# EDGAR Filing Document

**Accession Number:** 0001349577
**File Stem:** 0001999371-26-006989
**Filing Date:** 2026-3
**Character Count:** 98904
**Document Hash:** f8da63de7d190920a09062abca6bc374
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-006989.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001999371-26-006989

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**ABS ASSET CLASS**: Debt Securities

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MS STRUCTURED TILES SERIES 2006-1
- **CENTRAL INDEX KEY:** 0001349577
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32725
- **FILM NUMBER:** 26798015

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **STREET 2:** SECOND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2127611715

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **STREET 2:** SECOND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

------

**FORM 10-K**

**ANNUAL REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

(Mark One)

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the fiscal year ended <u>December 31, 2025</u>

OR

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from __________ to __________

**Commission File Numbers** <u>**333-101155, 001-32725**</u>

**TILES Trust No. 2006-1**

**<u>0001349577</u>**

(CIK number of Issuing Entity)

**MS STRUCTURED ASSET CORP., as Depositor and Sponsor**

(Exact name of registrant as specified in its charter)

<u>0001071246</u>

(CIK number of Depositor and Sponsor)

<u>Delaware</u> <u>13-4026700</u> <br> (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)

---

| | |
|:---|:---|
| **1585 Broadway, Second Floor**<br>**New York, New York**<br>**Attention: Lauren M. Boswell** | **10036** |
| (Address of principal executive office) | (Zip Code) |
| Registrant's telephone number, including area code: | **(212) 761-2904** |

---

Registrant's telephone number, including area code: **(212) 761-2904**

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| <u>Title of Each Class</u> | <u>Trading Symbol</u> | <u>Name of Each Exchange on Which Registered</u> |
| <br> **TILES Series 2006-1 TILES Trust Units** | <br> **MS 34** | <br> **New York Stock Exchange** |

---

Securities registered pursuant to Section 12(g) of the Act:

**None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Yes ☐ No ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). Yes ☐ No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).<br> Yes ☐ No ☒

All of the common stock of the registrant is held by Morgan Stanley. As of March 26, 2026, 1,000 shares of common stock, par value $1.00 per share, were outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE:** 

The following reports of Morgan Stanley pursuant to Item 1115(b): Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025; Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025; Annual Report on Form 10-K for the fiscal year ended December 31, 2025; and all other documents subsequently filed by Morgan Stanley pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, during the fiscal year covered by this Report on Form 10-K, which contain financial statements of Morgan Stanley or which amend the foregoing reports.

**PART I**

ITEM 1. BUSINESS

Not Applicable

ITEM 1A. RISK FACTORS

Not Applicable

ITEM 1B. UNRESOLVED STAFF COMMENTS

None

ITEM 1C. CYBERSECURITY

Not Applicable

ITEM 2. PROPERTIES

Not Applicable

ITEM 3. LEGAL PROCEEDINGS

Not Applicable

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable

**PART II**

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Not Applicable

ITEM 6. [RESERVED]

Not Applicable

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Not Applicable

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Not Applicable

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not Applicable

ITEM 9A. CONTROLS AND PROCEDURES

Not Applicable

ITEM 9B. OTHER INFORMATION

None

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not Applicable

**PART III**

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Not Applicable

ITEM 11. EXECUTIVE COMPENSATION

Not Applicable

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Not Applicable

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Not Applicable

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not Applicable

**ADDITIONAL DISCLOSURE ITEMS PURSUANT TO REGULATION AB**

ITEM 1112(b). SIGNIFICANT OBLIGORS OF POOL ASSETS

The Goldman Sachs Group, Inc., the underlying security guarantor with respect to the Units, is a "significant obligor" with respect to the assets of the Trust for purposes of Item 1112 of Regulation AB. For any financial statements of The Goldman Sachs Group, Inc. required to be provided under Regulation S-X during the period since the initial issuance of the Units, this Form 10-K report refers, pursuant to Item 1100(c)(2) of Regulation AB, to the periodic reports of The Goldman Sachs Group, Inc. under section 13(a) or 15(d) of the Exchange Act ("Underlying Security Issuer Exchange Act Reports") that are on file with the Securities and Exchange Commission (the "SEC"). Such Underlying Security Issuer Exchange Act Reports may be accessed at the public reference facilities maintained by the SEC at Room 1024, 100 F Street, NE, Washington, D.C. 20549. Copies of those materials can be obtained by making a written request to the SEC, Public Reference Section, 100 F Street, NE, Washington, D.C. 20549, at prescribed rates. The SEC also maintains a website on the internet at http://www.sec.gov at which users can view and download copies of reports, proxy, information statements and other information filed electronically. The SEC file number for The Goldman Sachs Group, Inc. is 333-112367.

The underlying security guarantor financial statements and Underlying Security Issuer Exchange Act Reports referred to above are not incorporated by reference in this Form 10-K report; and the Trust, the Trustee, the depositor, the sponsor and their affiliates have not verified, have not undertaken to verify, and will not verify, the content of any such underlying security guarantor financial statements or Underlying Security Issuer Exchange Act Reports.

ITEM 1114(b)(2). CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVES INSTRUMENTS

None

ITEM 1115(b). CERTAIN DERIVATIVES INSTRUMENTS – FINANCIAL INFORMATION

Morgan Stanley is the derivative counterparty to the TILES 2006-1 Trust under an interest rate swap. For purposes of Item 1115(b) of Regulation AB and any financial statements of Morgan Stanley required to be provided under Regulation S-X during the period covered by this Report on Form 10-K, the financial statements included in or as exhibits to the following documents filed by Morgan Stanley with the Securities and Exchange Commission are hereby incorporated by reference in this Item: Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025; Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025; Annual Report on Form 10-K for the fiscal year ended December 31, 2025; and all other documents subsequently filed by Morgan Stanley pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, during the fiscal year covered by this Report on Form 10-K, which contain financial statements of Morgan Stanley or which amend the foregoing reports.

At prescribed rates, unitholders may obtain copies of all reports, proxy statements and other publicly available information filed by Morgan Stanley with the SEC from the Public Reference section of the SEC, 100 F Street, NE, Washington, D.C. 20549, United States of America. Copies of those materials can be obtained by making a written request to the SEC, Public Reference Section, 100 F Street, NE, Washington, D.C. 20549, at prescribed rates. The SEC also maintains a website on the internet at http://www.sec.gov at which users can view and download copies of reports, proxy, information statements and other information filed electronically. Information provided by or filed with the SEC by Morgan Stanley pursuant of the Exchange Act can be located by reference to SEC file number 001-11758.

ITEM 1117. LEGAL PROCEEDINGS

None

ITEM 1119. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Morgan Stanley, which is the derivative counterparty to the TILES 2006-1 Trust under an interest rate swap, owns 100% of the stock of Depositor MS Structured Asset Corp.

