Opinion ID: 2354169
Heading Depth: 3
Heading Rank: 4

Heading: Waiver of Right to Demand Repayment

Text: By claiming that Paxson has failed to aggressively petition the FCC to grant the application or withdraw from the proceedings, TCCM asserts that such conduct constituted a waiver of Paxson's right to demand repayment of the Promissory Note. There is no language in the four corners of the Promissory Note to support TCCM's claim that any type of action or inaction by Paxson constitutes a waiver unless it is in writing, signed by [Paxson] and then only in the specific instance and for the specific purpose for which given. The terms of the Promissory Note further provide that [n]o failure or delay on the part of [Paxson] in exercising any right, power or remedy hereunder shall operate as a waiver .... Thus, in accordance with the express terms of the Promissory Note, Paxson's conduct with regards to the FCC proceeding did not constitute a waiver of its right to repayment.