The Eligible Market Participant that submitted the potential DC question submitted the following question. This potential DC question was rejected by the EMEA DC.
Would the French law rendering the ability of the Representative to cause the Notes to become immediately due and payable upon the entry of the Reference Entity into a conciliation procedure under Condition 9(iv) of the Notes unenforceable constitute a defense based upon “any applicable law, order, regulation, decree or notice, however described” (or any other reason specified in that Section) for the purposes of Section 4.1 of the 2014 Definitions (and the equivalent provisions of the 2003 Definitions)?
If the response to this question is ‘yes’ then has a Failure to Pay Credit Event occurred in respect of the Reference Entity on the basis that (absent such defense) the Notes could have been declared immediately due and payable upon request of any Noteholder (which request has already been made)?
The Eligible Market Participant who submitted the potential DC question provided the following documents in support of their question:
- Notice from Casino Guichard Perrachon SA that it has entered into conciliation: https://www.groupe-casino.fr/wp-content/uploads/2023/05/2023-05-26-PR-Conciliation.pdf
- Base Prospectus dated 3 December 2013 and Final Terms in respect of 2024 Notes available from Luxembourg Bourse: https://www.luxse.com/security/FR0011765825/207737
- Article L.611-16 of the French Commercial Code: https://www.legifrance.gouv.fr/codes/section_lc/LEGITEXT000005634379/LEGISCTA000006146095/#LEGISCTA000006146095
- Reorg Article: https://app.reorg.com/v3#/items/intel/13386?item_id=218543