0001193125-22-089036.txt : 20220330 0001193125-22-089036.hdr.sgml : 20220330 20220330112800 ACCESSION NUMBER: 0001193125-22-089036 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20211231 0001182534 0000833733 FILED AS OF DATE: 20220330 DATE AS OF CHANGE: 20220330 ABS ASSET CLASS: Auto loans FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC CENTRAL INDEX KEY: 0001182534 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 113650483 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-99199 FILM NUMBER: 22784031 BUSINESS ADDRESS: STREET 1: 2200 WOODLAND POINTE AVENUE CITY: HERNDON STATE: VA ZIP: 20171 BUSINESS PHONE: (703) 364-7325 MAIL ADDRESS: STREET 1: 2200 WOODLAND POINTE AVENUE CITY: HERNDON STATE: VA ZIP: 20171 FORMER COMPANY: FORMER CONFORMED NAME: VOLKSWAGEN AUTO LEASE UNDERWRITTEN FUNDING LLC DATE OF NAME CHANGE: 20020823 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Volkswagen Auto Loan Enhanced Trust 2018-2 CENTRAL INDEX KEY: 0001756401 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-205992-02 FILM NUMBER: 22784032 BUSINESS ADDRESS: STREET 1: 2200 FERDINAND PORSCHE DR. CITY: HERNDON STATE: VA ZIP: 20171 BUSINESS PHONE: (703) 364-7325 MAIL ADDRESS: STREET 1: 2200 FERDINAND PORSCHE DR. CITY: HERNDON STATE: VA ZIP: 20171 10-K 1 d301557d10k.htm 10-K 10-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-K

 

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

333-205992-02

(Commission File Number of Issuing Entity)

 

 

Volkswagen Auto Loan Enhanced Trust 2018-2

(Exact name of Issuing Entity as specified in its charter)

Central Index Key Number of Issuing Entity: 0001756401

Volkswagen Auto Lease/Loan Underwritten Funding, LLC

(Exact name of Depositor as specified in its charter)

Central Index Key Number of Depositor: 0001182534

VW Credit, Inc.

(Exact name of Sponsor as specified in its charter)

Central Index Key Number of Securitizer: 0000833733

 

 

 

State of Delaware   83-6429606

(State or other jurisdiction of

incorporation or organization of Registrant)

 

(I.R.S. Employer

Identification No. of Registrant)

 

2200 Woodland Pointe Avenue

Herndon, Virginia

 

20171

(Zip Code of Registrant)

(Address of principal executive offices of Registrant)  

(703) 364-7000

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act:

 

Title of each class

 

Name of each exchange on which registered

None   None

Securities registered pursuant to Section 12(g) of the Securities Exchange Act: None

 

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☐  Yes    ☒  No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act.    ☐   Yes    ☒  No

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    ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒  Yes    ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer:      Accelerated filer:  
Non-accelerated filer:      Smaller reporting company:  
     Emerging growth company:  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act).     Yes  ☐    No  ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. None

Documents incorporated by reference: None

 

 

 


FORM 10-K

PART 1

THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J(1) TO FORM 10-K:

 

(A) Item 1    Business.
(B) Item 1A    Risk Factors.
(C) Item 2    Properties.
(D) Item 3    Legal Proceedings.

Item 1B. Unresolved Staff Comments.

Not Applicable.

Item 4. Mine Safety Disclosures.

Not Applicable.

PART II

THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J(1) TO FORM 10-K:

 

(A) Item 5    Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
(B) Item 6    Selected Financial Data

(C) Item 7

   Management’s Discussion and Analysis of Financial Condition and Results of Operations.
(D) Item 7A    Quantitative and Qualitative Disclosures About Market Risk.
(E) Item 8    Financial Statements and Supplementary Data.
(F) Item 9    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
(G) Item 9A    Controls and Procedures.

Item 9B. Other Information.

None.

PART III

THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J(1) TO FORM 10-K:

 

(A) Item 10    Directors, Executive Officers and Corporate Governance.
(B) Item 11    Executive Compensation.
(C) Item 12    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
(D) Item 13    Certain Relationships and Related Transactions, and Director Independence.
(E) Item 14    Principal Accountant Fees and Services.

PART IV

Item 15. Exhibits and Financial Statement Schedules.

 

  (a)

(1) Not applicable.

(2) Not applicable.

(3) The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.


  (b)

The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.

 

  (c)

None.

Item 16. Form 10-K Summary.

Not Applicable.

SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J(2) TO FORM 10-K:

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).

Not Applicable.

Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers).

Not Applicable.

Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).

Not Applicable.

Item 1117 of Regulation AB. Legal Proceedings.

VW Credit, Inc. (“VW Credit”) and its affiliates (including Volkswagen Aktiengesellschaft (“Volkswagen AG”)) are party to, or are periodically otherwise involved in, reviews, investigations, examinations and proceedings (both formal and informal), and information-gathering requests, by government and self-regulatory agencies, including the CFPB, the U.S. Department of Justice (the “DOJ”), the U.S. Securities and Exchange Commission (the “SEC”), and various state authorities. On September 18, 2015, the U.S. Environmental Protection Agency (“EPA”) publicly announced in a “Notice of Violation” that irregularities in relation to nitrogen oxide (NOx) emissions had been discovered in emissions tests on certain vehicles of the VW Credit’s ultimate parent, Volkswagen AG, with type 2.0 liter diesel engines in the United States. In this context, Volkswagen AG announced that noticeable discrepancies between the figures achieved in testing and in actual road use had been identified in type EA189 diesel engines and that around eleven million vehicles with such engines were sold worldwide. On November 2, 2015, the EPA issued a “Notice of Violation” alleging that irregularities had also been discovered in the software installed in type V6 3.0 liter vehicles sold in the United States (2.0 liter and 3.0 liter vehicles together, “Affected Vehicles”).

Following the Notice of Violation, Volkswagen AG, Volkswagen Group of America, Inc., and certain affiliates (collectively, “Volkswagen”) have been party to or have otherwise been involved in multiple criminal and regulatory investigations and legal actions related to the Affected Vehicles, including lawsuits by the EPA, the DOJ, the Federal Trade Commission (the “FTC”), California Air Resources Board (the “CARB”) and the attorneys general of numerous states, as well as several private civil lawsuits brought by owners and lessees of Affected Vehicles and dealers. Work in respect of the legal proceedings that are still pending in the U.S. and the rest of the world is ongoing, will require considerable efforts and coordination from Volkswagen, may demand significant management resources, and is expected to continue for some time. Ongoing and potential further legal proceedings related to the diesel issue could result in considerable further financial charges.

Volkswagen AG and certain affiliates reached settlement agreements with various government authorities and private plaintiffs, the latter represented by a Plaintiffs’ Steering Committee in a multidistrict litigation in California. These settlement agreements resolved certain civil claims as well as criminal charges under federal law and the laws of certain states in connection with the diesel issue.

Several thousand consumers opted out of the settlement agreements, and many of these consumers filed civil lawsuits seeking monetary damages for fraud and violations of state consumer protection acts. Various subsequent resolutions have eliminated nearly all of the cases brought by the original consumer opt-outs. The first opt-out trial was held February 24, 2020 to March 10, 2020 in the federal MDL; the defendants in that trial were Volkswagen Group of America, Inc. and Volkswagen AG only. In the aggregate, the ten opt-out plaintiffs were awarded $28,735 in damages. The ten trial plaintiffs filed notices of appeal to the U.S. Court of Appeals for the Ninth Circuit (“Ninth Circuit”); briefing was completed


in November 2021, and oral argument occurred on December 10, 2021. Additionally, an action was brought by private plaintiffs purporting to represent a putative class of individuals who purchased or leased TDI vehicles but who no longer owned or leased those vehicles on September 18, 2015 (the “Pre-NOV Action”). The Pre-NOV Action was dismissed on November 12, 2020 after targeted discovery focused only on the question of damages, and the Ninth Circuit affirmed dismissal on January 20, 2022.

Volkswagen AG, AUDI AG and other Volkswagen affiliates have further agreed to pay a combined civil penalty of $1.45 billion to resolve U.S. federal environmental and customs-related claims in the United States. Furthermore, Volkswagen AG and Volkswagen Group of America, Inc. have agreed to pay a smaller civil penalty to the DOJ to settle other potential claims arising under Federal statute. DOJ investigations into the conduct of various individuals who may be responsible for criminal violations relating to the diesel issue remain ongoing. Volkswagen is required to cooperate with these investigations.

In May 2018, the DOJ unsealed charges in Detroit against, among others, former Volkswagen CEO Martin Winterkorn, which had been filed under seal in March 2018. Mr. Winterkorn is charged with a conspiracy to defraud the United States, to commit wire fraud, and to violate the Clean Air Act from at least May 2006 through at least November 2015, as well as three counts of wire fraud. Should these proceedings result in adverse court decisions against the individuals involved, this could have a negative impact on the outcome of other proceedings against Volkswagen and/or could have other material adverse financial consequences.

Investigations by various U.S. regulatory and other government authorities, including in areas relating to securities, tax and financing, are ongoing. On March 14, 2019, the SEC filed a complaint in the U.S. District Court for the Northern District of California, against Volkswagen AG, Volkswagen Group of America Finance, VW Credit and the former Volkswagen CEO, Martin Winterkorn, alleging violations of the antifraud provisions of the federal securities laws in connection with securities sold in the U.S. The SEC complaint seeks permanent injunctions, disgorgement of allegedly ill-gotten gains with prejudgment interest, and civil penalties. On April 10, 2020, Volkswagen and Mr. Winterkorn separately filed motions to dismiss the SEC’s complaint. In August 2020, the court granted in part and denied in part Volkswagen AG, Volkswagen Group of America Finance and VW Credit’s motion to dismiss. The claims dismissed by the court included all claims against VW Credit related to asset-backed securities. In September 2020, the SEC filed an amended complaint that, among other things, removed the dismissed claims.

The attorneys general of Texas and some municipalities have suits pending in state and federal courts against Volkswagen AG, Volkswagen Group of America, Inc. and/or certain affiliates, alleging violations of environmental laws. In February 2021, Texas sought discretionary review by the Texas Supreme Court of a Texas appellate court decision dismissing Texas’s state environmental claims against Volkswagen AG and AUDI AG for lack of personal jurisdiction; some of Texas’s claims against other Volkswagen entities remain pending. In January 2022, the Texas Supreme Court agreed to hear Texas’s appeal. In November 2021, the United States Supreme Court declined to review both a decision by the US Court of Appeals for the Ninth Circuit that had declined to dismiss certain claims brought by Hillsborough and Salt Lake Counties and a decision by the Ohio Supreme Court that had declined to dismiss certain claims brought by Ohio.

A putative class action has also been filed on behalf of purchasers of certain U.S. Dollar-denominated Volkswagen bonds, alleging that these bonds were trading at artificially inflated prices due to Volkswagen’s alleged misstatements and that the value of these bonds declined after the EPA issued its “Notices of Violation”. This lawsuit has been consolidated in the federal multidistrict litigation proceeding in the State of California. On June 25, 2021, the Ninth Circuit granted the Volkswagen defendants’ interlocutory appeal, reversing the district court’s denial of Volkswagen’s motion for summary judgment. In July 2021, plaintiff petitioned the Ninth Circuit for rehearing either before the original panel or en banc. On September 23, 2021, the Ninth Circuit denied the petition for rehearing or rehearing en banc. On October 12, 2021, the Ninth Circuit issued the mandate formally entering its judgment of reversal and remanding to the district court for determination as to whether summary judgment should be granted. No provisions have been recognized. In addition, contingent liabilities have not been disclosed as they currently cannot be measured.

Since November 2016, Volkswagen has been responding to information requests from the EPA and CARB related to automatic transmissions in certain vehicles. In 2020, Dr. Ing. hc F. Porsche AG (“Porsche AG”) discovered potential regulatory irregularities relating to vehicles for various markets worldwide. There are questions as to the permissibility of specific hardware and software components used in type approval measurements. Differences compared with production versions may also have occurred in certain cases. Based on the information presently available, the current production is not affected. The issues are unrelated to the defeat devices that were at the root of the diesel emissions issue. Porsche AG is cooperating with the relevant governmental authorities. Based on the available information, no formal criminal investigation has been opened against the company. Porsche AG’s own internal investigations are still in progress. In January 2021, a consolidated complaint was filed with the U.S. District Court for the Northern District of California alleging that the affected


vehicles used certain software and/or hardware that resulted in increased emissions and/or overstated fuel economy estimates as compared to the results of certification testing. The defendants (Volkswagen AG, Porsche AG, and Porsche Cars North America, Inc.) have moved for dismissal of the action.

