# EDGAR Filing Document

**Accession Number:** 0001537805
**File Stem:** 0001140361-25-025787
**Filing Date:** 2025-7
**Character Count:** 1912666
**Document Hash:** ef42b70775206ad72d80f877f30a2f18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-025787.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001140361-25-025787

**CONFORMED SUBMISSION TYPE**: SF-3

**PUBLIC DOCUMENT COUNT**: 32

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**ABS ASSET CLASS**: Auto leases

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mercedes-Benz Trust Leasing LLC
- **CENTRAL INDEX KEY:** 0001537805
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SF-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288660
- **FILM NUMBER:** 251121881

**BUSINESS ADDRESS:**
- **STREET 1:** 35555 W. TWELVE MILE RD.
- **STREET 2:** SUITE 100
- **CITY:** FARMINGTON HILLS
- **STATE:** MI
- **ZIP:** 48331
- **BUSINESS PHONE:** 248-991-6700

**MAIL ADDRESS:**
- **STREET 1:** 35555 W. TWELVE MILE RD.
- **STREET 2:** SUITE 100
- **CITY:** FARMINGTON HILLS
- **STATE:** MI
- **ZIP:** 48331

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DAIMLER TRUST LEASING LLC
- **DATE OF NAME CHANGE:** 20111220
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mercedes-Benz Vehicle Trust
- **CENTRAL INDEX KEY:** 0001537806
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 207458816
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SF-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288660-01
- **FILM NUMBER:** 251121882

**BUSINESS ADDRESS:**
- **STREET 1:** 35555 W. TWELVE MILE RD.
- **STREET 2:** SUITE 100
- **CITY:** FARMINGTON HILLS
- **STATE:** MI
- **ZIP:** 48331
- **BUSINESS PHONE:** 248-991-6700

**MAIL ADDRESS:**
- **STREET 1:** 35555 W. TWELVE MILE RD.
- **STREET 2:** SUITE 100
- **CITY:** FARMINGTON HILLS
- **STATE:** MI
- **ZIP:** 48331

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Daimler Trust
- **DATE OF NAME CHANGE:** 20111220

#### As filed with the Securities and Exchange Commission on July 14, 2025

#### <br>

#### Registration No. 333-_______

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

### FORM SF-3

#### REGISTRATION STATEMENT UNDER

#### THE SECURITIES ACT OF 1933

------

## Mercedes-Benz Trust Leasing LLC
*(Depositor for the Issuers described herein)*

*(Exact name of registrant as specified in its charter)*

---

| | | | |
|:---|:---|:---|:---|
| <u>Delaware</u> | <u>80-0786663</u> | <u>333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | <u>0001537805</u> |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer Identification Number) | (Commission File Number) | (Central Index Key Number) |

---

## Mercedes-Benz Vehicle Trust
*(Issuer with respect to the Exchange Notes)*

*(Exact name of registrant as specified in its charter)*

---

| | | | |
|:---|:---|:---|:---|
| <u>Delaware</u> | <u>88-6223935</u> | <u>333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | <u>0001537806</u> |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer Identification Number) | (Commission File Number) | (Central Index Key Number) |

---

## Mercedes-Benz Financial Services USA LLC
 *(Exact name of sponsor as specified in its charter)*

Central Index Key Number of sponsor: 0001540252

#### 35555 W. Twelve Mile Road

#### Farmington Hills, Michigan 48331
(248) 991-6700

*(Address, including zip code, and telephone number, including area code, of registrants' principal executive offices)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

------

#### <br>

#### Steven C. Poling, Esq.

#### 35555 W. Twelve Mile Road

#### Suite 100

#### Farmington Hills, Michigan 48331
(248) 991-6632

*(Name, address, including zip code, and telephone number, including area code, of agent for service)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

------

#### <br>

#### Copy to:

---

| | |
|:---|:---|
| **Dale W. Lum** | **Siegfried Knopf** |
| **Sidley Austin LLP** | **Sidley Austin LLP** |
| **555 California Street** | **787 7<sup>th</sup> Avenue** |
| **San Francisco, California 94104** | **New York, New York 10019** |
| (415) 772-1200 | (212) 839-5334 |

---

------

**** 

<br> **Approximate date of commencement of proposed sale to the public:** From time to time after the effective date of this Registration Statement as determined by market conditions.

If any of the securities being registered on this Form SF-3 are to be offered pursuant to Rule 415 under the Securities Act of 1933, check the following box: ☒

If this Form SF-3 is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

If this Form SF-3 is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

**The registrants hereby amend this registration statement on such date or dates as may be necessary to delay its effective date until the registrants file a further amendment that specifically states that this registration statement will thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement becomes effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

------

**The information in this prospectus is not complete and may be changed. This prospectus is not an offer to sell these securities and they are not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

<br> #### SUBJECT TO COMPLETION

#### PRELIMINARY PROSPECTUS, DATED _________, 20[__]
PROSPECTUS

![](image00001.jpg)

#### $[●][[or $____________]<sup>(1)</sup>]]

#### Mercedes-Benz Auto Lease Trust 20[__]-[_]
*Issuer*

(CIK: [●])

---

| | | |
|:---|:---|:---|
| **$[●]<sup>(2)</sup>** | **[●]%** | **Class A-1 Asset Backed Notes** |
| **$[●]<sup>(2)</sup>** | **[●]%** | **Class A-2A Asset Backed Notes<sup>(3)</sup>** |
| **[$][●]<sup>(2)</sup>** | **[Benchmark][SOFR Rate]+ [●]%** | **Class A-2B Asset Backed Notes<sup>(3) (4)</sup>]** |
| **$[●]<sup>(2)</sup>** | **[●]%** | **Class A-3 Asset Backed Notes** |
| **$[●]<sup>(2)</sup>** | **[●]%** | **Class A-4 Asset Backed Notes** |
| **[$[●]<sup>(2)</sup>** | **[●]%** | **Class B Asset Backed Notes]** |

---

------

---

| | |
|:---|:---|
| [[(1) | The determination regarding the initial principal amount of the Notes will be made no later than the day of pricing.]] |

---

---

| | |
|:---|:---|
| [[(2) | If the aggregate principal amount of Notes to be offered is $___________, [the aggregate initial principal amount of Notes issued will be $___________ and] the initial principal amounts of each class of Notes will be as set forth in the above table. If the aggregate principal amount of Notes to be offered is $__________, [the aggregate initial principal amount of Notes issued will be $__________] and the initial principal amounts of each class of Notes will be $__________ of Class A-1 Notes, $___________ of Class A-2 Notes, $__________ of Class A-3 Notes, [and] $_______________ of Class A-4 Notes [and $____________ of Class B Notes].]] |

---

---

| | |
|:---|:---|
| [(3) | The interest rate for the Class A-2 Notes will be a fixed rate or a combination of a fixed rate and floating rate if that class has both a fixed rate tranche and a floating rate tranche. If the interest rate is a floating rate, the rate will be based on a Benchmark, which will initially be the SOFR Rate, plus the applicable spread. However, the Benchmark and the applicable spread may change under certain circumstances. For more information about how the interest rate based on the SOFR Rate is determined and the circumstances under which the Benchmark and the applicable spread may change, see *"Description of the Notes — Payments of Interest."* The aggregate principal amount of the Class A-2A and Class A-2B Notes will be $_____________ [[(or $_____________)]] but the allocation of such aggregate principal amount between the Class A-2A and Class A-2B Notes will be determined no later than the day of pricing. The Depositor expects that the initial principal amount of the Class A 2B Notes will not exceed $_____________[[if the aggregate principal amount of the Class A-2A and Class A-2B Notes is $_____________-, or $_____________ if the aggregate principal amount of the Class A-2A and Class A-2B Notes is $_____________]].] |

---

---

| | |
|:---|:---|
| [(4) | If the sum of the SOFR Rate (or the then-current Benchmark) plus the applicable spread is less than 0.00% for any accrual period, then the interest rate for the Class A-2B Notes for such accrual period will be 0.00%, as described under "*Description of the Notes—Payments of Interest*."] |

---

[() The Class A-[_] Notes are not offered hereby and will initially be retained by the Depositor or one or more of its affiliates.]

**[NOTE: The number of classes, interest accrual terms and payment priorities are for illustrative purposes only. In a particular transaction, there may be more or fewer classes of senior and subordinate notes offered and one or more classes may be retained or offered privately.]**

**[NOTE: For illustrative purposes, this form of prospectus contemplates that the Class A-2B Notes will accrue interest at a floating rate based on 30-day compounded average secured overnight financing rate (SOFR). In a particular transaction, none or different classes of notes may accrue interest at a floating rate and that floating rate of interest may be based on an index different than 30-day average SOFR, including other SOFR-based rates such as Term SOFR.]**

**[NOTE: Items presented in this form of prospectus in double brackets (i.e., "[[" and "]]") provide a form for statistical disclosures in a Rule 424(h) prospectus offering two alternate note principal amounts backed by two related alternate lease pools.]<br>** 

<br> ------

---

| | |
|:---|:---|
| **Mercedes-Benz Trust Leasing LLC**<br> Depositor (CIK: 0001537805) | **Mercedes-Benz Financial Services USA LLC**<br> Sponsor, Servicer and Administrator (CIK: 0001540252) |

---

------

#### The underwriters are offering the following classes of Notes pursuant to this prospectus:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Price to Public | Price to Public | **Underwriting Discounts**<br> **and Commissions** | **Underwriting Discounts**<br> **and Commissions** | **Underwriting Discounts**<br> **and Commissions** | **Net Proceeds**<br> **to the Depositor**<sup>(1)</sup><br>|
|  Class A-1 Asset Backed Notes | $[___________] | ([________]%) | $[___________] | ([________]%) | $[___________] | ([________]%) |
|  Class A-2[A] Asset Backed Notes | $[___________] | ([________]%) | $[___________] | ([________]%) | $[___________] | ([________]%) |
|  [Class A-2B Asset Backed Notes | $[___________] | ([________]%) | $[___________] | ([________]%) | $[___________] | ([________]%)] |
|  Class A-3 Asset Backed Notes | $[___________] | ([________]%) | $[___________] | ([________]%) | $[___________] | ([________]%) |
|  Class A-4 Asset Backed Notes | $[___________] | ([________]%) | $[___________] | ([________]%) | $[___________] | ([________]%) |
|  [Class B Asset Backed Notes | $[___________] | ([________]%) | $[___________] | ([________]%) | $[___________] | ([________]%)] |
| &nbsp;&nbsp;&nbsp; Total | $[_____________] |  | $[____________] |  | $[____________] |  |

---

<sup>(1)</sup> The net proceeds to the Depositor exclude expenses, estimated at $[●].

------

The price of the [offered] Notes will also include accrued interest, if any, from the [date of initial issuance]. Distributions on the Notes will generally be made monthly on the [15<sup>th</sup>] day of each month or, if not a business day, on the next business day, beginning [_____________], 20[__]. The main sources for payment of the Notes are the assets of the Issuer, which will consist primarily of an exchange note, issued by Mercedes-Benz Vehicle Trust, backed by a pool of [new] Mercedes-Benz passenger car and sport utility vehicle leases and the related leased vehicles. Credit enhancement will consist of overcollateralization, excess spread and a reserve fund [and, with respect to the class A notes, subordination of the class B notes].

The Notes will represent obligations of the Issuer only and will not represent obligations of Mercedes-Benz Vehicle Trust, Mercedes-Benz Trust Leasing LLC, Mercedes-Benz Financial Services USA LLC or any of their respective affiliates. All or a portion of one or more classes of Notes may be retained by the Depositor or one or more of its affiliates.

**Before you purchase any of the [offered] Notes, be sure you understand the structure and the risks. You should read carefully the risk factors beginning on page 25 of this prospectus.**

#### <br>
**NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

Delivery of the [offered] Notes, in book-entry form only, will be made through The Depository Trust Company against payment in immediately available funds, on or about [_____________], 20[__].

#### [Names of Underwriters]
[_____________], 20[__]

------

#### **Table of Contents**

#### <br>

---

| | |
|:---|:---|
|  | <u>Page</u>  |
| [Reading This Prospectus](#ReadingThisProspectus) | 4 |
| [Available Information](#AvailableInformation) | 4 |
| [Incorporation of Certain Documents by Reference](#IncorporationofCertainDoc) | 5<br>|
| [Summary of Transaction](#SummaryofTransaction) | 6 |
| [Transaction Credit Enhancement Diagram](#TransactionCreditEnhancem) | 7 |
|  [Summary of Monthly Deposits to and Withdrawals from Accounts](#SummaryofMonthlyDepositst) | 8 |
| [Transaction Documents Diagram](#TransactionDocumentsDiagr) | 9 |
| [Summary of Terms](#SummaryofTerms) | 10 |
| [Summary of Risk Factors](#SummaryofRiskFactors) | 22 |
| [Risk Factors](#RiskFactors) | 25 |
| &nbsp;&nbsp;&nbsp; [Risks Relating to the Characteristics of the Notes and Transaction Structure](#RisksRelatingtotheCharact) | 25 |
| &nbsp;&nbsp;&nbsp; [Risks Relating to the Issuance of a Floating Rate Class of Notes and the Uncertainty of \[SOFR\]](#RisksRelatingtotheIssuanc) | 30 |
| &nbsp;&nbsp;&nbsp; [Risks Relating to the Leases and Leased Vehicles](#RisksRelatingtotheLeasesa) | 34 |
| &nbsp;&nbsp;&nbsp; [Risks Relating to MBFS USA](#RisksRelatingtoMBFSUSA) | 37 |
| &nbsp;&nbsp;&nbsp; [Legal and Regulatory Risks](#LegalandRegulatoryRisks) | 39 |
| &nbsp;&nbsp;&nbsp; [General Risks](#GeneralRisks) | 44 |
| [Overview of the Transaction](#OverviewoftheTransaction) | 46 |
| [Use of Proceeds](#UseofProceeds) | 46 |
| [The Issuer](#TheIssuer) | 47 |
| &nbsp;&nbsp;&nbsp; [Limited Purpose and Limited Assets](#LimitedPurposeandLimitedA) | 47 |
| &nbsp;&nbsp;&nbsp; [Capitalization of the Issuer](#CapitalizationoftheIssuer) | 48 |
| &nbsp;&nbsp;&nbsp; [Property of the Issuer](#PropertyoftheIssuer) | 48 |
| &nbsp;&nbsp;&nbsp; [Restrictions on Merger and Consolidation](#RestrictionsonMergerandCo) | 49<br>|
| &nbsp;&nbsp;&nbsp; [Other Negative Covenants](#OtherNegativeCovenants) | 50 |
| &nbsp;&nbsp;&nbsp; [Annual Compliance Statement](#AnnualComplianceStatement) | 50 |
| [The Depositor](#TheDepositor) | 50 |
| [The Trustees](#TheTrustees) | 51 |
| &nbsp;&nbsp;&nbsp; [The Owner Trustee](#TheOwnerTrustee) | 51 |
| &nbsp;&nbsp;&nbsp; [The Indenture Trustee](#TheIndentureTrustee) | 53 |
| [The Asset Representations Reviewer](#TheAssetRepresentationsRe) | 56 |
| [The Titling Trust](#TheTitlingTrust) | 57 |
| &nbsp;&nbsp;&nbsp; [General](#General) | 57 |
| &nbsp;&nbsp;&nbsp; [Purpose of the Titling Trust](#PurposeoftheTitlingTrust) | 57 |
| &nbsp;&nbsp;&nbsp; [Specified Interest, Revolving Facility Pool, Reference Pool and Exchange Note](#SpecifiedInterestRevolvin) | 58 |
| &nbsp;&nbsp;&nbsp; [Limited Powers of Titling Trust](#LimitedPowersofTitlingTru) | 58 |
| &nbsp;&nbsp;&nbsp; [The Initial Beneficiary](#TheInitialBeneficiary) | 59 |
| &nbsp;&nbsp;&nbsp; [The Titling Trustee and the Titling Trust Administrator](#TheTitlingTrusteeandtheTi) | 60 |
| &nbsp;&nbsp;&nbsp; [The Collateral Agent and the Administrative Agent](#TheCollateralAgentandtheA) | 61 |
| &nbsp;&nbsp;&nbsp; [Titling of Leased Vehicles](#TitlingofLeasedVehicles) | 62 |
| [MBFS USA](#MBFSUSA) | 62 |
| &nbsp;&nbsp;&nbsp; [General](#General1) | 62 |
| &nbsp;&nbsp;&nbsp; [Underwriting](#Underwriting) | 63 |
| &nbsp;&nbsp;&nbsp; [Determination of Residual Values](#DeterminationofResidualVa) | 65 |

---

---

| | |
|:---|:---|
|  | <u>Page</u>  |
| [Insurance](#Insurance) | 66 |
| [Contingent and Excess Liability Insurance](#ContingentandExcessLiabil) | 66 |
| [Dealer Agreements](#DealerAgreements) | 66 |
| [Servicing Responsibilities](#ServicingResponsibilities) | 67 |
| [Collection Procedures](#CollectionProcedures) | 67 |
| [Repossessions](#Repossessions) | 68 |
| [Charge-offs](#Charge-offs) | 68 |
|  [Leased Vehicle Maintenance and Excess Wear and Tear](#LeasedVehicleMaintenancea) | 69 |
| [Extensions and Pull-Ahead Programs](#ExtensionsandPull-AheadPr) | 69 |
| [Remarketing](#Remarketing) | 70 |
| [Certified Pre-Owned Program](#CertifiedPre-OwnedProgram) | 71 |
| [Securitization Program](#SecuritizationProgram) | 71 |
| [Delinquency, Repossession and Loss Information](#DelinquencyRepossessionan) | 71 |
| &nbsp;&nbsp;&nbsp; [Repurchase History](#RepurchaseHistory) | 74 |
| [Affiliations and Related Transactions](#AffiliationsandRelatedTra) | 75 |
| [The Exchange Note](#TheExchangeNote) | 75 |
| &nbsp;&nbsp;&nbsp; [General](#General2) | 75 |
| &nbsp;&nbsp;&nbsp; [Payments on the Exchange Note](#PaymentsontheExchangeNote) | 76 |
| &nbsp;&nbsp;&nbsp; [Transfers of the Exchange Note](#TransfersoftheExchangeNot) | 77 |
| &nbsp;&nbsp;&nbsp; [Exchange Note Default](#ExchangeNoteDefault) | 77 |
| [The Leases](#TheLeases) | 78 |
| &nbsp;&nbsp;&nbsp; [General](#General3) | 78 |
| &nbsp;&nbsp;&nbsp; [Pool Underwriting](#PoolUnderwriting) | 80 |
| &nbsp;&nbsp;&nbsp; [Selection of the Leases](#SelectionoftheLeases) | 80 |
| &nbsp;&nbsp;&nbsp; [Initial Asset-Level Data](#InitialAsset-LevelData) | 81 |
| &nbsp;&nbsp;&nbsp; [Characteristics of the Leases](#CharacteristicsoftheLease) | 82 |
| &nbsp;&nbsp;&nbsp; [Review of Reference Pool Assets](#ReviewofReferencePoolAsse) | 89 |
| &nbsp;&nbsp;&nbsp; [Representations and Warranties](#RepresentationsandWarrant) | 90 |
| &nbsp;&nbsp;&nbsp; [Modifications](#Modifications) | 91 |
| &nbsp;&nbsp;&nbsp; [MBFS USA Must Repurchase Certain Leases](#MBFSUSAMustRepurchaseCert) | 91 |
| &nbsp;&nbsp;&nbsp; [Residual Values](#ResidualValues) | 92 |
| &nbsp;&nbsp;&nbsp; [Calculation of the Securitization Value of the Leases](#CalculationoftheSecuritiz) | 92 |
| &nbsp;&nbsp;&nbsp; [Static Pools](#StaticPools) | 92 |
| &nbsp;&nbsp;&nbsp; [Asset Representations Review](#AssetRepresentationsRevie) | 93 |
| &nbsp;&nbsp;&nbsp; [Dispute Resolution for Repurchase Requests](#DisputeResolutionforRepur) | 95 |
| [Maturity and Prepayment Considerations](#MaturityandPrepaymentCons) | 96 |
| [Weighted Average Lives of the Notes](#WeightedAverageLivesofthe) | 97 |
| [Description of the Notes](#DescriptionoftheNotes) | 102 |
| &nbsp;&nbsp;&nbsp; [Note Registration](#NoteRegistration) | 102 |
| &nbsp;&nbsp;&nbsp; [Payments of Interest](#PaymentsofInterest) | 102 |
| &nbsp;&nbsp;&nbsp; [Payments of Principal](#PaymentsofPrincipal) | 106 |
| &nbsp;&nbsp;&nbsp; [Priority of Distributions Will Change if the Notes Are Accelerated Following an Event of Default](#PriorityofDistributionsWi) | 107 |
| &nbsp;&nbsp;&nbsp; [Credit Enhancement](#CreditEnhancement) | 108 |
| &nbsp;&nbsp;&nbsp; [Voting](#Voting) | 109 |
| &nbsp;&nbsp;&nbsp; [Optional Purchase of the Exchange Note](#OptionalPurchaseoftheExch) | 110 |

---

------

---

| | |
|:---|:---|
|  | <u>Page</u>  |
| &nbsp;&nbsp;&nbsp; [Notes Owned by the Issuer, the Depositor, the Servicer and their Affiliates](#NotesOwnedbytheIssuertheD) | 110 |
| &nbsp;&nbsp;&nbsp; [Note Factors and Trading Information](#NoteFactorsandTradingInfo) | 110 |
| &nbsp;&nbsp;&nbsp; [Events of Default](#EventsofDefault) | 111 |
| &nbsp;&nbsp;&nbsp; [Rights Upon an Event of Default](#RightsUponanEventofDefaul) | 111 |
| &nbsp;&nbsp;&nbsp; [Notices](#Notices) | 113 |
| &nbsp;&nbsp;&nbsp; [Governing Law](#GoverningLaw) | 113 |
| &nbsp;&nbsp;&nbsp; [Noteholder Communication](#NoteholderCommunication) | 113 |
| &nbsp;&nbsp;&nbsp; [Book-Entry Registration](#Book-EntryRegistration) | 114 |
| &nbsp;&nbsp;&nbsp; [Definitive Notes](#DefinitiveNotes) | 116 |
| [Application of Available Funds](#ApplicationofAvailableFun) | 116 |
| &nbsp;&nbsp;&nbsp; [Sources of Funds for Distributions](#SourcesofFundsforDistribu) | 117 |
| &nbsp;&nbsp;&nbsp; [Priority of Payments](#PriorityofPayments) | 118 |
| &nbsp;&nbsp;&nbsp; [Fees and Expenses of the Issuer](#FeesandExpensesoftheIssue) | 119 |
| [Description of the Transaction Documents](#DescriptionoftheTransacti) | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Transfer, Assignment and Pledge of the Exchange Note](#TransferAssignmentandPled) | 121 |
| &nbsp;&nbsp;&nbsp; [The Trust Agreement and the Certificates](#TheTrustAgreementandtheCe) | 122 |
| &nbsp;&nbsp;&nbsp; [Accounts](#Accounts) | 122 |
| &nbsp;&nbsp;&nbsp; [Servicing](#Servicing) | 122 |
| &nbsp;&nbsp;&nbsp; [Custody of Lease Documents and Certificates of Title](#CustodyofLeaseDocumentsan) | 123 |
| &nbsp;&nbsp;&nbsp; [Insurance on the Leased Vehicles](#InsuranceontheLeasedVehic) | 123 |
| &nbsp;&nbsp;&nbsp; [Collections](#Collections) | 124 |
| &nbsp;&nbsp;&nbsp; [Servicer Advances](#ServicerAdvances) | 124 |
| &nbsp;&nbsp;&nbsp; [Sales or Other Disposition of Leased Vehicles](#SalesorOtherDispositionof) | 124 |
| &nbsp;&nbsp;&nbsp; [Realization Upon Charged-off Leases](#RealizationUponCharged-of) | 125 |
| &nbsp;&nbsp;&nbsp; [Servicing Compensation](#ServicingCompensation) | 125 |
| &nbsp;&nbsp;&nbsp; [Statements to Noteholders](#StatementstoNoteholders) | 126 |
| &nbsp;&nbsp;&nbsp; [Annual Compliance Reports](#AnnualComplianceReports) | 127 |
| &nbsp;&nbsp;&nbsp; [Reports to be Filed with the SEC](#ReportstobeFiledwiththeSE) | 128 |
| &nbsp;&nbsp;&nbsp; [Optional Purchase](#OptionalPurchase) | 128 |
| &nbsp;&nbsp;&nbsp; [Certain Matters Regarding the Servicer](#CertainMattersRegardingth) | 129 |
| &nbsp;&nbsp;&nbsp; [Servicer Defaults](#ServicerDefaults) | 129 |
| &nbsp;&nbsp;&nbsp; [Rights Upon Servicer Default](#RightsUponServicerDefault) | 130 |
| &nbsp;&nbsp;&nbsp; [Removal of Servicer](#RemovalofServicer) | 130 |
| &nbsp;&nbsp;&nbsp; [Amendments](#Amendments) | 131 |
| &nbsp;&nbsp;&nbsp; [Termination](#Termination) | 134 |
| &nbsp;&nbsp;&nbsp; [Residual Interest; Issuance of Additional Securities](#ResidualInterestIssuanceo) | 134 |
| [Administration Agreement](#AdministrationAgreement) | 135 |
| [Legal Proceedings](#LegalProceedings) | 135 |
|  [Certain Legal Aspects of the Titling Trust and the Exchange Note](#CertainLegalAspectsoftheT) | 136 |

---

---

| | |
|:---|:---|
|  | <u>Page</u>  |
| &nbsp;&nbsp;&nbsp; [The Titling Trust](#TheTitlingTrust1) | 136 |
| &nbsp;&nbsp;&nbsp; [Structural Considerations](#StructuralConsiderations) | 136 |
| &nbsp;&nbsp;&nbsp; [Allocation of Titling Trust Liabilities](#AllocationofTitlingTrustL) | 137 |
| &nbsp;&nbsp;&nbsp; [Insolvency-Related Matters](#Insolvency-RelatedMatters) | 137 |
| &nbsp;&nbsp;&nbsp; [The Dodd-Frank Act](#TheDodd-FrankAct) | 139 |
|  [Certain Legal Aspects of the Leases and the Leased Vehicles](#CertainLegalAspectsoftheL) | 142 |
| &nbsp;&nbsp;&nbsp; [Security Interests](#SecurityInterests) | 142 |
| &nbsp;&nbsp;&nbsp; [ERISA Liens](#ERISALiens) | 142 |
| &nbsp;&nbsp;&nbsp; [Limitations on Collateral Agent's and Indenture Trustee's Lien](#LimitationsonCollateralAg) | 142 |
| &nbsp;&nbsp;&nbsp; [Vicarious Tort Liability](#VicariousTortLiability) | 143 |
| &nbsp;&nbsp;&nbsp; [Repossession of Leased Vehicles](#RepossessionofLeasedVehic) | 144 |
| &nbsp;&nbsp;&nbsp; [Deficiency Judgments](#DeficiencyJudgments) | 144 |
| &nbsp;&nbsp;&nbsp; [Consumer Protection Laws](#ConsumerProtectionLaws) | 145 |
| &nbsp;&nbsp;&nbsp; [Other Limitations](#OtherLimitations) | 145 |
| [Credit Risk Retention](#CreditRiskRetention) | 146 |
| [Material Federal Income Tax Consequences](#MaterialFederalIncomeTaxC) | 150 |
| &nbsp;&nbsp;&nbsp; [Tax Characterization of the Issuer](#TaxCharacterizationoftheI) | 151 |
| &nbsp;&nbsp;&nbsp; [Tax Consequences to Holders of the Notes](#TaxConsequencestoHolderso) | 151 |
| [Certain State Tax Consequences](#CertainStateTaxConsequenc) | 155 |
| [Certain ERISA Considerations](#CertainERISAConsideration) | 155 |
| &nbsp;&nbsp;&nbsp; [Special Considerations Applicable to Insurance Company General Accounts](#SpecialConsiderationsAppl) | 158 |
| [Ratings](#Ratings) | 158 |
| [Underwriting](#Underwriting1) | 158 |
| &nbsp;&nbsp;&nbsp; [Stabilization Transactions, Short Sales and Penalty Bids](#StabilizationTransactions) | 159 |
| &nbsp;&nbsp;&nbsp; [EU Securitisation Rules and UK Securitisation Rules](#EUSecuritisationRulesandU) | 160 |
| &nbsp;&nbsp;&nbsp; [European Economic Area Selling Restrictions](#EuropeanEconomicAreaSelli) | 161 |
| &nbsp;&nbsp;&nbsp; [United Kingdom Selling Restrictions](#UnitedKingdomSellingRestr) | 161 |
| &nbsp;&nbsp;&nbsp; [Certain Investment Company Act Considerations](#CertainInvestmentCompanyA) | 161 |
| &nbsp;&nbsp;&nbsp; [Certain Legal Investment Considerations](#CertainLegalInvestmentCon) | 161 |
| [Legal Opinions](#LegalOpinions) | 161 |
| [Glossary of Terms](#GlossaryofTerms) | 162 |
|  [Appendix A – Static Pool Information for Prior Securitizations](#StaticPoolInformationforP) | A-1 |
| [Appendix B – Assumed Cashflows](#AppendixB) | B-1 |
|  [Annex I – Global Clearance, Settlement and Tax Documentation Procedures](#ANNEXI) | A-I-1 |

---

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Reading This Prospectus

#### <br>
This prospectus contains information about the Issuer and the terms of the Notes.

We suggest you read this prospectus in its entirety. We include cross-references to sections in this document where you can find further related discussions. Refer to the **Table of Contents** to locate the referenced sections. Capitalized terms used in this prospectus are defined in the *"Glossary of Terms."*

** 

<br> You should rely only on information on the Notes provided in this prospectus. Neither we nor the underwriters have authorized anyone to provide you with different information. We and the underwriters are making offers to sell the Notes offered by this prospectus only in places where offers and sales are permitted.

This prospectus may contain forward-looking statements, including without limitation statistical information based on assumed facts. Whenever we use words like "intends," "anticipates" or "expects" or similar words in this prospectus, we are making a forward-looking statement, or a projection of what we think will happen in the future. Forward-looking statements are inherently subject to a variety of circumstances, many of which are beyond our control and could cause actual results to differ materially from what we anticipate. Any forward-looking statements in this prospectus speak only as of the date of this prospectus. We do not assume any responsibility to update or review any forward-looking statement contained in this prospectus to reflect any change in our expectation about the subject of that forward-looking statement or to reflect any change in events, conditions or circumstances on which we have based any forward-looking statement, except as may be required under applicable federal securities laws.

In this prospectus, the terms "we," "us" and "our" refer to Mercedes-Benz Trust Leasing LLC.

#### Available Information

#### <br>
Mercedes-Benz Trust Leasing LLC, as the Depositor for the Issuer, has filed a Registration Statement on Form SF-3 (file no. 333-______) with the SEC under the Securities Act for the offering of the [offered] Notes. This prospectus is part of the Registration Statement but the Registration Statement includes additional information. In connection with the offering of the [offered] Notes under the Registration Statement, the Depositor has met the registrant requirements of Section I.A.1 of the General Instructions to Form SF-3.

The Registration Statement and any other materials filed by the Depositor or the Issuer with the SEC will be available for viewing at the SEC's website, www.sec.gov, where you can find reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. Filings by the Depositor or the Issuer can be found under the Electronic Data Gathering Analysis and Retrieval system (commonly known as EDGAR) on the SEC's website using the Depositor's or Issuer's CIK number. The CIK numbers of the Issuer, the Depositor and Mercedes-Benz Financial Services USA LLC are set forth on the cover page.

Mercedes-Benz Financial Services USA LLC, as the Servicer, will file for the Issuer annual reports on Form 10-K, distribution reports on Form 10-D and reports on Form ABS-EE, any current reports on Form 8-K and amendments to those reports, with the SEC. A copy of each such report may be viewed under the Issuer's CIK number on the SEC's website or obtained by any noteholder by request to the Indenture Trustee or the Depositor. See *"Description of the Transaction Documents—Reports to be Filed with the SEC."* The Indenture Trustee shall make each monthly investor report available to the holders of the Notes through the Indenture Trustee's internet website. See *"Description of the Transaction Documents—Statements to Noteholders."*

** 

<br> #### [INSERT NOTICES OR REQUIRED LEGENDS FOR RELEVANT STATE OR FOREIGN JURISDICTIONS RELATING TO OFFERING]

#### <br>

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 *[**Table of Contents**](#TableofContents)*<br>

#### Incorporation of Certain Documents by Reference
The SEC allows us to "incorporate by reference" certain information that we file with the SEC. The information incorporated by reference is considered to be part of this prospectus. Information that we file later with the SEC that is incorporated by reference into this prospectus will automatically update the information in this prospectus. In all cases, you should rely on the later information over different information included in this prospectus. We incorporate by reference into this prospectus any distribution report on Form 10-D, current report on Form 8-K or any amendment to any such report that we file with the SEC prior to the termination of the offering of the Notes offered by this prospectus. These periodic and current reports will be filed under the name of the Issuer. In addition, the disclosures filed as exhibits to each Form ABS-EE filed by the Issuer with the SEC by the date of filing of this prospectus are incorporated by reference into this prospectus. You may locate these materials on the SEC's website as described under *"Available Information."*

** 

<br> The Depositor will provide without charge to each person, including any beneficial owner of Notes, to whom a copy of this prospectus is delivered, upon the written or oral request of any such person, a copy of any of the documents incorporated by reference into this prospectus. Requests for such copies should be directed to:

Mercedes-Benz Trust Leasing LLC

35555 W. Twelve Mile Road, Suite 100

Farmington Hills, MI 48331

(248) 991-6700

This offer only includes the exhibits to such documents if such exhibits are specifically incorporated by reference in such documents.

------

 *[**Table of Contents**](#TableofContents)*<br>

Summary of Transaction

** 

<br> *This chart provides only a simplified overview of the structure of this securitization transaction and the credit enhancement available for the Notes. Refer to this prospectus for a further description.*

![](image00003.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Exchange Note will be backed by the Reference Pool.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Some or all of one or more classes of Notes may be initially retained by the Depositor or its affiliates. [The Class [__] Notes will initially be retained by the Depositor or one or more of its affiliates.]

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Certificates represent the residual interest that will be held initially by the Depositor and represent the right to all funds not needed to make required payments on the Notes, pay fees and expenses of the
 Issuer or make deposits in the Reserve Fund. The Depositor will hold the Certificates as described under *"Credit Risk Retention."* 

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Reserve Fund will be funded on the Closing Date in an amount at least equal to [●]% of the Cutoff Date Aggregate Securitization Value.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Overcollateralization is the amount by which the Aggregate Securitization Value of the Leases exceeds the Note Balance of the Notes. Initially, the overcollateralization for the Notes will be approximately [●]% of
 the Cutoff Date Aggregate Securitization Value.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The Target Overcollateralization Amount is calculated as described under *"Description of the Notes — Credit Enhancement — Overcollateralization."* 

&nbsp;&nbsp;&nbsp;&nbsp;(7) Excess spread will be available, as a portion of Available Funds, to make required principal payments on the Notes and, as a result, will provide a source of funds to absorb losses on the Leases and related Leased
 Vehicles and to [reach and] maintain overcollateralization at the Target Overcollateralization Amount, as further described under *"Description of the Notes — Credit Enhancement — Excess Spread."* 

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Transaction Credit Enhancement Diagram
*This diagram is a simplified overview of the credit enhancement available for the Notes on the Closing Date for this securitization transaction and how credit enhancement is used to absorb losses on the Leases and related Leased Vehicles. You should read this prospectus completely for more details about the credit enhancement available for the Notes.*

![](image00002.jpg)

------

---

| | |
|:---|:---|
| (_) | [[If the aggregate principal amount of the Notes to be issued is $___________, the percentage of the percentage of the Cutoff Date Pool Balance with respect to each class of Notes will be as set forth in the above table. If the aggregate principal amount of the Notes to be issued is $______________, the percentage of the Cutoff Date Pool Balance with respect to the Class A-1 Notes will be ___%, the Class A-2 Notes will be ___%, the Class A-3 Notes will be ___%[,] [and] the Class A-4 Notes will be ___% [and the Class B Notes will be ___%].]] |

---

---

| | |
|:---|:---|
| (_) | [[If floating rate notes are issued, the Class A-2 Notes will consist of the Class A-2A Notes and the Class A-2B Notes. The allocation of the aggregate principal amount of the Class A-2 Notes between the Class A-2A and Class A-2B Notes will be determined no later than the day of pricing.]] |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) On the Closing Date, the Reserve Fund will be funded in an amount at least equal to [●]% of the Cutoff Date Aggregate Securitization Value.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Excess spread is available as a portion of Available Funds to make required principal payments on the Notes and, as a result, provides a source of funds to absorb losses on the Leases and related Leased Vehicles and to
 [reach and] maintain overcollateralization at the Target Overcollateralization Amount.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Overcollateralization is the amount by which the Aggregate Securitization Value of the Leases exceeds the Note Balance of the Notes. Initially, the overcollateralization for the Notes will be approximately [●]% of the
 Cutoff Date Aggregate Securitization Value.

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Summary of Monthly Deposits to and Withdrawals from Accounts\*
![](image00005.jpg)

\* This chart provides only a simplified overview of the monthly flow of funds. Refer to this prospectus for a further description.

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Transaction Documents Diagram

This diagram shows the role of each transaction document in this securitization transaction. Forms of the transaction documents are exhibits to the registration statement filed with the SEC that includes this prospectus.

![](image00013.jpg)

![](image00007.jpg)

![](image00008.jpg)

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 *[**Table of Contents**](#TableofContents)*<br>

#### Summary of Terms

*This summary describes the main terms of the issuance of and payments on the notes, the assets of the issuer, the cash flows in this securitization transaction and the credit enhancement available for the notes. This summary does not contain all of the information that may be important to you. To fully understand the terms of the offering of the notes, you will need to read this prospectus in its entirety.*

#### Principal Parties

*Issuer*

Mercedes-Benz Auto Lease Trust 20[__]-[_], a Delaware statutory trust, will be governed by an amended and restated trust agreement between the depositor and the owner trustee. The issuer will issue the notes and the certificates to the depositor as consideration for the transfer by the depositor to the issuer of an exchange note backed by a pool of [new] Mercedes-Benz passenger car and sport utility vehicle leases and the related leased vehicles. The issuer will rely upon collections on the exchange note and the funds on deposit in certain accounts to make payments on the notes. The issuer will be solely liable for the payment of the notes.

The notes will be obligations of the issuer secured by the assets of the issuer. The notes will not represent obligations of Mercedes-Benz Trust Leasing LLC, Mercedes-Benz Financial Services USA LLC or any of their respective affiliates.

*Depositor*

Mercedes-Benz Trust Leasing LLC, a Delaware limited liability company, will transfer the exchange note to the issuer.

Mercedes-Benz Trust Leasing LLC's principal executive offices are located at 35555 W. Twelve Mile Road, Suite 100, Farmington Hills, Michigan 48331, and its telephone number is (248) 991-6700.

*Sponsor, Servicer and Administrator*

Mercedes-Benz Financial Services USA LLC, a Delaware limited liability company, will be the sponsor of the securitization, the administrator for the issuer and responsible for servicing the leases and the related leased vehicles.

Mercedes-Benz Financial Services USA LLC's principal executive offices are located at 35555 W. Twelve Mile Road, Suite 100, Farmington Hills, Michigan 48331, and its telephone number is (248) 991-6700.

*Owner Trustee*

[____________], a [____________], will act as owner trustee of the issuer.

*Indenture Trustee*

[____________], a [____________], will act as indenture trustee with respect to the notes.

*Titling Trust*

Mercedes-Benz Vehicle Trust, a Delaware statutory trust. Mercedes-Benz dealers have assigned and will assign closed-end retail lease contracts and the related leased vehicles to the titling trust. Some of the leases and related leased vehicles assigned to the titling trust have been allocated to a separate pool of assets in the titling trust, which we call the "reference pool," cash flow from which is directed to make payments on a note called the "exchange note." The titling trust will issue, and the issuer will hold, the exchange note.

*Titling Trustee*

BNY Mellon Trust of Delaware, a Delaware banking corporation.

*Initial Beneficiary*

Mercedes-Benz Trust Holdings LLC, a Delaware limited liability company.

*Titling Trust Administrator*

Mercedes-Benz Financial Services USA LLC, a Delaware limited liability company.

*Collateral Agent*

Collateral Title Co., a Delaware corporation.

*Administrative Agent*

U.S. Bank Trust National Association, a national banking association.

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 *[**Table of Contents**](#TableofContents)*<br>

*Asset Representations Reviewer*

[____________], a [____________].

#### Terms of the Securities

*The Notes*

The following classes of notes, referred to herein as the "notes," are being [offered pursuant to this prospectus][issued by the issuer]:

---

| | | |
|:---|:---|:---|
| **Note**<br> **Class**<br>| Initial Note Balance | **Interest Rate**<br> **Per Annum**<br>|
| A-1 | $___________ | _.___% |
| A-2[A]<sup>[(1)]</sup> <br>| $___________ | _.___% |
| [A-2B<sup>(1)</sup><br>| $___________ | [Benchmark][SOFR Rate] + _.___%]<sup>[2]</sup> |
| A-3 | $___________ | _.___% |
| A-4<sup>[]</sup><br>| $___________ | _.___% |
| B | $___________ | _.___% |

---

---

| | |
|:---|:---|
| [[ | If the aggregate principal amount of the notes to be issued is $_____________, the aggregate initial principal amount of the notes will be as set forth in this table. If the aggregate principal amount of the notes to be issued is $_______________, the aggregate initial principal amounts of the notes will be $___________ of class A-1 notes, $___________ aggregate amount of class A-2A notes and class A-2B notes, $___________ of class A-3 notes[,] [and] $___________ of class A-4 notes [and $__________ of class B notes].]] |

---

---

| | |
|:---|:---|
| [[<sup>(1)</sup> | The aggregate principal amount of the class A-2A notes and class A-2B notes will be $__________ [[(or $__________)]] but the allocation of such aggregate principal amount between the class A-2A notes and class A-2B notes will be determined no later than the day of pricing.]] |

---

---

| | |
|:---|:---|
| [<sup>(2)</sup> | If the sum of the SOFR Rate (or the then-current Benchmark) plus the applicable spread is less than 0.00% for any accrual period, then the interest rate for the class A-2B notes for such accrual period will be 0.00%, as described under *"Description of the Notes—Payments of Interest."*] |

---

[<sup>(_)</sup> The class [__] notes are not being offered by this prospectus.]

[The class A-[_] notes are not offered by this prospectus and will be retained by the depositor or one or more of its affiliates. The information in this prospectus relating to the class A-[_] notes is presented solely to provide you with a better understanding of the notes offered hereby.]

[The interest rate for the class A-2 notes will be a fixed rate or a combination of a fixed rate and floating rate if that class has both a fixed rate tranche and a floating rate tranche. If a floating rate tranche of class A-2 notes is issued, that tranche will be designated as the class A-2B notes and the rate for such class will be based on the SOFR Rate plus the applicable spread described above. However, the Benchmark and the applicable spread may change under certain circumstances. For more information about how the interest rate based on the SOFR Rate

is determined and the circumstances under which the Benchmark and the applicable spread may change, see "*Description of the Notes — Payments of Interest*."]

[[The determination regarding the initial principal balance of the notes will be made no later than the day of pricing based on, among other considerations, market conditions at such time.]]

[The class A-2A notes and the class A-2B notes are referred to as the "class A-2 notes." The class A-2B notes are sometimes referred to as the "floating rate notes". The class A-2A notes, the class A-3 notes and the class A-4 notes will be "fixed rate notes." The class A-2A notes and the class A-2B notes have equal rights to payments of principal and interest, which will be made on a *pro rata* basis.]

The [offered] notes will bear interest at the rates set forth above and interest will be calculated in the manner described under "*Interest Accrual*." [The class [__] notes will not bear interest.]

The [offered] notes will be issued in book-entry form in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.

The depositor [may initially retain some or all of the notes and] will initial retain [__% of each class of notes and] the residual interest in the issuer.

[In addition to the class [__] notes, the depositor or its affiliates may initially retain some or all of one or more classes of the notes offered hereby.]

*The Certificates*

The issuer will issue Mercedes-Benz Auto Lease Trust 20[__]-[_] certificates to the depositor. The certificates, which reflect the residual interest in the issuer, are not being offered by this prospectus. [The depositor will initially retain the certificates in satisfaction of the risk retention obligations of the sponsor. See *"Credit Risk Retention"* for more information.] The certificates will not have a principal balance and will not bear interest. All distributions in respect of the certificates will be subordinated to payments on the notes. Any information in this prospectus relating to the certificates is presented solely to provide you with a better understanding of the notes.

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Important Dates

*Cutoff Date*

The cutoff date is the close of business on [_________], 20[__]. Unless otherwise indicated, the statistical information presented in this prospectus is presented as of the cutoff date.

*Closing Date*

The closing date will be on or about [_________], 20[__].

*Collection Periods*

For any payment date, the month immediately preceding the month in which the related payment date occurs (or, in the case of the first collection period, the period from but excluding the cutoff date to and including the last day of the month immediately preceding the month in which the first payment date occurs).

*Payment Dates*

Payments will be made on the [15th] day of each month (or, if the [15th] day is not a business day, the next succeeding business day). The first payment date will be [_________], 20[__].

*Final Scheduled Payment Dates*

The final principal payment for each class of notes is due and payable on the final scheduled payment date for such class listed below:

---

| | |
|:---|:---|
| Note Class | Final Scheduled Payment Date |
| A-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [_________], 20[__] |
| A-2[A] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [_________], 20[__] |
| [A-2B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [_________], 20[__]] |
| A-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [_________], 20[__] |
| A-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [_________], 20[__] |
| B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [_________], 20[__] |

---

*Record Dates*

On each payment date, the issuer will make payments to the holders of the notes as of the related record date. So long as the notes are in book-entry form, the record date will be the business day immediately preceding such payment date or, with respect to any notes that have been issued in fully registered, certificated form, the last business day of the month preceding the payment date.

#### Interest Accrual

[*Class A-[_] Notes*

The class A-[_] notes will not bear interest.]

*Class A-2[A] Notes, Class A-3 Notes, Class A-4 and Class B Notes [Fixed rate notes]*

"30/360," accrued from and including the [15]th day of the prior calendar month (or from and including [the closing date], in the case of the first payment date) to but excluding the [15]th day of the current calendar month (assuming each month has 30 days).

*Class A-1 Notes [and Class A-2B Notes][*Note: *Money market eligible and floating rate notes]*

"Actual/360," accrued from and including the prior payment date (or from and including the [closing date], in the case of the first payment date) to but excluding the current payment date.

#### Interest Payments

On each payment date, to the extent that funds are available, the noteholders of each [interest-bearing] class of notes will receive accrued interest at the interest rate for that class. Interest payments on each class of notes will have the same priority. Interest accrued but not paid on any payment date will be due on the immediately succeeding payment date, together with, to the extent permitted by applicable law, interest on that unpaid interest at the related interest rate.

If the notes are accelerated following the occurrence of an event of default under the indenture, any fees, expenses and indemnified amounts of the collateral agent, the administrative agent, the asset representations reviewer, the owner trustee and the indenture trustee will be payable in an unlimited amount prior to the payment of interest on the notes as described under *"Changes in Priority of Distributions Following Acceleration."*

*For a more detailed description of the payment of interest, see "Description of the Notes—Payments of Interest," "—Priority of Distributions Will Change if the Notes Are Accelerated Following an Event of Default" and "Application of Available Funds—Priority of Payments."*

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 *[**Table of Contents**](#TableofContents)*<br>

#### Principal Payments

On each payment date, from the amounts allocated to the holders of the notes to pay principal described in clauses (3) and (6) under *"Priority of Distributions,"* the issuer will pay principal of the notes in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;(1) to the class A-1 notes until they have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;(2) to the class A-2[A] notes [and the class A-2B notes, pro rata], until they have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;(3) to the class A-3 notes until they have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;(4) to the class A-4 notes until they have been paid in full; and

[(5) to the class B notes until they have been paid in full].

If a payment date is a final scheduled payment date for one or more classes of notes, as specified under *"Terms of the Securities—The Notes,"* all principal and interest with respect to such class of notes will be payable in full (if not previously paid).

If the notes are accelerated following the occurrence of an event of default under the indenture, the issuer will pay principal of the notes in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;(1) to the class A-1 notes until they have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;(2) to the class A-2[A] notes, [the class A-2B notes,] the class A-3 notes and the class A-4 notes, pro rata, until all classes of notes have been paid in full; and

[(3) to the class B notes until they have been paid in full].

*For a more detailed description of the payment of principal, see "Description of the Notes—Payments of Principal," "—Priority of Distributions Will Change if the Notes Are Accelerated Following an Event of Default"* and *"Application of Available Funds—Priority of Payments."*

#### Priority of Distributions

On each payment date prior to the occurrence of an event of default under the indenture and acceleration of the maturity of the notes, from amounts received by the issuer with respect to payments on the exchange note for the related collection period and, with respect to the distributions described in clauses (1) through ([4]), amounts available for withdrawal from the reserve fund, the issuer will distribute the following amounts in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;(1) pro rata, if not previously paid, the fees, if any, expenses and indemnified amounts due to the indenture trustee, the owner trustee, the collateral agent, the administrative agent and the asset representations reviewer for the
 related collection period, plus any overdue fees, expenses and indemnified amounts of such parties for one or more prior collection periods to each such party; provided, however, that the aggregate amount to be paid pursuant to this
 clause for such fees, expenses and indemnified amounts shall not exceed $[●] in any given calendar year;

---

| | |
|:---|:---|
| [(2) | the interest distributable amount for the [interest-bearing]class A notes, to the distribution account, for payment ratably to the holders of the [interest-bearing] class A notes; |

---

&nbsp;&nbsp;&nbsp;&nbsp;(3) principal of the notes in an amount equal to the excess, if any, of (a) the aggregate principal amount of the class A notes (before giving effect to any payments made to the holders of the notes on the related payment date) over (b)
 the aggregate securitization value as of the last day of the related collection period, to the distribution account for payment to the holders of the notes;

&nbsp;&nbsp;&nbsp;&nbsp;(4) [the interest distributable amount for the class B notes, to the distribution account, for payment to the holders of the class B notes;]

&nbsp;&nbsp;&nbsp;&nbsp;(5) the amount, if any, necessary to fund the reserve fund up to the required reserve amount, which will be an amount equal to at least [●]% of the aggregate securitization value of the leases as of the cutoff date or, on any payment
 date occurring on or after the date on which the aggregate principal amount of the notes has been reduced to zero, zero, into the reserve fund;

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 *[**Table of Contents**](#TableofContents)*<br>

&nbsp;&nbsp;&nbsp;&nbsp;(6) principal of the notes in an amount equal to (a) the excess, if any, of (i) the aggregate principal amount of the notes (before giving effect to any payments made to the holders of the notes on the related payment date) over (ii) the
 aggregate securitization value as of the last day of the related collection period minus the target overcollateralization amount described under *"Description of the Notes—Credit Enhancement—Overcollateralization"* less (b) any amounts allocated to pay principal as described in clause (3) above, to the distribution account for payment to the holders of the notes;]

&nbsp;&nbsp;&nbsp;&nbsp;(7) if a successor servicer has replaced the servicer, any unpaid transition expenses due in respect of the transfer of servicing and any additional servicing fees for the related collection period to the successor servicer;

&nbsp;&nbsp;&nbsp;&nbsp;(8) any fees, expenses and indemnified amounts due to the owner trustee, indenture trustee, collateral agent, administrative agent and asset representations reviewer, pro rata, that have not been paid as described in clause (1) above; and

&nbsp;&nbsp;&nbsp;&nbsp;(9) any remaining amounts to the certificateholders.

For purposes of these distributions, on any payment date the principal amount of a class of notes will be calculated as of the immediately preceding payment date after giving effect to all payments made on such preceding payment date, or, in the case of the first payment date, as of the closing date.

All amounts distributed in respect of principal of the notes will be paid in the manner and priority described under *"Principal Payments."*

In addition, if the sum of the amounts on deposit in the exchange note collection account and the reserve fund on any payment date equals or exceeds the aggregate principal amount of the notes, accrued and unpaid interest thereon and certain amounts due to the collateral agent, the administrative agent, the asset representations reviewer, the owner trustee, the indenture trustee and the servicer, all such amounts will be applied up to the amount necessary to retire the notes and pay all amounts due to each such entity.

