Exhibit 33.2

Management’s Assertion



Report on Assessment of Compliance with Applicable
Servicing



U.S. Bank National Association (“U.S. Bank”) is responsible
for assessing compliance as of and for the year ended December 31, 2014 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 Platform2 (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, 2014; 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, 2014.





| | U.S. BANK NATIONAL ASSOCIATION  | 
| | ------------------------------- | 
| |                                 | 
| | /s/ Bryan R.
    Calder         | 
| | Name:  Bryan R. Calder          | 
| | Title: Executive Vice President | 



Date: February 27, 2015








2 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 or 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 |  | InapplicableServicing 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.                                                                                                                                                                                    |  | X                           |  |                               
|                                   |  |                                                                                                                                                                                                                                                                                                                                                                                             |  |                             |  |                               
|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                           |  |                               
|                                   |  |                                                                                                                                                                                                                                                                                                                                                                                             |  |                             |  |                               
|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.                                                                                                                                                               |  | X                           |  |                               
|                                   |  |                                                                                                                                                                                                                                                                                                                                                                                             |  |                             |  |                               
|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                           |  |                               







|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 |  | 
|--------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | - |  | 



|Reference                          |  | Servicing Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | Applicable
 Servicing
 Criteria |  | Inapplicable
 Servicing Criteria
|---------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------- |  | --------------------------------
|                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |                                 |  |                                 
|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                               
|---------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------- |  | --------------------------------
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                 |  |                                 
|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                               
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                 |  |                                 
|Reference        |  | Servicing Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | Applicable
 Servicing
 Criteria |  | Inapplicable
 Servicing Criteria
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                 |  |                                 
|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 |  | 
|-------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | - |  |