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including operation of the System during transition periods following Franchise <br />expiration or termination. <br /> <br />D. Receivership and Foreclosure <br /> (1) At the option of the Grantor and subject to applicable law, a Franchise <br />granted hereunder may be revoked one hundred twenty (120) days after appointment <br />of a receiver(s) or trustee(s) to take over and conduct the business of Grantee, whether <br />in a receivership, reorganization, bankruptcy or other action or proceeding, unless: <br /> <br /> (a) the receivership or trusteeship shall have been vacated within said <br />one hundred twenty (120) days; or <br /> <br /> (b) such receivers or trustees within said one hundred twenty (120) days <br />shall have remedied all the defaults under the Franchise or provided a plan for the <br />remedy of such defaults which is satisfactory to the Grantor; or <br /> <br /> (c) such receivers or trustees shall, within said one hundred twenty <br />(120) days, have executed an agreement duly approved by the court having jurisdiction <br />whereby such receivers or trustees assume and agree to be bound by each and every <br />term, provision and limitation of the Franchise. <br /> <br /> (2) In the case of a foreclosure or other judicial sale of the Cable System, in <br />whole or in part, the Grantor may serve notice of revocation upon Grantee and the <br />successful bidder at such sale, and all rights and privileges of the Grantee hereunder <br />shall be revoked thirty (30) days after service of such notice, unless: <br /> <br /> (a) a bona fide transfer request has been submitted by Grantee for <br />Grantor review; or <br /> <br /> (b) Grantor shall have approved the transfer of the Franchise, in the <br />manner provided by law; and <br /> <br /> (c) the successful bidder shall have covenanted and agreed with <br />Grantor to assume and be bound by all terms and conditions of the Franchise. <br /> <br />47 <br /> <br /> <br />