French Monetary and Financial Code
In forceI. - Provided that the essential obligations of the contract continue to be met, in particular the obligations to pay and deliver financial instruments and the guarantee obligations, the implementation of a measure taken pursuant to this sub-section or a crisis prevention or management measure referred to in Article L. 613-45-1, with regard to a person mentioned in I of Article L. 613-34 or, the suspension of a payment or delivery obligation arising from a contract pursuant to Article L. 613-56-8 or the occurrence of any event directly linked to the application of such a measure does not allow the co-contractor of this person:
1° To exercise the rights of termination, suspension, modification and compensation attached to that contract;
2° to become the owner of an item of the assets of that person or entity, to use or dispose of it or to enforce a security interest; or
3° prejudice the contractual rights of this person or entity.
II - The provisions of I also apply when the contract referred to in the first paragraph of I is entered into by :
1° A subsidiary of the person concerned whose obligations are guaranteed by that person or by another entity of the group to which that subsidiary belongs;
2° An entity belonging to the same group as the person concerned, where the contract includes provisions relating to cross-defaults.
III. - A restriction or suspension measure taken pursuant to the provisions of II of Article L. 613-56-2 and Articles L. 613-56-4, L. 613-56-5 and L. 613-56-8 does not constitute a breach of a contractual obligation for the purposes of this Article.
IV. - The provisions of this Article are overriding legislation within the meaning of Article 9 of Regulation (EC) No 593/2008 of the European Parliament and of the Council of 17 June 2008.
