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National Cooperative Bank
MANAGEMENT'S ASSERTION ON COMPLIANCE WITH APPLICABLE SERVICING CRITERIA PURSUANT TO ITEM 1122 OF REGULATION AB
1. Management of the National Cooperative Bank, N.A., formerly NCB, FSB, (“NCB”, the “Company”, or the “Bank”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB of the Securities and Exchange Commission (“SEC”) relating to the servicing of asset-backed securities transactions conducted by the Bank (the “Platform”) as of and for the year ended December 31, 2015 (the “Reporting Period”). Appendix A identifies the individual asset-backed transactions and securities defined by management as constituting the Platform;
2. Except as set forth in paragraph 3 below, NCB used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance with the applicable servicing criteria;
3. The criteria listed in the column titled “Inapplicable Servicing Criteria” on Appendix B hereto are inapplicable to NCB based on the activities it performed with respect to the Platform for the Reporting Period;
4. During the Reporting Period, there were no related accounts for transactions, such as cash reserve accounts or accounts established as a form of over collateralization, that were separately maintained according to transaction agreements, therefore NCB did not perform any servicing activities related to criteria 1122(d)(2)(iv) as of and for the year ended December 31, 2015.
5. During the Reporting Period, there were no adjustments to interest rates or rates of return for pool assets with variable rates, therefore NCB did not perform any servicing activities related to criteria 1122(d)(4)(ix) as of and for the year ended December 31, 2015.
6. With respect to servicing criteria 1122(d)(1)(ii) and 1122(d)(4)(xi), the Bank has engaged various vendors to perform the activities required by these servicing criteria. Management has determined that these vendors are not considered a “servicer” as defined in Item 1101(j) of Regulation AB, and has elected to take responsibility for assessing compliance with the servicing criteria applicable to each vendor as permitted by the SEC’s Compliance & Disclosure Interpretation 200.06, Vendors Engaged by Servicers (“C&DI 200.06”), formerly Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations. As permitted by C&DI 200.06, management asserts that is has policies and procedures in place designed to provide reasonable assurance that the vendor’s activities comply in all material respects with the servicing criteria applicable to each vendor. Management is not aware of any material deficiencies in such policies and procedures or any material instances of non-compliance of the servicing criteria as relates to NCB by such vendors. Management is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendors and related criteria.
7. NCB has complied, in all material respects, with the applicable servicing criteria set forth in Item 1122(d) of Regulation AB, as of December 31, 2015 and for the Reporting Period with respect to the Platform taken as a whole;
8. Grant Thornton LLP, an independent registered public accounting firm, has issued an attestation report on NCB’s assessment of compliance with the applicable servicing criteria for the Reporting Period.
NCB
February 29, 2016
By: /s/ Steven Brookner
Steven Brookner
President
By: /s/ Kathleen Luzik
Kathleen Luzik
Chief Operating Officer
Appendix A to Management’s Assertion
Individual Investors for which National Cooperative Bank, N.A. Performed Servicing Activities
Inv # | Pool Description |
363 | CSFB 2000 PS4 |
367 | CSFB 2001 CKN5 |
372 | MSDW 2002 IQ3 |
373 | CSFB 2003 CPN1 |
374 | CSFB 2003 C3 |
375 | MSCI 2003 IQ6 |
376 | CSFB 2004 C1 |
377 | MSCI 2004 IQ7 |
378 | CSFB 2004 C4 |
379 | MSCI 2005 IQ9 |
380 | CSFB 2005 C3 |
381 | CSFB 2005 C5 |
382 | MSCI 2005 IQ10 |
383 | CSFB 2006 C1 |
384 | MSCI 2006 IQ11 |
385 | CSMC 2006 C4 |
386 | MSCI 2007 IQ13 |
387 | CSFB 2007 C4 |
388 | MSCI 2007 IQ16 |
389 | WFBRBS 2013 C12 |
391 | WFBRBS 2013 C13 |
392 | WFBRBS 2013 C15 |
393 | WFBRBS 2013 C16 |
394 | WFBRBS 2013 C18 |
395 | WFBRBS 2013 C19 |
396 | WFBRBS 2014 C20 |
397 | WFBRBS 2014 C21 |
398 | WFBRBS 2014 C22 |
399 | WFBRBS 2014 C23 |
400 | WFCM 2014 LC18 |
401 | WFCM 2015 C26 |
402 | WFCM 2015 C29 |
403 | WFCM 2015 C30 |
404 | WFCM 2015 LC22 |
405 | WFCM 2015 NXS3 |
APPENDIX B
SERVICING CRITERIA | APPLICABLE SERVICING CRITERIA | INAPPLICABLE SERVICING CRITERIA | |||
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| Performed by subservicer(s) or vendor(s) for which NCB is NOT | NOT |
General Servicing Considerations | |||||
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| Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |
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| 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. |
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Cash Collection and Administration | |||||
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| Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. |
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| 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. |
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1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. | X |
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Investor Remittances and Reporting | |||||
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| Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |
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Pool Asset Administration | |||||
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| The servicer's records regarding the pool assets agree with the servicer's records with respect to an obligor's unpaid principal balance. |
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| Changes with respect to the terms or status of an obligor's mortgage loans (e.g., loan modifications or re-aging's) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. |
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| Loss mitigation or recovery actions (e.g. forbearance plans, modifications and deeds in lieu of foreclosure, foreclosure and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the a transaction agreements. |
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| Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |
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| 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. |
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| 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. |
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| Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |
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