EX-33 10 gsa06019_ex33h.txt EX-33 (h) Management's Assertion Report on Compliance with Applicable Servicing Criteria Pursuant to Item 1122 of Regulation AB under the Securities Exchange Act of 1934 U.S. Bank National Association ("U.S. Bank") as a party participating in the servicing function for the following transactions: U.S. Bank Corporate Trust Asset Backed Securities Platform^1 hereby provides the following report on its assessment of compliance with the servicing criteria set forth in Item 1122 of Regulation AB applicable to it and as described on Exhibit A hereto: 1. U.S. Bank is responsible for assessing its compliance with the servicing criteria applicable to it as noted on the accompanying Exhibit A; 2. U.S. Bank used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess its compliance with the applicable servicing criteria; 3. U.S. Bank's assessment of its compliance with the applicable servicing criteria is as of and for the period beginning on January 1, 2006 and ending December 31, 2006, the end of the fiscal year covered by the Form 10-K report. U.S. Bank's participation in the servicing function complied in all material respects with the applicable servicing criteria. 4. Ernst & Young, a registered public accounting firm, has issued an attestation report on U.S. Bank's assessment of compliance with the applicable servicing criteria as of and for the period beginning on January 1, 2006 and ending December 31, 2006, the end of the fiscal year covered by the Form 10-K report. U.S. BANK NATIONAL ASSOCIATION /s/ Bryan R. Calder Name: Bryan Calder Title: Executive Vice President Date: February 26, 2007 1 The U.S. Bank Corporate Trust ABS Platform (the "Platform") consists of the activities involved in the performance of servicing functions for publicly issued asset-backed and mortgage-backed transactions the securities of which were offered on or after January 1, 2006 and (ii) certain asset-backed transactions offered prior to January 1, 2006 for which the Issuer has voluntarily elected to make Regulation AB compliant filings under the Securities Exchange Act of 1934, as amended. The Platform does not include transactions conmprised of the repackaging of corporate debt and/or other agency securities. (page) EXHIBIT A to Management's Assertion
Reg AB Reference Servicing Criteria General Servicing Considerations 1122(d)(1)(i) Policies and procedures are instituted Not Applicable 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 1122(d)(1)(iii) Any requirements in the transaction Not Applicable agreements to maintain a back-up servicer for the Pool Assets are maintained 1122(d)(1)(iv) A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements Cash Collection and Administration 1122(d)(2)(i) Payments on pool assets are deposited Not Applicable 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 Not Applicable behalf of an obligor or to an investor are made only by authorized personnel 1122(d)(2)(iii) Advances of funds or guarantees Not Applicable 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 Not Applicable transaction, such as cash reserve accounts or accounts established as a form of over collateralization are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements 1122(d)(2)(v) Each custodial account is maintained at Not Applicable 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 Not Applicable to prevent unauthorized access 1122(d)(2)(vii) Reconciliations are prepared on a Not Applicable 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 Not Applicable 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 the investors' or trustee's records 3 as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer 1 (page) 1122(d)(3)(ii) Amounts due to investors are allocated Not Applicable and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements 1122(d)(3)(iii) Disbursements made to an investor are Not Applicable 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 Not Applicable 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 pool asset 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 Not Applicable payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements and allocated to principal, interest, or other items (e.g., escrow) in accordance with the related pool asset documents 1122(d)(4)(v) The Servicer's records regarding the Not Applicable 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 Not Applicable status of an obligor's pool assets (e.g., loan modifications or re-agings) are made reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents 1122(d)(4)(vii) Loss mitigation or recovery actions Not Applicable (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 Not Applicable 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 Not Applicable 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 trust for Not Applicable 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 2 (page) 1122(d)(4)(xi) Payments made on behalf of an obligor Not Applicable (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 Not Applicable 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 Not Applicable 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 Not Applicable uncollectible accounts are recognized and recorded in accordance with the transaction agreements 1122(d)(4)(xv) Any external enhancement or other Not Applicable support, identified in Item 1114(a)(1) through (3) or Item 1115 of this Regulation AB is maintained as set forth in the transaction agreements
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