Annual Report — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K Annual Report 8± 32K
3: EX-33 ABS - Report of Compliance with Servicing Criteria 2± 12K
4: EX-33 ABS - Report of Compliance with Servicing Criteria 6± 30K
5: EX-33 ABS - Report of Compliance with Servicing Criteria 2± 14K
6: EX-34 ABS - Attestation Report on Assessment of 3± 20K
Compliance with Servicing Criteria
7: EX-34 ABS - Attestation Report on Assessment of 2± 11K
Compliance with Servicing Criteria
8: EX-34 ABS - Attestation Report on Assessment of 2± 13K
Compliance with Servicing Criteria
9: EX-35 ABS - Servicer Compliance Statement 8± 32K
10: EX-35 ABS - Servicer Compliance Statement 2± 9K
2: EX-31 Certification -- Sarbanes-Oxley Act - Sect. 302 1 8K
EX-33 — ABS – Report of Compliance with Servicing Criteria
EX-33.2
Management's Assertion
Report on Compliance with Applicable Servicing Criteria Pursuant to Item 1122
of Regulation AB under the Securities Exchange Act of 1934
U.S. Bank National Association ("U.S. Bank") as a party participating in the
servicing function for the following transactions:
U.S. Bank Corporate Trust Asset Backed Securities Platform^1
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. 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. U.S. Bank's assessment of its compliance with the applicable servicing
criteria is as of and for the period beginning on January 1, 2007 and ending
December 31, 2007, the end of the fiscal year covered by the Form 10-K
report. U.S. Bank's participation in the servicing function complied in all
material respects with the applicable servicing criteria.
4. Ernst & Young, 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 and for the period beginning on January 1, 2007 and ending
December 31, 2007, the end of the fiscal year covered by the Form 10-K
report.
U.S. BANK NATIONAL ASSOCIATION
/s/ Bryan Calder
Name: Bryan R. Calder
Title: President
Date: February 12, 2008
1 The U.S. Bank Corporate Trust ABS Platform (the "Platform") consists of the
activities involved in the performance of servicing functions 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 offered prior to January 1, 2006 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
[Enlarge/Download Table]
Inapplicable
Applicable Servicing
Servicing Criteria Servicing Criteria Criteria
Reference General Servicing Considerations
1122(d)(1)(i) Policies and procedures are instituted to X
monitor any performance or other triggers and
events of default in accordance with the
transaction agreements.
1122(d)(1)(ii) If any material servicing activities are X
outsourced to 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 X
agreements to maintain 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 on the party X
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 X
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)(ii) Disbursements made via wire transfer on X
behalf of an obligor or to an investor are
made only by authorized personnel.
1122(d)(2)(iii) Advances of funds or guarantees regarding X
collections, cash 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, X
such as cash reserve accounts or accounts
established as a form of
overcollateralization, 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 X
federally insured 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 X
prevent unauthorized access.
1122(d)(2)(vii) Reconciliations are prepared on a monthly X
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.
1
Inapplicable
Applicable Servicing
Servicing Criteria Servicing Criteria Criteria
Reference
Investor Remittances and Reporting
1122(d)(3)(i) Reports to investors, including those to be X
filed with the 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 X
remitted in accordance with timeframes,
distribution priority and other terms set
forth in the transaction agreements.
1122(d)(3)(iii) Disbursements made to an investor are posted X
within two business 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 X
investor reports agree with 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 X
maintained as required by the transaction
agreements or related pool asset
documents.
1122(d)(4)(ii) Pool asset and related documents are X
safeguarded as required by the transaction
agreements
1122(d)(4)(iii) Any additions, removals or substitutions to the X
asset pool are 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 X
payoffs, made in 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 X
assets agree with 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 X
of an obligor's 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., X
forbearance plans, 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.
2
Inapplicable
Applicable Servicing
Servicing Criteria Servicing Criteria Criteria
Reference
1122(d)(4)(viii)Records documenting collection efforts are X
maintained during 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 X
return for pool 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 X
obligor (such as 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 X
as tax or insurance 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 X
any payment to 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 X
are posted within 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 X
accounts are recognized and recorded in
accordance with the transaction agreements.
1122(d)(4)(xv) Any external enhancement or other support, X
identified in Item 1114(a)(1) through (3) or
Item 1115 of Regulation AB, is maintained as
set forth in the transaction agreements.
3
Dates Referenced Herein
This ‘10-K’ Filing | | Date | | Other Filings |
---|
| | |
Filed on: | | 3/28/08 | | None on these Dates |
| | 2/12/08 |
For Period End: | | 12/31/07 |
| | 1/1/07 |
| | 1/1/06 |
| List all Filings |
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