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Perpetual corporate bonds


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I have a question regarding the French Law. Regarding corporate perpetual callable bonds, how will they rank in the event of default? my question is: what are the exceptions provided by the French Law where they will not rank pari passu among the other unsubordinated and unsecured obligations?

I have the Terms and conditions and they state: "The Bonds and the interest, Deferred Interest (as defined below) and Additional Interest (as defined below) thereon, constitute direct, unconditional, unsubordinated and unsecured obligations of the Company, and rank, and will at all times rank, pari passu without any preference amongst themselves and (subject to exceptions imposed by French law) equally and rateably with all other present or future unsecured and unsubordinated obligations of the Company."

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