...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 2025-1 is the eighth issuance from the FCT since the inaugural 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. The series 2025-1 notes have a 36-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 uses separate...