*For a more detailed description of the priority of distributions and the allocation of funds on each payment date, see "Description of the Notes" and "Application of Available Funds—Priority of Payments."*

#### Changes in Priority of Distributions Following Acceleration

If the notes are accelerated following the occurrence and continuation of an event of default under the indenture, the priority of distributions will change to the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;(1) pro rata, the fees, expenses and indemnified amounts of the owner trustee, the indenture trustee, the collateral agent, the administrative agent and the asset representations reviewer due to each of them, without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;(2) [the interest distributable amount for the [interest-bearing] class A notes, ratably to the holders of the class A notes;

&nbsp;&nbsp;&nbsp;&nbsp;(3) principal of the class A-1 notes, to the holders of the class A-1 notes, until the class A-1 notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;(4) principal of the class A-2[A] notes, [the class A-2B notes,] the class A-3 notes and the class A-4 notes, pro rata, to the holders of the class A-2[A] notes, [the class A-2B notes,] the class A-3 notes and the class A-4 notes, until
 all such classes of notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;(5) [the interest distributable amount for the class B notes, ratably to the holders of the class B notes;

&nbsp;&nbsp;&nbsp;&nbsp;(6) principal of the class B notes, to the holders of the class B notes, until the class B notes have been paid in full;]]

&nbsp;&nbsp;&nbsp;&nbsp;(7) if any entity has replaced the servicer, any unpaid transition expenses due in respect of a transfer of servicing and any additional servicing fees for the related collection period to the successor servicer; and

&nbsp;&nbsp;&nbsp;&nbsp;(8) any remaining amounts to the certificateholders.

Following the occurrence and continuation of an event of default that has not resulted in an acceleration of the notes, no change will be made in the priority of payments on the notes on each payment date.

*For a more detailed description of the priority of distributions and the allocation of funds following an acceleration of the notes resulting from the occurrence of an event of default under the indenture see "Description of the Notes—Priority of <br>

*Distributions Will Change if the Notes Are Accelerated Following an Event of Default."** 

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 *[**Table of Contents**](#TableofContents)*<br>

#### Credit Enhancement

*General*

Credit enhancement is intended to protect you against losses and delays in payments on your notes by absorbing credit losses on the leases, residual losses on the related leased vehicles and other shortfalls in cash flows. The available credit enhancement will be limited. Losses on the leases and related leased vehicles in excess of available credit enhancement will not result in a write down of the principal amounts of the notes. Instead, if losses on the leases and related leased vehicles exceed the amount of available credit enhancement, the amount available to make payments on the notes will be reduced to the extent of such losses.

Credit enhancement for the notes generally will include the following:

*Overcollateralization*

Overcollateralization will represent the amount by which the aggregate securitization value of the leases and the related leased vehicles exceeds the aggregate principal amount of the notes. Overcollateralization will be available to absorb credit losses on the leases and residual losses on the related leased vehicles that are not otherwise covered.

The initial amount of overcollateralization will be approximately [●]% of the aggregate securitization value as of the cutoff date of the leases and related leased vehicles to be allocated to the reference pool on the closing date which will equal approximately $[●] [[if the aggregate initial note balance is $[●], and $[●] if the aggregate initial note balance is $[●]]].

The application of funds as described in clause (6) of *"Priority of Distributions"* is designed to [reach and then] maintain the amount of overcollateralization as of any payment date [to][at] a target amount. The amount of target overcollateralization for each payment date will equal [●]% [the applicable percentage set forth below] of the aggregate securitization value as of the cutoff date of the leases and related leased vehicles to be allocated to the reference pool on the closing date.[:

&nbsp;&nbsp;&nbsp;&nbsp;• for so long as the class [__] notes are outstanding, [●]%; and

&nbsp;&nbsp;&nbsp;&nbsp;• on and after the payment date on which the class [__] notes are paid in full, [●]%.]

[The amount of target overcollateralization will be attained by paying an amount of principal on the notes on the first several payment dates after the closing date that is greater than the principal component of the lease payments paid by lessees during that time.]

*Excess Spread*

More interest is expected to be paid by the lessees in respect of the leases in the reference pool than is necessary to pay the related servicing fee, certain amounts due to the collateral agent, the administrative agent, the asset representations reviewer, the owner trustee, the indenture trustee and the servicer and accrued and unpaid interest on the notes each month. Any such excess interest payments from lessees will serve as additional credit enhancement.

*For a more detailed description of the use of excess spread as credit enhancement for the notes, see "Description of the Notes—Credit Enhancement—Excess Spread."*

*Reserve Fund*

On the closing date, the servicer will establish with the securities intermediary, in the name of the indenture trustee, a reserve fund into which certain amounts on the closing date and certain excess collections on or in respect of the leases and leased vehicles will be deposited pursuant to clause (5) of *"Priority of Distributions."* The reserve fund will afford noteholders limited protection against losses on the leases and leased vehicles. The reserve fund will be fully funded on the closing date with a deposit by the depositor of an amount at least equal to at least [●]% of the aggregate securitization value as of the cutoff date of the leases and leased vehicles to be allocated to the reference pool on the closing date.

The amount required to be on deposit in the reserve fund on any payment date will be at least $[●] [[if the aggregate initial note balance is $[●], and $[●] if the aggregate initial note balance is $[●]]]; provided, that the required amount may not be greater than the aggregate principal amount of the notes.

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On each payment date, the indenture trustee will deposit in the reserve fund, from amounts collected on or in respect of the exchange note during the related collection period that are not used on that payment date to make required payments to the collateral agent, the administrative agent, the asset representations reviewer, the owner trustee, the indenture trustee, the servicer and the noteholders, the amount, if any, by which (i) the amount required to be on deposit in the reserve fund on that payment date exceeds (ii) the amount on deposit in the reserve fund on that payment date.

On each payment date, the indenture trustee will withdraw (or cause to be withdrawn) funds from the reserve fund, up to the amount on deposit therein, to the extent needed to make the following payments:

&nbsp;&nbsp;&nbsp;&nbsp;(1) pro rata, if not previously paid, to the indenture trustee, the owner trustee, the collateral agent, the asset representations reviewer and the administrative agent, the fees, if any, expenses and indemnified amounts due to such
 parties for the related collection period plus any overdue fees, expenses and indemnified amounts of such parties for one or more prior collection periods to each such party; provided, however, that the aggregate amount to be paid
 pursuant to this clause for such fees, expenses and indemnified amounts shall not exceed $[●] in any given calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;(2) to the class A noteholders, monthly interest described in clause (2) and the amounts allocated to pay principal described in clause (3) under "*Priority of Distributions*," if any, required to
 be paid on the notes on that payment date plus any overdue monthly interest due to any class of notes for the previous payment date;

&nbsp;&nbsp;&nbsp;&nbsp;(3) to the class B noteholders, monthly interest described in clause (4) under "*Priority of Distributions*" plus any overdue monthly interest due to such class for the previous payment date; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) to the noteholders, principal payments required to reduce the principal amount of a class of notes to zero on or after its final scheduled payment date.

*For a more detailed description of the deposits to and withdrawals from the reserve fund, see "Description of the Notes—Credit Enhancement—Reserve Fund."*

*[Subordination of the* Class *B Notes*

The class B notes will be subordinated to each class of class A notes. On each payment date

&nbsp;&nbsp;&nbsp;&nbsp;• no interest will be paid on the class B notes until all interest due, and certain principal payments due, on each class of class A notes has been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;• no principal will be paid on the class B notes until all principal due on each class of class A notes has been paid in full.

The subordination of the class B notes is intended to decrease the risk of default by the issuer with respect to payments due to the more senior classes of notes.]

The various forms of credit enhancement described herein are intended to reduce the risk of payment default by the issuer. Available collections and certain funds available from credit enhancement will be applied in accordance with the priority set forth in *"Application of Available Funds—Priority of Payments"* or following the occurrence of an event of default under the indenture, set forth in *"Description of the Notes—Priority of Distributions Will Change if the Notes Are Accelerated Following an Event of Default."* To the extent available collections and certain funds available from credit enhancement are insufficient to make all such distributions, such collections and amounts would be applied to the items having the then-highest priority of distribution, in which case items having lower priority of distribution may not be paid, either in whole or in part.

#### Optional Purchase of Exchange Note

The servicer will have the right to cause the redemption of the notes in whole by exercising its option to purchase the exchange note from the issuer on any payment date when the aggregate principal amount of the notes is less than or equal to [5]% of the aggregate principal amount of the notes as of the closing date. The purchase price will equal the unpaid principal amount of the exchange note plus accrued and unpaid interest thereon as of the last day of the related collection period; provided, however, that the purchase price must equal or exceed the aggregate outstanding principal amount of the notes, plus accrued and unpaid interest thereon. The issuer will apply the payment of such purchase price to the payment of principal and interest on the notes in full and to pay amounts due to the servicer, the owner trustee, the indenture trustee, the collateral agent, the asset representations reviewer and the administrative agent.

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*For a more detailed description of this optional purchase right, see "Description of the Transaction Documents—Optional Purchase."*

#### Events of Default

Following the occurrence and continuation of any of the following events of default, the indenture trustee or the holders of at least 51% of the aggregate principal amount of the notes [of the controlling class] may accelerate the notes to become immediately due and payable:

&nbsp;&nbsp;&nbsp;&nbsp;• a default for five days or more in payment of interest on the notes [of the controlling class] when due;

&nbsp;&nbsp;&nbsp;&nbsp;• a default in the payment of principal of any note on its final scheduled payment date;

&nbsp;&nbsp;&nbsp;&nbsp;• a default in the observance or performance of any other covenant or agreement of the issuer made in the indenture, which default is materially adverse to the holders of the notes and has not been cured for a period of 60 days after
 written notice thereof has been given to the issuer by the depositor or the indenture trustee or to the issuer, the depositor and the indenture trustee by the holders of notes evidencing not less than 25% of the aggregate principal
 amount of the notes [of the controlling class];

&nbsp;&nbsp;&nbsp;&nbsp;• any representation or warranty made by the issuer in the indenture or in any certificate delivered pursuant thereto or in connection therewith having been incorrect in any material adverse respect as of the time made and such
 incorrectness not having been cured for a period of 30 days after written notice thereof has been given to the issuer by the depositor or the indenture trustee or to the issuer, the depositor and the indenture trustee by the holders
 of notes evidencing not less than 25% of the aggregate principal amount of the notes [of the controlling class]; or

&nbsp;&nbsp;&nbsp;&nbsp;• an insolvency or a bankruptcy with respect to the issuer (which, if involuntary, is not dismissed within 90 days);

provided, that a delay in or failure of performance referred to under the first, second, third and fourth bullet points for a period of 120 days will not constitute an event of default if that failure or delay was caused by a force majeure.

Also, upon an event of default and acceleration of the notes, the indenture trustee may liquidate or sell the assets of the issuer; provided, that if such event of default is not caused by a failure to pay interest or principal, then the following conditions must be met:

&nbsp;&nbsp;&nbsp;&nbsp;• the proceeds of the sale or liquidation of the issuer's assets would be sufficient to repay the noteholders in full;

&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the holders of the notes [of the controlling class] consent to such sale or liquidation; or

&nbsp;&nbsp;&nbsp;&nbsp;• the indenture trustee has determined pursuant to the provisions of the indenture that the assets of the issuer will be insufficient to continue to make all required payments of principal and interest on the notes when due and
 payable, and the holders of notes evidencing at least 66 2/3% of the aggregate principal amount of the notes [of the controlling class] consent to such sale or liquidation.

*For a more detailed description of the events of default under the indenture and the related remedies, see "Description of the Notes—Events of Default" and "—Rights Upon an Event of Default."*

#### Property of the Issuer

*General*

The property of the issuer will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• an exchange note secured by the leases and the related leased vehicles allocated to the reference pool;

&nbsp;&nbsp;&nbsp;&nbsp;• amounts on deposit in the accounts owned by the issuer and permitted investments of those accounts;

&nbsp;&nbsp;&nbsp;&nbsp;• rights under certain transaction documents; and

&nbsp;&nbsp;&nbsp;&nbsp;• the proceeds of any and all of the above.

*For more information regarding the issuer's property, see "—Reference Pool" and "—The Exchange Note" below and "The Issuer—Property of the Issuer," "The Exchange Note" and "The Leases."*

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*Reference Pool*

[[If the aggregate initial note balance is $[●],]] as of the cutoff date, the leases had the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate securitization value, based on the securitization rate, of the leases and leased vehicles was $[●];

&nbsp;&nbsp;&nbsp;&nbsp;• the total number of leases was [●];

&nbsp;&nbsp;&nbsp;&nbsp;• the discounted aggregate residual value of the leases being financed was approximately [●]% of the aggregate securitization value;

&nbsp;&nbsp;&nbsp;&nbsp;• the weighted average original number of monthly payments of the leases was [●] months; and

&nbsp;&nbsp;&nbsp;&nbsp;• the weighted average remaining number of monthly payments of the leases was [●] months.

[[If the aggregate initial note balance is $[●], as of the cutoff date, the leases had the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate securitization value, based on the securitization rate, of the leases and leased vehicles was $[●];

&nbsp;&nbsp;&nbsp;&nbsp;• the total number of leases was [●];

&nbsp;&nbsp;&nbsp;&nbsp;• the discounted aggregate residual value of the leases being financed was approximately [●]% of the aggregate securitization value;

&nbsp;&nbsp;&nbsp;&nbsp;• the weighted average original number of monthly payments of the leases was [●] months; and

&nbsp;&nbsp;&nbsp;&nbsp;• the weighted average remaining number of monthly payments of the leases was [●] months.]]

*For more detailed information regarding the characteristics of the leases in the reference pool, see "The Leases—Characteristics of the Leases."*

The cutoff date aggregate securitization value of the leases allocated to the reference pool will equal the

sum of (1) the present value of the remaining monthly payments payable under such leases and (2) the present value of the residual values of the related leased vehicles, each determined using the securitization rate.

The residual value of a leased vehicle will equal the lowest of (1) the value of the leased vehicle at the lease maturity date established or assigned by the servicer at the time of origination of the related lease, (2) the expected wholesale value of the leased vehicle at the lease maturity date based on a residual value estimate of the [________] edition ([Month] edition) provided by [J.D. Power-ALG] in [_____ ____] and (3) the expected wholesale value of the leased vehicle at the lease maturity date based on a residual value estimate provided by [J.D. Power-ALG] at the time such lease was originated.

The securitization rate for any lease and the related leased vehicle allocated to the reference pool will be the higher of the related contract rate and a discount rate equal to [●]%.

The securitization rate will be established based on, among other things, market interest rates and the assumed interest rates on the notes.

*The Exchange Note*

Mercedes-Benz has assigned motor vehicle retail lease contracts and the related leased vehicles to the titling trust. The leases have been underwritten using the underwriting criteria described under *"MBFS USA—Underwriting."* The titling trust has purchased these lease contracts from such dealers through cash advances made by Mercedes-Benz Financial Services USA LLC, as lender, to the titling trust, under the terms of a revolving facility.

On the closing date, the titling trust will issue an exchange note for the series 20[__]-[_] transaction secured by the reference pool of leases and the related leased vehicles. The initial principal amount of the exchange note will be $[●] [[if the aggregate initial note balance is $[●], and will be $[●] if the aggregate initial note balance is $[●]]]. The exchange note will bear interest at a per annum rate equal to [●]% per annum. The final scheduled maturity date of the exchange note will be [_________], 20[__].

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The titling trust will issue the exchange note to Mercedes-Benz Financial Services USA LLC, as lender, which will then sell the exchange note to the depositor. The exchange note will be transferred by the depositor to the issuer at the time the issuer issues the notes. The issuer will assign and pledge the exchange note to the indenture trustee, which will hold a first priority, perfected security interest in the exchange note for the benefit of the noteholders. The exchange note will evidence a debt secured by the leases and related leased vehicles included in the reference pool. The issuer, as holder of the exchange note, will not have an interest in any other assets of the titling trust. Payments made on or in respect of any other titling trust assets will not be available to make payments on the exchange note.

The exchange note will not be offered to you under this prospectus.

*For more information regarding the exchange note and exchange note payments, see "The Exchange Note" and "Application of Available Funds— Sources of Funds for Distributions."*

*Removal of Assets*

The servicer may be required to repurchase from the reference pool certain leases and leased vehicles if, among other things, (1) there is a breach of the representations and warranties relating to those leases or leased vehicles and such breach materially and adversely affects the interests of the issuer and is not timely cured or (2) the servicer extends a lease so that it matures later than the payment date occurring six months prior to the final scheduled payment date of the latest maturing class of notes.

*Reallocation of Leases and Leased Vehicles from the Reference Pool*

The servicer will be obligated to deposit or cause to be deposited into the exchange note collection account an amount equal to the securitization value of any leases and related leased vehicles, including any interest accrued and unpaid with regard to such

lease, that breach certain representations and warranties and such breach materially and adversely affects the issuer and is not timely cured.

*For more information regarding the representations and warranties made by the servicer and the depositor, see "The Leases—General" and "—Representations and Warranties." For more information regarding the obligation of the servicer to reallocate leases and the related leased vehicles from the reference pool, see "The Leases—MBFS USA Must Repurchase Certain Leases" and "Description of the Transaction Documents—Sales or Other Disposition of Leased Vehicles."*

#### Servicing and Servicer Compensation

Mercedes-Benz Financial Services USA LLC's responsibilities as servicer will include, among other things, collection of payments, realization on the residual values of the leased vehicles, selling or otherwise disposing of leased vehicles relating to delinquent or defaulted leases and monitoring the performance of the leases. In return for its services, the issuer will be required to pay the servicer a servicing fee on each payment date for the related collection period equal to the product of 1/12 of [1.00]% [(or 1/6 of [1.00]% in the case of the first payment date)] and the aggregate securitization value as of the first day of the related collection period (or as of the cutoff date in the case of the first payment date).

The servicing fee will be payable on each payment date prior to any other distributions as described in clause (1) under *"The Exchange Note –Payments on the Exchange Note*."

In addition, as supplemental servicing compensation, the servicer will be entitled to retain any and all fees and charges paid by lessees, including, among other things, late payment fees, returned instrument or automatic clearing house transaction charges, extension fees, purchase option fees, service fees, disposition fees, termination fees and similar charges received with respect to any lease other than excess wear and tear or excess mileage charges. For more detailed information about additional servicing compensation, see *"Description of the Transaction Documents—Servicing Compensation."*

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*Servicer Advances*

** 

<br> The servicer may, at its option, advance to the issuer lease payments that are due but unpaid by the lessees. The servicer will not be required to make any servicer advance if it determines that it will not be able to recover such servicer advance from future payments on the related lease or leased vehicle. The servicer will be reimbursed for any nonrecoverable advances as described in clause (1) under *"The Exchange Note –Payments on the Exchange Note."*

#### [Controlling Class

Holders of the controlling class will control the ability to make some decisions about the issuer, including whether to declare or waive events of default and servicer termination events, or accelerate the notes, cause a sale of the exchange note or direct the indenture trustee to exercise other remedies following an event of default. Holders of notes that are not part of the controlling class will not have these rights. The "controlling class" will be the class A notes, voting as a single class, as long as any class A notes are outstanding, and after the Class A notes are paid in full, the class B notes.]

#### Ratings

The sponsor expects that the [offered] notes will receive credit ratings from two nationally recognized statistical rating organizations hired by the sponsor to rate the [offered] notes. A rating is not a recommendation to purchase, hold or sell the [offered] notes, inasmuch as a rating does not comment as to market price or suitability for a particular investor. A rating agency rating the [offered] notes may, in its discretion, lower or withdraw its rating in the future as to any class of [offered] notes.

None of the sponsor, depositor, servicer, administrator, indenture trustee, owner trustee, titling trustee, collateral agent, administrative agent or any of their respective affiliates will be required to monitor any changes to the ratings on these [offered] notes.

#### Tax Status

*Opinions of Counsel*

In the opinion of Sidley Austin LLP, assuming compliance with all of the provisions of the applicable transaction documents, for United States federal income tax purposes, the [offered] notes will be characterized as debt if held by persons other than the beneficial owner of 100% of the equity of the issuer or an affiliate of such beneficial owner for such purposes, and the issuer will not be characterized as

an association (or a publicly traded partnership) taxable as a corporation.

*Investor Representations*

If you purchase notes, you agree by your purchase that you will treat the notes as indebtedness for United States federal income tax purposes. You should consult your own tax advisor regarding the United States federal tax consequences of the purchase, ownership and disposition of the notes, and the tax consequences arising under the laws of any state or other taxing jurisdiction.

*For a more detailed description of the tax consequences of acquiring, holding and disposing of notes, see "Material Federal Income Tax Consequences."*

#### ERISA Considerations

The [offered] notes may generally be purchased by or with the assets of employee benefit and other benefit plans and individual retirement accounts, subject to the considerations discussed under *"Certain ERISA Considerations."* Each investing employee benefit or other benefit plan subject to ERISA or Section 4975 of the Internal Revenue Code, and each person investing on behalf of or with the assets of such plans, will be deemed to make certain representations.

*For a more detailed description of certain ERISA considerations applicable to a purchase of the notes, see "Certain ERISA Considerations."*

#### [Eligibility for Purchase by Money Market Funds

On the closing date, the class A-1 notes will be structured to be eligible securities for purchase by money market funds under paragraph (a)(11) of Rule 2a-7 under the Investment Company Act. Rule 2a-7 includes additional criteria for investments by money market funds, including additional requirements relating to portfolio maturity, liquidity and risk diversification. A money market fund purchasing class A-1 notes should consult its counsel before making a purchase.]

#### Certain Investment Company Act Considerations

The issuer is not registered as an "investment company" under the Investment Company Act. In determining that the issuer is not required to be registered as an investment company, the issuer is relying on the exemption in Rule 3a-7 under the Investment Company Act, although other exclusions or exemptions may also be available to the issuer.

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#### Certain Legal Investment Considerations

The issuer is structured so as not to constitute a "covered fund" for purposes of the regulations commonly referred to as the "Volcker Rule," adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

#### EU Securitisation Rules and UK Securitisation Rules

No party intends to take any action with regard to the transaction described in this prospectus in a manner prescribed or contemplated by the EU Securitisation Rules or the UK Securitisation Rules. See *"Underwriting—EU Securitisation Rules and UK Securitisation Rules."*

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#### Summary of Risk Factors

There are risks involved in any investment in the notes. Before you invest in any of the notes, you should be sure you understand the structure and the risks. The following is a summary of the risks that are described in more detail under "*Risk Factors*" beginning on page 25. To understand these risks fully, you should read the "Risk Factors" in their entirety.

#### Risks Relating to the Characteristics of the Notes and Transaction Structure

<br> • An adequate secondary market in the notes may not develop.

• [[The principal amount of each class of notes will be one of the amounts set forth for that class on the cover page but will not be determined until pricing.]]

<br> • The notes are obligations solely of the issuer. Only the limited assets of the issuer will be available to make payments on the notes.

<br> • As asset backed securities, the rate of principal payments on the notes cannot be predicted.

• The reserve fund and overcollateralization provide credit enhancement for the notes but the amount on deposit in the reserve fund is limited and overcollateralization may not [increase to or] be maintained at the target level.

<br> • [The notes will carry interest rate risk because the issuer will not enter into interest rate swaps or interest rate caps in connection with the issuance of floating rate notes.]

• [Investors in the class A-2 notes will not know the allocation of the principal amount of the class A-2 notes between the class A-2A notes and the class A-2B notes until pricing.]

<br> • [Risks relating to Benchmark for floating rate notes]

<br> • [Investors in the class B notes may suffer a loss on their investment because the class B notes are a subordinate class of notes.]

<br> • A failure to pay principal on a class of notes based on the funds available to the issuer will not be an event of default until the final scheduled payment date.

<br> • In an event of default, the liquidation of the issuer's assets may not be sufficient to pay the notes in full and the [class B notes][class A notes that have higher numerical class designations] are generally more exposed to the risk of loss.

• The hired rating agencies could lower, qualify or withdraw their ratings of the notes and unsolicited ratings could also be assigned. An evaluation of the notes, including the creditworthiness of the leases and leased vehicles allocated to the reference pool, credit enhancement and servicing, should be made independently of the ratings.

<br> • The depositor or one of its affiliates [will retain the class [__] notes and] may retain some or all of one or more of the classes of [offered] notes which could adversely affect the market value or ability to resell those notes.

#### Risks Relating to the Issuance of a Floating Rate Class of Notes and the Uncertainty of SOFR

<br> • The issuer may issue floating rate notes but will not enter into any interest rate swaps or other derivative transactions which could mitigate this interest rate risk.

• [[The allocation of the principal amount of the class A-2 notes between fixed-rate class A-2A notes and any floating rate class A-2B notes will not be determined until pricing.]]

<br> • Decreases in SOFR (or replacement benchmark) will reduce the rate of interest on the floating rate notes.

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<br> • SOFR is a relatively new benchmark, and there may be problems in its use, calculation and performance, as well as uncertainties regarding its market longevity and acceptance.

<br> • Certain events or determinations made by the administrator may result in a replacement of SOFR as the benchmark for the floating rate class or in changes to the rate calculation methodology for such class.

#### Risks Relating to the Leases and Leased Vehicles

<br> • The residual values of the leased vehicles could be adversely affected by many factors, including discount pricing and other marketing actions by MBFS USA and the market for pre-owned vehicles.

<br> • Vehicle recalls could occur with regard to the models represented by the leased vehicles which could adversely affect collections on those leases.

<br> • The geographic concentration of the leases means that the notes will be more sensitive to adverse economic changes in those states where concentration exists.

<br> • The concentration of leased vehicles among particular models means that the notes will be more sensitive to the residual values of those models.

<br> • The rate at which lessees elect to turn-in their leased vehicles at the end of their lease term could adversely affect residual values.

#### Risks Relating to MBFS USA

• The total amount paid for servicing the leases declines as the pool pays down which could make it more difficult to obtain a successor servicer should it become necessary to replace MBFS USA.

<br> • To the extent that collections on the lessees and leased vehicles are commingled with the servicer's own funds, an insolvency of the servicer could impede payments of those collections to the issuer.

<br> • If a servicer default occurs, the replacement of MBFS USA with another servicer could create additional costs for the issuer, adversely affect collections and disrupt servicing.

<br> • Adverse events with respect to MBFS USA, its affiliates or other third party servicers could affect their ability to perform under the transaction documents and the value of the notes.

<br> • [Mercedes-Benz Group AG and its subsidiaries, including MBFS USA, are subject to legal proceedings, claims as well as government investigations and orders on a number of topics.]

#### Legal and Regulatory Risks

<br> • A bankruptcy of MBFS USA or the depositor could result in challenges to the issuer's ownership of the exchange note or its rights to collections on the leases and leased vehicles in the reference pool.

• The issuer will not own the leases or leased vehicles, but will instead own the exchange note issued by the titling trust which in turn owns the reference pool of leases and leased vehicles. An assertion by a third-party of an interest adverse to the issuer in the reference pool, including an ERISA claim by the Pension Benefit Guaranty Corporation, could adversely affect collections.

<br> • When lessees seek bankruptcy protection their lease obligations can be reduced or discharged by the court, and payments on the notes may therefore be adversely affected by the rate at which lessees seek such protection.

<br> • The leases must comply with numerous federal and state consumer protection and related laws and any failure to so could create liabilities for the issuer or the titling trust and defenses against enforcing the leases.

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<br> • If a party that incurs an injury involving a leased vehicle is able to sue the titling trust as owner of the leased vehicle under a vicarious liability theory, costs and liabilities to the titling trust could result.

<br> • The Servicemembers Civil Relief Act could impede collection efforts on vehicles that are leased to members of the military.

<br> • Financial regulatory reforms can impose costs and constraints on MBFS USA's servicing and other activities that affect the notes.

#### General Risks

<br> • [Economic downturns and financial market disruptions can adversely affect the notes.]

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#### Risk Factors

You should consider the following risk factors in deciding whether to purchase the notes. The following risk factors describe the principal risk factors of an investment in the notes:

#### Risks Relating to the Characteristics of the Notes and Transaction Structure

#### <br>

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| **The notes are not suitable investments for all investors** | The notes are not a suitable investment for any investor that requires a regular or predictable schedule of payments or payment on specific dates. The notes are complex investments that should be considered only by sophisticated investors. We suggest that only investors who, either alone or with their financial, tax and legal advisors, have the expertise to analyze the prepayment, reinvestment and default risks, the tax consequences of an investment and the interaction of these factors should consider investing in the notes. |
| **You may have difficulty selling your notes and/or obtaining your desired price** | There may be no secondary market for the notes. The underwriters may participate in making a secondary market in the offered notes, but are under no obligation to do so. The underwriters and other brokers and dealers may also be unwilling or unable to publish quotations for the notes or otherwise facilitate trading of the notes due to regulatory developments or other factors. Any secondary market maintained by an underwriter may be affected or terminated at any time. We cannot assure you that a secondary market will develop or, if it does develop, that such market will provide noteholders with sufficient liquidity of investment at any time during the period for which your notes are outstanding. Each investor in the notes must be prepared to hold its notes for an indefinite period of time or until the related final scheduled payment date or alternatively such investor may only be able to sell its notes at a discount to its original purchase price of those notes.<br>In addition, there have been times in the past where there have been very few buyers of asset backed notes and thus there has been a lack of liquidity in the secondary market. As a result, you may not be able to sell your notes when you want to do so, or you may not be able to obtain the price that you wish to receive. |
| **[[Risks associated with**<br> **unknown**<br> **aggregate initial principal**<br> **amount of the notes** | Whether the issuer will issue notes with an aggregate initial principal amount of $_____________ or $_____________ is not expected to be known until the day of pricing. The determination regarding the aggregate initial principal amount of the notes will be made based on, among other considerations, market conditions at the time of pricing. The size of a class of notes may affect liquidity of that class, with smaller classes being less liquid than a larger class may be. In addition, if your class of notes is larger than you expected, then you will hold a smaller percentage of that class of notes and the voting power of your notes will be diluted.]] |

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| **The issuer's assets are limited, only the assets of the issuer are available to make payments on your notes and you may experience a loss if lease defaults or residual value losses exceed the available credit enhancement** | The notes represent indebtedness of the issuer and will not be insured or guaranteed by MBFS USA, the depositor, the servicer, any of their respective affiliates or any other person or entity. The only source of payment on your notes will be payments received on the leases and the related leased vehicles in the reference pool and the other credit enhancement described herein. The notes and the leases will not be insured or guaranteed, in whole or in part, by the United States or any governmental entity. Therefore, you must rely solely on the assets of the issuer for repayment of your notes. If these assets are insufficient, you may suffer losses on your notes.<br>The residual values are future projections that are based on projections by J.D. Power-ALG, as described herein. There is no guarantee that the assumptions regarding future events that are used to determine residual values will prove to be correct.<br>If the residual values of the leased vehicles are substantially higher than the sales proceeds actually realized upon the sale of the leased vehicles, you may suffer losses if the available credit enhancement is exceeded. |
| **Prepayments, including lease prepayments, may adversely affect the average lives of, and rates of return on, the notes** | You may not be able to reinvest the principal repaid to you at a rate of return that is equal to or greater than the rate of return on your notes. Faster than expected prepayments on the leases may cause the issuer to make payments on its notes earlier than expected. A variety of economic, social and other factors will influence both the rate of optional prepayments on the leases and the level of defaults. We cannot predict the effect of prepayments on the average lives of your notes.<br>All leases, by their terms, may be prepaid at any time. Prepayments include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepayments in whole or in part by the lessee;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; prepayments in whole or in part resulting from damages to a leased vehicle and the related insurance proceeds received;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidations due to default;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; partial payments with proceeds from amounts received as a result of rebates, insurance premiums and physical damage, theft, credit life and disability insurance policies;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; payments due to a required repurchase from the reference pool of leases and the related leased vehicles by the servicer for specified breaches of certain servicing obligations or representations, warranties and covenants, to the extent such breach materially and adversely affects the interest of the issuer and such breach is not timely cured; and |

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|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; an optional repurchase of the issuer's assets by the servicer, as described under "*Description of the Transaction Documents—Optional Purchase*."<br>[The yield on the Class [__] Notes, which are principal-only notes and do not bear interest, will be particularly sensitive to the rate of payments on leases and, in particular, if payments on the leases are received at a rate slower than you anticipate, then your yield will be lower than you anticipate.]<br>You will bear any reinvestment risks resulting from prepayments and the corresponding acceleration of payments on the notes.<br>As a result of prepayments, the final payment of each class of notes is expected to occur prior to its final scheduled payment date. If sufficient funds are not available to pay any class of notes in full on its final scheduled payment date, an event of default will occur and final payment of that class of notes will occur later than scheduled. |
| **Amounts on deposit in the reserve fund will be limited and subject to depletion** | The amount on deposit in the reserve fund will be used to fund certain payments of monthly interest and certain distributions of principal to noteholders on each payment date if payments received on or in respect of the leases and leased vehicles allocated to the reference pool, including amounts recovered in connection with the repossession and sale of leased vehicles that secure defaulted leases, are not sufficient to make such payments. There can be no assurances, however, that the amount on deposit in the reserve fund will be sufficient on any payment date to assure payment of your notes. If the leases experience higher losses than were projected in determining the amount required to be on deposit in the reserve fund on the closing date, the actual amount on deposit in the reserve fund on a payment date may be less than projected. If, on any payment date, available collections and amounts in the reserve fund are not sufficient to pay in full the monthly interest and distributions of principal due on the notes, you may experience payment delays with respect to your notes. If on subsequent payment dates the amount of that insufficiency is not offset by excess collections on or in respect of the leases and leased vehicles allocated to the reference pool and amounts recovered in connection with the repossession and sale of leased vehicles that secure defaulted leases, you will experience losses with respect to your notes. |
| **Overcollateralization may not [increase or] be maintained as expected** | The initial overcollateralization amount [will be approximately equal to] [will be less than] the target overcollateralization amount. Excess spread may be used to [increase overcollateralization to, and] maintain overcollateralization at the target overcollateralization amount by paying principal of the notes in an amount greater than the decrease in the aggregate securitization value of the reference pool from the amortization of the leases and related leased vehicles. Such amounts will be applied, to the extent available, to [increase overcollateralization to, and to] the extent necessary to maintain overcollateralization at, the target amount. It is not certain, however, that the target overcollateralization amount will be [reached or] maintained, or that the leases will generate sufficient collections to pay your notes in full. |

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|  | For more information about overcollateralization as a form of credit enhancement for your notes, see *"Description of the Notes — Credit Enhancement — Overcollateralization."* |
| **Failure to pay principal on your notes will not constitute an event of default until**<br> **maturity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | The amount of principal required to be paid to noteholders on any payment date will be limited to amounts available for that purpose in the exchange note collection account and amounts in the reserve fund. Therefore, the failure to pay principal on a class of notes generally will not result in the occurrence of an event of default until the final scheduled payment date for that class of notes. |
| **Proceeds of the liquidation of the assets of the issuer may not be sufficient to pay your notes in full** | If so directed by the holders of the requisite percentage of the notes in writing, following an acceleration of the notes upon an event of default, the indenture trustee will liquidate the assets of the issuer only in limited circumstances. The noteholders will suffer losses if the indenture trustee sells the assets of the issuer for less than the total amount due on its notes. We cannot assure you that sufficient funds would be available to repay those noteholders in full. |
| **Payment priorities and changes in the order of the payment priorities following an indenture event of default increase risk of loss or delay in payment to certain classes of notes** | Classes of notes that receive principal payments before other classes will be repaid more rapidly than the other classes. In addition, because the principal of each class of notes generally will be paid sequentially, classes of notes that have higher numerical class designations generally are expected to be outstanding longer and therefore will be exposed to the risk of losses on the leases during periods after other classes of notes have been receiving most or all amounts payable on their notes, and after which a disproportionate amount of credit enhancement may have been applied and not replenished.<br>If an event of default under the indenture has occurred and the notes have been accelerated, note principal payments and amounts that would otherwise be payable to the holders of the certificates will be paid first to the class A-1 notes until they have been paid in full, then pro rata to the other classes of notes based upon the principal amount of each such class. As a result, in relation to the class A-1 notes, the yields of the class A-2 notes, the class A-3 notes and the class A-4 notes will be relatively more sensitive to losses on the leases and the related leased vehicles and the timing of such losses. [The class B notes will bear greater risk than the class A notes because no interest will be paid on the class B notes until all interest on the class A notes are paid in full, and no principal will be paid on the class B notes until the principal amount of the class A notes is paid in full.] If available credit enhancement is insufficient to cover the resulting shortfalls, the yield to maturity on your notes may be lower than anticipated and you could suffer a loss. |

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|  | In addition, the notes are subject to risk because payments of principal and interest on the notes on each payment date are subordinated to the servicing fee and the related servicer advance reimbursement amount due to the servicer and certain capped fees, expenses and indemnities due to the owner trustee, the indenture trustee, the collateral agent, the asset representations reviewer and the administrative agent (or, after the occurrence of an event of default and the acceleration of the notes, uncapped fees, expenses and indemnities due to the owner trustee, the indenture trustee, the collateral agent, the asset representations reviewer and the administrative agent). This subordination could result in reduced or delayed payments of principal and interest on the notes.<br>For more information on interest and principal payments, *see "Description of the Notes—Payments of Interest" and "—Payments of Principal"*. |
| **Withdrawal or downgrade of the initial ratings of the [offered] notes, or the issuance of unsolicited ratings, will affect the resale prices for the [offered] notes, and the payment of rating agency fees by the sponsor or the issuer may present a conflict of interest** | The sponsor has hired two rating agencies and will pay them a fee to assign ratings on the [offered] notes. A rating is not a recommendation to purchase, hold or sell notes, and it does not comment as to market price or suitability for a particular investor. The ratings of the [offered] notes address the assigning rating agency's assessment of the likelihood of the payment of principal and interest on the notes according to their terms. We cannot assure you that a rating will remain for any given period of time or that a rating agency will not lower, withdraw or qualify its rating if, in its judgment, circumstances in the future so warrant, or that one or more additional rating agencies, not hired by the sponsor or the depositor to rate the [offered] notes, may nonetheless provide a rating for the [offered] notes that will be lower than any rating assigned by a hired rating agency. In addition, in the event that a rating with respect to any [offered] notes is qualified, reduced or withdrawn, no person or entity will be obligated to provide any additional credit enhancement with respect to such notes. A reduction, withdrawal or qualification of a note's rating would adversely affect its value.<br>The sponsor will not hire any other nationally recognized statistical rating organization, or "NRSRO," to assign ratings on the notes and is not aware that any other NRSRO has assigned ratings on the notes. Under SEC rules, however, information provided to a hired rating agency for the purpose of assigning or monitoring the ratings on the notes is required to be made available to each qualified NRSRO in order to make it possible for such non-hired NRSROs to assign unsolicited ratings on the notes. |

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|  | An unsolicited rating could be assigned at any time, including prior to the closing date, and none of the depositor, the sponsor, the underwriters or any of their respective affiliates will have any obligation to inform you of any unsolicited ratings assigned on or after the date of this prospectus. NRSROs, including the hired rating agencies, have different methodologies, criteria, models and requirements. If any non-hired NRSRO assigns an unsolicited rating on the notes, there can be no assurance that such rating will not be lower than the ratings provided by the hired rating agencies, which could adversely affect the market value of your notes and/or limit your ability to resell your notes. In addition, if the sponsor fails to make available to the non-hired NRSROs any information provided to any hired rating agency for the purpose of assigning or monitoring the ratings on the notes, a hired rating agency could withdraw its ratings on the notes, which could adversely affect the market value of your notes and/or limit your ability to resell your notes.<br>None of the sponsor, the depositor, the owner trustee, the indenture trustee, the collateral agent or any of their respective affiliates will be required to monitor any changes to the ratings on the [offered] notes. Potential investors in the notes are urged to make their own evaluation of the creditworthiness of the leases and leased vehicles allocated to the reference pool and the credit enhancement on the [offered] notes, and not to rely solely on the ratings on the [offered] notes.<br>Additionally, we note that it may be perceived that a rating agency has a conflict of interest where, as is the industry standard and the case with the ratings of the notes, the sponsor or the issuer pays the fee charged by the rating agency for its rating services. |
| **Retention of notes could adversely affect the market value of your notes and/or limit your ability to resell your notes** | The depositor or its affiliates [will retain the class [__] notes and the certificates and] may retain some or all of one or more of the [offered] classes of notes. As a result, the market for a partially retained class of notes may be less liquid than would otherwise be the case and, if retained notes are later sold in the secondary market, it could reduce demand for notes of that class already in the market, which could adversely affect the market value of your notes and/or limit your ability to resell your notes. |
| **Risks Relating to the Issuance of a Floating Rate Class of Notes and the Uncertainty of [SOFR]** | **Risks Relating to the Issuance of a Floating Rate Class of Notes and the Uncertainty of [SOFR]** |
| **The issuer may issue floating rate notes but will not enter into any interest rate swaps and you may suffer losses if interest rates rise** | The leases allocated to the issuer will provide for level monthly payments and the exchange note will bear interest at a fixed rate while the class A-2B notes will, if issued, bear interest at a floating rate based on the SOFR Rate (or the then-current Benchmark) plus the applicable spread. Even if the issuer issues floating rate notes, it will not enter into any interest rate swaps or other derivative transactions, which could mitigate this interest rate risk.<br>If the floating rate payable by the issuer on the class A-2B notes increases due to an increase in the SOFR Rate to the point where the amount of interest and principal due on the notes, together with other fees and expenses payable by the issuer, exceeds the amount of collections and other funds available to the issuer to make such payments, the issuer may not have sufficient funds to make payments on the notes. If the issuer does not have sufficient funds to make required payments on the notes, you may experience delays or reductions in the interest and principal payments on your notes which may result in a loss on your investment. An Event of Default will occur if the full amount of interest due on the notes is not paid within five days of the related payment date.<br>|

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|  | If the SOFR Rate (or the then-current Benchmark) rises or other conditions change materially after the issuance of the notes, you may experience delays or reductions in interest and principal payments on your notes. The issuer will make payments on any floating rate notes out of its generally available funds. Therefore, an increase in the SOFR Rate (or the then-current Benchmark) would reduce the amounts available for distribution to holders of all notes, not just the holders of the floating rate notes. |
| **The allocation of the principal amount of the class A-2 notes is unknown** | The allocation of the principal amount of the class A-2 notes between fixed-rate class A-2A notes and any floating rate class A-2B notes that may be issued may not be determined until the day of pricing. A higher allocation to the floating rate notes will correspondingly increase the exposure of the issuer to increases in the interest rate payable on the floating rate notes. In addition, a reduction in liquidity in the secondary market for the class A-2A or class A-2B notes may result if either class has a smaller principal amount compared to the other. |
| **A decrease in SOFR rates would reduce the rate of interest on the floating rate notes** | The interest rate of the class A-2B notes is based on a spread over the secured overnight financing rate ("SOFR") as published by the Federal Reserve Bank of New York ("FRBNY"). Changes in the SOFR Rate (or the then-current Benchmark) will affect the rate at which the class A-2B notes accrue interest and the amount of interest payments on the class A-2B notes. If the SOFR Rate (or the then-current Benchmark) decreases for an accrual period compared to the prior period, the rate at which the class A-2B notes accrue interest for such accrual period will be reduced by the amount by which the SOFR Rate (or the then-current Benchmark) decreases, provided that the interest rate on the class A-2B notes for any interest accrual period will not be less than 0.00%. A negative SOFR Rate (or the then-current Benchmark) rate could result in the interest rate applied to the class A-2B notes decreasing to 0.00% for the related accrual period. |
| **[SOFR is a relatively new reference rate and its composition and characteristics are not the same as LIBOR** | SOFR is a relatively new benchmark rate that is still under development and may ultimately not be widely used as a benchmark rate or could eventually be eliminated. Further, the way that SOFR, including any market accepted adjustments to SOFR, are determined may change over time.<br>SOFR is intended to be a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities. SOFR is calculated as a volume-weighted median of transaction-level tri-party repo data collected from The Bank of New York Mellon as well as General Collateral Finance Repo transaction data and data on bilateral Treasury repo transactions cleared through The Fixed Income Clearing Corporation's delivery-versus-payment service. The FRBNY states on its publication page for SOFR that the use of SOFR is subject to important limitations and disclaimers, including that the FRBNY may alter the methods of calculation, publication schedule, rate revision practices or availability of SOFR at any time without notice. |

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SOFR is published by the FRBNY based on data received from sources outside of the sponsor and the issuer's control or direction and neither the sponsor nor the issuer has control over its determination, calculation or publication. The activities of the FRBNY may directly affect prevailing SOFR rates in ways the issuer is unable to predict. There can be no guarantee that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the investors in the class A-2B notes. If the manner in which SOFR is calculated is changed or if SOFR is discontinued, that change or discontinuance may result in a reduction of the amount of interest payable on and the trading prices of the class A-2B notes.<br>The FRBNY began to publish SOFR in April 2018. The FRBNY has also been publishing historical indicative secured overnight financing rates going back to 2014. Investors should not rely on any historical changes or trends in SOFR as an indicator of future changes or trends in SOFR. As an overnight lending rate, SOFR may be subject to higher levels of volatility relative to other interest rate benchmarks. Due to the emerging and developing adoption of SOFR as an interest rate index, investors who desire to obtain financing for their class A-2B notes may have difficulty obtaining any credit or credit with satisfactory interest rates, which may result in lower leveraged yields and lower secondary market prices upon the sale of the class A-2B notes.<br>The use of SOFR may present additional risks that could adversely affect the value of and return on the class A-2B notes. In contrast to other indices, SOFR may be subject to direct influence by activities of the FRBNY, which activities may directly affect prevailing SOFR rates in ways the issuer is unable to predict.<br>The composition and characteristics of SOFR are not the same as those of the former London interbank offered rate ("LIBOR") or other floating interest benchmark rates. SOFR is different from the former LIBOR, as SOFR is a secured, overnight rate, while LIBOR was an unsecured forward-looking rate representing interbank funding over different maturities (e.g., three months). Additionally, since the initial publication of SOFR, daily changes in SOFR have, on occasion, been more volatile than daily changes in other benchmark or market rates. Although changes in compounded SOFR generally are not expected to be as volatile as changes in daily levels of SOFR, the return on and value of the class A-2B notes may fluctuate more than floating rate debt securities that are linked to less volatile rates. As a result, there can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, market volatility or global or regional economic, financial, political, regulatory, judicial or other events.]<br>

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| **[Any failure of SOFR to gain market acceptance could adversely affect the floating rate notes** | According to the Alternative Reference Rates Committee, SOFR was developed for use in certain U.S. dollar derivatives and other financial contracts as an alternative to LIBOR in part because it is considered a representation of general funding conditions in the overnight U.S. Treasury repurchase agreement market. However, as a rate based on transactions secured by U.S. Treasury securities, it does not measure bank-specific credit risk and, as a result, is less likely to correlate with the unsecured short-term funding costs of banks. This may mean that market participants would not consider SOFR a suitable replacement or successor for all of the purposes for which LIBOR historically was used (including, without limitation, as a representation of the unsecured short-term funding costs of banks), which may, in turn, lessen market acceptance of SOFR. Any failure of SOFR to gain wide market acceptance could adversely affect the return on and value of the class A-2B notes and the price at which investors can sell the class A-2B notes in the secondary market.<br>Particularly since SOFR is a relatively new market index, market terms for the class A-2B notes, such as the spread over the rate reflected in interest rate provisions, may evolve over time, and trading prices of the class A-2B notes may be lower than those of later-issued notes with interest rates based on SOFR as a result. Relatively limited market precedent exists for securities that use SOFR as the interest rate and the method for calculating an interest rate based upon SOFR in those precedents varies. Similarly, if SOFR does not become widely adopted for securities like the class A-2B notes or the specific formula for the compounded SOFR rate used in the class A-2B notes may not be widely adopted by other market participants, the trading prices of the class A-2B notes may be lower than those of securities like the class A-2B notes linked to indices that are more widely used. Investors in the class A-2B notes may not be able to sell their notes at all or may not be able to sell them at prices that will provide them with yields comparable to those of similar investments that have a developed secondary market, and may consequently experience increased pricing volatility and market risk.] |
| **[Changes to or elimination of SOFR or the determinations made by the administrator may adversely affect the floating rate notes** | The FRBNY began to publish, in March 2020, compounded averages of SOFR, which are used to determine compounded SOFR. The interest rate on the class A-2B notes will initially be based on the SOFR Rate plus the applicable spread. The SOFR Rate will be based on Compounded SOFR.<br>Under certain circumstances, as described under *"Description of the Notes — Payments of Interest."* if the administrator (on behalf of the issuer) has determined prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate of the class A-2B notes may cease to be based upon SOFR and instead be based upon the Benchmark Replacement. |

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|  | Further, the administrator (on behalf of the issuer) may, from time to time, in its sole discretion, make Benchmark Conforming Changes (i.e., technical, administrative or operational changes) without the consent of noteholders or any other person, which could change the methodology used to determine the SOFR Rate. The issuer can provide no assurance that the methodology to calculate compounded SOFR will not be adjusted as described in the prior sentence and, if so adjusted, that the resulting interest rate will yield the same or similar economic results over the life of the class A-2B notes relative to the results that would have occurred had the interest rates been based on compounded SOFR without such adjustment or that the market value will not decrease due to any such adjustment in methodology. Noteholders will not have any right to approve or disapprove of these changes and will be deemed to have agreed to waive and release any and all claims relating to any such determinations.<br>It is possible that there will be limited interest in securities products based on compounded SOFR, or in the implementations of compounded SOFR with respect to the class A-2B notes. As a result, you should consider whether any future reliance on compounded SOFR may adversely affect the market values and yields of the class A-2B notes due to potentially limited liquidity and resulting constraints on available hedging and financing alternatives.<br>Additionally, the issuer and the administrator cannot anticipate how long it will take to develop the systems and processes necessary to adopt a specific Benchmark Replacement, which may delay and contribute to uncertainty and volatility surrounding any benchmark transition.<br>It is intended that the replacement of the then-current Benchmark will not be a taxable event for holders of the class A-2B notes. However, we cannot provide any assurances that the IRS will not take a contrary view. There is no targeted IRS tax guidance regarding a possible change in the Benchmark as contemplated herein (as there is for transitions from LIBOR to non-LIBOR rates) and hence there is significant uncertainty regarding the U.S. federal income tax consequences of such a change. If the IRS treats a change in the then-current Benchmark of the class A-2B notes as a taxable event, holders of the class A-2B notes may be required to recognize taxable gain or loss at that time. Holders of the class A-2B notes should consult with their own tax advisors regarding the potential consequences of the setting of an alternative Benchmark.] |
| [Other risk factors to be inserted if appropriate based on benchmark characteristics] | [Other risk factors to be inserted if appropriate based on benchmark characteristics] |
| **Risks Relating to the Leases and Leased Vehicles** | **Risks Relating to the Leases and Leased Vehicles** |
| **The residual value of leased vehicles may be adversely affected by discount pricing incentives, marketing incentive programs and other factors** | Historical residual value loss experience on leased vehicles is partially attributable to new vehicle pricing policies of all manufacturers. Discount pricing incentives or other marketing incentive programs on new vehicles introduced by MBFS USA, its affiliates or its competitors that effectively reduce the prices of new vehicles may have the effect of reducing demand by consumers for pre-owned vehicles. The reduced demand for pre-owned vehicles resulting from discount pricing incentives or other marketing incentive programs may reduce the prices consumers will be willing to pay for pre-owned vehicles, including leased vehicles included in the reference pool at the end of the related leases and thus reduce the residual value of such leased vehicles. |

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 In addition, the pricing of pre-owned vehicles is affected by supply and demand for such vehicles, which in turn is affected by consumer tastes, general economic factors and conditions, fuel costs, the introduction and pricing of new vehicle models, legislation relating to emissions and fuel efficiency, possible vehicle recalls and other factors that are beyond the control of the issuer, the depositor or the servicer. Consumer preferences relating to pre-owned vehicles can change rapidly and can be influenced by a variety of economic and social factors, such as the current or anticipated future costs of gasoline. Perceptions of the increased severity of the effects of climate change, particularly when combined with predictions that those effects may continue to grow and intensify in both the short and long term, could influence consumer efforts to mitigate or reduce climate change-related events by purchasing or leasing vehicles that are viewed as more fuel efficient (including vehicles powered primarily or solely through electricity). Significant increases in the inventory of pre-owned automobiles during periods of economic slowdown or recession may also depress the prices at which off-lease automobiles may be sold or delay the timing of these sales. Additionally, if a lessee fails to maintain appropriate insurance with respect to a leased vehicle, insurance coverage with respect to a damaged leased vehicle may be unavailable or be exhausted and no third-party reimbursement for the damage may be obtained. Although each lease contract and applicable state law require that appropriate insurance with respect to leased vehicles be maintained by the lessees, MBFS USA is not obligated to, and does not, monitor whether the lessees are in fact maintaining such insurance. As a result of any of these factors, the proceeds received by the titling trust upon disposition of leased vehicles may be reduced. If the resulting residual value losses exceed the credit enhancement available for the notes, you may suffer a loss on your investment.

