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FCT French Prime Cash 2023: 16 December 2023

The purpose of the Issuer is (a) to purchase from Milleis Banque on the Issue Date a portfolio of home loans receivables originated by Milleis Banque and entered into with borrowers who are (i) individuals domiciled in the European Economic Area or (ii) Property Investment Company incorporated in the European Economic Area and (b) to issue the Class A Notes, the Class B Notes and the Residual Units in order to finance such purchase.

As at the cut-off date (31 October 2023) the portfolio consists of 3,847 Home Loans, advanced to 3,438 borrowers. The average principal outstanding loan balance is Eur195,239. Loan Purpose: Primary Residence – 53.0%, BTL – 28.0%, Secondary Residence – 9.0%, others – 10.0%. Amortisation Type: Annuity – 96.0%, Bullet – 4.0%. Interest Rate Type: fixed – 97.0%, floating – 3.00%. Guarantee Provider: CRELOG – 69.0%, Conventional Mortgage – 16.0%, CNP – 10.0% and SACCEF – 5.0%. The WA current LTV is 62.9% and the WA seasoning is 53 months. Regional concentration: Paris – 28.0%, Hauts-de-Seine – 12.0%.

EU Risk Retention: As at the Issue Date, a material net economic interest in the transaction will be retained on a consolidated basis by the Seller, in accordance with Article 6(3)(a) of the Securitisation Regulation, through the retention of not less than 5% of the nominal value of each of the Class A Notes and Class B Notes and the Residual Units.

STS: The Seller as originator of the Purchased Home Loans undertakes that during the life of the Class A Notes it will comply with Article 6 of the Regulation (EU) 2017/2402 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.

Compare/contrast: BPCE Home Loans FCT 2023, FCT FE Durable 2023