ITEM 1122. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA

See Exhibits 33.1 and 34.1 to this Annual Report.

ITEM 1123. SERVICER COMPLIANCE STATEMENT

See Exhibit 35.1 to this Annual Report.

**PART IV**

ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following documents are filed as part of this Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial Statements: Distribution Reports on Form 10-D are hereby incorporated by reference. See the table below:

TILES Trust No.: <u> Closing Date</u> <u> Collateral</u> <u> Payment Dates</u> <u> Form 10-D Filing Dates For FY 2025</u> <br> <u> 2006-1</u> <u> 2/15/2006</u> <u> The Goldman Sachs Group, Inc.</u> <u> 02/17/2025</u> <u> 02/27/2025</u> <br> <u>2006-1</u> <u> 2/15/2006</u> <u> The Goldman Sachs Group, Inc.</u> <u> 08/15/2025</u> <u> 08/29/2025</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Financial Statement Schedules pursuant to Item 8: Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Exhibits:

Exhibit 4.1 For a description of the securities of the TILES Trust No. 2006-1, see Prospectus Supplement (To Prospectus dated March 5, 2003) dated as of February 15, 2006 filed by the Depositor with the SEC on February 15, 2006 and incorporated here by reference.

Exhibit 19 [Insider Trading Policy](ex19.htm)

Exhibit 31.1 [Rule 13a-14(d) Certification](ex31-1.htm)

Exhibit 31.2 [Servicer Compliance Statement (U.S. Bank National Association)](ex31-2.htm)

Exhibit 33.1 [Report of U.S. Bank National Association, as successor-in-interest to Bank of America, National Association, on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities](ex33-1.htm)

Exhibit 34.1 [Attestation Report of Ernst & Young LLP on Assessment of U.S. Bank National Association's Compliance with Servicing Criteria for Asset-Backed Securities](ex34-1.htm)

Exhibit 35.1 [Annual Statement of Compliance (U.S. Bank National Association)](ex35-1.htm)

Exhibit 97 [Policy Relating to Recovery of Erroneously Awarded Compensation](ex97.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exhibits: See Item 15(a)(3) above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other Financial Statement Schedules: Not Applicable

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: March 26, 2026 |  |  |
|  | **MS STRUCTURED ASSET CORP.** | **MS STRUCTURED ASSET CORP.** |
|  | (Registrant) | (Registrant) |
|  | By: | /s/ Lauren M. Boswell |
|  | Name: Lauren M. Boswell | Name: Lauren M. Boswell |
|  | Title: Vice President | Title: Vice President |

---

## Ex-19

[TILES Trust No. 2006-1 10-K](tiles20061-10k_123125.htm)

**EXHIBIT 19**

![](ex19001.jpg)

Global Policy for Transactions in Morgan Stanley Securities

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| | | | |
|:---|:---|:---|:---|
| **Policy <br> Owner** | &nbsp;&nbsp;&nbsp;Global Head of Compliance Information Controls Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Approver** | &nbsp;&nbsp;&nbsp;Non-Financial Risk Governance Committee |
| **Effective Date** | &nbsp;&nbsp;&nbsp;&nbsp;December 10, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contact Information** | &nbsp;&nbsp;&nbsp;[\*] |

---

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| | |
|:---|:---|
| **1** | **Executive Summary** |

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This Global Policy for Transactions in Morgan Stanley Securities to Promote Compliance with Insider Trading Laws, Rules and Regulations (the "Policy") sets forth general rules that directors and employees of Morgan Stanley must follow with respect to transactions in Morgan Stanley securities.<sup>1</sup> This Policy also sets forth general rules and procedures for transactions by Morgan Stanley in Morgan Stanley securities. As used in this Policy, "Morgan Stanley" or the "Firm" includes Morgan Stanley and its consolidated subsidiaries. The purpose of this Policy is to promote compliance with insider trading laws, rules and regulations and the provisions of this Policy may be copied, described or summarized in other Morgan Stanley policies applicable to directors, employees or Morgan Stanley for the convenience of readers of those policies.

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| | |
|:---|:---|
| **2** | **Transactions in Morgan Stanley Securities by Directors and Employees** |

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&nbsp;&nbsp;&nbsp;&nbsp;2.1 General

Directors and employees may not transact in any security issued by Morgan Stanley, or (if permitted) any derivative security based on or related to any Morgan Stanley security, including through Morgan Stanley 401(k) plans or other deferred compensation or retirement plans (including those held outside the Firm), while in possession of Material Non-Public Information about Morgan Stanley ("Firm MNPI"), including during applicable window periods discussed in Section 2.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 Window Periods and Trade Preclearance

&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 Directors and Executive
Officers

Subject to the provisions of Section 2.2.2 below, directors and executive officers of Morgan Stanley may only transact in Morgan Stanley securities during a window period, as determined by the Board of Directors of Morgan Stanley (the "Board"), and with the prior approval of the Chief Legal Officer ("CLO") or his or her delegate. Once approval is received, the specific transaction must be executed before the close of the next business day; otherwise, an additional approval is required.

&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 Operating Committee and
Management Committee Members

Members of the Firm's Operating Committee and Management Committee, including executive officers of Morgan Stanley, may only transact in Morgan Stanley securities during a window period, as determined by the CLO, and with the prior approval of the CLO, the Director of Company Law or their delegates. Once approval is received, the specific transaction must be executed before the close of the next business day; otherwise, an additional approval is required.

&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 Access Persons

Access Persons, other than members of the Firm's Operating Committee and Management Committee, may only transact in Morgan Stanley securities during a window period, as determined by the CLO, and are required to obtain pre-clearance for all transactions in Morgan Stanley securities through Morgan Stanley's Trade Pre-Clearance System. Once approval is received, the specific transaction must be executed before the close of the next business day; otherwise, an additional approval is required.

<sup>1</sup> This Policy applies to spouses, domestic partners or dependents of directors and employees and this policy also applies to trading accounts such persons have a financial interest in and/or the power, directly or indirectly, to control or influence investment decisions.

![](ex19002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 Non-Access Persons

Non-Access Persons may only transact in Morgan Stanley securities during a window period, as determined by the CLO, but are not required to obtain pre-clearance for transactions in Morgan Stanley securities.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 Derivatives and Margin Transactions

&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 Derivatives Trading

Directors and employees may not, under any circumstances, sell short Morgan Stanley securities. Employees, other than members of the Firm's Operating Committee and the Firm's principal accounting officer, may write covered calls and buy protective puts during the relevant window periods referred to in this Section 2, but only with respect to hedging an existing position in saleable (i.e., unrestricted) Morgan Stanley securities.

&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 Margin Transactions

Directors and members of the Firm's Operating Committee and Management Committee and certain other groups, as determined by the CLO, may not enter into margin transactions related to Morgan Stanley securities. Other employees are permitted to margin saleable (i.e., unrestricted) Morgan Stanley securities.

