# EDGAR Filing Document

**Accession Number:** 0001387637
**File Stem:** 0001853620-23-000140
**Filing Date:** 2023-3
**Character Count:** 36376
**Document Hash:** facac4f34aee4302c37c1b28d454a2a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001853620-23-000140.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001853620-23-000140

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**ABS ASSET CLASS**: Resecuritization

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed Series 2007-1 Trust
- **CENTRAL INDEX KEY:** 0001387637
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33286
- **FILM NUMBER:** 23786083

**BUSINESS ADDRESS:**
- **STREET 1:** 745 SEVENTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2125267000

**MAIL ADDRESS:**
- **STREET 1:** 745 SEVENTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Corporate Backed Callable Trust Certificates, J.C. Penny Debenture-Backed Series 2007-1 Trust
- **DATE OF NAME CHANGE:** 20070124

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**Exhibit 31.1** 

CERTIFICATION

I, Paul Edwards, 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 the Corporate Backed Callable Trust Certificates, J.C.

Penney Debenture-Backed Series 2007-1 Trust (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 required in this report under

Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer has fulfilled

its obligations under the servicing, or similar, agreement in all material respects; 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, except as otherwise disclosed in 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 National Association, as Trustee.

Date: March 28, 2023

By: /s/ Paul Edwards

Name: Paul Edwards

Title: Vice President

(Senior Officer in charge of securitization of the Depositor)

## Ex-35

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| |
|:---|
| **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |

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| |
|:---|
| **FORM 10-K** |
| (Mark One) |
| **☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the fiscal year ended December 31, 2022** |
| or |
| **☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the transition period from _____________ to _____________** |

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| |
|:---|
| **Commission file number of the issuing entity: 001-33286** |
| **Central Index Key Number of Issuing Entity: 0001387637** |
| **filed on behalf of:** |
| **CORPORATE BACKED CALLABLE TRUST CERTIFICATES, J.C. PENNEY DEBENTURE-BACKED SERIES 2007-1** |
| **(Exact Name of Registrant as Specified in its Charter)** |

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| |
|:---|
| **by:** |
| **Select Asset Inc.** |
| (Exact Name of Depositor as Specified in its Charter) |
| Commission File Number of Depositor: 333-112795 |
| Central Index Key Number of Depositor: 0001221546 |

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| | |
|:---|:---|
| Delaware | 13-4029392 |
| (State or other jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| 200 Continental Drive, Suite 401 | |
| Newark, Delaware | 19713 |
| (Address of principal executive offices) | (Zip Code) |

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Registrant's telephone number, including area code: (646) 285-9000

Securities registered pursuant to Section 12(b) of the Act: None.

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 Section 15(d) of the Act. ☐ Yes ☒ No

Indicate by check mark whether the 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

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|:---|
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). |
| Not applicable. |

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| |
|:---|
| Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. |
| Not applicable. |

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| | |
|:---|:---|
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer", "accelerated filer", and "smaller reporting company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer", "accelerated filer", and "smaller reporting company" in Rule 12b-2 of the Exchange Act. |
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☒ | Smaller reporting company ☐ |
| Emerging growth company ☐ | Emerging growth company ☐ |

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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 is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.

<br> <br> The registrant has no voting stock or class of common stock that is held by non-affiliates.

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| |
|:---|
| **DOCUMENTS INCORPORATED BY REFERENCE** |
| None. |

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**INTRODUCTORY NOTES**

Select Asset Inc. (the "Depositor") is the Depositor in respect of the Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed Series 2007-1 Trust (the "Trust"), a common law trust formed pursuant to the Standard Terms for Trust Agreements, dated as of November 9, 2006, between the Depositor and U.S. Bank National Association, as trustee (the "Trustee"), as supplemented by a series supplement (the "Series Supplement") dated as of January 31, 2007 in respect of the Trust. The Trust's assets consist solely of notes issued by J.C. Penney Corporation, Inc., successor to J.C. Company, Inc. (the "Underlying Securities Issuer"). The Certificates do not represent obligations of or interests in the Depositor or the Trustee.

