Sub-section 2: Obligations.

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.

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.