Exhibit 33.2

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, 2016 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, 2016; 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, 2016.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



Date: February 28, 2017








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 and paying
agent 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                                                                                                                                                                                                                                                                                                                                                              | ApplicableServicingCriteria | InapplicableServicingCriteria
|---------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | -----------------------------
|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                           |                              








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

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

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



Corporate Trust ABS Platform (A)1







|Reference                          | Servicing Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ApplicableServicingCriteria | InapplicableServicingCriteria
|---------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | -----------------------------
|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                            



Corporate Trust ABS Platform (A)2







|Reference        | Servicing Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ApplicableServicingCriteria | InapplicableServicingCriteria
|---------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | -----------------------------
|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                            
|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                            
|1122(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 (A)3