The shares of SALL and certain other companies are not classified as financial securities and the guarantee is provided by the pledge of the shares themselves. New pledges must be made to cover new shares that are transferred or subscribed for by the pledge. With regard to perfection requirements, registration of the filing obligation with the competent public registration authority is necessary in order to make the filing obligation enforceable against third parties. Yes, security can be supported through inventory. A recent reform has introduced more flexibility for these types of security interests. The parties can now choose between a pledge of an inventory subject to the provisions of the French Commercial Code or a pledge of an inventory subject to the provisions of the French Civil Code. 3.8 Can a company grant security to secure its obligations under a credit facility (i) as a borrower under a credit facility and (ii) as a guarantor of the obligations of other borrowers and/or guarantors of obligations under a credit facility (see below for questions regarding the provision of guarantees and financial support)? French securities that are closest to a variable commission in their form are pledged through the ongoing activities described below, which are both limited in scope and difficult to apply, and pledged on shares. Yes, if registration is a prerequisite for the enforcement of security rights vis-à-vis third parties. There is no general requirement for commitment or financing documents related to acquisitions of private companies to be submitted publicly. The conditions for financing public acquisitions by debt are different, both Articles 231 to 18 2 ° g) of the General Regulation of the Autorité des marchés financiers (AMF) on takeover bids and Instruction No.
2006-07 adopted by the AMF on the implementation of the first require that the offer document prepared by the successful bidder be submitted to the AMF and “describe the terms of the proposed financing. and the possible impact of those conditions on the assets, business activities and financial performance of the undertakings concerned”. From a legal point of view, it is customary to disclose the amounts and types of financing proposed as part of the transaction, their main financial conditions and the guarantee and security provisions to be implemented. If members of the target group are to become borrowers, the details of the proposed terms should also include the financing to be made available to them. Security for each receivable may be provided through the performance of a written collateral contract between the secured creditor and the secured creditor, indicating the secured obligations and the correct identification of the receivable in question and the corresponding third-party debtor. Although the pledge to third parties is generally valid and enforceable from the date of the collateral contract, it is not enforceable against the third party debtor unless it receives the notice of pledge, and the third party debtor may continue to fulfill its payment obligations outside of the claim pledged against the pledge. As soon as the third-party debtor has received notification of the pledge, it must comply with all payment obligations other than the secured claim against the secured creditor, whether or not there has been an acceleration of the secured debt. Yes, security may be provided by: (i) collateral claims; ii) assignment by way of security (Dailly assignment); — one delegation (delegation); or (iv) a security trust. They are also excluded from enforcement measures against the debtor (including the enforcement of collateral), unless enforcement is sought against assets located in another EU Member State; in that case, the insolvency proceedings would not affect the right to abortion of creditors under Article 5 of Council Regulation (EC) No 5. . .