J.C. Penney Company, Inc., the guarantor of the underlying securities, is subject to the information reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). For information on J.C. Penney Company, Inc. please see its periodic and current reports filed with the Securities and Exchange Commission (the "Commission") under its Exchange Act file number, 001-15274. The Commission maintains a site on the World Wide Web at "http://www.sec.gov" at which users can view and download copies of reports, proxy and information statements and other information regarding Issuers that file electronically through the Electronic Data Gathering, Analysis and Retrieval system, or "EDGAR." Periodic and current reports and other information required to be filed pursuant to the Exchange Act by J.C. Penney Company, Inc. may be accessed on this site. You can request copies of these documents, upon payment of a duplicating fee, by writing to the SEC. The public may read and copy any materials filed with the Commission at the Commission's Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330. Neither Select Asset Inc. nor the Trustee has participated in the preparation of such reporting documents, or made any due diligence investigation with respect to the information provided therein. Neither Select Asset Inc. nor the Trustee has verified the accuracy or completeness of such documents or reports. There can be no assurance that events affecting the issuer of the Underlying Securities, the underlying securities guarantor or the underlying securities have not occurred or have not yet been publicly disclosed which would affect the accuracy or completeness of the publicly available documents described above.

On May 15, 2020, J.C. Penney Company, Inc. and certain of its subsidiaries, including J.C. Penney Corporation, Inc., commenced voluntary cases (the "Chapter 11 Cases") under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. On May 18, 2020, J.C. Penney Company, Inc filed an 8-K with the Securities and Exchange Commission providing further information.

On May 19, 2020 the New York Stock Exchange ("NYSE"), a subsidiary of the Intercontinental Exchange, on which the Certificates have been listed, suspended trading in the Certificates and on May 19, 2020 the NYSE issued a press release stating that the staff of NYSE Regulation has determined to delist the Certificates from the NYSE based on the bankruptcy filing. The press release can be found ICE's website at the following URL https://ir.theice.com/press/news-details/2020/NYSE-to-Suspend-Trading-Immediately-in-Corporate-Backed-Callable-Trust-Certificates-JC-Penney-Debenture-Backed-Series-2007-1-Trust-Class-A-1-of-Select-Asset-Inc-Symbol-JBN-and-Commence-Delisting-Process/default.aspx

Pursuant to General Instruction J of Form 10-K, the Trust is not required to respond to various items of Form 10-K. Such items are designated herein as "Not Applicable." Distribution reports detailing receipts and distributions by the Trust are filed after each distribution date on Form 10-D in lieu of reports on Form 10-Q.

**PART I**

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|:---|
| **Item 1. Business.** |
| Not Applicable |

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| |
|:---|
| **Item 1A. Risk Factors.** |
| Not Applicable |

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| |
|:---|
| **Item 1B. Unresolved Staff Comments.** |
| Not Applicable |

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| |
|:---|
| **Item 2. Properties.** |
| Not Applicable |

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**Item 3. Legal Proceedings.**

**Item 4. Submission of Matters to a Vote of Security Holders**

**PART II**

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| |
|:---|
| **Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.** |
| Not Applicable |

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| |
|:---|
| **Item 6. Selected Financial Data.** |
| Not Applicable |

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| |
|:---|
| **Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.** |
| Not Applicable |

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| |
|:---|
| **Item 7A. Quantitative and Qualitative Disclosures About Market Risk.** |
| Not Applicable |

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| |
|:---|
| **Item 8. Financial Statements and Supplementary Data.** |
| Not Applicable |

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**Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.**

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| |
|:---|
| **Item 9A. Controls and Procedures.** |
| Not Applicable |

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| |
|:---|
| **Item 9A(T). Controls and Procedures.** |
| Not Applicable |

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| |
|:---|
| **Item 9B. Other Information.** |
| None. |

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**PART III**

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| |
|:---|
| **Item 10. Directors, Executive Officers and Corporate Governance.** |
| Not Applicable |

