or an Opinion of Counsel or both.

          (m)  No provision of this Unit Agreement shall require the Agent to
expend or risk its own funds or incur any liability. The Agent shall be under no
obligation to exercise any of its rights and powers under this Unit Agreement at
the request of the Issuers, unless they shall have offered to the Agent security
and indemnity satisfactory to it against any loss, liability or expense

          Section 7. Change of Agent. The Agent may resign at any time by so
                     ---------------
notifying the Issuers. If the Agent shall resign or become incapable of acting
as Agent, the Issuers shall appoint a successor to such Agent. If the Issuers
shall fail to make such appointment within a period of 30 days after they have
been notified in writing of such incapacity or resignation by the Agent or by
the registered holder of a Unit Certificate or Share Certificate, as the case
may be, then the registered holder of any Unit Certificate or Share Certificate
may apply to any court of competent jurisdiction for the appointment of a
successor to the Agent. Pending appointment of a successor to such Agent, either
by the Issuers or by such a court, the duties of the Agent shall be carried out
by the Issuers. After appointment, the successor to the Agent shall be vested
with the same powers, rights, duties and responsibilities as it if had been
originally named as Agent without further act or deed; but the former Agent,
after the payment of all outstanding amounts owed to it hereunder, shall deliver
and transfer to the successor to the Agent any property at the time held by it
hereunder and execute and deliver any further assurance, conveyance, act or deed
necessary for such purpose. Failure to give any notice provided for in this
Section 7, however, or any defect therein, shall not affect the legality or
validity of the appointment of a successor to the Agent. The provisions of
Section 6 with respect to any Agent shall survive such Agent's resignation or
removal and the termination of this Agreement.

          Section 8. Successor Agent by Merger. If the Agent consolidates with,
                     -------------------------
merges or converts into, or transfers all or substantially all of its corporate
trust business to, another corporation, the resulting, surviving or transferee
corporation without any further act shall, if such resulting, surviving or
transferee corporation is otherwise eligible hereunder, be the successor Agent.

          Section 9. Notices to the Issuers and Unit Agent, Trustee and Transfer
                     -----------------------------------------------------------
Agent. Any notice or communications by the Issuers, the Note Guarantor, any
-----
Holder, the Trustee or the Agent to the others is duly given if in writing and
delivered in Person or mailed by first class mail (registered or certified,
return receipt requested), telex, telecopier or overnight air courier
guaranteeing next day delivery to the other's address. If to the Issuers and/or
the Note Guarantor:

                                      20
<PAGE>

          Nexstar Finance Holdings, L.L.C.
          200 Abington Executive Park, Suite 201
          Clarks Summit, PA 18411
          Telecopier No.: (540) 586-5400
          Attention: Shirley Green

          In case the Issuers shall fail to maintain such office or shall fail
to give such notice of any change in the location thereof, presentations may be
made and notices and demands may be served at the principal office of the Agent.

          If to the Holders, the Agent or Trustee:

          United States Trust Company of New York
          114 West 47/th/ Street
          New York, NY 10036
          Telecopier No.: (212) 852-1626
          Attention: Corporate Trust Division

          The Issuers, the Note Guarantor, the Trustee or the Agent, by notice
to the others may designate additional or different addresses for subsequent
notices or communications.

          All notices and communications (other than those sent to Holders)
shall be deemed to have been duly given: at the time delivered by hand, if
personally delivered; five Business Days after being deposited in the mail,
postage prepaid, if mailed; when answered back, if telexed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to
the courier, if sent by overnight air courier guaranteeing next day delivery.

          Any notice or communication to a Holder shall be mailed by first class
mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept
by the Agent.  Failure to mail a notice or communication to a Holder or any
defect in it shall not affect its sufficiency with respect to other Holders.
The Agent shall furnish the Issuers and the Trustee promptly when requested with
a list of registered holders of Securities for the purpose of mailing any notice
or communication to the registered holders of Securities, the Notes or the
Common Shares and at such other times as may be reasonably requested.

          If a notice or communication is mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee
receives it.

          If the Issuers mail a notice or communication to Holders, they shall
mail a copy to the Trustee and each Agent at the same time.

          Section 10. Supplements and Amendments. The Issuers and the Agent may
                      --------------------------
from time to time supplement or amend this Unit Agreement without the approval
of any registered holders of Securities in order to cure any ambiguity or to
correct or supplement any provision contained herein which may be defective or
inconsistent with any other provision herein, or to make any other provisions in
regard to matters or questions arising hereunder which the Issuers, the Trustee
and the Agent may deem necessary or desirable and which shall not, as evidenced
by an opinion of counsel delivered to the Agent and the Trustee, in any way
adversely affect the interests of the registered holders of Securities. Any
amendment or supplement to this Unit Agreement that has a material adverse
effect on the interests

                                      21
<PAGE>

of Security holders shall require the written consent of the registered holders
of not less than a majority of the outstanding Securities. Each of the Agent and
the Trustee shall be entitled to receive and, subject to Section 6, shall be
fully protected in relying upon an Officers' Certificate and Opinion of Counsel
as conclusive evidence that any such amendment or supplement is authorized or
permitted hereunder, that it is not inconsistent herewith, and that it will be
valid and binding upon the Issuers in accordance with its terms. The Issuers may
not sign any amendment or supplement until the Issuers' boards of directors
approve it.

