Common use of Termination by Reason of FCC Action Clause in Contracts

Termination by Reason of FCC Action. This Agreement shall be terminated in the event the FCC fails to grant the Modification Application within four months prior to the expiration of Lessor's time to construct the original Station. This Agreement shall be terminated immediately in the event that the FCC determines after grant of the Modification Application that Lessor is not authorized to operate the Modified Station as contemplated by this Agreement. Should such determination occur without either party having breached this Agreement, there shall be a final accounting of monies due under this Agreement and, when completed, there shall be no further liability of one party to the other.