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| | |
|:---|:---|
| **3** | **Transactions by Morgan Stanley in Morgan Stanley Securities** |

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&nbsp;&nbsp;&nbsp;&nbsp;3.1 General

Morgan Stanley may not issue or repurchase any Morgan Stanley securities while in possession of Firm MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Transactions in Morgan Stanley
Securities

&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 Approvals

While the general approval requirements for issuances and repurchases of Morgan Stanley securities vary across distribution channels, type of instrument and size, to promote compliance with Section 3.1, Morgan Stanley shall not issue Morgan Stanley securities or repurchase Morgan Stanley securities issued during any blackout period established in respect of such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 Blackout Periods

Treasury Capital Markets shall be responsible for establishing and communicating quarterly blackout periods in respect of issuances and repurchases of Morgan Stanley securities, subject to quarterly review and approval by Company Law.

Quarterly blackout periods shall generally precede the public dissemination of Morgan Stanley's quarterly and annual statements of revenues and earnings and end after such public dissemination, but may be modified or waived in appropriate circumstances in consultation with Company Law.

At their discretion, the Firm's Treasurer, Head of Treasury Capital Markets, Chief Financial Officer ("CFO"), CLO or their delegates may impose additional blackout periods.

![](ex19002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;3.1 Repurchases of Morgan Stanley Common Stock

From time to time, the Board may authorize the repurchase of Morgan Stanley's common stock ("Repurchases"), which is reported by the Firm in its periodic reports filed with the U.S. Securities and Exchange Commission ("SEC"). Sections 3.3.1, 3.3.2, 3.3.3 and 3.3.4 below set forth the actions that shall be followed to help ensure that Repurchases are not made, or a Rule 10b5-1 Trading Plan to effect such Repurchases is not entered into, when the Firm is in possession of Firm MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 Repurchase Blackout Period

No Repurchases shall take place during the Repurchase Blackout Period other than repurchases made pursuant to a Rule 10b5-1 Trading Plan. Nor should any Rule 10b5-1 Trading Plan be entered into during a Repurchase Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 Authorized Officers

Only specifically designated persons may authorize Repurchases. The Chief Executive Officer ("CEO") and CFO may initiate a Repurchase or Series of Repurchases or the entry into a Rule 10b5-1 Trading Plan to effect Repurchases (each a "Repurchase Action").

&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 Repurchase Pre-Approval
Requirements

On the business day immediately prior to the proposed execution of a Repurchase Action, the CFO shall notify the CLO and Director of Company Law of (i) his or her decision to initiate a Repurchase Action on the next business day and (ii) his or her confirmation that he or she is not in possession of Firm MNPI.

Following such notification, the CLO shall confer with the CEO and CFO, and take additional steps as he or she deems necessary, to ascertain whether the Firm is in possession of Firm MNPI.

Upon the CLO's satisfaction that, to his or her knowledge based on the steps above, the Firm is not in possession of Firm MNPI, the CLO shall notify the CFO that he or she can proceed with the Repurchase Action on the next business day. If the CFO does not receive such notification from the CLO, the CFO may not proceed with the Repurchase Action. Once the Repurchase Action is completed, the CFO must obtain separate authorization for additional Repurchase Actions.

If the CLO determines, for any reason, that the Repurchase Action should not proceed, he or she shall notify the CFO that he or she may not proceed with the Repurchase Action.

&nbsp;&nbsp;&nbsp;&nbsp;3.3.4 Series of Repurchases

If the Repurchase Action comprises a Series of Repurchases that may be carried out over a set period without implementation of a Rule 10b5-1 Trading Plan to effect the Series of Repurchases, then the CEO and CFO should contact the CLO should they become aware of any information that may constitute Firm MNPI for such time as the Series of Repurchases is taking place.

If, following commencement of a Series of Repurchases, the CLO determines, based on the notification contemplated by the immediately preceding paragraph or otherwise, that Firm MNPI has arisen or the CLO otherwise determines that it is inappropriate for Repurchases to continue, he or she shall instruct the CFO to terminate the Series of Repurchases. Any resumption of Repurchases shall constitute a Repurchase Action subject to the requirements set forth in in this Section 3.3. This paragraph does not apply to Repurchases made pursuant to a Rule 10b5-1 Trading Plan.

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| | |
|:---|:---|
| **4** | **Policy Assurance Methods** |

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&nbsp;&nbsp;&nbsp;&nbsp;4.1 Consequences of Violating the Policy

Violations of this Policy may also result in corrective action by the Firm, including, but not limited to, cancellation of a trade, suspension of trading privileges and/or disciplinary action, up to and including termination of employment and civil proceedings. The Firm reserves the right in its sole discretion to freeze positions, cancel any trade without prior notice, instruct the employee to cancel a trade executed in an account held outside of Morgan Stanley or compel the repurchase at the market price of the securities sold in violation of this Policy. Employees can also be held responsible for the actions (or inaction) of others if they knew, or should have known, about their misconduct. Any loss will be borne by the violator and any profits will be forfeited. In addition, this Policy aligns with certain legal requirements, and violation of those legal requirements could result in criminal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Exceptions and Exemptions

This Policy may be modified or an exception granted with approval of the CLO or his or her designee where the circumstances make such modification or exception appropriate, in compliance with applicable law.

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| | |
|:---|:---|
| **5** | **Governance** |

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&nbsp;&nbsp;&nbsp;&nbsp;5.1 Update Requirements

The Policy was approved by the Chief Legal Officer and the Chief Compliance Officer. The Global Head of Compliance Information Controls Group (or his or her designee) shall review this Policy annually and submit any significant amendments to this Policy to the Non-Financial Risk Governance Committee for approval.

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| | |
|:---|:---|
| **6** | **Reference Information** |

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&nbsp;&nbsp;&nbsp;&nbsp;6.1 Questions

Questions regarding employee transactions in Morgan Stanley securities should be directed to Employee Investing and Activities Compliance ("EIAC") in the Compliance Department ("Compliance") or [\*].

