§ 5. Transfer and assignment.

The franchise herein granted shall not be transferred or assigned, either in whole or in part, or leased, sublet, nor shall title to the franchise, either legal or equitable, pass to or vest in any other person, firm or entity, either by act of Company or by operation of law, without the prior written consent of the city council, which consent shall not be unreasonably denied or delayed. Company shall promptly notify City of any actual or proposed change in, transfer of, or acquisition by any other part of, control of Company. Every change, transfer, or acquisition of control of Company shall render this franchise subject to cancellation unless and until the city council has consented thereto. A change, transfer, or acquisition of control shall be defined as a change in ownership interest of more than 50 percent of the Company, provided that a sale, transfer, or conveyance of the Company of the cable television system to an affiliate or subsidiary of the Company shall not be deemed to be a change of control or to otherwise require City consent. Nothing in this section shall be deemed to prohibit a mortgage or pledge of Company's cable television system for financing purposes or otherwise.