In March 2020, the US District Court for the Northern District of California dismissed two amended class action complaints brought by direct and indirect purchasers of German luxury vehicles alleging that several automobile manufacturers, including Volkswagen AG and other Volkswagen Group companies, conspired to unlawfully increase the prices of German luxury vehicles in violation of US antitrust and consumer protection law. The court held that the plaintiffs have not stated a claim for relief because the allegations in the complaints do not plausibly support that the alleged agreements unreasonably restrained competition in violation of U.S. law. The court granted plaintiffs leave to file amended complaints with respect to a limited subset of plaintiffs’ original claims. Plaintiffs filed a second set of amended complaints in June 2020, which defendants moved to dismiss in August 2020. In October 2020, the court granted defendants’ motion and dismissed with prejudice the amended complaints in their entirety. The direct purchaser plaintiffs appealed this ruling, and in October 2021, the US Court of Appeals for the Ninth Circuit affirmed the district court’s ruling. After receiving an extension until December 27, 2021, the direct purchaser plaintiffs filed a motion for rehearing, which the Ninth Circuit denied on January 25, 2022. On December 28, 2021, the direct purchaser plaintiffs filed a motion seeking to set aside the District Court’s October 2020 judgment and to be allowed to file a new amended complaint, which the court denied on February 22, 2022. The indirect purchaser plaintiffs voluntarily dismissed their appeal in August 2021.

Similar proceedings have been initiated in Canada though no steps have been taken by the plaintiffs to advance these claims. They remain at a pre-certification stage. If the claims are in fact pursued they will be opposed in Canada as well.

Additionally, in August 2017, Volkswagen AG and certain of its current and former executives and directors were named as defendants in a putative class action filed in the United States District Court for the Eastern District of New York. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, based on allegations relating to statements in Volkswagen AG’s Annual Reports for the years 2012 through 2016 regarding Volkswagen AG’s compliance measures, in particular those relating to competition and antitrust law, as well as allegations in an antitrust litigation against Volkswagen AG in the Northern District of California. In May 2020, the court dismissed with prejudice plaintiffs’ complaint, ruling that none of the statements identified by plaintiffs gave rise to a cause of action under U.S. securities laws. Plaintiffs appealed to the U.S. Court of Appeals for the Second Circuit, which affirmed the District Court’s dismissal with prejudice on March 15, 2022.

On July 22, 2020, an alleged Volkswagen AG shareholder filed in New York state court a derivative lawsuit in New York County Supreme Court purportedly on behalf of Volkswagen AG against current and former members of Volkswagen AG’s Supervisory Board, current and former members of Volkswagen AG’s Management Board, current and former executives of Volkswagen AG and its subsidiaries, four Volkswagen AG subsidiaries, Robert Bosch GmbH, and a Bosch affiliate and executive. The complaint alleges that the individual defendants breached their fiduciary duties to Volkswagen AG under German law by failing to properly supervise Volkswagen AG’s business and thereby permitting the diesel misconduct to occur. On April 28, 2021, a new complaint purporting to assert similar claims was filed by the same alleged Volkswagen AG shareholder which adds an additional plaintiff and also names as defendants Porsche SE and additional executives of Volkswagen AG’s subsidiaries.

Outside the United States, Volkswagen also reached agreements with regard to the implementation of technical measures with numerous authorities. In Canada, which has the same NOx emissions limits as the United States, there have been civil consumer claims and regulatory investigations for vehicles with 2.0 liter and 3.0 liter diesel engines. Volkswagen reached settlements in Canada with consumers relating to 2.0 liter and 3.0 liter diesel vehicles. As to pending matters in Canada, an environmental class action has been authorized on behalf of residents in Quebec. This action was authorized on the sole issue of whether punitive damages could be recovered and on the basis that unresolved questions about the viability of plaintiffs’ damages theory would be a matter for trial. The action has now been settled for an all-inclusive settlement payment of CAD6.7M and is awaiting court approval.

Other class action and joinder lawsuits have also been filed in Canada, including alleged consumer protection and securities claims, asserting damages among other things. While a class action filed in Quebec provincial court was authorized as to claims relating to Volkswagen AG’s shares, ADRs and debt securities, the case was dismissed by the Quebec court on April 16, 2020 for lack of jurisdiction. The plaintiff has appealed the dismissal and Volkswagen AG has cross-appealed on the basis that forum non conveniens is an alternative ground for dismissal; the hearings for both appeal and cross-appeal occurred in October 2021.

In some countries criminal investigations/misdemeanor proceedings (for example, by the public prosecutor’s offices in Braunschweig and Munich, Germany) and/or administrative proceedings (for example, by the German Federal Financial


Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin”) have been opened involving Volkswagen AG. Some of these regulatory offense proceedings against Volkswagen AG were terminated in 2018 and 2019, with the authorities issuing administrative notices imposing fines on Volkswagen Group companies. Volkswagen AG has accepted the fines and will not appeal. The BaFin proceedings have also been finally terminated.

In November 2015, Volkswagen also reported that internal indicators had caused concerns that there might have been irregularities in determining carbon dioxide (“CO2”) figures for type approval of around 800,000 vehicles and, as a result, the CO2 values and therefore the fuel consumption data published for some vehicle models might have been stated incorrectly. Subsequent measurements performed in coordination with the relevant authorities showed that those concerns of possible irregularities in the CO2 figures for type approval proved to be not correct. Hence, the negative impact on Volkswagen’s earnings of EUR 2 billion that had originally been expected in relation to this aspect of the CO2 issue was not confirmed. However the public prosecutor’s office in Braunschweig is investigating these circumstances.

Proceedings are ongoing in relation to current and former employees of Volkswagen. In July 2018, the public prosecutor’s office in Braunschweig formally opened a misdemeanor proceeding in this regard against Volkswagen AG. On September 24, 2019, the Braunschweig public prosecutor brought charges of alleged market manipulation against Volkswagen AG Chief Executive Officer Herbert Diess, Supervisory Board Chairman Hans Dieter Pötsch, and former CEO Martin Winterkorn in relation to the diesel emissions matter. The September 2019 proceedings have been finally dismissed with regard to one current and one former board member and with regard to Volkswagen AG, while the September 2019 proceedings with regard to the former CEO of Volkswagen AG, Martin Winterkorn, have been provisionally terminated. The Stuttgart public prosecutor’s office has commenced a criminal investigation into the diesel issue against one board member and several employees of Porsche AG on suspicion of fraud and illegal advertising. Furthermore, the public prosecutor’s office in Munich II opened a criminal investigation in connection with the alleged anomalies in the NOx emissions of certain Audi vehicles with diesel engines in the United States and Europe. On June 11, 2018, Rupert Stadler, the head of Volkswagen AG’s Audi brand was named as a suspect in the Munich II public prosecutor’s investigation together with Bernd Martens, Audi’s head of purchasing. Both are being investigated for, inter alia, fraud relating to sales of diesel cars. Rupert Stadler was arrested on June 18, 2018, and resigned as CEO of AUDI AG in October 2018. In July 2019, the Munich II public prosecutor brought criminal charges against, among others, former Audi CEO, Rupert Stadler, in relation to alleged crimes tied to the diesel issue. In June 2020, the Munich II Regional Court allowed the prosecution’s charges in respect to four suspects, including the former Audi CEO, and opened the main proceedings. The trial began in September 2020. Should any of these proceedings result in adverse court decisions against the individuals involved, this could have a negative impact on the outcome of other proceedings against Volkswagen and/or could have other material adverse financial consequences.

There are additional regulatory, criminal and/or civil proceedings in several jurisdictions worldwide. Volkswagen continues to cooperate with government authorities. However, there is a risk the criminal administrative proceedings discussed above, or any other further claims that may arise, could ultimately result in further fines for Volkswagen.

Customers, consumer associations, and/or environmental associations in the affected markets have filed civil lawsuits against Volkswagen AG, other Volkswagen Group companies and non-Volkswagen Group importers and dealers involved in the sales process. In addition, it is possible that importers and dealers could assert claims against Volkswagen, for example through recourse claims. Further lawsuits are possible.

Product related class action, collective or mass proceedings against Volkswagen AG and other Volkswagen Group companies are pending in various countries such as Belgium, Brazil, England and Wales, France, Germany, Italy, the Netherlands, Portugal and South Africa. These proceedings are lawsuits aimed among other things at asserting damages, rescission of the purchase contracts or seeking declaratory judgments that customers are entitled to damages. Many of these proceedings are in an early procedural stage and it is difficult to assess their prospects of success or to quantify the exposure. In some proceedings it is even impossible to define the claimants’ precise causes of action or allegations. However, should these actions be resolved in favor of the claimants, they could result in significant civil damages, fines, the imposition of penalties, sanctions, injunctions and other consequences for Volkswagen.

Individual lawsuits and similar proceedings are pending against Volkswagen in various countries, most of which are seeking damages or rescission of purchase contracts. In Germany, there are around 60 thousand such individual lawsuits relating to various diesel engine types are currently pending against Volkswagen AG or other Group companies, with the plaintiffs suing for damages or rescission of the contract in most cases. A total of approximately one thousand additional lawsuits are pending in other countries. At this time, Volkswagen cannot estimate how many customers will choose to file lawsuits in the future in addition to those already pending and what prospect of success such lawsuits might have.


In South Korea various mass proceedings are pending (in some of these individual lawsuits several hundred litigants have been aggregated). These lawsuits have been filed to assert damages and to rescind the purchase contract including repayment of the purchase price. Furthermore, individual lawsuits and similar proceedings are pending against Volkswagen AG and other Volkswagen Group companies in numerous countries, particularly in Germany and the United States, but also including Italy, Spain, France, Ireland and Austria.

Most of these proceedings are in the early stages and it is difficult to assess their prospects of success, the allegations and the claimants’ precise causes of action or to quantify the exposure. However, should these actions be resolved in favor of the claimants, they could result in significant civil damages, fines, the imposition of penalties, sanctions, injunctions and other consequences.

On November 29, 2017, Volkswagen AG was served with an action brought by the U.S. law firm Hausfeld on behalf of Financialright GmbH, asserting allegedly assigned claims by German customers regarding 15,374 affected vehicles. This action seeks payment of around €358 million in damages, while offering the return of the purchased vehicles. In addition, on January 31, 2018, Volkswagen AG was served with a further action filed by the Hausfeld law firm (dated December 29, 2017) on behalf of Financialright GmbH asserting allegedly assigned claims by an additional 2,004 customers. The 2,004 customers are exclusively customers who have concluded their sales or leasing contracts in Switzerland. Financialright GmbH requests a declaratory judgment that Volkswagen AG is obligated to compensate the respective customers for damages resulting from the use of the switching logic and – if applicable – for the damages resulting from “the software update”. The plaintiff quantifies the amount in dispute of the claim (calculated from an alleged average “reduction in value” of the vehicles) at approximately €800,000. On April 25, 2018, Volkswagen AG was served with Hausfeld’s latest action on behalf of Financialright GmbH. This latest action seeks damages based on purportedly assigned claims of approximately 6,000 customers from Slovenia, with a total amount of approximately EUR 48 million. In addition, the Swiss Foundation for Consumer Protection (Stiftung für Konsumentenschutz) filed a claim for damages against Volkswagen AG in December 2017 based on allegedly assigned claims of some 6,000 customers, indicating the amount in dispute at approximately CHF 30 million.

Evaluating known information and making reliable estimates for provisions is a continuous process. Estimating provisions and contingent liabilities and assessing additional legal risks is subject to great uncertainty due to the ongoing nature of the extensive investigations and proceedings, the risk of new or expanded proceedings, and the complexities of the various negotiations and continuing regulatory approval processes with the relevant authorities. As a result, Volkswagen could be subject to further considerable financial charges that exceed its current estimates. Furthermore, new information not known to Volkswagen’s management board at present may surface, requiring further revaluation of the amounts estimated. Considerable further financial charges may be incurred and further substantial provisions may be necessary as the issues and legal risks, fines and penalties crystallize.

In the United States and Canada, where Volkswagen’s planned actions for the four-cylinder and six-cylinder diesel engines must be approved by U.S. regulators, intensive exchanges of information with the authorities have resulted in approval of emissions modifications for these engines in certain vehicles in the markets. Due to NOx limits in the United States and Canada that are considerably stricter than in the EU and much of the rest of the world, it is a greater technical challenge to refit the vehicles so that the emission standards defined in the U.S. settlement agreements for these vehicles can be achieved. In 2017 and 2018, the EPA/CARB issued the outstanding approvals needed for the technical solutions for affected vehicles with 2.0 liter TDI and with V6 3.0 liter TDI engines. In the case of 2.0 liter Generation 2 diesel vehicles with manual transmissions, Volkswagen elected to withdraw the approved emissions modification proposal, whereby owners were given the option of a buyback and lessees were given the option of early lease termination. Further field measures with financial consequences cannot be ruled out completely at this time. On October 31, 2018, after discussions with DOJ, EPA, and CARB, the parties agreed to modify the First and Second Partial Consent Decrees to clarify that Volkswagen may repair certain technical issues with approved emissions modifications through an “AEM Correction” (Approved Emissions Modification Correction). Where emissions modifications have been approved by U.S. regulators, similar emissions recall programs to those in the U.S. have been developed for Canada. Because, as in the United States, no repair will be available in Canada for 2.0 liter Generation 2 manual transmission vehicles, consumers in possession of these vehicles had the option to participate in the Canadian settlement and receive a buyback, trade-in or early lease termination or, if they had not already made a claim or received benefits, opt out of the settlement between June 15, 2018 and August 15, 2018. Volkswagen may be required to repurchase any other 2.0 liter Generation 2 diesel vehicles with manual transmissions and any other diesel vehicles sold in the United States, Canada and elsewhere, even if not covered under a settlement. This could lead to further significant costs. For example, in Canada, as agreed with the federal environmental regulator, any owners or lessees of manual transmission 2.0 liter Generation 2 diesel vehicles who made a claim by the September 1, 2018 settlement deadline could surrender their vehicle, even if they were not eligible under the Canadian settlement. Furthermore, if the technical solutions implemented by Volkswagen in order to rectify the diesel issue are not implemented in a timely or effective manner or have an undisclosed negative effect on the performance, fuel consumption or resale value of the affected vehicles, regulatory proceedings and/or customer claims for damages could be brought in the future.