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 If any such states experience adverse economic changes, such as an increase in the unemployment rate, lessees in those states may be unable to make timely payments on their leases which may affect the rate of prepayment and defaults on such leases and the ability to sell or dispose of the related leased vehicles for an amount at least equal to their residual values and you may experience payment delays or losses on your notes. Extreme weather conditions, including wildfires, hurricanes [including Hurricane _____] and floods, or other natural disasters could cause substantial business disruptions, economic losses, unemployment and an economic downturn. The effects of climate change could exacerbate such conditions and cause such events to occur with greater frequency and severity. As a result, the related lessees' ability to make timely payments could be adversely affected. Particularly if any of these adverse events occurs in a state where there is a concentration of leased vehicles, the issuer's ability to make payments on the notes could be adversely affected. *For a discussion of the breakdown of the leases and leased vehicles by state, see "The Leases – Characteristics of the Leases."* 

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|  | The level of turn-ins at lease termination could be adversely affected by lessee views on vehicle quality, the relative attractiveness of new models available to the lessees, sales and lease incentives offered with respect to other vehicles (including those offered by MBFS USA), the level of purchase option prices for the related leased vehicles compared to new and pre-owned vehicle prices and economic conditions generally. The grant of extensions, including extensions in connection with severe hurricanes, public health emergencies or other natural disasters that may occur from time to time, and the early termination of leases allocated to the reference pool may affect the number of turn-ins in a particular month. If lessees purchase the related leased vehicles for less than their stated residual values or if lessees opt to not purchase the related leased vehicles and such vehicles are then re-sold in the used car market at prices below their related stated residual values, and such residual losses related to these turn-ins exceed the credit enhancement available, you may suffer a loss on your investment. |
| **Risks Relating to MBFS USA** |  |
| **Paying the servicer a fee based on a percentage of the securitization value of the leases may result in the inability to obtain a successor servicer** | Because the servicer will be paid its base servicing fee based on a percentage of the aggregate securitization value of the leases, the fee the servicer receives each month will be reduced as the size of the pool decreases over time. At some point, if the need arises to obtain a successor servicer, the fee that such successor servicer would earn might not be sufficient to induce a potential successor servicer to agree to assume the duties of the servicer with respect to the remaining leases and leased vehicles. If there is a delay in obtaining a successor servicer, it is possible that normal servicing activities could be disrupted during this period which could delay payments and reports to noteholders, adversely affect collections and ultimately lead to losses or delays in payments on your notes. |
| **Commingling by the servicer may result in delays and reductions in payments on your notes** | The servicer, if it satisfies certain requirements, will be permitted to hold with its own funds collections it receives from lessees on the leases and the repurchase payment for any leases and related leased vehicles required to be reallocated from the reference pool until the day prior to the date on which the distributions are made on the notes. During this time, the servicer may invest those amounts at its own risk and for its own benefit and need not segregate them from its own funds. If the servicer is unable to pay these amounts to the issuer on or before the related payment date, you might incur a delay in payment or a loss on your notes.<br>For more information about the servicer's obligations regarding payments on the leases, see "*Description of the Transaction Documents—Collections*." |
| **A servicer default may result in additional costs or a diminution in servicing performance, any of which may have an adverse effect on your notes** | If a servicer default occurs, the exchange noteholder (which shall be the indenture trustee acting on behalf of the holders of notes evidencing at least 66 2/3% of the aggregate principal amount of the notes [of the controlling class]) may direct the titling trustee to remove the servicer, without the consent of the owner trustee or the holders of any securities subordinate to the notes [of the controlling class], including certificateholders. In the event of the removal of the servicer and the appointment of a successor servicer, we cannot predict: |

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| ****<br>| •&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the cost of the transfer of servicing to the successor servicer; or<br>•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the ability of the successor servicer to perform the obligations and duties of the servicer under the servicing agreement.<br>Furthermore, the indenture trustee or the noteholders may experience difficulties in appointing a successor servicer and during any transition phase it is possible that normal servicing activities could be disrupted. |
| **Adverse events with respect to MBFS USA, its affiliates or third party servicers to whom MBFS USA outsources its activities may affect the timing of payments or have other adverse effects on your notes** | Adverse events with respect to MBFS USA, its affiliates or a third party servicer to whom MBFS USA outsources its activities may result in servicing disruptions or reduce the market value of your notes. MBFS USA currently outsources some of its activities as servicer to third party servicers with respect to delinquent leases. In the event of a termination and replacement of MBFS USA as the servicer, or if any of the third party servicers cannot perform its activities, there may be some disruption of the collection activity with respect to delinquent leases and therefore delinquencies and credit losses could increase. As servicer, MBFS USA will be required to repurchase certain leases that do not comply with representations and warranties made by MBFS USA (for example, representations relating to the compliance of the lease contracts with applicable laws). If MBFS USA becomes unable to repurchase any of those leases or make the related payment to the issuer, investors could suffer losses. In addition, adverse corporate developments with respect to servicers of asset-backed securities or their affiliates have in some cases also resulted in a reduction in the market value of the related asset-backed securities. For example, MBFS USA is an indirect wholly-owned subsidiary of Mercedes-Benz Group AG. Although Mercedes-Benz Group AG is not guaranteeing the obligations of the issuer, if Mercedes-Benz Group AG ceased to manufacture vehicles or support the sale of vehicles or if Mercedes-Benz Group AG faced financial or operational difficulties, those events may reduce the market value of Mercedes-Benz automobiles, and ultimately the amount realized on any Mercedes-Benz leased vehicle, including the leased vehicles allocated to the reference pool. |
| **[Legal Proceedings]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | [Risk factor relating to pending legal proceedings may be included in the prospectus for future transactions to the extent of material developments in legal proceedings relating to MBFS USA, the Depositor or Mercedes-Benz Group AG and its other affiliates.] |
| **Proceeds of the liquidation of the assets of the issuer may not be sufficient to pay your notes in full** | If so directed by the holders of the requisite percentage of the notes [of the controlling class], following an acceleration of the notes upon an event of default, the indenture trustee will liquidate the assets of the issuer only in limited circumstances. The noteholders will suffer losses if the indenture trustee sells the assets of the issuer for less than the total amount due on its notes. We cannot assure you that sufficient funds would be available to repay those noteholders in full. |

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| **Legal and Regulatory Risks** |  |
| **The bankruptcy of MBFS USA or the depositor could result in losses or delays in payments on your notes and could delay the appointment of a successor servicer** | Following a bankruptcy or insolvency of MBFS USA or the depositor, a court could conclude that the exchange note is owned by MBFS USA or the depositor, instead of the issuer. This conclusion could be reached either because the court concluded that the transfer of the exchange note from the depositor to the issuer was a pledge of the exchange note and not a "true sale" or because the court concluded that the depositor or the issuer should be consolidated with MBFS USA or the depositor for bankruptcy purposes. If this were to occur, you could experience delays in payments due to you, or you may not ultimately receive all amounts due to you as a result of:<br>•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the "automatic stay," which prevents a secured creditor from exercising remedies against a debtor in bankruptcy without permission from the court, and provisions of the United States bankruptcy code that permit substitution of collateral in limited circumstances;<br>•&nbsp;&nbsp;&nbsp;&nbsp; tax or government liens on MBFS USA's or the depositor's property (that arose prior to the transfer of the exchange note to the issuer) having a prior claim on collections before the collections are used to make payments on the notes; and<br>•&nbsp;&nbsp;&nbsp;&nbsp; the fact that neither the issuer nor the indenture trustee has a perfected security interest in the leased vehicles allocated to the reference pool and may not have a perfected security interest in any cash collections of the leases and leased vehicles allocated to the reference pool held by MBFS USA at the time that a bankruptcy proceeding begins.<br>The depositor will take steps in structuring the transaction described in this prospectus to minimize the risk that a court would consolidate the depositor with MBFS USA for bankruptcy purposes or conclude that the transfer of the exchange note was not a "true sale."<br>In addition, in the event of a servicer default by MBFS USA resulting solely from certain events of insolvency or the bankruptcy of MBFS USA, a court, conservator, receiver or liquidator may have the power to prevent either the indenture trustee or the holders of notes [of the controlling class] from appointing a successor servicer or prevent MBFS USA from appointing a sub-servicer, as the case may be, and delays in the collection of payments on the leases may occur. Any delay in the collection of payments on the leases may delay or reduce payments to noteholders. |

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| **Interests of other persons in the leases and the leased vehicles could be superior to the issuer's interest, which may result in delayed or reduced payment on your notes** | Because the exchange note will be secured by the leases and leased vehicles allocated to the reference pool, you will be dependent on payments made on these leases and proceeds received in connection with the sale or other disposition of the leased vehicles for payments on your notes.<br>The issuer will not have an ownership interest in the leases or an ownership interest or perfected security interest in the leased vehicles, which will be titled in the name of the titling trust or the titling trustee on behalf of the titling trust. It is therefore possible that a claim against or lien on the leased vehicles or the other assets of the titling trust could limit the amounts payable in respect of the exchange note to less than the amounts received from the lessees of the leased vehicles or received from the sale or other disposition of the leased vehicles.<br>Further, although unlikely, liens in favor of and/or enforceable by the Pension Benefit Guaranty Corporation could attach to the leases and leased vehicles owned by the titling trust.<br>To the extent a third-party makes a claim against, or files a lien on, the assets of the titling trust, including the leased vehicles allocated to the reference pool, it may delay the disposition of those leased vehicles or reduce the amount paid to the holder of the exchange note.<br>If any of the foregoing events occurs, you may experience delays in payment or losses on your investment in the notes. |
| **If ERISA liens are placed on the titling trust assets, you could suffer a loss on your investment**<br>****<br>| Liens in favor of and/or enforceable by the Pension Benefit Guaranty Corporation could attach to the leases and leased vehicles owned by the titling trust and could be used to satisfy unfunded ERISA obligations of any member of a controlled group that includes MBFS USA and its affiliates.<br>The collateral agent, however, in connection with the exchange note has a prior perfected security interest in the leases and leased vehicles (other than for leased vehicles in [reference lien exclusion States][certain States that collectively represent less than [__]% of the cutoff date aggregate securitization value]), and, to that extent, these liens would not have priority over the interest of the collateral agent in the assets securing the exchange note.<br>While MBFS USA believes that the likelihood of this liability being asserted against the assets of the titling trust or, if so asserted, being successfully pursued, is remote, you cannot be sure the leases and leased vehicles will not become subject to an ERISA liability. |

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| **Federal bankruptcy or state debtor relief laws may impede collection efforts or alter the timing and amount of collections, which may result in acceleration of or reduction in payment on your notes** | If a lessee sought protection under federal bankruptcy or state debtor relief laws, a court could reduce or discharge completely the lessee's obligations to repay amounts due on its lease. As a result, that lease would be written off as uncollectible. You could suffer a loss if no funds are available from credit enhancement or other sources and amounts allocated to the notes are insufficient to cover the applicable default amount. |
| **Leases that fail to comply with consumer protection laws may be unenforceable, which may result in losses on your investment** | Numerous federal and state consumer protection laws, including the federal Consumer Leasing Act of 1976 and Regulation M promulgated by the Consumer Financial Protection Bureau, impose requirements on retail lease contracts. California has enacted comprehensive vehicle leasing statutes that, among other things, regulate the disclosures to be made at the time a vehicle is leased. The failure by the titling trust to comply with these requirements may give rise to liabilities on the part of the titling trust (as lessor under the leases) or the issuer (as owner of the exchange note). Further, many states have adopted "lemon laws" that provide vehicle users certain rights in respect of substandard vehicles. A successful claim under a lemon law could result in, among other things, the termination of the related lease and/or the requirement that all or a portion of payment previously paid by the lessee be refunded. MBFS USA will make representations and warranties that each lease complies with all requirements of applicable law in all material respects. If any such representation and warranty proves incorrect, has a material and adverse effect on the interest of the issuer and is not timely cured, MBFS USA will be required to make a repurchase payment in respect of the related lease and leased vehicle and reallocate the related lease and related leased vehicle out of the reference pool. To the extent that MBFS USA fails to make such repurchase, or to the extent that a court holds the titling trust or the issuer liable for violating consumer protection laws regardless of such a repurchase, a failure to comply with consumer protection laws could result in required payments by the titling trust or the issuer. If sufficient funds are not available to make both payments to lessees and on your notes, you may suffer a loss on your investment in the notes. |
| **Vicarious tort liability may result in a loss&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | Some states allow a party that incurs an injury involving a leased vehicle to sue the owner of the vehicle merely because of that ownership. Most states, however, either prohibit these vicarious liability suits or limit the lessor's liability to the amount of liability insurance that the lessee was required to carry under applicable law but failed to maintain.<br>The Transportation Act, more fully described under *"Certain Legal Aspects of the Leases and Leased Vehicles—Vicarious Tort Liability,"* provides that, absent negligence or criminal wrongdoing on its part, an owner (or an affiliate of an owner) of a motor vehicle that rents or leases the vehicle to a person shall not be liable under the law of a state or political subdivision by reason of being the owner of the vehicle, for harm to persons or property that results or arises out of the use, operation, or possession of the vehicle during the period of the rental or lease. The Transportation Act is intended to preempt state and local laws that impose possible vicarious tort liability on entities owning motor vehicles that are rented or leased and it is expected that the Transportation Act should reduce the likelihood of vicarious liability being imposed on the titling trust. |

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|  | State and federal courts considering whether the Transportation Act preempts state laws permitting vicarious liability have generally concluded that such laws are preempted with respect to cases commenced on or after the effective date of the Transportation Act. While the outcome in these cases have thus far upheld federal preemption under the Transportation Act, there are no assurances that future cases will reach the same conclusion.<br>MBFS USA maintains primary and excess liability insurance policies on behalf of the titling trust and contingent liability insurance coverage against third party claims against the titling trust. If vicarious liability imposed on the titling trust exceeds this coverage, or if lawsuits are brought against either the titling trust or MBFS USA involving the negligent use or operation of a leased vehicle, you could experience delays in payments due to you or you may ultimately suffer a loss on your investment. |
| **The return on your notes may be reduced by application of the Servicemembers Civil Relief Act** | Under the Servicemembers Civil Relief Act, members of the military on active duty, including reservists, who have entered into an obligation, such as a lease contract for a lease of a vehicle, before entering into military service may be entitled to protections that state the lessor may not terminate the lease contract for breach of the terms of the contract, including non-payment. Furthermore, under the Servicemembers Civil Relief Act, a lessee may, under certain circumstances, terminate a lease of a vehicle at any time after the lessee's entry into military service or the date of the lessee's military orders. No early termination charges may be imposed on the lessee for such termination. No information can be provided as to the number of leases that may be affected by these laws.<br>The foregoing laws may impose limitations that would impair the ability of the servicer to repossess a vehicle under a defaulted lease during the related lessee's period of active duty and, in some cases, may require the servicer to extend the lease termination date of the related lease, lower the monthly payments and adjust the payment schedule for a period of time after the completion of the lessee's military service. It is not clear that the Servicemembers Civil Relief Act would apply to leases such as the leases allocated to the reference pool or how many leases would be affected by it. If a lessee's obligation to make lease payments is reduced, adjusted or extended, or if the lease is terminated early and no early termination charge is imposed, the servicer will not be required to advance those amounts.<br>Any resulting shortfalls in interest or principal will reduce the amount available for distribution on the notes. |
| **Federal financial regulatory reform could have an adverse effect on the sponsor, the depositor or the issuer** | The Dodd–Frank Wall Street Reform and Consumer Protection Act provides for enhanced regulation of financial institutions and non-bank financial companies, derivatives and asset-backed securities offerings and enhanced oversight of credit rating agencies. |

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The Dodd-Frank Act also created the Consumer Financial Protection Bureau, an agency responsible for administering and enforcing the laws and regulations for consumer financial products and services. MBFS USA is subject to the supervisory and examination authority of the CFPB to assess compliance with federal consumer financial laws.<br>Compliance with the implementing regulations under the Dodd-Frank Act or the oversight of the SEC, the CFPB or other governmental entities may impose costs on, create operational constraints for, or place limits on pricing with respect to finance companies such as MBFS USA or its affiliates. No assurance can be given that the new standards will not have an adverse impact on the marketability of asset-backed securities such as the notes, the servicing of the leases and leased vehicles allocated to the reference pool, MBFS USA's securitization program or the regulation or supervision of MBFS USA.<br>[In an ongoing federal court case, the CFPB has successfully asserted the power to investigate and bring enforcement actions directly against securitization vehicles. On December 13, 2021, in an action brought by the CFPB, the U.S. District Court for the District of Delaware denied a motion to dismiss filed by a securitization trust by holding that the trust is a "covered person" under the Dodd-Frank Act because it engages in the servicing of loans, even if through servicers and subservicers. CFPB v. Nat'l Collegiate Master Student Loan Trust, No. 1:17-cv-1323-SB (D. Del.). On February 11, 2022, the district court granted the defendant trusts' motion to certify that order for an immediate appeal and stayed the case pending resolution of any appeal. On April 29, 2022, the Third Circuit Court of Appeals granted the defendants trusts' petition for permission to appeal. On November 14, 2022, the attorneys general of 22 states and the District of Columbia filed an amicus brief supporting the CFPB's position. On March 19, 2024, the Court of Appeals for the Third Circuit affirmed the district court's decision, and the case will now proceed in the district court. The CFPB and state attorneys general may rely on this decision as precedent in investigating and bringing enforcement actions against other securitization vehicles, including the issuer, in the future.]<br>The Dodd-Frank Act also creates a liquidation framework under which the FDIC may be appointed as receiver following a "systemic risk determination" by the Secretary of Treasury (in consultation with the President) for the resolution of certain nonbank financial companies and other entities, defined as "covered financial companies," and commonly referred to as "systemically important entities," in the event such a company is in default or in danger of default and the resolution of such a company under other applicable law would have serious adverse effects on financial stability in the United States, and also for the resolution of certain of their subsidiaries. With respect to the new liquidation framework for systemically important entities, no assurances can be given that such framework would not apply to the sponsor or its subsidiaries, including the issuer and the depositor, although the expectation embedded in the Dodd-Frank Act is that the framework will be invoked only very rarely. Guidance from the FDIC indicates that such new framework will in certain cases be exercised in a manner consistent with the existing bankruptcy laws, which is the insolvency regime which would otherwise apply to the sponsor, the depositor and the issuer. The provisions of the new framework, however, provide the FDIC with certain powers not possessed by a trustee in bankruptcy under existing bankruptcy laws. Under some applications of these and other provisions of the new framework, payments on the notes could be reduced, delayed or otherwise negatively affected.<br>

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|  | Further, changes to the regulatory framework in which MBFS USA operates, including, for example, laws or regulations enacted to address the potential impacts of climate change (including laws which may adversely impact the auto industry in particular as a result of efforts to mitigate the factors contributing to climate change) could have a significant impact on the servicer or the issuer and could adversely affect the timing and amount of payments on your notes. |
| **General Risks** |  |
| **Adverse economic conditions could adversely affect the performance of the reference pool assets, which could result in losses on your notes** | An economic downturn may adversely affect the performance of the leases and leased vehicles. High unemployment, declines in consumer confidence, price inflation and expectations of future inflation, rising interest rates, disruptive trade policies and a general reduction in the availability of credit may lead to increased delinquencies and default rates by lessees, as well as decreased consumer demand for pre-owned vehicles and reduced pre-owned vehicle prices, which could adversely affect residual values and increase the amount of losses on leases and leased vehicles. No prediction can be given as to the degree of increases in the rates of delinquencies, defaults on the leases or losses on the leases resulting from deteriorating economic conditions, but if not covered by credit enhancement, these increases could result in delays in payments and losses on the notes. |
| **Financial market disruptions and economic developments, including the possible imposition of new tariffs, may adversely affect the performance and market value of your notes** | For several years after the 2008 financial crisis, events in the global financial markets, including the failure, acquisition or government seizure of several major financial institutions, the establishment of government initiatives such as the government bailout programs for financial institutions and assistance programs designed to increase credit availability, support economic activity and facilitate renewed consumer lending, problems related to subprime mortgages and other financial assets, the devaluation of various assets in secondary markets, the forced sale of asset-backed and other securities as a result of the deleveraging of structured investment vehicles, hedge funds, financial institutions and other entities and the lowering of ratings on certain asset-backed securities, caused a significant reduction in liquidity in the secondary market for these asset-backed securities. The occurrence of similar or other events having widespread market impacts, including in connection with regional or worldwide epidemics or pandemics, inflation, economic pressures arising from the Russian invasion of Ukraine and armed conflicts in the Middle East, climate-related disruptions, acts of terrorism or the seizure, failure or receivership of one or more depository institutions, whether domestic or foreign, could adversely affect the market value of your notes and/or limit your ability to resell your notes. Furthermore, over the past several years, the global financial markets have experienced increased volatility due to uncertainty surrounding the level and sustainability of the sovereign debt of various countries. Concerns regarding sovereign debt may spread to other countries at any time. There can be no assurance that this uncertainty relating to the sovereign debt of various countries will not lead to further disruption of the financial and credit markets in the United States, which could adversely affect the market value of your notes. |

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[In addition, the imposition of new tariffs, quotas, duties, or other restrictions or limitations, including the tariffs announced by the U.S. government beginning in the first quarter of 2025 on imported vehicles and parts, could increase prices for vehicles and/or parts imported into the United States, limit the availability of such vehicles and/or parts, and adversely impact affordability and demand for such vehicles and/or parts, which in turn could adversely affect performance of the reference pool assets. The ultimate impact of any tariffs is uncertain and will depend on various factors, including whether the tariffs are maintained and/or implemented, the duration of the tariffs and the timing of their implementation, the amount, scope, and nature of the tariffs, and the related responses from other countries, manufacturers, and/or consumers.]<br>

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#### Overview of the Transaction

Please refer to *"Summary of Transaction"* for a diagram providing an overview of the transaction described in this prospectus.

Dealers have assigned, and will assign, leases and the related vehicles to the Titling Trust. The Titling Trust was created to facilitate the titling of motor vehicles in connection with the securitization of motor vehicle leases. The Titling Trust has issued to the Initial Beneficiary the Specified Interest. The Titling Trust Administrator will deliver a notice from the Initial Beneficiary to the Titling Trustee to the effect that:

<br> • the Exchange Note will be issued by the Titling Trust; and

<br> • the Leases and the related Leased Vehicles will be allocated from the revolving facility pool to the Reference Pool.

The Exchange Note will represent debt secured by the Leases and Leased Vehicles included in the Reference Pool. Upon creation of the Exchange Note, the Reference Pool Assets will no longer be a part of the assets of the Titling Trust represented by the revolving facility pool, and the interest in the Titling Trust Assets represented by the revolving facility pool will be reduced accordingly. The Exchange Note will evidence an indirect interest, rather than a direct legal interest, in the Reference Pool Assets. Payments made on or in respect of any Titling Trust Assets other than the Reference Pool Assets will not be available to make payments on the Notes or the Certificates. The Initial Beneficiary has previously executed, and will continue from time to time to execute, notices to the Titling Trust Administrator to permit the creation of additional exchange notes other than the Exchange Note. The Issuer (and, accordingly, its Noteholders) will have no interest in the Specified Interest, any Other Exchange Note or any other assets of the Titling Trust Assets. See *"The Exchange Note*" and "*The Titling Trust*."

The Titling Trust will issue to MBFS USA the Exchange Note. MBFS USA, as Sponsor, will sell, transfer and assign its interest in the Exchange Note to the Depositor. The Depositor will in turn transfer and assign its interest in the Exchange Note to the Issuer. The Issuer will issue [●] classes of Notes in an amount equal to the Initial Note Balance. The Issuer will also issue one class of Certificates. The Issuer will pledge the Exchange Note to the Indenture Trustee as security for the Notes. Each Note will represent an obligation of, and each Certificate will represent a fractional undivided interest in, the Issuer. Payments in respect of the Certificates will be subordinated to payments in respect of the Notes to the extent described herein. The Notes [(other than the [retained] Class [__] Notes)] are being offered hereby. The Certificates are not being offered to you in this offering.

The Sponsor will also act as the Servicer of the Leases and the related Leased Vehicles. The Servicer will service the Leases and related Leased Vehicles pursuant to the Servicing Agreement and will be compensated for those services as described under *"Description of the Transaction Documents—Servicing Compensation."*

#### Use of Proceeds

MBFS USA will sell the Exchange Note and certain related property to the Depositor. The Depositor in turn will transfer the Exchange Note and related property to the Issuer in exchange for the Notes and the Certificates. The Depositor will use the net proceeds from the sale of the [offered] Notes to the underwriters (1) as partial consideration for the purchase of the Exchange Note from MBFS USA, (2) to deposit an amount equal to the Reserve Fund Deposit into the Reserve Fund and (3) to pay expenses incurred in connection with the issuance and sale of the [offered] Notes.

No expenses incurred in connection with the selection of the Leases and Leased Vehicles or the allocation of the Leases and Leased Vehicles to the Reference Pool will be payable from the offering proceeds.

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#### The Issuer

#### Limited Purpose and Limited Assets

The Depositor and the Owner Trustee formed the Issuer, a Delaware statutory trust, on [●]. The Issuer has been formed under Delaware law solely for the purposes of the transactions described herein. The Issuer will be governed by the Trust Agreement.

The Issuer will not engage in any activity other than:

<br> • acquiring, holding and managing the Exchange Note sold to the Issuer on the Closing Date, the other assets of the Issuer, and the proceeds of the Exchange Note and the other assets;

<br> • issuing and executing the Notes and Certificates;

<br> • using (or permitting the Depositor to use) the proceeds of the sale of the Notes to (i) fund the Reserve Fund, (ii) pay the organizational, start-up and transactional expenses of the Issuer and (iii) pay the balance to the Depositor;

<br> • assigning and pledging the property of the Issuer to the Indenture Trustee;

<br> • paying interest on and principal of the Notes to the Noteholders and any excess collections to the Certificateholders;

<br> • entering into and performing its obligations under the Transaction Documents to which it is a party; and

<br> • engaging in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith.

The Issuer will issue the Notes under the Indenture. The Certificates will be issued under the Trust Agreement. Except for the Securities and additional notes or certificates issued by the Issuer in exchange for the Certificates, as described under *"Description of the Transaction Documents—Residual Interest; Issuance of Additional Securities,"* the Issuer is also prohibited from borrowing money or making loans to any other person.

If the various protections provided to the Noteholders by overcollateralization, the Reserve Fund and excess spread are insufficient, the Issuer will have to rely solely upon payments by lessees under the Leases and the proceeds from the repossession and sale or other disposition of the Leased Vehicles allocated to the Reference Pool to make payments on the Notes.

The Issuer's principal offices are in care of [______________], as Owner Trustee, at [________________________] Attention: [______________]. The Issuer's fiscal year ends on December 31.

Under the Administration Agreement, the Administrator will perform the administrative obligations of the Issuer under the Trust Agreement and the Indenture.

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#### Capitalization of the Issuer

The following table illustrates the expected capitalization of the Issuer as of the Closing Date: as if the issuance and sale of the Notes had taken place on that date [[if the Initial Note Balance is $[●]]]:

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| Class A-1 Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__ |
| Class A-2[A] Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__ |
| [Class A-2B Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__] |
| Class A-3 Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__ |
| Class A-4 Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__ |
| [Class B Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__] |
| Initial Overcollateralization | __________.__ |
| Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__ |

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[[The following table illustrates the expected capitalization of the Issuer as of the Closing Date: as if the issuance and sale of the Notes had taken place on that date if the Initial Note Balance is $[●]:

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| Class A-1 Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__ |
| Class A-2[A] Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__ |
| [Class A-2B Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__] |
| Class A-3 Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__ |
| Class A-4 Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__ |
| [Class B Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__] |
| Initial Overcollateralization&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | __________.__ |
| Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; __________.__ |

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The Issuer will not issue any debt other than the Notes or issue any securities other than the Notes and the Certificates, except that the Depositor or any affiliate of the Depositor, in either case, if it is the sole Certificateholder, may exchange all or a portion of the Certificates for additional notes or certificates issued by the Issuer upon certain conditions, as described under *"Description of the Transaction Documents—Residual Interest; Issuance of Additional Securities."*

#### Property of the Issuer

The property of the Issuer will consist of the Exchange Note secured by the Reference Pool of Leases and the related Leased Vehicles. See *"The Titling Trust."* The Titling Trust has issued to the Initial Beneficiary the Specified Interest Certificates representing the entire beneficial interest in the Specified Interest. Pursuant to the Titling Trust Agreement, the Initial Beneficiary has acknowledged that the Titling Trust may allocate the Leases and the related Leased Vehicles from the revolving facility pool to the Reference Pool related to the Exchange Note pursuant to the Collateral Agency Agreement and the Exchange Note Supplement. Under the Collateral Agency Agreement and the Titling Trust documents, on or before the Closing Date, the Titling Trustee:

<br> • will allocate the Leases and Leased Vehicles from the revolving facility pool to the Reference Pool; and

<br> • will issue the Exchange Note secured by the Reference Pool to the Lender.

Upon creation of the Exchange Note, the Reference Pool Assets will no longer be a part of the revolving facility pool.

Neither the Issuer as holder of the Exchange Note nor the Indenture Trustee as pledgee of the Exchange Note will have any interest in the Titling Trust Assets allocated to any Other Reference Pool with respect to Other Exchange Notes or to the revolving facility pool, including any payments made on or proceeds from those assets.

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MBFS USA will sell, transfer and assign its interest in the Exchange Note to the Depositor. On the Closing Date, the Depositor will transfer and assign the Exchange Note to the Issuer. To fund the purchase of the Exchange Note, the Issuer will issue the Notes and Certificates. The Issuer will pledge its interest in the Exchange Note to the Indenture Trustee as security for the Notes. Each Note will represent an obligation of, and each Certificate will represent a fractional undivided interest in, the Issuer. See *"The Exchange Note—Transfers of the Exchange Note."*

After giving effect to the transactions described above, the Trust Estate will include:

<br> • the rights of the Issuer in the Exchange Note issued by the Titling Trust, including the right to receive payments with respect to the Exchange Note;

• the rights of the Issuer to funds on deposit from time to time in certain trust accounts established pursuant to the Indenture, the Servicing Supplement or the Trust Agreement, as applicable, including all investment earnings thereon (net of losses and investment expenses);

• the rights of the Issuer under the Transaction Documents, including the rights of the Issuer, as assignee of the Depositor under the First-Tier Sale Agreement and the rights of the Issuer as a third-party beneficiary of the Servicing Agreement and the Exchange Note Supplement; and

<br> • all proceeds of the foregoing, which shall include Sales Proceeds.

Under the Indenture the Trust Estate will be pledged by the Issuer to the Indenture Trustee.

#### Restrictions on Merger and Consolidation

The Issuer may not consolidate with or merge into any other entity, unless:

<br> • the entity formed by or surviving the consolidation or merger is organized under the laws of the United States or any State;

<br> • the entity expressly assumes the Issuer's obligation to make due and punctual payments upon the Notes and the performance or observance of every agreement and covenant of the Issuer under the Indenture;

<br> • no event that is, or with notice or lapse of time or both would become, an Event of Default shall have occurred and be continuing immediately after the merger or consolidation;

• the Issuer has delivered prior written notice of such consolidation or merger to each Rating Agency and each Rating Agency, within a specified amount of time, either (1) confirms in writing that such consolidation or merger shall not cause the then-current rating of any class of Notes to be qualified, reduced or withdrawn, or (2) has not confirmed in writing that such consolidation or merger shall cause the then-current rating of any class of Notes to be qualified, reduced or withdrawn;

• the Issuer has received an opinion of counsel to the effect that (1) following such consolidation or merger, the Issuer (or the surviving entity or transferee) will not be classified as (a) an association or (b) a publicly traded partnership taxable as a corporation, each for United States federal income tax purposes, (2) such consolidation or merger will not cause the Notes to be characterized other than as indebtedness for United States federal income tax purposes and (3) such consolidation or merger will not cause the Notes to be deemed to have been exchanged pursuant to Treasury Regulations Section 1.1001-3 (or a successor provision);

<br> • the Issuer has delivered to the Servicer, the Depositor and the Indenture Trustee an opinion of counsel and an officer's certificate each stating that such consolidation or merger satisfies all requirements under the Indenture.

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#### Other Negative Covenants

The Issuer will not, among other things, except as expressly permitted by the Transaction Documents:

<br> • engage in any business or activities other than financing, purchasing, owning, acquiring, selling, pledging and managing the Exchange Note;

<br> • sell, transfer, exchange or otherwise dispose of any of its assets;

• claim any credit on or make any deduction from the principal and interest payable in respect of the Notes, other than amounts withheld under the Internal Revenue Code or applicable State law, or assert any claim against any present or former holder of the Notes because of the payment of taxes levied or assessed upon the Issuer or its property;

<br> • dissolve or liquidate in whole or in part;

<br> • permit the lien of the Indenture to be subordinated or otherwise impaired, except as may be expressly permitted by the Indenture;

<br> • permit the validity or effectiveness of the Indenture to be impaired or permit any person to be released from any covenants or obligations under the Indenture except as may be expressly permitted thereby;

<br> • permit the lien of the Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics' or other lien) security interest in the Trust Estate; or

<br> • incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Transaction Documents.

#### Annual Compliance Statement

The Issuer will be required to file an annual written statement with the Indenture Trustee certifying the fulfillment of its obligations under the Indenture.

#### The Depositor

Mercedes-Benz Trust Leasing LLC, a Delaware limited liability company will be the Depositor. The sole equity member of the Depositor is MBFS USA. The Depositor maintains its principal executive offices at 35555 W. Twelve Mile Road, Suite 100, Farmington Hills, Michigan 48331. Its telephone number is (248) 991-6700.

The Depositor was organized solely for the purpose of acquiring exchange notes, securities and other property, forming one or more securitization trusts, such as the Issuer, and transferring the related property and rights to those trusts and engaging in related transactions. The Depositor's limited liability company agreement limits the activities of the Depositor to the foregoing purposes and to any activities incidental to and necessary for these purposes. Other than the obligation to consent to amendments to the Trust Agreement or other consent rights given to the holder of the residual interest in the Issuer, the payment of organizational expenses of the Issuer, the maintenance and establishment of certain trust accounts, the maintenance of books and records, and the indemnification of the Owner Trustee, the Depositor will have no ongoing duties with respect to the Issuer.

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None of the Depositor, MBFS USA or any of their respective affiliates will insure or guarantee the Leases or the Notes.

The Depositor does not have, is not required to have, and is not expected in the future to have, any significant assets. The Depositor is not a party to any legal proceedings that could reasonably be expected to have a material adverse effect on the Issuer or the interests of any Noteholders.

The limited liability company agreement of the Depositor includes corporate separateness covenants and restrictions on its permitted corporate functions (including on its ability to borrow money or incur debts), all of which are designed to prevent the consolidation of the assets of the Depositor with those of either MBFS USA or any affiliate of MBFS USA in the event of a bankruptcy or insolvency proceeding of MBFS USA or such other affiliated entity. In addition, the Depositor itself may not file a voluntary petition for bankruptcy or insolvency protection in either federal or any State court without the consent of its board of managers, including at least two independent managers.

#### The Trustees

#### The Owner Trustee

*General*. [___________________], a [____________], will be the Owner Trustee under the Trust Agreement. [Add description of the general character of the owner trustee's business, its prior experience as an owner trustee for asset-backed securities transactions involving similar pool assets, material litigation and any other required disclosure.]

The Depositor, MBFS USA, the Servicer and their respective affiliates may maintain normal commercial banking relations with the Owner Trustee and its affiliates.

*Duties of the Owner Trustee.* The Owner Trustee's main duties will be:

<br> • creating the Issuer by filing a certificate of trust with the Delaware Secretary of State;

<br> • maintaining (or causing to be maintained) a certificate distribution account for the benefit of the Certificateholders; and

<br> • executing documents on behalf of the Issuer.

The Owner Trustee's liability in connection with the issuance and sale of the Securities is limited solely to its express obligations set forth in the Trust Agreement. The Owner Trustee will not be liable for any error in judgment made in good faith and will not be liable for any action taken at the direction of the Administrator or any Certificateholder. The Owner Trustee will not be required to expend or risk its own funds or incur any financial liability in respect of any of its actions as Owner Trustee if the Owner Trustee has reasonable grounds to believe that reimbursement to it of such funds or adequate indemnity against such risk or liability is not reasonably assured.

The Owner Trustee will make no representations as to the validity or sufficiency of the Trust Agreement, the Exchange Note, the Notes or Certificates (other than the authentication of the Certificates) or of any Leases or related documents and is not accountable for the use or application by the Depositor or the Servicer of any funds paid to the Depositor or the Servicer in respect of the Notes, the Certificates or the Exchange Note, or the investment of any monies by the Servicer before those monies are deposited into the Exchange Note Collection Account. The Owner Trustee will not independently verify the Leases. The Owner Trustee will be required to perform only those duties specifically required of it under the Trust Agreement. Those duties generally will be limited to the receipt of the various certificates, reports or other instruments required to be furnished to the Owner Trustee under the Trust Agreement, in which case it will only be required to examine them to determine whether they conform to the requirements of the Trust Agreement.

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The Owner Trustee will not be required to perform any of the obligations of the Issuer under the Trust Agreement or the other Transaction Documents that are required to be performed by:

<br> • the Servicer under the Servicing Agreement, the Exchange Note Supplement or the Asset Representations Review Agreement;

<br> • the Administrator under the Trust Agreement, the Administration Agreement, the Indenture or the Asset Representations Review Agreement;

<br> • the Depositor under the Second-Tier Sale Agreement or the Trust Agreement; or

<br> • the Indenture Trustee under the Indenture.

In addition, the Owner Trustee will be under no obligation to exercise any of the rights or powers vested in it by the Trust Agreement, make any investigation of matters arising under the Trust Agreement or to institute, conduct or defend any litigation under the Trust Agreement or in relation thereto or to any other Transaction Document at the request, order or direction of any of the Certificateholders, unless those Certificateholders have offered to the Owner Trustee security or indemnity reasonably satisfactory to the Owner Trustee against the costs, expenses and liabilities that may be incurred by the Owner Trustee in connection with the exercise of those rights.

The Owner Trustee will administer the Issuer in the interest of the Certificateholders, subject to the lien of the Indenture and the obligations of the Issuer with respect to the Notes, in accordance with the Trust Agreement and the other Transaction Documents.

*Compensation and Indemnification*. The Depositor and the Administrator will indemnify the Owner Trustee and its officers, directors, successors, assigns, agents and servants for all liabilities, losses, damages and expenses incurred by the Owner Trustee or arising out of the Owner Trustee's performance of its duties under the Trust Agreement unless caused by the willful misconduct, bad faith or negligence of the Owner Trustee or as a result of breaches of representations made by the Owner Trustee in the Trust Agreement. The Administrator will indemnify the Owner Trustee for all liabilities and damages arising out of the Owner Trustee's performance of its duties unless caused by willful misconduct, bad faith or negligence (other than errors in judgment) in the performance of its duties.

The Issuer will pay the fees of the Owner Trustee, reimburse the Owner Trustee for expenses incurred in performing its duties, and pay any indemnities due to the Owner Trustee, in each case to the extent such amounts have not been paid or reimbursed by the Depositor or the Administrator. The Issuer will pay these amounts to the Owner Trustee on each Payment Date up to any limit specified herein before the Issuer makes any payment to the Noteholders. Except as otherwise provided herein, following the occurrence of an Event of Default and the acceleration of the Notes, all Owner Trustee fees, expenses and indemnities will be paid without limit prior to payments to the Noteholders.

*Removal, Resignation and Termination*. The Owner Trustee may resign at any time by notifying the Administrator. The Administrator may remove the Owner Trustee at any time and for any reason or if the Owner Trustee becomes legally unable to act, becomes subject to a bankruptcy or is no longer eligible to act as Owner Trustee under the Trust Agreement because of changes in its legal status, financial condition or certain rating conditions. No resignation or removal of the Owner Trustee will be effective until a successor Owner Trustee is in place.

The Trust Agreement will terminate when:

<br> • the last Lease is paid in full, settled, sold or charged off and all collections are applied; or

• the Issuer has paid all the Notes in full and all other amounts payable by it under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;Upon termination of the Trust Agreement, any remaining Issuer assets will be distributed to the Certificateholders and the Issuer will be terminated.

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#### The Indenture Trustee

*General.* [●], a [national banking association], will act as Indenture Trustee, registrar and paying agent under the Indenture.

[Add description of the general character of the indenture trustee's business, its prior experience as an indenture trustee for asset-backed securities transactions involving similar pool assets, material litigation and any other required disclosure]

The Indenture Trustee shall make each monthly investor report available to the holders of the Notes via the Indenture Trustee's internet website at [●]. Holders of the Notes with questions may direct them to the Indenture Trustee's bondholder services group at [●].

The Depositor, MBFS USA and their respective affiliates may maintain normal commercial banking relations with the Indenture Trustee and its affiliates.

*Duties of the Indenture Trustee*. Except upon the occurrence and during the continuation of an Event of Default, the Indenture Trustee:

<br> • will perform those duties and only those duties that are specifically set forth in the Indenture and no implied covenants or obligations shall be read into the Indenture against the Indenture Trustee;

• may, in the absence of bad faith, rely conclusively on certificates or opinions furnished to the Indenture Trustee which conform to the requirements of the Indenture as to the truth of the statements and the correctness of the opinions expressed in those certificates or opinions; and

<br> • will examine any certificates and opinions which are specifically required to be furnished to the Indenture Trustee under the Indenture to determine whether or not they conform to the requirements of the Indenture.

The Indenture Trustee will not be required to expend or risk its own funds or otherwise incur any financial liability in respect of any of its actions as Indenture Trustee if it has reasonable grounds to believe that reimbursement to it of such funds or for such liabilities is not reasonably assured.

The Indenture Trustee will make no representations as to the validity or sufficiency of the Indenture, the Notes (other than authentication of the Notes) or of the Exchange Note or related documents, and will not be accountable for the use or application by the Depositor or the Servicer of any funds paid to the Depositor or the Servicer in respect of the Notes or the Exchange Note, or the investment of any monies by the Servicer before those monies are deposited into the Exchange Note Collection Account. The Indenture Trustee will not independently verify the Leases. The Indenture will provide that the Indenture Trustee will not be deemed to have knowledge about any event unless a responsible officer of the Indenture Trustee has actual knowledge of the event or has received written notice of the event.

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The Indenture Trustee will be under no obligation to exercise any of the rights or powers vested in it by the Indenture or to make any investigation of matters arising under the Indenture or to institute, conduct or defend any litigation under the Indenture or in relation to the Indenture or that litigation (other than those relating to an asset representations review demand) at the request, order or direction of any of the Noteholders, unless those Noteholders have offered to the Indenture Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Indenture Trustee, its agents and its counsel in connection with the exercise of those rights. A Noteholder's right to institute any proceeding with respect to the Indenture Trustee will be conditioned upon (1) the Noteholder providing the Indenture Trustee with written notice of the Event of Default, (2) the holders of Notes evidencing not less than 25% of the Note Balance of the [Notes][Controlling Class] having made written request upon the Indenture Trustee to institute that proceeding in its own name as the Indenture Trustee under the Indenture, (3) the Indenture Trustee having for 60 days failed to institute that proceeding and (4) no direction inconsistent with such written request having been given to the Indenture Trustee during such 60-day period by Noteholders evidencing at least 51% of the Note Balance of the [Notes][Controlling Class]. No obligation of the Indenture Trustee shall arise unless the Noteholders have offered to the Indenture Trustee indemnity satisfactory to it.

Upon the continuance of an Event of Default of which a responsible officer of the Indenture Trustee shall have actual knowledge, the Indenture Trustee will be required to exercise the rights and powers vested in it by the Indenture and use the same degree of care and skill in the exercise thereof as a prudent person would exercise or use under the circumstances in the conduct of that person's own affairs.

*Indenture Trustee's Annual Report*. If required by the Trust Indenture Act, the Indenture Trustee will be required to mail each year to all Noteholders a brief report relating to its eligibility and qualification to continue as Indenture Trustee under the Indenture, any amounts advanced by it under the Indenture, the amount, interest rate and maturity date of certain indebtedness owing by the Issuer to the Indenture Trustee in its individual capacity, the property and funds physically held by the Indenture Trustee as such and any action taken by it that materially affects the Notes and that has not been previously reported.

*Reports by Indenture Trustee to Noteholders*. The Indenture Trustee will provide to Noteholders (which shall be Cede & Co. as the nominee of DTC, unless Definitive Notes are issued under the limited circumstances described herein), monthly investor reports as described under *"Description of the Transaction Documents—Statements to Noteholders."* Copies of these reports may be obtained at no charge at the offices or the website of the Indenture Trustee specified herein.

The Indenture Trustee will also deliver, at the expense of the Issuer, to each Noteholder such information as may be reasonably requested (and reasonably available to the Indenture Trustee) to enable such holder to prepare its United States federal and State income tax returns.

The Indenture Trustee will be required to furnish to any Noteholder promptly upon receipt of a written request by such Noteholder (at the expense of the requesting Noteholder) duplicates or copies of all reports, notices, requests, demands, certificates and any other documents furnished to the Indenture Trustee under the Transaction Documents.

*Compensation and Indemnification*. The Issuer shall, or shall cause the Administrator to, pay to the Indenture Trustee from time to time reasonable compensation for its services, reimburse the Indenture Trustee for all expenses (including extraordinary out-of-pocket expenses) and disbursements reasonably incurred or made by it and indemnify the Indenture Trustee for, and hold it harmless against, any and all losses, liabilities or expenses, including attorneys' fees, incurred by it in connection with the administration of the Issuer and the performance of its duties under the Indenture.

The Issuer will pay these amounts to the Indenture Trustee on each Payment Date up to any limit specified herein before the Issuer makes any payment to the Noteholders. Except as otherwise provided herein, following the occurrence of an Event of Default and an acceleration of the Notes, all Indenture Trustee fees, expenses and indemnities will be paid without limit, prior to payments to the Noteholders.

The Indenture Trustee will be required to notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity; provided, that, failure by the Indenture Trustee to provide such notification shall not relieve the Issuer or the Administrator of its obligations under the Indenture.

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The Indenture Trustee will not, however, be indemnified for, or held harmless against, any loss, liability or expense incurred by it through its own willful misconduct, negligence or bad faith. The Indenture Trustee will not be liable:

<br> • for any error of judgment made by it in good faith unless it is proved that it was negligent in ascertaining the pertinent facts;

<br> • for any action it takes or omits to take in good faith in accordance with directions received by it from the Noteholders in accordance with the terms of the Indenture; or

<br> • for interest on any money received by it except as the Indenture Trustee and the Issuer may agree in writing.

The Indenture Trustee will not be deemed to have knowledge of any Event of Default or a breach of representation or warranty unless a responsible officer of the Indenture Trustee has actual knowledge of the default or has received written notice of the default in accordance with the Indenture.

*Resignation of Indenture Trustee Due to Conflict of Interest*. Under the Trust Indenture Act, the Indenture Trustee may be considered to have a conflict of interest and be required to resign as Indenture Trustee for the Notes or any class of Notes if a default occurs under the Indenture. In these circumstances, separate successor indenture trustees will be appointed for each class of Notes. Even if separate indenture trustees are appointed, only the indenture trustee acting on behalf of all Notes representing the applicable percentage of the Notes [of the Controlling Class] will have the right to exercise remedies and only the related Noteholders will have the right to direct or consent to any action to be taken.

*Replacement of Indenture Trustee*. The holders of Notes evidencing at least 51% of the Note Balance of the [Notes][Controlling Class] may remove the Indenture Trustee without cause by providing 30 days' prior written notice to the Indenture Trustee, the Issuer, the Administrator (who shall notify each Rating Agency) and the Depositor of that removal and, following that removal, may appoint a successor Indenture Trustee. Any successor Indenture Trustee must at all times satisfy the applicable requirements of the Trust Indenture Act and must have a combined capital and surplus of at least $50,000,000 and a long-term debt rating of investment grade by each Rating Agency or must otherwise be acceptable to each Rating Agency.

The Indenture Trustee may resign at any time by providing 30 days' prior written notice to the Issuer, the Administrator, the Depositor and the Noteholders. The Issuer will be required to remove the Indenture Trustee if the Indenture Trustee:

<br> • ceases to be eligible to continue as the Indenture Trustee under the Indenture;

<br> • is adjudged to be bankrupt or insolvent;

<br> • comes under the charge of a receiver or other public officer; or

<br> • otherwise becomes incapable of acting.

Upon the resignation or removal of the Indenture Trustee, or the failure of the Noteholders to appoint a successor Indenture Trustee following the removal of the Indenture Trustee without cause, the Administrator will be required promptly to appoint a successor Indenture Trustee under the Indenture. Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee will not become effective until acceptance of such appointment by the successor Indenture Trustee. <br>

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#### The Asset Representations Reviewer

____________, a ___________, will act as the Asset Representations Reviewer under the Asset Representations Review Agreement.

[Insert description of Asset Representations Reviewer, including prior experience as asset representations reviewer for ABS transactions involving similar assets as required by Item 1109(b)(2) of Regulation AB].

The Asset Representations Reviewer is an "eligible asset representations reviewer," meaning that (1) it is not affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their respective affiliates and (2) neither it nor any of its affiliates has been hired by the Sponsor or the underwriters to perform pre-closing due diligence work on the Leases. For so long as any Notes remain outstanding, the Asset Representations Reviewer must be an eligible asset representations reviewer. The Asset Representations Reviewer will not be responsible for (a) reviewing the Leases for compliance with the representations under the Transaction Documents, except in connection with a review under the Asset Representations Review Agreement or (b) determining whether noncompliance with any representation is a breach of the Transaction Documents or if any Lease is required to be repurchased.

The Asset Representations Reviewer's main obligations will be:

<br> • reviewing each review lease following receipt of a review notice from the Indenture Trustee; and

<br> • providing a report on the results of the review to the Issuer, the Servicer and the Indenture Trustee.

For a description of the review to be performed by the Asset Representations Reviewer, see *"The Leases — Asset Representations Review."*

The Asset Representations Reviewer will not be liable for any action, omission or error in judgment unless caused by its willful misconduct, bad faith or negligence. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if it has been advised of the likelihood of the loss or damage and regardless of the form of action.

The Issuer and the Administrator will indemnify the Asset Representations Reviewer for liabilities and damages resulting from the Asset Representations Reviewer's performance of its obligations under the Asset Representations Review Agreement unless caused by the willful misconduct, bad faith or negligence (other than errors in judgment) of the Asset Representations Reviewer or as a result of any breach of representations made by the Asset Representations Reviewer in the Asset Representations Review Agreement.

The Issuer will pay the annual fees and review fees of the Asset Representations Reviewer, reimburse the Asset Representations Reviewer for its reasonable out-of-pocket travel expenses for a review and pay any indemnities due to the Asset Representations Reviewer[, to the extent, in the case of indemnified amounts, those amounts are not paid or reimbursed by the Administrator]. The Issuer will pay these amounts to the Asset Representations Reviewer on each Payment Date, along with similar amounts owed to the Indenture Trustee, the Owner Trustee, the Administrative Agent, the Collateral Agent and expenses incurred by the Issuer under the Transaction Documents, up to the total limit of $[●] per year, before the Issuer makes any other payments. The Issuer will pay any of these amounts in excess of the limit, on a pro-rata basis with any other amounts due and unpaid to the Indenture Trustee, the Owner Trustee, the Administrative Agent and the Collateral Agent, only after making all payments of interest and principal on the Notes due on that Payment Date, any required deposits in the Reserve Fund and any payments due to a successor Servicer, if any. Following an Event of Default and acceleration of the Notes, however, all of these fees, expenses and indemnities will be payable in an unlimited amount prior to any payments of interest or principal on the Notes.

The Asset Representations Reviewer may not resign, unless it becomes legally unable to perform its obligations as Asset Representations Reviewer. The Issuer may remove the Asset Representations Reviewer if the Asset Representations Reviewer (1) ceases to be an eligible asset representations reviewer, (2) breaches any of its representations, warranties, covenants or obligations in the Asset Representations Review Agreement or (3) becomes subject to a bankruptcy. No resignation or removal of the Asset Representations Reviewer will be effective until a successor asset representations reviewer who is an eligible asset representations reviewer is in place. The Asset Representations Reviewer will pay the expenses of transitioning the Asset Representations Reviewer's obligations to the successor asset representations reviewer.

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#### The Titling Trust

#### General

Mercedes-Benz Vehicle Trust, a Delaware statutory trust, is the Titling Trust and is governed by the Titling Trust Agreement. Mercedes-Benz Vehicle Trust was formed on March 15, 2022 and commenced acting as the Titling Trust on January 31, 2023 when Daimler Trust was merged into Mercedes-Benz Vehicle Trust. Daimler Trust was formed in 2007 and, prior to such merger, functioned as the titling trust for motor vehicle lease securitization transactions sponsored by MBFS USA. The merger was entered into for the purpose of having Mercedes-Benz Vehicle Trust continue the titling trust activities previously conducted by Daimler Trust in all material respects in the same manner and under the same terms but under the "Mercedes-Benz" name, as part of the global re-branding undertaken by Mercedes-Benz Group AG after the renaming of Daimler AG as Mercedes-Benz Group AG in 2022. The description of the Titling Trust in this prospectus includes, where relevant, Daimler Trust up to the effectiveness of its merger into Mercedes-Benz Vehicle Trust.

#### Purpose of the Titling Trust

The primary business purpose of the Titling Trust is to acquire leases, including the Leases, and serve as record holder of title to vehicles, including the Leased Vehicles, in connection with asset-backed securities securitizations.

