ReportofIndependentRegisteredPublicAccountingFirm
TheBoardofDirectors
TheTrust&SecuritiesServicesdepartmentofDeutscheBankNationalTrustCompanyand
DeutscheBankTrustCompanyAmericas:
Wehaveexaminedtheaccompanyingmanagement’s assertion,thattheTrust&Securities Servicesdepartment ofDeutscheBankNationalTrustCompanyandDeutscheBankTrust CompanyAmericas(collectivelythe“Company”)compliedwiththe servicingcriteria setforthin Item1122(d)oftheSecurities andExchange Commission’s RegulationABfor publicly-issued (i.e.,transaction-level reportingrequiredunderthe SecuritiesExchangeAct of1934, asamended) and certainprivately-issued (i.e., for which transaction-level reporting is required pursuant to contractualobligation) residential mortgage-backed securities, commercialmortgage-backed securitiesand otherasset-backed securities issued onor afterJanuary 1,2006,forwhich the Company provides trustee,securitiesadministration, payingagentor custodian services, as definedin thetransactionagreements, excluding publicly-issuedtransactionssponsoredor issued by anygovernment sponsoredentity(thePlatform), exceptfor servicingcriteria 1122(d)(2)(iii) and 1122(d)(4)(iv)–1122(d)(4)(xiv), which the Company has determined are not applicable to the activitiesit performswithrespectto the Platform,asof and for the year ended December31,
2012.Withrespecttocriterion1122(d)(1)(ii),Management’sAssertionofComplianceindicates thattherewerenoactivitiesperformedduringtheyearendedDecember 31,2012withrespectto thePlatform,becausetherewerenooccurrences ofeventsthatwouldrequiretheCompanyto performsuchactivities.TheCompanyhasdetermined thefollowingservicingcriteriatobe applicable onlytotheactivitiestheCompany performswithrespecttothePlatformasdescribed below:
• | Servicingcriterion1122(d)(1)(iii)isapplicableonlywithrespecttotheCompany’s continuingobligationtoactas,orlocatea, successorservicer under thecircumstances referred toin certain transactionagreements.Itis management's interpretationthat the Company has no other active back-up servicing responsibilities in regards to 1122(d)(1)(iii) as of and for the year ended December 31, 2012.Furthermore, Management’s Assertion of Complianceindicates that there wereno activities performed related to this criterion during the year endedDecember 31, 2012 with respectto the Platform, because there were no occurrencesof events that would require the Company to perform such activities. |
• | Servicingcriterion1122(d)(4)(iii)isapplicabletotheactivitiestheCompanyperformswith respecttothePlatformonlyasitrelatestotheCompany’s obligationtoreportadditions, removalsorsubstitutions onreportstoinvestorsinaccordance withthetransaction agreements.Furthermore,Management’s Assertionof Complianceindicatesthattherewere no activities performed related to this criterion during the year ended December 31, 2012 with respect tothePlatform, because therewerenooccurrences ofeventsthatwouldrequire the Company to perform such activities. |
DeutscheBank
February28,2013
Page2of2
Management isresponsiblefortheCompany’scompliancewiththeservicingcriteria.Our responsibilityistoexpressanopinionontheCompany’scompliancebasedonourexamination.
Ourexamination wasconductedinaccordancewiththestandardsofthePublicCompany AccountingOversightBoard(UnitedStates)and,accordingly,includedexamining, on a test basis,evidenceabouttheCompany’s compliance with theservicingcriteria specifiedaboveand performing such otherprocedures asweconsidered necessary inthecircumstances. Our examination included testingselectedasset-backed transactions andsecurities thatcomprisethe Platform, testing selected servicing activities related to the Platform, and determining whether the Companyprocessedthoseselected transactions andperformedthoseselected activities in compliancewiththeservicingcriteria. Furthermore, ourprocedureswerelimitedto theselected transactions and servicing activities performed bythe Company duringthe periodcovered bythis report. Our procedures werenotdesignedtodetermine whethererrorsmay haveoccurredeither priortoorsubsequent toourtests thatmay have affectedthebalancesoramountscalculated or reported bytheCompany during theperiodcoveredbythis reportfor the selected transactions or anyothertransactions. Webelievethatourexamination providesa reasonablebasisforour opinion. Ourexaminationdoesnotprovide a legaldeterminationontheCompany’s compliance with the servicing criteria.
Inouropinion,management’s assertionthattheCompanycompliedwiththeaforementioned servicing criteria,asofandfortheyearendedDecember31,2012,isfairlystated,inallmaterial respects.
/s/KPMGLLP
Chicago,Illinois
February28,2013