          Section 11. Successors. All the covenants and provisions of this Unit
                      ----------
Agreement by or for the benefit of any Issuer, the Trustee, or the Agent shall
bind and inure to the benefit of their respective successors and assigns
hereunder.

          Section 12. Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK
                      -------------
SHALL GOVERN AND BE USED TO CONSTRUE THIS UNIT AGREEMENT AND THE UNITS WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

          Section 13. Benefits of This Unit Agreement. Nothing in this Unit
                      -------------------------------
Agreement shall be construed to give to any person or corporation other than any
Issuer, the Note Guarantor, the Trustee, the Agent and the registered holders of
the Securities any legal or equitable right, remedy or claim under this
Agreement; but this Agreement shall be for the sole and exclusive benefit of the
Issuers, the Note Guarantor, the Trustee, the Agent and the registered holders
of the Unit Certificates or Share Certificates, as applicable.

          Section 14. Counterparts. This Unit Agreement may be executed in any
                      ------------
number of counterparts and each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.

          Section 15. Headings. The headings in this Unit Agreement are for
                      --------
convenience of reference only and shall not limit or otherwise affect the
meaning of any provision hereof.

          Section 16. Severability. The provisions of this Unit Agreement are
                      ------------
severable, and if any clause or provision shall be held invalid, illegal or
unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or
provision in any other jurisdiction or any other clause or provision of this
Unit Agreement in any jurisdiction.

          Section 17. Termination. This Unit Agreement may be terminated and be
                      -----------
of no further force and effect at any time following the 30/th/ day following
the Separation Date by written notice by the Issuers to the Agent; provided that
the Issuers shall have entered into a legal, valid and binding agreement
containing terms substantially similar to those contained herein with a
thirdparty, which third party shall act as "Agent" thereunder.

                          [Signature page(s) follow]

                                      22
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Unit Agreement
to be duly executed, as of the date first above written.

                                NEXSTAR FINANCE HOLDINGS, L.L.C.

                                By: /s/ Shirley Green
                                   ---------------------------------------------
                                   Name:
                                   Title:

                                NEXSTAR FINANCE HOLDINGS, INC.

                                By: /s/ Shirley Green
                                   ---------------------------------------------
                                   Name:
                                   Title:

                                NEXSTAR EQUITY CORP.

                                By: /s/ Shirley Green
                                   ---------------------------------------------
                                   Name:
                                   Title:

                                NEXSTAR BROADCASTING GROUP, L.L.C.

                                By: /s/ Shirley Green
                                   ---------------------------------------------
                                   Name:
                                   Title:

                                UNITED STATES TRUST COMPANY OF NEW YORK, as Unit
                                Agent and Transfer Agent

                                By: /s/ Margaret M. Ciesmelewski
                                   ---------------------------------------------
                                   Name: Margaret M. Ciesmelewski
                                   Title: Assistant Vice President

                                      23
<PAGE>

                                   EXHIBIT A

                                [FORM OF UNIT]

               THIS UNIT HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
          INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY
          ACT"). OR THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
          "SECURITIES ACT").  THE HOLDER HEREOF, BY PURCHASING THE UNITS IN
          RESPECT OF WHICH THIS UNIT HAS BEEN ISSUED, AGREES FOR THE BENEFIT OF
          THE ISSUERS THAT THE UNITS MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE
          TRANSFERRED, ONLY (A) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES
          IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
          UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
          ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A TRANSACTION MEETING
          THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, IN A PRINCIPAL
          AMOUNT OF NOT LESS THAN $250,000 FOR THE PURCHASER AND FOR EACH
          ACCOUNT FOR WHICH IT IS ACTING, TO A PURCHASER AND, AS APPLICABLE,
          EACH ACCOUNT FOR WHICH SUCH PURCHASER IS ACTING, THAT (1) IS A
          QUALIFIED PURCHASER WITHIN THE MEANING OF SECTION 3(C)(7) OF THE
          INVESTMENT COMPANY ACT, (2) WAS NOT FORMED FOR THE PURPOSE OF
          INVESTING IN ANY ISSUER (EXCEPT WHEN EACH BENEFICIAL OWNER OF THE
          PURCHASER AND EACH SUCH ACCOUNT IS A QUALIFIED PURCHASER), (3) HAS
          RECEIVED THE NECESSARY CONSENT FROM ITS BENEFICIAL OWNERS WHEN THE
          PURCHASER OR SUCH ACCOUNT IS A PRIVATE INVESTMENT COMPANY FORMED
          BEFORE APRIL 30, 1996, (4) IS NOT A BROKER-DEALER THAT OWNS AND
          INVESTS ON A DISCRETIONARY BASIS LESS THAN $25,000,000 IN SECURITIES
          OF UNAFFILIATED ISSUERS AND (5) IS NOT A PENSION, PROFIT SHARING OR
          OTHER RETIREMENT TRUST FUND OR PLAN IN WHICH THE PARTNERS,
          BENEFICIARIES OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE
          PARTICULAR INVESTMENTS TO BE MADE, AND IN A TRANSACTION THAT MAY BE
          EFFECTED WITHOUT LOSS OF ANY APPLICABLE INVESTMENT COMPANY ACT
          EXEMPTION AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF
          THE STATES OF THE UNITED STATES.  ANY TRANSFER IN VIOLATION OF THE
          FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO AND
          WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE,
          NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUERS, THE
          UNIT AGENT OR ANY INTERMEDIARY.  EACH TRANSFEROR OF THIS UNIT WILL
          PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS SET FORTH HEREIN AND IN
          THE UNIT AGREEMENT TO ITS TRANSFEREE.  IN ADDITION TO THE FOREGOING,
          THE ISSUERS MAINTAIN THE RIGHT TO PURCHASE OR FORCE THE RESALE OF ANY
          UNITS PREVIOUSLY TRANSFERRED TO NON-PERMITTED HOLDERS (AS DEFINED IN
          THE UNIT AGREEMENT) IN ACCORDANCE WITH AND SUBJECT TO THE TERMS OF THE
          UNIT AGREEMENT.

