West Virginia Code of State Rules
Agency 150 - Public Service Commission
Title 150 - EXEMPT LEGISLATIVE RULE PUBLIC SERVICE COMMISSION
Series 150-26 - Rules And Regulations For The Government Of Cable Television
Section 150-26-13 - Notice of Potential Transfers Due to Encumbrances
Universal Citation: 150 WV Code of State Rules 150-26-13
Current through Register Vol. XLI, No. 13, March 29, 2024
13.1. In any encumbrance of a cable system's assets whereby all or substantially all of the cable system's assets are pledged as security for a note or subject to a lien to obtain financing, the loan agreement as well as all other security agreements pertinent to the loan agreement shall contain the following disclosures:
13.1.1. "Notwithstanding anything to the
contrary in the loan agreement or any other security agreements pertinent to
the loan agreement a default or assignment under the agreements does not
constitute automatic transfer of the cable system's franchise rights. The
appropriate franchise authority's approval must be sought before the transfer
of franchise rights in accordance with W. Va. Code '24D-1-1 et
seq. and, these rules.
13.1.2. "In
the event of an act of default prompting the secured party or lienholder to
seek foreclosure, the parties or petitioners agree to notify the proper
franchise authority and the Commission within seven (7) days after the default.
This notification is to give the franchise authority and the Commission the
opportunity to determine if the default would cause inadequate, unsafe, or
unreliable service in violation of W. Va. Code '24D-1-1 et
seq.
Disclaimer: These regulations may not be the most recent version. West Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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