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<br />6.3D <br />Page 42 <br /> <br />transfer, lease, assign or otherwise dispose of the Franchise <br />without the consent of the Council shall be null and void. The <br />granting of a security interest in any Grantee assets, or any <br />mortgage or other hypothecation or by assignment of any right, title <br />or interest in the Cable Systeml or use of the Cable System as <br />collateral in order to secure indebtedness shall not be considered a <br />transfer for the purposes of this Section. <br /> <br />(b) The requirements of Subsection (a) shall apply to any <br />change in control of Grantee. The word "control" as used herein <br />includes majority ownership, and actual working control in whatever <br />manner exercised. In the event that Grantee is a corporation, prior <br />consent of the Council shall be required where ownership or control <br />of more than twenty-five percent (25%) of the voting stock of the <br />Grantee is acquired by a Person or group of Persons acting in <br />concert, none of whom own or control the voting stock of the <br />Grantee as of the effective date of the Franchise, singularly or <br />collectively. <br /> <br />(c) Grantee shall notify Grantor in writing of any foreclosure or <br />any other judicial sale of all or a substantial part of the Franchise <br />property of the Grantee or upon the termination of any lease or <br />interest covering all or a substantial part of said Franchise property. <br />Such notification shall be considered by Grantor as notice that a <br />change in control or ownership of the Franchise has taken place <br />and the provisions under this Section governing the consent of <br />Grantor to such change in control or ownership shall apply. <br /> <br />(d) For the purpose of determining whether it shall consent to <br />such change, transfer, or acquisition of control, Grantor may inquire <br />into the qualifications of the prospective transferee or controlling <br />party. and Grantee shall assist Grantor in such inquiry. In seeking <br />Grantor's consent to any change of ownership or control, Grantee <br />shall have the responsibility of insuring that the Grantee and/or the <br />proposed transferee complete an application in accordance with <br />Federal Communications Commission Form 394 or equivalent. An <br />application shall be submitted to Grantor not less than one hundred <br />twenty (120) days prior to the proposed date of transfer. The <br />transferee shall be required to establish that it possesses the legal, <br />technical and financial qualifications to operate and maintain the <br />System and comply with all Franchise requirements for the <br />remainder of the term of the Franchise. If the Franchisee is then in <br />compliance with the requirements of the Franchise, and the legal, <br />financial and technical qualifications of the applicant are <br />satisfactory. the Grantor shall consent to the transfer of the <br />Franchise. If the Grantor has not taken action on the Grantee's <br />request for transfer within one hundred twenty (120) days after <br /> <br />3 <br />