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 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, 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






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 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                                                                                                                                                                                                                                                                                                                                                                          | 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.                                                                                                                                                                                    | X3                                |                                    
|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.                                                                                                                                                                                                                                                     | X4                                |                                    
|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.                                                                                                                                                               | X5                                |                                    
|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                                 |                                    






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.

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







|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                                  







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