France has not ratified the Hague Convention on the Law on Trusts and its recognition. However, in a 2011 case, the Supreme Court of France recognized the filing of debts in bankruptcy proceedings by a New York attorney, but there is still no case law concerning the application of credit documentation and the security guarantee associated with it by an agent. In the event of the acquisition of private companies, lenders will want to benefit from all the unfavourable commercial amending clauses that the purchaser negotiates in the contract to sell the objective, but generally do not require that these provisions be repeated in the letter of commitment or in the credit agreement, which instead provides that the terms of acquisition are met and not waived. Lenders require controls on the buyer`s ability to modify or waive certain provisions of the acquisition contract, such as the long-standing reference. B, price, closing conditions, termination rights or, if applicable, warranty clauses. A transfer of Dailly`s receivables as collateral can only be granted by a borrower (not by a third-party guarantor or guarantee provider) and only for the benefit of: (i) a French licensed credit institution; (ii) a financial company licensed in France (Financing Company); (iii) a foreign financial institution that will carry out banking activities in France under Directive 2000/12/EC; and (iv) the following French alternative investment companies: specialist professional investment funds (SPF); Professional Private Equity Funds (FPCI); French free parteneriat (SLP) societies; Securitization Vehicles (OT); and specialized funding agencies (SSOs). Notification of receivables transferred to the debtor is necessary to make the transfer or assignments against that debtor or those debtors enforceable, but not for validity purposes.