The Titling Trust Assets consist of:

<br> • leases originated by MBFS USA and assigned by dealers pursuant to dealer agreements entered into with MBFS USA, all monies due from lessees under such leases and all proceeds thereof;

<br> • the related leased vehicles, together with all accessories, additions and parts constituting a part thereof and all accessions thereto and all proceeds thereof;

<br> • proceeds from sales of the leased vehicles;

<br> • the rights to proceeds from any physical damage, liability or other insurance policies, if any, covering the leases or the related lessees or the leased vehicles; and

<br> • all proceeds of the foregoing.

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After the date of this prospectus, dealers will continue to assign additional leases to the Titling Trust and, as described herein, title the related leased vehicles in the name of the Titling Trust or the Titling Trustee on behalf of the Titling Trust.

Under the Servicing Agreement, MBFS USA will service the Titling Trust leases and leased vehicles, including the Leases and Leased Vehicles.

#### Specified Interest, Revolving Facility Pool, Reference Pool and Exchange Note

The Titling Trust has one or more series of specified interests. The beneficial interests in the Specified Interest are currently held by the Initial Beneficiary.

*Revolving Facility Pool*. In order to provide an ongoing source of funds to finance the acquisition of leases and the related leased vehicles from dealers, the Titling Trust is a party to a financing facility with the Lender, with scheduled commitment termination dates. This facility is secured pursuant to the Collateral Agency Agreement.

*Creation of the Reference Pool and Issuance of the Exchange Note*. Under the Titling Trust Agreement, the Lender, with the consent of the Initial Beneficiary, will direct the Titling Trust, as borrower, to issue the Exchange Note in exchange of amounts owed to it under the revolving facility pool in an amount up to the sum of the advances made by MBFS USA pursuant to the Collateral Agency Agreement.

The terms of the Exchange Note will be set forth in the Exchange Note, the Collateral Agency Agreement and the Exchange Note Supplement. The Exchange Note Supplement will designate the Leases and the related Leased Vehicles allocated to the Reference Pool. When the Exchange Note is issued, the Servicer will enter into the Servicing Supplement, which will provide for the servicing of those Leases and Leased Vehicles allocated to the Reference Pool.

*Other Transactions Involving the Creation of the Reference Pool.* In connection with other securitizations and transactions, the Titling Trust will issue or has previously issued Other Exchange Notes to MBFS USA. The holder of the Exchange Note will receive the proceeds of and collections on the Leases and Leased Vehicles in the Reference Pool. The holder of the Exchange Note will not receive proceeds from any other leases or leased vehicles. Each holder of the Exchange Note, and each person to whom such Exchange Note is pledged, will also be required to expressly disclaim any interest in the Titling Trust Assets other than those allocated to the Reference Pool and to fully subordinate any claims to those other assets. In turn, each holder of an Other Exchange Note and the Lender with respect to the revolving facility pool, and each pledgee of any of these, must similarly expressly disclaim (or will be deemed to have disclaimed) any interest in the Reference Pool related to the Exchange Note transferred to the Issuer and fully subordinate their respective claims to all Leases and Leased Vehicles in the Reference Pool.

#### Limited Powers of Titling Trust

The Titling Trust will not, among other things:

<br> • engage in any activity other than a permitted transaction described below;

<br> • create, incur or assume any indebtedness, other than pursuant to any Titling Trust debts, including the Exchange Note, any enhancement or any transactions entered into in connection therewith, in each case in accordance with the Titling Trust documents;

<br> • become or remain liable, directly or contingently, in connection with any indebtedness or other liability of the Initial Beneficiary or any of its affiliates, except in connection with a permitted transaction described below;

<br> • make or suffer to exist any loans or advances to, or extend any credit to, or make any investments in, any affiliate other than in connection with certain permitted transactions;

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<br> • enter into any transaction of merger or consolidation with or into any other entity, or convey its properties and assets substantially in their entirety to any entity, other than with respect to certain permitted transactions;

• become party to, or permit any of its properties to be bound by, any indenture, mortgage, instrument, contract, agreement, lease or other undertaking, with the exception of any certificate, any notice of registered pledge, any Titling Trust debt, any Titling Trust debt document or any other any documents relating to a permitted transaction; and

• amend, modify, alter, change or repeal the provisions of the Titling Trust Agreement that require the Titling Trust to be operating as a special-purpose, bankruptcy remote entity; provided, however, that, the Titling Trust may amend, alter, change or repeal any provision contained in the certificate of trust or the Titling Trust documents in a manner now or hereafter prescribed by the Delaware Statutory Trust Act.

Permitted transactions under the Titling Trust documents include, among others:

<br> • holding title to Titling Trust leases and related vehicles and other Titling Trust Assets for the benefit of the holders of the related titling trust certificates, all in accordance with the terms of the Titling Trust documents and the servicing agreements;

<br> • issuing Specified Interest Certificates representing a separate series of beneficial interest in the Titling Trust and the related Titling Trust Assets in accordance with the terms of the Titling Trust documents and the related specification notice;

• at the direction of the holders of any Specified Interest Certificates relating to the Specified Interest, issuing one or more Titling Trust debts, including exchange notes, with respect to such Specified Interest, entering into the related Titling Trust document and pledging any or all of the related specified assets to secure such Titling Trust debts;

<br> • assigning or otherwise transferring title to Titling Trust leases, Titling Trust leased vehicles and Titling Trust Assets to, or to the order of, the holders of the related Specified Interest Certificates; and

<br> • borrowing on a revolving basis or otherwise under one or more Titling Trust debt documents or any other arrangements, as from time to time in effect, to finance the purchase of leases and related vehicles.

For more information about the permitted and required activities of the Titling Trust, see *"Description of the Transaction Documents."*

#### The Initial Beneficiary

Mercedes-Benz Trust Holdings LLC, a Delaware limited liability company, is the Initial Beneficiary under the Titling Trust Agreement. The sole member of the Initial Beneficiary is MBFS USA. The Initial Beneficiary was formed as a limited liability company under the laws of Delaware on August 1, 2007. Currently, its sole purposes are (1) being the initial beneficiary of the Titling Trust, (2) holding the Specified Interest in the Titling Trust and the Specified Interest Certificates and (3) engaging in related transactions.

Mercedes-Benz Trust Holdings LLC maintains its principal executive offices in care of Mercedes-Benz Financial Services USA LLC at 35555 W. Twelve Mile Road, Suite 100, Farmington Hills, Michigan 48331. Its telephone number is (248) 991-6700.

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#### The Titling Trustee and the Titling Trust Administrator

BNY Mellon Trust of Delaware is the Titling Trustee for the Titling Trust. BNY Mellon Trust of Delaware is a Delaware banking corporation and its principal offices are located at 103 Bellevue Parkway, Wilmington, Delaware 19809. The Depositor, the Servicer and their affiliates may maintain normal commercial banking relationships with the Titling Trustee and its affiliates.

The Titling Trustee will make no representations as to the validity or sufficiency of the Reference Pool or the Exchange Note or of any Lease, Leased Vehicle or related document. The duties of the Titling Trustee will generally be limited to the acceptance of assignments of the Titling Trust Assets, the creation of the Reference Pool and the Specified Interest and the receipt of the various certificates, reports or other instruments required to be furnished to the Titling Trustee under the Titling Trust Agreement, in which case the Titling Trustee will only be required to examine them to determine whether they conform to the requirements of the Titling Trust Agreement.

MBFS USA is the Titling Trust Administrator for the Titling Trust. The duties of the Titling Trust Administrator will be limited to those set forth in the Titling Trust Agreement, including maintaining records with respect to investments of the holders in the Titling Trust, establishing and maintaining one or more deposit accounts, taking all action necessary for the continuation of the Titling Trust's valid existence as a statutory trust under Delaware law and preparing and filing, or causing to be prepared and filed, any United States federal, State or local tax returns required to be filed by the Titling Trust.

Neither the Titling Trustee nor the Titling Trust Administrator will be responsible for performing any of the duties of the Initial Beneficiary or the Servicer and neither will be accountable for the use, application or investment of any amounts received from the Leases and related Leased Vehicles allocated to the Reference Pool before such monies are deposited into the accounts relating to the Exchange Note. Neither the Titling Trustee nor the Titling Trust Administrator will independently verify any Leases or the related Leased Vehicles.

Neither the Titling Trustee nor the Titling Trust Administrator will be under any obligation to exercise any of the rights or powers vested in it by the Titling Trust Agreement, to make any investigation of any matters arising thereunder or to institute, conduct or defend any litigation thereunder or in relation thereto at the request, order or direction of the Initial Beneficiary, the Servicer or the holders of any certificate issued by the Titling Trust, unless such party or parties have offered to the Titling Trustee or the Titling Trust Administrator, as applicable, reasonable security or indemnity against any costs, expenses or liabilities that may be incurred therein or thereby. The reasonable expenses of every such exercise of rights or powers or examination will be paid by the party or parties requesting such exercise or examination or, if paid by the Titling Trustee or the Titling Trust Administrator, will be a reimbursable expense of the Titling Trustee or the Titling Trust Administrator, respectively.

Each of the Titling Trustee and the Titling Trust Administrator may resign at any time only with the consent of the Initial Beneficiary, unless the Titling Trustee or the Titling Trust Administrator, as applicable, ceases to be eligible under the Titling Trust Agreement or is incapable of acting or it would be illegal for the Titling Trustee or the Titling Trust Administrator, as applicable, to act. The Initial Beneficiary will be required to remove the Titling Trustee if at any time the Titling Trustee (1) ceases to be a corporation or a banking association organized under the laws of the United States or any State, (2) ceases to be authorized to exercise corporate trust powers, (3) no longer has a combined capital surplus of not less than $50,000,000 or (4) is incapable of acting or it would be illegal for the Titling Trustee to act. The Initial Beneficiary will be required to remove the Titling Trust Administrator if such party is incapable of acting or it would be illegal for the Titling Trust Administrator to act. In addition, the Initial Beneficiary may remove the Titling Trustee or the Titling Trust Administrator, as applicable, (1) at any time the Titling Trustee or the Titling Trust Administrator, as applicable, is adjudged bankrupt or insolvent, (2) if a receiver of the Titling Trustee, the Titling Trust Administrator or their respective properties has been appointed, (3) if any public officer has taken charge or control of the Titling Trustee, the Titling Trust Administrator or of its respective property or affairs for the purpose of rehabilitation, conservation or liquidation or (4) at its discretion.

Upon the removal of the Titling Trustee or the Titling Trust Administrator, the Initial Beneficiary will promptly appoint a successor titling trustee or titling trust administrator, as applicable. Any resignation or removal of the Titling Trustee or the Titling Trust Administrator and appointment of a successor will not become effective until acceptance of appointment by the successor Titling Trustee or Titling Trust Administrator, as applicable. Any successor Titling Trustee or Titling Trust Administrator will execute and deliver to the Initial Beneficiary and its predecessor, written acceptance of its appointment as Titling Trustee or Titling Trust Administrator, as applicable.

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The Titling Trustee and the Titling Trust Administrator, including their respective officers, directors, shareholders, employees and agents, will be indemnified and held harmless by the holders of the Specified Interest Certificates with respect to any loss, liability or expense, including reasonable attorneys' and other professionals' fees and expenses, arising out of or incurred in connection with any of the related Titling Trust Assets with respect to that Specified Interest, including any liabilities arising out the indemnified person's acceptance or performance of the trusts and duties contained in the Titling Trust documents. Notwithstanding the foregoing, the Titling Trustee will not be indemnified or held harmless from or against any loss, liability or expenses incurred by the Titling Trustee by reason of:

<br> • its willful malfeasance or gross negligence; or

<br> • its breach of its representations and warranties made in the Titling Trust documents.

#### The Collateral Agent and the Administrative Agent

Collateral Title Co. is the Collateral Agent under the Collateral Agency Agreement. Its principal offices are located at 190 South LaSalle Street, Chicago, IL 60603. Prior to February 1, 2023, the name of the Collateral Agent was "Daimler Title Co."

The Collateral Agent will:

<br> • hold a security interest in the collateral for the benefit of the Lender and the holders of the exchange notes;

• execute and deliver all supplements and amendments to the Collateral Agency Agreement and all financing statements, continuation statements, instruments of further assurance and other instruments, and take such other action necessary or advisable (including recording such financing statements or other instruments in a public filing office) in order to (1) maintain or preserve the security interest (and the priority of such security interest) granted under the Collateral Agency Agreement or carry out the purposes of the Collateral Agency Agreement, (2) perfect, publish notice of or protect the validity of any security interest granted pursuant to the Collateral Agency Agreement, (3) enforce the collateral or (4) preserve and defend title to the collateral and the rights of the holder of the Exchange Note in such collateral against the claims of all persons;

• if so determined by the Servicer pursuant to the Servicing Agreement, cause the certificate of title for each Leased Vehicle to reflect "Collateral Title Co." (or, for Leased Vehicles titled prior to the change of name described above, "Daimler Title Co."), or such substantially similar words as the relevant State's registrar of titles will accept, as the recorded lienholder or recorded holder of a security interest in such Leased Vehicle;

• with respect to each Leased Vehicle that is permitted or required by the Transaction Documents to be sold or otherwise disposed of by the Titling Trust, take all action necessary to cause (1) the security interest granted pursuant to the Collateral Agency Agreement in such Leased Vehicle to be released and (2) the evidence of the Collateral Agent as lienholder on the related certificate of title to be removed; and

<br> • take the actions required to be taken by the Collateral Agent pursuant to the Collateral Agency Agreement.

U.S. Bank Trust National Association, a national banking association, is the Administrative Agent under the Collateral Agency Agreement. Its principal offices are located at 190 South LaSalle Street, Chicago, IL 60603.

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The Administrative Agent will record on its books the outstanding balance of the revolving facility from time to time based on the monthly reports provided to it by the Servicer. In addition, the Administrative Agent will agree for the benefit of the Collateral Agent and the holder of the Exchange Note, to perform, on behalf of the Collateral Agent, all of the duties that the Collateral Agent is required to perform under the Collateral Agency Agreement.

#### Titling of Leased Vehicles

The Servicer will, on behalf of the Titling Trust, originate or acquire leases and the related leased vehicles on an ongoing basis during the term of the Servicing Agreement. Each lease will be originated on a form providing for assignment of the related leased vehicle by the dealer to the Titling Trust, including the Leases and the related Leased Vehicles allocated to the Reference Pool. Under each Lease, the Titling Trust or the Titling Trustee on behalf of the Titling Trust will be listed as the owner of the related Leased Vehicle on the Leased Vehicle's certificate of title.

The certificates of title to Leased Vehicles in all States (other than [the Lien Exclusion States][certain States that collectively represent less than [__]% of the Cutoff Date Aggregate Securitization Value]) reflect a first lien recorded in favor of the Collateral Agent. This lien exists to assure delivery of the certificates of title for the related Leased Vehicle to the Servicer and to perfect the security interest in and to the Leased Vehicles in the applicable Sates and other related Titling Trust Assets granted to the Collateral Agent by the Titling Trust under the Collateral Agency Agreement. The Servicer will not have any interest in the Leased Vehicles. For administrative convenience, the Servicer (or, in certain circumstances, a separate custodian) will hold the certificates of title as custodian on behalf of the Titling Trust and the Collateral Agent. No other liens will be placed on the certificates of title, and new certificates of title will not be issued, to reflect the interest of the Issuer, as holder of the Exchange Note, in the Leased Vehicles. See *"Certain Legal Aspects of the Titling Trust and the Exchange Note"* for additional legal discussion on titling of Leased Vehicles.

The certificates of title for the Leased Vehicles will not reflect the indirect interest of the Issuer in the Leased Vehicles by virtue of its ownership of the Exchange Note. Therefore, the Issuer will not have a direct perfected lien in the Leased Vehicles, but will have filed a financing statement to perfect the security interest in the Exchange Note, but only to the extent that the security interest may be perfected by filing under the UCC. The Servicer has agreed to file or cause to be filed a financing statement and any appropriate continuation statements in each of the appropriate jurisdictions.

#### MBFS USA

#### General

MBFS USA will be (1) the Sponsor of the securitization in which the Notes are offered, (2) responsible for structuring the securitization and selecting the transaction parties other than MBFS USA and its affiliates, (3) the Servicer of the Leases and the related Leased Vehicles, (4) the Administrator for the Issuer and (5) the Titling Trust Administrator for the Titling Trust. MBFS USA is a wholly-owned indirect subsidiary of Mercedes-Benz Group AG, a German corporation that is a globally leading producer of premium passenger cars and vans. MBFS USA is a Delaware limited liability company. Its principal executive offices are located at 35555 W. Twelve Mile Road, Suite 100, Farmington Hills, Michigan 48331 and its telephone number is (248) 991-6700.

Mercedes-Benz Group AG and its predecessor have owned at least one U.S. financial services subsidiary since 1982. MBFS USA was formed in 2007.

MBFS USA conducts at least one of the following lines of business in most States (excluding Wyoming) and Puerto Rico: indirect automobile and commercial vehicle installment sales contracts and lease financing. MBFS USA purchases both consumer and/or commercial retail installment sales contracts and leases from Mercedes-Benz dealers. Leases are purchased by the Titling Trust from dealers in accordance with the underwriting standards described under *"—Underwriting."* MBFS USA also provides direct wholesale financing to many dealers by financing inventories and other dealer activities such as business acquisitions, facilities refurbishment, real estate purchases and working capital requirements. MBFS USA's managed lease portfolio amounts to $[●] billion at [_________], 20[__].

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MBFS USA services all of the leases which the Titling Trust has purchased. See *"—Servicing Responsibilities."* Historical delinquency and loss information for the leases originated and serviced by MBFS USA, as well as data showing the size and growth of both originations and of the serviced portfolio is presented herein.

MBFS USA frequently purchases leases with contract rates that are lower than would be the case based on its targeted rates of return, pursuant to incentive finance programs intended to increase sales of new and pre-owned Mercedes-Benz automobiles and vans.

The following table sets forth information regarding the growth of MBFS USA's United States retail lease portfolio since [●] and for the [●] months ended [_________], 20[__] and [_________], 20[__].

---

| | |
|:---|:---|
|  | At [_________], 20[__], |
|  | [●] |
|  Number of Lease Contracts Outstanding<br>| [●] |
|  Lease Contracts Outstanding ($ in thousands)<sup>(1)</sup> | $[●] |

---

---

| | |
|:---|:---|
|  | At December 31, |
|  | [●] |
|  Number of Lease Contracts Outstanding<br>| [●] |
|  Lease Contracts Outstanding ($ in thousands)<sup>(1)</sup> | $[●] |

---

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<sup>(1)</sup> Outstanding balance is equal to the net book value of the related lease.

MBFS USA's wholly-owned subsidiary, the Depositor, will initially retain the residual interest in the Issuer. The residual interest will be evidenced by the Certificates and represent the ownership interest in the Issuer and the right to all funds not needed to make required payments on the Notes, pay fees and expenses of the Issuer or make deposits in the Reserve Fund.

#### Underwriting

MBFS USA's underwriting standards assess a prospective lessee's ability and willingness to pay the amounts due on the lease contract and the adequacy of the related leased vehicle as collateral. MBFS USA employs automated decisioning to the extent possible, using a proprietary scorecard developed for its exclusive use, and approval authority levels.

Applicants complete a credit application providing various items of personal information including address, date of birth, income and employment history. The primary applicant may apply with a joint-applicant, each of whom is jointly and severally liable for the debt. A business applicant may also apply with a guarantor. Additional financial information may be requested if necessary to help with the credit analysis, such as net worth statements or bank statements.

Dealers electronically submit lease application information, together with related vehicle information and deal structure. MBFS USA obtains one or more credit reports on the applicant from a national credit bureau (generally, TransUnion). A second credit report is obtained from Equifax or Experian if MBFS USA believes a second report may contain relevant additional credit information. The credit report is used to evaluate the creditworthiness of the proposed lessee and co-lessee, if any.

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MBFS USA evaluates each application using a proprietary credit scorecard developed with a third party credit scoring company exclusively for MBFS USA. The scorecard is used to assess the creditworthiness of the applicant and uses credit bureau data, along with other non-bureau attributes such as loan to value and payment to income ratios (along with others) to assign a proprietary credit score. The scorecard was most recently updated in June 2022.

The proprietary credit score is used to price the statistical risk of default represented by each application, as well as to determine system-recommended rejected applications. Using the scorecard process, MBFS USA has stratified the range of acceptable credit scores into tiers, and an approved customer is assigned to one of these credit tiers, depending on the customer's proprietary credit score. Certain customers that fit specific credit criteria may be assigned a more favorable tier. If MBFS USA's proprietary scorecard assigns an applicant to a tier that signifies greater credit risk, the tier assignment will assign the applicant a higher lease rate. The analyst or dealer can structure the lease to reduce the amount MBFS USA will advance, which may move the applicant to a better credit tier and, as a result, reduce the assigned lease rate. Ultimately, the final decision is rendered using the proprietary scorecard.

Amounts advanced in excess of 100% of a vehicle's retail price or market value generally are due to balances owing on trade-in vehicles or various fees and taxes. In some instances, they may also include financing of dealer-installed accessories, insurance policies, extended service contracts and dealer markups. The advance policy is reviewed at least once a year, or as needed, to address changes in market conditions and risk tolerance.

As part of the approval process, MBFS USA's credit process may require that some of the information provided by the applicant must be verified, such as income, employment, residence or credit history. Credit analysts in MBFS USA's consumer credit department are responsible for properly structuring and pricing deals that do not meet automated approval criteria, as well as clearing Office of Foreign Assets Control, European Sanctions List and "red flags" identified in applicable guidelines. An application may not meet the automated credit approval criteria because of incomplete or inconsistent information, fraudulent attributes on the credit application or credit bureau, or because one or more credit-related terms is not within prescribed automatic approval levels. In such cases, a credit analyst evaluates the applications using the same underwriting guidelines that are structured into the automated process and weighs other factors as applicable, such as the prospective lessee's prior experience with MBFS USA, current and previous vehicle registrations, housing values and ownership, liquidity and proof of income. If data entry or inconsistent information is the reason an application was not automatically approved, the credit analyst will take steps to determine if the data in question can be verified and to make corrections if necessary or obtain proof of the inconsistent data. Based on the credit analyst's assessment of the strengths and weaknesses of each application, the credit analyst will then either approve the application, condition the application, reject the application or forward the application for review by an MBFS USA credit analyst with higher approval authority. Ultimately, the final decision is rendered using the proprietary scorecard as applied through the automated process and analysis by the credit analyst where that analysis is warranted under MBFS USA's credit process.

That an application does not meet the automatic approval criteria or has other characteristics that require referral to a credit analyst does not mean that it has failed to meet MBFS USA's underwriting standards. The automated approval criteria are not a separate level of underwriting from those applied by credit analysts. Rather, the automated decision process uses models that are designed to replicate the judgmental evaluation that would be applied by an experienced credit analyst based on MBFS USA's established underwriting standards. The automatic approval criteria are reviewed at least once a year, or as needed, to address changes in market conditions and risk tolerance. It is common under MBFS USA's underwriting procedures for applications to be referred to MBFS USA's credit analysts for application of MBFS USA's underwriting standards.

Credit analysts have the authority to approve or deny different types of credit applications depending on their level of experience. Less experienced credit analysts are generally allowed to approve only the highest credit quality applications up to their assigned aggregate dollar credit limit. Experienced analysts can approve lower credit quality applications that are within MBFS USA's underwriting standards. The retail credit operation manager, retail credit manager, senior retail credit analyst and retail credit analyst can approve any credit application up to their authority limits. Retail credit managers receive and review reports, sorted by credit analysts that highlight credit application approvals where the credit score approved by the analyst differs from the system-assigned credit score.

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MBFS USA utilizes automated fraud detection tools to identify certain applications that require further research by the Fraud Control Department. Applications with fraudulent attributes will be first reviewed by the credit analyst who will provide a summary before submitting to the Fraud Control Department for further investigation. Applications that are confirmed fraudulent will be declined and subsequently discussed with the dealer.

In the case of commercial applicants, MBFS USA reviews recent financial information, including financial statements when available. A commercial transaction is also scored using attributes from the applicant's financial statements and the deal structure. Individuals may be required to participate as a co-obligor or personal guarantor in respect of their business' obligations under the related lease contract, and the foregoing application process applies to the co-obligor or personal guarantor. In the case of a commercial applicant where there is no individual co-obligor, MBFS USA analyzes the applicant's financial statements and investigates current and previous credit references (including reports prepared by PayNet, Inc., a commercial credit bureau) to determine creditworthiness.

Once a credit application has been received, the system automatically returns a response acknowledging receipt. The system processes the information and instantly returns either an approved or a declined credit decision or sends the application to a credit analyst for manual review. If a decision to decline or to conditionally approve the application is made, the weaknesses of the credit application is discussed with the dealer. Dealers then have the ability to restructure the credit application to meet the conditions for an approval. The credit application is then resubmitted for credit evaluation. If the final credit application is declined or the applicant does not accept the restructured terms, then the applicant will receive a Notice of Action Taken letter within the regulatory required time frame specifying the reason for declination. Upon acceptance, the dealer can fund the lease contract at the time of credit approval through MBFS USA's electronic funds transfer system.

If the dealer and applicant accept the terms of the approval, the dealer executes the lease agreement either in the form of a paper contract or in the form of an electronic contract, also known as an "eContract". The dealer delivers paper contracts along with required ancillary documentation to MBFS USA's vendor in Memphis, Tennessee for processing. The file presented by the dealer is imaged and held for 45 days at the vendor's location in case MBFS USA desires a second scanning of certain documents for clarity purposes. The Ft. Worth, Texas funding team audits the lease contract documentation for completeness, legal compliance and consistency with the application. Upon satisfactory review, the contract is activated. The original documents are stored offsite for ten years after contract termination.

In the event that a customer is party to an eContract, the dealer creates the eContract digitally within the dealer's management system (DMS). The eContract and ancillary documents are then presented, either in-store or remotely, to the customer on an iPad, docuPad or similar dealer or customer device where the dealer obtains the customer's electronic signatures. The authoritative copy of the eContract and ancillary documents are stored in the dealer's portion of an electronic vault until the point of transmission. During transmission, all documents are sent electronically to MBFS USA for review. MBFS USA utilizes automated business rules in conjunction with manual reviews where necessary during the review process. Upon satisfactory review, the contract is activated and the authoritative copy of the eContract and ancillary documentation are automatically moved from the dealer's portion of the electronic vault to MBFS USA's portion of the electronic vault. MBFS USA will retain the authoritative copy in MBFS USA's portion of the electronic vault where the documents are stored in accordance with legal requirements for electronic chattel paper. If the review results are unsatisfactory, the authoritative copy and all ancillary documents will be returned to the dealer's portion of the vault.

#### Determination of Residual Values

The Residual Values of the Leased Vehicles will be calculated by the Servicer based on the lowest of the Contract Residual Value, the ALG Residual Value and the ALG Current Residual Value.

If the Contract Residual Value is higher than the ALG Residual Value and the ALG Current Residual Value, the Securitization Value for the related Lease will be calculated by the Servicer based upon the lower of the two ALG provided residual values. As a result, the excess of the Contract Residual Value over ALG Residual Values will not be financed in a securitization transaction. The purchase price (which if paid is part of collections available to the Issuer) for a Leased Vehicle at the related Lease maturity date will, however, be based upon the Contract Residual Value, subject to certain concessions MBFS USA may offer to the lessee.

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If the Residual Values of the Leased Vehicles relating to the Issuer, as originally determined by MBFS USA, are higher than the sales proceeds actually realized upon the sale of such Leased Vehicles, you may suffer losses on your investment. See *"Risk Factors – Risks Relating to the Leases and Leased Vehicles – The residual value of leased vehicles may be adversely affected by discount pricing incentives, marketing incentive programs and other factors."* For more information regarding MBFS USA's procedures for realizing the Residual Value of Leased Vehicles, see *"—Remarketing."*

#### Insurance

Each Lease requires the lessee to maintain vehicle liability insurance and physical damage insurance coverage on the Leased Vehicle in the amounts stated in the Lease. Each such policy must name the Titling Trust as loss payee and as additional insured. While the lessee is required to maintain physical damage insurance on the related Leased Vehicle, MBFS USA is not obligated to, and does not, monitor whether the lessee is maintaining that insurance. Failure to maintain the required insurance is an event of default under the related Lease.

The dealer agreements require the dealers to establish that the required insurance coverage is in effect at the time the related lease contract is purchased by the Titling Trust.

MBFS USA does not require lessees to carry credit disability, credit life or credit health insurance or other similar insurance coverage that provides for payments to be made on Leases on behalf of the lessees in the event of disability or death. To the extent that this type of insurance coverage is obtained on behalf of a lessee, payments received in respect of the coverage will be applied to payments on the related Lease.

#### Contingent and Excess Liability Insurance

In addition to the physical damage and liability insurance coverage required to be obtained and maintained by the lessee pursuant to the Leases, and as additional protection in the event the lessee fails to maintain the required insurance, MBFS USA maintains contingent liability insurance which provides coverage for liability caused by any Leased Vehicle owned by the Titling Trust. This insurance policy provides insurance coverage at an amount equal to $10 million. Claims could be imposed against the assets of the Titling Trust if such coverage were exhausted or not available and damages were assessed against the Titling Trust. In that event, investors in the Notes could incur a loss on their investment. See *"Risk Factors—Legal and Regulatory Risks—Vicarious tort liability may result in a loss," "The Exchange Note"* and *"Certain Legal Aspects of the Leases and the Leased Vehicles—Vicarious Tort Liability"* for a discussion of related risks.

With respect to damage to the Leased Vehicles, a lessee is required by the related Lease to maintain liability insurance, collision insurance, comprehensive fire and theft insurance, and uninsured motorist coverage as required by law in the state where the Leased Vehicle is registered. As more fully described under "—Insurance," the Servicer does not monitor the maintenance of required lessee insurance and will not be required to do so in the Transaction Documents. In the event that the foregoing insurance coverage was exhausted or not available and no third-party reimbursement for that damage was available, investors in the Notes could incur a loss on their investment.

#### Dealer Agreements

Pursuant to a dealer agreement, each dealer makes representations and warranties related to each Lease that it sells into the Titling Trust. These representations and warranties typically do not relate to the creditworthiness of the lessee or the collectability of the related Lease. Upon material breach of any such representation or warranty, MBFS USA, on behalf of the Titling Trust, may pursue certain recourse rights against the dealer, but the dealer agreements themselves are not assigned to the Titling Trust. The dealer agreement does not provide for recourse against the related dealer if the lessee defaults under the related Lease.

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#### Servicing Responsibilities

MBFS USA is the Servicer for the Leases and the related Leased Vehicles held by the Titling Trust. MBFS USA, in its capacity as Servicer, will be responsible for managing, administering, servicing and making collections on the Leases allocated to the Exchange Note and for the repossession, termination or other disposition of the Leased Vehicles related to such Leases. MBFS USA will have the right to delegate any or all of its servicing duties to its affiliates or to contract with unrelated third parties to perform any of its servicing duties. Notwithstanding the foregoing, MBFS USA will remain obligated and liable for servicing the Leases and the related Leased Vehicles as if it alone were servicing such Leases.

To facilitate the servicing of the Leases, the Servicer will retain physical possession of the Leases and the other documents related thereto on behalf of the Titling Trust, as custodian for the Titling Trust.

MBFS USA's servicing procedures are summarized in the remaining portions of this section. Servicing operations are conducted primarily out of its servicing center in Ft. Worth, Texas.

#### Collection Procedures

The servicing process includes the routine collection and processing of payments, responding to lessee inquiries, and repossessing and selling the leased vehicles.

19 days before a payment is due, lessees are provided a billing statement directing them to make a payment on the date indicated. Numerous payment methods are offered to lessees in addition to direct debit (i.e., Auto Pay), on a volume basis the most important of which include paper check, online banking, MBFS USA online bill pay, credit card payments and phone pay.

MBFS USA measures delinquency by the number of days elapsed from the date a payment is due under the related Lease. MBFS USA considers a payment to be delinquent when the lessee fails to remit more than 90% of a scheduled payment on or before the related due date.

Account delinquency data is directed to collection software that tracks and monitors delinquency status. A risk-based collection system assigns a risk level to each obligor based on its behavioral score and a treatment plan according to its risk level and estimated loss amount. Factors considered in the assignment of the behavioral score include internal MBFS account characteristics, such as the number of times delinquent, and external credit bureau attributes from TransUnion, which include number of months since most recent delinquency and number of tradelines 90 days past due or worse.

Telephone collection intervention can begin as early as one day after the due date for a delinquent payment. Dialers assist with this process for delinquent accounts generally up to 90 days past due. Assessment of risk with respect to delinquent lessees is ongoing throughout the collection process on each individual account.

Various technologies are used to promote both an efficient and effective collection process, including:

<br> • Skip Trace Technology – Provides access to databases that offer current address and telephone information on customers that have relocated;

<br> • Collections Management System– Provides account information required for collection agents to discuss and resolve delinquency;

<br> • Imaging System – Allows collection agents to view customer account documents online;

<br> • Multiple Payment Options – Enables on-the-spot phone pay transactions to cure delinquency at the time of telephone contact;

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<br> • Quality Monitoring System – Facilitates coaching critical collection behaviors necessary to produce effective telephone contacts; and

<br> • Speech Analytics Tool– Vendor search engine for data associated with recorded calls.

MBFS USA may, in its sole discretion, arrange with the lessee on a lease to defer or modify the payment schedule. Deferrals may be granted, and a deferral fee may be charged, to a current or delinquent lessee to cure a short-term cash flow problem. The deferral process allows for the deferral of payments by adding the deferred amount to the maturity of the lease. Deferrals are granted on an individual basis and the deferral should bring the account current (exceptions can be approved by a team leader or higher-level manager). Deferrals are reported and monitored closely by MBFS USA.

#### Repossessions

Involuntary repossessions occur after all collection techniques have been unable to bring the account current, or the customer is a high risk to become a skip account (*e.g.*, contact is lost with both the customer and the vehicle). Voluntary repossessions occur when customers voluntarily surrender a leased vehicle due to the inability to continue making payments.

Prior to repossession, a collections team leader or higher-level manager reviews the account in detail and approves the assignment to a repossession company. Any required legal notices are sent prior to and after repossession. Unless the lessee exercises the lease purchase option or reinstates their lease (provided that is an option), the vehicle is transported to an auction for disposal. MBFS USA inspects the vehicle and performs any necessary reconditioning or repairs to prepare it for sale. All repossessed vehicles are sold at auctions that may be physical or virtual via the internet, in each case in an "open sale" environment available to all registered dealers. Proceeds from the sale, net of auction fees and reconditioning and other costs, are applied pursuant to the default provisions and Early Termination Liability calculation under the lease to determine the amount due from the customer.

All involuntary repossessions must be authorized by a collections team leader or higher level manager and be in compliance with all applicable consumer protection laws and regulations

#### Charge-offs

MBFS USA's policy requires lease accounts to be reviewed by a member of the leadership team for charge-off approval after it reaches 120 days past due, if MBFS USA does not have physical possession of the leased vehicle or is unable to locate the leased vehicle, and if evidence does not exist that collection is imminent. MBFS USA's policy also generally requires that a lease contract be charged-off:

<br> • upon unsatisfactory resolution of a bankruptcy proceeding or the incurrence of an uninsured loss; or

<br> • upon a determination by MBFS that the leased vehicle is of no value or the leased vehicle is abandoned by MBFS USA due to condition and cost to repossess.

Lessees are contacted, and when warranted by circumstances, MBFS USA (or an external agent acting on its behalf) establishes a repayment schedule that is monitored until the outstanding lease balance is paid in full, a settlement agreement is reached, or collection becomes impractical to pursue.

MBFS continues to pursue repossession of leased vehicles following charge-off. In the event a vehicle is repossessed following charge-off, the customer's lease balance will be adjusted to reflect the recovery and subsequent sale of the leased vehicle.

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#### Leased Vehicle Maintenance and Excess Wear and Tear
Each lease contract states that the customer is responsible for maintaining, servicing and repairing the leased vehicle in accordance with the manufacturer's recommendations and any applicable warranty. Customers must keep the vehicle in good operating condition. Customers must comply with all recall notices and agree to pay for all operating costs including but not limited to gas, oil, antifreeze, parking fees, inspection, certification fees, towing and replacement tires. MBFS USA does not provide maintenance services unless a separate maintenance agreement was purchased at lease origination.

Upon return of a leased vehicle to MBFS USA, the vehicle will be inspected by a third party inspection company. The inspection company identifies, and the lessee is charged for, damage meeting certain criteria including but not limited to any scratches through the paint or dents that are larger than the size of a credit card, seat damage or any other interior damage regardless of size, exterior cracks, gouges or collective damages regardless of size, cracked or starred windshields, lights, wheels and tires, missing original equipment and any scheduled maintenance not performed. The lessee is required to pay MBFS USA the estimated cost to repair any damages to the vehicle resulting from unreasonable or "excessive" wear and tear including excess mileage. MBFS USA may, however, waive all or part of the excessive wear and tear or mileage billed to the lessee.

#### Extensions and Pull-Ahead Programs
MBFS USA will grant extensions of lease contracts in accordance with its customary servicing procedures, if the lessee requests such extension and is not in default on any of its obligations under the lease. Currently MBFS USA distinguishes between two forms of extension:

• Fixed extension: any extension of four months or greater require confirmation of a purchase order on a new vehicle; extension may be granted up to three months without a purchase order, however, dealer engagement is required; MB USA will provide estimated delivery dates for purchase orders in which leases are approved for extensions up to 12 months; and

<br> • Open extension: month-to-month.

Generally, extensions of any type may not exceed 12 months. In rare circumstances MBFS USA accommodates extensions outside of the guidelines to support brand loyalty.

MBFS USA, as Servicer, may also permit a lessee to terminate a lease prior to its maturity in order to allow that lessee, among other things, to enter into a new lease for a different Mercedes-Benz vehicle or to finance a different Mercedes-Benz vehicle. These programs are employed to promote customer loyalty by offering attractive early termination options and to provide lessees with an incentive to purchase or lease new Mercedes-Benz vehicles. Over the past years, such incentives have been used as an ongoing marketing campaign with payment waivers from three to five months plus waiver of the customer's end of lease disposition fee. Future programs could offer an increase or decrease in the number of payment waivers depending on market conditions and company strategies.

Nevertheless, an early termination with respect to any Lease allocated to the Reference Pool will not be permitted unless the waived monthly payments under the Lease will be deposited in the Exchange Note Collection Account within the time period required for the Servicer to deposit collections into the Exchange Note Collection Account once the payment waiver has been processed on the Lease account.

Following this early termination, the Servicer will charge the lessee any outstanding amounts due in accordance with the early termination provisions of the lease and Servicer's customary servicing practices with respect to Leases that are terminated early by the related lessee in the absence of such "pull-ahead" or other marketing program.

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 *[**Table of Contents**](#TableofContents)*<br>

#### Remarketing
MBFS USA handles all pre-termination remarketing activities of leased vehicles and repossessions. This department is managed from MBFS USA's Operations Center in Ft. Worth, Texas.

*180 Days to Maturity.* Direct mailings/emails are sent which provide lessees with information about lease-end obligations and opportunities which include scheduling a pre-inspection, vehicle inspection information, turn-in requirements, and purchase options (either cash sales or financing opportunities).

*120 Days to Maturity*. Emails including a lease-end video are sent to lessees. The video provides lease-end information (vehicle inspection information, turn-in requirements, purchase options) and encourages lessees to schedule a courtesy voluntary pre-inspection to take place any time from 120 days to 15 days prior to maturity.

*90 Days to Maturity*. When an account is 90 days to maturity, direct mailings/emails are sent encouraging lessees to schedule a courtesy voluntary pre-inspection to take place any time from 90 days to 15 days prior to maturity. When an account is 90 days to maturity, MBFS USA directs all inbound customer calls to the remarketing department.

*75 Days to Maturity*. Emails to lessees including loyalty reminders, return instructions, and a lease-end video providing information on vehicle inspection information, turn-in requirements and purchase options.

*60 Days to Maturity.* When an account is 60 days to maturity, the remarketing agents proactively call lessees to determine their intent for the lease vehicle at lease-end, discuss their options, and encourage scheduling a courtesy voluntary pre-inspection to take place from 60 days to 15 days prior to maturity. Remarketing agents will encourage dealer engagement and may provide lease extensions to support delivery of new Mercedes-Benz vehicles.

Occasionally, as more fully described under "—Extensions and Pull-Ahead Programs," incentives are offered to lessees to lease a new vehicle whose lease contracts are nearing expiration. These programs can also be used to shift vehicles out of peak terminating months and increase the number of off-lease vehicles that are sold or auctioned during those months in which the purchase price of off-lease vehicles tend to be higher.

*Vehicle Turn-In Process*. If the customer had a third party pre-inspection completed, and there is no change to the condition of the vehicle, the dealer will ground the vehicle and can provide the customer a maturity bill. If there is any change to the condition of the vehicle, the dealer will inform MBFS USA electronically and a grounding inspection will be requested and performed by the third party inspection company. If there was no pre-inspection completed and the vehicle is returned, an inspection will be requested and completed by the third party inspection company. The information from that inspection is electronically transmitted to MBFS USA. The inspection generates the maturity bill and the lessee is provided with a final copy of the bill which would include any charges for excess wear and tear, excess mileage charges, outstanding amounts due from the lease and any other charges if applicable.

*Asset-Disposal Process*. The grounding dealer has the opportunity to purchase the leased vehicle once the account has been terminated. If the dealer does not exercise this option, the vehicle is inspected and offered for sale on-line to franchise and independent dealers while at the grounding dealer. If the vehicle does not sell, it will be transported to an auction location where the vehicle is thoroughly inspected, reconditioned if necessary, and then photographed. The auction inspection along with photos are transmitted to an online website and posted for sale to Mercedes-Benz franchised dealers as well as independent dealers.

Repossessed vehicles are also sold at live auctions, both physical and online, once applicable State legal requirements are met. Net proceeds from the sale are applied to the account pursuant to the Default provisions and Early Termination Liability calculation under the lease to determine the amount due from the customer.

The auction process is handled on behalf of MBFS USA by its affiliate Mercedes-Benz USA. MB USA is responsible for the distribution and marketing of Mercedes-Benz and smart products in the United States. To conduct the auction process on behalf of MBFS USA, MB USA leverages auction facilities throughout the United States which are optimally dispersed based on concentration of leasing markets along with a supporting demand for pre-owned luxury vehicles. In addition, MB USA utilizes various other locations at different times for special sale events and other programs to match buyer demand for specific products.

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[Information regarding MBFS USA's financial condition to be provided to the extent material under Item 1104(f) of Regulation AB]

#### Certified Pre-Owned Program
MB USA established a Certified Pre-Owned Vehicle Program (CPO) to create customer and dealer demand for pre-owned Mercedes-Benz vehicles and enhance the value of Mercedes-Benz vehicles. A CPO vehicle is a Mercedes-Benz vehicle that is fewer than six model years old, has fewer than 75,000 miles and has been inspected by a Mercedes-Benz dealer and passed a 165+ point vehicle inspection. Every CPO Mercedes-Benz vehicle is backed by the remaining 4-year/50,000-mile New Vehicle Limited Warranty. Once that expires, the CPO Limited Warranty goes into effect, providing an additional 12-months of coverage with unlimited miles. After that, an option to purchase a CPO Extended Limited Warranty is available for one or two years, also with unlimited miles. Customer benefits from purchasing a CPO Mercedes-Benz vehicle include a seven day or 500 mile exchange privilege, roadside assistance and a Carfax vehicle history report.

#### Securitization Program
MBFS USA has had an active securitization program for retail auto leases in the United States since 2011. MBFS USA also sponsors public offerings of asset-backed notes collateralized by retail auto receivables and has sponsored privately placed securitizations of dealer floorplan asset-backed notes.

Since 2012, with the exception of 2022, MBFS USA has sponsored [one or two] public offerings of auto lease asset-backed notes annually. [None of these transactions has experienced any event of default or servicer default or otherwise been accelerated due to the occurrence of an early amortization or other performance triggering event. MBFS USA has never taken any action out of the ordinary to prevent such an occurrence.]

#### Delinquency, Repossession and Loss Information
Set forth below is delinquency and loss information relating to MBFS USA's total portfolio of U.S. motor vehicle retail lease contracts for new and pre-owned automobiles. The portfolio consists of contracts in all 50 States of the United States and the District of Columbia. For a description of MBFS USA's charge-off policies, see *"MBFS USA—Charge-offs."*

** 

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**Lease Delinquency Experience** <sup>(1)(2)</sup>

(Dollars in Thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At [_________],** | **At [_________],** | **At [_________],** | **At [_________],** |
|  |  | 20[ ]  |  | 20[ ]  |
|  Lease Contracts Outstanding ($)<sup>(3)</sup> | $| [●] | $| [●] |
|  Number of Lease Contracts Outstanding |  | [●] |  | [●] |
|  | **Units** | **%** | **Units** | **%** |
|  Number of Lease Contracts Delinquent |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 31 – 60 days | [●] | [●]% | [●] | [●]% |
| &nbsp;&nbsp;&nbsp; 61 – 90 days | [●] | [●]% | [●] | [●]% |
| &nbsp;&nbsp;&nbsp; 91 – 120 days | [●] | [●]% | [●] | [●]% |
| &nbsp;&nbsp;&nbsp; More than 120 days | [●] | [●]% | [●] | [●]% |
| &nbsp;&nbsp;&nbsp; Total | [●] | [●]% | [●] | [●]% |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **At [_________],**  | &nbsp;&nbsp;&nbsp;&nbsp; **At [_________],**  | &nbsp;&nbsp;&nbsp;&nbsp; **At [_________],**  | &nbsp;&nbsp;&nbsp;&nbsp; **At [_________],**  | &nbsp;&nbsp;&nbsp;&nbsp; **At [_________],**  | &nbsp;&nbsp;&nbsp;&nbsp; **At [_________],**  | &nbsp;&nbsp;&nbsp;&nbsp; **At [_________],**  | &nbsp;&nbsp;&nbsp;&nbsp; **At [_________],**  | &nbsp;&nbsp;&nbsp;&nbsp; **At [_________],**  | &nbsp;&nbsp;&nbsp;&nbsp; **At [_________],**  |
|  | 20[ ] | 20[ ] | 20[ ] | 20[ ] | 20[ ] | 20[ ] | 20[ ] | 20[ ] | 20[ ] | 20[ ] |
| Lease Contracts Outstanding ($)<sup>(3</sup> | $| [●] | $| **[●]** | $| [●] | $| [●] | $| [●] |
| Number of Lease Contracts Outstanding |  | [●] |  | **[●]**  |  | [●] |  | [●] |  | [●] |
|  | **Units** | **%** | **Units** | **%** | **Units** | **%**<br>| **Units** | **%** | **Units** | **%**<br>|
|  Number of Lease Contracts Delinquent |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 31 – 60 days | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% |
| &nbsp;&nbsp;&nbsp; 61 – 90 days | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% |
| &nbsp;&nbsp;&nbsp; 91 – 120 days | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% |
| &nbsp;&nbsp;&nbsp; More than 120 days | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% |
| &nbsp;&nbsp;&nbsp; Total | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% |

---

------

<sup>(1)</sup> Data presented in the table is based upon lease balance for new and pre-owned automobiles (including those that have been sold but are serviced by MBFS USA).

<sup>(2)</sup> Percentages and numbers may not add to total due to rounding.

<sup>(3)</sup> Outstanding balance is equal to the net book value of the related lease.

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**Net Credit Loss and Repossession Experience**<sup>(1)</sup>

(Dollars in Thousands)

---

| | |
|:---|:---|
|  | **For the** [●] **Months Ended [_________],** |
|  | 20[ ]<br>|
| Lease Contracts Outstanding ($)<sup>(2)</sup><br>| $[●] |
| Average Lease Contracts Outstanding ($)<sup>(3)</sup> | $[●] |
| Number of Lease Contracts Outstanding | [●] |
| Average Number of Lease Contracts Outstanding<sup>(3)</sup> | [●] |
| Number of Repossessions Sold<sup>(4)</sup><br>| [●] |
| Number of Repossessions Sold as a Percentage of the Average Number of Lease Contracts Outstanding<sup>(7)</sup><br>| [●]% |
| Charge-offs ($)<sup>(5)</sup><br>| $[●] |
| Recoveries ($)<sup>(6)</sup><br>| $[●] |
| Net Losses ($)<br>| $[●] |
| Net Losses as a Percentage of Average Dollar Amount of Lease Contracts Outstanding<sup>(7)</sup><br>| [●]% |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, |
|  | | 20[ ]<br>| | 20[ ]<br>| | 20[ ]<br>| | 20[ ]<br>| | 20[ ]<br>|
|  Lease Contracts Outstanding ($)<sup>(2)</sup> | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] |
|  Average Lease Contracts Outstanding ($)<sup>(3)</sup> | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] |
|  Number of Lease Contracts Outstanding | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] |
|  Average Number of Lease Contracts Outstanding<sup>(3)</sup> | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] |
| &nbsp;&nbsp;&nbsp; Number of Repossessions<br> Sold<sup>(4)</sup> | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] |
|  Number of Repossessions Sold as a Percentage of the Average Number of Lease Contracts Outstanding | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% |
|  Charge-offs ($)<sup>(5)</sup> | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] |
|  Recoveries ($)<sup>(6)</sup> | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] |
|  Net Losses ($) | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] |
|  Net Losses as a Percentage of Average Dollar Amount of Lease Contracts Outstanding | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% |

---

------

<sup>(1)</sup> Data presented in the table is based upon Lease Balances for new and pre-owned automobiles (including those that have been sold but are serviced by MBFS USA).

<sup>(2)</sup> Outstanding balance is equal to the net book value of the related lease.

<sup>(3)</sup> Averages are computed by taking an average of the month-end outstanding amounts for each period presented.

<sup>(4)</sup> Accounts where the vehicle was repossessed and sold.

<sup>(5)</sup> Charge-offs generally represent the total aggregate outstanding Lease Balance of the Leases determined to be uncollectible in the period less proceeds from disposition of the related leased vehicles, other than recoveries described in note (7). For a description of MBFS USA's charge-off policy and a description of recent changes to that policy, see *"MBFS USA—Charge-offs."*

<sup>(6)</sup> Recoveries generally include amounts received with respect to lease contracts previously charged-off, net of the proceeds realized in connection with the sale of the related leased vehicles.

<sup>(7)</sup> Percentages are annualized for partial year data.

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**Residual Value Loss Experience**<sup>(1)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the** [●] **Months Ended** [ ] | **For the** [●] **Months Ended** [ ] | **For the** [●] **Months Ended** [ ] | **For the** [●] **Months Ended** [ ] |
|  | | 20[ ]<br>|  | 20[ ]<br>|
| &nbsp;&nbsp;&nbsp; Total Number of Vehicles<br> Terminated<sup>(2)</sup><br>| [●] | [●] | [●] | [●] |
|  Number of Vehicles Returned to MBFS USA<sup>(2)</sup> | [●] | [●] | [●] | [●] |
|  Vehicles Returned to MBFS USA Ratio | [●]% | [●]% | [●]% | [●]% |
|  Total Gain/(Loss) on Residuals on Vehicles Returned to MBFS USA<sup>(3)(4)</sup> | $[●] | [●] | $[●] | [●] |
|  Average Gain/(Loss) on Residuals on Vehicles Returned to MBFS USA<sup>(3)(4)</sup> | $[●] | [●] | $[●] | [●] |
|  Total ALG Residual on Vehicles Returned to MBFS USA<sup>(3)</sup> | $[●] | [●] | $[●] | [●] |
|  Total Gain/(Loss) on Residuals on Vehicles Returned to MBFS USA as a<br> Percentage of ALG Residuals of Returned Vehicles sold by MBFS USA<sup>(3)(4)</sup> | [●]% | [●]% | [●]% | [●]% |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, |
|  | | 20[ ]<br>|  | 20[ ]<br>|  | 20[ ]<br>|  | 20[ ]<br>|  | 20[ ]<br>|
|  Total Number of Vehicles<br> Terminated<sup>(2)</sup> | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] |
|  Number of Vehicles Returned to MBFS USA<sup>(2)</sup> | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] |
| &nbsp;&nbsp;&nbsp; Vehicles Returned to MBFS USA<br> Ratio | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% |
|  Total Gain/(Loss) on Residuals on Vehicles Returned to MBFS USA<sup>(3)(4)</sup> | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] |
|  Average Gain/(Loss) on Residuals on Vehicles Returned to MBFS USA<sup>(3)(4)</sup> | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] |
|  Total ALG Residual on Vehicles Returned to MBFS USA<sup>(3)</sup> | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] |
|  Total Gain/(Loss) on Residuals on Vehicles Returned to MBFS USA as a Percentage of ALG Residuals of Returned Vehicles sold by MBFS USA<sup>(3)(4)</sup> | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% | [●]% |

---

------

<sup>(1)</sup> Data presented in the table is based upon lease balances for new and pre-owned automobiles (including those that have been sold but are serviced by MBFS USA).

<sup>(2)</sup> Excludes repossessions, skips and vehicles in inventory, but includes early terminations.