 


Alongside coordination with authorities on technical measures, there are ongoing criminal and administrative proceedings in relation to the diesel issue in the U.S., Germany and other countries worldwide.

Following the studies carried out by AUDI AG to check all relevant diesel concepts for possible irregularities and retrofit potentials, measures proposed by AUDI AG have been adopted and mandated by the German Federal Ministry of Transport and the German Federal Motor Transport Authority (Kraftfahrt-Bundesamt, the “KBA”) in various recall orders pertaining to vehicle models with V6 and V8 TDI engines. Currently, AUDI AG assumes that the total cost, including the amount based on recalls, of the ongoing largely software based retrofit program that began in July 2017 will be manageable and has recognized corresponding balance-sheet risk provisions. However, if AUDI AG’s assumptions are incorrect and costs exceed expectations and balance-sheet provisions, AUDI AG and Volkswagen’s results of operations and cash flows may be adversely affected. AUDI AG has in the meantime developed software updates for many of the affected powertrains and, after approval by the KBA, already installed these updates in the vehicles of a large number of affected customers. The few software updates still being developed are expected to be submitted to the KBA for approval early in the second quarter of 2022.

Worldwide, responsible authorities are continuing their review and assessment of the diesel concepts and of the technical solutions. Volkswagen may be required to repurchase vehicles sold in the US, Germany, Canada and elsewhere. This could lead to further significant costs. On April 4, 2018, the Korean Ministry of Environment (the “KME”) ordered a recall after it categorized (i) certain emissions strategies in the engine control software of various AUDI, Volkswagen and Porsche brand diesel vehicles with a V6 or V8 engine, and (ii) the Dynamic Shift Program (DSP) in the gearbox control in some AUDI vehicle models, as prohibited defeat devices. On August 21, 2019, the KME further announced that it has categorized an injection strategy of urea solution as an illegal emission defeat device and (i) revoked the certifications of eight AUDI, Volkswagen and Porsche brand diesel vehicles with V6 engines, (ii) issued a recall order and administrative fines, and (iii) referred the manufacturers to the prosecutors’ office in criminal proceedings.

In addition to ongoing, extensive investigations by governmental authorities in various jurisdictions worldwide (the most significant of which are in Europe, the United States and South Korea), further investigations (including in relation to areas carved out of the Plea Agreement with the U.S. authorities, such as tax and securities laws) could be launched in the future and existing investigations could be expanded. Furthermore, there could be pending or threatened claims against Volkswagen of which Volkswagen’s management is not yet aware. Ongoing and future investigations may result in further legal actions being taken against Volkswagen or some of its employees. These actions could include the following: additional assessments of substantial criminal and civil fines as well as forfeiture of gains; the imposition of penalties, sanctions, injunctions against future conduct; the loss of vehicle type certifications; and sales stops and business restrictions. The timing of the release of new information on the investigations and the maximum amount of penalties that may be imposed cannot be reliably determined at present. New information may arise at any time, including after the offer, sale and delivery of the notes.

Moreover, private and institutional investors from Germany and abroad have filed claims seeking significant damages against Volkswagen AG – in some cases along with Porsche Automobil Holding SE as joint and several debtors – based on purported losses due to alleged misconduct in capital market communications in connection with the diesel issue. The claims relate to Volkswagen AG’s shares and other securities, including bonds, issued by Volkswagen Group companies, as well as third-party securities. The vast majority of these investor lawsuits are currently pending at the Braunschweig Regional Court, with further investor lawsuits filed at the Stuttgart Regional Court. Further investor claims could be brought.

Any of the above-described negative developments could result in substantial additional costs and have a material adverse effect on Volkswagen’s business, financial position, results of operations, and reputation, as well as on the prices of its securities, including the notes, and the proceeds realized from repossessions of any financed vehicles.

Except as described above, no legal proceedings are pending against any of VW Credit, Inc. (in its capacity as the sponsor (the “Sponsor”), in its capacity as an originator contemplated by Item 1110(b) of Regulation AB (the “Originator”), in its capacity as servicer (the “Servicer”) and in its capacity as administrator of Volkswagen Auto Loan Enhanced Trust 2018-2 (the “Issuing Entity”)), Volkswagen Auto Lease/Loan Underwritten Funding, LLC (the “Depositor”), Deutsche Bank Trust Company Americas (the “Indenture Trustee”), Citicorp Trust Delaware, National Association (the “Issuer Delaware Trustee”), Citibank, N.A. (the “Owner Trustee”), or the Issuing Entity or of which any property of the foregoing is the subject that are or would be material to holders of the asset-backed notes (the “Notes”) or the asset-backed certificate (the “Certificate”). No such proceedings are known to be contemplated by governmental authorities.


Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.

Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.

The Servicer and the Indenture Trustee (collectively, the “Servicing Parties”) have each been identified by the Depositor as parties participating in the servicing function with respect to the asset pool held by the Issuing Entity. Each of the Servicing Parties has completed a report on an assessment of compliance with the servicing criteria set forth in paragraph (d) of Item 1122 of Regulation AB applicable to it (each, a “Servicing Assessment Report”), which Servicing Assessment Reports are attached as exhibits to this Form 10-K. In addition, each of the Servicer and the Indenture Trustee has provided an attestation report (each, an “Attestation Report”) by a registered public accounting firm, which reports are also attached as exhibits to this Form 10-K. Neither the Indenture Trustee’s Servicing Assessment Report nor the Indenture Trustee’s Attestation Report has identified any material instance of noncompliance with the servicing criteria applicable to the Indenture Trustee.

The Servicer complied in all material respects with the servicing criteria applicable to it.

Item 1123 of Regulation AB. Servicer Compliance Statement.

The Servicer has completed a statement of compliance with its activities during the reporting period and of its performance under the applicable servicing agreement (a “Compliance Statement”), signed by an authorized officer of the Servicer. The Compliance Statement is attached as Exhibit 35.1 to this Form 10-K.


EXHIBIT INDEX

 

Exhibit 31.1    Certification of Senior Officer in Charge of the Servicing Function of the Servicer Pursuant to Rule 15d-14(d).
Exhibit 33.1    Report on Assessment of Compliance with Applicable Servicing Criteria of VW Credit, Inc.
Exhibit 33.2    Report on Assessment of Compliance with the Servicing Criteria of Deutsche Bank National Trust Company and Deutsche Bank Trust Company Americas.
Exhibit 34.1    Attestation Report on Assessment of Compliance with the Servicing Criteria of Baker Tilly US, LLP, on behalf of VW Credit, Inc.
Exhibit 34.2    Attestation Report on Assessment of Compliance with the Servicing Criteria of Ernst & Young LLP, on behalf of Deutsche Bank Trust Company Americas.
Exhibit 35.1    Annual Servicer Compliance Statement of the Servicer for the year ended December 31, 2021.


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Depositor has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

March 30, 2022

 

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2018-2
By:   VW Credit, Inc., as Servicer
By:  

/s/ Garett Miles

  Garett Miles
  Head of Securitization and Assistant Treasurer
  (senior officer in charge of the servicing function)
EX-31.1 2 d301557dex311.htm EX-31.1 EX-31.1

EXHIBIT 31.1

CERTIFICATION OF SENIOR OFFICER IN CHARGE OF THE SERVICING FUNCTION OF THE SERVICER PURSUANT TO Rule 15d-14(d)

I, Garett Miles, certify that:

 

  1.

I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Volkswagen Auto Loan Enhanced Trust 2018-2 (the “Exchange Act periodic reports”);

 

  2.

Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3.

Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

 

  4.

I am responsible for reviewing the activities performed by the servicer and based on my knowledge and the compliance review conducted in preparing the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer has fulfilled its obligations under the servicing agreement in all material respects; and

 

  5.

All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated party: Deutsche Bank Trust Company Americas.

March 30, 2022

 

/s/ Garett Miles

Garett Miles
Head of Securitization and Assistant Treasurer
(senior officer in charge of the servicing function)
EX-33.1 3 d301557dex331.htm EX-33.1 EX-33.1

EXHIBIT 33.1

Report on Assessment of Compliance with Applicable Servicing Criteria of VW Credit, Inc.

March 30, 2022

1.    VW Credit, Inc. (“VCI”) is responsible for assessing compliance with the servicing criteria applicable to it set forth in paragraph (d) of Item 1122 of Regulation AB as of December 31, 2021 and for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”) as set forth in Exhibit A hereto. This report does not include asset backed securities transactions for which VCI acted as servicer involving retail auto loans consummated prior to the effectiveness of Regulation AB. The sole asset-backed securities transaction covered by this report was the Volkswagen Auto Loan Enhanced Trust 2018-2.

2.    Except as set forth in paragraph 3 below, VCI used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess compliance with the applicable servicing criteria.

3.    VCI has determined that the criteria in the column titled “Inapplicable Servicing Criteria” on Exhibit A hereto (collectively, the “Inapplicable Servicing Criteria”) are not applicable to VCI based on the activities VCI performs with respect to asset backed securities transactions involving retail auto loans other than transactions consummated prior to the effectiveness of Regulation AB. The criteria set forth in paragraph (d) of Item 1122 of Regulation AB other than the Inapplicable Servicing Criteria are referred to as the “Applicable Servicing Criteria”.

4.    VCI has complied, in all material respects, with the Applicable Servicing Criteria as of December 31, 2021 and for the Reporting Period with respect to its asset backed securities transactions involving retail auto loans other than transactions consummated prior to the effectiveness of Regulation AB.

5.    Baker Tilly US, LLP, an independent registered public accounting firm, has issued an attestation report on VCI’s assessment of compliance with the Applicable Servicing Criteria as of December 31, 2021 and for the Reporting Period.

VW CREDIT, INC.

 

By:  

/s/ Garett Miles

  Garett Miles
  Head of Securitization and Assistant Treasurer


EXHIBIT A

 

SERVICING CRITERIA

  

APPLICABLE

SERVICING CRITERIA

     INAPPLICABLE
SERVICING
CRITERIA
 

Reference

  

Criteria

  

Performed

by Servicer

   Performed
By Trustee
        
    General Servicing Criteria         
1122(d)(1)(i)    Policies and procedures are instituted to 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 outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.     - No material servicing activities outsourced except indentured trustee who is required to provide the certifications and annual reports concerning criteria 1122 (d) (2) (iii), (iv) & (v)      
1122(d)(1)(iii)    Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.     - Transaction documents do not require a back-up servicer      
1122(d)(1)(iv)    A fidelity bond and errors and omissions policy is in effect 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.           
1122(d)(1)(v)    Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.         
                    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)(ii)    Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.             
1122(d)(2)(iii)    Advances of funds or guarantees regarding 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, 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 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 prevent unauthorized access.             
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.         
                    Investor Remittances and Reporting         
1122(d)(3)(i)    Reports to investors, including those to be 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 Trustsee’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 with timeframes, distribution priority and other terms set forth in the transaction agreements.     - except with respect to remittances      
1122(d)(3)(iii)    Disbursements made to an investor are posted 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 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 maintained as required by the transaction agreements or related asset pool documents.                     
1122(d)(4)(ii)    Pool assets and related documents are safeguarded as required by the transaction agreements.         
1122(d)(4)(iii)    Any additions, removals or substitutions to the 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 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 asset pool documents.         
1122(d)(4)(v)   

The Servicer’s records regarding the pool 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 of an obligor’s pool asset (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, 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.         
1122(d)(4)(viii)    Records documenting collection efforts are 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 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 Trusts for an 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 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 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 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 accounts are recognized and recorded in accordance with the transaction agreements.         
1122(d)(4)(xv)    Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.    - No escrow accounts managed for obligors      
EX-33.2 4 d301557dex332.htm EX-33.2 EX-33.2

Exhibit 33.2

MANAGEMENT’S ASSERTION OF COMPLIANCE

Management of the Trust & Agency Services department of Deutsche Bank National Trust Company and Deutsche Bank Trust Company Americas (collectively the “Company”) is responsible for assessing the servicing criteria set forth in Item 1122(d) of Regulation AB promulgated by the Securities and Exchange Commission to determine which criteria are applicable to the Company in respect of the servicing platform described below. Management has determined that the servicing criteria are applicable in regard to the servicing platform as of and for the period as follows:

Platform: Publicly-issued (i.e., transaction-level reporting required under the Securities Exchange Act of 1934, as amended) and certain privately-issued (i.e., for which transaction-level reporting is required pursuant to contractual obligation) residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities issued on or after January 1, 2006, for which the Company provides trustee, certificate administrator, securities administration, paying agent or custodian services, as defined in the transaction agreements, excluding publicly-issued securities sponsored or issued by any government sponsored entity (the “Platform”) (see Appendix A).

