Common use of No Consent Required for Transfers Securing Indebtedness Clause in Contracts

No Consent Required for Transfers Securing Indebtedness. The Franchisee shall not be required to file an application or obtain the consent or approval of the City for a transfer in trust, by mortgage, by other hypothecation, by assignment of any rights, title, or interest of the Franchisee in the Franchise or Cable System in order to secure indebtedness. However, the Franchisee will notify the City within ten (10) days if at any time there is a mortgage or security interest granted on substantially all of the assets of the Cable System. The submission of the Franchisee’s audited financial statements prepared for the Franchisee’s bondholders shall constitute such notice.

No Consent Required for Transfers Securing Indebtedness. The Franchisee shall not be required to file an application or obtain the consent or approval of the City for a transfer in trust, by mortgage, by other hypothecation, by assignment of any rights, title, or interest of the Franchisee in the Franchise or Cable System in order to secure indebtedness. However, the Franchisee will notify the City within ten (10) days if at any time there is a mortgage or security interest granted on substantially all of the assets of the Cable System. The submission of the Franchisee’s 's audited financial statements prepared for the Franchisee’s 's bondholders shall constitute such notice.

No Consent Required for Transfers Securing Indebtedness. The Franchisee shall not be required to file an application or obtain the consent or approval of the City County for a transfer in trust, by mortgage, by other hypothecation, by assignment of any rights, title, or interest of the Franchisee in the Franchise or Cable System in order to secure indebtedness. However, the Franchisee will notify the City County within ten (10) days if at any time there is a mortgage or security interest granted on substantially all of the assets of the Cable System. The submission of the Franchisee’s audited financial statements prepared for the Franchisee’s bondholders shall constitute such notice.