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 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, 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








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 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 | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 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                           |                              



Corporate Trust ABS Platform (A)



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|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                                



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|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                               |                                  



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