&nbsp;&nbsp;&nbsp;&nbsp;6.2 Glossary

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| | |
|:---|:---|
| **TERM** | **DEFINITION** |
| Access Persons | Are specific individuals designated by job function or title and all individuals in certain designated divisions. Access Persons may receive or have access to Firm MNPI that is either cyclical (e.g., business operating results, financials) or noncyclical (e.g., material strategic transactions, significant undisclosed regulatory action). Individuals will be advised by Employee Investing and Activities Compliance each quarter if they are Access Persons for purposes of this Policy. |
| Blackout period | Refers to the period in which the Firm shall not engage in transactions of Morgan Stanley securities. |

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![](ex19002.jpg)

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|:---|:---|
| Material | The Firm's definition of "material" information is co-extensive with the definition provided by securities laws. For illustrative purposes only, and not to replace or change the legal definition, information may be "material" if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision or it could reasonably be expected to have a substantial effect on the price of the Firm's securities, or if the information could be viewed as significantly altering the total mix of available information. The following list, while not exhaustive, includes the types of information or events that should be reviewed carefully to determine whether such information is material: <br> • Earnings, including whether the Firm will or will not meet expectations; <br> • Mergers, acquisitions, divestitures, joint ventures, strategic alliances or other strategic arrangements; <br> • Changes in senior management; <br> • Changes in compensation policy; <br> • A change in auditors or auditor notification that the Firm may no longer rely on an audit report; <br> • Financings, capital actions and other events regarding Morgan Stanley securities (e.g., defaults on debt securities, calls of certain securities for redemption, repurchase plans, stock splits, dividends or public or private sales of securities); <br> • Significant and/or pending litigation or regulatory investigations; <br> • Significant events related to market, credit, liquidity, model, operational (including cybersecurity), compliance, financial crime, strategic and reputational risks; and <br> • Bankruptcy, corporate restructuring or receivership.  |
| Morgan Stanley securities | Are all securities issued by Morgan Stanley, including common stock, preferred stock and debt. |
| Non-Public Information | The Firm's definition of "nonpublic" information is co-extensive with the definition provided by securities laws. For illustrative purposes only, and not to replace or change the legal definition, "nonpublic" information is information that has not been previously disclosed to the general public by means of a press release, SEC filing or other media for broad public access (including during a call that discusses quarterly earnings results that is announced in advance and broadly available to the public). Disclosure can be made public either by furnishing or filing a Current Report on Form 8-K, press release, posting on the Firm's website or any other method that the Firm's management believes is reasonably designed to distribute the information in a broad, non-exclusionary manner to the public. |
| Repurchase Blackout Period | Refers to the period that commences in advance of a quarterly earnings announcement and ends after such announcement, as determined by the CLO, in which Repurchases shall not take place unless pursuant to a Rule 10b5-1 Trading Plan. |
| Rule 10b5-1 Trading Plan | Is a repurchase plan established in accordance with the SEC's Rule 10b5-1. |
| Series of Repurchases | Means a series of continuous Repurchases (not made pursuant to a Rule 10b5-1 Plan) that commences on a selected date and continues during a certain period on a daily or other basis, e.g., repurchases that commence following the announcement of earnings for the immediately preceding fiscal quarter. If more than five business days elapse without a Repurchase being completed, then the Series of Repurchases shall be deemed to have ceased. |

---

![](ex19002.jpg)

---

| | |
|:---|:---|
| Transactions | Refers to purchases, sales, transfers or gifts. With respect to Morgan Stanley's 401(k) plan, also includes changes to existing investments in the plan that result in funds being moved in or out of the Morgan Stanley Stock Fund. |
| Window period | Refers to the period determined by the Board or the CLO, as applicable, during which directors and employees may transact in Morgan Stanley securities, subject to any other restrictions discussed in Section 2 and any holding periods established by Compliance. Though to be determined as set forth in Section 2 of this Policy, the window periods referred to in Section 2 are generally expected to open on the first business day following the public dissemination of Morgan Stanley's quarterly or annual statements of revenues and earnings and close no later than 30 business days later. |

---

## Exhibit 31.1

[TILES Trust No. 2006-1 10-K](tiles20061-10k_123125.htm)

**Exhibit 31.1**

**RULE 13a-14(d) Certification**

I, Lauren M. Boswell, certify that:

1. I have reviewed this report on Form 10–K and all reports on Form 10–D required to be filed in respect of the period covered by this report on Form 10–K of TILES Trust No. 2006-1 (the "Exchange Act periodic reports");

2. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10–D for the period covered by this report is included in the Exchange Act periodic reports;

4. Based on my knowledge and the servicer compliance statement(s) required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer, U.S. Bank National Association ("U.S. Bank") as successor-in-interest to Bank of America, National Association ("BANA"), of TILES Trust No. 2006-1, has fulfilled its obligations under the servicing agreement, which is the Trust Agreement relating to TILES Trust No. 2006-1; and

5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a–18 and 15d–18 have been included as an exhibit to this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10–K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated party: U.S. Bank as successor-in-interest to BANA and its officers and agents.

---

| | |
|:---|:---|
| **By:** | **/s/ Lauren M. Boswell** |
| **Name:** | **Lauren M. Boswell** |
| **Title:** | **Vice President** |
| **Date:** | **March 26, 2026** |

---

## Exhibit 31.2

[TILES Trust No. 2006-1 10-K](tiles20061-10k_123125.htm)

**Exhibit 31.2**

![](ex312001.jpg)

Global Corporate Trust

190 S. LaSalle Street, 7<sup>th</sup> Floor

MK-IL-SL7C

Chicago, IL 60603

**usbank.com**

**ABS ANNUAL REPORT BACKUP CERTIFICATION**

Reference is made to the Trust Agreement, between MS Structured Asset Corp., as Depositor and U.S. Bank National Association, as Trustee, as successor-in-interest to Bank of America, National Association, as Trustee, as successor by merger to LaSalle Bank National Association, as Trustee, for TILES Trust No. 2006-1, dated February 15, 2006, together with Schedules I, II and III attached thereto, and the Standard Terms for Trust Agreements, between MS Structured Asset Corp., as Depositor and U.S. Bank National Association, as Trustee, as successor-in-interest to Bank of America, National Association, as Trustee, as successor by merger to LaSalle Bank National Association, as Trustee dated March 5*,* 2003. Capitalized terms used herein and not defined shall have the meanings defined in the Trust Agreement and the Standard Terms for Trust Agreements.

In connection with the preparation and delivery of the annual report on Form 10-K of MS Structured Asset Corp. on behalf of TILES Trust No. 2006-1 for the fiscal year ending December 31, 2025 ("Fiscal Year") and the certifications given by Lauren M. Boswell with respect thereto, the undersigned hereby certifies that she is a duly elected Senior Vice President of U.S. Bank National Association (the "Trustee") and further certifies in her capacity as such as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. U.S. Bank National Association has prepared all reports to Unitholders with
respect to each distribution date for TILES Trust No. 2006-1 and, if permitted under the applicable rules and regulations of the
Securities Exchange Commission and the procedures with respect thereto that have been mutually agreed upon by MS Structured Asset
Corp. and U.S. Bank National Association, has filed a copy of such reports on Form 10-D for the months listed on Exhibit A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;2. I (or officers under my supervision) have reviewed the reports on Form 10-D containing the reports
to Unitholders included on Exhibit A filed in respect of periods included in the Fiscal Year covered by the annual report of MS
Structured Asset Corp. on behalf of TILES Trust No. 2006-1;

