The Board shall have the right to cancel a franchise 120 calendar days after the appointment of a receiver, or trustee, to take over and conduct the business of the grantee, 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 120 calendar days, or unless within such 120 calendar day period 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 under the franchise documents and any orders, directives, rules, or regulations issued thereunder. (§ 1, Ord. 961, eff. October 27, 1983, as amended by § 18, Ord. 999, eff. March 7, 1985)