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Ordinance No. 2005 -146 information disclosed to the City pursuant to the request to approve the Transfer as described in FCC Form 394 dated June 10, 2005 and submitted to the City on June 15, 2005 and additional information submitted by Time Warner subsequent to June 15, 2005. D. Within thirty (30) days of the Transfer, Time Warner Cable Inc. shall execute and provide the City with a guaranty that will require it, as the parent company, to perform all obligations under which TWNY may be in default in connection with its operation of the Cable Franchise in the City of North Olmsted, Ohio. E. Within thirty (30) days of the Transfer, TWNY shall provide the City with a certificate of insurance in compliance with Section VI of the Franchise Agreement. F. Within thirty (30) days of the Transfer, TWNY shall provide the City with a Letter of Credit in compliance with Section VII of the Franchise Agreement. G. The Transfer shall be completed by October 1, 2006. H. TWNY shall execute the Franchise Transfer Acceptance attached to this Ordinance as Exhibit A within ten (10) business days of the passage of this Ordinance, indicating that it assumes and is bound by the terms and conditions of this Ordinance and all obligations of the Franchise under the Franchise Agreement from and after the time of Transfer. I. Time Warner and Adelphia agree and acknowledge that the City reserves any and all rights it may have under the Adelphia bankruptcy proceedings in the United States Bankruptcy Court for the Southern District of New York, Case No. 02 -41729 (REG) including but not limited to each and every default, liability, breach or obligation, whether presently known or unknown, that may be asserted pursuant to the court ordered procedures governing the determination of cure amounts and the assumption and assignment of the Franchise Agreement. SECTION 2: The failure of Adelphia and/or TWNY or Time Warner Cable Inc. to satisfy each of their respective conditions in Section 1 above within the time specified shall mean that the Transfer is disapproved, and the City's consent to the Transfer is denied, by operation of this Ordinance as of its effective date, unless such failure is cured within fifteen (15) days of notice of said failure to TWNY. SECTION 3: It is found and determined that all formal actions by the Council concerning and relating to the adoption of this Ordinance were adopted in an open meeting of this Council and that all deliberations of this Council, and of any of its committees that resulted in such formal action, were in meetings open to the public in compliance with all legal requirements of Section 121.22 of the Ohio Revised Code. SECTION 4: The Clerk of Council is hereby directed to serve a certified copy of this Ordinance by certified mail upon Adelphia and TWNY. 2