FCT Noria 2020: 22 September 2020

The Issuer will make payments on the Notes from payments received in respect of a portfolio comprising fixed rate consumer loan receivables under or in connection with the Loan Agreements originated by the Seller. The portfolio is comprised of personal loan receivables, sales finance loan receivables and debt consolidation loan receivables.

In accordance with the Master Receivables Sale and Purchase Agreement, and subject to the satisfaction of certain conditions precedent, the Issuer shall purchase from the Seller additional receivables on each Purchase Date during the Revolving Period.

The seller/originator, BNP Paribas Personal Finance, is the Group’s consumer credit specialist, with over 27 million active customers. It has also a residential mortgage lending business in a several countries. With more than 17,500 employees in approximately 30 countries, BNP Paribas Personal Finance ranks as the leading player in France and in Europe.

At the cut-off date (9 September 2020) the portfolio consists of 181,279 fixed-rate loans advanced to borrowers, where the average outstanding balance is Eur9,654. At cut-off, none were in arrears. Loan type: personal loans – 54.00%, debt consolidation – 26.15% and sales finance – 19.85%. The WA seasoning is 15.46 months. Regional concentration: Ile de France – 17.23%, Hauts-de-France – 12.95%, Rhône-Alpes – 10.62% and Nouvelle-Aquitaine – 10.16%.

EU Risk Retention: The Seller, as “originator” for the purposes of Article 6(1) of the Securitisation Regulation, has undertaken that for so long as any Class A Note remains outstanding it will retain on an ongoing basis a material net economic interest in the securitisation of not less than 5%. As at the Closing Date the Seller will retain a material net economic interest of not less than 5% in the securitisation through the holding of all Class B Notes.

US Risk Retention: The Seller, as the sponsor under the U.S. Risk Retention Rules, does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather intends to rely on an exemption provided for in Section _.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: FCT Noria 2018-1, FCT Ginkgo Personal Loans 2020-1