<sup>(3)</sup> If ALG at inception was not available, the gain/(loss) was calculated based on the related contract residual value.

<sup>(4)</sup> Residual loss is net of remarketing expenses and end of lease collections.

As the characteristics of the Leases will be different from those of MBFS USA's entire portfolio of leases, no assurances can be given that the performance of the Leases will be similar. In addition, delinquency, repossession and loss experience may be influenced by a variety of economic and geographic conditions and other factors. As a result, no assurances can be given that the performance of the Leases will be similar, particularly during periods of economic disruption or downturn to the historical delinquency, credit loss and residual loss information included in the tables above.

#### Repurchase History
The transaction documents for prior securitizations of motor vehicle retail leases sponsored by MBFS USA require MBFS USA or the depositor to repurchase a lease for breach of the representations made about the leases that has a material adverse effect on the lease and is not corrected before the date the lease is required to be repurchased.

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[During the three years ending [_________], 20[__], no assets underlying a securitization of motor vehicle retail leases sponsored by MBFS USA were the subject of a demand to repurchase for breach of any representation or warranty, and there was no activity with respect to any demand made prior to such period.]

[The following table provides information regarding the demand and repurchase history with respect to the motor vehicle retail leases securitized by MBFS USA during the period from [ ] to [ ].

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuing** <br> **Entity**<br>| **Check if** <br> **Registered**<br>| **Name of** <br> **Originator**<br>| **Total** <br> **Receivables** <br> **in ABS by** <br> **Originator**<br>| **Receivables** <br> **That Were** <br> **Subject of** <br> **Demand**<br>| **Receivables** <br> **That Were** <br> **Repurchased** <br> **or Replaced**<br>| **Receivables** <br> **Pending** <br> **Repurchase or** <br> **Replacement** <br> **(within cure** <br> **period)**<br>| **Demand** <br>**in** <br> **Dispute**<br>| **Demand** <br> **Withdrawn**<br>| **Demand** <br> **Rejected**<br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust<br> 201_-_<br> [CIK#] |  |  |  | # $% | # $% | # $% | # $% | # $% | # $% |
| &nbsp;&nbsp;&nbsp; <br> Mercedes-Benz Auto Lease Trust<br> 201_-_<br> [CIK#] |  |  |  | # $% | # $% | # $% | # $% | # $% | # $% |
|  Total |  |  |  |  |  |  |  |  | ] |

---

MBFS USA, as securitizer, discloses all fulfilled and unfulfilled repurchase requests for assets that were the subject of a demand to repurchase on SEC Form ABS-15G. MBFS USA filed its most recent Form ABS-15G with respect to repurchase demands with the SEC on February 5, 2025. The report can be accessed on the SEC's website (www.sec.gov) using MBFS USA's CIK number, which is set forth on the cover page.

#### Affiliations and Related Transactions
The Titling Trust, the Initial Beneficiary, the Titling Trust Administrator and the Depositor are affiliates of MBFS USA. MBFS USA, which acts as Sponsor, Servicer and Administrator, is the sole equity member of the Depositor. There is not currently, and there was not during the past two years, any material business relationship, agreement, arrangement, transaction or understanding that is or was entered into outside the ordinary course of business or is or was on terms other than would be obtained in an arm's length transaction with an unrelated third party, between any of the Titling Trust, the Initial Beneficiary, the Titling Trust Administrator, the Depositor, the Issuer and the Sponsor.

The Indenture Trustee is an affiliate of the Collateral Agent.

#### The Exchange Note

#### General
As further described under "*The Titling Trust*," the Lender provides an ongoing source of funds to finance the acquisition of leases and the related leased vehicles by the Titling Trust. With the consent of the Initial Beneficiary, the Lender has the right and option to request that the Titling Trust issue the Exchange Note to the Lender.

The Exchange Note will be issued by the Titling Trust under the Exchange Note Supplement to the Collateral Agency Agreement. To provide for the servicing of the Leases and the related Leased Vehicles in the Reference Pool, the Titling Trust, the Collateral Agent and the Servicer will enter into the Servicing Agreement.

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The Exchange Note will be secured by the Leases and Leased Vehicles allocated to the Reference Pool, which Leases and Leased Vehicles are pledged by the Titling Trust to the Collateral Agent under the Collateral Agency Agreement for the benefit of the Lender and each subsequent holder of the Exchange Note. In addition to the Reference Pool, the Exchange Note will be secured by certain other assets, which include the following:

• amounts in the Exchange Note Collection Account for the Reference Pool, received in respect of the Leases or the sale or other disposition of the Leased Vehicles after the Cutoff Date;

• certain monies due under or payable in respect of the Leases and the Leased Vehicles after the Cutoff Date, including the right to receive payments made to the Titling Trust, the Titling Trustee or the Servicer under any insurance policy relating to the Leases, the Leased Vehicles or the related lessees;

<br> • the right to receive the proceeds of any dealer recourse;

<br> • all other assets of the Titling Trust related to the Leases and the Leased Vehicles; and

<br> • all proceeds of the foregoing.

The initial principal amount of the Exchange Note will be $[●] [[if the Initial Note Balance is $[●], or $[●], if the Initial Note Balance is $[●]]]. The Exchange Note will bear interest at a per annum rate equal to [●]% per annum. The final scheduled maturity date of the Exchange Note will be [_________], 20[__].

None of the Issuer, the Noteholders or the Certificateholders will have a legal or beneficial interest in the revolving facility pool, any Other Reference Pool, any Other Exchange Note or any other assets of the Titling Trust.

#### Payments on the Exchange Note
On or prior to each Payment Date, the Servicer will instruct the Indenture Trustee to make the following distributions on such Payment Date in an amount equal to the designated pool collections for such payment date from the Exchange Note Collections Account in the following order of priority:

<br> (1) to the Servicer, the Servicing Fee (plus any overdue Servicing Fees for one or more prior Collection Periods) and any Nonrecoverable Advances for the related Collection Period;

<sup>(2)</sup> to the Issuer, in its capacity as owner of the Exchange Note, the Exchange Note Interest Payment Amount;<br>

<sup>(3)</sup> to the Issuer, in its capacity as owner of the Exchange Note, the Exchange Note Principal Payment Amount, as a payment of principal of the Exchange Note until the Exchange Note balance has been reduced to zero;<br>

<sup>(4)</sup> the amount, if any, by which the amounts payable by the Issuer on the Notes under clauses (1) through [(8)] under *"Application of Available Funds —Priority of Payments"* (or, if applicable, under clauses (1) through [(7)] under *"Description of the Notes—Priority of Distributions Will Change if the Notes Are Accelerated Following an Event of Default"*) on that Payment Date exceed the amount it received pursuant to clauses (2) and (3) above on that Payment Date; and<br>

<sup>(5)</sup> all remaining amounts, to be distributed to the Issuer for distribution on the Certificates.<br>

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 *[**Table of Contents**](#TableofContents)*<br>

#### Transfers of the Exchange Note
Upon issuance by the Titling Trust of the Exchange Note to the Lender, the Exchange Note will be sold by MBFS USA to the Depositor pursuant to the First-Tier Sale Agreement. MBFS USA will covenant to treat the conveyance of the Exchange Note to the Depositor as an absolute sale and contribution, rather than a pledge or assignment of only a security interest, for all purposes.

Immediately after the transfer of the Exchange Note to the Depositor, the Depositor will:

<br> • sell, transfer and assign to the Issuer, without recourse, all of its right, title and interest in and to the Exchange Note, including all collections thereon, under the Second-Tier Sale Agreement; and

<br> • deliver the Exchange Note to the Issuer.

In exchange for the assets transferred by the Depositor, the Issuer will transfer to the Depositor the Notes and the Certificates.

Immediately following the transfer of the Exchange Note to the Issuer, the Issuer will pledge its interest in the Trust Estate, which includes the Exchange Note, to the Indenture Trustee as security for the Notes.

#### Exchange Note Default
Any of the following events or occurrences with respect to the Exchange Note will constitute an Exchange Note Default:

<br> • the Titling Trust fails to pay or cause to be paid any part of the interest due and payable on the Exchange Note specified in the Exchange Note Supplement and that failure continues for five Business Days after the due date;

• the Titling Trust fails to pay or cause to be paid any principal of the Exchange Note on the final scheduled maturity date of the Exchange Note and, if such failure is due to an administrative omission, mistake or technical difficulty, that failure continues for five Business Days after the date when such principal became due;

• there is a default in the observance or performance of any covenant or agreement of the Titling Trust made in the Collateral Agency Agreement or the Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default), the holders of the Exchange Note are materially and adversely affected by such default and such default is not cured on or before the 60th day after the Titling Trust has received a notice from the holders of the Exchange Note that states that it is a "notice of Exchange Note Default" and specifies the default; and

• any representation or warranty of the Titling Trust made in the Collateral Agency Agreement, the Exchange Note Supplement or in any certificate or other document delivered in connection with the Collateral Agency Agreement or the Exchange Note Supplement proves to have been incorrect as of the time made, the holders of the Exchange Note are materially and adversely affected by such incorrectness and such incorrectness is not cured on or before the 60th day after the Titling Trust has received a notice from such holders of the Exchange Note that states that it is a "notice of Exchange Note Default" and specifies the default.

Within two Business Days after an authorized officer of the Titling Trustee or MBFS USA, as Titling Trust Administrator, first has actual knowledge of the occurrence of an Exchange Note Default with respect to the Exchange Note, the Titling Trustee or the Titling Trust Administrator, as applicable, will notify the Servicer, the Administrative Agent and the holder of the Exchange Note of its status and what action, if any, is being taken or is proposed to be taken with respect to that Exchange Note Default.

If an Exchange Note Default occurs and is continuing with respect to the Exchange Note, the holder of the Exchange Note (which shall be the Indenture Trustee acting on behalf of holders of 66 2/3% of the Note Balance of the [Notes][Controlling Class]) may, by notice to the Titling Trust, the Servicer, the Collateral Agent and the Administrative Agent, declare the Exchange Note to be immediately due and payable, and upon any such declaration the outstanding principal amount of the Exchange Note, together with accrued and unpaid interest thereon through the date of acceleration, will become immediately due and payable.

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If an event of bankruptcy of the Titling Trust has occurred and is continuing or an Exchange Note Default has occurred and is continuing and the holder of the Exchange Note has declared the Exchange Note to be immediately due and payable, subject to certain limitations on enforcement set forth in the Collateral Agency Agreement, the holder of the Exchange Note may (1) commence appropriate proceedings and pursue any of its other rights, remedies, powers or privileges under the Collateral Agency Agreement, the Exchange Note Supplement or otherwise and (2) direct the Collateral Agent to, and the Collateral Agent will, (a) institute proceedings for the complete or partial foreclosure on the Leases and Leased Vehicles included in the Reference Pool, (b) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of such holder of the Exchange Note and/or (c) sell or otherwise liquidate all or a portion of the collateral pledged to the Collateral Agent under the Collateral Agency Agreement and included in the Reference Pool, or any right or interest included in that collateral, at one or more public or private sales called and conducted in any manner permitted by law. The proceeds of any liquidation or sale of the collateral included in the Reference Pool will be applied in the manner as set forth herein.

#### The Leases

#### General
The Issuer will own the Exchange Note, which is backed by the Reference Pool consisting of the Leases and the Leased Vehicles, which will be described in a schedule appearing as an exhibit to the Servicing Agreement. As of the Cutoff Date, [[if the Initial Note Balance is $[●], [t]]] [T]he Reference Pool consisted of a pool of [●] Leases and the related Leased Vehicles with a Cutoff Date Aggregate Securitization Value of $[●]. [[As of the Cutoff Date, if the Initial Note Balance is $[●], the Reference Pool consisted of a pool of [●] Leases and the related Leased Vehicles with a Cutoff Date Aggregate Securitization Value of $[●].]]

The Aggregate Securitization Value for any date will mean an amount calculated as of the close of business on such day equal to the sum of the Securitization Values of all Leases. For more information regarding how the Securitization Value for each Lease is calculated, see *"*—*Calculation of the Securitization Value of the Leases*."

Each of the Leases was purchased by the Titling Trust from a dealer in the ordinary course of such dealer's business in accordance with the underwriting procedures described under *"MBFS USA—Underwriting*." The Leases are operating leases under generally accepted accounting principles and have been selected by the Sponsor based upon the criteria specified in the Servicing Supplement and described below and under *"—Representations and Warranties."* All Leased Vehicles have been or will be titled in the name of the Titling Trust [(which, for Leased Vehicles relating to Leases purchased prior to the merger described under *"The Titling Trust—General,"* is "Daimler Trust")] or the Titling Trustee on behalf of the Titling Trust.

Currently, MBFS USA securitizes leases that were originated in all States except Wyoming. MBFS USA will represent and warrant that aside from such criteria, it used no adverse selection procedures in selecting the Leases from the pool of leases for allocation to the Reference Pool and that aside from such criteria, it is not aware of any bias in the selection of the Leases that would cause delinquencies or losses on the Leases to be worse than any other leases held by the Titling Trust. There can be no assurance, however, as to actual delinquencies or losses on the Leases.

Each Lease will provide for a Base Monthly Payment that incorporates depreciation, all amortized amounts and a rent charge. The Base Monthly Payment does not include other amounts payable by the lessee, such as late charges, returned check/electronic payment fees, taxes and similar items (some of which may be retained by the Servicer as supplemental servicing fees). The Base Monthly Payment is calculated using the adjusted capitalized cost, which represents the agreed upon value of the related Lease Vehicle (which value may exceed the manufacturer's suggested retail price and may include certain fees and costs related to the origination of the Lease) and any other items paid over the lease term such as service contracts and any outstanding prior credit or lease balance, less any trade-in allowance, rebate, cash and non-cash credits. The adjusted capitalized cost less the Contract Residual Value equals the depreciation charge and amortized amounts. The rent charge is added to the depreciation and amortized amounts to arrive at the total of Base Monthly Payments under the Lease.

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 *[**Table of Contents**](#TableofContents)*<br>

All of the Leases will be closed-end leases. Under a closed-end lease, at the end of its term, if the lessee does not elect to purchase the related Leased Vehicle by exercise of the purchase option contained in such Lease contract, the lessee is required to return the Leased Vehicle to MBFS USA, at which time the lessee will then owe (in addition to unpaid monthly payments) only incidental charges for excess mileage, excessive wear and tear and other items as may be due or past due under such Lease.

An amount equal to the Sales Proceeds from sales of Leased Vehicles to the lessees, dealers or at auction and all amounts assessed and collected by the Servicer in connection with excessive wear and tear and excess mileage charges upon return of the Leased Vehicles will be available to make payments in respect of the Exchange Note. Because the Leases are closed-end leases, the lessees will not be responsible for any amount by which the Contract Residual Value of the Leased Vehicle exceeds the Sales Proceeds received for the Leased Vehicle at expiration of the Lease.

Each Lease will provide that the lessee or the lessor may terminate the Lease before the scheduled end of the Lease term in the circumstances discussed below. In addition, MBFS USA may adopt incentive plans that encourage lessees to terminate Leases before the related scheduled end of term. See *"MBFS USA—Extensions and Pull-Ahead Programs."*

The lessee may purchase the Leased Vehicle before scheduled lease end for an amount equal to (1) any lease payments or other amounts due under the lease at the time of termination, plus (2) all applicable fees and taxes assessed on or billed in connection with the lease or the vehicle, plus (3) an amount equal to the vehicle turn-in fee, where allowed by law, plus (4) the adjusted lease balance, plus (5) 4% of the adjusted lease balance, where allowed by state law.

In addition to purchasing the Leased Vehicle, a lessee has the right to cause an early termination by returning the Leased Vehicle to MBFS USA. A lessee who terminates their Lease early will be assessed an Early Return of Vehicle Charge, if allowed by state law. In most states this charge is equal to the lesser of the following two calculations as allowed by state law:

• The sum of (1) all unpaid monthly payments that have accrued up to the date of termination, plus (2) all other unpaid amounts, other than excess wear and use and mileage charges due under the Lease, plus (3) all official fees and taxes related to the Lease or the Leased Vehicle in connection with Lease termination, plus (4) any turn-in fee specified in the Lease, plus (5) any positive amount determined by subtracting the Leased Vehicle's then fair market wholesale value from the adjusted lease balance, plus (6) any early termination fee specified in the Lease.

• The sum of (1) all monthly payments not yet due under the Lease, plus (2) all unpaid monthly payments that have accrued up to the date of termination, plus (3) all other unpaid amounts due under the Lease, plus (4) all official fees and taxes related to the Lease or the Leased Vehicle in connection with lease termination, plus (5) any turn-in fee specified in the Lease, plus (6) any amounts assessed by the Servicer as a result of excessive wear and tear or excess mileage.

The adjusted lease balance is calculated by reducing the adjusted capitalized cost each month, on each monthly payment due date, by the difference in the base monthly payment and the part of the rent charge earned in that month calculated on a constant yield basis.

Each Lease will provide that MBFS USA may terminate the Lease and repossess the related Leased Vehicle following a Lease Default. Typical Lease Defaults include, but may not be limited to, failure of the lessee to make payments when due, certain events of bankruptcy or insolvency of the lessee, failure to maintain required insurance, failure to comply with any other term or condition of the Lease or any other act by the lessee constituting a default under applicable law. MBFS USA does not track lessees' compliance with their insurance maintenance obligations.

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 *[**Table of Contents**](#TableofContents)*<br>

If a lessee is in default of a Lease, the lessee will be liable for Early Termination Liability, according to the following calculation, as allowed by law: the sum of (1) all unpaid monthly payments that have accrued up to the date of termination, plus (2) all other unpaid amounts, other than excess wear and use and mileage charges due under the Lease, plus (3) all official fees and taxes related to the Lease or the Leased Vehicle in connection with Lease termination, plus (4) any turn-in fee specified in the Lease, plus (5) any positive amount determined by subtracting the Leased Vehicle's then fair market wholesale value from the adjusted lease balance, plus (6) any early termination fee specified in the Lease.

The lessee will also be liable, to the extent not prohibited by law, for all expenses incurred by MBFS USA related to recovering, storing and preparing for sale and selling the related Leased Vehicle, including any attorney's fees, collection costs and court costs.

If a lessee is in default of a Lease, MBFS USA may do any or all of the following:

<br> • take any reasonable measures to correct the default or save MBFS USA from loss;

<br> • terminate the Lease and the lessee's rights to use and possess the Leased Vehicle, and if the lessee does not voluntarily return the Leased Vehicle, take possession of the Leased Vehicle by any method permitted by law;

• make a claim for insurance, service, maintenance or other optional contract benefits or refunds available on the lessee's default and apply such amounts to the amount owed under the Lease; or

<br> • pursue any other remedy permitted by law.

#### Pool Underwriting
The Reference Pool Assets were originated in accordance with the underwriting criteria described in "*MBFS USA—Underwriting*." The Sponsor does not consider any of the Reference Pool Assets to constitute exceptions to its underwriting criteria.

#### Selection of the Leases
The Leases will be selected randomly from the leases held by the Titling Trust for inclusion in the Reference Pool, by reference to several criteria. Certain of these criteria include the requirement that, as of the Cutoff Date, each Lease:

<br> • was originated in one of the 50 States of the United States;

<br> • had an original term to maturity of not more than [●] months and not fewer than [●] months;

<br> • provides for level scheduled monthly payments that fully amortize the initial Lease Balance of the lease at the Contract Rate to the related Contract Residual Value over the lease term;

<br> • is not delinquent by more than 30 days and is not a defaulted lease;

<br> • does not relate to a lessee who is the subject of a bankruptcy proceeding;

<br> • was originated in compliance with customary origination practices;

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• relates to a Lease that had a Securitization Value as of the Cutoff Date no greater than $[●] and no less than $[●]; and

<br> • was not selected using selection procedures believed by MBFS USA to be adverse to the Noteholders.

Each Lease will also comply with certain representations and warranties, as set forth under "—*Representations and Warranties*."

The following table sets forth the delinquency experience regarding the Leases that will be in the Reference Pool [[if the Initial Note Balance is $[●]]]:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Historical Delinquency Status | **Number of** <br> **20[__]-[_]** <br> **Leases**<br>| **Percentage of**<br> **Total Number of** <br> **20[__]-[_]** <br> **Leases**<sup>(1)</sup> | **Securitization** <br> **Value as of the** <br> **Cutoff Date**<br>| **Percentage of** <br> **Cutoff Date**<br> **Aggregate** <br> **Securitization** <br> **Value**<sup>(1)</sup> |
|  Delinquent no more than once for 31-60 days<sup>(2)</sup> | [●] | [●]% | $[●] | [●]% |
|  Delinquent at least once for 61 days or more | [●] | [●]% | [●] | [●]% |
|  No history of delinquency | [●] | [●]% | [●] | [●]% |
| &nbsp;&nbsp;&nbsp; Total | [●] | 100.00% | $[●] | 100.00% |

---

------

<sup>(1)</sup> Percentages may not add to 100.00% due to rounding.

<sup>(2)</sup> Delinquent no more than once for 31-60 days represents Leases that were delinquent once but never exceeded 60 days past due.

[[The following table sets forth the delinquency experience regarding the Leases that will be in the Reference Pool if the Initial Note Balance is $[●]:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Historical Delinquency Status | **Number of** <br> **20[__]-[_]** <br> **Leases**<br>| **Percentage of**<br> **Total Number of** <br> **20[__]-[_]** <br> **Leases**<sup>(1)</sup> | **Securitization** <br> **Value as of the** <br> **Cutoff Date**<br>| **Percentage of** <br> **Cutoff Date**<br> **Aggregate** <br> **Securitization** <br> **Value**<sup>(1)</sup> |
|  Delinquent no more than once for 31-60 days<sup>(2)</sup> | [●] | [●]% | $[●] | [●]% |
|  Delinquent at least once for 61 days or more | [●] | [●]% | [●] | [●]% |
|  No history of delinquency | [●] | [●]% | [●] | [●]% |
| &nbsp;&nbsp;&nbsp; Total | [●] | 100.00% | $[●] | 100.00% |

---

------

<sup>(1)</sup> Percentages may not add to 100.00% due to rounding.

<sup>(2)</sup> Delinquent no more than once for 31-60 days represents Leases that were delinquent once but never exceeded 60 days past due. ]]

#### Initial Asset-Level Data
The Depositor prepared asset-level data and information for the Reference Pool [[if the Initial Note Balance is $[●],]] and the Issuer filed such data and information with the SEC by the date of filing of this prospectus as exhibits to the related Form ABS-EE, or the "initial asset-level data." [Each s][S]uch Form ABS-EE filed with the SEC by the date of filing of this prospectus, and any information attached as exhibits to the form, is incorporated by reference into this prospectus. The initial asset-level data contains detailed information for each Lease and Leased Vehicle about its identification, origination, lease terms, leased vehicle, lessee, payment activity, servicing and status. Certain asset-level data, such as data related to scheduled termination dates and vehicle types, may not match the data provided in this prospectus due to differences in how this data is required to be reported for asset-level data and how this data is reported for this prospectus. Investors should carefully review the initial asset-level data, including any asset related document attached as an exhibit to [each][the] Form ABS-EE.

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 *[**Table of Contents**](#TableofContents)*<br>

#### Characteristics of the Leases
Characteristics of the Leases and Leased Vehicles as of the Cutoff Date [[if the Initial Note Balance is $[●]and $[●]]] are as set forth in the following tables. [[NOTE: where alternate pools are disclosed in a 424(h) prospectus, separate tables are presented for each pool]]

#### Composition of the 20[__]-[_] Leases as of the Cutoff Date

#### [[(If the Initial Note Balance is $[●])]]

---

| | |
|:---|:---|
|  Cutoff Date Aggregate Securitization Value | $[●] |
|  Number of 20[__]-[_] Leases | [●] |
|  Average Securitization Value | $[●] |
|  Securitization Value Range | $[●] |
|  Percentage Mercedes-Benz Passenger Cars | [●]% |
|  Percentage Mercedes-Benz Sport Utility Vehicles/Crossovers | [●]% |
|  Aggregate Residual Value | $[●] |
|  Aggregate Residual Values as a Percentage of the Cutoff Date Aggregate Securitization Value | [●]% |
|  Average Residual Value | $[●] |
|  Residual Value Range | $[●] to $[●] |
|  Aggregate of Discounted Residual<sup>(1)</sup> as a Percentage of the Cutoff Date Aggregate Securitization Value | [●]% |
|  Weighted Average Original Term<sup>(2)</sup> | [●] months |
|  Original Term Range | [●] to [●] months |
|  Weighted Average Remaining Term<sup>(2)</sup> | [●] months |
|  Remaining Term Range | [●] to [●] months |
|  Weighted Average FICO<sup>®</sup> Score<sup>(2)</sup> | [●] |
|  Range of FICO<sup>®</sup> Scores | [●] to [●] |

---

------

<sup>(1)</sup> Discounted by the Securitization Rate.

<sup>(2)</sup> Weighted by Cutoff Date Aggregate Securitization Value.

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 *[**Table of Contents**](#TableofContents)*<br>

#### [[Composition of the 20[__]-[_] Leases as of the Cutoff Date

#### (If the Initial Note Balance is $[●])

---

| | |
|:---|:---|
|  Cutoff Date Aggregate Securitization Value | $[●] |
|  Number of 20[__]-[_] Leases | [●] |
|  Average Securitization Value | $[●] |
|  Securitization Value Range | $[●] |
|  Percentage Mercedes-Benz Passenger Cars | [●]% |
|  Percentage Mercedes-Benz Sport Utility Vehicles/Crossovers | [●]% |
|  Aggregate Residual Value | $[●] |
|  Aggregate Residual Values as a Percentage of the Cutoff Date Aggregate Securitization Value | [●]% |
|  Average Residual Value | $[●] |
|  Residual Value Range | $[●] to $[●] |
|  Aggregate of Discounted Residual<sup>(1)</sup> as a Percentage of the Cutoff Date Aggregate Securitization Value | [●]% |
|  Weighted Average Original Term<sup>(2)</sup> | [●] months |
|  Original Term Range | [●] to [●] months |
|  Weighted Average Remaining Term<sup>(2)</sup> | [●] months |
|  Remaining Term Range | [●] to [●] months |
|  Weighted Average FICO<sup>®</sup> Score<sup>(2)</sup> | [●] |
|  Range of FICO<sup>®</sup> Scores | [●] to [●] |

---

------

<sup>(1)</sup> Discounted by the Securitization Rate.

<sup>(2)</sup> Weighted by Cutoff Date Aggregate Securitization Value.

]]

The FICO<sup>®</sup> score for each lessee of a Lease was determined at the time of application. [A FICO<sup>®</sup> score is a measurement determined by Fair Isaac Corporation using information collected by the major credit bureaus to assess credit risk. FICO<sup>®</sup> models are updated from time to time. The FICO<sup>®</sup> scores used with respect to the 20[__]-[_] Leases are known as FICO<sup>®</sup> 8 scores. MBFS USA has been utilizing FICO<sup>®</sup> 8 scores since 2011. FICO<sup>®</sup> scores are intended to show the likelihood that an individual might default on a debt based on past credit history. An individual's credit history may not reliably predict his or her future creditworthiness. Additionally, the reliability of the credit scoring the FICO<sup>®</sup> scores provide is limited by the accuracy of the data contained within the credit bureau files. Accordingly, FICO<sup>®</sup> scores should not necessarily be relied upon as a meaningful predictor of the performance of the Leases.]

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 *[**Table of Contents**](#TableofContents)*<br>

#### Distribution of the 20[__]-[_] Leases by Original Term to Maturity

#### as of the Cutoff Date

#### [[(If the Initial Note Balance is $[●])]]

---

| | | |
|:---|:---|:---|
| **Original Term to** <br> **Maturity (months)**<br>| **Percentage of** <br> **Total Number of** <br> **20[__]-[_]** <br> **Leases**<sup>(1)</sup><br>| **Percentage of** <br> **Cutoff Date** <br> **Aggregate** <br> **Securitization** <br> **Value**<sup>(1)</sup><br>|
| 13-24<br>| % | $% |
| 25-36<br>|  |  |
| 37-48<br>|  |  |
| 49-60<br>|  |  |
| &nbsp;&nbsp;&nbsp; Total<br>| 100.00% | $100.00% |

---

------

<sup>(1)</sup> Percentages may not add to 100.00% due to rounding.

#### Distribution of the 20[__]-[_] Leases by Remaining Term to Maturity

#### as of the Cutoff Date

#### [[(If the Initial Note Balance is $[●])]]

---

| | | |
|:---|:---|:---|
| **Remaining Term to** <br> **Maturity (months)**<br>| **Percentage of** <br> **Total Number of** <br> **20[__]-[_]** <br> **Leases**<sup>(1)</sup><br>| **Percentage of** <br> **Cutoff Date** <br> **Aggregate** <br> **Securitization** <br> **Value**<sup>(1)</sup><br>|
| 1-12 <br>| % | $% |
| 13-24<br>|  |  |
| 25-36<br>|  |  |
| 37-48<br>|  |  |
| 49-60<br>|  |  |
| &nbsp;&nbsp;&nbsp; Total<br>| 100.00% | $100.00% |

---

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<sup>(1)</sup> Percentages may not add to 100.00% due to rounding.

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 *[**Table of Contents**](#TableofContents)*<br>

#### Distribution of the 20[__]-[_] Leases by FICO® Score Range

#### as of the Cutoff Date

#### [[(If the Initial Note Balance is $[●])]]

---

| | | |
|:---|:---|:---|
| FICO<sup>®</sup> Score Range | **Percentage of** <br> **Total Number of** <br> **20[__]-[_]** <br> **Leases**<sup>(1)</sup><br>| **Percentage of** <br> **Cutoff Date** <br> **Aggregate** <br> **Securitization <br> Value**<sup>(1)</sup><br>|
| 600-649<br>| % | $% |
| 650-699 <br>|  |  |
| 700-749<br>|  |  |
| 750-799<br>|  |  |
| 800-849<br>|  |  |
| 850-899<br>|  |  |
| &nbsp;&nbsp;&nbsp; Total<br>| 100.00% | $100.00% |

---

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<sup>(1)</sup> Percentages may not add to 100.00% due to rounding.

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 *[**Table of Contents**](#TableofContents)*<br>

#### Distribution of the 20[__]-[_] Leased Vehicles by State

#### as of the Cutoff Date

#### [[(If the Initial Note Balance is $[●])]]

---

| | | |
|:---|:---|:---|
| State | **Percentage of** <br> **Total Number of** <br> **20[__]-[_]** <br> **Leases**<sup>(1)</sup><br>| **Percentage of** <br> **Cutoff Date** <br> **Aggregate** <br> **Securitization** <br> **Value**<sup>(1)</sup><br>|
|  [California]<br>| % | $% |
|  [Florida]<br>|  |  |
|  [New York]<br>|  |  |
|  [New Jersey]<br>|  |  |
|  [Texas]<br>|  |  |
|  [●]<br>|  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●] |  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  [●]<br>|  |  |
|  Other<sup>(2)</sup><br>|  |  |
| &nbsp;&nbsp;&nbsp; Total<br>| 100.00% | $100.00% |

---

------

<sup>(1)</sup> Percentages may not add to 100.00% due to rounding.

<sup>(2)</sup> Each State included in the "Other" category accounted for less than 0.20% of the Cutoff Date Aggregate Securitization Value.

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#### Distribution of the 20[__]-[_] Leased Vehicles by Model

#### as of the Cutoff Date

#### [[(If the Initial Note Balance is $[●])]]

---

| | | | |
|:---|:---|:---|:---|
| Model | **Percentage of** <br> **Total Number of** <br> **20[__]-[_] Leases**<sup>(1)</sup><br>| **Securitization**<br> **Value as of the** <br> **Cutoff Date**<br>| **Percentage of** <br>**Cutoff Date** <br> **Aggregate** <br> **Securitization** <br> **Value**<sup>(1)</sup><br>|
| [C<br>| [●]% | $[●] | [●]% |
| E<br>| [●] | [●] | [●] |
| GLK/GLC<br>| [●] | [●] | [●] |
| ML/GLE<br>| [●] | [●] | [●] |
| S<br>| [●] | [●] | [●] |
| GL/GLS<br>| [●] | [●] | [●] |
| GLA<br>| [●] | [●] | [●] |
| CLA<br>| [●] | [●] | [●] |
| G<br>| [●] | [●] | [●] |
| SL<br>| [●] | [●] | [●] |
| GT/GTS<br>| [●] | [●] | [●] |
| CLS<br>| [●] | [●] | [●] |
| SLK/SLC]<br>| [●] | [●] | [●] |
| Total<br>| 100.00% | $[●] | 100.00% |

---

------

<sup>(1)</sup> Percentages may not add to 100.00% due to rounding.

#### Distribution of 2025-A Leases by Fuel Type as of the Cutoff Date

#### (if the Initial Note Balance is $[●])

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Fuel Type**<br>| **Number of** <br> **2025-A Leases**<br>| **Percentage of** <br> **Total Number of**<br> **2025-A Leases**<sup>(1)</sup><br>| **Securitization** <br> **Value as of the <br> Cutoff Date**<br>| **Percentage of** <br> **Cutoff Date**<br> **Aggregate** <br> **Securitization** <br> **Value** <sup>(1)</sup><br>|
|  Battery Electric |  | % | $— | % |
|  Gasoline<br>|  |  |  |  |
|  Plug-in Hybrid |  |  | $— |  |
| &nbsp;&nbsp;&nbsp; Total<br>|  | 100.00% |  | 100.00% |

---

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#### Distribution of the 20[__]-[_] Leased Vehicles by Year and Quarter of Maturity

#### as of the Cutoff Date

#### [[(If the Initial Note Balance is $[●])]]

---

| | | |
|:---|:---|:---|
| Year and Quarter of Maturity | **Percentage of** <br> **Total Number of** <br> **20[__]-[_]** <br> **Leases**<sup>(1)</sup><br>| **Percentage of** <br> **Cutoff Date** <br> **Aggregate** <br> **Securitization** <br> **Value**<sup>(1)</sup><br>|
|  20[__] 1st Quarter | % | % |
|  20[__] 2nd Quarter |  |  |
|  20[__] 3rd Quarter |  |  |
|  20[__] 4th Quarter |  |  |
|  20[__] 1st Quarter |  |  |
|  20[__] 2nd Quarter |  |  |
|  20[__] 3rd Quarter |  |  |
|  20[__] 4th Quarter |  |  |
|  20[__] 1st Quarter |  |  |
|  20[__] 2nd Quarter |  |  |
|  20[__] 3rd Quarter |  |  |
|  20[__] 4th Quarter |  |  |
|  20[__] 1st Quarter |  |  |
|  20[__] 2nd Quarter |  |  |
|  20[__] 3rd Quarter |  |  |
|  20[__] 4th Quarter |  |  |
|  20[__] 1st Quarter |  |  |
|  20[__] 2nd Quarter |  |  |
|  20[__] 3rd Quarter |  |  |
| &nbsp;&nbsp;&nbsp; Total<br>| 100.00% | $100.00% |

---

------

<sup>(1)</sup> Percentages may not add to 100.00% due to rounding.

[[NOTE: where alternate pools are disclosed in a Rule 424(h) prospectus, separate tables will be provided for each pool.]]

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 *[**Table of Contents**](#TableofContents)*<br>

#### Review of Reference Pool Assets
In connection with the offering of the Notes, the Depositor performed a review of the Reference Pool Assets, including the Leases. The review was designed and effected to provide the Depositor with reasonable assurance that the information regarding the Reference Pool Assets contained in this prospectus is accurate in all material respects.

In selecting the leases to be included in the Reference Pool, the Sponsor and the Depositor followed their standard practices and methodologies to test and confirm the accuracy in all material respects of the information set forth in this prospectus. The Sponsor used information from its portfolio management system and other system sources to create an electronic file or "data tape" for the Reference Pool. The data tape contains relevant data regarding the Reference Pool Assets on a per-asset basis. The Depositor used information in, or derived from, the data tape to prepare the pool composition and distribution tables set forth under "*The Leases— Characteristics of the Leases*." The Depositor used the data tape and information gained from the Sponsor's portfolio management system and other system sources as well as discussions with senior officers of the Sponsor to obtain reasonable assurance that the Reference Pool Assets satisfy the selection criteria set forth under "*The Leases— Selection of the Leases*."

Additionally, the Depositor compared the statistical data contained in this prospectus describing the Reference Pool Assets to data in, or derived from, the data tape. The review included a recalculation from the data tape of the number of assets, dollar amounts, and percentages set forth under "*The Leases— Characteristics of the Leases*" and a comparison of the recalculated amounts to the related information in this prospectus. This recalculation and comparison found no material discrepancies.

In structuring this offering, the Depositor reviewed the internal controls and systems of the Sponsor that were used to produce and verify the disclosure regarding the Reference Pool, including origination and reporting systems and processes, asset documentation and other origination functions. Internal control audits that are performed regularly on material business functions were also reviewed. The Depositor relied upon its internal controls and systems to review and confirm that the data tape accurately reflects in all material respects the individual asset data contained therein. Additionally, the Depositor randomly selected 100 lease files from a pool of [●] leases that satisfied the selection criteria described under *"The Leases—Selection of the Leases,"* and from which the Reference Pool was selected to determine whether selected data required to be contained in the lease file for each such asset conformed to the same information for such asset on the data tape. The selected data included various lease characteristics, such as maturity date, base rent payment, vehicle model class and year, and various other criteria, such as FICO<sup>®</sup> score. [The Depositor found no material discrepancies out of [1,500] data points reviewed or compared in the sample lease files.] [Describe material discrepancies and remedial action, if applicable.]

A review was also conducted of the descriptions in this prospectus of the underwriting practices, lease terms, legal and regulatory considerations, representations and warranties, and other material information regarding the pool of assets. These descriptions were reviewed with senior officers of the Sponsor and with counsel and found to be accurate in all material respects.

The Depositor engaged third parties to assist it in certain aspects of the review of statistical information and of legal matters. The Depositor determined the scope of the assistance provided by third parties for purposes of its review and the sufficiency of those procedures. The Depositor attributes to itself the findings and conclusions of the review.

After completion of the foregoing review, the Depositor has concluded that it has reasonable assurance that the disclosure regarding the Reference Pool Assets in this prospectus is accurate in all material respects.

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#### Representations and Warranties
In the Servicing Agreement, MBFS USA will represent and warrant to the Issuer on behalf of the Noteholders, among other things, that at the Closing Date:

<br> • each Lease was originated in substantial compliance with the origination and servicing policies of MBFS USA;

• each Leased Vehicle was titled, or the Servicer has started procedures that will result in such Leased Vehicle being titled, in a State in accordance with the Titling Trust Agreement and in a manner acceptable to the related registrar of titles, and the Collateral Agent is or will be noted as lienholder of the Leased Vehicle (other than in [the Lien Exclusion States] [certain States that collectively represent less than [__]% of the Cutoff Date Aggregate Securitization Value]);

• each lessee is a person other than MBFS USA, any affiliate thereof or a governmental authority and, at the time of origination of each Lease, based on information provided by the related lessee, the related lessee was located in and has a billing address in a State;

• each Lease is payable solely in United States dollars and is a closed-end lease that provides for equal monthly payments by the lessee, which scheduled payments, if made when due, fully amortize to an amount equal to the Contract Residual Value of the related Leased Vehicle based upon the related Contract Rate;

• the Servicer, or its custodian, has possession or control of the original executed copy or authoritative copy, as applicable, of each Lease, which does not have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any person other than the Titling Trust;

<br> • each Lease complied in all material respects at the time it was originated with applicable laws;

<br> • each Lease is fully assignable and does not require the consent of the related lessee or any other person as a condition to any transfer, sale or assignment of the rights thereunder to the Titling Trust;

<br> • no Lease or the related Leased Vehicle allocated to the Reference Pool has been allocated to any Other Reference Pool;

<br> • the Titling Trust has good and marketable title to such Lease and the related Leased Vehicle, free and clear of any liens (other than any permitted liens);

<br> • each Lease is in full force and effect and not satisfied, subordinated or rescinded and no provision of a Lease has been waived in any manner that causes such Lease to not qualify with the selection criteria;

• no Lease is subject to any right of rescission, cancellation, setoff, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) of the related lessee to payment of the amounts due thereunder, and no such right of rescission, cancellation, set-off, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) has been asserted or threatened in writing;

<br> • as of its origination date, each Lease required the related lessee to obtain physical damage insurance covering the related Leased Vehicle; and

<br> • as of the Cutoff Date, the Servicer had not received actual notice that a lessee on any Lease is a debtor in a bankruptcy proceeding.

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#### Modifications
Under the terms of the Servicing Agreement, MBFS USA may grant extensions, waivers, rebates, modifications or adjustments with respect to any Lease, except that if after the Cutoff Date MBFS USA grants an extension with respect to any Lease which extends its related Maturity Date to a date later than the Payment Date occurring six months prior to the Final Scheduled Payment Date of the Class [B] Notes, MBFS USA will be required to repurchase such Lease as described under *"—MBFS USA Must Repurchase Certain Leases."* In addition, MBFS USA will represent and warrant that, as of the Cutoff Date, no Lease is subject to a current deferral or has been extended, although it may have otherwise been deferred or otherwise modified in accordance with MBFS USA's applicable servicing policies then in effect, so long as such deferral or modification did not cause such Lease to not meet any other selection criteria.

#### MBFS USA Must Repurchase Certain Leases
If MBFS USA has actual knowledge, or receives notice from the Issuer, the Owner Trustee or the Indenture Trustee that any representation about a Lease or the related Leased Vehicle was untrue when made and the breach has a material adverse effect on the Lease, MBFS USA will be required to cure the breach or repurchase the Lease in the manner described below. In addition, a Noteholder may make a request or demand that a Lease be repurchased due to a breach of a representation made about the Leases or the related Leased Vehicles and the Indenture Trustee will notify MBFS USA of any Noteholder's or Note Owner's request or demand it receives. Any Note Owner who wishes to submit such request or demand must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note.

MBFS USA will be considered to have actual knowledge of a breach if a designated employee of MBFS USA who is responsible for the securitization transaction, or a "responsible person," learns of the breach. A noteholder may obtain a list of responsible persons by request to the Indenture Trustee or the Depositor.

On discovery of a breach or receipt of a notice of breach, a repurchase request or demand or a review report from the Asset Representations Reviewer indicating that a test was failed for a Lease or related Leased Vehicle, MBFS USA will investigate the Lease or Leases to confirm the breach and determine if it has a material adverse effect on any Lease. MBFS USA will report any requests or demands to repurchase Leases and related activity and status on SEC Form ABS-15G.

Additionally, MBFS USA will agree in the Servicing Agreement to purchase any Lease as to which MBFS USA:

• determines, in its sole discretion, that, as a result of a computer systems error or computer systems limitation or for any other reason, the Servicer is unable to service such Lease and the related Leased Vehicle in accordance with the terms of the Servicing Agreement, or fails to comply with certain other servicing covenants; or

• has granted extensions after the Cutoff Date (other than any such extension that is required by applicable law) which extends the Maturity Date of such Lease to a date later than the Payment Date occurring six months prior to the Final Scheduled Payment Date of the latest maturing class of Notes.

In each instance described above, if the Servicer has not cured that breach on or before the last day of the Collection Period which includes the 30th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach, the Servicer will repurchase the related Lease and Leased Vehicle as of the last day of such Collection Period by depositing an amount equal to the Repurchase Payment into the Exchange Note Collection Account on the related Deposit Date.

Upon the deposit of such Repurchase Payment, the related Lease and Leased Vehicle shall no longer constitute an asset of the Reference Pool and will be reallocated to the revolving facility pool.

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The repurchase obligation of MBFS USA under the Servicing Agreement, including the rights of Noteholders described under *"—Dispute Resolution for Repurchase Requests"* constitutes the sole remedy available to Noteholders for any losses resulting from a breach of the representations of MBFS USA about the Leases or the related Leased Vehicles.

#### Residual Values
The Residual Values of the Leased Vehicles for purposes of calculation of the Securitization Value will be calculated by the Servicer based on the lowest of (1) the Contract Residual Value, (2) the ALG Residual Value and (3) the ALG Current Residual Value. ALG is an independent publisher of lease residual value percentages and is frequently used for comparison purposes by the vehicle leasing industry.

MBFS USA may distribute to dealers residual value percentages for certain vehicles that are higher than those determined pursuant to the methods described above. As a result, the Contract Residual Value set forth in a Lease may be higher than the Residual Value determined using the method described above. The Securitization Values have been and will be calculated by the Servicer based upon the Residual Values. As a result, the excess of the Contract Residual Value over the related Residual Value will not be financed in the transaction described herein. For additional information, see "*MBFS USA—Determination of Residual Values*."

#### Calculation of the Securitization Value of the Leases
Under the Servicing Agreement, the Servicer will calculate the Securitization Value for each Lease in the Reference Pool equal to the following:

---

| | |
|:---|:---|
| Calculation Date | Securitization Value Formula |
| As of the Cutoff Date | the sum of the present values, calculated using the Securitization Rate, of (1) the aggregate Base Monthly Payments remaining on such Lease (including Base Monthly Payments due but not yet paid) and (2) the Residual Value of the related Leased Vehicle |
| As of any date other than the Cutoff Date | the Securitization Value of such Lease as of the Cutoff Date less the principal portion of all payments made with respect to such Lease since the Cutoff Date |
| As of the end of the Collection Period during which a Lease (1) becomes a Liquidated Lease or a Defaulted Lease or (2) is repurchased | zero |

---

#### Static Pools
Static pool information is included as Appendix A. The static pool information reflects the static pool performance of the leases and leased vehicles included in the lease securitizations of the Sponsor issued during the last five years. The information in Appendix A consists of prepayment, delinquency and loss data for the prior securitized pools and summary information about the original characteristics of the prior pools as well as graphical presentation of the data. [Because MBFS USA regularly implements changes to various aspects of its origination, purchasing and underwriting policies, the policies used to originate the various static pools included in Appendix A differ somewhat from those used to originate the Reference Pool. The prior pools are, however, generally comparable since these changes have not been substantial and the Leases were originated under the same general underwriting and purchasing policy framework as the leases in the prior pools.] [Insert any specific terms showing material differences between the Reference Pool and the Static Pools.] Nevertheless, prepayments, delinquencies and losses for the pool of Leases in the securitization transaction described in this prospectus may differ from the information shown in Appendix A for prior securitized pools of leases, due to the differing characteristics of the pools along with the varying economic conditions applicable to those securitizations of the Sponsor.

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#### Asset Representations Review
The Asset Representations Reviewer will perform a review of Leases to test for compliance with the representations made by MBFS USA and the Depositor about the Leases if each of the following occurs:

• if the Aggregate Securitization Value of Leases that are more than 60 days delinquent as a percentage of the Reference Pool as of the end of a Collection Period meets or exceeds the percentage for that month set by MBFS USA as described under *"— Delinquency Trigger"* and

• Noteholders of at least 5% of the aggregate principal amount of Notes demand a vote and, subject to a 5% voting quorum, the holders of Notes evidencing at least 51% of the Note Balance of the Notes that are voted vote for a review as described under *"— Voting Trigger."*

*Delinquency Trigger*. The delinquency trigger will be ___% [for the first 12 months following the Cutoff Date, ___% for the next 12 months, ___% for the next 12 months and ___% for the remaining months that the Notes are outstanding.] [Note: trigger level may be a constant percentage or may be an increasing percentage to be determined for each take down.] . MBFS USA developed the delinquency trigger by considering the monthly greater than 60-day delinquency rate observed in its prior securitizations of retail lease contracts over the last [five years][since ____[if greater than 5 years]]. The delinquency rate will be calculated by determining the Aggregate Securitization Value of the Leases that are more than 60 days delinquent (excluding Defaulted Leases and Liquidated Leases) as a percentage of the Securitization Value of all Leases in the Reference Pool as of the end of a Collection Period. Liquidated Leases and Defaulted Leases, including repossessed vehicle leases, are not included in the calculation of Securitization Value or considered to be delinquent, and therefore will not be included in determining whether the delinquency trigger has been met for any Collection Period.

If the delinquency trigger occurs, it will be reported on the investor report for that Collection Period and reported in the Form 10-D for that Collection Period.

[MBFS USA set the delinquency trigger at [●] times the highest monthly greater than 60-day delinquency rate observed in MBFS USA's prior securitizations of retail lease contracts over the last five years]. [MBFS USA derived average monthly delinquency percentages from these prior securitization transactions and used it to construct a delinquency curve which it believes, given the consistency of its origination and servicing practices, represents a reasonable expected case delinquency curve for the Leases over economic cycles. MBFS USA then applied a multiple of approximately ___ to the average delinquency percentage observed [at month 12, month 24 and month 36 and a multiple of approximately ___ at month 48]. By establishing [this percentage] [these multiples] consistent with, or within, the [multiples of] expected cumulative net losses that the Notes are expected to be able to withstand without a loss, MBFS USA believes that the delinquency trigger is an appropriate threshold at the point when Noteholders may benefit from an asset representations review. [The delinquency trigger starts at a lower level for the first year and increases in each of the following [three] years of the securitization transaction to reflect the historical shape of the delinquency curve in MBFS USA's securitization transactions. MBFS USA believes that a lower delinquency trigger level early in the term of the securitization transaction is appropriate since delinquencies during the earlier part of the term of the transaction may cause concern about whether the representations regarding the Leases were true when made and Noteholders may benefit more from an asset representations review earlier in the term of the transaction.] MBFS USA believes that the delinquency trigger is appropriate based on:

<br> • its experience with delinquency in its prior securitized pools of retail lease contracts, and in its portfolio of retail lease contracts,

<br> • its observation that greater than 60 day delinquency rates and net cumulative losses in its retail lease contract securitization transactions are correlated, and

• its assessment of the amount of net cumulative losses that would likely result in a loss to Noteholders of the most junior Notes in its prior securitized pools.

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Static pool information regarding MBFS USA's prior securitized pools for the past five years is included in Appendix A. [Include if delinquency trigger graph is to be included:] [The following chart shows the monthly percentages of leases more than 60 days delinquent in MBFS USA's prior securitized pools and the average monthly delinquency rate for these prior securitized pools since 20__ compared to the delinquency trigger established for this securitization transaction.

[Placeholder for Delinquency Trigger Graph if used]]

*Voting Trigger*. If the delinquency trigger occurs on the last day of a Collection Period, Noteholders of at least 5% of the Note Balance of the Notes may demand that the Indenture Trustee call a vote of all Noteholders on whether to direct the Asset Representations Reviewer to perform a review. If a Noteholder is not a Noteholder of record but is rather a Note Owner, its demand must be accompanied by a written certification that the Noteholder is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account statement or a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note. If Noteholders of at least 5% of the Note Balance of the Notes demand a vote within 90 days after the filing of the Form 10-D reporting the occurrence of the delinquency trigger, the Issuer's Form 10-D filing for the Collection Period in which the demand requirement was met will include a statement that sufficient requesting Noteholders are requesting a full Noteholder vote to commence an asset representations review. The Form 10-D filing will also describe the applicable voting procedures. The vote will remain open until the 150th day after the filing of that Form 10-D. Assuming a voting quorum of Noteholders holding at least 5% of the Note Balance of the Notes is reached, if the holders of Notes evidencing at least 51% of the Note Balance of the Notes that are voted vote to direct a review, the Indenture Trustee will notify the Asset Representations Reviewer and the Servicer to start the review. Upon receipt of such notice from the Indenture Trustee, the Servicer will report in the Form 10-D filing for the related Collection Period that the voting trigger has occurred and the asset representations review will be conducted. Notes owned by MBFS USA or its affiliates are deemed to not be outstanding for purpose of the voting trigger. If the requirements of the voting trigger are not met within these time periods, no asset representations review will occur for that occurrence of the delinquency trigger.

*Asset Representations Review Process*. The review will be performed on each Lease that is more than 60 days delinquent at the end of the Collection Period when the delinquency trigger was met, or the "review Leases." Within 60 days of the receipt of a review notice, the Servicer will give the Asset Representations Reviewer access to the Lease files and other information necessary for the review of all of the review Leases. Upon receiving access to the review materials, the Asset Representations Reviewer will start its review of the review Leases and complete its review within 60 days after receiving access to all review materials. The review will consist of performing specific tests for each representation and each review Lease and determining whether each test was passed or failed. The review period may be extended by up to an additional 30 days if the Asset Representations Reviewer detects missing review materials or requires clarification of any review materials or testing procedures, in which case the Asset Representations Reviewer will promptly, and in no event less than 30 days before completing the review, request such review materials or information from the Servicer and the Servicer will have 60 days to give the Asset Representations Reviewer access to such review materials or information. If the Asset Representations Reviewer is not provided with the requested missing review materials within the 60-day period, the related review Lease will be reported as having failed each test that requires use of the missing review materials. If the Servicer notifies the Asset Representations Reviewer that a review Lease was paid in full or repurchased from the Reference Pool before the review report is delivered, the Asset Representations Reviewer will terminate the tests of that review Lease and the review of that review Lease will be considered complete. The review fees will be $[●] for each Lease tested in the review.

