Section 4: Transferable debt securities.

The estate shall be represented by one or more agents appointed in accordance with Articles L. 228-50 and L. 228-51.

The mandate of representative of the general body may only be entrusted to persons who are nationals of a Member State of the European Union or domiciled in a Member State of the European Union, as well as to associations and companies having their registered office there.

The following may not be chosen as representatives of the general body of creditors: 1° The debtor company; 2° Companies owning at least one tenth of the capital of the debtor company or of which the latter owns at least one tenth of the capital; 3° Companies guaranteeing all or part of the commitments of the debtor company; 4° The managers, directors, members of the management board, supervisory board, general…

In urgent cases, representatives of the group may be appointed by court order at the request of any interested party.

The representatives of the masse shall be designated in the contract of issue or by the general meeting of bondholders or, failing that, by court decision, at the request of any interested party. When the bonds are offered to the public, the first representatives of the group are designated in the contract of issue. This designation is not mandatory for the public offers mentioned in 1° and 2° of Article…

The representatives of the masse may be relieved of their duties by the general meeting of bondholders.

The representatives of the masse have, unless restricted by the general meeting of bondholders, the power to carry out on behalf of the masse all acts of management to defend the common interests of the bondholders. This power may be delegated by the representatives of the masse to a third party in compliance with the provisions of articles L. 228-49, L. 228-62 and L. 228-63.

The representatives of the general body of bondholders, duly authorised by the general meeting of bondholders, shall have sole authority to bring, on behalf of the latter, actions for the nullity of the company or of acts and deliberations subsequent to its incorporation, as well as all other legal actions for the purpose of defending the common interests of the bondholders, and in particular to request the measure provided for…

Representatives of the body of shareholders may not interfere in the management of corporate affairs. They have access to general meetings of shareholders, but without the right to vote. They have the right to obtain communication of documents made available to shareholders under the same conditions as the latter.

The remuneration of the representatives of the general body of shareholders as fixed by the general meeting or by the issue contract shall be borne by the debtor company. If this remuneration is not fixed, or if its amount is disputed by the company, it shall be decided by a court decision. Without prejudice to any action for liability against the corporate officers or the representative of the general body…