(a) Events of default. The occurrence at any time during the term of the , of any one or more of the following events, shall constitute an by under this franchise.
(1) The failure of
to pay the
on or before the due dates specified herein unless such fees are being disputed by company in good faith.
(2) Company’s material breach or violation of any of the terms, covenants, representations or warranties contained herein or company’s failure to perform any obligation contained herein.
(3) The entry of any judgment against
in excess of $500,000, which remains unpaid and is not stayed pending rehearing or appeal, for 45 or more days following entry thereof which may significantly impair company’s provision of cable service in
.
(4) The dissolution or termination, as a matter of law, of
or any general partner of company.
(5) If
files a voluntary petition in bankruptcy; is adjudicated insolvent; obtains an order for relief under § 301 of the Bankruptcy Code (11 U.S.C. § 301); files any petition or fails to contest any petition filed against it seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any laws relating to bankruptcy, insolvency or other relief for debtors; seeks or consents to or acquiesces in the appointment of any trustee, receiver, master, custodian or liquidator of company, or any of company’s property and/or
and/or of any and all of the revenues, issues, earnings, profits or income thereof; makes an assignment for the benefit of creditors; or fails to pay company’s debts generally as they become due.
(b) Uncured events of default.
(1)
shall give
written notice of any
and company shall have the following reasonable time period to cure same; for an event of default which can be cured by the immediate payment of money to municipality or a third party, company shall cure such default within 30 days of the date such sum of money was due and payable; for an event of default by company which cannot be cured by the immediate payment of money to municipality or a third party, company shall have the longer of:
A. Sixty days from written notice from
to
of an occurrence of such
; or
B. If more than 60 days is reasonably needed to cure the
, such additional time (not to exceed six months) from written notice from
to company which is reasonably needed.
(2) If any
is not cured within the time period allowed for curing the event of default, as provided for herein, such event of default shall, without notice, become an
, which shall entitle
to exercise the remedies provided for in § 806.13.
(Ord. passed 9-5-2001)