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| |
|:---|
| **Item 11. Executive Compensation.** |
| Not Applicable |

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| |
|:---|
| **Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.** |
| Not Applicable |

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**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

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| |
|:---|
| **Item 14. Principal Accounting Fees and Services.** |
| Not Applicable |

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| |
|:---|
| **SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL** |
| **INSTRUCTION J(2) TO FORM 10-K.** |

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| |
|:---|
| **Item 1112(b) of Regulation AB, Significant Obligor Financial Information.** |
| See Introductory Note |

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| |
|:---|
| **Item 1114(b)(2) of Regulation AB, Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers).** |
| No applicable updates |

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| |
|:---|
| **Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information).** |
| No applicable updates |

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| |
|:---|
| **Item 1117 of Regulation AB, Legal Proceedings.** |
| No applicable updates |

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| |
|:---|
| **Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions.** |
| No applicable updates |

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| |
|:---|
| **Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria.** |
| See Exhibits 33.1 and 34.1 to this Form 10-K |

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|:---|
| **Item 1123 of Regulation AB, Servicer Compliance Statement.** |
| See Exhibit 35 to this Form 10-K |

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**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

(a) The following documents have been filed as part of, or incorporated by reference into this annual report.

(1) None <br> (2) None <br> (3) The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.

(b) The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index. <br> (c) None.

**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.

 Select Asset Inc. <br> as Depositor for the Trust (The "Registrant")

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| | |
|:---|:---|
| | <u>/s/ Paul Edwards</u> |
| | Name: Paul Edwards |
| | Title: Vice President |
| | (Senior Officer in charge of securitization of the Depositor) |
| Date: March 28, 2023 | Date: March 28, 2023 |

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**EXHIBIT INDEX**

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| | | |
|:---|:---|:---|
| **Reference Number per Item 601 of Regulation SK** | **Description of Exhibits** | Exhibit Number in this Form 10 K |

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| | | |
|:---|:---|:---|
| (4.1) | [Exhibit 4.1: Standard Terms for Trust Agreements (Filed as part of the Current Report on Form 8-K filed on November 15, 2006 under the Commission file number of the Depositor)](http://www.sec.gov/Archives/edgar/data/1221546/000090514806006753/efc6-2720_5970412exh451.txt) | 4.1 |
| (4.2) | [Exhibit 4.2: Series Supplement (Filed as part of the Current Report on Form 8-K filed on November 15, 2006 under the Commission file number of the Issuing Entity)](http://www.sec.gov/Archives/edgar/data/1379404/000090514806006751/efc6-2694_ex451.txt) | 4.2 |
| (31.1) | [Rule 13a-14(d)/15d-14(d) Certification by Vice President of the Depositor](e311_jcpenneydb20071.htm) | 31.1 |
| (33.1) | [Item 1122 Report on Assessment of Compliance with Applicable Servicing Criteria](e331_usbatrrp.htm) | 33.1 |
| (34.1) | [Attestation Report of Ernst & Young LLP](e341_usbatrrp.htm) | 34.1 |
| (35) | [Item 1123 Certification](e351_usbatrrpjcpenneydb20071.htm) | 35 |

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## Ex-31

Management's Assertion

Report on Assessment of Compliance with Applicable Servicing Criteria

Management of U.S. Bank National Association ("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 Repackaging 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 provided 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.

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| |
|:---|
| U.S. BANK NATIONAL ASSOCIATION |
| /s/ John Stern |
| Name: John Stern |
| Title: Executive Vice President |

---

Date: February 27, 2023

 

<sup>1</sup> The U.S. Bank Corporate Trust Repackaging Platform (the "Platform") consists of the activities involved in the performance of servicing functions for publicly issued transactions comprised of the repackaging of corporate debt and/or other agency securities the securities of which were offered on or after January 1, 2006. The Platform does not include asset-backed or mortgage–backed transactions supported by a pool of receivables or other financial assets.