&nbsp;&nbsp;&nbsp;&nbsp;3. I am familiar with the operations of U.S. Bank National Association with respect to the TILES
Trust No. 2006-1 and the requirements imposed by the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;4. Based on my knowledge, the information in the reports to Unitholders, taken as a whole, does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading as of the date that the distribution information was
filed on Form 10-D;

&nbsp;&nbsp;&nbsp;&nbsp;5. Based on my knowledge, the information required to be provided under the Trust Agreement, for inclusion
in the reports to Unitholders, is included in the reports to Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;6. Based on my knowledge, and except as disclosed in the reports to Unitholders, the Trustee has
fulfilled its obligations under the Trust Agreement in all material respects;

---

| | |
|:---|:---|
| Page **1** of **3** | **TILES Trust No. 2006-1** |
|  | ABS ANNUAL REPORT BACKUP CERTIFICATION |

---

![](ex312001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;7. Based on my knowledge, and except as disclosed in the reports to Unitholders, there are no material
legal proceedings with respect to the trust, involving the trust or U.S. Bank National Association as Trustee.

---

| | |
|:---|:---|
| U.S. Bank National Association, as Trustee | U.S. Bank National Association, as Trustee |
| By: | ![](ex312002.jpg) |
| Name: | Kimberly O. Jacobs |
| Title: | Senior Vice President |
| Date: | March 1, 2026 |

---

---

| | |
|:---|:---|
| Page **2** of **3** | **TILES Trust No. 2006-1** |
|  | ABS ANNUAL REPORT BACKUP CERTIFICATION |

---

![](ex312001.jpg)

**Exhibit A**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**TILES Trust No.:**  | &nbsp;&nbsp;**Closing Date**  | &nbsp;&nbsp;**Payment Dates**  | &nbsp;&nbsp;**Form 10-D Filing Dates**  |
| &nbsp;&nbsp; 2006-1  | &nbsp;&nbsp; February 15, 2006  | &nbsp;&nbsp; February 17, 2025 <br> August 15, 2025  | &nbsp;&nbsp; February 27, 2025 <br> August 29, 2025  |

---

---

| | |
|:---|:---|
| Page **3** of **3** | **TILES Trust No. 2006-1** |
|  | ABS ANNUAL REPORT BACKUP CERTIFICATION |

---

## Exhibit 33.1

[TILES Trust No. 2006-1 10-K](tiles20061-10k_123125.htm)

**Exhibit 33.1**

**Management's Assertion**

**Report on Assessment of Compliance with Applicable Servicing Criteria**

Management of U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively "U.S. Bank") is responsible for assessing compliance as of and for the year ended December 31, 2025, 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 Platform<sup>1</sup> (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:

&nbsp;&nbsp;&nbsp;&nbsp;1. U.S. Bank is responsible for assessing its compliance
with the servicing criteria applicable to it as noted on the accompanying Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. U.S. Bank has complied, in all material respects, with the applicable servicing criteria as of
and for the year ended December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;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, 2025.

<sup>1</sup> 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.

Corporate Trust ABS Platform (A)

---

| |
|:---|
| U.S. BANK NATIONAL ASSOCIATION |
| ![](ex311001.jpg) |
| Name: Joe Nardi |
| Title: Executive Vice President |
| U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION |
| ![](ex311001.jpg) |
| Name: Joe Nardi |
| Title: Executive Vice President |
| Dated: February 26, 2026 |

---

Corporate Trust ABS Platform (A)

**EXHIBIT A to Management's Assertion**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing <br> Criteria** | &nbsp;&nbsp;**Inapplicable <br> Servicing <br> Criteria** |
| &nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;**<u>General Servicing Considerations</u>** |
| &nbsp;&nbsp;1122(d)(1)(i) | &nbsp;&nbsp;Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(1)(ii) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X<sup>2</sup>** |  |
| &nbsp;&nbsp;1122(d)(1)(iii) | &nbsp;&nbsp;Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(1)(iv) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(1)(v) | &nbsp;&nbsp;Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | &nbsp;&nbsp;**X<sup>3</sup>** |  |
| &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** |
| &nbsp;&nbsp;1122(d)(2)(i) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(2)(ii) | &nbsp;&nbsp;Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(2)(iii) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X<sup>4</sup>** |  |
| &nbsp;&nbsp;1122(d)(2)(iv) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(2)(v) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(2)(vi) | &nbsp;&nbsp;Unissued checks are safeguarded so as to prevent unauthorized access. | &nbsp;&nbsp;**X** |  |

---

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

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

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

Corporate Trust ABS Platform (A)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing <br> Criteria** | &nbsp;&nbsp;**Inapplicable <br> Servicing <br> Criteria** |
| &nbsp;&nbsp;1122(d)(2)(vii) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** |
| &nbsp;&nbsp;1122(d)(3)(i) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(3)(ii) | &nbsp;&nbsp;Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(3)(iii) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(3)(iv) | &nbsp;&nbsp;Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;**<u>Pool Asset Administration</u>** |
| &nbsp;&nbsp;1122(d)(4)(i) | &nbsp;&nbsp;Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(ii) | &nbsp;&nbsp;Pool assets and related documents are safeguarded as required by the transaction agreements. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(iii) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(4)(iv) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |

---

Corporate Trust ABS Platform (A)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing <br> Criteria** | &nbsp;&nbsp;**Inapplicable <br> Servicing <br> Criteria** |
| &nbsp;&nbsp;1122(d)(4)(v) | &nbsp;&nbsp;The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(vi) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(vii) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(viii) | &nbsp;&nbsp;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). |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(ix) | &nbsp;&nbsp;Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(x) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xi) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xii) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xiii) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xiv) | &nbsp;&nbsp;Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xv) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |

---

Corporate Trust ABS Platform (A)

## Exhibit 34.1

[TILES Trust No. 2006-1 10-K](tiles20061-10k_123125.htm)

**Exhibit 34.1**

![](ex341001.jpg)

**Report of Independent Registered Public Accounting Firm**

The Board of Directors

U.S. Bank National Association and U.S. Bank Trust Company, National Association

We have examined management's assertion, included in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, that U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively, the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform"), for which the Company provides trustee, securities administration, registrar and paying agent services, as of and for the year ended December 31, 2025, except for servicing criteria 1122(d)(1)(iii), 1122(d)(4)(i)-(ii), and 1122(d)(4)(iv)-(xiv), which the Company has determined are not applicable to the activities it performs with respect to the servicing platform covered by this report. Management is responsible for the Company's compliance with those servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of less than all of the individual asset-backed transactions and securities that comprise the Platform, testing of less than all of the servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. Although the Company is responsible for assessing compliance with Items 1122(d)(1)(ii), 1122(d)(1)(v), and 1122(d)(2)(iii) of Regulation AB, there were no servicing activities performed by the Company during the year ended December 31, 2025 that required these servicing criteria to be complied with. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our examination engagement.