               THIS UNIT MAY NOT BE OFFERED OR SOLD UNLESS: (1) THE TRANSFEREE
          REPRESENTS THAT IT IS A "QUALIFIED PURCHASER" (AS DEFINED IN
          2(A)(51)(A) UNDER THE INVESTMENT COMPANY ACT, AS
<PAGE>

          AMENDED); (2) THE TRANSFEROR REPRESENTS THAT PRIOR TO SUCH TRANSFER,
          THE TRANSFEROR HAS PROVIDED TO THE TRANSFEREE NOTICE OF THE TRANSFER
          RESTRICTIONS APPLICABLE TO THIS UNIT; (3) BOTH THE TRANSFEROR AND THE
          TRANSFEREE ACKNOWLEDGE THAT THE ISSUERS MAY REFUSE TO HONOR THE
          TRANSFER OF THE UNIT IF IT DETERMINES IN ITS SOLE DISCRETION THAT THE
          TRANSFEREE IS NOT A QUALIFIED PURCHASER; AND (4) THE TRANSFEREE
          ACKNOWLEDGES THAT THE ISSUERS HAVE THE RIGHT TO FORCE THE REDEMPTION
          OR RESALE OF THE UNIT HELD BY THE TRANSFEREE IF IT DETERMINES IN ITS
          SOLE DISCRETION THAT THE TRANSFEREE IS NOT A QUALIFIED PURCHASER.

               [INSERT GLOBAL UNIT LEGEND, IF APPLICABLE PURSUANT TO THE UNIT
          AGREEMENT]

               EACH UNIT REPRESENTED BY THIS SECURITY CONSISTS OF ONE NOTE OF
          $1,000 PRINCIPAL AMOUNT AT MATURITY OF 16% SENIOR DISCOUNT NOTES DUE
          2009 (THE "NOTES") OF NEXSTAR FINANCE HOLDINGS, L.L.C. AND NEXSTAR
          FINANCE HOLDINGS, INC. AND ONE SHARE OF CLASS B COMMON STOCK OF
          NEXSTAR EQUITY CORP. (THE "COMMON SHARES") THE NOTES AND THE COMMON
          SHARES WILL ONLY BE TRANSFERABLE BY A HOLDER THEREOF SEPARATELY FROM
          EACH OTHER UPON THE EARLIEST TO OCCUR OF (I) 180 DAYS AFTER THE
          CLOSING OF THE OFFERING OF THE UNITS, (II) IN THE EVENT THE NOTE
          ISSUERS ARE REQUIRED TO MAKE A CHANGE OF CONTROL OFFER PURSUANT TO THE
          TERMS OF THE INDENTURE, THE DATE ON WHICH NOTICE OF THE OFFER IS
          MAILED TO THE HOLDERS OF NOTES, (III) THE DATE ON WHICH A REGISTRATION
          STATEMENT WITH RESPECT TO THE NOTES OR A REGISTERED EXCHANGE OFFER FOR
          THE NOTES IS DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (IV)
          IMMEDIATELY PRIOR TO THE REDEMPTION OF ANY NOTES WITH THE PROCEEDS OF
          AN EQUITY OFFERING (AS DEFINED IN THE INDENTURE); (V) THE CONSUMMATION
          OF AN INITIAL PUBLIC OFFERING BY NEXSTAR BROADCASTING GROUP, L.L.C. OR
          ANY SUCCESSOR ENTITY; OR (VI) SUCH EARLIER DATE AS DETERMINED BY BANC
          OF AMERICA SECURITIES LLC IN ITS SOLE DISCRETION.

               FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL
          REVENUE CODE OF 1986, AS AMENDED, THIS SECURITY IS BEING OFFERED WITH
          ORIGINAL ISSUE DISCOUNT; FOR EACH $1,000 PRINCIPAL AMOUNT AT MATURITY
          OF THIS SECURITY, THE ISSUE PRICE ALLOCATED TO THE UNIT IS $540.73,
          THE ISSUE PRICE ALLOCATED TO THE NOTE IS 506.75, THE AMOUNT OF
          ORIGINAL ISSUE DISCOUNT ALLOCATED TO THE NOTE IS $493.25, THE ISSUE
          DATE IS MAY 17, 2001 AND THE YIELD TO MATURITY IS 16% PER ANNUM.

                                      A-2
<PAGE>

                       NEXSTAR FINANCE HOLDINGS, L.L.C.
                        NEXSTAR FINANCE HOLDINGS, INC.
                             NEXSTAR EQUITY CORP.

          36,988 Units Consisting of $36,988,000 in aggregate principal amount
          at maturity of 16% Senior Discount Notes due 2009 of Nexstar Finance
          Holdings, L.L.C. and Nexstar Finance Holdings, Inc. and one share of
                   Class B Common Stock Nexstar Equity Corp.

No.                                                                    CUSIP No.

