EXHIBIT 33.3
DEUTSCHE BANK TRUST COMPANY AMERICAS
MANAGEMENT'S ASSESSMENT OF COMPLIANCE
WITH REGULATION AB SERVICING CRITERIA
MANAGEMENT'S ASSESSMENT OF COMPLIANCE WITH REGULATION AB SERVICING CRITERIA
Deutsche Bank Trust Company Americas (the “Service Provilder”) asserts as of December 31, 2006 and for the period from January 1, 2006 to December 31, 2006 (the “Reporting Period”) and as required by Item 1122(d) of Regulation AB of the Securities and Exchange Commission (“Regulation AB”), that:
| 1. | The Service Provider, as trustee and verification agent, is responsible for assessing compliance as of and for the Reporting Period with the servicing criteria set forth in Item 1122(a) of Regulation AB, excluding the criteria which we have concluded are not applicable to the servicing activities we perform as indicated on Appendix A, attached hereto, (the “Regulation AB Compliance Matrix”) with respect ot he funding trust transactions backed by student loan receivables listed on Appendix B (the “Regulation AB Platform”); |
| 2. | The Service Provider has assessed its compliance with the Applicable Servicing Criteria for the Reporting Period and has concluded that the Service Provider has complied, in all material respects, with the Applicable Servicing Criteria with respect to Regulation AB for the Regulation AB Platform; |
| 3. | KPMG International, an independent registered public accounting firm, has issued an attestation report on the assessment of compliance with the Regulation AB Compliance Matrix as of and for the Reporting Period as set forth in this assertion. |
The Service Provider's assertion is limited to activities processed on the Regulation AB Platform during the Reporting Period. It does not include an assessment of the impact of activities processed prior to the Reporting Period that might have affected the amounts reported by the Service Provider during the Reporting Period.
IN WITNESS WHEREOF, the undersigned has executed this report of the Service Provider as of March 21, 2006.
| DEUTSCHE BANK TRUST COMPANY AMERICAS
By:/s/ Jenna Kaufman
Name: JENNA KAUFMAN
Title: DIRECTOR
By:/s/ Louis Bodi
Name: LOUIS BODI
Title: VICE PRESIDENT |
APPENDIX A
Compliance Consideration Items Required Compliance
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Reviewed NA
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As As
Trustee Verification
Agent
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Item # General Servicing Considerations
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1122(d)(1)(i) Policies and procedures are instituted to monitor any X
performance or other triggers and events of default in
accordance with the transaction agreements.
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1122(d)(1)(ii) If any material servicing activities are outsourced to third X
parties, policies and procedures are instituted to monitor
the third party's performance and compliance with such
servicing activities.
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1122(d)(1)(iii) Any requirements in the transaction requirements to maintain X
a back-up servicer for the pool assets are maintained.
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1122(d)(1)(iv) A fidelity bond and errors and omissions policy is in effect X X
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.
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Cash Collection & Administration
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1122(d)(2)(i) Payments on pool assets are deposited into the appropriate X
custodial bank accounts and related bank clearing accounts
no more than 2 business days of receipt, or such other
number of days specified in the transaction agreements.
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1122(d)(2)(ii) Disbursements made via wire transfer on behalf of an obligor X
or to an investor are made only by authorized personnel.
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1122(d)(2)(iii) Advances of funds or guarantees regarding collections, cash X
flows or distributions, and any interest or other fees
charged for such advances, are made, reviewed and approved
as specified in the transaction agreements.
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1122(d)(2)(iv) The related accounts for the transaction, such as cash X
reserve 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.
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1122(d)(2)(v) Each custodial account is maintained as a federally insured X
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 240.13k-1(b)(1) of this
chapter.
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1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent X
unauthorized access.
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1122(d)(2)(vii) Reconciliations are prepared on a monthly basis for all asset X
backed accounts, including custodial accounts and related
bank clearing accounts. These reconciliations: (A) Are
mathematically accurate; (B) Are prepared within 30 calendar
days after the bank statement cutoff date, or such other
number of days specified in the transaction agreements; (C)
Are reviewed and approved by someone other than the person
who prepared the reconciliations; 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.
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Investor Remittances & Reporting
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1122(d)(3)(i) Reports to investors, including those to be filed with the X
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.
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1122(d)(3)(ii) Amounts due to investors are allocated and remitted in X
accordance with timeframes, distribution priority and other
terms set forth in the transaction agreements.
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1122(d)(3)(iii) Disbursements made to an investor are posted within two X
business days to the servicer's investor records, or such
other number of days specified in the transaction
agreements.
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1122(d)(3)(iv) Amounts remitted to investors per the investor reports agree X
with cancelled checks, or other form of payment, or
custodial bank statements.
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Pool Asset Administration
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1122(d)(4)(i) Collateral or security on pool assets is maintained as X
required by the transaction agreements or related pool asset
documents.
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1122(d)(4)(ii) Pool assets and related documents are safeguarded as X
required by the transaction agreements.
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1122(d)(4)(iii) Any additions, removals or substitutions to the asset pool X
are made, reviewed and approved in accordance with any
conditions or requirements in the transaction agreements.
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1122(d)(4)(iv) Payments on pool assets, including any payoffs, made in X
accordance with the related pool asset documents are posted
to the applicable 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.
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1122(d)(4)(v) The servicer's records regarding the pool assets agree with X
the servicer's records with respect to an obligor's unpaid
principal balance.
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1122(d)(4)(vi) Changes with respect to the terms or status of an obligor's X
pool assets (e.g., loan modifications or reagings) are made,
reviewed and approved by authorized personnel in accordance
with the transaction agreements and related pool asset
documents.
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1122(d)(4)(vii) Loss mitigation or recovery actions (e.g., forbearance X
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.
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1122(d)(4)(viii) Records documenting collection efforts are maintained during X
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 call, letters and payment rescheduling plans in cases
where delinquency is deemed temporary (e.g., illness or
unemployment).
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1122(d)(4)(ix) Adjustments to interest rates or rates of return for pool X
assets with variable rates are computed based on the related
pool asset documents.
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1122(d)(4)(x) Regarding any funds held in trust for an obligor (such as X
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.
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1122(d)(4)(xi) Payments made on behalf of an obligor (such as tax or X
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.
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1122(d)(4)(xii) Any late payment penalties in connection with any payment to X
be made on behalf of an obligor are paid from the
servicer's fund not charged to the obligor, unless the
late payment was due to the obligor's error or
omission.
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1122(d)(4)(xiii) Disbursements made on behalf of an obligor are posted within X
two business days to the obligor's records maintained
by the servicer, or such other number of days specified in
the transaction agreements.
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1122(d)(4)(xiv) Delinquencies, charge-offs and uncollectible accounts are X
recognized and recorded in accordance with the transaction
agreements.
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1122(d)(4)(xv) Any external enhancement or other support, identified in X
Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
is maintained as set forth in the transaction agreements.
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APPENDIX B
College Loan Corporation Trust I
