6764-92 Transfer Cable Franchise Agreement

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COWl" 7E ON 10/5/92. RESOLUTION NO. 6764-92 BY: Boscia, Gallagher, George. Gibbons, Roth, S~elie, Smith A RESOLUTION granting approval for the transfer of the Franchise Agreement and the cable system assets from Shamrock Cable Corporation, a subsidiarY of Cablevision of the Midwest, Inc., which is a wholly-owned subsidiary of V Cable, Inc. to V Cable, L.P., a new partnership between V Cable, Inc. and~U.S. Cable Television Group, L.P. WHEREAS, Shamrock Cable Corporation is the assignee of a franchise originally granted to a Complexicable, Inc.to provide cable television service in the City of Lakewood, and WHEREAS, V Cable has entered into an agreement with its principal lender, G.E. Capital Corporation (GECC) and a third party, U.S. Cable Television Group, L.P. (U.S. Cable) pursuant to which V Cable's debt will be restructured on more favorable terms, and WHEREAS, under the terms of the restructuring, V Cable, through its operating subsidiaries, including Cablevision of the Midwest,< Inc. will form a partnership with U.S. Cable which will hold the franchise and the assets of the cable system for a period of not less than six years, whereafter, V Cable and it operating subsidi- aries will have the option to withdraw and recover full ownership of the franchise and cable system assets, and- WHEREAS, Cablevision of the Midwest, Inc. and V Cable acknowledges that the partnership will continue to be bound by all applicable cable television franchise terms and conditions, and WHEREAS, Cablevision will retain management responsibility resulting in no change in the management or operation of the cable system; now, therefore, BE IT RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Council of the City of Lakewood hereby grants approval to permit the transfer of the franchise and cable isystem assets from Shamrock Cable Corporation to V Cable, L.P. and the subsequent withdrawal from V Cable, L.P. and recovery of full ownership of the system by V Cable. Section 2. It is found and determined that all formal actions of this Council concerning and relating to the passage of this resolution were adopted in an open meeting of this Council, and that all such deliberations of this Council and of any of~ c~it~ tees fhat resulted in such formal action.r~ meetl~we ' ' ~-qFen to ~he public in compliance with all legalreq 'ulr~/~// Approved:~L~~/7~ /9 ¢ ~. ~