New York, May 26, 2015 -- Moody's Investors Service has determined that the appointment of Dock Street Capital Management LLC ("Dock Street") as replacement Collateral Manager to Vermeer Funding, Ltd., (the "Issuer"), entry by the Issuer into an amended and restated Collateral Management Agreement between the Issuer and Dock Street and the related assignment of the Collateral Administration Agreement to Dock Street (the "Agreements"); in each case as of May 26, 2015 (the "Appointment; and Amendment and Assignment"); and performance of the activities contemplated therein will not in and of themselves and at this time result in the withdrawal, reduction or other adverse action with respect to any current rating by Moody's (including any shadow, private or confidential rating) of any Class of Notes issued by the Issuer. Moody's does not express an opinion as to whether the Appointment, Amendment and Assignment could have non-credit-related effects.

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