Applicable Servicing Criteria: All servicing criteria set forth in Item 1122(d), to the extent required by Item 1122(d) servicing criteria in regards to the activities performed by the Company with respect to the Platform as to any transaction, except for the following criteria: 1122(d)(4)(iv) – 1122(d)(4)(xiv), which management has determined are not applicable to the activities the Company performs with respect to the Platform (the “Applicable Servicing Criteria”). With respect to Applicable Servicing Criteria 1122(d)(1)(ii), 1122(d)(1)(iii), 1122(d)(2)(iii) and 1122(d)(4)(iii) there were no activities performed during the year ended December 31, 2021 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities.

Period: Year ended December 31, 2021 (the “Period”).

Management’s interpretation of Applicable Servicing Criteria: The Company’s management has determined that servicing criterion 1122(d)(1)(iii) is applicable only with respect to its continuing obligation to act as, or locate a, successor servicer under the circumstances referred to in certain transaction agreements. It is management’s interpretation that the Company has no other active back-up servicing responsibilities in regards to servicing criterion 1122(d)(1)(iii) as of and for the Period. The Company’s management has determined that servicing criterion 1122(d)(1)(v) is applicable only to the activities the Company performs related to the mathematically accurate aggregation of information received from servicers and the accurate conveyance of such information within reports to investors. The Company’s management has determined that servicing criterion 1122(d)(4)(iii) is applicable to the activities the Company performs with respect to the Platform only as it relates to the Company’s obligation to report additions, removals or substitutions on reports to investors in accordance with the transaction agreements.

With respect to the Platform as of and for the Period, the Company’s management provides the following assertion of compliance with respect to the Applicable Servicing Criteria:

 

   

The Company’s management is responsible for assessing the Company’s compliance with the Applicable Servicing Criteria.

 

   

The Company’s management has assessed compliance with the Applicable Servicing Criteria. In making this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB.

 

   

Based on such assessment, the Company has complied, in all material respects with the Applicable Servicing Criteria.

Ernst & Young LLP, an independent registered public accounting firm, has issued an attestation report with respect to management’s assertion of compliance with the Applicable Servicing Criteria as of and for the Period.


DEUTSCHE BANK NATIONAL TRUST COMPANY
By:  

/s/ Matt Bowen

  Name: Matt Bowen
  Its: Managing Director
By:  

/s/ Christopher Corcoran

  Name: Christopher Corcoran
  Its: Directors
By:  

/s/ Ronaldo Reyes

  Name: Ronaldo Reyes
  Its: Vice President
DEUTSCHE BANK TRUST COMPANY AMERICAS
By:  

/s/ Ronaldo Reyes

  Name: Ronaldo Reyes
  Its: Vice President
By:  

/s/ Christopher Corcoran

  Name: Christopher Corcoran
  Its: Director

Dated: February 28, 2022


Appendix A

I - Asset-backed transactions and securities constituting the platform - MBS deals

 

Deal ID

  

Deal Name

  

Series

AA0601    Aames Mortgage Investment Trust    2006-1
AB07O1    Alliance Bancorp Trust    2007-OA1
AC0601    Accredited Mortgage Loan Trust    2006-1
AC0602    Accredited Mortgage Loan Trust    2006-2
AC0701    Accredited Home Loan Trust    2007-1
AG0601    Aegis    2006-1
AH0601    American Home Mortgage Investment Trust    2006-1
AH0602    American Home Mortgage Investment Trust    2006-2
AH0603    American Home Mortgage Investment Trust    2006-3
AH06A1    American Home Mortgage Assets Trust    2006-1
AH06A2    American Home Mortgage Assets Trust    2006-2
AH06A5    American Home Mortgage Assets Trust    2006-5
AH06A6    American Home Mortgage Assets Trust    2006-6
AH0701    American Home Mortgage Investment Trust    2007-1
AH0702    American Home Mortgage Investment Trust    2007-2
AH07A1    American Home Mortgage Assets Trust    2007-1
AH07A2    American Home Mortgage Assets Trust    2007-2
AH07A3    American Home Mortgage Assets Trust    2007-3
AH07A4    American Home Mortgage Assets Trust    2007-4
AH07A5    American Home Mortgage Assets Trust    2007-5
AQ0601    Ameriquest Mortgage Securities, Inc.    2006-R1
AQ0602    Ameriquest Mortgage Securities, Inc.    2006-R2
AQ06M3    Ameriquest Mortgage Securities    2006-M3
AR0601    Argent    2006-1
AR0602    Ameriquest / Argent    2006-2
AR0603    Argent Securities Inc    2006-W3
AR0604    Argent Securities Inc    2006-W4
AR0605    Argent Securities Inc    2006-W5
AR06M1    Ameriquest / Argent    2006-M1
AR06M2    Argent Securities Trust    2006-M2
BA15SK    SFAVE    2015-5AVE
BC0601    Securitized Asset Backed Receivables (SABR)    2006-WM3
BC06F4    Securitized Asset Backed Receivables (SABR)    2006-FR4
BC06W4    Securitized Asset Backed Receivables (SABR)    2006-WM4
BC0701    BCAP LLC trust    2007-AA1
BC0702    BCAP LLC trust    2007-AA2
BC0703    BCAP LLC trust    2007-AA3
BC0704    BCAP LLC trust    2007-AA4
BC0705    BCAPB LLC Trust    2007-AB1
BC07B1    Securitized Asset Backed Receivables (SABR)    2007-BR1
BC07B2    Securitized Asset Backed Receivables (SABR)    2007-BR2
BC07B3    Securitized Asset Backed Receivables LLC Trust (SABR)    2007-BR3
BC07B4    Securitized Asset Backed Receivables LLC Trust (SABR)    2007-BR4
BC07B5    Securitized Asset Backed Receivables LLC Trust (SABR)    2007-BR5
BC07C1    Securitized Asset Backed Receivables (SABR)    2007-NC1
BC07C2    Securitized Asset Backed Receivables (SABR)    2007-NC2
BC07E1    EquiFirst Loan Securitization Trust    2007-1


BC07H1    Securitized Asset Backed Receivables (SABR)    2007-HE1
CD07C5    CD Mortgage Trust    2007-CD5
CI1423    CGCMT    2014-GC23
CI1425    CGCMT    2014-GC25
CI14F1    CG-CCRE    2014-FL1
CI14F2    CG-CCRE    2014-FL2
CI1527    CGCMT    2015-GC27
CI1529    CGCMT    2015-GC29
CI1531    CGCMT    2015-GC31
CI1533    CGCMT    2015-GC33
CI1535    Citigroup Commercial    2015-GC35
CI15P1    CGCMT    2015-P1
CI15SM    GCBAM    2015-SMRT
CI1637    CGCMT    2016-GC37
CI16C1    Citigroup Commercial Mortgage Trust    2016-C1
CI16C2    Citigroup Commercial Mortgage Trust    2016-C2
CI16C3    CGCMT    2016-C3
CI16P4    CGCMT    2016-P4
CI16P5    CGCMT    2016-P5
CI16P6    CGCMT    2016-P6
CI17B1    CGCMT    2017-B1
CI17P7    Citigroup Commercial Mortgage Trust    2017-P7
DB06G1    DB / ACE Securities Corp.    2006-GP1
DB07C9    COMM Mortgage Trust    2007-C9
DB11L2    DBUBS Mortgage Trust    2011-LC2
DB12C3    COMM Mortgage Trust    2012-CCRE3
DB12L4    COMM Mortgage Trust    2012-LC4
DB12LT    COMM Mortgage Trust    2012-LTRT
DB12VT    VNDO    2012-6AVE
DB1311    COMM Mortgage Trust    2013-CCRE11
DB1313    COMM Mortgage Trust    2013-LC13
DB133P    COMM Mortgage Trust    2013-300P
DB13BW    BWAY Mortgage Trust    2013-1515
DB13C6    COMM Mortgage Trust    2013-CCRE6
DB13C8    COMM Mortgage Trust    2013-CCRE8
DB13C9    COMM Mortgage Trust    2013-CCRE9
DB13CC    COMM Mortgage Trust    2013-CCRE13
DB13SF    COMM Mortgage Trust    2013-SFS
DB1414    COMM Mortgage Trust    2014-CCRE14
DB1417    COMM Mortgage Trust    2014-CCRE17
DB14AR    DBCCRE    2014-ARCP
DB14U2    COMM Mortgage Trust    2014-UBS2
DB14U4    COMM Mortgage Trust    2014-UBS4
DB1521    COMM Mortgage Trust    2015-LC21
DB1522    COMM Mortgage Trust    2015-CCRE22
DB1525    COMM Mortgage Trust    2015-CCRE25
DB15LC    DBWF    2015-LCM
DB1678    COMM Mortgage Trust    2016-787S
DB1685    DBWF    2016-85T
DB16D2    COMM Mortgage Trust    2016-DC2
DB16SF    DBJPM Mortgage Trust    2016-SFC
FF0603    Goldman / First Franklin    2006-FF3
FF0604    Goldman / FFMLT    2006-FF4


FF0606    Goldman / FFMLT    2006-FF6
FF0613    FFMLT Trust    2006-FF13
FF06F1    HSBC / First Franklin    2006-FF1
FF06F5    HSBC / FFMLT    2006-FF5
FF06F7    HSBC / FFMLT    2006-FF7
FF06FB    HSBC / First Franklin    2006-FF11
FF07S1    FFMLT    2007-FFB-SS
GC0613    Harborview Mortgage Loan Trust    2006-13
GC0614    Harborview Mortgage Loan Trust    2006-14
GC06B1    Greenwich / Harborview Trust MPTC    2006-BU1
GC06D1    Greenwich / DSLA MTGE Pass-Thru Certs    2006-AR1
GC06D2    DSLA Mortgage Loan Trust    2006-AR2
GC06E1    Soundview Home Loan Trust    2006-EQ1
GC06E2    Soundview Home Loan Trust    2006-EQ2
GC06F1    Greenwich / Fremont Home Loan Trust    2006-1
GC06F2    Fremont Home Loan Trust    2006-2
GC06F3    Fremont Home Loan Trust    2006-3
GC06H2    Greenwich / Harborview Trust MPTC    2006-2
GC06H3    Greenwich / Harborview Mortgage Loan Trust    2006-3
GC06H5    Greenwich / Harborview    2006-5
GC06H6    Greenwich / Harborview    2006-6
GC06H7    Greenwich / Harborview Mortgage Loan Trust    2006-7
GC06H8    Greenwich / Harborview Mortgage Loan Trust    2006-8
GC06H9    Harborview Mortgage Loan Trust    2006-9
GC06O1    Greenwich / Soundview Home Loan Trust    2006-OPT1
GC06O2    Greenwich / Soundview Home Loan Trust    2006-OPT2
GC06O3    Greenwich / Soundview Home Loan Trust    2006-OPT3
GC06O4    Greenwich / Soundview Home Loan Trust    2006-OPT4
GC06O5    Greenwich / Soundview HEL    2006-OPT5
GC06S1    Greenwich / Soundview HEL    2006-1
GC06S2    Greenwich / Soundview Home Loan Trust    2006-2
GC06S3    Greenwich / Soundview Home Loan Trust    2006-3
GC06SA    Greenwich / Soundview Home Loan Trust    2006-A
GC06W1    Soundview Home Loan Trust    2006-WF1
GC06W2    Soundview Home Loan Trust    2006-WF2
GC06X1    Harborview Mortgage Loan Trust    2006-SB1
GC06Z8    Greenwich / First Franklin    2006-FF8
GC06ZA    First Franklin    2006-FF16
GC070A    RBSGC Mortgage Loan Trust    2007-A
GC070B    RBSGC Mortgage Loan Trust    2007-B
GC071W    Soundview Home Loan Trust    2007-WMC1
GC07D1    DSLA Mortgage Loan Trust    2007-AR1
GC07H2    Harborview Mortgage Loan Trust    2007-2
GC07H4    Harborview Mortgage Loan Trust    2007-4
GC07H5    Harborview Mortgage Loan Trust    2007-5
GC07H6    Harborview Mortgage Loan Trust    2007-6
GC07H7    Harborview Mortgage Loan Trust    2007-7
GC07S1    Soundview Home Loan Trust    2007-1
GC07V1    Soundview Home Loan Trust    2007-NS1
GS0602    Goldman GSAA    2006-2
GS0604    GSAA Trust    2006-4
GS0607    GSAA Home Equity Trust    2006-7
GS0608    GSAA Home Equity Trust    2006-8


