Attached files
EX-33.18
Management's Assertion
Report on Assessment of Compliance with Applicable Servicing Criteria
U.S. Bank National Association ("U.S. Bank") is responsible for assessing
compliance as of December 31, 2013 and for the period from January 1, 2013
through December 31, 2013 with the servicing criteria set forth in Item 1122(d)
of Regulation AB applicable to it as set forth on Exhibit A hereto. This report
covers asset backed securities transactions within the U.S. Bank Corporate
Trust Asset-Backed Securities Platform^1
U.S. Bank hereby provides the following report on its assessment of compliance
with the servicing criteria set forth in Item 1122 of Regulation AB applicable
to it and as described on Exhibit A hereto:
1. U.S. Bank is responsible for assessing its compliance with the servicing
criteria applicable to it as noted on the accompanying Exhibit A;
2. Except as set forth in paragraph 3 below, U.S. Bank used the criteria set
forth in paragraph (d) of Item 1122 of Regulation AB to assess its
compliance with the applicable servicing criteria;
3. The criteria listed in the column titled "Inapplicable Servicing Criteria"
on Exhibit A hereto are inapplicable to U.S. Bank based on the servicing
activities it performs directly with respect to the Platform
4. U.S. Bank has complied, in all material respects, with the applicable
servicing criteria as of December 31, 2013 and for the period from January
1, 2013 through December 31, 2013.
5. Ernst & Young, LLP, a registered public accounting firm, has issued an
attestation report on U.S. Bank's assessment of compliance with the
applicable servicing criteria as of December 31, 2013 and for the period
from January 1, 2013 through December 31, 2013.
U.S. BANK NATIONAL ASSOCIATION
/s/ Bryan R. Calder
Name: Bryan R. Calder
Title: Executive Vice President
Date: February 28, 2014
^1 The U.S. Bank Corporate Trust Asset-Backed Securities Platform (the
"Platform") consists of the activities involved in the performance of servicing
functions for which the Company provides trustee, securities administration,
registrar, paying agent or document custody services for (i) publicly issued
asset-backed and mortgage backed transactions the securities of which were
offered on or after January 1, 2006 and (ii) certain asset backed transactions
for which the Issuer has voluntarily elected to make Regulation AB compliant
filings under the Securities Exchange Act of 1934, as amended. The Platform
does not include transaction comprised of the repackaging of corporate debt
and/or other agency securities.
(page)
EXHIBIT A to Management's Assertion
Applicable Inapplicable
Servicing Servicing
Reference Servicing Criteria Criteria Criteria
General Servicing Considerations
1122(d)(1)(i) Policies and procedures are instituted to monitor any X
performance or other triggers and events of default in
accordance with the transaction agreements.
1122(d)(1)(ii) If any material servicing activities are outsourced to X
third parties, policies and procedures are instituted to
monitor the third party's performance and compliance with
such servicing activities.
1122(d)(1)(iii) Any requirements in the transaction agreements to maintain X
a back-up servicer for the Pool Assets are maintained.
1122(d)(1)(iv) A fidelity bond and errors and omissions policy is in effect X
on the party participating in the servicing function throughout
the reporting period in the amount of coverage required by and
otherwise in accordance with the terms of the transaction
agreements.
Cash Collection and Administration
1122(d)(2)(i) Payments on pool assets are deposited into the appropriate X
custodial bank accounts and related bank clearing accounts no
more than two business days following receipt, or such other
number of days specified in the transaction agreements.
1122(d)(2)(ii) Disbursements made via wire transfer on behalf of an obligor X
or to an investor are made only by authorized personnel.
1122(d)(2)(iii) Advances of funds or guarantees regarding collections, cash X
flows or distributions, and any interest or other fees charged
for such advances, are made, reviewed and approved as specified
in the transaction agreements.
1122(d)(2)(iv) The related accounts for the transaction, such as cash reserve X
accounts or accounts established as a form of over
collateralization, are separately maintained (e.g., with
respect to commingling of cash) as set forth in the transaction
agreements.
1122(d)(2)(v) Each custodial account is maintained at a federally insured X
depository institution as set forth in the transaction
agreements. For purposes of this criterion, "federally insured
depository institution" with respect to a foreign financial
institution means a foreign financial institution that meets
the requirements of Rule 13k-1(b)(1) of the Securities Exchange
Act.
1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent unauthorized X
access.
1122(d)(2)(vii) Reconciliations are prepared on a monthly basis for all X
asset-backed securities related bank accounts, including
custodial accounts and related bank clearing accounts. These
reconciliations are (A) mathematically accurate; (B) prepared
within 30 calendar days after the bank statement cutoff date,
or such other number of days specified in the transaction
agreements; (C) reviewed and approved by someone other than
the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling items
are resolved within 90 calendar days of their original
identification, or such other number of days specified in the
transaction agreements.
