Common use of FCC Licenses and License Subsidiaries Clause in Contracts

FCC Licenses and License Subsidiaries. The Borrower will not permit any FCC License to be owned or acquired by any Person other than a corporation that (a) is wholly owned directly by the Parent, (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, other liabilities incidental to its existence and permitted business and activities and FCC Debt or Permitted License Acquisition Debt incurred to finance the purchase by it of its FCC Licenses (any corporation satisfying the foregoing requirements, a "License Subsidiary"). Each FCC License that is acquired without being financed with FCC Debt or Permitted License Acquisition Debt shall be owned by a License Subsidiary that does not have any liability in respect of any FCC Debt or Permitted License Acquisition Debt. Each FCC License that is financed with FCC Debt or Permitted License Acquisition Debt shall be owned by a separate License Subsidiary (which shall be the only Loan Party liable for such FCC Debt or Permitted License Acquisition Debt), except that any combination of two or more such FCC Licenses that are 95 89 acquired contemporaneously pursuant to the same acquisition may be owned by the same License Subsidiary if required by the terms of such FCC Debt or Permitted License Acquisition Debt.

FCC Licenses and License Subsidiaries. The Borrower ------------------------------------- will not permit any FCC License to be owned or acquired by any Person other than a corporation that (a) is wholly owned directly by the Parent, (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, other liabilities incidental to its existence and permitted business and activities and FCC Debt or Permitted License Acquisition Debt incurred to finance the purchase by it of its FCC Licenses (any corporation satisfying the foregoing requirements, a "License Subsidiary"). Each FCC License ------------------ that is acquired without being financed with FCC Debt or Permitted License Acquisition Debt shall be owned by a License Subsidiary that does not have any liability in respect of any FCC Debt or Permitted License Acquisition Debt. Each FCC License that is financed with FCC Debt or Permitted License Acquisition Debt shall be owned by a separate License Subsidiary (which shall be the only Loan Party liable for such FCC Debt or Permitted License Acquisition Debt), except that any combination of two or more such FCC Licenses that are 95 89 acquired contemporaneously pursuant to the same acquisition may be owned by the same License Subsidiary if required by the terms of such FCC Debt or Permitted License Acquisition Debt.

FCC Licenses and License Subsidiaries. The Borrower will not ------------------------------------- permit any FCC License to be owned or acquired by any Person other than a corporation that (a) is wholly owned directly by the Parent, (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, other liabilities incidental to its existence and permitted business and activities and FCC Debt or Permitted License Acquisition Debt incurred to finance the purchase by it of its FCC Licenses (any corporation satisfying the foregoing requirements, a "License Subsidiary"). Each FCC License that is acquired without being financed with FCC Debt or Permitted License Acquisition Debt shall be owned by a License Subsidiary that does not have any liability in respect of any FCC Debt or Permitted License Acquisition Debt. Each FCC License that is financed with FCC Debt or Permitted License Acquisition Debt shall be owned by a separate License Subsidiary (which shall be the only Loan Party liable for such FCC Debt or Permitted License Acquisition Debt), except that any combination of two or more such FCC Licenses that are 95 89 acquired contemporaneously pursuant to the same acquisition may be owned by the same License Subsidiary if required by the terms of such FCC Debt or Permitted License Acquisition Debt.

FCC Licenses and License Subsidiaries. The Borrower will not ------------------------------------- permit any FCC License to be owned or acquired by any Person other than a corporation that (a) is wholly owned directly by the Parent, (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, other liabilities incidental to its existence and permitted business and activities and FCC Debt or Permitted License Acquisition Debt incurred to finance the purchase by it of its FCC Licenses (any corporation satisfying the foregoing requirements, a "License Subsidiary"). Each FCC License that is acquired ------------------ without being financed with FCC Debt or Permitted License Acquisition Debt shall be owned by a License Subsidiary that does not have any liability in respect of any FCC Debt or Permitted License Acquisition Debt. Each FCC License that is financed with FCC Debt or Permitted License Acquisition Debt shall be owned by a separate License Subsidiary (which shall be the only Loan Party liable for such FCC Debt or Permitted License Acquisition Debt), except that any combination of two or more such FCC Licenses that are 95 89 acquired contemporaneously pursuant to the same acquisition may be owned by the same License Subsidiary if required by the terms of such FCC Debt or Permitted License Acquisition Debt.