The following events shall constitute a Material Breach of this Chapter or a Franchise:
(1) Foreclosure or other judicial sale of any of the Facilities, equipment or property of a Grantee in the Franchise Area necessary for the provision of the Service for which the Franchise was granted where the Bona Fide Institutional Lender does not enter into an operating agreement for the use and operation of the Facilities with an Operator approved by the City in writing, in a form acceptable to the City Attorney; or
(2) An assignment for the benefit of creditors; or
(3) The appointment of a receiver or trustee to take over the business of the Grantee, whether in a receivership, reorganization, bankruptcy assignment for the benefit of creditors, or other action or proceeding.
(Added by Ord. 58-00, File No. 000198, App. 4/7/2000)