Common use of FCC Licenses and License Subsidiaries Clause in Contracts

FCC Licenses and License Subsidiaries. The Borrower will not permit any FCC License (other than the FCC License for the commercial radio broadcast station WQQK(FM) in Hendersonville, Tennessee) to be owned or acquired by any Person other than a corporation organized under the laws of a jurisdiction in the United States that (a) is a Subsidiary Loan Party and is wholly owned directly by a Loan Party, (b) does not engage in any business or activity other than the ownership of one or more FCC Licenses and activities incidental thereto, (c) does not own or acquire any assets other than one or more FCC Licenses, cash and Permitted Investments and (d) does not have or incur any Indebtedness or other liabilities other than liabilities under the Loan Documents, liabilities imposed by law, including tax liabilities, and other liabilities incidental to its existence and permitted business and activities (any corporation satisfying the foregoing requirements, a "License Subsidiary"). The FCC License for the commercial radio broadcast station WQQK(FM) in Hendersonville, Tennessee, may be owned by Phoenix of Hendersonville, Inc., provided that Phoenix of Hendersonville, Inc. (i) is a Subsidiary Loan Party and is wholly owned directly by a Loan Party and (ii) does not have or incur any Indebtedness or other liabilities other than liabilities under the Loan Documents, liabilities imposed by law, including tax liabilities, and other liabilities incidental to its existence and the ownership of an FCC License.