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ORDINANCE NO. 2000- PAGE 9 proposed transferee lacks the legal, technical or financial qualifications to perform its obligations under the franchise agreement. Any attempt to sell, transfer, lease, assign or otherwise dispose of the franchise and/or cable system without the consent of the Council shall be null and void. This provision shall not apply to sales of property or equipment in the normal course of business. No consent from the Village shall be required for a transfer in trust, mortgage, or other instrument of hypothecation, in whole or in part, to secure an indebtedness, or for a pro forma transfer to a corporation, partnership or other entity controlling, controlled by or under common control with Grantee. (b) Subject to subsection 945.08(a), the following events shall be deemed to be a sale, assignment or other transfer of the franchise and/or cable system requiring compliance with this section: (1) The sale, assignment or other transfer of all or a substantial portion of Grantee's assets; (2) The sale, assignment or other transfer of capital stock or partnership, membership or other equity interests in Grantee by one or more of its existing shareholders, partners, members or other equity owners so as to create a new controlling interest in Grantee; (3) The issuance of additional capital stock or partnership, membership or other equity interest by Grantee so as to create a new controlling interest in Grantee; and (4) The entry by the Grantee into an agreement with any person with respect to the management or operation of the Grantee and/or the system to such an extent, in the opinion of the Grantor, as to effectively relinquish Grantee's control of the management of the cable system. The term CONTROLLING INTEREST as used herein means majority equity ownership of the Grantee. (c) Except as otherwise provided below or unless waived by Grantor as provided under §945.32 herein, no Grantee may sell or otherwise transfer ownership in a franchise and/or cable system prior to the substantial completion of the initial design or initial construction of said system by Grantee. In the case of a sale of multiple systems, if the terms of the sale require the buyer to subsequently transfer ownership of one or more such systems to one or more third parties, such transfer shall be considered a part of the initial transaction. The above-described holding period shall not apply to: (1) Any transfer of ownership interest in any franchise and/or cable system which is not subject to federal income tax liability;