# EDGAR Filing Document

**Accession Number:** 0001349577
**File Stem:** 0001839882-23-006892
**Filing Date:** 2023-3
**Character Count:** 42279
**Document Hash:** b4edb993e2b1b58ea814e00299c710af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-23-006892.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001839882-23-006892

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**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]
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32725
- **FILM NUMBER:** 23738260

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

**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)

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

For the fiscal year ended <u>December 31, 2022</u>

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES <br> 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)

---

| | |
|:---|:---|
| Delaware | 13-4026700 |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
| 1585 Broadway, Second Floor New York, New York<br> Attention: Joshua Schanzer | 10036 |
| (Address of principal executive office) | (Zip Code) |
| Registrant's telephone number, including area code: | **(212) 761-2904** |

---

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

---

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

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 13, 2023, 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, 2022; Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022; Annual Report on Form 10-K for the fiscal year ended December 31, 2022; 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 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. SELECTED FINANCIAL DATA

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 AND EXECUTIVE OFFICERS OF THE REGISTRANT

Not Applicable

ITEM 11. EXECUTIVE COMPENSATION

Not Applicable

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Not Applicable

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Not Applicable

ITEM 14. PRINCIPAL ACCOUNTING 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, 2022; Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022; Annual Report on Form 10-K for the fiscal year ended December 31, 2022; 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. EXHIBITS 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 2022</u> <br> <u> 2006-1</u> <u> 2/15/2006</u> <u> The Goldman Sachs Group, Inc.</u> <u> 02/15/2022</u> <u> 02/23/2022</u> <br> <u>2006-1</u> <u> 2/15/2006</u> <u> The Goldman Sachs Group, Inc.</u> <u> 08/15/2022</u> <u> 08/30/2022</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](http://www.sec.gov/Archives/edgar/data/1349577/000090342306000181/mstile2006-1_0214.htm) | 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 31.1](ex31-1.htm) | Rule 13a-14(d) Certification |
| [Exhibit 31.2](ex31-2.htm) | Servicer Compliance Statement (U.S. Bank National Association) |
| [Exhibit 33.1](ex33-1.htm) | 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 |
| [Exhibit 34.1](ex34-1.htm) | Attestation Report of Ernst & Young LLP on Assessment of U.S. Bank National Association's Compliance with Servicing Criteria for Asset-Backed Securities |
| [Exhibit 35.1](ex35-1.htm) | Annual Statement of Compliance (U.S. Bank National Association) |

---

&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.

Date: March 16, 2023

MS STRUCTURED ASSET CORP.<br> (Registrant)

By: <u>/s/ Joshua Schanzer</u>

Name: Joshua Schanzer

Title: Vice President

## Exhibit 31.1

[MS STRUCTURED TILES SERIES 2006-1 10-K](til20061-10k_123122.htm)

**Exhibit 31.1**

RULE 13a-14(d) Certification

I, Joshua Schanzer, 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: <u>/s/ Joshua Schanzer</u>

Name: Joshua Schanzer

Title: Vice President

Date: March 16, 2023

## Exhibit 31.2

[MS STRUCTURED TILES SERIES 2006-1 10-K](til20061-10k_123122.htm)

**Exhibit 31.2**

![](til-001.jpg)

Global Corporate Trust <br> 190 S. LaSalle Street, 7th Floor <br> MK-IL-SL7C <br> 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, 2022 ("Fiscal Year") and the certifications given by Joshua Schanzer 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;

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

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![](til-001.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 successor-in-interest to Bank of America, National Association as successor by merger to LaSalle Bank National Association, as Trustee

By: <u>/s/ Kimberly O. Jacobs</u>

Name: Kimberly O. Jacobs

Title: Senior Vice President

Date: March 2, 2023

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

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![](til-001.jpg)

Exhibit A

TILES Trust No.: <u>Closing Date</u> <u>Payment Dates</u> <u>Form 10-D Filing Dates</u> <br> <u> 2006-1</u> <u>February 15, 2006</u> <u>February 15, 2022 <br> August 15, 2022</u> <u>February 23, 2022 August 30, 2022</u>

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

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## Exhibit 33.1

[MS STRUCTURED TILES SERIES 2006-1 10-K](til20061-10k_123122.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, 2022 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, 2022; 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, 2022.

------

<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.

U.S. BANK NATIONAL ASSOCIATION

&nbsp;&nbsp;&nbsp;&nbsp;/s/ John Stern

Name: John Stern

Title: Executive Vice President

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

&nbsp;&nbsp;&nbsp;&nbsp;/s/ John Stern

Name: John Stern

Title: Executive Vice President

Dated: February 27, 2023

**EXHIBIT A to Management's Assertion**

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

---

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<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.

---

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

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable Servicing Criteria** | &nbsp;&nbsp;**Inapplicable Servicing Criteria** |
| &nbsp;&nbsp; <br> 1122(d)(4)(v) | &nbsp;&nbsp; <br> 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; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(vi) | &nbsp;&nbsp; <br> 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; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(vii) | &nbsp;&nbsp; <br> 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.<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(viii) | &nbsp;&nbsp; <br> 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).<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(ix) | &nbsp;&nbsp; <br> 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;<br> **X**<br>|
| &nbsp;&nbsp; <br> 1122(d)(4)(x) | &nbsp;&nbsp; <br> 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;<br> **X**<br>|
| &nbsp;&nbsp; <br> 1122(d)(4)(xi) | &nbsp;&nbsp; <br> 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; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(xii) | &nbsp;&nbsp; <br> 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; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(xiii) | &nbsp;&nbsp; <br> 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;<br> **X**<br>|
| &nbsp;&nbsp; <br> 1122(d)(4)(xiv) | &nbsp;&nbsp; <br> Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(xv) | &nbsp;&nbsp; <br> 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;<br> **X** |  |

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## Exhibit 34.1

[MS STRUCTURED TILES SERIES 2006-1 10-K](til20061-10k_123122.htm)

**Exhibit 34.1**

![](til-002.jpg)

#### Report of Independent Registered Public Accounting Firm
**The Board of Directors**

**U.S. Bank 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, 2022, except for servicing criteria Items 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, 2022 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, 2022, for the U.S. Bank Corporate Trust Asset-Backed Securities Platform is fairly stated, in all material respects.

/s/Ernst & Young LLP

Minneapolis, Minnesota

February 27, 2023

## Exhibit 35.1

[MS STRUCTURED TILES SERIES 2006-1 10-K](til20061-10k_123122.htm)

**Exhibit 35.1**

![](til-001.jpg)

Global Corporate Trust <br> 190 S. LaSalle Street, 7th Floor <br> MK-IL-SL7C <br> 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 2, 2023

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.

By: <u>/s/ Kimberly O. Jacobs</u>

Kimberly O. Jacobs

Senior Vice President