...MASTER CREDIT CARDS PASS COMPARTMENT FRANCE is a socialized master trust that issues notes in separate series, commonly referred to as a linked structure. The issuer is a bankruptcy-remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). Series 2019-1 is the sixth issuance from the FCT, since the issuance of series 2013-1 in November 2013. The securitized portfolio comprises drawings from private individuals under a revolving credit agreement that Carrefour Banque S.A. originated in France. Carrefour Banque is the captive consumer finance arm of the French retailer Carrefour S.A., Europe's largest retailer. Carrefour (60%) and BNP Paribas Personal Finance (40%) jointly own Carrefour Banque. Series 2019-1 notes have a 32-month revolving period, subject to early amortization upon the occurrence of certain events including performance-based and minimum seller share tests. During the program's revolving and amortization periods, the transaction will use separate revenue and...
