FCC/PUC Approval Clause Samples
The FCC/PUC Approval clause requires that certain actions or agreements are contingent upon receiving approval from the Federal Communications Commission (FCC) or a state Public Utilities Commission (PUC). In practice, this means that the parties cannot proceed with specific transactions, such as mergers, acquisitions, or service changes, until the relevant regulatory body has reviewed and authorized the activity. This clause ensures compliance with regulatory requirements and prevents parties from engaging in activities that could be invalidated or penalized due to lack of proper governmental approval.
FCC/PUC Approval. It is hereby acknowledged that transfer of certain Collateral and the exercise of certain other remedies provided herein may constitute a transfer of an FCC License or other Franchise or a sale or transfer of control of a holder of an FCC License or other Franchise, requiring approval of the FCC or PUC, pursuant to rules and regulations of the FCC or PUC. Notwithstanding anything to the contrary contained in this Agreement, the Agent will not knowingly take any action pursuant to this Agreement which would constitute or result in an assignment of an FCC License or other Franchise or any transfer of control of the holder of an FCC License or other Franchise if such assignment of license or transfer of control would require under then existing law (including the written rules and regulations promulgated by the FCC or any PUC), the prior approval of the FCC or such PUC, without first obtaining such approval. In connection with this provision, the Agent shall be entitled to rely upon the advice of counsel of Agent's choice whether or not the advice rendered is ultimately determined to have been accurate.
FCC/PUC Approval. Notwithstanding anything to the contrary contained in the Security Agreement, Secured Party will not take any action pursuant to this Security Agreement or any of the documents executed pursuant hereto which, either because it would constitute an assignment or transfer of control of an FCC License or PUC Certificate or otherwise, would require under then-existing Law (including the written rules and regulations promulgated by the FCC or such other regulatory authority with jurisdiction) the prior approval of the FCC or such other regulatory authority with jurisdiction, without first obtaining such approval. Debtor agrees to take or cause to be taken, any action which Secured Party may reasonably request in order to obtain and enjoy the full rights and benefits granted to Secured Party by this Security Agreement and any other instruments or agreements executed pursuant hereto, including, without limitation, at Debtor's cost and expense, the exercise of its best efforts to cooperate in obtaining FCC and any necessary PUC approval of any action or transaction contemplated by this Security Agreement or any other instrument or agreement executed pursuant hereto which is then required by Law.