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FCT Credit Agricole Habitat 2020: 16 March 2020

The purpose of the Issuer is to issue debt securities and units, and to purchase from 39 Caisses Régionales de Crédit Agricole Mutuel (Regional Banks) and the Crédit Lyonnais on the Issue Date a portfolio solely comprising home loans originated by the Regional Banks and LCL and entered into with borrowers who are individuals.

The Sellers and the Servicers are composed of the 39 Regional Banks, co-operative entities and fully-fledged banks that have a leading position in all areas of the retail banking markets in France. The Sellers and the Servicers are licensed as a mutual bank in France by the ACPR.

As at the cut-off date (31 December 2019) the portfolio consisted of 15,783 fully performing owner-occupier loans (advanced to 15,356 borrowers) where the average current outstanding loan is Eur129,591, with the largest being Eur474,518. Payment Type (by current balances): annuity 99.07%, and Fixed instalments with structural protection 0.93%. Interest Rate Type (by current balances): fixed for life 99.07%, fixed-to-floating 0.91%, and capped 0.03%. Borrower status: employed 69.22%, self-employed 19.77% and civil servant 11.01%. The WA current LTV is 79.64% (the original LTV was 92.68% and the WA seasoning is 48 mnths. Regional concentration: Ile de France 20.98%, Rhône Alpes 14.50%, Nouvelle-Aquitaine 10.57% and Hauts-de-France 8.65%.

EU Risk Retention: The Sellers as originators of the Purchased Home Loans undertake that, during the life of the Class A Notes, they will comply with (i) Article 405 of the Regulation EU 575/2013 of the European Parliament and of the Council of 26 June 2013, (ii) Article 51 of the Commission Delegated Regulation (EU) 231/2013 of 19 December 2012 , (iii) Article 254 of the Commission Delegation Regulation (EU) 2015/35 of 10 October 2014 and (iv) Article 6 of the Regulation (EU) 2017/2402 2013 of the European Parliament and the Council of 12 December 2017, laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and therefore retaining on a consolidated basis a material net economic interest in the transaction which, in any event, may not be less than 5%. As at the Issue Date, such material net economic interest will be retained by each Seller through the retention of the Class B Notes and the Residual Units, so that the retention equals in total no less than 5% of the nominal value of the securitised exposures which such Seller has sold to the Issuer.

Compare/contrast: FCT Credit Agricole Habitat 2019, Harmony French Home Loans FCT 2019-1