GS0610    Goldman / GSAA    2006-10
GS0611    Goldman / GSAA    2006-11
GS0613    Goldman / GSAA Home Equity Trust    2006-13
GS0615    GSAA    2006-15
GS0616    GSAA    2006-16
GS0617    GSAA    2006-17
GS0618    GSAA    2006-18
GS061S    GSAA Home Equity Trust    2006-S1
GS062S    Goldman / GSAMP    2006-S2
GS063S    GSAMP Trust    2006-S3
GS064S    Goldman / GSAMP    2006-S4
GS065S    Goldman / GSAMP Trust    2006-S5
GS066S    GSAMP Trust    2006-S6
GS06C2    Goldman / GSAMP Trust    2006-NC2
GS06F1    GSAMP Trust    2006-FM1
GS06F2    GSAMP Trust    2006-FM2
GS06F3    GSAMP    2006-FM3
GS06G1    Greenpoint Mortgage Funding Trust    2006-OH1
GS06H1    Goldman / GSAMP    2006-HE1
GS06L1    Goldman / GSAMP Trust    2006-S1
GS06O1    Goldman / GSR Mortgage Loan Trust    2006-OA1
GS0702    GSAA Trust    2007-2
GS0704    GSAA Trust    2007-4
GS0705    GSAA Home Equity Trust    2007-5
GS0706    GSAA Trust    2007-6
GS071H    GSAMP Trust    2007-HSBC1
GS071S    GSAA Home Equity Trust    2007-S1
GS07A1    GSR    2007-AR1
GS07A2    GSR Mortgage Loan Trust    2007-AR2
GS07F1    GSAMP    2007-FM1
GS07F2    GSAMP Trust    2007-FM2
GS07H1    GSR Trust    2007-HEL1
GS07O1    GSR Trust    2007-OA1
GS07O2    GSR Mortgage Loan Trust    2007-QA2
GS07T1    STARM Mortgage Loan Trust    2007-1
GS07T4    STARM    2007-4
GS11C5    GS Mortgage Securities Trust    2011-GC5
GS12C7    GS Mortgage Securities Corporation II    2012-GCJ7
GS1312    GS Mortgage Securities Corp Commercial Mtg    2013-GCJ12
GS1314    GS Mortgage Securities Trust    2013-GCJ14
GS1418    GS Mortgage Securities    2014-GC18
GS1422    GSMS    2014-GC22
HB0601    HSBC / HASCO    2006-OPT1
HB0602    HSBC / HASCO    2006-OPT2
HB0603    HSI Asset Securitization Trust    2006-OPT3
HB0604    HSI Asset Securitization Trust    2006-OPT4
HB06C1    HASCO    2006-NC1
HB06H1    HASCO    2006-HE1
HB06H2    HASCO    2006-HE2
HB06L2    HALO    2006-2
HB06W1    HSI Asset Securitization Trust    2006-WMC1
HB0701    HASCO    2007-OPT1
HB07A1    HALO    2007-1


HB07A2    HSI Asset Loan Obligations    2007-2
HB07C1    HSI Asset Securitization Trust    2007-NC1
HB07F1    HSIAsset Securitization Corporation Trust    2007-WF1
HB07H1    HASCO    2007-HE1
HB07H2    HASCO    2007-HE2
HB07L1    HALO    2007-AR1
HB07L2    HSIAsset Loan Obligation Trusts    2007-AR2
HB07W1    HALO    2007-WF1
IM06S1    IMPAC Secured Assets    2006-1
IM06S2    IMPAC Secured Assets Corp    2006-2
IM06S3    IMPAC Secured Assets    2006-3
IM06S4    IMPAC Secured Assets    2006-4
IM06S5    IMPAC Secured Assets    2006-5
IM07S1    IMPAC Secured Assets    2007-1
IM07S2    IMPAC Secured Assets    2007-2
IM07S3    IMPAC Secured Assets    2007-3
IN0601    IndyMac Bank RAST    2006-A1
IN0602    IndyMac RAST    2006-A2
IN0603    IndyMac RAST    2006-A3CB
IN0605    IndyMac RAST    2006-A5CB
IN0606    IndyMac RAST    2006-A6
IN0607    IndyMac RAST    2006-A7CB
IN0608    IndyMac RAST    2006-A8
IN0609    IndyMac RAST    2006-A9CB
IN060A    IndyMac INDS Mortgage Loan Asset-Backed Trust    2006-A
IN0610    IndyMac RAST    2006-A10
IN0611    IndyMac RAST    2006-A11
IN0612    IndyMac RAST    2006-A12
IN0613    IndyMac RAST    2006-A13
IN0614    IndyMac Residential Asset Securitization Trust    2006-A14CB
IN0615    IndyMac RAST    2006-A15
IN0616    IndyMac RAST    2006-A16
IN06A2    IndyMac Bank INDX    2006-AR2
IN06A3    IndyMac Bank INDX    2006-AR3
IN06A4    IndyMac INDX Mortgage Loan Trust    2006-AR4
IN06A5    IndyMac INDX Mortgage Loan Trust    2006-AR5
IN06A6    IndyMac INDX Mortgage Loan Trust    2006-AR6
IN06A7    IndyMac INDX Mortgage Loan Trust    2006-AR7
IN06A8    IndyMac INDX Mortgage Loan Trust    2006-AR8
IN06A9    IndyMac INDX Mortgage Loan Trust    2006-AR9
IN06AB    IndyMac INDX Mortgage Loan Trust    2006-AR11
IN06AC    IndyMac INDX    2006-AR12
IN06AD    IndyMac INDX Mortgage Loan Trust    2006-AR13
IN06AE    IndyMac INDX    2006-AR14
IN06AF    IndyMac INDX Mortgage Loan Trust    2006-AR15
IN06AJ    IndyMac INDX    2006-AR19
IN06AL    IndyMac INDX    2006-AR21
IN06AN    IndyMac INDX    2006-AR23
IN06AP    IndyMac INDX    2006-AR25
IN06AR    IndyMac INDX    2006-AR27
IN06AT    IndyMac INDX    2006-AR29
IN06AV    IndyMac INDX Mortgage Loan Trust    2006-AR31
IN06AX    IndyMac INDX Mortgage Loan Trust    2006-AR33


IN06AZ    IndyMac INDX Mortgage Loan Trust    2006-AR35
IN06B1    IndyMac INDB    2006-1
IN06D1    IndyMac INDA    2006-AR1
IN06D2    IndyMac INDA    2006-AR2
IN06D3    IndyMac INDA    2006-AR3
IN06F1    IndyMac INDX    2006-FLX1
IN06G1    IndyMac INDX Mortgage Loan Trust    2006-1
IN06G2    IndyMac INDS    2006-2B
IN06G3    Home Equity Mortgage Loan Asset-Backed Trust INDS    2006-3
IN06H1    IndyMac Home Equity Mortgage Loan Trust    2006-H1
IN06H2    IndyMac INABS    2006-H2
IN06H3    IndyMac Home Equity Mortgage Loan Asset-Backed Trust    2006-H3
IN06L1    IndyMac Loan Trust    2006-L1
IN06L2    IndyMac Loan Trust    2006-L2
IN06L3    IndyMac Lot Loan    2006-L3
IN06L4    IndyMac Residential Mortgage Backed Trust    2006-L4
IN06P4    IndyMac RAST    2006-A4
IN06R1    IndyMac RAST    2006-R1
IN06R2    IndyMac INDX    2006-R1
IN06S1    IndyMac Bank INABS    2006-A
IN06S2    IndyMac INABS    2006-B
IN06S3    IndyMac INABS    2006-C
IN06S4    IndyMac INABS    2006-D
IN06S5    Home Equity Mortgage Loan Asset-Backed Trust INABS    2006-E
IN06Z1    IndyMac INDX    2006-AR37
IN06Z2    IndyMac INDX    2006-AR39
IN06Z3    IndyMac INDX    2006-AR41
IN0701    IndyMac Residential Asset Securitization Trust    2007-A1
IN0702    IndyMac RAST    2007-A2
IN0703    IndyMac RAST    2007-A3
IN0705    IndyMac Residential Asset Securitization Trust    2007-A5
IN0706    Residential Asset Securitization Trust    2007-A6
IN0707    IndyMac RAST    2007-A7
IN0708    IndyMac RAST    2007-A8
IN0709    Residential Asset Securitization Trust    2007-A9
IN07A1    IndyMac INDX MORTGAGE LOAN TRUST    2007-AR1
IN07A5    IndyMac MBS, Inc.    2007-AR5
IN07A7    IndyMac INDX Mortgage Loan Trust    2007-AR7
IN07A9    IndyMac INDX Mortgage Loan Trust    2007-AR9
IN07AB    IndyMac INDX Mortgage Loan Trust    2007-AR11
IN07AD    IndyMac INDX Mortgage Loan Trust    2007-AR13
IN07AF    IndyMac INDX Mortgage Loan Trust    2007-AR15
IN07AH    IndyMac INDX Mortgage Loan Trust    2007-AR17
IN07AJ    IndyMac INDX Mortgage Loan Trust    2007-AR19
IN07AL    IndyMac INDX Mortgage Loan Trust    2007-AR21IP
IN07C1    IndyMac IMSC Mortgage Loan Trust    2007-AR1
IN07D1    IndyMac INDA Mortgage Loan Trust    2007-AR1
IN07D2    IndyMac INDA Mortgage Loan Trust    2007-AR2
IN07D3    IndyMac INDA Mortgage Loan Trust    2007-AR3
IN07D4    IndyMac INDA Mortgage Loan Trust    2007-AR4
IN07D5    IndyMac INDA Mortgage Loan Trust    2007-AR5
IN07D6    IndyMac INDA Mortgage Loan Trust    2007-AR6
IN07D7    IndyMac INDA Mortgage Loan Trust    2007-AR7


IN07D8    IndyMac INDA Mortgage Loan Trust    2007-AR8
IN07D9    IndyMac INDA Mortgage Loan Trust    2007-AR9
IN07F1    IndyMac INDX Mortgage Loan Trust    2007-FLX1
IN07F2    IndyMac INDX Mortgage Loan Trust    2007-FLX2
IN07F3    IndyMac INDX Mortgage Loan Trust    2007-FLX3
IN07F4    IndyMac INDX Mortgage Loan Trust    2007-FLX4
IN07F5    IndyMac INDX Mortgage Loan Trust    2007-FLX5
IN07F6    IndyMac INDX Mortgage Loan Trust    2007-FLX6
IN07J1    IndyMac IMJA Mortgage Loan Trust    2007-A1
IN07J2    IndyMac IMJA Mortgage Loan Trust    2007-A2
IN07J3    IndyMac IMJA Mortgage Loan Trust    2007-A3
IN07J4    IndyMac IMJA Mortgage Loan Trust    2007-A4
IN07L1    IndyMac RMBT    2007-L1
IN07M1    IndyMac IMSC Mortgage Loan Trust    2007-F1
IN07M2    IndyMac IMSC Mortgage Loan Trust    2007-F2
IN07M3    IndyMac IMSC Mortgage Loan Trust    2007-AR2
IN07M4    IndyMac IMSC Mortgage Loan Trust    2007-F3
IN07MH    IndyMac IMSC Mortgage Loan Trust    2007-HOA-1
IN07R1    Residential Asset Securitization Trust    2007-R1
IN07S1    IndyMac Home Equity Trust INABS    2007-A
IN07S2    IndyMac INABS    2007-B
IX0601    IXIS Real Estate Capital Trust    2006-HE1
IX0602    IXIS Real Estate Capital Trust    2006-HE2
IX0603    IXIS Real Estate Capital Trust    2006-HE3
IX0701    IXIS Real Estate Capital Trust    2007-HE1
IX0702    Morgan Stanley ABS Capital I Inc    2007-HE2
JP07C1    J.P. Morgan Mortgage Acquisition Trust    2007-CH1
JP07C2    J.P. Morgan Mortgage Acquisition Trust    2007-CH2
JP07C3    J.P. Morgan Mortgage Acquisition Trust    2007-CH3
JP07C4    J.P. Morgan Mortgage Acquisition Trust    2007-CH4
JP07C5    J.P. Morgan Mortgage Acquisition Trust    2007-CH5
JP07H1    J.P. Morgan Mortgage Acquisition Trust    2007-HE1
JP1317    JPMBB Commercial Mortgage Securities Trust    2013-C17
JP1420    J.P. Morgan Chase Commercial Mortgage Securities Trust    2014-C20
LB0601    Long Beach    2006-1
LB0602    Long Beach Mortgage Loan Trust    2006-2
LB0603    Long Beach Mortgage Loan Trust    2006-3
LB0604    Long Beach Mortgage Loan Trust    2006-4
LB0605    Long Beach Mortgage Loan Trust    2006-5
LB0606    Long Beach Mortgage Loan Trust    2006-6
LB0607    Long Beach Mortgage Loan Trust    2006-7
LB0608    Long Beach Mortgage Loan Trust    2006-8
LB0609    Long Beach Mortgage Loan Trust    2006-9
LB060A    Long Beach Mortgage Trust    2006-A
LB0610    Long Beach Mortgage Loan Trust    2006-10
LB0611    Long Beach Mortgage Loan Trust    2006-11
LB06W1    Long Beach    2006-WL1
LB06W2    Long Beach    2006-WL2
LB06W3    Long Beach    2006-WL3
ML07M1    Merrill Lynch Mortgage Investors Trust    2007-MLN1
MS06C1    Morgan Stanley    2006-NC1
MS06C2    Morgan Stanley Capital I Inc. Trust    2006-NC2
MS06C3    Morgan Stanley ABS Capital I Inc. Trust    2006-NC3