          Nexstar Finance Holdings, L.L.C., a Delaware corporation ("Nexstar
Holdings"), Nexstar Finance Holdings, Inc., a Delaware corporation ("Holdings
Inc." and, together with Nexstar Holdings, the "Note Issuers"), Nexstar Equity
Corp., a Delaware corporation ("Equity Corp.," and, together with the Note
Issuers, the "Issuers"), and Nexstar Broadcasting Group, L.L.C., a Delaware
corporation (the "Note Guarantor"), hereby certify that ____________ is the
owner of ________ Units as described above, transferable only on the books of
the Issuers by the holder thereof in person or by his or her duly authorized
attorney, on surrender of the Certificate properly endorsed.

          Each Unit consists of $1,000 principal amount at maturity of 16%
Senior Discount Notes due 2009 of the Note Issuers (the "Notes") and one share
of Class B common stock of Equity Corp., (collectively, the "Common Shares") par
value $0.01 per share.  This Unit, comprised of the Notes attached hereto as
Part 1 and the Common Shares attached hereto as Part 2, is issued pursuant to
------                                          ------
the Unit Agreement (the "Unit Agreement") dated as of May 17, 2001 among the
Issuers, the Note Guarantor and United States Trust Company of New York, as unit
agent (the "Unit Agent"), and is subject to the terms and provisions contained
therein, all of which terms and provisions the holder of this Unit Certificate
consents by acceptance hereof.  The terms of the Notes are governed by an
Indenture (the "Indenture") dated as of May 17, 2001 among the Note Issuers, the
Note Guarantor, Bastet Broadcasting, Inc., a Delaware corporation, Mission
Broadcasting of Wichita Falls, Inc., a Delaware corporation, and United States
Trust Company of New York, as trustee (the "Trustee"), and are subject to the
terms and provisions contained therein, all of which terms and provisions the
holder of this Unit Certificate consents by acceptance hereof.  Certain rights
and privileges pertaining to the Common Shares are governed by an Investor
Rights Agreement dated as of May 17, 2001 among Equity Corp. and the Note
Guarantor (the "Investor Rights Agreement"), and the holders of the Common
Shares are subject to the terms and provisions contained therein, all of which
terms and provisions the holder of this Unit Certificate consents by acceptance
hereof.

          Reference is made to the further provisions in each of the Unit
Agreement, Indenture, the Investor Rights Agreement and this Unit Certificate,
which will for all purposes have the same effect as if set forth at this place.
Copies of the Unit Agreement, the Indenture and the Investor Rights Agreement
are on file at the office of Nexstar Finance Holdings, L.L.C., 200 Abington
Executive Park, Suite 201, Clarks Summit, PA 18411, and are available to any
holder on written request and without cost.

          The Notes and the Common Shares represented by this Unit Certificate
shall be non-detachable and not separately transferable until the earliest to
occur of (i) 180 days after the closing of the offering of the Units, (ii) in
the event the Note Issuers are required to make a Change of Control Offer
pursuant to the terms of the Indenture, the date on which notice of the offer is
mailed to the holders of Notes, (iii) the date on which a registration statement
with respect to the Notes or a registered exchange

                                      A-3
<PAGE>

offer for the Notes is declared effective under the Securities Act, (iv)
immediately prior to the redemption of any Notes with the proceeds of an Equity
Offering (as defined in the Indenture); (v) the consummation of an Initial
Public Offering by Nexstar Broadcasting Group, L.L.C. or any successor entity;
or (vi) such earlier date as determined by Banc of America Securities LLC in its
sole discretion. The earliest date on which an event listed in the previous
sentence is referred to as the "Separation Date." On the Separation Date, each
Unit shall be automatically separated and cease to exist such that from and
after the Separation Date, the Notes and Common Shares shall be separate
securities and not part of the same investment unit. On the Separation Date,
holders of fractional shares of the Common Shares existing as a result of the
separation shall promptly receive an amount in cash from Equity Corp. equal to
the fair market value (as determined pursuant to the provisions of the Investor
Rights Agreement of any such fractional share then held by them and the total
number of shares held by them shall be reduced to the next lower whole number of
shares, such that from and after the Separation Date all holders of Common
Shares shall only hold whole numbers of shares of Common Shares. The Issuers
hereby agree to use their reasonable best efforts to ensure that the Common
Shares shall be eligible for deposit with The Depository Trust Company ("DTC")
from and after the Separation Date, including, without limitation, providing DTC
with at least ten business days' prior written notice of the Separation Date;
provided that the Issuers shall not be obligated to so notify DTC unless they
shall have received 15 business days' prior written notice of the Separation
Date.

Dated: May 17, 2001.

                                          NEXSTAR FINANCE HOLDINGS, L.L.C.

                                          By:___________________________________
                                             Name:
                                             Title:

                                          NEXSTAR FINANCE HOLDINGS, INC.

                                          By:___________________________________
                                             Name:
                                             Title:

                                          NEXSTAR EQUITY CORP.

                                          By:___________________________________
                                             Name:
                                             Title:

                                      A-4
<PAGE>

                                          NEXSTAR BROADCASTING GROUP, L.L.C.

                                          By:___________________________________
                                             Name:
                                             Title:

Certificate of Authentication:            UNITED STATES TRUST COMPANY
                                          OF NEW YORK, as Unit Agent
This is one of the Units referred to in
the within mentioned Unit Agreement

                                          By:   ________________________________
                                                Name:
                                                Title:

                                      A-5
<PAGE>

Assignment Form
To assign this Unit, fill in the form below: (I) or (we) assign and transfer
this Unit to

________________________________________________________________________________
                 (Insert assignee's soc. sec. or tax I.D. no.)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
             (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
to transfer this Unit on the books of the Issuers. The agent may substitute
another to act for him.