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2025, for the U.S. Bank Corporate Trust Asset-Backed Securities Platform is fairly stated, in all material respects.

![](ex341002.jpg)

Minneapolis, Minnesota

February 26, 2026

**Management's Assertion**

**Report on Assessment of Compliance with Applicable Servicing Criteria**

Management of U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively "U.S. Bank") is responsible for assessing compliance as of and for the year ended December 31, 2025, 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 Platform<sup>1</sup> (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:

&nbsp;&nbsp;&nbsp;&nbsp;1. U.S. Bank is responsible for assessing its compliance with the servicing criteria applicable
to it as noted on the accompanying Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. U.S. Bank has complied, in all material respects, with the applicable servicing criteria as of
and for the year ended December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;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, 2025.

<sup>1</sup> 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.

Corporate Trust ABS Platform (A)

---

| |
|:---|
| U.S. BANK NATIONAL ASSOCIATION |
| ![](ex341003.jpg) |
| Name: Joe Nardi |
| Title: Executive Vice President |
| U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION |
| ![](ex341003.jpg) |
| Name: Joe Nardi |
| Title: Executive Vice President |
| Dated: February 26, 2026 |

---

Corporate Trust ABS Platform (A)

**EXHIBIT A to Management's Assertion**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing <br> Criteria** | &nbsp;&nbsp;**Inapplicable <br> Servicing <br> Criteria** |
| &nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;**<u>General Servicing Considerations</u>** | &nbsp;&nbsp;**<u>General Servicing Considerations</u>** |
| &nbsp;&nbsp;1122(d)(1)(i) | &nbsp;&nbsp;Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(1)(ii) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X<sup>2</sup>** |  |
| &nbsp;&nbsp;1122(d)(1)(iii) | &nbsp;&nbsp;Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(1)(iv) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(1)(v) | &nbsp;&nbsp;Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | &nbsp;&nbsp;**X<sup>3</sup>** |  |
| &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp;**<u>Cash Collection and Administration</u>** |
| &nbsp;&nbsp;1122(d)(2)(i) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(2)(ii) | &nbsp;&nbsp;Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(2)(iii) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X<sup>4</sup>** |  |
| &nbsp;&nbsp;1122(d)(2)(iv) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(2)(v) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(2)(vi) | &nbsp;&nbsp;Unissued checks are safeguarded so as to prevent unauthorized access. | &nbsp;&nbsp;**X** |  |

---

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

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

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

Corporate Trust ABS Platform (A)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing <br> Criteria** | &nbsp;&nbsp;**Inapplicable <br> Servicing <br> Criteria** |
| &nbsp;&nbsp;1122(d)(2)(vii) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp;**<u>Investor Remittances and Reporting</u>** |
| &nbsp;&nbsp;1122(d)(3)(i) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(3)(ii) | &nbsp;&nbsp;Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(3)(iii) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(3)(iv) | &nbsp;&nbsp;Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;**<u>Pool Asset Administration</u>** | &nbsp;&nbsp;**<u>Pool Asset Administration</u>** |
| &nbsp;&nbsp;1122(d)(4)(i) | &nbsp;&nbsp;Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(ii) | &nbsp;&nbsp;Pool assets and related documents are safeguarded as required by the transaction agreements. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(iii) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;1122(d)(4)(iv) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |

---

Corporate Trust ABS Platform (A)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable <br> Servicing <br> Criteria** | &nbsp;&nbsp;**Inapplicable <br> Servicing <br> Criteria** |
| &nbsp;&nbsp;1122(d)(4)(v) | &nbsp;&nbsp;The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(vi) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(vii) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(viii) | &nbsp;&nbsp;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). |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(ix) | &nbsp;&nbsp;Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(x) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xi) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xii) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xiii) | &nbsp;&nbsp;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. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xiv) | &nbsp;&nbsp;Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;1122(d)(4)(xv) | &nbsp;&nbsp;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. | &nbsp;&nbsp;**X** |  |

---

Corporate Trust ABS Platform (A)

## Exhibit 35.1

[TILES Trust No. 2006-1 10-K](tiles20061-10k_123125.htm)

**Exhibit 35.1**

![](ex351001.jpg)

Global Corporate Trust

190 S. LaSalle Street, 7<sup>th</sup> Floor

MK-IL-SL7C

Chicago, IL 60603

**usbank.com**

**Annual Statement of Compliance**

TILES Trust No. 2006-1

VIA: EMAIL

MS Structured Asset Corp.

1585 Broadway

New York, New York 10036

Reference is made to the Trust Agreement (the "Agreement"), between MS Structured Asset Corp., as Depositor and U.S. Bank National Association, as Trustee, as successor-in-interest to Bank of America, National Association, as Trustee, as successor by merger to LaSalle Bank National Association, as Trustee, for TILES Trust No. 2006-1, dated February 15, 2006, together with Schedules I, II and III attached thereto, and the Standard Terms for Trust Agreements, between MS Structured Asset Corp., as Depositor and U.S. Bank National Association, as Trustee, as successor-in-interest to Bank of America, National Association, as Trustee, as successor by merger to LaSalle Bank National Association, as Trustee dated March 5, 2003. Capitalized terms used herein and not defined shall have the meanings defined in the Trust Agreement and the Standard Terms for Trust Agreements.

I, Kimberly O. Jacobs, a Senior Vice President of U.S. Bank National Association as successor-in-interest to Bank of America, National Association, as successor by merger to LaSalle Bank National Association, as Trustee hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A review of the activities of the Trustee during the preceding calendar year and of the performance of the Trustee under the Agreement has been made under my supervision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To the best of my knowledge, based on such review, the Trustee has fulfilled all its obligations under the Agreement in all material respects throughout such year.

Capitalized terms used but not defined herein have the meanings set forth in the Agreement.

Date: March <u>1</u>, 2026

---

| | |
|:---|:---|
| U.S. Bank National Association, as Trustee | U.S. Bank National Association, as Trustee |
| By: | ![](ex351002.jpg) |
| Kimberly O. Jacobs | Kimberly O. Jacobs |
| Senior Vice President | Senior Vice President |

---

## Ex-97

[TILES Trust No. 2006-1 10-K](tiles20061-10k_123125.htm)

**Exhibit 97**

**MS STRUCTURED ASSET CORP. <br> COMPENSATION RECOUPMENT POLICY**

This MS Structured Asset Corp. Compensation Recoupment Policy ("**Policy**") has been adopted by the Sole Director (the "**Director**") of MS Structured Asset Corp (the "**Company**"). This Policy provides for the recoupment of Erroneously Awarded Compensation from Covered Executives in the event of an Accounting Restatement in accordance with the terms and conditions set forth herein. This Policy is intended to comply with the requirements of Section 10D of the Exchange Act (as defined below) and Section 303A.14 of the NYSE Listed Company Manual (collectively, the "**Clawback Rules**").

