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<br />transfer for the purposes of this subsection. <br /> <br />(2) The requirements of subsection (1) apply to any change in control of <br />grantee. The word "control" as used herein is not limited to the ownership <br />of major stockholder or partnership interests, but includes actual working <br />control in whatever manner exercised. If grantee is a partnership or a <br />corporation, prior written authorization of the city council is required where <br />ownership or control of twenty (20) percent or more of the partnership <br />interests or of the voting stock of grantee, or any company in the tier of <br />companies controlling the grantee, whether directly or indirectly, is <br />acquired by a person or a group of persons acting in concert, none of <br />whom, individually or collectively, owns or controls those partnership <br />interests or that voting stock of the grantee, or of grantee's upper tier of <br />controlling companies, as of the effective date of the franchise. <br /> <br />(3) Grantee must give prior written notice to the city of any proposed <br />foreclosure or judicial sale of all or a substantial part of the grantee's <br />franchise property. That notification will be considered by the city as notice <br />that a change in control of ownership of the franchise will take place, and <br />the provisions of this paragraph that require the prior written consent of <br />the city council to that change in control of ownership will apply. <br /> <br />(4) For the pu'rpose of determining whether it will consent to an acquisition, <br />transfer, or change in control, the city may inquire as to the qualifications <br />of the prospective transferee or controlling party, and grantee must assist <br />the city in that inquiry. In seeking the city's consent to any change of <br />ownership or control, grantee or the proposed transferee, or both, must <br />complete Federal Communications Commission Form 394 or its <br />equivalent. This application must be submitted to the city not less than one <br />hundred and twenty (120) days prior to the proposed date of transfer. The <br />transferee must establish that it possesses the legal, financial, and <br />technical capability to remedy all then-existing defaults and deficiencies, <br />and, during the remaining term of the franchise, to operate and maintain <br />the cable system and to comply with all franchise requirements. If the <br />legal, financial, and technical qualifications of the proposed transferee are <br />determined to be satisfactory, then the city will consent to the transfer of <br />the franchise. <br /> <br />(5) Any financial institution holding a pledge of the grantee's assets to secure <br />the advance of money for the construction or operation of the franchise <br />property has the right to notify the city that it, or a designee satisfactory to <br />the city, will take control of and operate the cable television system upon <br />grantee's default in its financial obligations. Further, that financial <br />institution must also submit a plan for such operation within 90 days after <br />assuming control. The plan must ensure continued service and <br />compliance with all franchise requirements during the period that the <br />financial institution will exercise control over the system. The financial <br />institution may not exercise control over the system for a period exceeding <br /> <br />- 4- <br />50A-6 <br />