The tests were designed by MBFS USA to determine whether a review Lease was not in compliance with the representations made about it in the Transaction Documents at the relevant time, which is usually at origination of the Lease or as of the Cutoff Date or Closing Date. There may be multiple tests for each representation. The review is not designed to determine why the lessee is delinquent or the creditworthiness of the lessee, either at the time of the review or at origination. The review is not designed to determine whether the Lease was serviced in compliance with the Servicing Agreement after the Cutoff Date. The review is not designed to establish cause, materiality or recourse for any failed test. The review is not designed to determine whether MBFS USA's origination, underwriting and purchasing policies and procedures are adequate, reasonable or prudent.

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*Review Report*. Within five days after completion of the review, the Asset Representations Reviewer will provide a report to the Issuer, the Servicer and the Indenture Trustee indicating whether the related tests were passed, failed or considered completed. The test results will be considered "completed" rather than passed or failed if the Lease is paid in full or purchased from the Reference Pool pursuant to the terms of the Servicing Agreement prior to the completion of the review. Upon receipt of any such report of the Asset Representations Reviewer, MBFS USA will review the report and determine whether any observed noncompliance with the representations and warranties constitutes a breach that materially and adversely affects the interest of the Issuer in the related Lease or Leased Vehicle. The Asset Representations Reviewer will not be responsible for determining whether noncompliance with any representation is a breach of the Transaction Documents or if any Lease is required to be repurchased.

On receipt of the report, the review fee will be paid to the Asset Representations Reviewer according to the priority of payments as described under *"Application of Available Funds — Priority of Payments."* A summary of the report of the asset representations review will be included in the Form 10-D for the Issuer in the next month.

For more information about the Asset Representations Reviewer, see *"The Asset Representations Reviewer."*

#### Dispute Resolution for Repurchase Requests
If a request is made for the repurchase of a Lease due to a breach of a representation made about the Leases, and the repurchase is not resolved within 180 days after receipt by MBFS USA of notice of the repurchase request, the requesting party, including a Noteholder or a Note Owner who provides a written certification and appropriate supporting documentation evidencing its beneficial ownership of a Note, will have the right to refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration. The requesting party must start the mediation or arbitration proceeding according to the applicable rules of the mediation or arbitration organization within 90 days after the end of the 180-day period. MBFS USA and the Depositor must agree to participate in the selected resolution method. Dispute resolution to resolve repurchase requests will be available regardless of whether the Noteholders voted to direct an asset representations review or whether the delinquency trigger occurred.

A mediation or arbitration will be administered by The [American Arbitration Association] using its mediation or arbitration rules in effect at the time of the proceeding. If [The American Arbitration Association] no longer exists, or if its rules would no longer permit mediation or arbitration of the dispute, the matter will be administered by another nationally recognized mediation or arbitration organization selected by MBFS USA, using its relevant rules then in effect. If, however, any rules of the mediation or arbitration organization are inconsistent with the procedures for the mediation or arbitration stated in the Transaction Documents, the procedures in the Transaction Documents will control. Any mediation or arbitration will be held in New York City at the offices of the mediator or arbitrator or at another location selected by the Depositor or the Sponsor. Any party or witness may appear by teleconference or video conference.

A single mediator or arbitrator will be selected by the mediation or arbitration organization from a list of neutrals maintained by it according to its mediation or arbitration rules then in effect. The mediator or arbitrator must be impartial, an attorney admitted to practice law in New York and have at least 15 years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters.

For a mediation, the proceeding will start within [15] days after the selection of the mediator and conclude within [30] days after the start of the mediation. The expenses of the mediation will be allocated among the parties as mutually agreed by the parties as part of the mediation. If the parties fail to agree at the completion of the mediation, the requesting party may refer the repurchase request to arbitration or may commence legal proceedings to resolve the dispute.

For an arbitration, the arbitrator will establish procedures and will have the authority to schedule, hear and determine motions made by the parties. Discovery will be scheduled for completion within [60] days of selection of the arbitrator and the evidentiary hearing on the merits will start no later than [90] days after the selection of the arbitrator. At the hearing each party will be entitled to equal time for the presentation of evidence and cross examination. The hearing will be scheduled to last no more than [10] business days. The arbitrator may allow additional time for discovery and hearing on a showing of good cause or due to unavoidable delays.

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The arbitrator will make its final determination in writing no later than [120] days after its selection. The arbitrator will not have the power to award punitive or consequential damages. The arbitrator will determine the allocation among the parties of any expenses of the arbitration, including attorneys' fees. The final determination of the arbitrator may not be appealed and may be entered and enforced in any court having jurisdiction. By selecting binding arbitration, the requesting party is giving up its right to sue in court, including the right to a trial by jury.

Neither the Depositor nor the Sponsor will be required to produce personally identifiable customer information for purposes of any mediation or arbitration. Each party will agree to keep the details of the repurchase request and the dispute resolution confidential; however, such confidentiality limitations will not prevent disclosure required by any applicable laws.

#### Maturity and Prepayment Considerations
Specific information regarding maturity and prepayment considerations with respect to the Notes is set forth under *"Risk Factors— Risks Relating to the Characteristics of the Notes and Transaction Structure—Prepayments, including prepayments on the leases and the related leased vehicles, may adversely affect the average life of, and rate of return on, your notes"* and under *"Weighted Average Lives of the Notes."*

The weighted average lives of the Notes will generally be influenced by the rate at which payments on or in respect of the Leases and Leased Vehicles allocated to the Reference Pool are made, which payment may be in the form of scheduled amortization or prepayments. Prepayments for these purposes includes the following circumstances:

<br> • prepayments in full by lessees, who may prepay at any time without penalty;

<br> • Repurchase Payments made by MBFS USA under the circumstances set forth under *"The Leases—MBFS USA Must Repurchase Certain Leases"*;

<br> • Sales Proceeds resulting from early lease terminations;

<br> • Sales Proceeds due to Lease Defaults;

<br> • payments made in respect of dealer recourse; and

<br> • prepayments from proceeds from physical damage, credit life and disability insurance policies.

In light of the foregoing considerations, we cannot assure you as to the amount of principal payments to be made on the Notes on each Payment Date since that amount will depend primarily on the amount of principal collected on the Exchange Note during the related Collection Period. Any reinvestment risks resulting from a faster or slower incidence of prepayment of Leases will be borne entirely by the Noteholders.

The rate of prepayments on the Leases may be influenced by a variety of economic, social and other factors, including competing automobile lessors, incentive programs and the conditions in the used automobile market. These factors may also include unemployment, servicing decisions, destruction of vehicles by accident, sales of vehicles and market interest rates. In general, prepayments of Leases will shorten the weighted average life of the Notes, which is the average amount of time during which each dollar of the principal amount of a Note is outstanding.

In addition, the Notes will be prepaid in full if the Servicer exercises its option to purchase the Exchange Note and other assets of the Issuer. See *"Description of the Transaction Documents—Termination" and "Description of the Transaction Documents—Optional Purchase."*

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Historical levels of lease delinquencies and defaults, leased vehicle repossessions and losses and residual value losses are discussed under *"MBFS USA—Delinquency, Repossession and Loss Information."* MBFS USA can give no assurances that the Leases will experience the same rate of prepayment or default as MBFS USA's historical prepayment and default rates, or that the residual value loss experience of Leased Vehicles related to Leases will be the same as MBFS USA's historical residual value loss experience for all of the retail leases in its portfolio.

#### Weighted Average Lives of the Notes
The following information is given solely to illustrate the effect of prepayments of the Leases on the weighted average lives of the Notes under the stated assumptions below and is not a prediction of the prepayment rate that might actually be experienced by the Leases.

[Prepayments on motor vehicle lease contracts can be measured relative to a prepayment standard or model. The model used in this prospectus, the Absolute Prepayment Model, or "ABS," represents an assumed rate of prepayment each month relative to the original number of leases in a pool of leases. ABS further assumes that all of the leases are the same size and amortize at the same rate and that each lease in each month of its life will either be paid as scheduled or be prepaid in full. For example, in a pool of leases originally containing 10,000 leases, a 1% ABS rate means that 100 leases prepay each month.

The base prepayment assumption assumes that the original lease balance of the leases will prepay at 100% of the following curve:

<sup>(1)</sup> 0.20% ABS in month one, increasing by 0.01% (precisely 0.16%/16) ABS in each subsequent month until reaching 0.36% ABS in the 17th month of the life of the lease;<br>

<sup>(2)</sup> 0.51% ABS in month 18, increasing by 0.15% (precisely 0.90%/6) ABS in each subsequent month until reaching 1.41% ABS in the 24th month of the life of the lease; and<br>

<sup>(3)</sup> 1.15% ABS in months 25 through 37, decreasing to 0.50% in month 38, and remaining at that level until the original lease balance of the lease contract has been paid in full.]<br>

Neither ABS nor the base prepayment assumption purports to be a historical description of prepayment experience or a prediction of the anticipated rate of prepayment of lease contracts, including the Leases. There can be no assurance that the Leases will prepay at the indicated levels of the base prepayment assumption or any other rate.

The rate of payment of principal of each class of Notes will depend on the rate of payment (including prepayments) of the Leases. For this reason, final distributions in respect of the Notes could occur significantly earlier than their respective Final Scheduled Payment Dates. The Noteholders will exclusively bear any reinvestment risk associated with early payment of their Notes.

The ABS Tables below have been prepared on the basis of the following assumptions:

<br> • the Leases and Leased Vehicles have the characteristics set forth herein;

<br> • all Base Monthly Payments are received timely and no Lease is ever delinquent;

<br> • all Base Monthly Payments are made in accordance with the cashflow schedule appearing in Appendix B;

• [the interest rate on the Class A-1 Notes is ___% based on an actual/360 day count, on the Class A-2A Notes is ___% based on a 30/360 day count, on the Class A-2B Notes is ___% based on an actual/360 day count (the interest rate on the Class A-2B Notes is assumed to be a fixed interest rate at such level for this purpose), on the Class A-3 Notes is ___% based on a 30/360 day count, on the Class A-4 Notes is ___% based on a 30/360 day count and on the Class B Notes is ___% based on a 30/360 day count];

------

 *[**Table of Contents**](#TableofContents)*<br>

• [[if the Initial Note Balance is $[●],]] the initial principal amount of the Class A-1 Notes is $[●], the initial principal amount of the Class A-2 Notes is $[●], the initial principal amount of the Class A-3 Notes is $[●], the initial principal amount of the Class A-4 Notes is $[●] and the initial principal amount the Class B Notes is $[●] [[if the Initial Note Balance is $[●], the initial principal amount of the Class A-1 Notes is $[●], the initial principal amount of the Class A-2 Notes is $[●], the initial principal amount of the Class A-3 Notes is $[●], the initial principal amount of the Class A-4 Notes is $[●] and the initial principal amount the Class B Notes is $[●]]];

<br> • no Repurchase Payment is made in respect of any Lease;

<br> • there are no losses in respect of the Leases;

<br> • distributions of principal of and interest on the Notes are made on the 15th of each month, whether or not the day is a Business Day, commencing on [_________], 20[__];

• the Servicing Fee is [●]% per annum of the outstanding Aggregate Securitization Value as of the first day of the related Collection Period multiplied by 1/12 (or [ / ], in the case of the first Payment Date);

• no expenses, fees or indemnified amounts are due or paid to the Indenture Trustee, the Owner Trustee, the Collateral Agent, the Asset Representations Reviewer or the Administrative Agent in any Collection Period;

• the Reserve Fund is funded with an amount equal to the Reserve Fund Deposit;

• the [initial] amount of overcollateralization is approximately [●]% of the Cutoff Date Aggregate Securitization Value [and the amount of overcollateralization increases over time to an amount equal to [●]% of the Cutoff Date Aggregate Securitization Value] based upon the Leases and Leased Vehicles allocated to the Reference Pool on the Closing Date;

<br> • the Residual Value for each Leased Vehicle is received on the Maturity Date of the related Lease in accordance with the cashflow schedule appearing in Appendix B;

<br> • all prepayments are prepayments in full;

<br> • the Closing Date is [_________], 20[__];

<br> • except as indicated in the ABS Tables, the Servicer does not exercise its Optional Purchase right as described in this prospectus under "*Description of the Transaction Documents—Optional Purchase*."

No representation is made as to what the actual levels of losses and delinquencies on the Leases will be. Because payments on the Leases will differ from those used in preparing the following tables, distributions of principal of the Notes may be made earlier or later than as set forth in the tables. Investors are urged to make their investment decisions on a basis that includes their determination as to anticipated prepayment rates under a variety of the assumptions discussed herein.

The following tables set forth the percentages of the unpaid principal amount of the Notes that would be outstanding after each of the dates shown based on a prepayment rate equal to 0%, [50%, 75%, 100%, 150% and 200%] of the base prepayment assumption. As used in the table, "0% prepayment assumption" assumes no prepayments on a Lease, "50% prepayment assumption" assumes that a Lease will prepay at 50% of the base prepayment assumption and so forth.

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Percent of Initial Note Balance at Various ABS Percentages<sup>(1)</sup>

#### [[(If the Initial Note Balance is $[●])]]

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Class A-1 Notes | Class A-1 Notes | Class A-1 Notes | Class A-1 Notes | Class A-1 Notes | Class A-1 Notes | Class A-2 Notes | Class A-2 Notes | Class A-2 Notes | Class A-2 Notes | Class A-2 Notes | Class A-2 Notes |
| Payment Date | 0% | 50% | 75% | 100% | 150% | 200% | 0% | 50% | 75% | 100% | 150% | 200% |
|  Closing Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__] |  |  |  |  |  |  |  |  |  |  |  |  |
|  Weighted Average<br> Life to Maturity (years)<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |
|  Weighted Average<br> Life to Call (years)<sup>(2),(3)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes that no Optional Purchase occurs.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The weighted average life of a Note is determined by (i) multiplying the amount of each principal payment on the Note by the number of years from the date of issuance of the Note to the related Payment Date, (ii) adding the
 results and (iii) dividing the sum by the original principal amount of the Note.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The weighted average life to call assumes that an Optional Purchase occurs at the earliest possible opportunity and is exercised on such Payment Date.

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Percent of Initial Note Balance at Various ABS Percentages<sup>(1)</sup>

#### [[(If the Initial Note Balance is $[●])]]

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Class A-3 Notes | Class A-3 Notes | Class A-3 Notes | Class A-3 Notes | Class A-3 Notes | Class A-3 Notes | Class A-4 Notes | Class A-4 Notes | Class A-4 Notes | Class A-4 Notes | Class A-4 Notes | Class A-4 Notes |
| Payment Date | 0% | 50% | 75% | 100% | 150% | 200% | 0% | 50% | 75% | 100% | 150% | 200% |
|  Closing Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Weighted Average<br> Life to Maturity (years)<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |
|  Weighted Average<br> Life to<br> Call (years)<sup>(2),(3)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes that no Optional Purchase occurs.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The weighted average life of a Note is determined by (i) multiplying the amount of each principal payment on the Note by the number of years from the date of issuance of the Note to the related Payment Date, (ii) adding the
 results and (iii) dividing the sum by the original principal amount of the Note.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The weighted average life to call assumes that an Optional Purchase occurs at the earliest possible opportunity and is exercised on such Payment Date.

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Percent of Initial Note Balance at Various ABS Percentages<sup>(1)</sup>

#### [[(If the Initial Note Balance is $[●])]]

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class B Notes | Class B Notes | Class B Notes | Class B Notes |
| Payment Date | 0% | [_]% | [__]% | [___]% |
|  Closing Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 100.00% | 100.00% | 100.00% | 100.00% |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  [_____, 20__]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |
|  Weighted Average Life to Maturity (years)<sup>(2)</sup> |  |  |  |  |
|  Weighted Average Life to Call (years)<sup>(2),(3)</sup> |  |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes that no Optional Purchase occurs.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The weighted average life of a Note is determined by (i) multiplying the amount of each principal payment on the Note by the number of years from the date of issuance of the Note to the related Payment Date, (ii) adding the
 results and (iii) dividing the sum by the original principal amount of the Note.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The weighted average life to call assumes that an Optional Purchase occurs at the earliest possible opportunity and is exercised on such Payment Date.

The foregoing ABS Tables have been prepared based on the assumptions described above (including the assumptions regarding the characteristics and performance of the Leases and Leased Vehicles which will differ from the actual characteristics and performance of the Leases and Leased Vehicles) and should be read in conjunction therewith. The weighted average life of a Note is determined by multiplying the amount of each principal payment on the Note by the number of years from the Closing Date to the related Payment Date, adding the results and dividing the sum by the initial principal amount of the Note.

[[NOTE: where alternate pools are disclosed in a Rule 424(h) prospectus, separate tables will be provided for each pool.]]

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Description of the Notes
The material terms of the Notes are summarized below. This summary is not a complete description of all the provisions of the Notes. This summary should be read together with the description of the Indenture set forth under "*Description of the Transaction Documents*."

#### Note Registration
The [offered] Notes will be available for purchase in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. The Notes will initially be issued only in book-entry form. See *"Description of the Notes—Book-Entry Registration."*

#### Payments of Interest
Interest on the principal amounts of the Notes will accrue at the respective per annum interest rates for the various classes of Notes and will be due on each Payment Date to the Noteholders of record on the related Record Date.

The [interest-bearing classes of] Notes will bear interest at their stated Interest Rates. [Each of the [Class A-1] Notes, the [Class A-2A] Notes, the [Class A-3] Notes, the [Class A-4] Notes and the [Class B] Notes will bear interest at the applicable fixed per annum interest rate specified on the cover page of this prospectus, and the [Class A-2B] Notes will bear interest during each applicable interest accrual period at a floating rate per annum rate equal to the sum of [insert floating rate benchmark] and the applicable spread set forth on the cover page of this prospectus. [The Class [__] Notes will not bear interest.]

[[The interest rate for the Class A-2 Notes will be a fixed rate or a combination of a fixed rate and floating rate if that class has both a fixed rate tranche and a floating rate tranche. If the interest rate is a floating rate, the rate will be based on the [SOFR Rate] plus the applicable spread described on the cover page of this prospectus. However, the benchmark and the applicable spread may change under certain circumstances, as described below. The allocation of the principal amount between the Class A-2A Notes and any Class A-2B Notes will be determined on or before the day of pricing of the Notes. The Depositor expects that the principal amount of any Class A-2B Notes will not exceed $____________ if the Initial Note Balance is $____________, and $____________, if the Initial Note Balance is $____________.]] [If the sum of the [SOFR Rate] (or the then-current Benchmark) plus the applicable spread for the Class A-2B Notes is less than 0.00% for any Accrual Period, then the interest rate for the Class A-2B Notes for such Accrual Period will be 0.00%.]

*Calculation of Interest*. Interest will accrue and will be calculated on the Notes as follows:

• *Actual/360*. Interest on the Class A-1 Notes [and the Floating Rate Notes] will accrue during the applicable Accrual Period. The interest due on the Class A-1 Notes [and the Floating Rate Notes] on each Payment Date will be an amount equal to the product of:

• the principal amount of that class of Notes as of the preceding Payment Date (or, in the case of the first Payment Date, as of the Closing Date), after giving effect to all principal payments made with respect to that class of Notes on that preceding Payment Date;

<br> • the Interest Rate applicable to that class of Notes [for the applicable Accrual Period]; and

• the actual number of days elapsed during the [period from and including the preceding Payment Date (or, in the case of the first Payment Date, from and including the Closing Date) to, but excluding, the current Payment Date][applicable Accrual Period] divided by 360.

------

 *[**Table of Contents**](#TableofContents)*<br>

• *30/360*. Interest on the [Class A-2A Notes, the Class A-3 Notes, the Class A-4 Notes and Class B Notes] will accrue during the applicable Accrual Period[, which will be the period from and including the 15th day of the prior calendar month (or, in the case of the first Payment Date, from and including the Closing Date) to but excluding the 15th day of the current calendar month (assuming each month has 30 days)]. The interest due on the [Class A-2A Notes, the Class A-3 Notes, the Class A-4 Notes and Class B Notes], as applicable, on each Payment Date will be an amount equal to the product of:

• the principal amount of that class of Notes as of the preceding Payment Date (or, in the case of the first Payment Date, as of the Closing Date), after giving effect to all principal payments made with respect to that class of Notes on that preceding Payment Date;

<br> • the Interest Rate applicable to that class of Notes; and

<br> • 30 (or __ in the case of the first Payment Date, assuming a Closing Date of __________, 201[_]) divided by 360.

*Unpaid Interest Accrues*. Interest accrued as of any Payment Date but not paid on such Payment Date will be due on the next Payment Date, together with interest on such amount at the Interest Rate applicable to that class for the related Accrual Period (to the extent lawful).

*Priority of Interest Payments*. The Issuer will pay interest on the [interest-bearing] Notes on each Payment Date with Available Funds aggregated and paid out of the Distribution Account, in accordance with the priority set forth under *"Application of Available Funds—Priority of Payments,"* with interest payments to holders of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes having the same priority.

[Interest will not be paid on the Class B Notes unless all interest then due on each class of Class A Notes has been paid in full, and the Priority Principal Distribution Amount has been paid in full.]

If amounts available to make interest payments on a class of Notes are less than the full amount of interest due on that class of Notes on a Payment Date, the Noteholders will receive their ratable share of that amount, based on the aggregate amount of interest due on that date on each class of Notes.

An Event of Default will occur if the full amount of interest due on the Notes is not paid within five days of the related Payment Date, subject to, under certain circumstances, the related additional grace period. See *"Description of the Notes—Events of Default."*

*Floating Rate Notes.* [If floating rate notes are offered, the applicable prospectus will disclose the terms of the specific benchmark index that will be used to determine interest payments for the floating rate classes.]

[*Determination of Benchmark for the Floating Rate Notes.* Interest on the Class A-2B Notes will be calculated based on the Benchmark for the Class A-2B Notes plus the applicable spread. Initially, the SOFR Rate will be the Benchmark for the Class A-2B Notes.

The "SOFR Rate" will be obtained by the Paying Agent for each Accrual Period on the second U.S. Government Securities Business Day before the first day of such Accrual Period ("SOFR Adjustment Date") as of 3:00 p.m. (New York time) on such U.S. Government Securities Business Day, at which time Compounded SOFR is published on the FRBNY's Website (the "SOFR Determination Time") (or, if the Benchmark is not SOFR, the time determined by the Administrator (on behalf of the Issuer) after giving effect to the Benchmark Replacement Conforming Changes) (the "Reference Time") and, except as provided below following a determination by the Administrator (on behalf of the Issuer) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-2B Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR. However, the Administrator (on behalf of the Issuer) will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.

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For the purposes of computing interest on the Class A-2B Notes the following terms will have the following respective meanings:

"Compounded SOFR" with respect to any U.S. Government Securities Business Day, shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the applicable compounded average of SOFR for the Corresponding Tenor of 30 days as published on such U.S. Government Securities Business Day at the SOFR Determination Time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the rate specified in (1) above does not so appear, the applicable compounded average of SOFR for the Corresponding Tenor as published in respect of the first preceding U.S. Government Securities Business Day for which such rate appeared on the FRBNY's Website.

The specific Compounded SOFR rate is referred to by its tenor. For example, "30-day Average SOFR" refers to the compounded average SOFR over a rolling 30-calendar day period as published on the FRBNY's Website.

All percentages resulting from any calculation on the Class A-2B Notes will be rounded to the nearest one hundred-thousandth of a percentage point, with five-millionths of a percentage point rounded upwards (e.g., 9.876545% (or 0.09876545) would be rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or resulting from that calculation on the Class A-2B Notes will be rounded to the nearest cent (with one-half cent being rounded upwards).]

[*Benchmark Transition Provisions for Floating Rate Notes*.] [Notwithstanding the foregoing, if the Issuer determines that a benchmark transition event and its related benchmark replacement date (each as defined below) have occurred prior to the determination date of the then-current benchmark, the benchmark replacement will replace the then-current benchmark for all purposes relating to the Class A-2B Notes in respect of such determination on such date and all determinations on all subsequent dates.]

[Describe benchmark transition provisions.]

[Notwithstanding the foregoing, if the Administrator (on behalf of the Issuer) determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the determination of the then-current Benchmark, the Benchmark Replacement determined by the Administrator (on behalf of the Issuer) will replace the then-current Benchmark for all purposes relating to the Class A-2B Notes in respect of such determination on such date and all such determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Administrator (on behalf of the Issuer), in its sole discretion, will have the right to make Benchmark Replacement Conforming Changes from time to time.

The Administrator will deliver written notice (including by email) to each rating agency hired by the Sponsor to rate the Notes, the Indenture Trustee, the Paying Agent and the Servicer on any SOFR Adjustment Date if, as of the applicable Reference Time, the Administrator (on behalf of the Issuer) has determined with respect to the related Accrual Period that there will be a change in the SOFR Rate or the terms related thereto since the immediately preceding SOFR Adjustment Date due to a determination by the Administrator (on behalf of the Issuer) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred. The determination of a Benchmark Replacement and the making of any Benchmark Replacement Conforming Changes will be given to the Indenture Trustee, the Paying Agent and the Servicer, and included in the monthly investor report. Notwithstanding anything in the Transaction Documents to the contrary, upon the receipt of such notice by the rating agencies hired by the Sponsor to rate the Notes, the Indenture Trustee, the Paying Agent and the Servicer, and inclusion of such information in the monthly investor report, the relevant Transaction Documents will be deemed to have been amended to reflect the new Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the amendment provisions of the relevant Transaction Documents.

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Any determination, decision or election that may be made by the Issuer or the Administrator in connection with a Benchmark Transition Event or a Benchmark Replacement as described above, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the Administrator's sole discretion (on behalf of the Issuer), and, notwithstanding anything to the contrary in the Transaction Documents, will become effective without consent from any other party. None of the Issuer, the Owner Trustee, the Indenture Trustee, the Paying Agent, the Administrator, the Sponsor, the Depositor, the Servicer, any Underwriter or their respective affiliates will have any liability for any determination made by or on behalf of the Issuer in connection with a Benchmark Transition Event or a Benchmark Replacement as described above, and each Noteholder, by its acceptance of a Note or a beneficial interest in a Note, will be deemed to waive and release any and all claims against the Issuer, the Owner Trustee, the Indenture Trustee, the Paying Agent, the Administrator, the Sponsor, the Depositor, the Servicer, any Underwriter or their respective affiliates relating to any such determinations.

In no event will the Indenture Trustee or the Paying Agent be responsible for determining the SOFR Rate or any substitute for SOFR if such rate does not appear on the FRBNY's Website or on a comparable system as is customarily used to quote SOFR or such substitute for SOFR.

Neither the Indenture Trustee nor the Paying Agent shall be under any obligation to (i) monitor, determine or verify the unavailability or cessation of the SOFR Rate (or other applicable Benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or Benchmark Replacement Date, (ii) select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing. The foregoing obligations will be performed by the Administrator, on behalf of the Issuer, pursuant to the Administration Agreement.

Neither Trustee nor the Paying Agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in the Indenture as a result of the unavailability of the SOFR Rate (or other applicable Benchmark) and absence of a designated replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Administrator or the Issuer, in providing any direction, instruction, notice or information required or contemplated by the terms of the Indenture and reasonably required for the performance of such duties. Each Trustee and the Paying Agent shall be entitled to rely conclusively upon any determination made, and any instruction, notice, officer's certificate or other instrument or information provided by the Administrator, Servicer or Depositor without independent verification, investigation or inquiry of any kind by either Trustee or the Paying Agent.

Neither Trustee nor the Paying Agent shall have any liability for any interest rate published by any publication that is the source for determining the interest rates of the Notes, including but not limited to the FRBNY's Website (or any successor source), for any rates compiled by the FRBNY or any successor thereto, or for any rates published on any publicly available source, or in any of the foregoing cases for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto.]

[In connection with the implementation of a benchmark replacement, the Administrator, on behalf of the Issuer, will have the right from time to time to make "benchmark replacement conforming changes," which are any technical, administrative or operational changes (including changes to the timing and frequency of determining rates, the process of making payments of interest and other administrative matters) that the Issuer decides may be appropriate to reflect the adoption of such benchmark replacement in a manner substantially consistent with market practice (or, if the Issuer decides that adoption of any portion of such market practice is not administratively feasible or if the Issuer determines that no market practice for use of the benchmark replacement exists, in such other manner as the Issuer determines is reasonably necessary).]

[Notice by the Administrator, on behalf of the Issuer, of the occurrence of a benchmark transition event and its related benchmark replacement date, the determination of a benchmark replacement and the making of any benchmark replacement conforming changes will be included in the related monthly investor report. Upon the inclusion of such information in the investor report, the relevant transaction documents will be deemed to have been amended to reflect the new benchmark, benchmark replacement spread adjustment and/or benchmark replacement conforming changes without further compliance with the amendment provisions of the relevant Transaction Documents.]

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[Any determination, decision or election that may be made by the Issuer in connection with a benchmark transition event or a benchmark replacement as described above, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the Issuer's sole discretion, and, notwithstanding anything to the contrary in the Transaction Documents, will become effective without consent from any other party.]

[Neither the Indenture Trustee nor the Owner Trustee shall be under any obligation to (i) monitor, determine or verify the unavailability or cessation of any applicable benchmark, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any benchmark transition event or benchmark replacement date, (ii) select, determine or designate any benchmark replacement, or other successor or replacement benchmark, or whether any conditions to the designation of such a rate have been satisfied, (iii) select, determine or designate any benchmark replacement adjustment, or other modifier to any replacement or successor index, or (iv) determine whether or what benchmark replacement conforming changes are necessary or advisable, if any, in connection with any of the foregoing.]

[Neither the Indenture Trustee nor the Owner Trustee shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in the applicable Transaction Documents as a result of the unavailability of [the applicable benchmark] and absence of a designated replacement benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other party, including without limitation the Administrator or the Issuer, in providing any direction, instruction, notice or information required or contemplated by the terms of the Indenture and reasonably required for the performance of such duties.]

#### Payments of Principal
*Priority and Amount of Principal Payments*. On each Payment Date, Noteholders will receive principal, to the extent funds are available, in an amount generally equal to the excess, if any, of:

• the aggregate principal amount of the Notes on the preceding Payment Date (or, in the case of the first Payment Date, as of the Closing Date), after giving effect to any principal payments made on that preceding Payment Date; over

• the Aggregate Securitization Value as of the last day of the related Collection Period, minus the Target Overcollateralization Amount.

On each Payment Date, all Available Funds allocated to payments of principal of the Notes as described below under clauses (3) and [(6)] under *"Application of Available Funds—Priority of Payments"* will be aggregated and will be paid out of the Distribution Account in the following amounts and order of priority:

<br> (1) to the Class A-1 Notes until the Class A-1 Notes have been paid in full;

<br> (2) to the Class A-2[A] Notes [and the Class A-2B Notes,][pro rata,] until the Class A-2 Notes have been paid in full;

<br> (3) to the Class A-3 Notes until the Class A-3 Notes have been paid in full;

<br> (4) to the Class A-4 Notes until the Class A-4 Notes have been paid in full; and

<br> (5) [to the Class B Notes until the Class B Notes have been paid in full].

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These general rules are subject, however, to the following exceptions:

• in no event will the principal paid in respect of a class of Notes exceed the unpaid principal amount of that class of Notes; and

• if the Notes have been accelerated following the occurrence of an Event of Default or the assets of the Issuer have been liquidated, the Issuer will distribute the funds allocated to the holders of the Notes to pay principal of the Notes as described under *"Description of the Notes—Priority of Distributions Will Change if the Notes Are Accelerated Following an Event of Default."*

All payments in respect of the Certificates will be subordinated to payments on the Notes.

*Final Scheduled Payment Dates*. The principal amount of any class of Notes, to the extent not previously paid, will be due on the Final Scheduled Payment Date for that class. The failure to pay principal in full on a class of Notes will result in an Event of Default only on the Final Scheduled Payment Date for such class of Notes subject to, under certain circumstances, the related grace period, including any additional grace period as described under *"Description of the Notes—Events of Default."*

The date on which each class of Notes is paid in full is expected to be earlier than the Final Scheduled Payment Date for that class and could be significantly earlier depending upon the rate at which payments on the Leases and the related Leased Vehicles are made. See *"Weighted Average Lives of the Notes"* and *"Maturity and Prepayment Considerations"* for a further discussion of prepayments.

#### Priority of Distributions Will Change if the Notes Are Accelerated Following an Event of Default
On each Payment Date after the Notes have been accelerated following the occurrence and continuation of an Event of Default, the Servicer will instruct the Indenture Trustee to apply Available Funds in the following amounts and order of priority:

<sup>(1)</sup> to the Indenture Trustee, the Owner Trustee, the Collateral Agent, the Administrative Agent and the Asset Representations Reviewer, pro rata, the fees, if any, expenses and indemnified amounts due to each of them for the related Collection Period plus any overdue fees, expenses and indemnified amounts of such parties for one or more prior Collection Periods;<br>

<sup>(2)</sup> to the holders of the Class A Notes, the Interest Distributable Amount for the [interest-bearing] Class A Notes, to pay interest due on each class of Class A Notes outstanding on that Payment Date, and, to the extent permitted under applicable law, interest on any overdue interest at the related interest rate;<br>

<br> (3) to the holders of the Class A-1 Notes, principal of the Class A-1 Notes until the Class A-1 Notes have been paid in full;

<br> (4) to the holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, until all classes of Class A Notes have been paid in full;

<sup>(5)</sup> [to the holders of the Class B Notes, the Interest Distributable Amount for the Class B Notes, to pay interest due on the Class B Notes outstanding on that Payment Date, and, to the extent permitted under applicable law, interest on any overdue interest at the related interest rate;<br>

<br> (6) to the holders of the Class B Notes, principal on the Class B Notes until the Class B Notes have been paid in full;]

<br> (7) to any successor servicer, any unpaid transition expenses due in respect of a transfer of servicing and any Additional Servicing Fees for the related Collection Period; and

<sup>(8)</sup> to the Certificateholders, any amounts remaining after the foregoing distributions.<br>

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#### Credit Enhancement
The protection afforded to the Noteholders will be effected both by the preferential right of such Noteholders to receive current distributions, [with respect to the Class A Notes, subordination to the extent described in this prospectus, of the Class B Notes,] overcollateralization, excess spread and the establishment of the Reserve Fund. See *"Risk Factors— Risks Relating to the Characteristics of the Notes and Transaction Structure—Payment priorities and changes in the order of the payment priorities following an indenture event of default increase risk of loss or delay in payment to certain classes of notes"* and *"Risk Factors— Risks Relating to the Characteristics of the Notes and Transaction Structure—The issuer's assets are limited, only the assets of the issuer are available to make payments on your notes and you may experience a loss if lease *defaults* or residual value losses exceed the available credit enhancement."*

[*Subordination*. The Class B Notes are subordinated Notes. On each Payment Date, prior to the occurrence of an Event of Default and acceleration of the Notes, interest and principal payments on the Notes will be subordinated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no interest will be paid on the Class B Notes until the Interest Distributable Amount and the Priority Principal Distributable Amount on each class of Class A Notes has been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no principal will be paid on the Class B Notes until all principal due on each class of Class A Notes has been paid in full.

The subordination of the Class B Notes is intended to decrease the risk of default by the Issuer with respect to payments due to the more senior classes of Notes.]

*Overcollateralization*. Overcollateralization represents the amount by which the Aggregate Securitization Value of the Leases exceeds the Note Balance of the Notes. The overcollateralization will be available to absorb losses on the Leases and the related Leased Vehicles that are not otherwise covered by excess collections on the Leases, if any.

The amount of overcollateralization on the Closing Date will be approximately [●]% of the Cutoff Date Aggregate Securitization Value, or $[●] [[if the Initial Note Balance is $[●], and $[●] if the Initial Note Balance is $[●] ]]. This will represent the difference between the Cutoff Date Aggregate Securitization Value and the applicable Initial Note Balance of the Notes.

The Issuer will, to the extent of funds available on each Payment Date pursuant to the priority of payments, achieve and maintain an overcollateralization amount equal to the Target Overcollateralization Amount. [To increase the amount of overcollateralization on any Payment Date and achieve the Target Overcollateralization Amount, the Issuer will be required to make principal payments on the Notes greater than the payments made by the lessees during the related Collection Period that have been allocated to principal, as described in clause (5) of *"Application of Available Funds—Priority of Payments."* The amount of this payment will be funded primarily from excess spread that is not otherwise used to make required payments to the Servicer, the Owner Trustee, the Indenture Trustee, the Collateral Agent, the Asset Representations Reviewer and the Administrative Agent and on the Notes or fund the Reserve Fund on the related Payment Dates.]

*Excess Spread*. The use of the Securitization Rate to calculate the Aggregate Securitization Value creates the effect of an interest component applicable to collections on the Leases. Excess spread for any Payment Date generally will be the amount by which collections of such interest from lessees in respect of the Leases in the Reference Pool exceeds the amount necessary to pay the related Servicing Fee and Nonrecoverable Advances due to the Servicer, certain fees, expenses and indemnities of the Owner Trustee, the Indenture Trustee, the Collateral Agent, the Asset Representations Reviewer and the Administrative Agent, the Interest Distributable Amount on the [interest-bearing] Notes each month and any amounts required to be deposited into the Reserve Fund so that funds on deposit therein equal the Reserve Fund Required Amount. Any such excess in interest payments from lessees will serve as additional credit enhancement. Any excess spread will be applied on each Payment Date, as a component of Available Funds, as described in clause [(6)] of *"Application of Available Funds—Priority of Payments"* to [increase][the extent necessary to [reach and then] maintain] over time the amount of overcollateralization as of any Payment Date [to][at] the Target Overcollateralization Amount. Generally, excess spread will provide a source of funds to absorb any losses on the Leases and the related Leased Vehicles and reduce the likelihood of losses on the Notes.

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*Reserve Fund*. On the Closing Date, the Servicer will establish in the name of and maintain with the Securities Intermediary on behalf of the Indenture Trustee the Reserve Fund into which certain amounts on the Closing Date and amounts described in clause [(4)] of *"Application of Available Funds—Priority of Payments"* will be deposited and from which amounts may be withdrawn to pay all monies due to the Collateral Agent, the Administrative Agent, the Asset Representations Reviewer, the Indenture Trustee and the Owner Trustee up to the cap described herein and to make required payments on the Notes. The Reserve Fund will afford Noteholders limited protection against losses on the Leases and related Leased Vehicles.

The Depositor will deposit the Reserve Fund Deposit in the Reserve Fund on the Closing Date and the amounts on deposit in the Reserve Fund will be pledged to the Issuer. On each Payment Date, the Indenture Trustee will deposit, or cause to be deposited, in the Reserve Fund, from Available Funds during the related Collection Period that are not used on that Payment Date to pay the Required Payment Amount, an amount up to the Reserve Fund Required Amount.

Except to the extent that the Servicer directs the Indenture Trustee to hold such funds uninvested, amounts on deposit in the Reserve Fund will be invested in Eligible Investments selected by the Servicer. The Reserve Fund must be maintained as an Eligible Account. Income received on the investment of funds on deposit in the Reserve Fund will be part of Available Funds.

On each Determination Date, the Servicer will determine the Reserve Fund Draw Amount, if any, for the related Payment Date. If the Reserve Fund Draw Amount for any Payment Date is greater than zero, the Indenture Trustee will withdraw, or cause to be withdrawn, from the Reserve Fund, an amount equal to the lesser of the Reserve Fund Draw Amount and the amount on deposit in the Reserve Fund, and transfer the amount withdrawn to the Exchange Note Collection Account. If the amount required to be withdrawn from the Reserve Fund to cover shortfalls in funds on deposit in the Exchange Note Collection Account exceeds the amount on deposit in the Reserve Fund, a temporary shortfall in the amounts distributed to the Noteholders could result. In addition, depletion of the Reserve Fund ultimately could result in losses on your Notes.

If the sum of the amounts on deposit in the Exchange Note Collection Account and the Reserve Fund on any Payment Date equals or exceeds the Note Balance of the Notes, accrued and unpaid interest thereon and all amounts due to the Servicer, the Collateral Agent, the Asset Representations Reviewer, the Administrative Agent, the Owner Trustee and the Indenture Trustee, all such amounts will be applied up to the amounts necessary to retire the Notes and pay such amounts due. The final distribution to any Noteholder will be made only upon surrender and cancellation of the certificate representing its Notes at an office or agency of the Issuer specified in the notice of termination. Any funds remaining in the Distribution Account, after the Indenture Trustee has taken certain measures to locate the Noteholders and those measures have failed, will be distributed to the Certificateholders.

After the payment in full, or the provision for such payment, of all accrued and unpaid interest on the Notes, the principal amount of the Notes and all amounts due to the Servicer, the Owner Trustee, the Indenture Trustee, the Collateral Agent, the Asset Representations Reviewer and the Administrative Agent, any funds remaining on deposit in the Reserve Fund in excess of the Reserve Fund Required Amount will be paid to the Certificateholders.

#### Voting
[Holders of each class of Notes will generally vote together as a single class under the Indenture. For additional information about the voting rights of Noteholders, see *"Description of the Notes—Rights Upon an Event of Default"* and *"Description of the Transaction Documents—Rights Upon Servicer Default," "—Removal of Servicer"* and *"—Amendments."*]

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#### Optional Purchase of the Exchange Note
The Servicer may, at its option, purchase the Exchange Note for an amount equal to the Optional Purchase Price from the Issuer on any Payment Date on which the Note Balance of the Notes is [5%] or less of the Initial Note Balance after giving effect to all principal payments made on such Payment Date. See *"Description of the Transaction Documents—Optional Purchase."*

#### Notes Owned by the Issuer, the Depositor, the Servicer and their Affiliates
Notes owned by the Issuer, the Depositor, the Servicer or any of their respective affiliates will be entitled to benefits under the Transaction Documents equally and proportionately to the benefits afforded other owners of Notes, except that such owned Notes will be deemed not to be outstanding for the purpose of determining whether the requisite percentage of Noteholders [or of the Controlling Class] have given any request, demand, authorization, direction, notice, consent or waiver under such documents, unless all of the Notes of the related class are owned by the Issuer, the Depositor, the Servicer or any of their respective affiliates.

Upon any sale or transfer of any Note (or interest therein) that was retained by the Issuer or a person considered the same person as the Issuer for United States federal income tax purposes as of the Closing Date, if for tax or other reasons it may be necessary to track any such Note (for example, if the Notes have original issue discount), tracking conditions such as requiring separate CUSIPs may be required by the Issuer as a condition to such transfer and the Issuer shall provide prior written notice of such sale or transfer and tracking condition to the Indenture Trustee.

#### Note Factors and Trading Information
The Servicer will provide to you in each report which it delivers to you a factor which you can use to compute your portion of the principal amount outstanding on the Notes.

*Calculation of the Factor for Your Class of Notes*. The Servicer will compute a separate factor for each class of Notes issued. The factor for each class of Notes will be computed by the Servicer prior to each distribution with respect to the related class of Notes indicating the remaining outstanding principal amount of that class of Notes as of the applicable Payment Date. The Servicer will compute the factor after giving effect to payments to be made on such Payment Date, as a fraction of the initial outstanding principal amount of the related class of Notes.

*Your Portion of the Outstanding Amount of the Notes*. For each Note you own, your portion of that class of Notes will be the product of:

<br> • the original denomination of your Note; and

<br> • the factor relating to your class of Notes computed by the Servicer in the manner described above.

*The Note Factors Will Decline as the Issuer Makes Payments on the Notes*. The factor for each class of Notes will initially be 1.000000. The factors will then decline to reflect reductions in the aggregate principal amount of the applicable class of Notes.

These amounts will be reduced over time as a result of scheduled payments, prepayments, purchases of the Leases and related Leased Vehicles by MBFS USA and liquidations of the Leases.

*Additional Information*. The Noteholders will receive reports generated by the Servicer on or about each Payment Date concerning, with respect to the:

• related Collection Period, payments received on the Exchange Note, the Exchange Note principal amount, Note factors for each class of Notes described above and various other items of information; and

• preceding Payment Date, as applicable, the Exchange Note principal amount as of the last day of the related Collection Period and any reconciliation of such principal amount with information provided by the Servicer.

In addition, Noteholders of record during any calendar year will be furnished information for tax reporting purposes not later than the latest date permitted by law. See *"Description of the Transaction Documents—Statements to Noteholders."*

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#### Events of Default
Events of Defaults under the Indenture will consist of the occurrence and continuation of any of the following:

<br> • a default for five days or more in the payment of interest on the Notes [of the Controlling Class] when the same becomes due and payable;

<br> • a default in the payment of principal of the Notes of a class on its Final Scheduled Payment Date;

• a default in the observance or performance of the Issuer in any material respect of any covenant or agreement made in the Indenture and the continuation of that default for a period of 60 days after written notice thereof is given to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the holders of not less than 25% of the Note Balance of the Notes [of the Controlling Class];

• a breach of any representation or warranty made by the Issuer in the Indenture or in any certificate delivered pursuant thereto in any material adverse respect as of the time made and such incorrectness not having been cured for a period of 30 days after written notice thereof has been given to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the holders of Notes evidencing not less than 25% of the Note Balance of the Notes [of the Controlling Class]; or

<br> • certain events of bankruptcy, insolvency, receivership or liquidation of the Issuer (which, if involuntary, is not dismissed within 90 days).

Notwithstanding the foregoing, a delay in or failure of performance referred to under the first, second, third and fourth bullet points above for a period of 120 days will not constitute an Event of Default if that failure or delay was caused by a force majeure or other similar occurrence.

Noteholders holding at least 51% of the Note Balance of the Notes [of the Controlling Class] may waive any past default or Event of Default prior to the declaration of the acceleration of the maturity of the Notes, except a default in the payment of principal of or interest on any of the Notes, or in respect of any covenant or provision in the Indenture that cannot be modified or amended without unanimous consent of the Noteholders [of the Controlling Class].

#### Rights Upon an Event of Default
If an Event of Default occurs and is continuing, the Indenture Trustee or the holders of Notes evidencing at least 51% of the Note Balance of the Notes [of the Controlling Class] may declare the principal of the Notes to be immediately due and payable by a notice in writing to the Issuer (who will provide such notice to the Rating Agencies), the Indenture Trustee (if notice is given by Noteholders), the Depositor and the Servicer. This declaration may be rescinded by the holders of Notes evidencing at least 51% of the Note Balance of the Notes [of the Controlling Class] before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee if:

• the Issuer has deposited with the Indenture Trustee an amount sufficient to pay (1) all interest on and principal of the Notes, (2) all amounts advanced by the Indenture Trustee and its costs and expenses and (3) all other amounts that would then be due under the Indenture or upon the Notes as if the Event of Default giving rise to that declaration had not occurred; and

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<br> • all Events of Default (other than the nonpayment of principal of the Notes that has become due solely due to that acceleration) have been cured or waived.

If the Notes have been declared due and payable following an Event of Default, the Indenture Trustee may institute proceedings to collect amounts due, exercise remedies as a secured party, including foreclosure or sale of the Trust Estate, or elect to maintain the Trust Estate and continue to apply proceeds from the Trust Estate as if there had been no declaration of acceleration. The Indenture Trustee may not, however, sell the Trust Estate following an Event of Default (other than the occurrence of an Event of Default described in the first two bullet points in the definition thereof) unless:

• 100% of the holders of the Notes[of the Controlling Class] consent thereto;

<br> • the proceeds of that sale are sufficient to pay in full the principal of and the accrued interest on all outstanding Notes; or

• the Indenture Trustee determines that the Trust Estate would not be sufficient on an ongoing basis to make all required payments of principal and interest on the Notes when due and payable and the Indenture Trustee obtains the consent of holders of at least 66 2/3% of the Note Balance of the Notes [of the Controlling Class].

The Indenture Trustee may, but is not required to, obtain and rely upon an opinion of an independent accountant or investment banking firm to determine the sufficiency or insufficiency as it relates to the second and third bullet points in the immediately preceding paragraph. Any sale of the Trust Estate of the Issuer is subject to the requirement that an opinion of counsel be delivered to the effect that following such transaction, the Titling Trust or an interest therein or a portion thereof will not be classified as an association or a publicly traded partnership taxable as a corporation for United States federal income tax purposes.

In the event of a sale of the Trust Estate following the occurrence of an Event of Default under the circumstances described in the prior paragraph, the proceeds of such sale, including any available monies on deposit in the Reserve Fund, will be distributed in the same manner as if the payment of the Notes had been declared immediately due and payable.

Subject to the provisions of the Indenture relating to the duties of the Indenture Trustee, if an Event of Default occurs and is continuing, the Indenture Trustee will be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any of the Noteholders if the Indenture Trustee reasonably believes it will not be adequately indemnified against the costs, expenses and liabilities that might be incurred by it in complying with that request. Subject to such provisions for indemnification and some limitations contained in the Indenture, the holders of Notes evidencing at least 51% of the Note Balance of the Notes [of the Controlling Class] will have the right to direct the time, method and place of conducting any proceeding or any remedy available to the Indenture Trustee or exercising any trust power conferred on the Indenture Trustee. Additionally, subject to the duties of the Indenture Trustee, the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action.

*Limitation on Suits*. No Noteholder will have the right to institute any proceeding with respect to the Indenture unless:

<br> • that Noteholder previously has given the Indenture Trustee written notice of a continuing Event of Default;

• Noteholders holding not less than 25% of the Note Balance of the Notes [of the Controlling Class] have made written request of the Indenture Trustee to institute that proceeding in its own name as Indenture Trustee under the Indenture;

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<br> • the Noteholder has offered the Indenture Trustee satisfactory indemnity against any liabilities that the Indenture Trustee may incur in complying with the request;

<br> • the Indenture Trustee has, for 60 days after receipt of such notice, written request and offer of indemnity, failed to institute that proceeding; and

• no direction inconsistent with that written request has been given to the Indenture Trustee during that 60 day period by holders of Notes evidencing at least 51% of the Note Balance of the Notes [of the Controlling Class].

Notwithstanding the foregoing, a Noteholder will have the right to begin at any time a proceeding to enforce its right to receive principal and interest due to it under its Note, and that right may not be impaired without its consent.

The Indenture Trustee and the Noteholders, by accepting the Notes, will covenant that they will not at any time that is prior to one year and one day after the date upon which all obligations and payments under the Transaction Documents have been paid in full, institute against the Issuer, the Depositor, the Titling Trust or the Initial Beneficiary any bankruptcy, reorganization or other proceeding under any federal or State bankruptcy or similar law.

With respect to the Issuer, neither the Indenture Trustee nor the Owner Trustee in their respective individual capacities, nor any holder of a Certificate, nor any of their respective owners, beneficiaries, agents, officers, directors, employees, successors or assigns will be personally liable for the payment of interest on or principal of the Notes or for the agreements of that Issuer contained in the Indenture or in the Trust Agreement.

#### Notices
Noteholders will be notified in writing by the Indenture Trustee of any Event of Default promptly upon a responsible officer of the Indenture Trustee obtaining actual knowledge of such an event. A Noteholder may communicate with the Indenture Trustee and provide notices and make requests and demands and give directions to the Indenture Trustee as permitted by the Transaction Documents through the procedures of DTC and by notice to the Indenture Trustee.

#### Governing Law
The Indenture and the Notes are governed by and shall be construed in accordance with New York laws applicable to agreements made in and to be performed wholly within that jurisdiction.

#### Noteholder Communication
Three or more Noteholders may request a list of all Noteholders of the Issuer maintained by the Indenture Trustee for the purpose of communicating with other Noteholders about their rights under the Indenture or under the Notes. Any request must be accompanied by a copy of the communication that the requesting Noteholders propose to send.

A Noteholder may also send a request to the Issuer or to the Servicer, on behalf of the Issuer, stating that the Noteholder is interested in communicating with other Noteholders about the possible exercise of rights under the Transaction Documents. The requesting Noteholder must include in the request a description of the method by which other Noteholders may contact the requesting Noteholder. The Issuer will promptly deliver any such request to the Servicer. On receipt of a communication request, the Servicer will include in the Form 10-D filed in the next month the following information:

<br> • a statement that the Issuer received a communication request;

<br> • the date the request was received;

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<br> • the name of the requesting Noteholder;

<br> • a statement that the requesting Noteholder is interested in communication with other Noteholders about the possible exercise of rights under the Transaction Documents; and

<br> • a description of the method by which the other Noteholders may contact the requesting Noteholder.

Any expenses of the Issuer or the Servicer relating to an investor communication, including any review of documents evidencing ownership of a Note and the inclusion of the investor communication information in the Form 10-D, will be paid by the Servicer.

In order to make a request or demand or to provide notice to the Issuer, the Owner Trustee, the Indenture Trustee, the Depositor, the Sponsor or the Servicer under the Transaction Documents, a Noteholder must either be a Noteholder of record or must provide a written certification stating that it is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note.