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>.
For the purposes of this Policy, the following terms shall have the meanings set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Accounting Restatement**" means a restatement of the Company's financial statements due to the material noncompliance of the Company with any financial reporting requirement under U.S. federal securities laws that is required in order to correct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an
error in previously issued financial statements that is material to the previously issued financial statements such that previously
issued financial statements require refiling ()"**"Big R" restatement** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
error in previously issued financial statements that is material to the current period financial statements if (A) left uncorrected,
or (B) the correction were recorded only in the current period ()"**"little r" restatement**") (in either
case, due to the materiality of the impact the error would have on the current period, the previously issued financial statements
must be revised to correct it even though the error may not have been material to those financial statements and such revision
is made in the current period filing without reissuance of financial statements).

For purposes of the Policy, the Company shall determine whether a restatement of the Company's financial statements is an Accounting Restatement in accordance with procedures adopted by the Company, as in effect at the time of the relevant restatement and described in Section 2 of this Policy. For purposes of this Policy, an Accounting Restatement shall not be deemed to occur in the event of a revision of the Company's financial statements due to an out-of-period adjustment (i.e., when the error is immaterial to the previously issued financial statements and the correction of the error is also immaterial to the current period) or a retrospective (1) application of a change in accounting principles; (2) revision to reportable segment information due to a change in the structure of the Company's internal organization; (3) reclassification due to a discontinued operation; (4) application of a change in reporting entity, such as from a reorganization of entities under common control; or (5) revision for stock splits, reverse stock splits, stock dividends, or other changes in capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Covered Compensation**" means any Incentive-based Compensation "received" by a Covered Executive during the applicable Recoupment Period; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such
Covered Compensation was received by such Covered Executive (A) after the Effective Date, (B) after he or she commenced service
as an Executive Officer and (C) while the Company had a class of securities publicly listed on a United States national securities
exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
Covered Executive served as an Executive Officer at any time during the performance period applicable to such Incentive-based
Compensation.