________________________________________________________________________________

Date:__________________
                              Your Signature:___________________________________
                              (Sign exactly as your name appears on the face of
                              this Unit)

                              Tax Identification No:____________________________

                              SIGNATURE GUARANTEE:

                              _________________________________

                              Signatures must be guaranteed by an "eligible
                              guarantor institution" meeting the requirements of
                              the Unit Registrar, which requirements include
                              membership or participation in the Security
                              Transfer Agent Medallion Program ("STAMP") or such
                              other "signature guarantee program" as may be
                              determined by the Unit Registrar in addition to,
                              or in substitution for, STAMP, all in accordance
                              with the Securities Exchange Act of 1934, as
                              amended.

                                      A-6
<PAGE>

             SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL UNIT

          The following exchanges of a part of this Global Unit for an interest
in another Global Unit or for a Definitive Unit, or exchanges of a part of
another Global Unit or Definitive Unit for an interest in this Global Unit, have
been made:

<TABLE>
<CAPTION>
                                                                Aggregate Number
                          Amount of                             of Units in this
                         decrease in      Amount of increase      Global Unit           Signature of
                       Aggregate Number      in Aggregate        following such      authorized officer
                       of Units in this   Number of Units in      decrease (or        of Unit Agent or
Date of Exchange         Global Unit       this Global Unit        increase)           Unit Custodian
-----------------------------------------------------------------------------------------------------------
<S>                    <C>                <C>                   <C>                  <C>
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
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-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
</TABLE>

                                      A-7
<PAGE>

                                   EXHIBIT B

                        FORM OF CERTIFICATE OF TRANSFER

Nexstar Finance Holdings, L.L.C.
Nexstar Finance Holdings, Inc.
Nexstar Equity Corp.
200 Abington Executive Park, Suite 201
Clarks Summit, PA 18411
Attention: Shirley Green

United States Trust Company of New York
Attention: Corporate Trust Division

          Re: Units of Nexstar Finance Holding, L.L.C.,
              Nexstar Finance Holdings, Inc. and Nexstar Equity Corp.
              -------------------------------------------------------

                                CUSIP ________

          Reference is hereby made to the Unit Agreement, dated as of May 17,
2001 (the "Unit Agreement"), among Nexstar Finance Holdings, L.L.C. a Delaware
corporation, Nexstar Finance Holding, Inc., a Delaware corporation, Nexstar
Equity Corp., a Delaware corporation (collectively, the "Issuers"), and Nexstar
Broadcasting Group, L.L.C., a Delaware corporation (the "Note Guarantor") and
United States Trust Company of New York, as unit agent.  Capitalized terms used
but not defined herein shall have the meanings given to them in the Unit
Agreement.

          ______________, (the "Transferor") owns and proposes to transfer the
Unit[s] or interest in such Unit[s] specified in Annex A hereto, in the amount
of ___________ in such Unit[s] or interests (the "Transfer"), to  __________
(the "Transferee"), as further specified in Annex A hereto.  In connection with
the Transfer, the Transferor hereby certifies that:

[CHECK ALL THAT APPLY]

1.  [_]   Check if Transferee will take delivery of a beneficial interest in the
          ----------------------------------------------------------------------
144A Global Unit or a Definitive Unit Pursuant to Rule 144A.  The Transfer is
-----------------------------------------------------------
being effected pursuant to and in accordance with Rule 144A under the United
States Securities Act of 1933, as amended (the "Securities Act"), and,
accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Unit is being transferred to a Person that the Transferor
reasonably believed and believes is purchasing the beneficial interest or
Definitive Unit for its own account, or for one or more accounts with respect to
which such Person exercises sole investment discretion, and such Person and each
such account is both (a) a "qualified institutional buyer" within the meaning of
Rule 144A in a transaction meeting the requirements of Rule 144A and (b) a
"qualified purchaser" as defined in the Investment Company Act of 1940, as
amended, and such Transfer is in compliance with any applicable blue sky
securities laws of any state of the United States, which certification is
supported by (1) a certificate executed by the Transferee in the form of Exhibit
                                                                         -------
D to the Unit Agreement.  Upon consummation of the proposed Transfer in
-
<PAGE>

accordance with the terms of the Unit Agreement, the transferred beneficial
interest or Definitive Unit will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the 144A Global Unit
and/or the Definitive Unit and in the Unit Agreement and the Securities Act.

2.  [_]   Check and complete if Transferee will take delivery of a Definitive
Unit pursuant to any provision of the Securities Act other than Rule 144A, Rule
903 or Rule 904. The Transfer is being effected in compliance with the transfer
restrictions applicable to Restricted Definitive Units and pursuant to and in
accordance with the Securities Act and any applicable blue sky securities laws
of any state of the United States, and accordingly the Transferor hereby further
certifies that such Transfer is being effected to the Company or a subsidiary
thereof.

          This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuers and the Note Guarantor.

                                     B-2
<PAGE>

                                                  ______________________________
                                                  [Insert Name of Transferor]

                                                  By:___________________________
                                                     Name:
                                                     Title:

Dated:  ________ __, ____

Signature Guarantee*: _________________________

*    Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Unit Agent).

