The board of directors of the cable television commission shall have the right to cancel a franchise one hundred twenty (120) calendar days after the appointment of a receiver, or trustee, to take over and conduct the business of the franchisee, whether in receivership, reorganization, bankruptcy, or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of said one hundred twenty (120) calendar days, or unless within such one hundred twenty (120) calendar days the receiver or trustee shall both:
A. Have fully complied with all of the provisions of the franchise documents and any rules, regulations or determinations promulgated thereunder; and
B. Have executed an agreement, duly approved by the court having jurisdiction in the premises, whereby such receiver or trustee acknowledges that its rights are subject and subordinate to those of the county, cities and cable television commission under the franchise documents for the franchise, and promising to comply with and be bound by the terms, conditions and requirements of the franchise documents and any orders, directives, rules or regulations issued thereunder. (Prior code § 20.09.762)