Section 4: Transferable debt securities.

The costs incurred in representing bondholders during the company’s safeguard or receivership proceedings shall be borne by the company and shall be considered as judicial administration costs.

The company’s receivership or liquidation does not terminate the operation and role of the general meeting of bondholders.

In the event of closure due to insufficient assets, the representative of the estate or the appointed court-appointed agent shall recover the exercise of the bondholders’ rights.

Unless otherwise stipulated in the issue contract, the provisions of articles L. 228-46 to L. 228-69, L. 228-71, L. 228-72, L. 228-76 to L. 228-81 and L. 228-83 to L. 228-89 do not apply to companies whose borrowings are subject to a special legal regime, to borrowings guaranteed by the State, départements, communes or public institutions or to borrowings issued abroad by French companies.