MS06C4    Morgan Stanley ABS Capital    2006-NC4
MS06C5    Morgan Stanley ABS Capital I Inc. Trust    2006-NC5
MS06H2    Morgan Stanley ABS Capital I Inc. Trust    2006-HE2
MS06H3    Morgan Stanley ABS Capital I Inc. Trust    2006-HE3
MS06H4    Morgan Stanley ABS Capital    2006-HE4
MS06H5    Morgan Stanley ABS Capital Trust    2006-HE5
MS06H6    Morgan Stanley ABS Capital I Inc. Trust    2006-HE6
MS06H7    Morgan Stanley ABS Capital I Inc. Trust    2006-HE7
MS06H8    Morgan Stanley ABS Capital I Inc. Trust    2006-HE8
MS06I1    Morgan Stanley IXIS Real Estate Capital    2006-1
MS06I2    Morgan Stanley IXIS Real Estate Capital Trust    2006-2
MS06R2    IndyMac RAST    2006-R2
MS06W2    Morgan Stanley ABS Capital Trust    2006-WMC2
MS06X2    Morgan Stanley Home Equity LoanTrust (HEL line)    2006-2
MS06X3    Morgan Stanley Home Equity LoanTrust (HEL line)    2006-3
MS07B1    Morgan Stanley Structured Trust I    2007-1
MS07C1    Morgan Stanley ABS Capital I Inc. Trust    2007-NC1
MS07C2    Morgan Stanley ABS Capital I Inc    2007-2
MS07C3    Morgan Stanley ABS Capital I Inc    2007-3
MS07C4    Morgan Stanley ABS Capital I Inc    2007-NC4
MS07H1    Morgan Stanley ABS Capital I Inc. Trust    2007-HE1
MS07H2    Morgan Stanley ABS Capital I Inc. Trust    2007-HE2
MS07H3    Morgan Stanley ABS Capital I Inc. Trust    2007-HE3
MS07H5    Morgan Stanley ABS Capital I Inc    2007-HE5
MS07H6    Morgan Stanley ABS Capital I Inc    2007-6
MS07H7    Morgan Stanley ABS Capital I Inc    2007-HE7
MS07X1    Morgan Stanley Home Equity Loan Trust    2007-1
MS07X2    Morgan Stanley Home Equity Loan Trust    2007-2
MS1311    MSBAM    2013-C11
MS1415    MSBAM    2014-C15
NC0601    New Century HEL Trust    2006-1
NC0602    New Century HEL Trust    2006-2
NC06A1    New Century Alternative Mortgage Trust    2006-ALT1
NC06S1    New Century HEL    2006-S1
NS0604    Novastar Mortgage Funding Trust    2006-4
NS0605    Novastar Mortgage Funding Trust    2006-5
NS0606    Novastar Mortgage Funding Trust    2006-6
NS0701    Novastar Mortgage Funding Trust    2007-1
NS0702    Novastar Mortgage Funding Trust    2007-2
PO0701    Popular    2007-A
RB13GS    RBS Commercial Funding Inc. Trust    2013-GSP
RF06A1    RFC RALI    2006-QA1
RF06A3    Residential Accredit Loans, Inc.    2006-QA3
RF06A4    Residential Accredit Loans, Inc.    2006-QA4
RF06A5    RFC RALI    2006-QA5
RF06A6    Residential Accredit Loans, Inc.    2006-QA6
RF06A7    Residential Accredit Loans, Inc.    2006-QA7
RF06A8    Residential Accredit Loans, Inc.    2006-QA8
RF06A9    Residential Accredit Loans, Inc.    2006-QA9
RF06AA    Residential Accredit Loans, Inc.    2006-QA10
RF06AB    Residential Accredit Loans, Inc.    2006-QA11
RF06H1    Residential Accredit Loans, Inc.    2006-QH1
RF06O1    RFC RALI    2006-QO1


RF06O3    RFC / Residential Accredit Loans, Inc.    2006-QO3
RF06O4    Residential Accredit Loans, Inc.    2006-QO4
RF06O5    Residential Accredit Loans, Inc.    2006-QO5
RF06O6    RFC RALI    2006-QO6
RF06O7    Residential Accredit Loans, Inc.    2006-QO7
RF06O8    Residential Accredit Loans, Inc.    2006-QO8
RF06O9    Residential Accredit Loans, Inc.    2006-QO9
RF06OA    Residential Accredit Loans, Inc.    2006-QO10
RF06Q1    RFC RALI    2006-QS1
RF06Q3    RFC / Residential Accredit Loans, Inc.    2006-QS3
RF06Q4    Residential Accredit Loans, Inc.    2006-QS4
RF06Q5    Residential Accredit Loans, Inc.    2006-QS5
RF06Q6    RFC RALI    2006-QS6
RF06Q7    RFC RALI    2006-QS7
RF06Q8    Residential Accredit Loans, Inc.    2006-QS8
RF06Q9    Residential Accredit Loans, Inc.    2006-QS9
RF06QA    Residential Accredit Loans, Inc.    2006-QS10
RF06QB    Residential Accredit Loans, Inc.    2006-QS11
RF06QC    Residential Accredit Loans, Inc.    2006-QS12
RF06QD    Residential Accredit Loans, Inc.    2006-QS13
RF06QE    Residential Accredit Loans, Inc.    2006-QS14
RF06QF    Residential Accredit Loans, Inc.    2006-QS15
RF06QG    Residential Accredit Loans, Inc.    2006-QS16
RF06QH    Residential Accredit Loans, Inc.    2006-QS17
RF06QI    Residential Accredit Loans, Inc.    2006-QS18
RF07A1    Residential Accredit Loans, Inc.    2007-QA1
RF07A2    Residential Accredit Loans, Inc.    2007-QA2
RF07A3    Residential Accredit Loans, Inc.    2007-QA3
RF07A4    Residential Accredit Loans, Inc.    2007-QA4
RF07A5    Residential Accredit Loans, Inc.    2007-QA5
RF07H1    Residential Accredit Loans, Inc.    2007-QH1
RF07H2    Residential Accredit Loans, Inc.    2007-QH2
RF07H3    Residential Accredit Loans, Inc.    2007-QH3
RF07H4    Residential Accredit Loans, Inc.    2007-QH4
RF07H5    Residential Accredit Loans, Inc.    2007-QH5
RF07H6    Residential Accredit Loans, Inc.    2007-QH6
RF07H7    Residential Accredit Loans, Inc.    2007-QH7
RF07H8    Residential Accredit Loans, Inc.    2007-QH8
RF07H9    Residential Accredit Loans, Inc.    2007-QH9
RF07O1    Residential Accredit Loans, Inc.    2007-QO1
RF07O2    Residential Accredit Loans, Inc.    2007-QO2
RF07O3    Residential Accredit Loans, Inc.    2007-QO3
RF07O4    Residential Accredit Loans, Inc.    2007-QO4
RF07O5    Residential Accredit Loans, Inc.    2007-QO5
RF07Q1    Residential Accredit Loans, Inc.    2007-QS1
RF07Q2    Residential Accredit Loans, Inc.    2007-QS2
RF07Q3    Residential Accredit Loans, Inc.    2007-QS3
RF07Q4    Residential Accredit Loans, Inc.    2007-QS4
RF07Q5    Residential Accredit Loans, Inc.    2007-QS5
RF07Q6    Residential Accredit Loans, Inc.    2007-QS6
RF07Q7    Residential Accredit Loans, Inc.    2007-QS7
RF07Q8    Residential Accredit Loans, Inc.    2007-QS8
RF07Q9    Residential Accredit Loans, Inc.    2007-QS9


RF07QA    Residential Accredit Loans, Inc.    2007-QS10
RF07QB    Residential Accredit Loans, Inc.    2007-QS11
RF07S4    Residential Funding Mortgage Securities I    2007-S4
RF07S5    Residential Funding Mortgage Securities I    2007-S5
RF08R1    RFC RALI    2008-QR1
SX0601    Saxon    2006-1
SX0602    Saxon    2006-2
SX0603    Saxon Asset Trust    2006-3
SX0701    Saxon Asset Securities Company    2007-1
SX0702    Saxon Asset Securities Company    2007-2
SX0703    Saxon Asset Securities Company    2007-3
UB11C1    UBS-Citigroup Commercial Mortgage Trust    2011-C1
UB12C1    UBS Commercial Mortgage Trust    2012-C1
UB12C3    UBS-Barclays Commercial Mortgage Trust    2012-C3
UB13C5    UBS-Barclays Commercial Mortgage Trust    2013-C5
WA06A1    Washington Mutual    2006-AR1
WA06A3    Washington Mutual    2006-AR3
WA06A4    Washington Mutual    2006-AR4
WA06A5    Washington Mutual Acceptance Corp.    2006-AR5
WA07H1    Wamu    2007-HE1
WF11C5    WF RBS Commercial Trust    2011-C5
WF12C6    WFRBS CMT    2012-C6
WF12C7    WFRBS CMT    2012-C7
WF12C8    WFRBS CMT    2012-C8
WF1318    WFRBS Commercial Mtg Loan Trust    2013-C18
WF13U1    WFRBS Commercial Mtg Loan Trust    2013-UBS1
WF1414    WFRBS    2014-LC14
WF1419    WFRBS    2014-C19

II - Asset-backed transactions and securities constituting the platform - ABS deals

 

Deal ID

  

Deal Name

  

Series

GM1703    Ally Auto Receivables Trust    2017-3
GM1704    Ally Auto Receivables Trust    2017-4
GM1802    Ally Auto Receivables Trust    2018-2
GM1803    Ally Auto Receivables Trust    2018-3
GM1903    Ally Auto Receivables Trust    2019-3
GM1904    Ally Auto Receivables Trust    2019-4
GM1705    Ally Auto Receivables Trust    2017-5
GM1801    Ally Auto Receivables Trust    2018-1
GM1901    Ally Auto Receivables Trust    2019-1
GM1902    Ally Auto Receivables Trust    2019-2
BW171T    Bank of the West    2017-1
BW181T    Bank of the West    2018-1
BW191T    Bank of the West    2019-1
GM16CT01    Capital Auto Receivables Asset Trust    2016-1
GM17CT01    Capital Auto Receivables Asset Trust    2017-1
GM18CT01    Capital Auto Receivables Asset Trust    2018-1
GM18CT02    Capital Auto Receivables Asset Trust    2018-2


CPERB9    Centerpoint Energy Restoration Bond Company LLC   
CTBCIV    Centerpoint Energy Transition Bond Company IV, LLC   
CFS07A    Chase Education Loan Trust    2007-A
MCITICCIT2000    Citibank Credit Card Issuance Trust   
CCC7A3    Citibank Credit Card Issuance Trust    2007-A3
CCC7A4    Citibank Credit Card Issuance Trust    2007-A4
CCIT13A9    Citibank Credit Card Issuance Trust    2013-A9
CCIT4A1    Citibank Credit Card Issuance Trust    2014-A1
CCIT4A5    Citibank Credit Card Issuance Trust    2014-A5
CCIT16A2    Citibank Credit Card Issuance Trust    2016-A2
CCIT16A3    Citibank Credit Card Issuance Trust    2016-A3
CCIT17A5    Citibank Credit Card Issuance Trust    2017-A5
CCIT17A6    Citibank Credit Card Issuance Trust    2017-A6
CCIT17A7    Citibank Credit Card Issuance Trust    2017-A7
CCIT18A1    Citibank Credit Card Issuance Trust    2018-A1
CCIT18A2    Citibank Credit Card Issuance Trust    2018-A2
CCIT18A3    Citibank Credit Card Issuance Trust    2018-A3
CCIT18A4    Citibank Credit Card Issuance Trust    2018-A4
CCIT18A5    Citibank Credit Card Issuance Trust    2018-A5
CCIT18A6    Citibank Credit Card Issuance Trust    2018-A6
CCIT18A7    Citibank Credit Card Issuance Trust    2018-A7
CNH17B    CNH Equipment Trust    2017-B
CLC071    College Loan Corp Trust I    2007-1
CLC072    College Loan Corp Trust II    2007-2
CLC061    College Loan Corporation Trust I    2006-1
GMI110191    Juniper Receivables DAC    2019-1
GMI110192    Juniper Receivables DAC    2019-2
GMI110201    Juniper Receivables DAC    2020-1
GMI110    Juniper Receivables DAC    2019-1
KSL06A    KeyCorp Student Loan Trust    2006-A
MAEN16A    Navient Private Education Loan Trust    2016-A
MAEN18B    Navient Private Education Loan Trust    2018-B
MAEN18D    Navient Private Education Loan Trust    2018-D
MAEN19E    Navient Private Education LoanTrust    2019-E
MAEN19D    Navient Private Education LoanTrust    2019-D
MAEN19F    Navient Private Education REFI LoanTrust    2019-F
MAEN19PTA    Navient Private Education REFI LoanTrust    2019-PT-A
MAEN19C    Navient Private Education REFI LoanTrust    2019-C
MAEN141    Navient Student Loan Trust    2014-1
MAEN142    Navient Student Loan Trust    2014-2
MAEN143    Navient Student Loan Trust    2014-3
MAEN144    Navient Student Loan Trust    2014-4
MAEN145    Navient Student Loan Trust    2014-5
MAEN146    Navient Student Loan Trust    2014-6
MAEN147    Navient Student Loan Trust    2014-7
MAEN148    Navient Student Loan Trust    2014-8
SLC061    SLC Student Loan Trust    2006-1
SLC062    SLC Student Loan Trust    2006-2
SLC071    SLC Student Loan Trust    2007-1
SLC072    SLC Student Loan Trust    2007-2
SLC081    SLC Student Loan Trust    2008-1
SLC082    SLC Student Loan Trust    2008-2
SLC091    SLC Student Loan Trust    2009-1