                                      B-3
<PAGE>

                                    ANNEX A

                          TO CERTIFICATE OF TRANSFER

1.   The Transferor owns and proposes to transfer the following:

                           [CHECK ONE OF (a) OR (b)]

     (a) [_] a beneficial interest in the 144A Global Unit (CUSIP _________), or

     (b) [_] a Restricted Definitive Unit.

2.   After the Transfer the Transferee will hold:

                                  [CHECK ONE]

     (a) [_] a beneficial interest in the 144A Global Unit (CUSIP ________), or

     (b) [_] a Restricted Definitive Unit;

         in accordance with the terms of the Unit Agreement.
<PAGE>

                                   EXHIBIT C

                        FORM OF CERTIFICATE OF EXCHANGE

Nexstar Finance Holdings, L.L.C.
Nexstar Finance Holdings, Inc.
Nexstar Equity Corp.
200 Abington Executive Park, Suite 201
Clarks Summit, PA 18411
Attention: Shirley Green

United States Trust Company of New York
Attention: Corporate Trust Division

          Re:  Units of Nexstar Finance Holding, L.L.C.,
               Nexstar Finance Holdings, Inc. and Nexstar Equity Corp.
               -------------------------------------------------------

                                CUSIP ________

          Reference is hereby made to the Unit Agreement, dated as of May 17,
2001 (the "Unit Agreement"), among Nexstar Finance Holdings, L.L.C. a Delaware
corporation, Nexstar Finance Holding, Inc., a Delaware corporation, Nexstar
Equity Corp., a Delaware corporation (collectively, the "Issuers"), and Nexstar
Broadcasting Group, L.L.C., a Delaware corporation, and United States Trust
Company of New York, as unit agent.  Capitalized terms used but not defined
herein shall have the meanings given to them in the Unit Agreement.

          ____________, (the "Owner") owns and proposes to exchange the Unit[s]
or interest in such Unit[s] specified herein, in the amount of ________ in such
Unit[s] or interests (the "Exchange").  In connection with the Exchange, the
Owner hereby certifies that:

1.  Exchange of Restricted Definitive Units or Beneficial Interests in
Restricted Global Units for Restricted Definitive Units or Beneficial Interests
in Restricted Global Units.

          (a) [_] Check if Exchange is from beneficial interest in a Restricted
                  -------------------------------------------------------------
Global Unit to Restricted Definitive Unit.  In connection with the Exchange of
-----------------------------------------
the Owner's beneficial interest in a Restricted Global Unit for a Restricted
Definitive Unit with an equal aggregate number, the Owner hereby certifies that
the Restricted Definitive Unit is being acquired for the Owner's own account
without transfer.  Upon consummation of the proposed Exchange in accordance with
the terms of the Unit Agreement, the Restricted Definitive Unit issued will
continue to be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Definitive Unit and in the Unit
Agreement and the Securities Act.

          (b) [_] Check if Exchange is from Restricted Definitive Unit to
                  -------------------------------------------------------
beneficial interest in a Restricted Global Unit. In connection with the Exchange
-----------------------------------------------
of the Owner's Restricted Definitive Unit for a beneficial interest in the 144A
Global Unit with an equal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner's own account without transfer and (ii)

                                      C-1
<PAGE>

such Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Definitive Units and pursuant to and in accordance
with the Securities Act, and in compliance with any applicable blue sky
securities laws of any state of the United States.  Upon consummation of the
proposed Exchange in accordance with the terms of the Unit Agreement, the
beneficial interest issued will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the relevant Restricted
Global Unit and in the Unit Agreement and the Securities Act and Investment
Company Act.

          This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuers.

                                                        ________________________
                                                         [Insert Name of Owner]

                                                        By:_____________________
                                                           Name:
                                                           Title:

Dated: ________ __, ____

                                      C-2
<PAGE>

                                   EXHIBIT D

                           FORM OF CERTIFICATE FROM
                    RULE 144A QUALIFIED INSTITUTIONAL BUYER
                    AND SECTION 3(C)(7) QUALIFIED PURCHASER

Nexstar Finance Holdings, L.L.C.
Nexstar Finance Holdings, Inc.
Nexstar Equity Corp.
200 Abington Executive Park, Suite 201
Clarks Summit, PA 18411
Attention: Shirley Green

United States Trust Company of New York
Attention: Corporate Trust Department

          Re:  Units of Nexstar Finance Holding, L.L.C.,
               Nexstar Finance Holdings, Inc. and Nexstar Equity Corp.
               -------------------------------------------------------

                                CUSIP ________

          Reference is hereby made to the Unit Agreement, dated as of May 17,
2001 (the "Unit Agreement"), among Nexstar Finance Holdings, L.L.C. a Delaware
corporation, Nexstar Finance Holding, Inc., a Delaware corporation, Nexstar
Equity Corp., a Delaware corporation (collectively, the "Issuers"), and Nexstar
Broadcasting Group, L.L.C., a Delaware corporation, and United States Trust
Company of New York, as unit agent.  Capitalized terms used but not defined
herein shall have the meanings given to them in the Unit Agreement.