#### Book-Entry Registration
Each class of Notes will initially be represented by one or more certificates registered in the name of Cede & Co., DTC's nominee, except as set forth below. The Notes will be available for purchase in the denominations specified herein and are available for purchase in book-entry form only. Accordingly, the nominee is expected to be the holder of record of each class of Notes issued in book-entry form. Unless and until Definitive Notes are issued under the limited circumstances described herein, you, as an owner of Notes will not be entitled to receive a physical certificate representing your interest in the Notes of that class. Beneficial owners will not be recognized by the Indenture Trustee as "holders," as such term will be used in the Indenture and will generally only be permitted to exercise the rights of holders indirectly through DTC and its participants. Nevertheless, to exercise their rights with respect to the asset representations review, dispute resolutions and investor communications, beneficial owners of Notes may communicate directly with the Indenture Trustee, the Servicer or the Issuer, as appropriate, as long as such beneficial owners provide a written certification stating that they are beneficial owners of a Note and supporting documentation, such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note. See *"The Leases—Asset Representations Review—Voting," "—Dispute Resolution for Repurchase Requests"* and *"Description of the Notes—Noteholder Communication."*

You may hold your Notes through DTC in the United States, or Clearstream or Euroclear in Europe. The global notes will be tradable as home market instruments in both the European and United States domestic markets. Initial settlement and all secondary trades will settle in same-day funds. You should review the rules and procedures of DTC, Clearstream and Euroclear for clearing, settlement, payment and tax withholding applicable to your purchase of the Notes.

DTC is a limited-purpose trust company organized under New York law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York UCC, and a "clearing agency" registered under the provisions of Section 17A of the Exchange Act. DTC was created to hold securities for its participants and facilitate the clearance and settlement of securities transactions between participants through electronic book-entries, thereby eliminating the need for physical movement of certificates. Participants include securities brokers and dealers (who may include any of the underwriters), banks, trust companies and clearing corporations and may include certain other organizations. Indirect access to the DTC system also is available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly.

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All references herein to actions by holders of Notes held in book-entry form refer to actions taken by DTC upon instructions from its participating organizations and all references herein to distributions, notices, reports and statements to Noteholders refer to distributions, notices, reports and statements to DTC or its nominee, as the case may be, as the registered holder of the Notes for distribution to the Noteholders in accordance with DTC's procedures with respect thereto. The rules applicable to DTC and its participants are on file with the SEC.

To facilitate subsequent transfers, all Notes deposited by participants with DTC will be registered in the name of Cede & Co., as nominee of DTC. The deposit of Notes with DTC and their registration in the name of Cede & Co. will not change beneficial ownership. DTC will have no knowledge of the actual beneficial owners and its records will reflect only the identity of the participants to whose accounts such Notes are credited, which may or may not be the ultimate owners. Participants and indirect participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to participants, by participants to indirect participants and by participants and indirect participants to owners, will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

We understand that under existing industry practices, if we request any action of Noteholders or if a beneficial owner of a Note desires to give or take any action that a holder is entitled to give or take under the Indenture, DTC would authorize the participants holding the relevant beneficial interests to give or take the desired action, and the participants would authorize beneficial owners owning through the participants to give or take the desired action or would otherwise act upon the instructions of beneficial owners. Euroclear or Clearstream, as the case may be, will take action on behalf of their participants only in accordance with its relevant rules and procedures and subject to its respective depositaries' ability to effect such actions on its behalf through DTC.

Secondary market trading between DTC participants will be settled using the procedures applicable to United States corporate debt obligations in same-day funds. Noteholders who are not participants, either directly or indirectly, but who desire to purchase, sell or otherwise transfer ownership of, or other interest in, Notes may do so only through direct or indirect participants. In addition, Noteholders will receive all distributions of principal and interest from the Indenture Trustee through the participants who in turn will receive them from DTC. Under a book-entry format, Noteholders may experience some delay in their receipt of payments, since the payments will be forwarded by the Indenture Trustee to DTC's nominee. DTC will forward the payments to its participants which thereafter will forward them to indirect participants or Noteholders. Noteholders will not be recognized by the Indenture Trustee as "noteholders" and Noteholders will be permitted to exercise the rights of Noteholders only indirectly through DTC and its participants.

Because DTC can only act on behalf of participants, who in turn act on behalf of indirect participants and certain banks, the ability of a Noteholder to pledge Notes to persons or entities that do not participate in the DTC system, or otherwise take actions with respect to these Notes, may be limited due to the lack of a physical certificate for these Notes.

Neither DTC nor Cede & Co. will consent or vote with respect to the Notes. Under its usual procedures, DTC will mail an omnibus proxy to the Indenture Trustee as soon as possible after each applicable record date for such a consent or vote. The omnibus proxy will assign Cede & Co.'s consenting or voting rights to those participants to whose accounts the Notes will be credited on that record date, identified in a listing attached to the omnibus proxy.

DTC will advise the Administrator that it will take any action permitted to be taken by a Noteholder under the Indenture or Trust Agreement, as applicable, only at the direction of one or more participants to whose accounts with DTC the Notes are credited. DTC may take conflicting actions with respect to other undivided interests to the extent that these actions are taken on behalf of participants whose holdings include these undivided interests.

Non-United States holders of global notes will be subject to United States withholding taxes unless these holders meet certain requirements and deliver appropriate United States tax documents to the securities clearing organizations or their participants.

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#### Definitive Notes
With respect to any class of Notes, such Notes will be issued as Definitive Notes to Noteholders or their respective nominees, rather than to DTC or its nominee, only if (1) the Administrator or the Servicer advises the Indenture Trustee, in writing, that DTC is no longer willing or able to properly discharge its responsibilities as Depository with respect to the Notes and neither the Administrator nor the Indenture Trustee is able to locate a qualified successor or (2) after the occurrence of an Event of Default under the Indenture, holders of Notes representing at least 51% of the Note Balance of the Notes [of the Controlling Class] advise the Indenture Trustee through DTC in writing that the continuation of a book-entry system through DTC, or a successor thereto, with respect to the Notes is no longer in the best interest of the holders of the Notes.

Upon the occurrence of any event described in the previous paragraph, the Indenture Trustee will be required to notify all applicable Noteholders of a given class through participants of the availability of Definitive Notes. Upon surrender by DTC of the Definitive Notes representing the corresponding Notes and receipt of instructions for re-registration, the Indenture Trustee will reissue the Notes as Definitive Notes to the Noteholders.

Distributions of principal of, and interest on, the Definitive Notes will thereafter be made by the Indenture Trustee in accordance with the procedures set forth in the Indenture directly to holders of such Definitive Notes in whose names the Definitive Notes were registered at the close of business on the record date for such Notes. The distributions will be made by check mailed to the address of the holder as it appears on the register maintained by the Indenture Trustee. The final payment on any Definitive Note, however, will be made only upon presentation and surrender of the Definitive Note at the office or agency specified in the notice of final distribution to the applicable Noteholders.

Definitive Notes will be transferable and exchangeable at the offices of the Indenture Trustee or of a registrar named in a notice delivered to holders of Definitive Notes. No service charge will be imposed for any registration of transfer or exchange, but the Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith.

#### Application of Available Funds
On or prior to each Payment Date, the Servicer will prepare and provide to the Indenture Trustee and the Owner Trustee a statement to be made available to the Noteholders on that Payment Date. See *"Description of the Transaction Documents—Statements to Noteholders*."

On each Payment Date, the Servicer will allocate the Collections transferred to the Exchange Note Collection Account during the related Collection Period to interest and principal payable to the holder of the Exchange Note. On each Payment Date, the Indenture Trustee will make distributions from the Reserve Fund as well as from the Exchange Note Collection Account to make payments pursuant to the priorities set forth under "—*Priority of Payments*," including making payments to the Distribution Account in an amount required to make payments pursuant to priorities [(2), (3) and (4)] under "—*Priority of Payments*." The Indenture Trustee will make distributions to the Noteholders out of amounts on deposit in the Distribution Account and to the Certificateholders out of amounts on deposit in the Exchange Note Collection Account. The amount to be distributed to the Securityholders will be determined in the manner described below.

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#### Sources of Funds for Distributions
*Distributions to the Noteholders*

The funds available to the Issuer to make payments on the Notes on each Payment Date will come from the Available Funds, which will consist of (1) payments made to the Issuer with respect to the Exchange Note as described under *"The Exchange Note*—*Payments on the Exchange Note"* and (2) any Reserve Fund Draw Amount. The calculation of the funds available to make payments on the Notes is set forth in the definition of Available Funds in the *"Glossary of Terms."* The following chart shows the sources of Available Funds for each Payment Date:

![](image00009.jpg)

*Distributions on the Exchange Note*

The funds available to make payments to the Issuer on the Exchange Note will come from the Collections. The calculation of the funds available to make payments on the Exchange Note is set forth in the definition of Collections in the *"Glossary of Terms."* The following chart shows the sources of Collections available for payment on the Exchange Note for each Payment Date:

![](image00010.jpg)

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#### Priority of Payments
On each Payment Date, so long as the Notes have not been accelerated following the occurrence of an Event of Default, the Servicer will instruct the Indenture Trustee to apply Available Funds in the following amounts and order of priority:

<sup>(1)</sup> to the Indenture Trustee, the Owner Trustee, the Collateral Agent, the Administrative Agent and the Asset Representations Reviewer, pro rata, if not previously paid, the fees, if any, expenses and indemnified amounts due to each of them for the related Collection Period, plus any overdue fees, expenses and indemnified amounts of such parties for one or more prior Collection Periods; provided, however, that the aggregate amount to be paid pursuant to this clause for such fees, expenses and indemnified amounts shall not exceed $[●] in any given calendar year;<br>

<sup>(2)</sup> to the Distribution Account for the benefit of the holders of the [interest-bearing] Class A Notes, the Interest Distributable Amount for the Class A Notes, to pay interest due on each class of [interest-bearing] Class A Notes outstanding on that Payment Date, ratably for each [such] class of Class A Notes;<br>

<sup>(3)</sup> to the Distribution Account for the benefit of the holders of the Class A Notes, the Priority Principal Distribution Amount, which will be allocated to pay principal of the Class A Notes in the amounts and order of priority described under *"Description of the Notes—Payments of Principal"*;<br>

<sup>(4)</sup> [to the Distribution Account for the benefit of the holders of the Class B Notes , the Interest Distributable Amount for the Class B Notes, to pay interest due on the Class B Notes outstanding on that Payment Date;]<br>

<sup>(5)</sup> to the Reserve Fund, the amount necessary to cause the amount on deposit in the Reserve Fund to equal the Reserve Fund Required Amount;<br>

<sup>(6)</sup> to the Distribution Account for the benefit of the holders of the Notes, the Regular Principal Distribution Amount, which will be allocated to pay principal of the Notes in the amounts and order of priority described under *"Description of the Notes—Payments of Principal"*;<br>

<br> (7) to any successor servicer, any unpaid transition expenses due in respect of a transfer of servicing and any Additional Servicing Fees for the related Collection Period;

<sup>(8)</sup> pro rata, to the Indenture Trustee, the Owner Trustee, the Collateral Agent, the Administrative Agent and the Asset Representations Reviewer, any accrued and unpaid expenses, indemnities and fees, if any, in each case to the extent the fees, expenses and indemnities have not been previously paid above; and<br>

<sup>(9)</sup> to the Certificateholders, any amounts remaining after the foregoing distributions.<br>

In addition, if the aggregate amount on deposit in the Exchange Note Collection Account and the Reserve Fund on any Payment Date equals or exceeds the Note Balance of the Notes, accrued and unpaid interest thereon and all amounts due to the Collateral Agent, the Administrative Agent, the Indenture Trustee, the Owner Trustee, the Asset Representations Reviewer and the Servicer, all such amounts will be applied up to the amount necessary to retire the Notes and pay such amounts due.

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The following chart shows how payments from Available Funds are made on each Payment Date unless the Notes are accelerated following the occurrence of an Event of Default:

![](image00011.jpg)

#### Fees and Expenses of the Issuer
As set forth in the following table, the Issuer will be obligated to pay the Servicing Fee to the Servicer and the fees, expenses and indemnified amounts of the Collateral Agent, the Administrative Agent, the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, subject to a cap, before it pays any amounts due on the Notes and any other liabilities. Such cap will not apply following the occurrence of an Event of Default and the acceleration of the Notes. In addition, the Servicer will be obligated to pay the fees and expenses of the Administrator from the Servicing Fee.

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| | | |
|:---|:---|:---|
| Recipient | Source | Amount |
| Servicer | Available Collections | [1.00%] per annum of the outstanding Aggregate Securitization Value as of the first day of the related Collection Period multiplied by 1/12 (or 1/6, in the case of the first Payment Date) plus any supplemental servicing fee, as described under *"Description of the Transaction Documents—Servicing Compensation."* |
| Indenture Trustee | Available Funds | $[●] per annum plus reasonable expenses. |
| Owner Trustee | Available Funds | $[●] per annum plus reasonable expenses. |
| Collateral Agent | Available Funds | reasonable expenses. |
| Administrative Agent | Available Funds | reasonable expenses. |
| Asset Representations Reviewer | Available Funds | $[●] per annum plus $[●] for each reviewed asset on completion of a review. |

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#### Description of the Transaction Documents
This summary describes the material provisions of the documents under which MBFS USA will transfer the Exchange Notes to the Depositor, the Depositor will transfer the Exchange Notes to the Issuer and the Servicer will service the Leases and Leased Vehicles allocated to the Reference Pool securing the Exchange Notes on behalf of the Issuer. These documents are the First-Tier Sale Agreement, the Second-Tier Sale Agreement and the Servicing Agreement. This summary also describes the material provisions of the Indenture, the Trust Agreement and the Administration Agreement. We will file a copy of these agreements with the SEC as exhibits to a Current Report on Form 8-K.

In general, the operations of the Issuer will be governed by the following Transaction Documents:

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| | | |
|:---|:---|:---|
| **Document** | **Parties** | **Primary Purposes** |
| Titling Trust Agreement | Initial Beneficiary, Titling Trustee and MBFS USA, as Titling Trust Administrator | Creates the Titling Trust<br>Creates the Specified Interest<br>Establishes rights and duties of the Initial Beneficiary, the Titling Trustee and the Titling Trust Administrator<br>Allows for the creation and issuance of the titling trust note, of which the Exchange Notes are a part |
| Collateral Agency Agreement and Exchange Note Supplement | Titling Trust, Administrative Agent, Collateral Agent, Lender and Servicer | Establishes the revolving facility under which the Lender makes advances to the Titling Trust in exchange for certain Titling Trust Assets<br>Establishes terms of the revolving facility<br>Establishes rights and duties of the Collateral Agent and the Administrative Agent<br>|

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| | | |
|:---|:---|:---|
| **Document** | **Parties** | **Primary Purposes** |
|  |  | Provides for the issuance and terms of the Exchange Notes |
| Servicing Agreement | Servicer, Lender, Titling Trust and Collateral Agent | Provides for the servicing of the Leases and the related Leased Vehicles |
| Trust Agreement | Depositor and Owner Trustee | Creates the Issuer<br> Provides for issuance of Certificates and payments to Certificateholders<br> Establishes rights and duties of the Owner Trustee<br> Establishes rights of Certificateholders |
| Indenture | Issuer and Indenture Trustee | Provides for issuance of the Notes, the terms of the Notes and payments to Noteholders<br> Secures the Notes with a lien on the property of the Issuer, which includes the Exchange Note<br> Establishes rights and duties of the Indenture Trustee<br> Establishes rights of Noteholders |
| Administration Agreement | Issuer, Administrator and Indenture Trustee | Provides for certain services and the assumption of certain duties by the Administrator on behalf of the Issuer and the Owner Trustee |
| First-Tier Sale Agreement | MBFS USA, as seller, and Depositor | Provides for the sale, transfer and assignment of the Exchange Note from MBFS USA to the Depositor |
| Second-Tier Sale Agreement | Depositor and Issuer | Provides for the sale, transfer and assignment of the Exchange Note from the Depositor to the Issuer |
| Asset Representations Review Agreement | Issuer, Servicer and Asset Representations Reviewer | Provides for the review of delinquent leases by the Asset Representations Reviewer under the circumstances described under *"The Leases – Asset Representations Review"* |

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#### Transfer, Assignment and Pledge of the Exchange Note
On or prior to the Closing Date, the Initial Beneficiary will consent to the creation and issuance of the Exchange Note, as requested by the Lender. Pursuant to the terms of the First-Tier Sale Agreement, MBFS USA will sell, transfer and assign the Exchange Note to the Depositor. On the Closing Date, the Depositor will in turn sell, transfer and assign the Exchange Note to the Issuer pursuant to the Second-Tier Sale Agreement. The Issuer will pledge its interest in the Exchange Note to the Indenture Trustee as security for the Noteholders. See *"The Exchange Note."*

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#### The Trust Agreement and the Certificates
The Certificates are not being offered pursuant to this prospectus and all information presented regarding the Certificates is given to further a better understanding of the Notes. The Certificates will be issued pursuant to the terms of the Trust Agreement. The Certificates will evidence undivided ownership interests in the Issuer created pursuant to the Trust Agreement.

The Trust Agreement and the Certificates are governed by and shall be construed in accordance with Delaware law.

#### Accounts
On or prior to the Closing Date, the Servicer will establish, and the Securities Intermediary on behalf of the Indenture Trustee will maintain, (1) the Exchange Note Collection Account, into which collections on or in respect of the Leases and the Leased Vehicles will generally be deposited, together with income received on the investment of funds on deposit in the Exchange Note Collection Account and (2) the Distribution Account, into which amounts released from the Exchange Note Collection Account and, when necessary, from the Reserve Fund, will generally be deposited, and from which all distributions to the Noteholders will be made.

Each of the Exchange Note Collection Account, the Distribution Account and the Reserve Fund will be an Eligible Account. If the Securities Intermediary or the Indenture Trustee at any time does not have the required rating, the Servicer shall, with the assistance of the Indenture Trustee, as necessary, cause the related account to be moved to a depository institution or trust company organized under the laws of the United States or any State that has the required rating.

On the Payment Date on which all Notes have been paid in full and following payment of any remaining obligations of the Depositor under the Transaction Documents, any amounts remaining on deposit in the Issuer accounts, after giving effect to all withdrawals therefrom and deposits thereto in respect of that Payment Date, will be paid to the Certificateholders.

All funds on deposit in the Issuer accounts will be invested in Eligible Investments to the extent so provided in the Servicing Supplement or Indenture. Eligible Investments will generally be limited to obligations or securities that mature on or before the business day preceding the Payment Date following the Collection Period during which the investment is made (or, in the case of the Reserve Fund, on or before the business day preceding the Payment Date following the date of such investment). Funds in the Issuer accounts may be invested in securities that will mature after the next Payment Date and will not be sold to meet any shortfalls. Thus, the amount of cash in any Issuer account at any time may be less than the required balance of such account. If required withdrawals from any Issuer account exceed the amount of cash in such Issuer account, a temporary shortfall in the amounts distributed to the Noteholders could result. The average lives of the Notes could then increase. All net investment earnings on funds on deposit in the Issuer accounts will be deposited in the Exchange Note Collection Account.

The Servicer will make all calculations and decisions regarding the allocation, transfer and disbursement of funds and there will not otherwise be any independent verification of the activity in the Issuer accounts, other than to the limited extent addressed in the annual officer's certificate of the Servicer and the accountants' report described under *"—Annual Compliance Reports."*

#### Servicing
Under the Servicing Agreement, the Servicer will perform on behalf of the Titling Trust all of its obligations under the related Leases and Leased Vehicles allocated to the Reference Pool, including, but not limited to, collecting and processing payments, responding to inquiries of lessees, investigating delinquencies, sending payment statements, paying costs of the sale or other disposition of Matured Vehicles or Defaulted Vehicles, overseeing the related Leases and related Leased Vehicles allocated to the Reference Pool and commencing legal proceedings to enforce related Leases, including accounting for collections, furnishing monthly and annual statements to the Titling Trustee with respect to distributions and generating United States federal income tax information. In this regard, the Servicer will make reasonable efforts to collect all amounts due on or in respect of the Leases allocated to the Reference Pool and, in a manner consistent with the Servicing Agreement, will be obligated to service the related Leases and related Leased Vehicles allocated to the Reference Pool generally in accordance with the customary and usual procedures of the Servicer in respect of automobile leases serviced by it for its own account. See *"MBFS USA."* The Servicer has discretion in servicing the related Leases and related Leased Vehicles allocated to the Reference Pool, including the ability to grant payment deferrals and to determine the timing and method of collection and liquidation procedures.

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The Servicing Agreement will require the Servicer to obtain all licenses and make all filings required to be held or filed by the Titling Trust in connection with the ownership of the related Leases and related Leased Vehicles allocated to the Reference Pool and take all necessary steps to maintain evidence of the Titling Trust's or Titling Trustee's ownership on the certificates of title to the related Leased Vehicles.

The Servicer will be responsible for filing all periodic sales and use tax or property (real or personal) tax reports, periodic renewals of licenses and permits, periodic renewals of qualifications to act as a statutory trust and other periodic regulatory filings, registrations or approvals arising with respect to or required of the Titling Trustee or the Titling Trust.

The Servicer may, in its sole discretion but consistent with its normal practices and procedures, modify or extend the term of a Lease. If any extension of a Maturity Date is granted by the Servicer and such extension extends the Maturity Date of such Lease to a date later than the Payment Date occurring six months prior to the Final Scheduled Payment Date of the latest maturing class of Notes, the Servicer will be required to repurchase such Lease by making a Repurchase Payment. The purchase obligation of the Servicer under the Servicing Agreement will constitute the sole remedy available to the Issuer, the Noteholders, the Owner Trustee, the Indenture Trustee and the Certificateholders for any extension of a payment schedule that causes a Lease to remain outstanding after the Collection Period preceding the Final Scheduled Payment Date for the latest maturing class of Notes.

In addition, the Servicing Agreement will require the Servicer to notify as soon as practicable the Depositor (in the event that MBFS USA is not acting as the Servicer), the Indenture Trustee and the Titling Trustee of all liens or claims of any kind of a third party that would materially and adversely affect the interests of, among others, the Depositor or the Titling Trust in any Leases and related Leased Vehicles allocated to the Reference Pool.

#### Custody of Lease Documents and Certificates of Title
Under the Servicing Agreement, to reduce administrative costs and assure uniform quality in the servicing of the Leases, the Titling Trust and the Collateral Agent have appointed the Servicer as their agent, bailee and custodian of the Leases, the certificates of title relating to the Leased Vehicles and any other related items that from time to time come into possession of the Servicer. Such documents will not be physically segregated from other leases, certificates of title or other documents related to other leases and vehicles owned or serviced by the Servicer. The Servicer may delegate specific custodian duties to sub-contractors who are in the business of performing those duties. For example, the Servicer may hire a third-party to hold original certificates of title for vehicles that it services. The accounting records and certain computer systems of the Servicer will reflect the allocation of the Leases and related Leased Vehicles to the Reference Pool. Upon instructions from the Collateral Agent, the Servicer will release or cause to be released any certificate of title to the Collateral Agent, at the place or places designated by the Collateral Agent.

#### Insurance on the Leased Vehicles
Each Lease will indicate that the related lessee will be required to provide during the related lease term a comprehensive liability, public liability, property damage liability and collision liability insurance policy covering the actual cash value of the related Leased Vehicle and naming the Titling Trust as loss payee and as additional insured, as described under *"MBFS USA—Insurance."* Because lessees may choose their own insurers to provide the required coverage, the actual terms and conditions of their policies may vary.

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MBFS USA does not require lessees to carry credit disability, credit life or credit health insurance or other similar insurance coverage that provides for payments to be made on Leases on behalf of the lessees in the event of disability or death. To the extent that this type of insurance coverage is obtained on behalf of a lessee, payments received in respect of the coverage may be applied to payments on the related Lease only to the extent that the lessee's beneficiary chooses to do so.

In the event that a lessee fails to maintain any required insurance and this failure results in a shortfall in amounts to be distributed to the Noteholders which is not covered by amounts on deposit in the Reserve Fund or by subordination of payments on the Certificates to the extent described in this prospectus, the Noteholders could suffer a loss on their investment.

#### Collections
As of the Closing Date, the Servicer will deposit all Collections received during each Collection Period into the Exchange Note Collection Account within two Business Days after receipt and identification thereof. So long as the Servicer is required to deposit Collections into the Exchange Note Collection Account within two Business Days after receipt and identification thereof, all net investment earnings on funds on deposit in the Exchange Note Collection Account and the Reserve Fund will be available to be distributed in accordance with *"Application of Available Funds—Priority of Payments."* In the event that the Monthly Remittance Condition is satisfied and the Servicer is entitled to deposit Collections into the Exchange Note Collection Account on a monthly basis, any net investment earnings on Collections will be retained by the Servicer.

To the extent necessary to make the required payments on any Payment Date, on or before such Payment Date, the Servicer will instruct the Indenture Trustee to withdraw and deposit (or cause to be withdrawn and deposited) into the Exchange Note Collection Account, the Reserve Fund Draw Amount from the Reserve Fund.

#### Servicer Advances
The Servicer, at its option, may make Servicer Advances in respect of a Collection Period on the related Deposit Date by a deposit into the Exchange Note Collection Account. The Servicer shall make a Servicer Advance only to the extent that the Servicer, in its sole discretion, shall determine that such Servicer Advance shall be recoverable.

In making Servicer Advances, the Servicer will assist in maintaining a regular flow of scheduled payments on the Leases and related Leased Vehicles allocated to the Reference Pool and, accordingly, in respect of the Notes, rather than guarantee or insure against losses. Accordingly, all Servicer Advances will be reimbursable to the Servicer, without interest. The Servicer will recover Servicer Advances from future payments on or in respect of the related Lease or Leased Vehicle or, upon the Servicer's determination that such Servicer Advance is a Nonrecoverable Advance, from Available Funds as described in clause (1) under *"The Exchange Note—Payments on the Exchange Note."*

#### Sales or Other Disposition of Leased Vehicles
Under the Servicing Agreement, the Servicer, on behalf of the Issuer, shall use commercially reasonable efforts to sell or otherwise dispose of Leased Vehicles related to Matured Vehicles not purchased by the lessee or a dealer and to repossess or recover and sell or otherwise dispose of any Liquidated Vehicle. In accordance with the foregoing standards, the Servicer shall follow its customary servicing practices, which may include:

<br> • engaging in self-help repossession to the extent permitted under applicable law;

<br> • exercising efforts to realize upon dealer recourse as the Servicer may determine in its sole discretion;

<br> • consigning a Leased Vehicle to a dealer for resale or re-lease (to the extent permitted by applicable law);

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<br> • selling a Leased Vehicle at public or private sale in a commercially reasonable manner; or

<br> • commencing and prosecuting proceedings with respect to such Lease or the related Leased Vehicle.

In connection with the sale or other disposition of a Liquidated Vehicle, the Servicer will deposit into the Exchange Note Collection Account Net Liquidation Proceeds received with respect to the sale or other disposition of the related Leased Vehicles during the related Collection Period within two Business Days after receipt and identification. So long as the Monthly Remittance Condition is satisfied, however, the Servicer may retain such amounts until the related Deposit Date.

The Servicer will be required to purchase a Leased Vehicle before the Maturity Date of the related Lease and remit to the Exchange Note Collection Account a Repurchase Payment calculated as of the effective date of repurchase if the related lessee moves to a State in which the Titling Trust does not have all licenses necessary to own and lease vehicles and the Titling Trust has not been so licensed within 90 days of the Servicer becoming aware of such a move.

#### Realization Upon Charged-off Leases
The Servicing Agreement will provide that if the Servicer decides to repossess a Defaulted Vehicle, the Servicer will use commercially reasonable efforts to repossess and liquidate it. Such liquidation may be effected through repossession and disposition through sale, or the Servicer may take any other action permitted by applicable law. The Servicer may enforce all rights of the lessor under the related Defaulted Lease, sell that Defaulted Vehicle in accordance with such Defaulted Lease and commence and pursue any proceedings in connection with such Defaulted Lease. In connection with any such repossession, the Servicer will follow such practices and procedures as are used by the Servicer in respect of any Leases serviced by it for its own account. The Servicer will be responsible for all costs and expenses incurred in connection with the sale or other disposition of Defaulted Vehicles but will be entitled to reimbursement. Proceeds from the sale or other disposition of repossessed Leased Vehicles allocated to the Reference Pool will constitute Sales Proceeds and will be deposited into the Exchange Note Collection Account.

#### Servicing Compensation
The Servicing Fee, together with any previously unpaid Servicing Fee, will be paid to the Servicer on each Payment Date. The Servicer will also be entitled to retain as supplemental servicing compensation fees and charges paid by lessees in respect of each Collection Period, including, among other things, late payment fees, returned instrument or automatic clearing house transaction charges, extension fees, purchase option fees, service fees, disposition fees, termination fees and similar charges received with respect to any Lease or Leased Vehicle other than excess wear and tear or excess mileage charges during that Collection Period. The Servicer will be paid the Servicing Fee for each Collection Period on the Payment Date related to that Collection Period. The Servicing Fee will be paid in accordance with the priority of payments set forth under *"The Exchange Note—Payments on the Exchange Note."*

The Servicing Fee and the supplemental servicing fee are intended to compensate the Servicer for performing the functions of a third party servicer of the Leases and the related Leased Vehicles as an agent for the Issuer, including collecting and posting all payments, responding to inquiries of lessees, investigating delinquencies, sending payment coupons to lessees, reporting United States federal income tax information to lessees, paying costs of collections and policing the Leased Vehicles. The fees will also compensate the Servicer for administering the Issuer, including making Servicer Advances, accounting for collections, furnishing monthly and annual statements to the Indenture Trustee and the Owner Trustee with respect to distributions and generating United States federal income tax information for the Issuer. The fees, if any, also will reimburse the Servicer for certain taxes, accounting fees, outside auditor fees, data processing costs and other costs incurred in connection with administering the Leases and the related Leased Vehicles.

The Issuer will pay the Servicing Fee out of collections from the Leases and the Leased Vehicles included in the Reference Pool, prior to distributions to Noteholders.

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#### Statements to Noteholders
On or prior to each Payment Date, the Servicer will prepare and provide to the Indenture Trustee and Owner Trustee a statement to be made available to the Noteholders on that Payment Date. Each statement to be delivered to Noteholders will include (to the extent applicable) the following information as to the Notes with respect to that Payment Date:

<sup>(1)</sup> the outstanding principal amount of the Exchange Note at the beginning of the related Collection Period;<br>

<br> (2) delinquencies during such Collection Period;

<sup>(3)</sup> the amount of the distribution allocable to principal of each class of Notes;<br>

<sup>(4)</sup> the amount of distribution allocable to interest on or with respect to each class of Notes;<br>

<br> (5) [the [SOFR Rate] (or the then-current Benchmark, as applicable) for the Class A-2B Notes for the related Payment Date;]

<sup>(6)</sup> the amount of the distribution allocable to draws from the Reserve Fund;<br>

<sup>(7)</sup> the outstanding principal amount of the Exchange Note at the end of the related Collection Period;<br>

<sup>(8)</sup> any overcollateralization amount;<br>

<br> (9) the aggregate Note Balance and the appropriate factor for each class of Notes after giving effect to all payments reported under clause (3) above;

<sup>(10)</sup> the amount of the Servicing Fee to be paid to the Servicer and the amount of any unpaid Servicing Fee with respect to such Collection Period or prior Collection Periods, as the case may be;<br>

<sup>(11)</sup> the amount of aggregate credit and residual losses realized on the Leases and Leased Vehicles allocated to the Reference Pool during the related Collection Period;<br>

<sup>(12)</sup> previously due and unpaid interest payments on each [interest-bearing] class of Notes and the change in these amounts from the preceding statement;<br>

<sup>(13)</sup> previously due and unpaid principal payments, plus interest accrued on such unpaid principal to the extent permitted by law, if any, on each class of Notes, and the change in these amounts from the preceding statement;<br>

<sup>(14)</sup> the aggregate amount of Repurchase Payments in respect of the related Collection Period;<br>

<br> (15) the balance of the Reserve Fund, if any, on that date, after giving effect to payments on that date;

<br> (16) any [SOFR Adjustment Conforming Changes] or [Benchmark Conforming Changes] for the related Accrual Period; and

<sup>(17)</sup> the amount of Servicer Advances in respect of the related Collection Period and the reimbursement amount for such Servicer Advances.<br>

Each amount set forth under clauses (3) and (4) above with respect to the Notes will be expressed as a dollar amount per $1,000 of the initial principal amount of such Notes.

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Prior to each Payment Date, the Servicer will provide to the Indenture Trustee and the Owner Trustee a statement setting forth substantially the same information described above that is required to be provided to Noteholders.

Within the prescribed period of time for United States federal income tax reporting purposes after the end of each calendar year during the term of the Issuer, the Indenture Trustee will mail to each person who at any time during such calendar year was a Noteholder and received any payment with respect to the Issuer a statement containing certain information for the purposes of the Noteholder's preparation of its United States federal income tax returns*.* See *"Material Federal Income Tax Consequences."*

The Servicer will use the investor report to direct the Indenture Trustee on payments to be made to the Noteholders on each Payment Date. The Indenture Trustee will have no obligation to verify calculations made by the Servicer. On each Payment Date, the Indenture Trustee, as paying agent, will forward the investor report to each Noteholder of record or make the investor report available to Noteholders through the Indenture Trustee's internet website, which is located at [●].

The Servicer, on behalf of the Issuer, will file a Form 10-D for the Issuer with the SEC within 15 days after each Payment Date which will include the investor report for that Payment Date and the following information, if applicable:

<br> • a description of the events that triggered a review of the review Leases by the Asset Representations Reviewer during the prior month;

<br> • if the Asset Representations Reviewer delivered its review report during the prior month, a summary of the report;

• if the Asset Representations Reviewer resigned or was removed, replaced or substituted, or if a new Asset Representations Reviewer was appointed during the prior month, the identity and experience of the new Asset Representations Reviewer, the date of the change occurred, the circumstances surrounding the change; and

• a statement that the Issuer received a request from a Noteholder during the prior month to communicate with other Noteholders, together with the date the request was received, the name of the requesting Noteholder, a statement that the requesting Noteholder is interested in communicating with other Noteholders about the possible exercise of rights under the Transaction Documents and a description of the method which the other Noteholders may contact the requesting Noteholder.

#### Annual Compliance Reports
The Servicer will prepare or obtain a number of annual reports, statements or certificates for the Issuer. No later than 90 days after the end of the calendar year, the Servicer will provide to the Depositor, the Owner Trustee, the Indenture Trustee and the Rating Agencies the following:

• *Compliance Certificate*: a certificate stating that the Servicer fulfilled all of its obligations under the Servicing Agreement in all material respects throughout the prior year or, if there was a failure to fulfill any obligation in any material respect, stating the nature and status of each failure;

• *Assessment of Compliance*: copies of the report by the Servicer on its assessment of compliance with the specified applicable servicing criteria set forth in Item 1122(a) of Regulation AB regarding general servicing, cash collection and administration, investor payments and reporting and pool asset administration during the prior year covering securitization transactions sponsored by MBFS USA involving retail lease contracts that were subject to Regulation AB, including disclosure of any material instance of noncompliance identified by that Servicer; and

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• *Attestation Report*: copies of the report by a registered public accounting firm that attests to, and reports on, the assessment made by the Servicer of compliance with the minimum servicing criteria set forth in the preceding bullet point.

The Servicer will file the compliance certificate, the assessment report and the attestation report with the SEC as exhibits to the Issuer's annual report on Form 10-K within 90 days after the end of each calendar year. A copy of these items may be obtained by any Noteholder by request to the Indenture Trustee.

#### Reports to be Filed with the SEC
The Depositor will, or will cause the Servicer to, file for the Issuer the reports required under the Securities Act and under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act. These reports include but are not limited to:

• Reports on Form 8-K (Current Report), following the issuance of the Notes, including as exhibits to the Form 8-K the opinions related to the tax consequences and the legality of the Notes being issued that are required to be filed under applicable securities laws;

<br> • Reports on Form 8-K (Current Report), following the occurrence of events specified in Form 8-K requiring disclosure, which are required to be filed within the time-frame specified in Form 8-K for that type of event;

• Reports on Form 10-D (Asset-Backed Issuer Distribution Report), containing the distribution and pool performance information required on Form 10-D, which are required to be filed 15 days following the related Payment Date; the content of a report on Form 10-D will be substantially similar to the information to be furnished under *"—Statements to Noteholders"*;

• Reports on Form ABS-EE, including an asset data file and an asset related document attached as exhibits thereto, containing asset-level data for the Reference Pool for the prior month, which will be filed each month prior to the filing of the report on Form 10-D; and

• Report on Form 10-K (Annual Report), containing the items specified in Form 10-K with respect to a fiscal year and filing or furnishing, as appropriate, the required exhibits; the annual report will include the Servicer's report on its assessment of compliance with servicing criteria and the accountants' attestation report on such assessment described under *"—Annual Compliance Reports"* and any other assessments of compliance and accountant's reports by any other parties performing a servicing function as defined by Regulation AB with respect to the Issuer.

The reports and any information included in a report will neither be examined nor, except to the extent of the accountants' attestation report referred to above, reported on by an independent public accountant. The reports filed with the SEC by or on behalf of the Issuer can be accessed on the SEC's website (www.sec.gov) using the Issuer's CIK number.

#### Optional Purchase
The Servicer may, at its option, purchase the Exchange Note for an amount equal to the Optional Purchase Price from the Issuer on any Payment Date on which the Note Balance of the Notes is [5%] or less of the Initial Note Balance after giving effect to all principal payments made on such Payment Date. Exercise of this right to purchase the Exchange Note will result in the redemption of the Notes at the Redemption Price. Notice of redemption under the Indenture must be given by the Indenture Trustee not later than 10 days prior to the applicable redemption date to each holder of Notes. In addition, the Issuer will notify each Rating Agency upon redemption of the Notes.

On the Payment Date fixed for redemption, the Notes will be due and payable at the Redemption Price, and no interest will accrue on the Notes after the Payment Date if paid in full. The final distribution to any Noteholder will be made only upon surrender and cancellation of each Noteholder's Note at the office or agency of the Indenture Trustee specified in the notice of termination.

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#### Certain Matters Regarding the Servicer
The Servicing Agreement will provide that the Servicer may not resign from its obligations and duties under the Servicing Agreement unless it determines that its duties thereunder are no longer permissible under applicable law. With respect to the Reference Pool, no such resignation of the Servicer will become effective until a successor servicer acceptable to the Indenture Trustee (acting at the direction of the holders of Notes representing at least 51% of the Note Balance of the Notes [of the Controlling Class]) has assumed the Servicer's obligations under the Servicing Agreement.

Under the circumstances specified in the Servicing Agreement, any entity into which the Servicer may be merged or consolidated, or any entity resulting from any merger or consolidation to which the Servicer is a party, or any entity succeeding to all or substantially all of the business of the Servicer will be the successor of the Servicer under the Servicing Agreement.

In addition, the Servicer will indemnify the Titling Trustee and its agents, responsible officers, directors and employees for any loss, claim, damage or expense that may be incurred by it as a result of any act or omission by the Servicer in connection with the performance of its duties under the Servicing Agreement, but only to the extent such liability arose out of the Servicer's negligence, willful misconduct, bad faith or recklessness.

#### Servicer Defaults
A Servicer Default under the Servicing Agreement will consist of the following:

<sup>(1)</sup> any failure by the Servicer to deliver to the Indenture Trustee any required payment, which failure continues unremedied for ten Business Days after the earlier of the discovery thereof by an officer of the Servicer or receipt by the Servicer of notice thereof from the Indenture Trustee;<br>

<sup>(2)</sup> any failure by the Servicer to duly observe or perform in any material respect any other of its covenants or agreements in the Servicing Agreement, which failure materially and adversely affects the rights of holders of interests in the Exchange Note, the Noteholders or, in the event that Certificates are sold to unaffiliated third parties, Certificateholders, and which continues unremedied for 90 days after written notice thereof is given as described in clause (1) above;<br>

<sup>(3)</sup> any representation, warranty or statement of the Servicer made in the Servicing Agreement or any certificate, report or other writing delivered pursuant to the Servicing Agreement shall prove to be incorrect in any material respect when made, which failure materially and adversely affects the rights of holders of interests in the Exchange Note, the Noteholders or, in the event that Certificates are sold to unaffiliated third parties, Certificateholders, and which failure continues unremedied for 90 days after written notice thereof is given as described in clause (1) above; or<br>

<br> (4) occurrence of certain Insolvency Events with respect to the Servicer;

provided, however, that the occurrence of any event set forth in clauses (1) through (3) with respect to the Reference Pool will be a Servicer Default only with respect to the Reference Pool and will not be a Servicer Default with respect the revolving facility pool or to any Other Reference Pool.

Notwithstanding the foregoing, a delay in or failure of performance referred to under clause (1), (2) or (3) above for a period of 120 days will not constitute a Servicer Default if that failure or delay was caused by force majeure. Upon the occurrence of any such event, the Servicer will not be relieved from using all commercially reasonable efforts to perform its obligations in a timely manner in accordance with the terms of the Servicing Agreement, and the Servicer will provide to the Indenture Trustee, the Depositor and the Noteholders prompt notice of such failure or delay by it, together with a description of its efforts to so perform its obligations.

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Upon the occurrence of any Servicer Default, the sole remedy available to the holder of the Exchange Note will be to direct the Titling Trustee to remove the Servicer, whereupon the Indenture Trustee or another successor servicer appointed by the Administrative Agent will succeed to the responsibilities, duties and liabilities of the Servicer under the Servicing Agreement. Notwithstanding the foregoing, if the commencement of a bankruptcy or similar case or proceeding were the only default, the Servicer or its trustee-in-bankruptcy might have the power to prevent that removal. See *"*—*Removal of Servicer."*

#### Rights Upon Servicer Default
The Servicing Agreement will provide that upon the occurrence of a Servicer Default, the holder of the Exchange Note (which shall be the Indenture Trustee acting on behalf of holders of 66 2/3% of the Note Balance of the Notes [of the Controlling Class]) may, to the extent such Servicer Default relates to the Exchange Note, waive any default by the Servicer in the performance of its obligations under the Basic Servicing Agreement and the Servicing Supplement or terminate all of the rights and obligations of the Servicer under the Servicing Agreement with respect to the Reference Pool Assets. Upon any such waiver of a past default, such Servicer Default shall cease to exist and shall be deemed to have been remedied.

The Servicer will be removed by the Titling Trustee with respect to the Reference Pool at the direction of the Indenture Trustee (acting on behalf of holders of 66 2/3% of the Note Balance of the Notes [of the Controlling Class]). Upon the termination of the Servicer with respect to the Reference Pool Assets, the Servicer subject to that termination will continue to perform its functions as Servicer, until the date on which the Administrative Agent shall have appointed a successor servicer under the Basic Servicing Agreement and the Servicing Supplement. The Indenture Trustee or, after the Notes have been paid in full, the Owner Trustee, may arrange for compensation to be paid to the successor servicer; provided, however, that the servicing compensation paid to the successor servicer may not be greater than the servicing compensation paid to the Servicer under the Servicing Supplement without the prior written consent of the holders of Notes evidencing at least 51% of the Note Balance of the Notes [of the Controlling Class] [or, after the Notes have been paid in full, the holders of Certificates evidencing not less than 51% of the aggregate percentage interest of the Certificates]. The predecessor Servicer will be obligated to pay the costs and expenses associated with the transfer of servicing to the successor servicer. Such amounts, if not paid by the predecessor Servicer, will be paid out of collections on the Exchange Note, after amounts owed to the Servicer, the Indenture Trustee, the Owner Trustee, the Collateral Agent, the Asset Representations Reviewer, the Administrative Agent and the Noteholders have been paid. Further, in such event, the Servicer shall use its commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the affected Leases to the successor servicer and as promptly as practicable, the Servicer shall provide to the successor servicer a current computer tape containing all information regarding the related Leases required for the proper servicing of the affected Leases, together with documentation containing any and all information necessary for use of the tape.

#### Removal of Servicer
The Issuer may, and at the direction of the Indenture Trustee, acting at the direction of Noteholders evidencing not less than 66 2/3% of the Note Balance of the Notes [of the Controlling Class], shall, direct the Titling Trustee to terminate the rights and obligations of the Servicer under the Servicing Agreement upon the occurrence and continuance of a Servicer Default, whereupon the Indenture Trustee or another successor servicer appointed in accordance with the Servicing Agreement will succeed to the responsibilities, duties and liabilities of the Servicer under the Servicing Agreement solely in connection with the Reference Pool. The Issuer will have the right to approve that successor servicer, and that approval may not be unreasonably withheld.

Under those circumstances, authority and power shall, without further action, pass to and be vested in the successor servicer, which will be the Indenture Trustee or a successor servicer appointed by the Administrative Agent, on behalf of the Issuer, under the Servicing Agreement. The successor servicer will succeed to the responsibilities, duties and liabilities of the Servicer in its capacity under the Servicing Agreement. Notwithstanding any such termination, the Servicer shall be entitled to payment of amounts payable to it, for services rendered prior to termination. For additional information regarding the removal of the Servicer during the occurrence or continuation of a Servicer Default, see "*—Rights Upon Servicer Default*."

Upon the termination of the Servicer with respect to the Reference Pool, the Servicer subject to that termination or removal will continue to perform its functions as Servicer until the date on which a successor servicer shall have been appointed under the Servicing Agreement. The Servicer will promptly reimburse the Issuer and the Administrator for all reasonable expenses incurred by such entity in connection with the transfer of servicing of the Leases.

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Upon appointment of a successor servicer, the successor servicer will assume all of the rights and obligations of the Servicer under the Servicing Agreement; provided, however, that no successor servicer will have any responsibilities with respect to making Servicer Advances. If a bankruptcy trustee or similar official has been appointed for the Servicer, that trustee or official may have the power to prevent the Indenture Trustee, the Owner Trustee, the Noteholders or the Certificateholders from effecting that transfer of servicing. The predecessor Servicer will have the right to be reimbursed for any outstanding Servicer Advances made to the extent funds are available therefor in respect of the Servicer Advances made.

#### Amendments
*Modification of the Transaction Documents Other Than the Indenture*

The parties to each of the Transaction Documents, other than the Indenture, may amend any of the agreements without the consent of the Noteholders, to cure any ambiguity, to correct or supplement any provision in any such Transaction Document that may be inconsistent with any other provision in such Transaction Document or offering document pursuant to which the Notes were sold, to, in the case of the Trust Agreement, provide for the exchange of the Certificates for additional securities or to add, change or eliminate any other provisions with respect to matters or questions arising under such Transaction Document that are not inconsistent with the provisions of such Transaction Document; provided, however, that no such amendment may materially adversely affect the interests of any Noteholder or, after the Notes have been paid in full, any Certificateholder. An amendment will be deemed not to materially adversely affect the interests of any Noteholder or Certificateholder if the person requesting the amendment:

<br> • obtains and delivers to the Indenture Trustee or, in the case of Certificateholders, the Owner Trustee an opinion of counsel or an officer's certificate of the Issuer to that effect; or

• has, with respect to each Rating Agency, either (1) received written confirmation from such Rating Agency that such amendment will not cause the then-current rating of any class of Notes by such Rating Agency to be qualified, reduced or withdrawn or (2) provided such Rating Agency with at least 10 days' prior written notice of such amendment and such Rating Agency has not issued written notice that such amendment would cause it to qualify, reduce or withdraw its then-current rating of any class of Notes.

Each Transaction Document, other than the Indenture, may also be amended from time to time by the parties thereto, with the consent of the holders of Notes evidencing at least 51% of the Note Balance of the Notes [of each Class] [of the Controlling Class] [or, after the Notes have been paid in full, the holders of Certificates evidencing a majority of the percentage interest of the Certificateholders], for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of such Transaction Document or of modifying in any manner the rights of the Noteholders; provided, however, that no such amendment may:

• increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the Leases and related Leased Vehicles or distributions that are required to be made for the benefit of the Noteholders, change the interest rate applicable to any class of Notes or the Reserve Fund Required Amount, without the consent of all holders of Notes then outstanding or change the Certificate rate, if any, applicable to any class of Certificates, or after the Notes have been paid in full, the Reserve Fund Required Amount, without the consent of all holders of Certificates then outstanding; or

• reduce the percentage of the Note Balance of the Notes the consent of the holders of which is required for any amendment to such Transaction Document without the consent of all holders of all Notes then outstanding.

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No amendment to the Trust Agreement will be permitted unless an opinion of counsel is delivered to the Indenture Trustee to the effect that the amendment will not (1) cause the Issuer to be classified as an association or publicly traded partnership taxable as a corporation for United States federal income tax purposes or (2) cause the Notes to be characterized other than as indebtedness for United States federal income tax purposes.

*Modification of the Indenture*

The Issuer, together with the Indenture Trustee, may, without the consent of the Noteholders of the Issuer, but with prior written notice to each Rating Agency, execute a supplemental indenture for the purpose of, among other things:

<br> • adding to the covenants of the Issuer for the benefit of Noteholders;

<br> • curing any ambiguity, correcting or supplementing any provision of the Indenture which may be inconsistent with any other provision of the Indenture, any other Transaction Document or of this prospectus; or

<br> • adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or modifying in any manner the rights of Noteholders;

provided, however, that no such supplemental indenture may materially adversely affect the interests of any Noteholder.

The Issuer and the Indenture Trustee, may with the consent of the holders of Notes evidencing not less than 51% of the Note Balance of the Notes [of each Class] [of the Controlling Class] and with prior written notice to each Rating Agency, enter into one or more supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or modifying in any manner the rights of the Noteholders; provided, however, that no such supplemental indenture may, without the consent of all Noteholders affected by such supplemental indenture:

• change any Final Scheduled Payment Date or the due date of any installment of principal of or interest on any Note or reduce the principal amount, the interest rate or the redemption price with respect to any Note, change the application of collections on or the proceeds of a sale of the property of the Issuer to payment of principal and interest on the Notes or change any place of payment where, or the coin or currency in which, any Note or any interest on any Note is payable;

<br> • impair the right to institute suit for the enforcement of certain provisions of the Indenture regarding payments;

• reduce the percentage of the Note Balance of the Notes [of any Class], the consent of the holders of which is required for any such supplemental indenture or the consent of the holders of which is required for any waiver of compliance with certain provisions of the Indenture or of certain defaults thereunder and their consequences as provided for in the Indenture;

<br> • modify or alter the provisions of the Indenture regarding the voting of Notes held by the Issuer, the Depositor, the Servicer or any of their respective affiliates or modify or alter the definition of Note Balance;

• reduce the percentage of the Note Balance the consent of the holders of Notes [of any Class] of which is required to direct the Indenture Trustee to sell or liquidate the property of the Issuer after an Event of Default if the proceeds of the sale or liquidation would be insufficient to pay the principal amount of and accrued but unpaid interest on the outstanding Notes;

• reduce the percentage of the Note Balance of the Notes [of any Class] the consent of the holders of Notes of which is required to amend the sections of the Indenture which specify the applicable percentage of the Note Balance of the Notes necessary to amend the Indenture or any other documents relating to the Issuer;

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• affect the calculation of the amount of interest or principal payable on any Note on any Payment Date, including the calculation of any of the individual components of such calculation;

<br> • affect the rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the Notes provided in the Indenture;

• permit the creation of any lien ranking prior to or on a parity with the lien of the Indenture with respect to any of the collateral for the Notes or, except as otherwise permitted or contemplated in the Indenture, terminate the lien of the Indenture on any such collateral or deprive the holder of any Note of the security afforded by the lien of the Indenture; or

• modify the definitions of "Aggregate Securitization Value," "Securitization Value" or "Reserve Fund Required Amount," as such terms are defined in the Indenture.

A supplemental indenture will be deemed not to materially adversely affect the interests of any Noteholder if the person requesting the supplemental indenture:

• has, with respect to each Rating Agency, either (1) received written confirmation from such Rating Agency that such supplemental indenture will not cause its then-current rating of any class of Notes to be qualified, reduced or withdrawn or (2) provided such Rating Agency with at least 10 days' prior written notice of such supplemental indenture and such Rating Agency has not issued written notice that such supplemental indenture would cause it to qualify, reduce or withdraw its then-current rating of any class of Notes; or

<br> • obtains and delivers to the Indenture Trustee either an opinion of counsel or an officer's certificate of the Issuer to the effect that such supplemental indenture would not materially and adversely affect the interests of any Noteholder.

No supplemental indenture will be permitted unless an opinion of counsel is delivered to the Indenture Trustee to the effect that the supplemental indenture will not (1) cause the Issuer to be classified as an association or a publicly traded partnership taxable as a corporation for United States federal income tax purposes or (2) cause the Notes to be characterized other than as indebtedness for United States federal income tax purposes.

[*Amendments in Connection with Benchmark Changes*. In connection with any benchmark replacement, the Indenture and any other Transaction Documents may be amended by the Issuer, without the consent of any Noteholders, the Indenture Trustee or other person, and without satisfying any other amendment provisions of the related Transaction Document as described under "*Description of the Notes—Payments of Interest*."]