Corporate Trust ABS Platform (B)
1
(page)
Applicable Inapplicable
Servicing Servicing
Reference Servicing Criteria Criteria Criteria
Investor Remittances and Reporting
1122(d)(3)(i) Reports to investors, including those to be filed with the X
Commission, are maintained in accordance with the transaction
agreements and applicable Commission requirements. Specifically,
such reports (A) are prepared in accordance with timeframes and
other terms set forth in the transaction agreements; (B) provide
information calculated in accordance with the terms specified in
the transaction agreements; (C) are filed with the Commission as
required by its rules and regulations; and (D) agree with investors'
or the trustee's records as to the total unpaid principal balance
and number of Pool Assets serviced by the Servicer.
1122(d)(3)(ii) Amounts due to investors are allocated and remitted in accordance X
with timeframes, distribution priority and other terms set forth
in the transaction agreements.
1122(d)(3)(iii) Disbursements made to an investor are posted within two business X
days to the Servicer's investor records, or such other number of
days specified in the transaction agreements.
1122(d)(3)(iv) Amounts remitted to investors per the investor reports agree with X
cancelled checks, or other form of payment, or custodial bank
statements.
Pool Asset Administration
1122(d)(4)(i) Collateral or security on pool assets is maintained as required X
by the transaction agreements or related pool asset documents.
1122(d)(4)(ii) Pool assets and related documents are safeguarded as required X
by the transaction agreements.
1122(d)(4)(iii) Any additions, removals or substitutions to the asset pool are X
made, reviewed and approved in accordance with any conditions
or requirements in the transaction agreements.
1122(d)(4)(iv) Payments on pool assets, including any payoffs, made in X
accordance with the related pool asset documents are posted
to the Servicer's obligor records maintained no more than two
business days after receipt, or such other number of days
specified in the transaction agreements, and allocated to
principal, interest or other items (e.g., escrow) in accordance
with the related pool asset documents.
1122(d)(4)(v) The Servicer's records regarding the pool assets agree with X
the Servicer's records with respect to an obligor's unpaid
principal balance.
1122(d)(4)(vi) Changes with respect to the terms or status of an obligor's X
pool assets (e.g., loan modifications or re-agings) are made,
reviewed and approved by authorized personnel in accordance
with the transaction agreements and related pool asset
documents.
1122(d)(4)(vii) Loss mitigation or recovery actions (e.g., forbearance plans, X
modifications and deeds in lieu of foreclosure, foreclosures
and repossessions, as applicable) are initiated, conducted and
concluded in accordance with the timeframes or other requirements
established by the transaction agreements.
Corporate Trust ABS Platform (B)
2
(page)
Applicable Inapplicable
Servicing Servicing
Reference Servicing Criteria Criteria Criteria
1122(d)(4)(viii) Records documenting collection efforts are maintained during X
the period a pool asset is delinquent in accordance with the
transaction agreements. Such records are maintained on at
least a monthly basis, or such other period specified in the
transaction agreements, and describe the entity's activities
in monitoring delinquent pool assets including, for example,
phone calls, letters and payment rescheduling plans in cases
where delinquency is deemed temporary (e.g., illness or
unemployment).
1122(d)(4)(ix) Adjustments to interest rates or rates of return for pool X
assets with variable rates are computed based on the related
pool asset documents.
1122(d)(4)(x) Regarding any funds held in trust for an obligor (such as X
escrow accounts): (A) such funds are analyzed, in accordance
with the obligor's pool asset documents, on at least an annual
basis, or such other period specified in the transaction
agreements; (B) interest on such funds is paid, or credited,
to obligors in accordance with applicable pool asset documents
and state laws; and (C) such funds are returned to the obligor
within 30 calendar days of full repayment of the related pool
assets, or such other number of days specified in the
transaction agreements.
1122(d)(4)(xi) Payments made on behalf of an obligor (such as tax or insurance X
payments) are made on or before the related penalty or expiration
dates, as indicated on the appropriate bills or notices for such
payments, provided that such support has been received by the
servicer at least 30 calendar days prior to these dates, or such
other number of days specified in the transaction agreements.
1122(d)(4)(xii) Any late payment penalties in connection with any payment to X
be made on behalf of an obligor are paid from the Servicer's
funds and not charged to the obligor, unless the late payment
was due to the obligor's error or omission.
1122(d)(4)(xiii) Disbursements made on behalf of an obligor are posted within X
two business days to the obligor's records maintained by the
servicer, or such other number of days specified in the
transaction agreements.
1122(d)(4)(xiv) Delinquencies, charge-offs and uncollectible accounts are X
recognized and recorded in accordance with the transaction
agreements.
1122(d)(4)(xv) Any external enhancement or other support, identified in Item X
1114(a)(1) through (3) or Item 1115 of Regulation AB, is
maintained as set forth in the transaction agreements.
Corporate Trust ABS Platform (B)
3
