Nissan Auto Lease Trust 2014-A - FORM 10-K - EX-33.1 - REPORT ON ASSESSMENT OF COMPLIANCE WITH APPLICABLE SERVICING CRITERIA FOR ASSET-BACKED SECURITIES OF NMAC - June 26, 2015

Attached files

file filename
10-K - NALT 2014-A 10-K FOR FYE 3/31/15 - Nissan Auto Lease Trust 2014-Abodynalt14a10k033115.htm
EX-31.1 - CERTIFICATION OF SENIOR OFFICER IN CHARGE OF THE SERVICING FUNCTION OF THE SERVICER PURSUANT TO RULE 15D-14(D) - Nissan Auto Lease Trust 2014-Analt14a10k033115ex31_1.htm
EX-99.1 - ANNUAL SERVICER?S CERTIFICATE PROVIDED BY NMAC TO HOLDERS OF NOTES AND CERTIFICATES - Nissan Auto Lease Trust 2014-Analt14a10k033115ex99_1.htm
EX-33.2 - MANAGEMENT?S ASSERTION ON COMPLIANCE WITH REGULATION AB (US BANK) - Nissan Auto Lease Trust 2014-Analt14a10k033115ex33_2.htm
EX-34.1 - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (E&Y) - Nissan Auto Lease Trust 2014-Analt14a10k033115ex34_1.htm
EX-35.1 - SERVICER COMPLIANCE STATEMENT OF NMAC - Nissan Auto Lease Trust 2014-Analt14a10k033115ex35_1.htm
EX-34.2 - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (E&Y) - Nissan Auto Lease Trust 2014-Analt14a10k033115ex34_2.htm
Exhibit 33.1
 
Report on Assessment of Compliance With Applicable Servicing Criteria
for Asset-Backed Securities of Nissan Motor Acceptance Corporation
 



 
Certification Regarding Compliance with Applicable Servicing Criteria
 
1.
Nissan Motor Acceptance Corporation (“NMAC”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB, as of and for the 12-month period ended March 31, 2015 (the “Reporting Period”).  The transactions covered by this report include asset-backed securities transactions involving motor vehicle retail installment sale contracts and lease contracts included in public securitizations sponsored by NMAC starting in 2006 and serviced by NMAC and its subsidiaries (the "Platform");
 
2.
NMAC has engaged certain vendors (the “Vendors”) to perform specific, limited or scripted activities, and NMAC elects to take responsibility for assessing compliance with the servicing criteria or portion of the servicing criteria applicable to such Vendors’ activities and NMAC represents that such Vendors are not servicers as defined in paragraph (j) of Item 1101 of Regulation AB;
 
3.
Presented in Appendix A hereto are the servicing criteria (and portions thereof) impacted by the Vendors’ activities and for which NMAC is assuming responsibility;
 
4.
Except as set forth in paragraphs 5 and 6 below, NMAC used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess compliance with the applicable servicing criteria;
 
5.
NMAC has determined that criteria 1122(d)(1)(iii), (d)(1)(iv), (d)(2)(vi), (d)(4)(ix), (d)(4)(x) and (d)(4)(xv) are not applicable to NMAC based on the activities it performs, directly or through its Vendors or subsidiaries, with respect to the Platform;
 
6.
NMAC has determined that criteria 1122(d)(2)(ii) and (d)(3)(ii)-(iii) pertaining to the actual disbursement or remittance of funds to investors and criteria 1122(d)(2)(iv) and (d)(3)(iv) do not apply to NMAC since performing such activities in connection with these criteria are the responsibility of the applicable indenture trustee;
 
7.
NMAC has complied, in all material respects, with the applicable servicing criteria as of March 31, 2015 and for the Reporting Period with respect to the Platform taken as a whole;
 
8.
NMAC has not identified and is not aware of any material instance of noncompliance by the Vendors with the applicable servicing criteria as of March 31, 2015 and for the Reporting Period with respect to the Platform taken as a whole;
 
9.
NMAC has not identified any material deficiency in its policies and procedures to monitor the compliance by the Vendors with the applicable servicing criteria as of March 31, 2015 and for the Reporting Period with respect to the Platform taken as a whole; and
 

 
 
 

10.
Ernst & Young LLP (“E&Y”), a registered public accounting firm, has issued an attestation report on NMAC’s assessment of compliance with the applicable servicing criteria for the Reporting Period.
 
June 25, 2015
 
 
NISSAN MOTOR ACCEPTANCE CORPORATION
  
       
       
       
 
By:
/s/  Mark Kaczynski              
    Name:  Mark Kaczynski  
   
Title:    President and 
      Chief Executive Officer
  
       
 
 
 
 
                                                       

 
 
 


 
APPENDIX A
 
Reference
Servicing Criteria
 
Cash Collection and Administration
1122(d)(2)(i)
Payments on pool assets are deposited into the appropriate 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)(vii)
Reconciliations are prepared on a monthly basis for all 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.
 
Pool Asset Administration
1122(d)(4)(i)
Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.
1122(d)(4)(ii)
Pool asset and related documents are safeguarded as required by the transaction agreements.