Periodic Distribution Report by an Asset-Backed Issuer — Form 10-D Filing Table of Contents
Document/ExhibitDescriptionPagesSize 1: 10-D Nar 2014-A 10-D for 11/14 Activity HTML 33K
2: EX-99.1 Monthly Servicer's Certificate for the Month of HTML 139K
November 2014 - Nissan Auto Receivables
2014-A Owner Trust.
(Former name, former address, if changed since last report)
Registered/reporting pursuant to (check one)
Title of class
Section 12(b)
Section 12(g)
Section 15(d)
Name of exchange
(If Section 12(b))
Asset Backed Notes, Class A-1
[__]
[__]
[_X_]
_________
Asset Backed Notes, Class A-2
[__]
[__]
[_X_]
_________
Asset Backed Notes, Class A-3
[__]
[__]
[_X_]
_________
Asset Backed Notes, Class A-4
[__]
[__]
[_X_]
_________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ..X... No ......
Page 1 of 8
PART I – DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
Distribution and pool performance information with respect to the receivables that comprise the assets of Nissan Auto Receivables 2014-A Owner Trust are set forth in the attached Monthly Servicer’s Certificate.
No assets securitized by Nissan Motor Acceptance Corporation (the “Securitizer”) and held by Nissan Auto Receivables 2014-A Owner Trust were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from November 1, 2014 to November 30, 2014. Please refer to the Form ABS-15G filed by the Securitizer on February 6, 2014 for additional information. The CIK number of the Securitizer is 0001540639.
PART II – OTHER INFORMATION
Item 2. Legal Proceedings.
The Indenture Trustee, Citibank, N.A., has provided the information contained in the following two paragraphs for purposes of compliance with Regulation AB, which supplements previous disclosure in the Form 10-D filed in July of 2014.
Citibank, N.A. (“Citibank”) is acting as Indenture Trustee of this ABS transaction. In the ordinary course of business, Citibank is involved in a number of legal proceedings, including in connection with its role as trustee of certain RMBS transactions. One such proceeding was a civil action filed against Citibank in the Supreme Court of the State of New York on June 18, 2014, by a group of investors in 48 private-label RMBS trusts for which Citibank serves or did serve as trustee, filed a civil action on June 18, 2014 against Citibank in the Supreme Court of the State of New York asserting claims for alleged violations of the Trust Indenture
Action of 1939, breach of contract, breach of fiduciary duty and negligence based on Citibank’s alleged failure to perform its duties as trustee for the 48 RMBS trusts. On November 24, 2014, plaintiffs sought leave to withdraw this action. On the same day, a smaller subset of similar plaintiff investors in 27 private-label RMBS trusts for which Citibank serves or did serve as trustee, filed a new civil action against Citibank in the Southern District of New York asserting similar claims as the prior action filed in state court.
There can be no assurances as to the outcome of the litigation or the possible impact of the litigation on the trustee or the RMBS trusts. However, Citibank denies liability and intends to vigorously defend against the litigation. Furthermore, neither the above-disclosed litigation nor any other pending legal proceeding involving Citibank will materially affect Citibank’s ability to perform its duties as Indenture Trustee under the Indenture for this ABS transaction.
Item 9. Exhibits.
(a)
Monthly Servicer’s Certificate for the month of November 2014 –
Nissan Auto Receivables 2014-A Owner Trust.
(b)
Exhibits:
99.1 Monthly Servicer’s Certificate for the month of November 2014 –
Nissan Auto Receivables 2014-A Owner Trust.
Page 2 of 8
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
