Attached files
file | filename |
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10-K - 10-K - Barclays Dryrock Issuance Trust | c108140.htm |
EX-34 - EX-34 - Barclays Dryrock Issuance Trust | ex34-4.htm |
EX-33 - EX-33 - Barclays Dryrock Issuance Trust | ex33-4.htm |
EX-34 - EX-34 - Barclays Dryrock Issuance Trust | ex34-2.htm |
EX-35 - EX-35 - Barclays Dryrock Issuance Trust | ex35-1.htm |
EX-34 - EX-34 - Barclays Dryrock Issuance Trust | ex34-3.htm |
EX-33 - EX-33 - Barclays Dryrock Issuance Trust | ex33-1.htm |
EX-34 - EX-34 - Barclays Dryrock Issuance Trust | ex34-1.htm |
EX-31 - EX-31 - Barclays Dryrock Issuance Trust | ex31-1.htm |
EX-33 - EX-33 - Barclays Dryrock Issuance Trust | ex33-3.htm |
EX-35 - EX-35 - Barclays Dryrock Issuance Trust | ex35-2.htm |
Exhibit 33.2
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Barclays Bank PLC
Report on Assessment of Compliance with Servicing Criteria
1. | Barclays Bank PLC (the Asserting Party) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB, as of and for the period from November 16, 2012 to December 31, 2012 (the Reporting Period), as set forth in Appendix A hereto. The transactions covered by this report include asset-backed securities transactions backed by credit card receivables, for which transactions the Asserting Party acted as servicer, that were registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, where the related asset-backed securities were outstanding during the Reporting Period (the Platform), as listed in Appendix B hereto; |
2. | Except as set forth in paragraph 3 below, the Asserting Party used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance by the Asserting Party, with the applicable servicing criteria; |
3. | The criteria listed in the column titled Inapplicable Servicing Criteria on Appendix A hereto are inapplicable to the Asserting Party based on the activities the Asserting Party performs with respect to the Platform; |
4. | The Asserting Party has complied, in all material respects, with the applicable servicing criteria as of December 31, 2012 and for the Reporting Period with respect to the Platform taken as a whole; and |
5. | PricewaterhouseCoopers LLP, a registered public accounting firm, has issued an attestation report on the Asserting Partys assessment of compliance with the applicable servicing criteria as of December 31, 2012 and for the Reporting Period. |
March 27, 2013
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BARCLAYS BANK PLC
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By:
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/s/ Melanie Campbell
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Name:
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Melanie Campbell
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Title:
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UK Controller, Barclays Bank PLC
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APPENDIX A
Servicing Criteria |
Applicable Servicing
Criteria for Servicer |
Non/Applicable
Servicing Criteria |
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Reference
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Criteria
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General Servicing Considerations
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1122(d)(1)(i)
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Policies and procedures are instituted
to monitor any performance or other triggers and events of default in
accordance with the transaction agreements.
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ý
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1122(d)(1)(ii)
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If any material servicing activities are
outsourced to third parties, policies and procedures are instituted to
monitor the third partys performance and compliance with such servicing
activities.
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ý
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1122(d)(1)(iii)
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Any requirements in the transaction agreements
to maintain a back-up servicer for the credit card accounts or accounts
are maintained.
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ý
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1122(d)(1)(iv)
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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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ý
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Cash Collection and Administration
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1122(d)(2)(i)
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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.
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ý
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1122(d)(2)(ii)
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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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ý
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1122(d)(2)(iii)
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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.
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ý
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1122(d)(2)(iv)
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The related accounts for the transaction,
such as cash reserve accounts or accounts established as a form of overcollateralization,
are separately maintained (e.g., with respect to commingling of cash)
as set forth in the transaction agreements.
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ý
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1122(d)(2)(v)
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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.
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ý
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1122(d)(2)(vi)
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Unissued checks are safeguarded so as to
prevent unauthorized access.
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ý
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1122(d)(2)(vii)
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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.
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ý
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Servicing Criteria
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Applicable Servicing
Criteria for Servicer |
Non/Applicable
Servicing Criteria |
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Reference
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Criteria
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Investor Remittances and Reporting
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1122(d)(3)(i)
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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 trustees records as to
the total unpaid principal balance and number of credit card accounts
serviced by the Servicer.
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ý1
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1122(d)(3)(ii)
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Amounts due to investors are allocated
and remitted in accordance with timeframes, distribution priority and
other terms set forth in the transaction agreements.
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ý2
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1122(d)(3)(iii)
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Disbursements made to an investor are posted
within two business days to the Servicers investor records, or such
other number of days specified in the transaction agreements.
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ý
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1122(d)(3)(iv)
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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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ý
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Pool Asset Administration
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ý
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1122(d)(4)(i)
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Collateral or security on credit card accounts
is maintained as required by the transaction agreements or related pool
asset documents.
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ý
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1122(d)(4)(ii)
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Pool assets and related documents are safeguarded
as required by the transaction agreements
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ý
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1122(d)(4)(iii)
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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.
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ý
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1122(d)(4)(iv)
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Payments on pool assets, including any
payoffs, made in accordance with the related pool asset documents are
posted to the Servicers 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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ý
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1122(d)(4)(v)
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The Servicers records regarding the
accounts agree with the Servicers records with respect to an obligors
unpaid principal balance.
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ý
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1122(d)(4)(vi)
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Changes with respect to the terms or status
of an obligors account (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.
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ý
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1122(d)(4)(vii)
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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.
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ý
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1122(d)(4)(viii)
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Records documenting collection efforts
are maintained during the period an account 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 entitys 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).
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ý
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1122(d)(4)(ix)
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Adjustments to interest rates or rates
of return for accounts with variable rates are computed based on the related
account documents.
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ý
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Servicing Criteria
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Applicable Servicing
Criteria for Servicer |
Non/Applicable
Servicing Criteria |
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Reference
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Criteria
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1122(d)(4)(x)
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Regarding any funds held in trust for an
obligor (such as escrow accounts): (A) such funds are analyzed, in accordance
with the obligors 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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ý
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1122(d)(4)(xi)
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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.
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ý
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1122(d)(4)(xii)
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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
Servicers funds and not charged to the obligor, unless the late
payment was due to the obligors error or omission.
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ý
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1122(d)(4)(xiii)
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Disbursements made on behalf of an obligor
are posted within two business days to the obligors records maintained
by the Servicer, or such other number of days specified in the transaction
agreements.
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ý
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1122(d)(4)(xiv)
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Delinquencies, charge-offs and uncollectible
accounts are recognized and recorded in accordance with the transaction
agreements.
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ý
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1122(d)(4)(xv)
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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.
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ý
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1 | No associated servicing activities occurred for this Reporting Period. |
2 | No associated servicing activities occurred for this Reporting Period. |
APPENDIX B
Dryrock Issuance Trust |
Series 2012-1
Series 2012-2