SLC092    SLC Student Loan Trust    2009-2
SLC093    SLC Student Loan Trust    2009-3
SLC101    SLC Student Loan Trust    2010-1
MAE610    SLC Student Loan Trust    2006-10
MAE062    SLC Student Loan Trust    2006-2
MAE064    SLC Student Loan Trust    2006-4
MAE065    SLC Student Loan Trust    2006-5
MAE066    SLC Student Loan Trust    2006-6
MAE067    SLC Student Loan Trust    2006-7
MAE068    SLC Student Loan Trust    2006-8
MAE069    SLC Student Loan Trust    2006-9
MAE071    SLC Student Loan Trust    2007-1
MAE072    SLC Student Loan Trust    2007-2
MAE073    SLC Student Loan Trust    2007-3
MAE074    SLC Student Loan Trust    2007-4
MAE075    SLC Student Loan Trust    2007-5
MAE076    SLC Student Loan Trust    2007-6
MAE077    SLC Student Loan Trust    2007-7
MAE078    SLC Student Loan Trust    2007-8
MAE081    SLC Student Loan Trust    2008-1
MAE082    SLC Student Loan Trust    2008-2
MAE083    SLC Student Loan Trust    2008-3
MAE084    SLC Student Loan Trust    2008-4
MAE085    SLC Student Loan Trust    2008-5
MAE086    SLC Student Loan Trust    2008-6
MAE087    SLC Student Loan Trust    2008-7
MAE088    SLC Student Loan Trust    2008-8
MAE089    SLC Student Loan Trust    2008-9
MAE901    SLC Student Loan Trust    2009-1
MAE902    SLC Student Loan Trust    2009-2
MAE101    SLC Student Loan Trust    2010-1
MAE102    SLC Student Loan Trust    2010-2
MAE111    SLC Student Loan Trust    2011-1
MAE112    SLC Student Loan Trust    2011-2
MAE113    SLC Student Loan Trust    2011-3
MAE121    SLC Student Loan Trust    2012-1
MAE122    SLC Student Loan Trust    2012-2
MAE123    SLC Student Loan Trust    2012-3
MAE124    SLC Student Loan Trust    2012-4
MAE125    SLC Student Loan Trust    2012-5
MAE126    SLC Student Loan Trust    2012-6
MAE127    SLC Student Loan Trust    2012-7
MAE128    SLC Student Loan Trust    2012-8
MAE131    SLC Student Loan Trust    2013-1
MAE132    SLC Student Loan Trust    2013-2
MAE133    SLC Student Loan Trust    2013-3
MAE134    SLC Student Loan Trust    2013-4
MAE135    SLC Student Loan Trust    2013-5
MAE136    SLC Student Loan Trust    2013-6
MAE041    SLC Student Loan Trust    2014-1
MAE142    SLC Student Loan Trust    2014-2
MAEB14A    SMB Private Education Loan Trust    2014-A
MAEB15A    SMB Private Education Loan Trust    2015-A


MAEB15B    SMB Private Education Loan Trust    2015-B
MAEB15C    SMB Private Education Loan Trust    2015-C
MAEB16A    SMB Private Education Loan Trust    2016-A
MAEB16B    SMB Private Education Loan Trust    2016-B
MAEB16C    SMB Private Education Loan Trust    2016-C
MAEB17A    SMB Private Education Loan Trust    2017-A
MAEB17B    SMB Private Education Loan Trust    2017-B
MAEB18A    SMB Private Education Loan Trust    2018-A
MAEB18B    SMB Private Education Loan Trust    2018-B
MAEB18C    SMB Private Education Loan Trust    2018-C
MAEB19A    SMB Private Education Loan Trust    2019-A
MAEB19B    SMB Private Education Loan Trust    2019-B
SYNMNT172    Synchrony Credit Card Issuance Trust    2017-2
SYNMN181    Synchrony Credit Card Issuance Trust    2018-1
GEMN143    Synchrony Credit Card Master Note Trust    2014-VFN3
GEMN144    Synchrony Credit Card Master Note Trust    2014-VFN4
GEMN145    Synchrony Credit Card Master Note Trust    2014-VFN5
SYNMN182    Synchrony Credit Card Master Note Trust    2018-2
SYNMN20VF1    Synchrony Credit Card Master Note Trust    2020-VFN1
SYNMN21VF1    Synchrony Credit Card Master Note Trust    2021-VFN1
SYNMNT162    Synchrony Credit Card Master Trust    2016-2
SYNSFT15A    Synchrony Sales Finance Master Note Trust    2015-A
SYNMN19VF1    Synchrony Sales Finance Master Note Trust    2019-VFN1
GES12A    Synchrony Sales Finance Master Trust    2012-A
GES12C    Synchrony Sales Finance Master Trust    2012-C
GES12D    Synchrony Sales Finance Master Trust    2012-D
GESFM14C    Synchrony Sales Finance Master Trust    2014-C
SYNSFT15B    Synchrony Sales Finance Master Trust    2015-B
SYNSFT16B    Synchrony Sales Finance Master Trust    2016-B
SYNSFT20A    Synchrony Sales Finance Master Trust    2020-A
VART211    Veros Auto Receivables Trust    2021-1
VALET182    Volkswagen Auto Loan Enhanced Trust    2018-2
VALET201    Volkswagen Auto Loan Enhanced Trust    2020-1
GEF201    Wells Fargo Dealer Floorplan Master Note Trust    2020-VFN-1

III - Asset-backed transactions and securities constituting the platform - document custody only deals

 

Deal ID

  

Deal Name

  

Series

AH066C    Citi/ Wells Fargo American Home Mortgage Assets    2006-4
BC061C    Wells Fargo/ SABR    2006-NC2
BC062C    Wells Fargo/ SABR    2006-NC3
BC081C    BCAP    2008-IND1
BC083C    BCAP    2008-IND2
CA061C    Carrington    2006-NC1
CA062C    Wells Fargo/ Carrington Mortgage Loan Trust    2006-NC2
CA063C    Wells Fargo/ Carrington Mortgage Loan Trust    2006-NC3
CA064C    Wells Fargo/ Carrington Mortgage Loan Trust    2006-NC4
DB061C    ACE    2006-NC1


DB061Z    DBALT Wells Fargo/ Deutsche Bank custody    2006-AR6
DB062C    ACE HSBC/WELLS FARGO/DB    2006 ASAP1
DB062Z    DBALT Wells Fargo/ Deutsche Bank custody    2006-OA1
DB063C    ACE    2006-SL1
DB064C    DBALT /WELLS FARGO/DB    2006-AB1
DB065C    DBALT HSBC/ Wells Fargo/Deutsche Bank    2006-AR1
DB066C    DB ACE    2006_HE1
DB067C    ACE HSBC/ Wells Fargo/ Deutsche    2006-SD1
DB068C    DB ACE Securities    2006-ASAP2
DB069C    DBALT    2006-AF1
DB06AC    DB ACE    2006-SL2
DB06CC    Ace HSBC/ Wells Fargo/ Deutsche Bank custody    2006-HE2
DB06DC    Ace HSBC/ Wells Fargo/ Deutsche Bank custody    2006-ASL1
DB06EC    DBALT HSBC/ Wells Fargo/ Deutsche Bank custody    2006-AB2
DB06FC    Ace HSBC/ Wells Fargo/ Deutsche Bank custody    2006-ASAP3
DB06HC    Ace HSBC/ Wells Fargo/ Deutsche Bank custody    2006-HE3
DB06JC    Ace HSBC/ Wells Fargo/ Deutsche Bank custody    2006-SD2
DB06LC    DBALT HSBC/ Wells Fargo/ Deutsche Bank custody    2006-AB3
DB06MC    DBALT HSBC/ Wells Fargo/ Deutsche Bank custody    2006-AR2
DB06PC    ACE HSBC/ Wells Fargo/ Deutsche Bank custody    2006-SL4
DB06QC    ACE HSBC/ Wells Fargo/ Deutsche Bank custody    2006-NC2
DB06SC    DBALT HSBC/ Wells Fargo/ Deutsche Bank custody    2006-AB4
DB06TC    Ace HSBC/ Wells Fargo/ Deutsche Bank custody    2006-ASAP5
DB06UC    DBALT HSBC/ Wells Fargo/ Deutsche Bank custody    2006-AR4
DB06WC    DBALT Wells Fargo/ Deutsche Bank custody    2006-AR5
DB06XC    Ace Wells Fargo/ Deutsche Bank custody    2006-NC3
DB06YC    Ace Wells Fargo/ Deutsche Bank custody    2006-ASAP6
DB06ZC    Ace Wells Fargo/ Deutsche Bank custody    2006-SD3
DB071C    DBALT Wells Fargo/ Deutsche Bank custody    2007-AR1
DB073C    Ace Wells Fargo/ Deutsche Bank custody    2007-ASL1
DB074C    DBALT Wells Fargo/ Deutsche Bank custody    2007-AR2
DB075C    DBALT Wells Fargo/ Deutsche Bank custody    2007-BAR1
DB077C    ACE Wells Fargo/ Deutsche Bank custody    2007-SL1
DB078C    ACE Wells Fargo/ Deutsche Bank custody    2007-HE2
DB07AC    ACE Wells Fargo/ Deutsche Bank custody    2007-ASAP1
DB07CC    DBALT Wells Fargo/ Deutsche Bank custody    2007-OA2
DB07DC    DBALT Wells Fargo/ Deutsche Bank custody    2007-AB1
DB07EC    Ace Wells Fargo/ Deutsche Bank custody    2007-HE4
DB07FC    DBALT Wells Fargo/ Deutsche Bank custody    2007-AR3
DB07GC    ACE Wells Fargo/ Deutsche Bank custody    2007-ASAP2
DB07HC    Wells Fargo/ Deutsche Alt-A Securities    2007-OA3
DB07JC    Ace / Wells Fargo    2007-HE5
DB07LC    DBALT / Wells Fargo    2007-OA4
DB07MC    DBALT / Wells Fargo    2007-1
DB07NC    DBALT / Wells Fargo    2007-OA5
DB07PC    Ace / Wells Fargo    2007-SL2
DB07QC    DBALT / Wells Fargo    2007-2
DB07TC    DBALT / Wells Fargo    2007-3
FB061C    ABSC    2006-AG1
FB071C    CSMC /Wells Fargo custody    2007-5
FB072C    CSMC custody    2007-NC1
FB073C    CSMC custody    2007-6
FB075C    CSMC custody    2007-7


