Sustainability Bonds Framework
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App5 A Strong and Stable Shareholder Base
In case a member requests to leave
In case of changes in the field of competences of
a member local authority
• Each shareholder member cannot leave before a
minimum 10-year lock-up period;
Following the 10-year period, no member will be allowed
to leave Agence France Locale unless it has fully repaid
its loans;
Worsened financial
position
Financial position impact
Improved financial
position
• All members shall remain guarantors of AFL up to the
level of their outstanding loans with AFL (principal,
interest and incidentals) until they have fully repaid their
loans;
Local authority
classified as a Sleeping
Member
If the local authority
does not pay an
additional ICC(1)
due to the new
competences
If the local authority
pays an additional ICC
due to the new
competences
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The leaving member is requested to find a new
shareholder which has been approved by the Board of
Directors of AFL - ST to acquire its shares.
Cannot receive fresh
loans nor sell its shares
the local authority is
classified as a Sleeping
Member
the local authority
maintains its eligibility
as a Fully-Operating
Member
CAFL
Lo bonque
des collectivitésView entire presentation