Management’s Assertion



Report on Assessment of Compliance with Applicable
Servicing Criteria



U.S. Bank National Association (“U.S. Bank”) is responsible
for assessing compliance as of and for the year ended December 31, 2017 with the servicing criteria set forth in Item 1122 (d)
of Regulation AB applicable to it as set forth on Exhibit A hereto. This report covers asset backed securities transactions within
the U.S. Bank Corporate Trust Asset-Backed Securities Platform1 (the “Platform”)



U.S. Bank 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. | Except
                                                                                                                              as
                                                                                                                              set
                                                                                                                              forth
                                                                                                                              in
                                                                                                                              paragraph
                                                                                                                              3
                                                                                                                              below,
                                                                                                                              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. | The
                                                                                                                              criteria
                                                                                                                              listed
                                                                                                                              in
                                                                                                                              the
                                                                                                                              column
                                                                                                                              titled
                                                                                                                              “Inapplicable
                                                                                                                              Servicing
                                                                                                                              Criteria”
                                                                                                                              on
                                                                                                                              Exhibit
                                                                                                                              A
                                                                                                                              hereto
                                                                                                                              are
                                                                                                                              inapplicable
                                                                                                                              to
                                                                                                                              U.S.
                                                                                                                              Bank
                                                                                                                              based
                                                                                                                              on
                                                                                                                              the
                                                                                                                              servicing
                                                                                                                              activities
                                                                                                                              it
                                                                                                                              performs
                                                                                                                              directly
                                                                                                                              with
                                                                                                                              respect
                                                                                                                              to
                                                                                                                              the
                                                                                                                              Platform;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | 4. | U.S.
                                                                                                                              Bank
                                                                                                                              has
                                                                                                                              complied,
                                                                                                                              in
                                                                                                                              all
                                                                                                                              material
                                                                                                                              respects,
                                                                                                                              with
                                                                                                                              the
                                                                                                                              applicable
                                                                                                                              servicing
                                                                                                                              criteria
                                                                                                                              as
                                                                                                                              of
                                                                                                                              and
                                                                                                                              for
                                                                                                                              the
                                                                                                                              year
                                                                                                                              ended
                                                                                                                              December
                                                                                                                              31,
                                                                                                                              2017;
                                                                                                                              and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | 5. | Ernst
                                                                                                                                                          &
                                                                                                                                                          Young,
                                                                                                                                                          LLP,
                                                                                                                                                          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
                                                                                                                                                          year
                                                                                                                                                          ended
                                                                                                                                                          December
                                                                                                                                                          31,
                                                                                                                                                          2017.



| | U.S. BANK NATIONAL ASSOCIATION 
| | -------------------------------
| |                                
| | /s/ Joseph Giordano            
| | Name: Joseph Giordano          
| | Title: Executive Vice President



Date: February 28, 2018



---



1
The U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform") consists of the activities involved
in the performance of servicing functions for which the Company provides trustee, securities administration, registrar, paying
agent and document custody services for (i) publicly issued asset-backed and mortgage-backed transactions the securities of which were offered on or
after January 1, 2006 and (ii) certain asset-backed transactions for which the Issuer has voluntarily elected to make Regulation
AB compliant filings under the Securities Exchange Act of 1934, as amended.













EXHIBIT A to Management’s Assertion

|Reference                          | Servicing Criteria                                                                                                                                                                                                                                                                                                                                                              | Applicable Servicing Criteria | Inapplicable Servicing Criteria
|---------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------- | -------------------------------
|General Servicing Considerations  
|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.                                                                                                                                                                                                                        | X                             |                                
|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.                                                                                                                                                                            | X2                            |                                
|1122(d)(1)(iii)                    | Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained.                                                                                                                                                                                                                                                               |                               | X                              
|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.                                                                                                               | X                             |                                
|1122(d)(1)(v)                      | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.                                                                                                                                                                                                                                         | X3                            |                                
|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.                                                                                                                                   | X                             |                                
|1122(d)(2)(ii)                     | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.                                                                                                                                                                                                                                                           | X                             |                                
|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.                                                                                                                                                       | X4                            |                                
|1122(d)(2)(iv)                     | The related accounts for the 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.                                                                                                                          | X                             |                                
|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. | X                             |                                
|1122(d)(2)(vi)                     | Unissued checks are safeguarded so as to prevent unauthorized access.                                                                                                                                                                                                                                                                                                           | X                             |                                



---



2No servicing activities were performed by the Company that required the servicing criteria to be complied with.

3No servicing
activities were performed by the Company that required the servicing criteria to be complied with.

4No servicing activities
were performed by the Company that required the servicing criteria to be complied with.



Corporate
Trust ABS Platform (B)





1







|Reference                          | Servicing Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Applicable Servicing Criteria | Inapplicable Servicing Criteria
|---------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------- | -------------------------------
|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. | X                             |                                
|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 trustee’s records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer.                                              | X                             |                                
|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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | X                             |                                
|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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | X                             |                                
|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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | X                             |                                
|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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | X                             |                                
|1122(d)(4)(ii)                     | Pool assets and related documents are safeguarded as required by the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | X                             |                                
|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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | X                             |                                
|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 pool asset documents.                                                                                                                                                                                                                                                                                         |                               | X                              
|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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                               | X                              



Corporate
Trust ABS Platform (B)





2







|Reference        | Servicing Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Applicable Servicing Criteria | Inapplicable Servicing Criteria
|---------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------- | -------------------------------
|1122(d)(4)(vi)   | Changes with respect to the terms or 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.                                                                                                                                                                                                                                                                                                                               |                               | X                              
|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.                                                                                                                                                                                                                                                                                |                               | X                              
|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).                                                                        |                               | X                              
|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.                                                                                                                                                                                                                                                                                                                                                                                                                                          |                               | X                              
|122(d)(4)(x)     | Regarding any funds held in trust 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. |                               | X                              
|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.                                                                                                                                                                                       |                               | X                              
|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.                                                                                                                                                                                                                                                                                                                                                   |                               | X                              
|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.                                                                                                                                                                                                                                                                                                                                                                             |                               | X                              
|1122(d)(4)(xiv)  | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                               | X                              
|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.                                                                                                                                                                                                                                                                                                                                                                                                         | X                             |                                



Corporate
Trust ABS Platform (B)



3