Section 3: Classes of affected parts.

I.-Affected parties are:

1° Creditors whose rights are directly affected by the draft plan;

2° The members of the extraordinary general meeting or the shareholders' meeting, the special meetings referred to in articles L. 225-99 and L. 228-35-6 and the general meetings of the masses referred to in article L. 228-103, if their shareholding in the debtor's capital, the articles of association or their rights are modified by the draft plan. For the purposes of this book, they are referred to as "holders of capital". Only the affected parties vote on the draft plan.

II. II - The affected parties shall inform the administrator of any subordination agreements entered into prior to the commencement of the proceedings, at the latest within a period set by decree in the Conseil d'Etat. If they fail to do so, these subordination agreements may not be invoked against the proceedings.

III. III - The composition of the classes of affected parties is determined on the basis of claims and rights arising prior to the date of the judgment opening the proceedings. The administrator shall, on the basis of verifiable objective criteria, divide the affected parts into classes representing a sufficient community of economic interest, in compliance with the following conditions:

1° Creditors with security interests in the debtor's assets, in respect of their secured claims, and other creditors shall be allocated to separate classes;

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2° The division into classes respects the subordination agreements entered into prior to the commencement of the proceedings;

The holders of capital form a single class. 3° The holders of capital form one or more classes;

IV. IV -Claims arising from employment contracts, pension rights acquired under an occupational pension scheme and maintenance claims are not affected by the plan. V.-The administrator shall submit to each affected party the procedures for dividing into classes and calculating the votes corresponding to the affected claims or rights enabling them to cast a vote. The amount of the claims taken into account is the amount indicated by the debtor and certified by its statutory auditor(s) or, if no statutory auditor has been appointed, established by its chartered accountant. In the case of affected parties who are beneficiaries of a trust constituted as a guarantee by the debtor, only the amounts of their claims not accompanied by such a guarantee are taken into account. These procedures are also notified to the judicial representative. In the event of disagreement, each affected party, the debtor, the public prosecutor, the court-appointed agent or the administrator may refer the matter to the official receiver in accordance with the procedures laid down by decree in the Conseil d'Etat.

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