Section 4: Transferable debt securities.

In the event of early dissolution of the company, not brought about by a merger or demerger, the general meeting of bondholders may demand redemption of the bonds and the company may impose it.

In the event of an issue of bonds with collateral, the collateral is constituted by the company prior to or at the same time as the issue, on behalf of the bondholders. Acceptance results solely from the fact of subscription. It is retroactive to the date of registration for securities subject to registration and to the date of their creation for other securities.

Securities are constituted in a special deed. Where the special deed is entered into prior to the issue of the bonds, the representatives of the masse may be parties thereto on behalf of the masse of bondholders in formation. This deed only takes effect at the time of issue.

Registrations shall be discharged in accordance with the terms and conditions set out in the contract of issue or, failing that, in accordance with the conditions determined by decree of the Conseil d’Etat. .

Securities in rem and assignments by way of guarantee constituted subsequent to the issue of the bonds are constituted by the company on behalf of the bondholders’ group. They are accepted by the representative of the bondholders’ group.

The issue of bonds, the repayment of which is guaranteed by a capitalisation company, is prohibited.

In the event of the company’s receivership or liquidation, the representatives of the bondholders’ group are empowered to act on behalf of the latter.

The representatives of the group shall declare as liabilities of the company’s receivership or liquidation, for all the bondholders of this group, the principal amount of the bonds remaining in circulation increased for the record by the accrued and unpaid interest coupons, a statement of which shall be drawn up by the judicial representative. They are not required to provide the securities of their principals in support of this declaration.

In the absence of a declaration by the representatives of the general body of creditors, a court decision shall, at the request of the judicial representative, appoint a representative to represent the general body of creditors in the receivership or liquidation proceedings and to declare the claim.

The representatives of the masse are consulted by the mandataire judiciaire on the terms of settlement of the bonds proposed pursuant to Article L. 626-4. They give their agreement in the sense defined by the ordinary general meeting of bondholders, convened for this purpose.