FCC Provisions Sample Clauses
The FCC Provisions clause outlines requirements and obligations related to compliance with regulations set by the Federal Communications Commission. It typically applies to contracts involving telecommunications equipment, services, or broadcasting, ensuring that all parties adhere to applicable FCC rules, such as licensing, technical standards, or reporting requirements. By including this clause, the agreement ensures legal compliance with federal law, reducing the risk of regulatory violations and associated penalties.
FCC Provisions. 8.7.1 During any Communications Portfolio Investment Period or if the General Partner reasonably determines that it is necessary to ensure that an interest in a FCC Regulated Entity complies with the Communications Act or FCC Ownership Rules, each Limited Partner agrees that in addition to the general limitations set forth in this Agreement (without creating any additional rights hereunder and notwithstanding any other rights of such Limited Partner under this Agreement):
8.7.1.1 Neither such Limited Partner (including its directors, officers, managers, partners, members or other equivalent non-corporate officials) nor any of its Affiliates shall:
8.7.1.1.1 be an employee of the Fund or any FCC Regulated Entity if such Person’s functions, directly or indirectly, relate to the media or common carrier enterprises of the Fund or any FCC Regulated Entity;
8.7.1.1.2 serve, in any material capacity, as an independent contractor or agent with respect to the Fund’s media and common carrier enterprises or with respect to any FCC Regulated Entity;
8.7.1.1.3 communicate with the Fund, General Partner, the Fund Manager or the management of any FCC Regulated Entity on matters pertaining to the day-to-day operations of its business;
8.7.1.1.4 perform any services for the Fund or any FCC Regulated Entity that materially relate to the media or common carrier activities of the Fund or any FCC Regulated Entity, with the exception of making loans to, or acting as a surety for, the Fund or any FCC Regulated Entity to the extent such loan or action would not cause attribution under the “equity/debt plus” component of the FCC Attribution Rules; or
8.7.1.1.5 become actively involved in the management or operation of the media and common carrier businesses of the Fund or any FCC Regulated Entity;
8.7.1.2 Such Limited Partner shall not vote on the admission of a new general partner to the Fund (unless such admission may be rejected by the General Partner in its absolute discretion); and
8.7.1.3 Such Limited Partner shall not have the right to vote for the removal of the General Partner except (i) as provided in Section 10.1.2.1 and (ii) where the General Partner is subject to bankruptcy proceedings, as described in Sections 17-402(a)(4)-(5) of the Act.
8.7.2 The General Partner shall notify the Limited Partners if at any time it intends to distribute any securities of an FCC Regulated Entity to the Limited Partners. Further, the General Partner may not distribute such securities t...