(A) No assignment of this Franchise shall occur unless prior written request is made by the Grantee to City and the City's prior written consent is obtained, which consent will not be unreasonably withheld; provided, however, that Grantee may freely assign this Franchise to any third party (including an Affiliate) in connection with such third-party's purchase or other acquisition of all or substantially all of the System. Grantee shall provide City with notice prior to such assignment. If City fails to respond to Grantee's written request for approval of an assignment within 30 days of such request being made, approval shall be deemed given. Grantee shall submit all information reasonably requested by the City relating to the technical, financial, and operational qualifications of any transferee. A request for a transfer must be submitted at least 30 days prior to the date the transaction is scheduled to be consummated.
(B) Notwithstanding any other provision of this Franchise, pledges in trust or mortgages of the assets of a system to secure the construction, operation, or repair of the System may be made without application and without City's prior consent.
(Ord. 2-2003)