WHEREAS, Renaissance will need to grant one or more security interests
and/or liens in or upon the Franchise and the system from time to time on or
after the closing date of the transfer in order to secure the present and
future indebtedness of Renaissance.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Thibodaux:
1. Franchising Authority acknowledges that it has received a complete
2. Franchising Authority does hereby consent to the transfer of the
Franchise and all of Franchisee's rights, powers and privileges under the
Franchise from Franchisee to Renaissance.
3. The foregoing consent to the transfer and assignment of the Franchise
shall be effective upon the consummation of the transfer of the assets of the
system by Franchisee to Renaissance at which time Franchising Authority shall
automatically release Franchisee and its predecessors from all obligations and
liabilities under the Franchise that relate to periods from an after such date.
Notice of the date of such consummation shall be given to Franchising Authority.
4. Franchising Authority hereby consents to a transfer of the Franchise
or control related thereto to any entity controlling, controlled by or under
common control with Renaissance.
5. Renaissance is authorized to pledge, mortgage, transfer in trust and
otherwise hypothecate the property and assets used or held for use in connection
with the ownership and operation of the System, including the Franchise, and the
parties owning or controlling Renaissance are authorized to pledge, mortgage,
transfer in trust and otherwise hypothecate their equity interest in Renaissance
as collateral security for such loans and financing (or for guarantees of such
loans and financing) as may be incurred or assumed by Renaissance from time to
time in connection with the ownership and operation of the System.
6. Franchising Authority hereby confirms that, to its knowledge: (a) the
Franchise is currently in full force and effect and expires on April 4, 2004;
(b) Franchisee is currently the valid holder and authorized grantee of the
Franchise; (c) Franchisee is in compliance in all material respects with the
Franchise; and (d) no event has occurred or exists that would constitute a
default under the Franchise or that would permit Franchising Authority to revoke
or terminate the Franchise. Subject to compliance with the terms of this
Resolution, all action necessary to approve the transfer of the Franchise to
Renaissance has been duly and validly taken.