GC069C    HarborView Mortgage Loan Trust    2006-10
GC07AC    HarborView Mortgage Loan Trust    2007-3
GS061C    US Bank/Wells Fargo GSR custody    2006-1
GS062C    Wells Fargo /GSR custody    2006-AR1
GS063C    JP Morgan/ US Bank GSAA custody    2006-1
GS066C    GSAA    2006-3
GS067C    GSR    2006-2F
GS068C    Wells Fargo/US BankGSR    2006-3
GS069C    JP Morgan/ US Bank GSAA    2006-5
GS06AC    JP Morgan/ US Bank GSAA custody    2006-6
GS06BC    Wells Fargo/ US Bank GSR custody    2006-AR2
GS06CC    JP Morgan/ US Bank GSR custody    2006-4
GS06DC    Wells Fargo/ US Bank GSAMP custody    2006-HE3
GS06EC    JP Morgan/ US Bank GSAA custody    2006-9
GS06FC    Wells Fargo/ US Bank GSR custody    2006-5
GS06GC    Wells Fargo/ GSAMP custody    2006-HE4
GS06HC    Wells Fargo/ GSR custody    2006-6
GS06JC    Wells Fargo/ GSR custody    2006-7
GS06KC    Wells Fargo/ GSAA custody    2006-12
GS06LC    Wells Fargo/ GSAMP custody    2006-HE5
GS06MC    Wells Fargo/ GSR custody    2006-8
GS06OC    Wells Fargo/ GSAA custody    2006-14
GS06PC    Goldman Sachs/ US Bank/NCAMLT    2006-ALT2
GS06QC    GSAMP Goldman Sachs/ LaSalle/ Wells Fargo    2006-HE7
GS06RC    GSR Goldman Sachs/ US Bank/ Wells Fargo    2006-9F
GS06SC    GSAA Goldman Sachs/ US Bank/ Wells Fargo    2006-19
GS06TC    GSR Goldman Sachs/ US Bank/ Wells Fargo    2006-10F
GS06UC    GSAA Goldman Sachs/ US Bank/ Wells Fargo    2006-20
GS06VC    GSAMP Goldman Sachs/ LaSalle/ Wells Fargo    2006-HE8
GS072C    GSAA Goldman Sachs/ US Bank/ Wells Fargo    2007-1
GS073C    GSAMP Goldman Sachs/ LaSalle/Wells Fargo custody    2007-H1
GS074C    GSR Goldman Sachs/ Wells Fargo custody    2007-1F
GS075C    GSAMP Goldman Sachs/ Wells Fargo custody    2007-NC1
GS076C    GSAA Goldman Sachs/ Wells Fargo custody    2007-3
GS077C    GSAMP Goldman Sachs/ Wells Fargo custody    2007-HE1
GS078C    GSR Goldman Sachs/ Wells Fargo custody    2007-2F
GS07AC    GSAMP Goldman Sachs/ Wells Fargo custody    2007-HE2
GS07BC    GSR Goldman Sachs/ Wells Fargo custody    2007-3F
GS07DC    GSAA / Wells Fargo    2007-7
GS07EC    GSR / Wells Fargo    2007-4F
GS07FC    GSAA / Wells Fargo    2007-8
GS07GC    GSAA / Wells Fargo    2007-9
GS07HC    GSAA / Wells Fargo    2007-10
GS07KC    GSR / Wells Fargo    2007-5F
LH061Z    SASCO custody only    2006-BC2
LH062Z    LXS custody only    2006-13
LH063C    Lehman SAIL    2006-1
LH063Z    SAIL custody only    2006-BNC3
LH064C    Lehman LXS    2006-2N
LH064Z    LXS DB custody only    2006-14N
LH065C    Lehman SARM    2006-1
LH065Z    Lehman mortgage trust custody only    2006-5
LH066Z    Greenpoint DB custody only    2006-HE1


LH067C    Lehman SASCO    2006-BNC1
LH067Z    LXS DB custody only    2006-15
LH068C    Lehman SARM    2006-2
LH068Z    LXS DB custody only    2006-16H
LH069C    Lehman SAIL    2006-2
LH069Z    SARM DB custody only    2006-9
LH06AC    Lehman SARM    2006-3
LH06AZ    BNC DB custody only    2006-1
LH06BC    Lehman LXS    2006-5
LH06BZ    LMT DB custody only    2006-6
LH06CZ    SASCO DB custody only    2006-BC3
LH06DC    SAIL    2006-BNC2
LH06DZ    LMT custody only    2006-7
LH06EC    SASCO    2006-BC1
LH06FC    SASCO    2006-AM1
LH06FZ    LXS DB custody only    2006-17
LH06GC    SARM    2006-4
LH06GZ    BNC DB custody only    2006-10
LH06HC    LXS    2006-7
LH06IZ    SASCO DB custody only    2006-BC4
LH06JZ    LXS custody only    2006-19
LH06KC    SAIL custody only    2006-3
LH06KZ    LXS    2006-18N
LH06LC    LXS    2006-8
LH06MC    SARM custody only    2006-5
LH06MZ    SASCO custody only    2006-BC5
LH06NC    SASCO custody only    2006-NC1
LH06NZ    LMT custody only    2006-8
LH06PC    SAIL custody only    2006-4
LH06QC    SASCO custody only    2006-ARS1
LH06QZ    SASCO custody only    2006-BC6
LH06RC    LXS custody only    2006-10N
LH06RZ    LMT custody only    2006-9
LH06SC    LXS custody only    2006-9
LH06SZ    SARM custody only    2006-12
LH06UC    SARM custody only    2006-7
LH06UZ    LXS custody only    2006-20
LH06WC    LMT custody only    2006-4
LH06XC    LXS custody only    2006-11
LH06YC    LXS custody only    2006-12N
LH06ZC    SARM custody only    2006-8
LH071C    SASCO custody only    2007-BC1
LH071Z    LXS custody only    2007-18N
LH072Z    SARM custody only    2007-10
LH073C    LMT custody only    2007-1
LH074C    LXS custody only    2007-2N
LH074Z    SASCO custody only    2007-BNC1
LH075C    LXS custody only    2007-1
LH075Z    LMT custody only    2007-10
LH076C    LMT custody only    2007-2
LH076Z    LXS custody only    2007-20N
LH077C    BNC custody only    2007-1
LH077Z    SARM custody only    2007-11


LH078C    LXS custody only    2007-3
LH079C    LXS custody only    2007-4
LH079Z    SASCO custody only    2007-BC4
LH07AZ    BNC custody only    2007-4
LH07BC    SARM custody only    2007-3
LH07CC    LMT custody only    2007-4
LH07DC    LXS custody only    2007-5H
LH07FC    BNC custody only    2007-2
LH07GC    LXS custody only    2007-6
LH07JC    LMT custody only    2007-5
LH07KC    SASCO custody only    2007-BC3
LH07LC    LXS custody only    2007-9
LH07MC    LXS custody only    2007-8H
LH07NC    SASCO custody only    2007-OS1
LH07RC    LXS custody only    2007-12N
LH07SC    LXS custody only    2007-11
LH07TC    BNC custody only    2007-3
LH07WC    LMT custody only    2007-7
LH07XC    LXS custody only    2007-15N
LH07ZC    SARM custody only    2007-8
MG071C    MHL /Wells custody only    2007-1
MG072C    MHL /Wells custody only    2007-2
ML061C    MLMI    2006-AR1
ML072C    MANA /Wells Fargo custody only    2007-A3
ML073C    MANA /Wells Fargo custody only    2007-AF1
MS064C    MSM custody only    2006-11
SG071C    SG Mortgage Securities Trust    2007-NC1
SU071C    STICS /Wells Fargo custody only    2007-1
UB061C    UBS MASTR    2006-AM1
UB062C    UBS MASTR    2006-NC1
UB063C    Wells Fargo/ UBS MASTR    2006 HE-2
UB064C    MABS custody only    2006-AM2
UB065C    Wells Fargo/ UBS MASTR    2006-NC2
UB066C    Wells Fargo/ US Bank UBS MASTR custody only    2006-AM3
UB067C    Wells Fargo/ UBS MASTR    2006-NC3
UB068C    Wells Fargo/ UBS MASTR    2006-HE5
WA071C    WaMu / Citi custody    2007-HE2
WA072C    WaMu / Citi custody    2007-HE3
WA073C    WaMu / Citi custody    2007-HE4
EX-34.1 5 d301557dex341.htm EX-34.1 EX-34.1

Exhibit 34.1

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

VW Credit, Inc.

We have examined management’s assertion, included in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, that VW Credit, Inc. (the Company) complied with the servicing criteria set forth in Title 17, Section 229.1122(d) of the Securities and Exchange Commission’s Regulation AB for the asset-backed securities transactions involving retail automotive loans registered with the Securities Exchange Commission for which the Company acted as servicer (the Regulation AB Platform), as of December 31, 2021, as well as the period ended December 31, 2021 for Volkswagen Auto Loan Enhanced Trust 2018-2 and Volkswagen Auto Loan Enhanced Trust 2020-1, and for the period from December 13, 2021 (the date of issuance) through December 31, 2021 for Volkswagen Auto Loan Enhanced Trust 2021-1, except for the servicing criteria set forth in Sections 229.1122(d)(1)(iv), 229.1122(d)(2)(iii), 229.1122(d)(2)(vi), 229.1122(d)(3)(ii) with respect to remittances, 229.1122(d)(3)(iii)-(iv), 229.1122(d)(4)(ix)-(xiii) and 229.112(d)(4)(xv), which the Company has determined are not applicable to the activities it performs with respect to the Regulation AB Platform. With respect to applicable servicing criteria 1122(d)(2)(iii), the Company has determined that there were no activities performed during the year ended December 31, 2021 with the respect to the Regulation AB Platform, because there were no occurrences of events that would require the Company to perform such activities. Appendix A to the Report on Assessment of Compliance with Applicable Servicing Criteria identifies the individual asset-backed transactions and securities defined by management as constituting the Regulation AB Platform. The management of VW Credit, Inc. is responsible for its assertion and for the Company’s compliance with those servicing criteria. Our responsibility is to express an opinion on the Company’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards of the Public Company Accounting Oversight Board (United States) and in accordance with the attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management’s assertion regarding the Company’s compliance with the servicing criteria specified above is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of selected asset-backed transactions and securities that comprise the Regulation AB Platform, testing selected servicing activities related to the Regulation AB Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the applicable servicing criteria. Our procedures were limited to the selected transactions and servicing activities performed by the Company during the periods covered by this report. Our procedures were not designed to detect noncompliance arising from errors that may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company’s compliance with the servicing criteria.

 

1


In our opinion, management’s assertion that VW Credit, Inc. complied with the aforementioned servicing criteria as of December 31, 2021 and for the year ended December 31, 2021 noted above, for asset-backed securities transactions involving automotive loan transactions completed and registered with the Securities Exchange Commission for which the Company acted as servicer is fairly stated, in all material respects.

 

LOGO

 

/s/ Baker Tilly US, LLP
Tysons Corner, Virginia
March 25, 2022

 

2

EX-34.2 6 d301557dex342.htm EX-34.2 EX-34.2

Exhibit 34.2

Report of Independent Registered Public Accounting Firm

We have examined management’s assertion, included in the accompanying Management’s Assertion of Compliance, that Trust & Agency Services department of Deutsche Bank National Trust Company and Deutsche Bank Trust Company Americas (collectively the “Company”) complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB for the publicly-issued (i.e., transaction-level reporting required under the Securities Exchange Act of 1934, as amended) and certain privately-issued (i.e., for which transaction-level reporting is required pursuant to contractual obligation) residential mortgage-backed securities, commercial mortgage-backed securities and other asset- backed securities issued on or after January 1, 2006, for which the Company provides trustee, certificate administrator, securities administration, paying agent or custodian services, as defined in the transaction agreements, excluding publicly-issued securities sponsored or issued by any government sponsored entity (the “Platform”), as of and for the year ended December 31, 2021, except for criteria 1122(d)(4)(iv) – 1122(d)(4)(xiv), which the Company has determined are not applicable to the activities it performs with respect to the servicing platform covered by this report. Refer to Appendix A of Management’s Assertion of Compliance for the asset backed transactions covered by this platform. Management is responsible for the Company’s compliance with those servicing criteria. Our responsibility is to express an opinion on management’s assertion about the Company’s compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of less than all of the individual asset backed transactions and securities that comprise the platform, testing of less than all of the servicing activities related to the Platform and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. Although the Company is responsible for assessing compliance with criteria 1122(d)(1)(ii), 1122(d)(1)(iii), 1122(d)(2)(iii) and 1122(d)(4)(iii) of Regulation AB, there were no occurrences of events that would require the Company to perform such activities during the year ended December 31, 2021. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

Our examination does not provide a legal determination on the Company’s compliance with the servicing criteria.

In our opinion, management’s assertion that the Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2021 for the Platform is fairly stated, in all material respects.

 

/s/ Ernst & Young LLP
February 28, 2022
EX-35.1 7 d301557dex351.htm EX-35.1 EX-35.1

EXHIBIT 35.1

VW Credit, Inc. Servicer Compliance Statement Under Section 3.9 of the Sale and Servicing

Agreement and Item 1123 of Regulation AB

 

 

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2018-2

 

 

The undersigned, a duly authorized officer of VW Credit, Inc. (“VCI”), as Servicer under the Sale and Servicing Agreement dated as of November 21, 2018 (as amended and supplemented, or otherwise modified and in effect from time to time, the “Sale and Servicing Agreement”), by and among Volkswagen Auto Loan Enhanced Trust 2018-2, as Issuer, Volkswagen Auto Lease/Loan Underwritten Funding, LLC, as Seller, VW Credit, Inc., as Servicer, and Deutsche Bank Trust Company America, as Indenture Trustee, does hereby certify that:

 

  1.

A review of the activities of the Servicer during the period from January 1, 2021 through December 31, 2021, and of its performance under the Sale and Servicing Agreement, was conducted under my supervision.

 

  2.

To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Sale and Servicing Agreement in all material respects throughout such period.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate on behalf of the Servicer this 30th day of March, 2022.

 

/s/ Garett Miles

Garett Miles
Head of Securitization and Assistant Treasurer
GRAPHIC 8 g301557g0326092056712.jpg GRAPHIC begin 644 g301557g0326092056712.jpg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end