In this task, you will be shown a prompt from a judicial decision and multiple holding statements derived from citations following text in a legal decision.  Holdings represent the governing legal rule when the law is applied to a particular set of facts. There are five answer choices for each citing text. The correct answer is the holding statement that corresponds to the citing text. The four incorrect answers are other holding statements. You should find the correct option. There is a <HOLDING> token in the position of the citing text prompt where the holding statement was extracted.

Example Input: of the Licenses; revocation is made explicit in a filing before the bankruptcy court (which filing is not itself an order) and is implicit in the Public Notice announcing the re-auction of the Licenses previously held by NextWave. Nevertheless, as this Court's prior opinion makes clear, we think that the FCC action in question is unmistakably regulatory in nature. But even if the FCC’s acts do not amount to "decisions” or "orders” of the Commission, subject to the jurisdiction of the courts of appeals, that would not expose the FCC's acts to review in the bankruptcy court. A regulatory action short of a decision or order is an exercise of regulatory discretion that is not subject to review. See Bethesda-Chevy Chase Broadcasters, Inc. v. FCC, 385 F.2d 967, 968 (D.C.Cir.1967) (<HOLDING>); see also, e.g., Telecommunications Research & 
 Holding statements: (A) holding allegation made in enforcement suit does not impose the kind of legal obligation with which the finality doctrine is concerned (B) holding that obligation to pay pension benefits gave rise to a constructive trust relationship and obligation was not discharged in bankruptcy (C) holding that insurance obligation was primary to indemnity obligation (D) holding that a regulatory action that did not impose an obligation deny a right or fix a legal relationship was not reviewable (E) holding erroneous exclusion of hearsay did not deny defendant a substantial right
Example Output: (D)

Example Input: IV, V, VI and XIV. See Answee, Docket # 8, Exh. A, pp. 13-14. In order to allow the state courts the opportunity to act on or correct the violations alleged, the Applicant must do more than just invoke the magic words “fair trial,” or “due process,” or make only cursory citation to the appropriate constitutional amendments. He must provide legal theory explaining how the admission of the statements or testimony violated these particular federal constitutional rights. See, e.g., Anderson v. Harless, 459 U.S. 4, 7-8, 103 S.Ct. 276, 74 L.Ed.2d 3 (1982) (claim on direct appeal that jury instruction was reversible error did not fairly present due process challenge to instruction for habeas exhaustion purposes); Picard v. Connor, 404 U.S. 270, 276-77, 92 S.Ct. 509, 30 L.Ed.2d 438 (1971) (<HOLDING>); see, also, Thomas v. Gibson, 218 F.3d 1213, 
 Holding statements: (A) holding in preaedpa case habeas applicant failed to fairly present federal claim to state court where despite presenting all necessary facts applicant failed to assert specific argument that he later tried to raise in federal court (B) holding that where defendant failed to raise defense of plaintiffs fraud in federal court defendant is barred from raising that issue in state court (C) holding that habeas petitioner scheduled to be executed in the state of virginia for capital murder could not raise claim of violation of his rights under the vienna convention on federal habeas review where he failed to preserve the claim by raising it in state court proceedings vienna convention does not trump subsequent federal statute requiring habeas petitioners who claim to be held in violation of treaties of the united states to develop factual bases for their claims in state court as a precondition of federal habeas review (D) holding applicants general state court claim was insufficient to exhaust his later more specific federal habeas claim (E) holding that a federal court may deny an unexhausted habeas petition on the merits when it is perfectly clear that the applicant does not raise even a colorable federal claim
Example Output: (A)

Example Input: of the damages incurred by the insured. Ark. Code Ann. § 23-89-209(a)(3) (Repl. 1999). In Clampit v. State Farm Mut. Auto. Ins. Co., 309 Ark. 107, 828 S.W.2d 593 (1992), this court stated that underinsured coverage applies when the tortfeasor has at least the amount of insurance required by law, but not enough to fully compensate the victim. Furthermore, the Underinsured motorist coverage statute estabhshes the public policy of the State of Arkansas with regard to UIM coverage. Majors v. American Premier Ins. Co., 334 Ark. 628, 977 S.W.2d 897 (1998). Although Underinsured motorist coverage is statutorily prescribed, this court has upheld prior exclusions under the current and prior versions of the statute. Chamberlin v. State Farm Mut. Auto. Ins. Co., 343 Ark. 392, 36 S.W.3d 281 (2001) (<HOLDING>); Clampit v. State Farm, supra. Where an 
 Holding statements: (A) holding similar agreement void on public policy grounds (B) holding nearly identical exclusion did not violate public policy noting there is no clear legislative pronouncement of public policy requiring umuim coverage for a named driver exclusion (C) holding exhaustion clauses to be void as against hawaiis public policy (D) holding that prospective waivers of claims are void as against public policy (E) holding that state farms unambiguous ownedbutnotinsured exclusion was valid and not void as against public policy
Example Output:
(E)