FCT FE Durable 2023: 25 February 2023

The securitisation is collateralised by a portfolio of social housing loans to French social and affordable housing providers that were granted by Caisse des Dépôts et Consignations, through its savings fund division. The cash flows arising from the Assets of the Issuer constitute the main financial resources of the Issuer for the payment of principal and interest amounts due in respect of the Notes.

The Borrowers are social landlords (bailleurs sociaux) according to the provisions of Article L.411-10 of the French Construction and Housing Code. The Borrowers are either private law entities (such as sociétés anonymes d'habitations à loyer modéré or sociétés anonymes coopératives de production et les sociétés anonymes coopératives d'intérêt collectif d'habitations à loyer modéré) or public law entities (such as the offices publics de l’habitat). Borrowers having a private law status are subject to provisions of French Civil Code with respect to enforcement proceedings and Book VI of the French Commercial Code in case of insolvency.

EU Risk Retention: The Seller, as “originator” for the purposes of Article 6(1) of the EU Securitisation Regulations, has undertaken that for so long as any Note remains outstanding it will retain on an ongoing basis a material net economic interest in the Securitisation of not less than 5%.

US Risk Retention: The Retention Holder does not intend to purchase or retain Notes for the purposes of satisfying the US Risk Retention Rules and instead intends to use the “Safe harbor for certain foreign related transactions” contained in Section __.20 of the US Risk Retention Rules.

STS: The securitisation is intended to qualify as a STS securitisation within the meaning of Article 18 of the EU Securitisation Regulation. The Securitisation is not intended to be designated as a UK STS securitisation for the purposes of the Regulation.

Compare/contrast: Harmony French Home Loans FCT 2022-1