          In connection with our proposed purchase of ______ aggregate number
of:

          (a) [_] a beneficial interest in a Global Unit, or

          (b) [_] a Definitive Unit,

I.   the undersigned certifies that it is familiar with Rule 144A under the
     Securities Act of 1933, as amended, and represents and warrants that:

     (i)  it is a Qualified Institutional Buyer ("QIB") as described in Annex A
          hereto;

     (ii) as of __________________, _______, the undersigned owned or invested
          on a discretionary basis $_____________/1/ in eligible "securities"
          (as defined and calculated as set forth in Annex A);

____________________________
/1/ The amount must be a specific amount in excess of $100 million or such
    lesser amount as contemplated by paragraph (b)(j)(k) or (o) of Annex A.

                                      D-1
<PAGE>

     (iii) if the undersigned decides to purchase Rule 144A securities for the
           accounts of others, it will only purchase Rule 144A securities for
           accounts that independently qualify as QIBs as defined in Rule 144A
           (unless the undersigned is an insurance company, (as described in
           Annex A) and is purchasing for the account of one or more of its
           "separate accounts" (as defined in Annex A));

     (iv)  the undersigned has listed below those of its accounts that are QIBs
           and if the undersigned is an insurance company (as described in Annex
           A), those of its accounts that are separate accounts (as defined in
           Annex A) and for which it intends to purchase Rule 144A securities,
           the undersigned has accurately provided the information requested for
           each of the accounts listed below and the undersigned agrees that any
           of the accounts listed below for which it purchases Rule 144A
           securities will be deemed to be a part of and subject to the
           representations contained in this certification; and

     (v)   the undersigned's current fiscal year ends on _____________,
           ______./2/

II.  The undersigned certifies that it has read Annex B, "Restrictions on Sales
     of Book-Entry Securities Designated QIB/QP or 3(c)(7)," attached hereto.
     The undersigned certifies that it is a "Qualified Purchaser" as defined in
     Sections 3(c)(7) and 2(a)(51)(A) of, and the related rules under, the
     Investment Company Act of 1940, as amended, and the undersigned represents
     and warrants that (if the undersigned certifies that it is unable to make
     the representations and warranties contained in II(i), it should so
     indicate on the signature line below):

     (i)   it is not a:

           "dealer" described in (j) of Annex A that owns and invests on a
           discretionary basis less than $25,000,000 in eligible "securities"
           (excluding securities constituting the whole or part of an unsold
           allotment to or subscription as a participant in a public offering);

           "plan" described in (f) or (g) of Annex A or a "trust fund" described
           in (h) of Annex A that holds assets for such a plan, the investment
           decisions of which are made by the beneficiaries of the plan and not
           solely by the fiduciary trustee or sponsor of the plan;

     (ii)  the undersigned has indicated with a check mark each of the sub-
           accounts listed below which can independently make each of the
           representations and warranties in this Section II. If the undersigned
           decides to purchase securities designated QIB/QP or 3(c)(7) for the
           accounts of others, it will only purchase for accounts which are
           checked below, and those accounts will be deemed to make the
           representations and warranties in I(i) and this Section II. (An
           insurance company may purchase for one or more of its separate
           accounts without regard to whether the account could independently
           make those representations and warranties);

     (iii) it is not an entity that was formed for the specific purpose of
           investing in Section 3(c)(7) securities (or if it was formed for such
           purpose, then each beneficial owner of its securities is a QP);

______________________________
/2/ Insert a specific date on or since the end of the undersigned's most recent
    fiscal year.

                                      D-2
<PAGE>

     (iv)  it is not an entity that was formed or is operated as a device for
           facilitating individual investment decisions of its participants or
           security holders;

     (v)   if it was formed prior to April 30, 1996, and is an investment
           company excepted from the Investment Company Act pursuant to Section
           3(c)(1) or Section 3(c)(7) thereof, then its treatment as a Qualified
           Purchaser has been consented to (in the manner required by Section
           2(a)(51)(C) of the Investment Company Act and rules thereunder) by
           its beneficial owners who acquired their interests on or before April
           30, 1996; and

     (vi)  except as set forth in (ii) above, it will not hold Section 3(c)(7)
           securities for the benefit of any other person, and it will not sell
           participation interests in the securities to any other person or
           enter into any other arrangement pursuant to which any other person
           shall be entitled to a beneficial interest in the distributions on
           the securities.

                                      D-3
<PAGE>

The undersigned agrees to promptly advise ________________________ if any of the
representations or warranties in this certificate relating to it or any of the
accounts identified below ceases to be true.

     Date: ___________________, _____   ________________________________________
                                        Name of Institution

     ________________________________   By:__________________________________/3/
                                                                              -
     Name of Contact at Above
     Institution for Question and
     Updates

     ________________________________   ________________________________________
     Mailing Address                    Title of Executive Officer/4/

     ________________________________   ________________________________________
     Telephone Number                   Account Number

___________________________
/3/ If the undersigned is unable to make the representations and warranties
     contained in II(i) it should clearly to state below the signature line.

/4/ Certification must be signed by the institution's chief financial officer or
     another executive officer, except that if the institution is a member of a
     "family of investment companies," the certification must be signed by an
     executive officer of such institution's investment advisor.

