If there is coordination or an important decision regarding an imminent change, an offer of subscription rights or a proposal for restructuring and the buyer wishes to order the seller how to act, the buyer must agree with the seller on these rights of orientation at the time of trading. In the absence of an amendment, neither the LSTA nor LMA documents require the seller to take instructions from the buyer regarding amendments or modifications to the credit agreement that occur during the period following the date of negotiation and before the settlement date.11 However, it is common for a seller to consult its buyer on the preference of such a buyer when an essential act is performed after the date of negotiation, but takes place before the settlement date of a loan (for example. B renewal of the maturity date, release of security rights, failure to default, etc.). Since LSTA and LMA trades may become mandatory orally or electronically prior to the signing of a formal written confirmation, a party wishing to enter into a bank debt exchange with a counterparty must ensure that it does its duties and due diligence in advance before accepting the essential terms. The law in force. Where the credit agreement is based on the law of the United Kingdom or another European jurisdiction, LMA documents are generally used. On the contrary, if the applicable law of the applicable credit agreement is the law of New York or any other jurisdiction within the United States, LSTA documents are generally used. LMA documents are governed by English law, while LSTA documents are subject to the laws of New York. For transactions by LSTA and LMA, the only other operational document that normally needs to be agreed for the conclusion of the transaction (apart from a financing memorandum refining the calculation of the purchase price), an assignment and acceptance agreement or a transfer certificate, as essentially defined as an investment in the underlying credit agreement. . . .