For purposes of this Policy, Incentive-based Compensation is "**received**" by a Covered Executive during the fiscal period in which the Financial Reporting Measure applicable to such Incentive-based Compensation (or portion thereof) is attained, even if the payment or grant of such Incentive-based Compensation is made before or after such fiscal period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Covered Executive**" means any current or former Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Effective Date**" means the date on which Section 303A.14 of the NYSE Listed Company Manual becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Executive Officer**" means each individual who is designated by the Director as an "officer" of the Company as defined in Rule 16a-1(f) under the Exchange Act. For the avoidance of doubt, the identification of "Executive Officer" for purposes of this Policy shall include each executive officer identified pursuant to Item 401(b) of Regulation S-K, as well as the Principal Accounting Officer. The determination as to an individual's status as an Executive Officer shall be made by the Director and such determination shall be final, conclusive and binding on such individual and all other interested persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Financial Reporting Measure**" means any (i) reporting measure of the Company that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, (ii) stock price measure of the Company, or (iii) total shareholder return measure of the Company (and any measures that are derived wholly or in part from any measure referenced in clause (i), (ii) or (iii) above). For the avoidance of doubt, any such measure does not need to be presented within the Company's financial statements or included in a filing with the U.S. Securities and Exchange Commission to constitute a Financial Reporting Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Incentive-based Compensation**" means any compensation (including, for the avoidance of doubt, any cash or equity or equity-based compensation, whether deferred or current) that is granted, earned and/or vested based wholly or in part upon the attainment of a Financial Reporting Measure. For purposes of this Policy, "Incentive-based Compensation" does not include discretionary cash bonus or discretionary awards of time-vested stock units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**NYSE"** means the New York Stock Exchange, or any successor thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Recoupment Period**" means the three fiscal years completed immediately preceding the date of any applicable Restatement Date. Notwithstanding the foregoing, the Recoupment Period additionally includes any transition period (that results from a change in the Company's fiscal year) within or immediately following those three completed fiscal years, *provided* that a transition period between the last day of the Company's previous fiscal year end and the first day of its new fiscal year that comprises a period of nine (9) to twelve (12) months would be deemed a completed fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Restatement Date**" means the earlier of (i) the date that the Director concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, and (ii) the date on which a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Recoupment of Erroneously Awarded Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of an Accounting Restatement, if the amount of any Covered Compensation received by a Covered Executive (the "**Awarded Compensation**") exceeds the amount of such Covered Compensation that would have otherwise been received by such Covered Executive if calculated based on figures included within financial statements that were restated pursuant to an Accounting Restatement (the "**Adjusted Compensation**"), the Company shall reasonably promptly recover from such Covered Executive an amount equal to the excess of the Awarded Compensation over the Adjusted Compensation (such excess amount, the "**Erroneously Awarded Compensation**"), subject to Sections (3)(b) and (3)(c) hereof. The Director shall make all determinations regarding the amount of Erroneously Awarded Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If (i) the Financial Reporting Measure applicable to the relevant Covered Compensation is a stock price or total shareholder return measure (or any measure derived wholly or in part from either of such measures) and (ii) the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the Accounting Restatement, then the amount of Erroneously Awarded Compensation shall be determined based on the Company's reasonable estimate of the effect of the Accounting Restatement on the Company's stock price or total shareholder return (or the derivative measure thereof) upon which such Covered Compensation was received and the Company shall maintain documentation of the determination of such reasonable estimate and provide the relevant documentation as required to the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The amount of Erroneously Awarded Compensation shall be calculated without regard to any taxes paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the avoidance of doubt, the Company's obligation to recover Erroneously Awarded Compensation is not dependent on (i) if or when the restated financial statements are filed with the Securities and Exchange Commission; or (ii) any fault of any Covered Executive for the accounting errors or other actions leading to an Accounting Restatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary in Sections 3(a) through (d) hereof, the Company shall not be required to recover any Erroneously Awarded Compensation in circumstances where non-recovery is expressly permitted by the Clawback Rules, including if both (x) the conditions set forth in either of clause (i) or (ii) below are satisfied and (y) the Director has determined that recovery of the Erroneously Awarded Compensation would be impracticable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
direct expense paid to a third party to assist in enforcing the recovery of the Erroneously Awarded Compensation under this Policy
would exceed the amount of such Erroneously Awarded Compensation to be recovered; *provided* that, before concluding that
it would be impracticable to recover any amount of Erroneously Awarded Compensation pursuant to this Section 3(e), the Company
shall have first made a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt(s)
to make such recovery, and provide that documentation to the NYSE; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recovery
of the Erroneously Awarded Compensation would likely cause an otherwise tax-qualified retirement plan, under which benefits are
broadly available to employees of the Company, to fail to meet the requirements of Sections 401(a)(13) or 411(a) of the U.S. Internal
Revenue Code of 1986, as amended (the "**Code** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent that a Covered Officer fails to repay all Erroneously Awarded Compensation to the Company when due, the Company shall take all actions reasonable and appropriate to recover such Erroneously Awarded Compensation from the applicable Covered Officer. The applicable Covered Officer shall be required to reimburse the Company for any and all expenses reasonably incurred (including legal fees) by the Company in recovering such Erroneously Awarded Compensation in accordance with the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Method of Recovery</u>. The Director shall determine, in its sole discretion, the manner and timing in which any Erroneously Awarded Compensation shall be recovered from a Covered Executive in accordance with applicable law, including, without limitation, by (i) requiring reimbursement of Covered Compensation previously paid in cash; (ii) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity or equity-based awards; (iii) offsetting the Erroneously Awarded Compensation amount from any compensation otherwise owed by the Company or any of its affiliates to the Covered Executive; (iv) cancelling outstanding vested or unvested equity or equity-based awards; and/or (v) taking any other remedial and recovery action permitted by applicable law. For the avoidance of doubt, except as set forth in Section 2(e), in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Compensation; *provided* that, to the extent necessary to avoid any adverse tax consequences to the Covered Executive pursuant to Section 409A of the Code, any offsets against amounts under any nonqualified deferred compensation plans (as defined under Section 409A of the Code) shall be made in compliance with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Indemnification</u>. The Company shall not indemnify any Covered Executive, directly or indirectly, for any losses that such Covered Executive may incur in connection with the recovery of Erroneously Awarded Compensation pursuant to this Policy, including through the payment of insurance premiums or gross-up payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Public Disclosures</u>. As required by the Clawback Rules, the Company shall provide public disclosures related to this Policy and any applicable recoveries of Erroneously Awarded Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Administration</u>. This Policy shall be administered by the Director. All decisions of the Director shall be final, conclusive and binding upon the Company and the Covered Executives, their beneficiaries, executors, administrators and any other legal representative. The Director shall have full power and authority to (i) administer and interpret this Policy, (ii) correct any defect, supply any omission, and reconcile any inconsistency in this Policy and (iii) make any other determination and take any other action that the Director deems necessary or desirable for the administration of this Policy and to comply with applicable law (including Section 10D of the Exchange Act) and applicable stock market or exchange rules and regulations. Notwithstanding anything to the contrary contained herein, to the extent permitted by the Clawback Rules, the Director may, in its sole discretion, at any time and from time to time, administer this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Amendment/Termination</u>. Subject to the Clawback Rules, this Policy may be amended or terminated by the Director at any time. To the extent that any applicable law, or stock market or exchange rules or regulations require recovery of Erroneously Awarded Compensation in circumstances in addition to those specified herein, nothing in this Policy shall be deemed to limit or restrict the right or obligation of the Company to recover Erroneously Awarded Compensation to the fullest extent required by such applicable law, stock market or exchange rules and regulations. Unless otherwise required by applicable law, this Policy shall no longer be effective from and after the date that the Company no longer has a class of securities publicly listed on a United States national securities exchange. To the extent the Clawback Rules cease to be in force or cease to apply to the Company, and unless otherwise required by applicable law, this Policy shall also cease to be in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Interpretation</u>. Notwithstanding anything to the contrary herein, this Policy is intended to comply with the Clawback Rules (and any applicable regulations, administrative interpretations or stock market or exchange rules and regulations adopted in connection therewith). The provisions of this Policy shall be interpreted in a manner that satisfies such requirements, and this Policy shall be operated accordingly. If any provision of this Policy would otherwise frustrate or conflict with this intent, the provision shall be interpreted and deemed amended so as to avoid such conflict. In no event is this Policy intended to be broader than, or to require recoupment in addition to, that required pursuant to the Clawback Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Other Compensation Clawback/Recoupment Rights</u>. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies, rights, or requirements with respect to the clawback or recoupment of any compensation that may be available to the Company pursuant to the terms of any other recoupment or clawback policy of the Company (or any of its affiliates) that may be in effect from time to time, any provision in any employment agreement, offer letter, equity plan, equity award agreement or similar agreement and any other legal remedies available to the Company, as well as applicable law, stock market or exchange rules, listing standards or regulations; *provided*, *however*, that any amounts recouped or clawed back under any other policy or provision that would be recoupable under this Policy shall count toward any required clawback or recoupment under this Policy and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Exempt Compensation</u>. Notwithstanding anything to the contrary herein, the Company has no obligation to seek recoupment of amounts paid to a Covered Executive which are granted, vested or earned based solely upon the occurrence or non-occurrence of nonfinancial events. Such exempt compensation includes, without limitation, base salary, time-vesting awards, compensation awarded on the basis of the achievement of metrics that are not Financial Reporting Measures or compensation awarded solely at the discretion of the Director, *provided*, that such amounts are in no way contingent on, and were not in any way granted on the basis of, the achievement of any Financial Reporting Measure.

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any applicable award agreement or other document setting forth the terms and conditions of any compensation covered by this Policy shall be deemed to include the restrictions imposed herein and incorporate this Policy by reference and, in the event of any inconsistency, the terms of this Policy will govern. For the avoidance of doubt, this Policy applies to all compensation that is received on or after the Effective Date, regardless of the date on which the award agreement or other document setting forth the terms and conditions of the Covered Executive's compensation became effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All issues concerning the construction, validity, enforcement and interpretation of this Policy and all related documents, including, without limitation, any employment agreement, offer letter, equity award agreement or similar agreement, shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Covered Executives, their beneficiaries, executors, administrators, and any other legal representative and the Company shall initially attempt to resolve all claims, disputes or controversies arising under, out of or in connection with this Policy by conducting good faith negotiations amongst themselves. To ensure the timely and economical resolution of disputes that arise in connection with this Policy, unless you are bound by an arbitration agreement with the Company covering any dispute arising out of or in any way connected with Incentive-based Compensation, the United States District Court for the Southern District of New York or, if the United States District Court for the Southern District of New York does not have subject matter jurisdiction, the Supreme Court for the State of New York, New York County, shall have exclusive jurisdiction over any and all disputes, claims, or causes of action arising from or relating to the enforcement, performance or interpretation of this Policy. The Covered Executives, their beneficiaries, executors, administrators, and any other legal representative and the Company, shall not commence any suit, action or other proceeding arising out of or based upon this Policy except in the United States District Court for the Southern District of New York or any New York court, and hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that such party is not subject to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Policy or the subject matter hereof may not be enforced in or by such courts. To the fullest extent permitted by law, the Covered Executives, their beneficiaries, executors, administrators, and any other legal representative, and the Company, shall waive (and shall hereby be deemed to have waived) the right to resolve any such dispute through a trial by jury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any provision of this Policy is determined to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted by applicable law and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.