                                      D-4
<PAGE>

                       List of Accounts and Sub-Accounts
            (other than Separate Accounts of an Insurance Company)
                     (attach separate sheet as necessary)

                                                               Check Box
                                                           if Applicable. See
         Name of Entity          Account Number               II(ii) Above
--------------------------------------------------------------------------------

                                                                  [_]

                                                                  [_]

                                                                  [_]

               List of Separate Accounts of an Insurance Company
                     (attach separate sheet as necessary)

         Name of Entity          Account Number
---------------------------------------------------------------------

                                      D-5
<PAGE>

                                   EXHIBIT E

              THIS IS AN EXAMPLE OF THE "IMPORTANT NOTICE" FOR A
                   PROPOSED RULE 144A/SECTION 3(C)(7) ISSUE
                    THAT DTC WILL SEND TO ITS PARTICIPANTS
                            IF IT IS ASKED TO DO SO

                         The Depository Trust Company
                                   IMPORTANT

B#:         [number]

DATE:       [date]

TO:         ALL PARTICIPANTS

FROM:       [name], [title], Underwriting Department

ATTENTION:  [Managing Partner/Officer, Cashier, Operations, Data Processing and
            Underwriting Managers]

SUBJECT:    Section 3(c)(7) restrictions for the Units, consisting of 16% Senior
            Discount Notes due 2009 of Nexstar Finance Holdings, L.L.C. and
            Nexstar Finance Holdings, Inc. and Shares of Class B Common Stock of
            Nexstar Equity Corp.

(A) CUSIP Number              [CUSIP number]

(B) Security Description      36,988 Units, each consisting of $1,000 in
                              principal amount at maturity of 16% Senior
                              Discount Notes due 2009 of Nexstar Finance
                              Holdings, L.L.C. and Nexstar Finance Holdings,

                                      E-1
<PAGE>

                              Inc. and one Share of Class B Common Stock of
                              Nexstar Equity Corp.

(C)  Offer Amount             $36,988,000

(D)  Managing Underwriter     Banc of America Securities LLC

(E)  Paying Agent             United States Trust Company of New York

(F)  Closing Date             May 17, 2001

Special Instructions: See Attached Important Instructions from the Issuer.

                                      E-2
<PAGE>

                              [ISSUER LETTERHEAD]

       [This is the form letter that the Issuer should send to DTC which
          DTC will send to its participants in an "Important Notice"]

36,988 Units, each consisting of $1,000 in principal amount at maturity of 16%
Senior Discount Notes due 2009 of Nexstar Finance Holdings, L.L.C. and Nexstar
Finance Holdings, Inc. and one Share of Class B Common Stock of Nexstar Equity
Corp.

[CUSIP No. of Security]

          The Issuers and the lead Initial Purchasers are putting Participants
on notice that they are required to follow these purchase and transfer
restrictions with regard to the above-referenced security.

          In order to qualify for the exemption provided by Section 3(c)(7)
under the Investment Company Act of 1940, as amended (the "Investment Company
Act"), and the exemption provided by Rule 144A under the Securities Act of 1993,
as amended (the "Securities Act"), offers, sales and resales of the 36,988
Units, each consisting of $1,000 in principal amount at maturity of 16% Senior
Discount Notes due 2009 of Nexstar Finance Holdings, L.L.C. and Nexstar Finance
Holdings, Inc. and one Share of Class B Common Stock of Nexstar Equity Corp.
(the "Securities") may only be made in minimum denominations of $250,000 to
"qualified institutional buyers" ("QIBs") within the meaning of Rule 144A that
are also "qualified purchasers" ("QPs") within the meaning of Section
2(a)(51)(A) of the Investment Company Act.  Each purchaser of Securities (A)
represents to and agrees with the Issuers and the Initial Purchasers that (i)
the purchaser is a QIB who is a QP (a "QIB/QP"); (ii) the purchaser is not a
broker-dealer which owns and invests on a discretionary basis less than $25
million in securities of unaffiliated issuers; (iii) the purchaser is not a
pension, profit sharing or other retirement trust fund or plan in which the
partners, beneficiaries or participants, as applicable, may designate the
particular investments to be made; (iv) the QIB/QP is acting for its own account
or the account of another QIB/QP; (v) the purchaser was not formed for the
specific purpose of investing in the Securities (except when each beneficial
owner of the purchaser and each such account is a qualified purchaser for
purposes of Section 3(c)(7) of the Investment Company Act), (vi) the purchaser
and each account for which it is purchasing will hold and transfer at least the
minimum denomination of securities, and (vii) the purchaser will provide notice
of the transfer restrictions to any subsequent transferees and (B) acknowledges
that the Issuers have not been registered under the Investment Company Act and
the Securities have not been registered under the Securities Act and represents
to and agrees with the Issuers and the Initial Purchasers that, for so long as
the Securities are outstanding, it will not offer, resell, pledge or otherwise
transfer the Securities in the United States or to a Person except to a QIB that
is also a QP in a transaction meeting the requirements of Rule 144A.  Each
purchaser further understands that the Securities will bear a legend with
respect to such transfer restrictions.  See "Notice to Investors" in the
Offering Memorandum, dated May [17]. 2001.

          The charter, bylaws, organizational documents or securities issuance
documents of the Issuer provide that the Issuer will have the right to (i)
require any holder of Securities who is determined not to be both a QIB and a QP
to sell the Securities to a QIB that is also a QP or (ii) redeem or resell any
Securities held by such a holder on specified terms.  In addition, the Issuer
has the right to refuse to register or otherwise honor a transfer of Securities
to a proposed transferee that is a Person who is not both a QIB and a QP.

                                      E-1
<PAGE>

          The restrictions on transfer required by the Issuers (outlined above)
will be reflected under the notation "3c7" in upcoming editions of DTC's
Reference Directory.

Any questions or comments regarding this subject may be directed to Shirley
Green, Telecopier No.: (570) 586-8745.

                                      E-2

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