In the event of the acquisition of state-owned enterprises, the sponsor bank normally must, prior to the tendering of the offer, a fully negotiated and executed credit contract and other ancillary financing documents (including counter-guarantee mechanisms). As a general rule, what territorial law governs transactional agreements? Will the courts in your jurisdiction recognize a foreign law choice or a judgment from a foreign jurisdiction? A particular feature of the French market is that, because of the restrictions on the „banking monopoly“ in question 6, private debt funds are not able to lend to borrowers based in France (or to French branches of foreign companies) or to commit to providing a loan (whether the loan is ultimately financed or not). Therefore, mezzanine debts, insanity debts and, more generally, all debts incurred or made available by such private debt funds must take the form of a borrowing instrument and not in the form of a loan. French bonds are subject to a number of mandatory provisions of the code of commerce which, in many respects, are very different from what a lender would expect in a loan agreement. For example, while most contractual provisions (such as representations, companies and defaults) are generally similar to those of a loan agreement, other provisions, such as „dormancy, loss,“ „Yank the Bank,“ „debt repurchases“ and unanimous decisions, are simply incompatible with borrowing instruments and must be treated in another specific way, for example. For example, by structuring the bond issue as an international issue, if any. An interesting market trend is the use of the documentation of English legal notes in French financing instead of the documentation of traditional French government bonds, which allows, to some extent, to develop some of the characteristics that have not been able to penetrate the general conditions of French government bonds. Lenders generally require guarantees on the contractual rights contained in the acquisition agreement, which allow the buyer to demand an egress remedy against the seller, and also that the acquisition contract can be passed on to the lenders. The „Drop Dead Date“ for the closing of the transaction should correspond to the period of availability for funding.