Immaterial Subsidiaries. Permit any Immaterial Subsidiary to # own any assets (other than assets of a de minimis value and nature and not used in the operation of the business of the Credit Parties), # have any liabilities (other than liabilities of a de minimis nature), or # engage in any business activity.

2.01Commitments and Applicable Percentages

Exclusion of Immaterial Subsidiaries. Solely for the purpose of determining whether a Default has occurred under [clause (f) or (g) of Section 8.01][[Borrower:Organization]][[Borrower:Organization]], any reference in any such clause to any Covenant Entity or any Loan Party shall be deemed not to include any Person that would have been excluded pursuant to Section 8.03 of the Nexstar Credit Agreement.

Immaterial Subsidiaries. If on any date either # the aggregate amount of tangible assets and owned intellectual property (valued at the greater of book value or Fair Market Value) of all Non-Pledged Subsidiaries or # the aggregate amount of revenues (excluding intercompany revenues) for the period of four consecutive Fiscal Quarters most recently ended for which financial statements have been delivered pursuant to [Section 8.1(a) or 8.1(b)])] of all Non-Pledged Subsidiaries exceeds $50,000,000, promptly (and, in any event, within 45 days after such date, as such time period may be extended by the Administrative Agent in its sole discretion) cause one or more Non-Pledged Subsidiaries to become Subsidiary Guarantors or Pledged Foreign Subsidiaries in accordance with [Section 8.13(a) or (b)])], as applicable, such that after giving effect thereto, the aggregate amount of tangible assets and owned intellectual property (valued at the greater of book value or Fair Market Value) and the aggregate amount of revenues (excluding intercompany revenues) for the period of four consecutive Fiscal Quarters most recently ended for which financial statements have been delivered pursuant to [Section 8.1(a) or 8.1(b)])] of all Non-Pledged Subsidiaries is, in each case, less than $50,000,000.

Exclusion of Immaterial Subsidiaries . Solely for the purpose of determining whether a Default has occurred under [clause (f) or (g) of Section 8.01][[Borrower:Organization]][[Borrower:Organization]], any reference in any such clause to any Covenant Entity or any Loan Party shall be deemed not to include any Person that would have been excluded pursuant to [Section 8.03] of the Nexstar Credit Agreement.

Immaterial Subsidiaries. No Immaterial Subsidiary # owns any assets (other than assets of a de minimis value and nature and not used in the operation of the business of the Credit Parties), # has any liabilities (other than liabilities of a de minimis nature), or # engages in any business activity.

. Solely for the purpose of determining whether a Default has occurred under [clause (f) or (g) of Section 8.01][[Borrower:Organization]][[Borrower:Organization]], any reference in any such clause to any Covenant Entity or any Loan Party shall be deemed not to include any Person that would have been excluded pursuant to [Section 8.03] of the Nexstar Credit Agreement.

Exclusion of Immaterial Subsidiaries. Solely for the purpose of determining whether a Default has occurred under [clause (f) or (g) of Section 8.01][[Borrower:Organization]][[Borrower:Organization]], any reference in any such clause to any Covenant Entity or any Loan Party shall be deemed not to include any Person that would have been excluded pursuant to Section 8.03 of the Nexstar Credit Agreement.

. Solely for the purpose of determining whether a Default has occurred under [clause (f) or (g) of Section 8.01][[Borrower:Organization]][[Borrower:Organization]], any reference in any such clause to any Covenant Entity or any Loan Party shall be deemed not to include any Immaterial Subsidiary or Immaterial VIE or any entity which at such time could, upon designation by Nexstar Media, become an Immaterial Subsidiary or Immaterial VIE affected by any event or circumstances referred to in any such clause unless # the Consolidated EBITDA of such Person together with the Consolidated EBITDA of all other Persons affected by such event or circumstance referred to in such clause (in each case determined using the definition of “Consolidated EBITDA” and the other defined terms used therein as if references to the Consolidated Group Entities therein were to such Person and its Subsidiaries and Variable Interest Entities[[Borrower:Organization]], shall exceed 5% of the Consolidated EBITDA of the Consolidated Group Entities or # the total assets of such Person together with the total assets of all other Persons affected by such event or circumstance referred to in such clause (in each case determined using the definition of “Total Assets” and the other defined terms used therein as if references to the total assets of the Consolidated Group Entities on a consolidated basis therein were to such Person and its Subsidiaries and Variable Interest Entities[[Borrower:Organization]], shall exceed 5% of the Total Assets of the Consolidated Group Entities (taken as a whole[[Borrower:Organization]].

Exclusion of Immaterial Subsidiaries . Solely for the purpose of determining whether a Default has occurred under [clause (f) or (g) of Section 8.01][[WXXA Borrower:Organization]][[WXXA Borrower:Organization]], any reference in any such clause to any Covenant Entity or any Loan Party shall be deemed not to include any Person that would have been excluded pursuant to [Section 8.03] of the Nexstar Credit Agreement.