Common use of Issuance and Subscription Clause in Contracts

Issuance and Subscription. 1.1 Subject to the stipulations of this Contract, the Issuer promises to issue and the Initial Subscriber promises to subscribe to and to pay for on July 13, 2005 (the "SETTLEMENT DATE") 5000 Bonds, bearing interest from the Settlement Date, at a price (the "SUBSCRIPTION PRICE") equivalent to (a) 100 per cent of the total value of the Bonds, or E10,000 per bond (the "ISSUE PRICE") less (b) the commissions cited in Article 3 that may be deducted from the funds paid for the Bonds subscribed. 1.2 Subject to the stipulations of this Contract, the Guarantor promises to issue and to sign the guarantee, the terms and conditions of which are described in Appendix 2 of this Contract (the "GUARANTEE"). 1.3 There will be no public subscription period, because the Initial Subscriber will have fully subscribed the Bonds on the Settlement Date. The Initial Subscriber must ensure the placement of the Bonds. 1.4 Ownership of the Bonds must be established by entry in a book-based system in accordance with Article L. 211-4 of the Monetary and Financial Code. No documents certificating Bond ownership (including the representative certificates stipulated in Article 7 of Decree No.83-359 dated May 2, 1983) may be issued to correspond to the Bonds. 1.5 Upon their issue, the Bonds must be entered in the record book of Euroclear France, which must credit the accounts of the Transfer Agents. For the purpose of this contract, Transfer Agents means any financial intermediary entitled to have accounts with Euroclear France, and includes Euroclear Bank S.A./N.V., in its capacity of operator of the Euroclear System (Euroclear) and the custodian bank Clearstream Banking, a corporation (Clearstream, Luxembourg). The Bonds may be admitted to the transactions of Euroclear France, Euroclear and Clearstream, Luxembourg. Ownership of the Bonds must be established by recording the Bonds in the books of the Transfer Agent. Ownership may not be transferred and the Bonds may only be sold or assigned by registration on these books.

Issuance and Subscription. 1.1 Subject to the stipulations of this Contract, the Issuer promises to issue and the Initial Subscriber promises to subscribe to and to pay for on July 13, 2005 (the "“SETTLEMENT DATE"”) 5000 Bonds, bearing interest from the Settlement Date, at a price (the "“SUBSCRIPTION PRICE"”) equivalent to (a) 100 per cent of the total value of the Bonds, or E10,000 per bond (the "“ISSUE PRICE"”) less (b) the commissions cited in Article 3 that may be deducted from the funds paid for the Bonds subscribed. 1.2 Subject to the stipulations of this Contract, the Guarantor promises to issue and to sign the guarantee, the terms and conditions of which are described in Appendix 2 of this Contract (the "“GUARANTEE"”). 1.3 There will be no public subscription period, because the Initial Subscriber will have fully subscribed the Bonds on the Settlement Date. The Initial Subscriber must ensure the placement of the Bonds. 1.4 Ownership of the Bonds must be established by entry in a book-based system in accordance with Article L. 211-4 of the Monetary and Financial Code. No documents certificating Bond ownership (including the representative certificates stipulated in Article 7 of Decree No.83-359 dated May 2, 1983) may be issued to correspond to the Bonds. 1.5 Upon their issue, the Bonds must be entered in the record book of Euroclear France, which must credit the accounts of the Transfer Agents. For the purpose of this contract, Transfer Agents means any financial intermediary entitled to have accounts with Euroclear France, and includes Euroclear Bank S.A./N.V., in its capacity of operator of the Euroclear System (Euroclear) and the custodian bank Clearstream Banking, a corporation (Clearstream, Luxembourg). The Bonds may be admitted to the transactions of Euroclear France, Euroclear and Clearstream, Luxembourg. Ownership of the Bonds must be established by recording the Bonds in the books of the Transfer Agent. Ownership may not be transferred and the Bonds may only be sold or assigned by registration on these books.