Investor Presentaiton
App2 - The First Demand Guarantee Mechanism
The Members' Guarantee and the Agence France Locale - Société Territoriale Guarantee are both independent first demand
guarantees under Article 2321 of the Civil Code: they benefit holders of all securities issued and contracting parties of all acts
concluded by Agence France Locale with the provision that these securities or acts shall apply based on the Guarantee of
Agence France Locale or the Members' Guarantee:
"The independent guarantee is the undertaking by which the guarantor is bound by virtue of an obligation entered into by a
third party to pay an amount either on-demand or in accordance with agreed terms.
The guarantor is not bound in the event of explicit abusive or fraudulent behaviour by the beneficiary or in the event of the
latter colluding with the instructing party. The guarantor may not claim any exception against the guaranteed obligation.
Unless agreed otherwise, this security does not follow the guaranteed obligation."
52
CAFL
Lo bonque
des collectivitésView entire presentation