**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** |
| &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)<br>| &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**<br>|
| &nbsp;&nbsp;1122(d)(1)(ii)<br>| &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.<br>| &nbsp;&nbsp;**X<sup>2</sup>**<br>|  |
| &nbsp;&nbsp;1122(d)(1)(iii)<br>| &nbsp;&nbsp;Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained. |  | &nbsp;&nbsp;**X**<br>|
| &nbsp;&nbsp;1122(d)(1)(iv)<br>| &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**<br>|
| &nbsp;&nbsp;1122(d)(1)(v)<br>| &nbsp;&nbsp;Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.<br>|  | &nbsp;&nbsp;X<br>|
| &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)<br>| &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.<br>| &nbsp;&nbsp;**X**<br>|  |
| &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)<br>| &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**<br>|
| &nbsp;&nbsp;1122(d)(2)(iv)<br>| &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**<br>|  |
| &nbsp;&nbsp;1122(d)(2)(v)<br>| &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**<br>|  |
| &nbsp;&nbsp;1122(d)(2)(vi) | &nbsp;&nbsp;Unissued checks are safeguarded so as to prevent unauthorized access. |  | &nbsp;&nbsp;**X**<br>|
| &nbsp;&nbsp;1122(d)(2)(vii)<br>| &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**<br>|  |

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

Corporate Trust Repackaging Platform 2

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable** <br> **Servicing** <br> **Criteria** | &nbsp;&nbsp;**Inapplicable** <br> **Servicing** <br> **Criteria** |
| &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)<br>| &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**<br>|  |
| &nbsp;&nbsp;1122(d)(3)(ii)<br>| &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.<br>| &nbsp;&nbsp;**X** <br>|  |
| &nbsp;&nbsp;1122(d)(3)(iii)<br>| &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.<br>| &nbsp;&nbsp;**X**<br>|  |
| &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)<br>| &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**<br>|  |
| &nbsp;&nbsp;1122(d)(4)(v)<br>| &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.<br>| &nbsp;&nbsp;**X**<br>|  |
| &nbsp;&nbsp;1122(d)(4)(vi)<br>| &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**<br>|
| &nbsp;&nbsp;1122(d)(4)(vii)<br>| &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.<br>|  | &nbsp;&nbsp;**X**<br>|

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Corporate Trust Repackaging Platform 3

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

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Corporate Trust Repackaging Platform 4

## Ex-33

EY (logo)

**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 (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 Repackaging Platform (the "Platform"), for which the Company provides servicing functions for publicly issued transactions comprised of the repackaging of corporate debt and/or other agency securities, as of and for the year ended December 31, 2022, except for servicing criteria Items 1122(d)(1)(i), 1122(d)(1)(iii)-(v), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122(d)(4)(i), 1122(d)(4)(vi), 1122(d)(4)(vii) and 1122(d)(4)(ix)-(xv), 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 Item 1122(d)(1)(ii) 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 Repackaging Platform is fairly stated, in all material respects.

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| | |
|:---|:---|
| Minneapolis, Minnesota | /s/ Ernst & Young LLP |

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February 27, 2023

## Ex-34

usbank (logo) <br>Global Corporate Trust 190 S. LaSalle Street, 7<sup>th</sup> Floor <br> MK-IL-SL7C Chicago, IL 60603 usbank.com

**Item 1123 Certification** 

**J.C. Penney Debenture- Backed Series 2007-1 Trust** 

I, Kimberly O. Jacobs, Senior Vice President of U.S. Bank National Association, as Trustee (the "Trustee"), hereby certify that:

1) A review of the activities of the Trustee during the fiscal year covered by this annual report on Form 10-K and of the performance of the Trustee under the Standard Terms for Trust Agreement, dated as of November 9, 2006, between the Trustee and the Depositor (the "Agreement") has been made under my supervision;

and

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 the reporting period.

Date: February <u>28</u>, 2023

U.S. Bank National Association, as Trustee

/s/ Kimberly O. Jacobs

Kimberly O. Jacobs

Senior Vice President