Unless granted under section 401 of the Act, an authorization that by its terms is subject to termination alternatively, either at an uncertain date upon the happening of an event or upon the arrival of a specified date:
(a) Will not be considered a ``license with reference to an activity of a continuing nature'' within the meaning of 5 U.S.C. 558(c), if the event occurs before the specified date; and
(b) Ordinarily (subject to Board interpretation under Sec. 377.5) will be considered such a license, if the event does not occur before the specified date and that date is more than 180 days after the effective date of the authorization. [SPR-184, 47 FR 7212, Feb. 18, 1982]