; or (B) before such date, if— (i) such franchise (including, any renewal thereof before the date of the enactment of this Act) is in effect on such date; or (ii) such franchise is expired and the cable operator has continued to perform under the provisions of such franchise as if such franchise were not expired. 204. Sales of cable systems (a) In general Section 627 of the Communications Act of 1934 ( 47 U.S.C. 547 ) is amended to read as follows: 627. Conditions of sale or transfer (a) Value of cable system after revocation of franchise If a franchise held by a cable operator is revoked under section 626(b)(2)(B) and the franchising authority acquires ownership of the cable system or effects a transfer of ownership of the system to another person, any such acquisition or transfer shall be at fair market value. (b) Limitations on authority of franchising authority with respect to transfer of franchise (1) In general A franchising authority may not preclude a cable operator from transferring a franchise to any person— (A) to which such franchise was not initially granted; and (B) with respect to the terms of the franchise that apply to the cable operator, who agrees to accept all such terms in effect at the time of the transfer. (2) Notification In the case of the transfer of a franchise to a person to which such franchise was not originally granted, a franchising authority may require a cable operator to which a franchise was initially granted to, not later than 15 days before the transfer of the franchise, notify the franchising authority in writing of such transfer. (3) Transfer of a franchise defined In this subsection, the term transfer of a franchise means the transfer or assignment of any rights under a franchise through any transaction, including through— (A) a merger involving the cable operator or cable system; (B) a sale of the cable operator or cable system; (C) an assignment of the cable operator or a cable system; (D) a restructuring of a cable operator or a cable system