Petition of MCI for Declaratory Ruling Clause Samples

The "Petition of MCI for Declaratory Ruling" clause establishes the right of MCI to formally request a legal determination or clarification from a regulatory authority regarding the interpretation or application of specific contract terms or regulatory requirements. In practice, this clause allows MCI to submit a petition when there is ambiguity or uncertainty about how a rule or provision should be enforced, ensuring that both parties receive authoritative guidance before proceeding. Its core function is to provide a mechanism for resolving disputes or uncertainties proactively, thereby reducing the risk of future conflicts and ensuring compliance with applicable regulations.
Petition of MCI for Declaratory Ruling. The Parties further acknowledge and agree that by executing this Agreement, neither Party waives any of its rights, remedies, or arguments with respect to such decision and any remand thereof, including its right to seek legal review or a stay pending appeal of such decision.
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Related to Petition of MCI for Declaratory Ruling

  • Recognition of the U.S. Special Resolution Regimes (a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. (b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.