*Rate of Interest Amendment*

[The Administrator (on behalf of the Issuer) may modify the benchmark on a Class A-2B Note in the event published SOFR is unavailable to calculate the rate of interest on the Class A-2B Notes using an alternative method. It is intended that the replacement of the rate of interest on the Class A-2B Notes will not be a taxable event for Noteholders of the Class A-2B Notes. However, we cannot provide any assurances that the IRS will not take a contrary view. There is no targeted IRS tax guidance regarding a possible change in the Benchmark as contemplated herein (as there is for transitions from LIBOR to non-LIBOR rates) and hence there is significant uncertainty regarding the U.S. federal income tax consequences of such a change. A U.S. Person that owns a Class A-2B Note may be deemed to have exchanged such Note immediately prior to such change in rate for a "new" Note. This deemed exchange could be treated as either a recapitalization, provided that the equity of the Issuer is owned by a single corporate owner at the time of the deemed exchange, in which case no gain or loss would be recognized by the U.S. Person that continues to own such Note following such deemed exchange, or as a taxable exchange. If the deemed exchange was treated as taxable, any gain or loss would be equal to the difference between the issue price of the "new" Note (which, depending on whether such Note were then treated as being traded on an established market, may be the fair market value rather than the principal amount of such Note), and the U.S. Person's tax basis in the "old" Note. If U.S. Persons are deemed to have exchanged their Class A-2B Notes in a taxable exchange, such U.S. Persons would begin a new holding period in their Class A-2B Notes for purposes of determining whether gain or loss on a further exchange would be long-term or short-term capital gain or loss. Holders of the Class A-2B Notes should consult their own tax advisors with respect to the consequences of a change in the rate of interest due to the unavailability of a published SOFR.]

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#### Termination
The respective obligations of the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee, as the case may be, pursuant to a Transaction Document will terminate upon the earlier of:

<br> • the maturity or other liquidation of the last Lease and the disposition of the last Leased Vehicle allocated to the Reference Pool;

<br> • the final distribution of all funds or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture and the final distribution on the Certificates pursuant to the Trust Agreement; or

<br> • the exercise by the Servicer of its optional right to purchase the Exchange Note as described under *"Description of the Notes—Optional Purchase of the Exchange Note."*

The Indenture will be discharged with respect to the collateral securing the Notes upon:

• delivery to the Indenture Trustee for cancellation of all the Notes or, if all Notes not delivered to the Indenture Trustee for cancellation have become due and payable, upon the irrevocable deposit with the Indenture Trustee of funds sufficient for the payment in full of the principal amount of and all accrued but unpaid interest on the Notes;

• payment by the Issuer of all amounts due under the Indenture and the other Transaction Documents; and

• delivery to the Indenture Trustee of an officer's certificate and an opinion of counsel, which may be internal counsel to the Depositor or the Servicer, stating that all conditions precedent provided for in the Indenture relating to the satisfaction and discharge of the Indenture have been satisfied in all material respects.

The Indenture Trustee will give written notice of termination to each Noteholder of record. The final distribution to any Noteholder will be made only upon surrender and cancellation of that holder's security at any office or agency of the Indenture Trustee specified in the notice of termination. Any funds remaining in the Issuer will be distributed, subject to applicable law, to the Certificateholders.

#### Residual Interest; Issuance of Additional Securities
[The Depositor][MBFS USA] initially will hold the Certificates or the residual interest in the Issuer and will be entitled to any amounts not needed on any Payment Date to make payments on the Notes, or to make any other required payments or deposits in accordance with the priority of payments described herein. [The Depositor][MBFS USA] or any affiliate thereof, as the sole initial Certificateholders, may exchange all or a portion of the Certificates or its residual interest for additional notes or certificates issued by the Issuer only if each of the following conditions is satisfied:

<br> • either

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | the rights of the holders of such additional securities, when taken as a whole, are no greater than the rights of the holder of the residual interest immediately prior to the issuance of such additional securities, as evidenced by an opinion of counsel delivered to the Indenture Trustee and the Owner Trustee; or |

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<br> o all holders of the Notes outstanding immediately prior to the exchange unanimously consent to the terms of the exchange;

<br> • the exchange must not result in the redemption of any security in exchange for assets of the Issuer or any sale or disposition of the assets of the Issuer;

<br> • the Rating Agencies have provided written confirmation that the issuance of the additional notes or certificates will not adversely affect the ratings of the outstanding Notes; and

• the Depositor (or such affiliate) delivers an opinion of counsel to the Indenture Trustee and the Owner Trustee that the issuance of the additional notes or certificates will not (1) adversely affect in any material respect the interest of any Noteholder, (2) cause any outstanding Note to be deemed sold or exchanged for United States federal income tax purposes, (3) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for United States federal income tax purposes or (4) adversely affect the treatment of the outstanding Notes as debt for United States federal income tax purposes.

The Depositor (or such affiliate) may register the additional notes or certificates and sell them publicly or may sell them in one or more private placements.

#### Administration Agreement
MBFS USA will be the Administrator of the Issuer under an Administration Agreement. The Administrator will provide notices on behalf of the Issuer and perform all administrative obligations of the Issuer under the Transaction Documents. These obligations include obtaining and preserving the Issuer's qualification to do business where necessary, notifying the Rating Agencies and the Indenture Trustee of Events of Default, inspecting the Indenture Trustee's books and records, monitoring the Issuer's obligations for the satisfaction and discharge of the Indenture, causing the Servicer to comply with its duties and obligations under the Servicing Agreement, causing the Indenture Trustee to notify the Noteholders of the redemption of their Notes, preparing and filing the documents necessary to release property from the lien of the Indenture, and delivering any officer's certificates of the Issuer in connection with supplemental indentures or amendments to the other Transaction Documents. [Further, on behalf of the Issuer, the Administrator will perform the duties and obligations related to a transition from the then-current benchmark, including but not limited to the determination of a benchmark transition event and its related benchmark replacement date and any benchmark replacement conforming changes pursuant to the Indenture.] The Administrator will be entitled to receive a monthly administration fee as compensation for the performance of its obligations under the Administration Agreement, which fee will be paid by the Servicer from the Servicing Fee.

To the extent any notice must be delivered to the Rating Agencies by the Issuer, the Owner Trustee, the Titling Trustee or the Indenture Trustee, under the terms of the Administration Agreement, such notice will be delivered to the Administrator and the Administrator will deliver such notice to the Rating Agencies.

#### Legal Proceedings
[Describe any legal proceedings against the Sponsor, the Depositor, the Issuer, the Initial Beneficiary, the Titling Trust, the Titling Trustee, the Collateral Agent, the Administrative Agent, the Indenture Trustee or the Owner Trustee that are material to noteholders.]

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[Other than to the extent set forth in the preceding paragraph,] there are no legal proceedings pending, or to the knowledge of each of the Sponsor, the Depositor, the Issuer, the Initial Beneficiary or the Titling Trust, governmental proceedings contemplated, against such entity or to which any of its properties is subject, that are material to Noteholders.

For a description of any legal proceedings pending, or governmental proceedings contemplated, against the Owner Trustee or the Indenture Trustee that would be material to Noteholders, see *"The Trustees—The Owner Trustee"* and *" —The Indenture Trustee,"* respectively. For a description of any legal proceedings pending, or governmental proceedings contemplated, against the Titling Trustee, the Collateral Agent or the Administrative Agent that would be material to Noteholders, see *"The Titling Trust —The Titling Trustee and the Titling Trust Administrator"* and *"—The Collateral Agent and the Administrative Agent,"* respectively.

#### Certain Legal Aspects of the Titling Trust and the Exchange Note

#### The Titling Trust
The Titling Trust is a statutory trust under Delaware law. In a statutory trust, the trust property is managed for the profit of the beneficiaries, as opposed to a common law "asset preservation" trust, where the trustee is charged with the mere maintenance of trust property. The principal requirements for the formation of a statutory trust in Delaware is the execution of a trust agreement and the filing of a certificate of trust with the Delaware Secretary of State. The Titling Trust has been so formed. The Titling Trust has also made trust filings or obtained certificates of authority to transact business in some states where, in the judgment of the Servicer, such action may be required.

Because the Titling Trust is a statutory trust for Delaware and other state law purposes, it, like a corporation, may be eligible to be a debtor in its own right under the Bankruptcy Code, as further described under *"*—*Insolvency-Related Matters*." As such, the Titling Trust may be subject to Insolvency Laws and claims against the Titling Trust Assets could have priority over the security interest in those assets granted by the Titling Trust to secure the Exchange Note. In addition, claims of a third party against the Titling Trust Assets, including the assets of the Reference Pool with respect to the Exchange Note, to the extent such claims are not covered by insurance, could take priority over holders of security interests in the assets, such as the Collateral Agent, as more fully described under *"Certain Legal Aspects of the Leases and the Leased Vehicles—Vicarious Tort Liability."*

To the extent that the Titling Trust may be eligible for relief under the Bankruptcy Code or Insolvency Laws, the Titling Trustee is not authorized to commence a case or proceeding thereunder. Each of the Titling Trustee, the Initial Beneficiary and the holders from time to time of the Specified Interest and the Exchange Note have agreed not to institute a case or proceeding against the Titling Trust under any Insolvency Law for a period of one year and one day after payment in full of all distributions to holders of the Specified Interest or the Exchange Note under the Titling Trust Agreement and the Collateral Agency Agreement. See *"—Insolvency-Related Matters."*

#### Structural Considerations
Unlike many structured financings in which the holders of the related notes have a direct ownership interest or a perfected security interest in the underlying assets being securitized, the Issuer will not own the Reference Pool Assets. Instead, the Titling Trust will own the Titling Trust Assets and the Titling Trustee will take actions with respect thereto in the name of the Titling Trust on behalf of and as directed by the beneficiaries of the Titling Trust (*i.e*., the holders of the Specified Interest). The primary asset of the Issuer will be the Exchange Note secured by and principally paid from the Reference Pool. The Indenture Trustee will take action with respect thereto in the name of the Issuer and on behalf of the Noteholders. A security interest in the Exchange Note, rather than ownership, is transferred under this structure in order to avoid the administrative difficulty and expense of retitling the Leased Vehicles in the name of the Indenture Trustee. The Servicer and/or the Titling Trustee will segregate the Leases and the related Leased Vehicles allocated to the Reference Pool from the other Titling Trust Assets on the books and records each maintains for these assets. Neither the Servicer nor any holders of Other Reference Pools or the revolving facility pool will have rights in the Leases and the related Leased Vehicles of the Reference Pool and payments made on any Titling Trust Assets other than on those Leases and Leased Vehicles allocated to the Reference Pool will not be available to make payments on the Notes or to cover expenses of the Titling Trust allocable to the Reference Pool.

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#### Allocation of Titling Trust Liabilities
The Titling Trust has one or more series of Specified Interests. A Specified Interest consists of one or more reference pools, such as the Reference Pool, and the revolving facility pool. The Titling Trust documents permit the Titling Trust, in the course of its activities, to incur other debts or liabilities such as Titling Trustee fees or bank account maintenance expenses. The Titling Trust may also become subject to involuntary liabilities such as judgment, tax or ERISA liens. Under the titling trust documents, these sorts of claims and liabilities will be allocated to the Specified Interest to which they relate. If a particular liability relates to more than one Specified Interest, it will be allocated among all those Specified Interests ratably. Certain creditors, such as judgment creditors or taxing authorities, may not, however, be bound by this allocation. As a result, it is possible that a particular Specified Interest might bear a disproportionate share of those liabilities if the assets of another Specified Interest are insufficient to absorb its ratable share of the liabilities.

The Issuer and the Indenture Trustee will not have an ownership interest in the Leases and Leased Vehicles allocated to the Reference Pool. As discussed under "*Certain Legal Aspects of the Leases and the Leased Vehicles—Security Interests*," however, the Collateral Agent will have a perfected security interest in the related Leases and Leased Vehicles (other than for Leased Vehicles in [the Lien Exclusion States] [certain States that collectively represent less than [__]% of the Cutoff Date Aggregate Securitization Value]) that will be senior in priority to the interests of the Pension Benefit Guaranty Corporation or judgment lien creditors. Certain liens, however, will generally take priority over the interests of the Collateral Agent in the related Leases and Leased Vehicles. Potentially material examples of such claims could include:

<br> • tax liens arising against the Depositor, MBFS USA, the Titling Trust, the Initial Beneficiary or the Issuer; and

<br> • liens arising under various federal and State criminal statutes.

#### Insolvency-Related Matters
Each holder or pledgee of the Exchange Note will be required to expressly disclaim any interest in the Titling Trust Assets allocated to any Other Reference Pool and to fully subordinate any claims to such Titling Trust Assets in the event that disclaimer is not given effect. Although no assurances can be given, in the unlikely event of the bankruptcy of the Initial Beneficiary or MBFS USA, the Depositor believes that the Leases and Leased Vehicles allocated to the Reference Pool would not be treated as part of the Initial Beneficiary's or MBFS USA's bankruptcy estate and that, even if they were so treated, the subordination by holders and pledgees of any Other Reference Pool or the revolving facility pool, should be enforceable. In addition, as described under *"Risk Factors— Legal and Regulatory Risks—The bankruptcy of MBFS USA or the depositor could result in losses or delays in payments on your notes and could delay the appointment of a successor servicer,"* each of the Initial Beneficiary, the Titling Trust or the Titling Trustee when acting on behalf of the Titling Trust, and the Depositor has taken steps in structuring the transactions described in this prospectus and has undertaken to act throughout the life of such transactions in a manner intended to ensure that in the event a voluntary or involuntary case is commenced by or against the Initial Beneficiary or MBFS USA under applicable Insolvency Laws, the separate legal existence of each of the Initial Beneficiary and MBFS USA, on the one hand, and the Titling Trust and the Depositor, on the other hand, will be maintained such that none of the respective assets and liabilities of the Titling Trust, the Depositor or the Issuer would be consolidated with those of the Initial Beneficiary or MBFS USA.

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With respect to the Titling Trust, these steps include its creation as a separate, special-purpose Delaware statutory trust of which the Initial Beneficiary is the sole beneficiary, pursuant to the Titling Trust Agreement containing certain limitations, including restrictions on the nature of its business and on its ability to commence a voluntary case or proceeding under any Insolvency Law. With respect to the Depositor, these steps include its creation as a separate limited liability company under a limited liability company agreement, of which MBFS USA is the sole equity member, containing certain limitations, including, the requirement that it must have at all times a board of managers with at least two independent managers, and restrictions on the nature of their businesses and operations and on their ability to commence a voluntary case or proceeding under any Insolvency Law without the unanimous affirmative vote of all members of the board of managers, including the two independent managers. There can be no assurance, however, that the limitations on the activities of the Titling Trust and the Depositor, as well as the restrictions on their abilities to obtain relief under Insolvency Laws, as described above, would prevent a court from concluding that their assets and liabilities should be consolidated with those of the Initial Beneficiary or MBFS USA, as applicable, if the Initial Beneficiary or MBFS USA, respectively, becomes the subject of a case or proceeding under any Insolvency Law.

If a court were to conclude that the transfer of the Exchange Note from MBFS USA to the Depositor was not a true sale, or that the Depositor should be treated as the same entity as MBFS USA for bankruptcy purposes, any of the following could delay or prevent payments on the Notes:

<br> • the automatic stay, which prevents secured creditors from exercising remedies against a debtor in bankruptcy without permission from the court and provisions of the Bankruptcy Code that permit substitution of collateral in certain circumstances;

<br> • certain tax or government liens on MBFS USA's property (that arose prior to the transfer of the Exchange Note to the Depositor) having a prior claim on collections on the Reference Pool before the collections are used to make payments on the Notes; or

<br> • the Depositor not having a perfected security interest in the Exchange Note or any related cash collections held by MBFS USA at the time that MBFS USA becomes the subject of a bankruptcy proceeding.

MBFS USA will treat its conveyance of the Exchange Note to the Depositor as an absolute sale, transfer and assignment of all of its interest therein for all purposes. Nevertheless, if a case or proceeding under any Insolvency Law were commenced by or against MBFS USA, and MBFS USA as debtor-in-possession or a creditor, receiver or bankruptcy trustee of MBFS USA were to take the position that the sale, transfer and assignment of the Exchange Note by MBFS USA to the Depositor should instead be treated as a pledge of the Exchange Note to secure a borrowing by MBFS USA, delays in payments of proceeds of the Exchange Note to the Issuer, and therefore to the Noteholders, could occur or, should the court rule in favor of that position, reductions in the amount of such payments could result.

As a precautionary measure, the Depositor will take the actions requisite to obtaining a security interest in the Exchange Note as against MBFS USA which the Depositor will assign to the Issuer and such Issuer will assign to the Indenture Trustee. The Indenture Trustee will have a perfected security interest in the Exchange Note, which will be a "certificated security" or a "general intangible" under the UCC, by possession and the filing of UCC financing statements. Accordingly, if the conveyance of the Exchange Note by MBFS USA to the Depositor were not respected as an absolute sale, transfer and assignment, the Depositor, and ultimately the Issuer and Indenture Trustee as successors in interest, should be treated as a secured creditor of MBFS USA, although a case or proceeding under any Insolvency Law with respect to MBFS USA could result in delays or reductions in distributions on the Exchange Note as indicated above, notwithstanding such perfected security interest.

In the event that the Servicer were to become subject to a case under the Bankruptcy Code, some payments made within one year of the commencement of such case, including Servicer Advances and Repurchase Payments, may be recoverable by the Servicer as debtor-in-possession or by a creditor or a trustee-in-bankruptcy as a preferential transfer from the Servicer. See *"Risk Factors— Legal and Regulatory Risks—The bankruptcy of MBFS USA or the depositor could result in losses or delays in payments on your notes and could delay the appointment of a successor servicer."*

On the Closing Date, Sidley Austin llp, special counsel to the Depositor, will deliver an opinion to the effect that, subject to certain facts, assumptions and qualifications specified therein, if MBFS USA or the Depositor were to become a debtor in a case under the Bankruptcy Code subsequent to the sale, transfer and assignment of the Exchange Note to the Depositor and the Issuer, respectively, each sale, transfer and assignment of the Exchange Note from MBFS USA to the Depositor and from the Depositor to the Issuer would be characterized as a true sale, transfer and assignment, and the Exchange Note and the proceeds thereof would not be property of MBFS USA's or the Depositor's bankruptcy estate, respectively. Such a legal opinion is not, however, binding on any court.

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On the Closing Date, Sidley Austin llp, special counsel to the Depositor, will deliver an opinion to the effect that, subject to certain facts, assumptions and qualifications specified therein, if MBFS USA or the Depositor were to become a debtor in a case under the Bankruptcy Code subsequent to the sale, transfer and assignment of the Exchange Note to the Depositor and the Issuer, respectively, each sale, transfer and assignment of the Exchange Note from MBFS USA to the Depositor and from the Depositor to the Issuer would be characterized as a true sale, transfer and assignment, and the Exchange Note and the proceeds thereof would not be property of MBFS USA's or the Depositor's bankruptcy estate, respectively. Such a legal opinion is not, however, binding on any court.

On the Closing Date, Sidley Austin llp, special counsel to the Depositor, will deliver an opinion based on a reasoned analysis of analogous case law (although there is no precedent based on directly similar facts) to the effect that, subject to certain facts, assumptions and qualifications specified therein, under present reported decisional authority and applicable statutes to federal bankruptcy cases, if MBFS USA were to become a debtor in a case under the Bankruptcy Code, it would not be a proper exercise by a court of its equitable discretion (i) to disregard the separate legal existence of any of the Issuer, the Initial Beneficiary or, so long as the legal existence of the Initial Beneficiary is not disregarded, the Titling Trust, from that of MBFS USA and (ii) to order the substantive consolidation of the assets and liabilities of any of the Issuer, the Initial Beneficiary or, so long as the assets and liabilities of the Initial Beneficiary are not consolidated with those of MBFS USA, the Titling Trust, with the assets and liabilities of MBFS USA. Among other things, that opinion will assume that the Issuer (or the Administrator or Owner Trustee when acting on its behalf), the Initial Beneficiary and the Titling Trust will follow certain procedures in the conduct of its affairs, including maintaining separate records and books of account from those of MBFS USA, not commingling its respective assets with those of MBFS USA, doing business in a separate office from MBFS USA and not holding itself out as having agreed to pay, or being liable for, the debts of MBFS USA. In addition, that opinion will assume that except as expressly provided by the Trust Agreement and the Servicing Agreement (each of which contains terms and conditions consistent with those that would be arrived at on an arm's length basis between unaffiliated entities in the belief of the parties thereto), MBFS USA generally will not guarantee the obligations of the Issuer, the Initial Beneficiary or the Titling Trust to third parties, and will not conduct the day-to-day business or activities of any thereof, other than in its capacity as Servicer acting under and in accordance with the Servicing Agreement or in its capacity as Administrator under the Administration Agreement. Each of MBFS USA, the Issuer, the Initial Beneficiary and the Titling Trust intends to follow and has represented that it will follow these and other procedures related to maintaining the separate identities and legal existences of the Issuer, the Initial Beneficiary and the Titling Trust. Such a legal opinion, however, will not be binding on any court.

#### The Dodd-Frank Act
*Orderly Liquidation Authority*. The Dodd-Frank Act established the Orderly Liquidation Authority, or "OLA," under which the Federal Deposit Insurance Corporation, or "FDIC," is authorized to act as receiver of certain financial companies and their subsidiaries. OLA differs from the Bankruptcy Code in several respects. In addition, because the legislation remains subject to additional clarification through further FDIC regulations and has yet to be applied by the FDIC in any receivership, it is unclear exactly what impact these provisions will have on any particular company, including MBFS USA, the Depositor, the Titling Trust or the Issuer, or any of their respective creditors.

*Potential Applicability to MBFS USA, the Depositor, the Titling Trust and the Issuer*. There is uncertainty about which companies will be subject to OLA rather than the Bankruptcy Code. For a financial company to become subject to OLA, the Secretary of the Treasury (in consultation with the President of the United States) must determine, among other things, that the company is in default or in danger of default, the failure of such company and its resolution under the Bankruptcy Code would have serious adverse effects on financial stability in the United States, no viable private sector alternative is available to prevent the default of the company and an OLA proceeding would avoid or mitigate these adverse effects.

If MBFS USA were determined to be a "covered financial company," the Titling Trust, the Issuer or the Depositor, as "covered subsidiaries" of MBFS USA, could also potentially be subject to the provisions of OLA as a "covered financial company." For the Titling Trust, the Issuer or the Depositor to be subject to receivership under OLA as a covered financial company (1) the FDIC would have to be appointed as receiver for MBFS USA under OLA as described above and (2) the FDIC and the Secretary of the Treasury would have to jointly determine that (a) the Titling Trust, Issuer or Depositor is in default or in danger of default, (b) the appointment of the FDIC as receiver of that covered subsidiary would avoid or mitigate serious adverse effects on the financial stability or economic conditions of the United States and (c) such appointment would facilitate the orderly liquidation of MBFS USA.

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There can be no assurance that the Secretary of the Treasury would not determine that the failure of MBFS USA or any potential covered subsidiary thereof would have serious adverse effects on financial stability in the United States. In addition, no assurance can be given that OLA would not apply to MBFS USA, the Titling Trust, the Depositor or the Issuer or, if it were to apply, that the timing and amounts of payments to the Noteholders would not be less favorable than under the Bankruptcy Code.

*FDIC's Repudiation Power Under OLA*. If the FDIC were appointed receiver of MBFS USA or of a covered subsidiary under OLA, the FDIC would have various powers under OLA, including the power to repudiate any contract to which MBFS USA or a covered subsidiary was a party, if the FDIC determined that performance of the contract was burdensome and that repudiation would promote the orderly administration of MBFS USA's or such covered subsidiary's affairs. In January 2011, the acting General Counsel of the FDIC issued an advisory opinion respecting, among other things, its intended application of the FDIC's repudiation power under OLA. In that advisory opinion, the acting FDIC General Counsel stated that nothing in the Dodd-Frank Act changes the existing law governing the separate existence of separate entities under other applicable law. As a result, the acting FDIC General Counsel was of the opinion that the FDIC as receiver for a covered financial company, which could include MBFS USA or its subsidiaries (including the Titling Trust, the Depositor or the Issuer), cannot repudiate a contract or lease unless it has been appointed as receiver for that entity or the separate existence of that entity may be disregarded under other applicable law. In addition, the acting FDIC General Counsel was of the opinion that until such time as the FDIC Board of Directors adopts a regulation further addressing the application of Section 210(c) of the Dodd-Frank Act, if the FDIC were to become receiver for a covered financial company, which could include MBFS USA or its subsidiaries (including the Titling Trust, the Depositor or the Issuer), the FDIC will not, in the exercise of its authority under Section 210(c) of the Dodd-Frank Act, reclaim, recover, or recharacterize as property of that covered financial company or the receivership assets transferred by that covered financial company prior to the end of the applicable transition period of a regulation provided that such transfer satisfies the conditions for the exclusion of such assets from the property of the estate of that covered financial company under the Bankruptcy Code. Although this advisory opinion does not bind the FDIC or its Board of Directors, and could be modified or withdrawn in the future, the advisory opinion also states that the acting FDIC General Counsel will recommend that the FDIC Board of Directors incorporates a transition period of 90 days for any provisions in any further regulations affecting the statutory power to disaffirm or repudiate contracts. As no such regulations have been proposed, the foregoing acting FDIC General Counsel's interpretation currently remains in effect. To the extent any future regulations or subsequent FDIC actions in an OLA proceeding involving MBFS USA or its subsidiaries (including the Titling Trust, the Depositor or the Issuer), are contrary to this advisory opinion, payment or distributions of principal and interest on the Notes issued by the Issuer could be delayed or reduced.

The transfers of the Exchange Note under the First-Tier Sale Agreement have been structured with the intent that they would be treated as legal true sales under applicable State law. If the transfers are so treated, based on the acting FDIC General Counsel of the FDIC's advisory opinion rendered in January 2011, MBFS USA believes that the FDIC would not be able to recover the Exchange Note transferred under the First-Tier Sale Agreement and the Second-Tier Sale Agreement using its repudiation power. If those transfers were not respected as legal true sales, however, then the Depositor under the applicable First-Tier Sale Agreement would be treated as having made a loan to MBFS USA, and the Issuer under the applicable Second-Tier Sale Agreement would be treated as having made a loan to the Depositor, in each case secured by the transferred Exchange Note. The FDIC, as receiver, generally has the power to repudiate secured loans and then recover the collateral after paying damages to the lenders. If the Issuer were placed in receivership under OLA, this repudiation power would extend to the Notes issued by such Issuer. The amount of damages that the FDIC would be required to pay would be limited to "actual direct compensatory damages" determined as of the date of the FDIC's appointment as receiver. There is no general statutory definition of "actual direct compensatory damages" in this context, but the term does not include damages for lost profits or opportunity. Under OLA, however, in the case of any debt for borrowed money, actual direct compensatory damages is no less than the amount lent plus accrued interest plus any accreted original issue discount as of the date the FDIC was appointed receiver and, to the extent that an allowed secured claim is secured by property the value of which is greater than the amount of such claim and any accrued interest through the date of repudiation or disaffirmance, such accrued interest.

Regardless of whether the transfers under the First-Tier Sale Agreements and the Second-Tier Sale Agreements are respected as legal true sales, as receiver for MBFS USA or a covered subsidiary the FDIC could:

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<br> • require the Issuer, as assignee of MBFS USA and the Depositor, to go through an administrative claims procedure to establish its rights to payments collected on the Exchange Note;

• if appointed as receiver of the Titling Trust, require the Issuer as the owner of the Exchange Note or the Indenture Trustee as secured creditor with a security interest in the Exchange Note to go through an administrative claims procedure to establish its rights to payments on the Exchange Note;

<br> • if appointed as receiver of the Issuer, require the Indenture Trustee for the Notes to go through an administrative claims procedure to establish its rights to payments on the Notes;

<br> • request a stay of proceedings to liquidate claims or otherwise enforce contractual and legal remedies against MBFS USA or a covered subsidiary (including the Titling Trust and the Issuer);

<br> • repudiate MBFS USA's ongoing servicing obligations under a servicing agreement, such as its duty to collect and remit payments or otherwise service the leases and related leased vehicles; or

<br> • prior to any such repudiation of the Basic Servicing Agreement and the Servicing Supplement, prevent any of the Indenture Trustee or the Noteholders from appointing a successor Servicer.

There are also statutory prohibitions on (1) any attachment or execution being issued by any court upon assets in the possession of the FDIC, as receiver, (2) any property in the possession of the FDIC, as receiver, being subject to levy, attachment, garnishment, foreclosure or sale without the consent of the FDIC and (3) any person exercising any right or power to terminate, accelerate or declare a default under any contract to which MBFS USA or a covered subsidiary (including the Titling Trust and the Issuer) that is subject to OLA is a party, or to obtain possession of or exercise control over any property of MBFS USA or any covered subsidiary or affect any contractual rights of MBFS USA or a covered subsidiary (including the Titling Trust and the Issuer) that is subject to OLA, without the consent of the FDIC for 90 days after appointment of FDIC as receiver. The requirement to obtain the FDIC's consent before taking these actions relating to a covered company's contracts or property is comparable to the "automatic stay" in bankruptcy.

If the Titling Trust were itself to become subject to OLA as a "covered subsidiary," the FDIC may repudiate the Exchange Note, as the debt of such Issuer. In such an event, the Titling Trust would have a secured claim in the receivership of the Titling Trust for "actual direct compensatory damages" as described above but delays in payments on the Exchange Note would occur and possible reductions in the amount of those payments could occur, which could adversely affect the payments on the Notes.

Similarly, if the Issuer were itself to become subject to OLA as a "covered subsidiary," the FDIC may repudiate the debt of such Issuer. In such an event, the Noteholders would have a secured claim in the receivership of the Issuer for "actual direct compensatory damages" as described above but delays in payments on the Notes would occur and possible reductions in the amount of those payments could occur.

If the FDIC, as receiver for MBFS USA, the Titling Trust, the Depositor or the Issuer, were to take any of the foregoing actions, payments or distributions of principal and interest on the Notes issued by the Issuer would be delayed and may be reduced.

*FDIC's Avoidance Power Under OLA*. The provisions of OLA relating to preferential transfers differ from those of the Bankruptcy Code. If the Titling Trust were to become subject to OLA, there is an interpretation under OLA that the grant by the Titling Trust of a security interest in the Leases to secure the Exchange Note perfected for purposes of State law and the Bankruptcy Code could nevertheless be avoided as preferential transfers.

In December 2010, the Acting General Counsel of the FDIC issued an advisory opinion which concludes that the treatment of preferential transfers under OLA was intended to be consistent with, and should be interpreted in a manner consistent with, the related provisions under the Bankruptcy Code. In July 2011, the FDIC adopted a final regulation which, among other things, codified the advisory opinion. Based on the regulation, the grant by the Titling Trust of a security interest in the Leases to secure the Exchange Note would not be avoidable by the FDIC as a preference under OLA.

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#### Certain Legal Aspects of the Leases and the Leased Vehicles

#### Security Interests
The Leases are "tangible chattel paper" or "electronic chattel paper," in each case as defined in the UCC. Pursuant to the Delaware UCC, a non-possessory security interest in or transfer of chattel paper in favor of the Collateral Agent may be perfected by filing a UCC financing statement with the appropriate State authorities in the jurisdiction of formation of the Collateral Agent (*i.e.*, the Delaware Secretary of State). UCC financing statements have been filed in Delaware to effect this perfection. The security interest that the Collateral Agent has in the related Leases could be subordinate to the interest of certain other parties who take possession of those Leases that are in tangible form or obtain "control" of those Leases that are in electronic form. Specifically, the Collateral Agent's security interest in the related Lease could be subordinate to the rights of a purchaser of such Lease who takes possession or obtains control of the Lease, as applicable, without knowledge or actual notice of the Collateral Agent's security interest. The Leases will not be stamped or marked to reflect the foregoing security arrangements. Any Leases that are in electronic form will be maintained in a specially-designed computer system maintained by the Servicer or a third-party vendor that is designed to establish the Servicer's "control" of the electronic leases.

Title to the Leased Vehicles allocated to the Reference Pool or within the revolving facility pool is held by the Titling Trust. Under the Collateral Agency Agreement, the Titling Trust has granted a security interest in and to certain assets, including the Leases and the related Leased Vehicles, to the Collateral Agent to secure the Titling Trust's obligations under the revolving facility pool and the exchange notes, such as the Exchange Note, issued by the Titling Trust from time to time. Under the UCC, the filing of a financing statement is not effective to perfect a security interest in property subject to certificate of title statutes covering motor vehicles, unless the motor vehicles are considered to be inventory held for sale or lease by a debtor or leased by the debtor as lessor and the debtor is in the business of selling or leasing goods of that kind. The Collateral Agent, as lienholder, perfects its security interest in the Leased Vehicle by being designated as the first lienholder on the certificate of title of each Leased Vehicle (other than in [the Lien Exclusion States] [certain States that collectively represent less than [__]% of the Cutoff Date Aggregate Securitization Value]) where liens are not placed on the titles for administrative reasons).

#### ERISA Liens
Liens in favor of the Pension Benefit Guaranty Corporation which are prior to the security interest of the Collateral Agent and Indenture Trustee could attach to the Leases and Leased Vehicles if the Collateral Agent did not have a prior perfected lien on the Leases and could be used to satisfy unfunded pension obligations of any member of a controlled group that includes MBFS USA and its affiliates under its defined benefit pension plans. The Collateral Agent will, however, have a perfected security interest in the Leases that will be senior in priority to the interests of the Pension Benefit Guaranty Corporation or judgment lien creditors in those Leases and Leased Vehicles.

#### Limitations on Collateral Agent's and Indenture Trustee's Lien
Various liens such as those discussed under *"Certain Legal Aspects of the Titling Trust and the Exchange Note—Allocation of Titling Trust Liabilities"* could be imposed upon all or part of the Leases allocated to the Exchange Note (including the related Leased Vehicles), that would, by operation of law, take priority over the Collateral Agent's interest therein. For a discussion of the risks associated with third-party liens on the Leases, see *"Risk Factors— Legal and Regulatory Risks—Interests of other persons in the leases and the leased vehicles could be superior to the issuer's interest, which may result in delayed or reduced payment on your notes."* Additionally, any perfected security interest of the Indenture Trustee in all or part of the property of the Issuer could also be subordinate to claims of any trustee in bankruptcy or debtor-in-possession in the event of a bankruptcy of the Depositor prior to any perfection of the transfer of the Exchange Note transferred by the Depositor to the Issuer pursuant to the Second-Tier Sale Agreement. See *"Risk Factors— Legal and Regulatory Risks—The bankruptcy of MBFS USA or the depositor could result in losses or delays in payments on your notes and could delay the appointment of a successor servicer."*

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#### Vicarious Tort Liability
Although the Titling Trust will own the Leased Vehicles allocated to the Reference Pool, and the Collateral Agent on behalf of the Issuer will have a perfected security interest therein, the Leased Vehicles will be operated by the related lessees and their invitees. State laws differ as to whether anyone suffering injury to person or property involving a vehicle may bring an action against the owner of that vehicle merely by virtue of such ownership. To the extent that applicable State law permits such an action and is not preempted by the Transportation Act, the Titling Trust and the Titling Trust Assets may be subject to liability to such an injured party. The laws of many States, however, either do not permit these types of suits, or the lessor's liability is capped at the amount of any liability insurance that the lessee was required to, but failed to, maintain (except for some States, such as New York, where liability is joint and several).

For example, under the California Vehicle Code, the owner of a motor vehicle subject to a lease is responsible for injuries to persons or property resulting from the negligent or wrongful operation of the leased vehicle by any person using the vehicle with the owner's permission. The owner's liability for personal injuries is limited to $15,000 per person and $30,000 in total per accident, and the owner's liability for property damage is limited to $5,000 per accident. Recourse for any judgment arising out of the operation of the leased vehicle must, however, first be had against the operator's property if the operator is within the jurisdiction of the court.

In contrast to California and many other States, in New York, where a large number of Leases were originated, the holder of title of a motor vehicle, including an origination trust as lessor, may be considered an "owner" and thus may be held jointly and severally liable with the lessee for the negligent use or operation of that motor vehicle. It is not clear whether there is a limit on an owner's liability. In the context of the denial of a motion brought by a defendant to dismiss a claim based on the negligent use or operation of a motor vehicle, the Court of Appeals of New York ruled that a finance company acting as an agent for an origination trust may be considered an "owner" of a motor vehicle and thus subject to joint and several liability with the lessee for the negligent use or operation of the leased motor vehicle for the duration of a lease. As a result of the ruling in New York, losses could arise if lawsuits are brought against either the Titling Trust or MBFS USA, as agent of the Titling Trust, in connection with the negligent use or operation of any Leased Vehicles owned by the Titling Trust, including the Leased Vehicles allocated to the Reference Pool. This case was decided prior to the enactment of the Transportation Act.

The Transportation Act provides that an owner of a motor vehicle that rents or leases the vehicle to a person shall not be liable under the law of a State or political subdivision by reason of being the owner of the vehicle, for harm to persons or property that results or arises out of the use, operation, or possession of the vehicle during the period of the rental or lease, if the owner (or an affiliate of the owner) is engaged in the trade or business of renting or leasing motor vehicles and there is no negligence or criminal wrongdoing on the part of the owner (or an affiliate of the owner). The Transportation Act is intended to preempt State and local laws that impose possible vicarious tort liability on entities owning motor vehicles that are rented or leased and should reduce the likelihood of vicarious liability being imposed on the Titling Trust.

State and federal courts considering whether the Transportation Act preempts State laws permitting vicarious liability have generally concluded that these laws are preempted with respect to cases commenced on or after August 10, 2005. One New York lower court, however, has reached a contrary conclusion in a recent case involving a leasing trust. This New York court concluded that the preemption provision in the Transportation Act was an unconstitutional exercise of congressional authority under the Commerce Clause of the United States Constitution and, therefore, did not preempt New York law regarding vicarious liability. New York's appellate court overruled the trial court and upheld the constitutionality of the preemption provision in the Transportation Act. New York's highest court, the Court of Appeals, dismissed the appeal. In a 2008 decision relating to a case in Florida, the U.S. Court of Appeals for the 11th Circuit upheld the constitutionality of the preemption provision in the Transportation Act, and the plaintiffs' petition seeking review of the decision by the U.S. Supreme Court was denied. While the outcome in these cases upheld federal preemption under the Transportation Act, there are no assurances that future cases will reach the same conclusion.

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[Furthermore, the Titling Trust maintains insurance, and MBFS USA is a named insured under the Titling Trust's insurance policy. In addition, Mercedes-Benz Group AG maintains an excess liability policy on behalf of all of its subsidiaries, including the Titling Trust and MBFS USA. Nevertheless, in the event that all applicable insurance coverage were to be exhausted (including the coverage provided by the contingent and excess liability insurance policies) and damages in respect of vicarious liability were to be assessed against the Titling Trust, claims could be imposed against the Titling Trust Assets, including any Leased Vehicles allocated to the Reference Pool. If any of these claims were imposed against the Titling Trust assets, investors in the Notes could incur a loss on their investment.]

The Titling Trust is a party to and is vigorously defending numerous legal proceedings, all of which are believed to constitute ordinary routine litigation incidental to the ownership of Leased Vehicles and the business and the activities of the Titling Trust.

#### Repossession of Leased Vehicles
In the event that a default by a lessee has not been cured within a certain period of time after being sent notice of that default, the Servicer will ordinarily repossess the related Leased Vehicle. Some jurisdictions limit the methods of vehicle recovery to judicial foreclosure or require that a lessee be notified of the default and be given a time period within which to cure that default prior to repossession. Generally, this right to cure may be exercised on a limited number of occasions in any one-year period. In these jurisdictions, if a lessee objects or raises a defense to repossession, an order must be obtained from the appropriate State court, and the vehicle must then be repossessed in accordance with that order. Other jurisdictions permit repossession without notice, but only if the repossession can be accomplished peacefully. If a breach of the peace cannot be avoided, judicial action will be required.

After the Servicer has repossessed a Leased Vehicle, it may provide the related lessee with a period of time within which to cure the default under the related Lease. If, by the end of that period, the default has not been cured, the Servicer will attempt to sell that Leased Vehicle. The Sales Proceeds therefrom may be less than the remaining amounts due under that Lease at the time of default.

#### Deficiency Judgments
The proceeds of sale of a Leased Vehicle generally will be applied first to the expenses of resale and repossession and then to the satisfaction of the amounts due under the related Lease. If the proceeds from the sale do not equal the contract obligation of the related Leased Vehicle, the Servicer may seek a deficiency judgment for the amount of the shortfall subject to the laws in some States that impose prohibitions or limitations on a secured party's ability to seek a deficiency judgment. In these States, a deficiency judgment may be prohibited or reduced in amount if the lessee was not given proper notice of the resale or if the terms of resale were not commercially reasonable. Even if a deficiency judgment is obtained, there is no guaranty that the full amount of the judgment could be collected. Because a deficiency judgment is a personal judgment against a defaulting lessee who generally has few assets to satisfy a judgment, the practical use of a deficiency judgment is often limited. Therefore, in many cases, it may not be useful to seek a deficiency judgment and even if obtained, a deficiency judgment may be settled at a significant discount.

Courts have applied general equitable principles in litigation relating to repossession and deficiency balances. These equitable principles may have the effect of relieving a lessee from some or all of the legal consequences of a default.

In several cases, consumers have asserted that the self-help remedies of lessors violate the due process protection provided under the Fourteenth Amendment to the Constitution of the United States. Courts have generally found that repossession and resale by a lessor do not involve sufficient State action to afford constitutional protection to consumers.

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#### Consumer Protection Laws
Numerous federal and State consumer protection laws impose requirements upon lessors and Servicers involved in consumer leasing. The Consumer Financial Protection Act of 2010, enacted as part of the Dodd-Frank Act, created the Consumer Financial Protection Bureau, a new federal agency that is responsible for administering and enforcing the laws and regulations applicable to consumer financial products and services. The CFPB is intended to exercise meaningful oversight of all providers of consumer financial products in order to police compliance with substantive consumer protection requirements and to promote transparency for consumers to understand the price and the risk of products in order that they may make direct comparisons from one product to another. The CFPB has succeeded to some consumer protection functions of other regulatory agencies such as the Federal Trade Commission and has supervisory and limited examination authority over certain depository institutions and other financial institutions. In 2015, the CFPB enacted rules that expand the scope of the CFPB's supervisory and examination authority to include larger participants in the auto lending and leasing markets. MBFS USA is considered such a larger participant and therefore has become subject to the supervisory and examination authority of the CFPB. The CFPB has stated that it will seek to oversee compliance by such participants with federal consumer financial laws, including the Equal Credit Opportunity Act, the Truth-in-Lending Act, the Consumer Leasing Act and the Dodd-Frank Act's prohibition on unfair, deceptive or abusive acts or practices. Its examinations of such participants will focus, among other things, on whether participants are fairly marketing and disclosing finance terms, providing accurate information to credit bureaus, treating customers fairly when collecting debts and lending fairly.

The federal Consumer Leasing Act of 1976 and Regulation M, issued by the CFPB, for example, require that a number of disclosures be made at the time a vehicle is leased, including, among other things, all amounts and types of payments due at the time of origination of the lease, a description of the lessee's liability at the end of the lease term, the amount of any periodic payments and the manner of their calculation, the circumstances under which the lessee may terminate the lease prior to the end of the lease term and the capitalized cost of the vehicle and a warning regarding possible charges for early termination. All States, except for Louisiana, have adopted Article 2A of the UCC which provides protection to lessees through specified implied warranties and the right to cancel a lease relating to defective goods. Additionally, certain States such as California have enacted comprehensive vehicle leasing statutes that, among other things, regulate the disclosures to be made at the time a vehicle is leased. The various federal and State consumer protection laws would apply to the Titling Trust as owner or lessor of the Leases and may also apply to the Issuer as holder of the Exchange Note. The failure to comply with these consumer protection laws may give rise to liabilities on the part of the Servicer, the Titling Trust and the Titling Trustee, including liabilities for statutory damages and attorneys' fees. In addition, claims by the Servicer, the Titling Trust and the Titling Trustee may be subject to set-off as a result of any noncompliance. Courts have applied general equitable principles in litigation relating to repossession and deficiency balances. These equitable principles may have the effect of relieving a lessee from some or all of the legal consequences of a default.

Many States have adopted "lemon laws" providing redress to consumers who purchase or lease a vehicle that remains out of conformance with its manufacturer's warranty after a specified number of attempts to correct a problem or after a specific time period. Should any Leased Vehicle become subject to a lemon law, a lessee could compel the Titling Trust to terminate the related Lease and refund all or a portion of payments that previously have been paid with respect to that Lease. Although the Titling Trust may be able to assert a claim against the manufacturer of any such defective Leased Vehicle, there can be no assurance any such claim would be successful. To the extent a lessee is able to compel the Titling Trust to terminate the related Lease, the Lease will be deemed to be a Liquidated Lease and amounts received thereafter on or in respect of such Lease will constitute Liquidation Proceeds.

Representations and warranties will be made in the Servicing Supplement that each Lease complied in all material respects at the time it was originated with applicable laws. If any such representation and warranty proves to be incorrect with respect to a Lease, has certain material adverse effects and is not timely cured, the Servicer will be required under the Servicing Supplement to deposit an amount equal to the Repurchase Payment in respect of that Lease into the Exchange Note Collection Account. See *"The Leases—Representations and Warranties"* and *"—MBFS USA Must Repurchase Certain Leases"* for further information regarding the foregoing representations and warranties and the Servicer's obligations with respect thereto.

#### Other Limitations
In addition to laws limiting or prohibiting deficiency judgments, numerous other statutory provisions, including applicable Insolvency Laws, may interfere with or affect the ability of the Servicer to enforce the rights of the Titling Trust under the Leases. For example, if a lessee commences bankruptcy proceedings, the receipt of that lessee's payments due under the related Lease is likely to be delayed. In addition, a lessee who commences bankruptcy proceedings might be able to assign the related Lease to another party even though that Lease prohibits assignment.

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The Relief Act and similar laws of many States may provide relief to members of the armed services, including members of the Army, Navy, Air Force, Marines, National Guard, Reservists, Coast Guard and officers of the National Oceanic and Atmospheric Administration and officers of the U.S. Public Health Service assigned to duty with the military, on active duty, who have entered into an obligation, such as a lease contract for a lease of a vehicle, before entering into military service and provide that under some circumstances the lessor may not terminate the lease contract for breach of the terms of the contract, including nonpayment. Furthermore, under the Relief Act, a lessee may terminate a lease of a vehicle at any time after the lessee's entry into military service or the date of the lessee's military orders (as described below) if (i) the lease is executed by or on behalf of a person who subsequently enters military service under a call or order specifying a period of not less than 180 days (or who enters military service under a call or order specifying a period of 180 days or less and who, without a break in service, receives orders extending the period of military service to a period of not less than 180 days) or (ii) the lessee, while in the military, executes a lease of a vehicle and thereafter receives military orders for a permanent change of station outside of the continental United States or to deploy with a military unit for a period of not less than 180 days. No early termination charge may be imposed on the lessee for such termination. In addition, pursuant to these laws, under certain circumstances, residents called into active duty with the reserves can apply to a court to delay payments on retail installment contracts, including the Leases. No information can be provided as to the number of Leases that may be affected by these laws. In addition, current military operations of the United States, including military operations in the Middle East and Asia, have persons in reserve status who have been called or will be called to active duty. The foregoing laws may impose limitations that would impair the ability of the Servicer to repossess a defaulted vehicle during the related lessee's period of active duty status and, in some cases, may require the Servicer to extend the maturity of the Lease, lower the monthly payments and readjust the payment schedule for a period of time after the completion of the lessee's military service. Thus, if a Lease goes into default, there may be delays and losses occasioned by the inability to exercise the rights of the Titling Trust with respect to the Lease and the related Leased Vehicle in a timely fashion. If a lessee's obligations to make payments is reduced, adjusted or extended, the Servicer will not be required to advance such amounts. Any resulting shortfalls in interest or principal during a Collection Period will reduce the amount available for distribution on the Notes on the related Payment Date.

#### Credit Risk Retention
The risk retention regulations in Regulation RR under the Exchange Act require the sponsor of a securitization transaction, either directly or through its majority-owned affiliates, to retain an economic interest in the credit risk of the assets being securitized. The Depositor is a wholly-owned affiliate of MBFS USA. MBFS USA, as sponsor, expects that the Depositor will retain, and the Depositor intends to retain, an economic interest in the credit risk of the assets being securitized in satisfaction of the requirements under Regulation RR by holding the Certificates representing the residual interest in the Issuer.

*[Combination Vertical and Horizontal Interest Option:]* [The Depositor will satisfy the risk retention requirements of Regulation RR by retaining an "eligible vertical interest" and an "eligible horizontal residual interest" under Regulation RR. The Depositor expects that the percentage of the "eligible vertical interest" and the percentage of the fair value of the "eligible horizontal residual interest" will equal at least five percent.]

*[Eligible Vertical Interest Option:]* [The Depositor's retention of 5% of each class of Notes and the residual interest satisfies the requirements for an "eligible vertical interest" under Regulation RR. The Depositor, or another majority-owned affiliate of MBFS USA, is required to retain this interest until the later of two years from the Closing Date, the date the Aggregate Securitization Value of the Reference Pool is 33% or less of the initial Aggregate Securitization Value of the Reference Pool, or the date the principal amount of the Notes is one-third or less of the original principal amount. MBFS USA, the Depositor or any of their affiliates may not hedge the retained interest during this period.

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By retaining the "eligible vertical interest," the Depositor will be a Noteholder of 5% of each class of Notes and will be entitled to receive 5% of all payments of interest and principal made on each class of Notes and, if any class of Notes incurs losses, will bear 5% of those losses. Each class of Notes retained by the Depositor as part of the "eligible vertical interest" will have the same terms as all other Notes in that class, except that the Notes retained by the Depositor will not be included for purposes of determining whether a required percentage of any class of Notes have taken any action under the indenture or any other Transaction Document as described in *"Description of the Notes — Notes Owned by the Issuer, the Depositor, the Servicer and their Affiliates."* For a description of the Notes, and thus of the "eligible vertical interest," and the credit enhancement available for Notes, you should read *"Description of the Notes"* and *"—Credit Enhancement."*]

*[Eligible Horizontal Residual Interest Option:]* The Depositor's retention of the Certificates is intended to satisfy the requirements for an "eligible horizontal residual interest" under Regulation RR. The fair value of the Certificates as of the Closing Date is expected to [be equal to approximately $[●], representing [●]%][range between $[●] and $[●] if the Initial Note Balance is $[●] and between $[●] and $[●] if the Initial Note Balance is $[●], representing, if the Initial Note Balance is $[●], between approximately [●]% and [●]%, and representing, if the Initial Note Balance is $[●], between approximately [●]% and [●]%] of the sum of the fair value of the Notes and the Certificates on the Closing Date. The sponsor, or a majority-owned affiliate of the sponsor, is required under Regulation RR to hold the retained interest until the latest of two years from the Closing Date, the date the unpaid principal balance of the securitized assets is 33% or less of their initial unpaid principal balance as of the Cutoff Date, or the date the total unpaid principal obligations under the related ABS interests is 33% or less of their original principal amount as of the Closing Date. None of MBFS USA, the Depositor or any of their respective affiliates may sell, transfer or hedge the retained interest during this period other than as permitted by Regulation RR. The Depositor intends, but is not obligated, to retain the Certificates for the life of this securitization transaction.

In general, the Certificates will represent the right to all funds not needed to make required payments on the Notes, pay the fees and expenses of the Issuer or make deposits in the Reserve Fund. Because the Certificates will be subordinated to each class of Notes and are only entitled to amounts not needed on a payment date to make payments on the Notes or to make other required payments or deposits according to the priority of payments described in *"Application of Available Funds — Priority of Payments"* and *"Description of the Notes — Priority of Distributions Will Change if the Notes Are Accelerated Following an Event of Default,"* the Certificates will absorb all losses on the Leases and Leased Vehicles by reduction of, first, the excess spread, second, the overcollateralization and, third, the amounts in the Reserve Fund, before any losses are incurred by the Notes. For a description of the credit enhancement available for the Notes, including the excess spread and overcollateralization, see *"Description of the Notes — Credit Enhancement."*

The estimated fair values of the Notes and the Certificates is summarized below:

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| | | |
|:---|:---|:---|
|  | **Fair Value**<br> **(in millions)** | **Fair Value**<br> **(as a percentage)**<br>|
| Class A-1 Notes | $&nbsp;&nbsp;&nbsp; [●] - $[●] | [●]% - [●]% |
| Class A-2A Notes | $&nbsp;&nbsp;&nbsp; [●] - $[●] | [●]% - [●]% |
| Class A-2B Notes | $&nbsp;&nbsp;&nbsp; [●] - $[●] | [●]% - [●]% |
| Class A-3 Notes | $&nbsp;&nbsp;&nbsp; [●] - $[●] | [●]% - [●]% |
| Class A-4 Notes | $&nbsp;&nbsp;&nbsp; [●] - $[●] | [●]% - [●]% |
| [Class B Notes | $&nbsp;&nbsp;&nbsp; [●] - $[●] | [●]% - [●]%] |
| Certificates | $&nbsp;&nbsp;&nbsp; [●] - $[●] | [●]% - [●]% |
| &nbsp;&nbsp;&nbsp; Total | $&nbsp;&nbsp;&nbsp; [●] - $[●] | 100.00% |

---

The totals in the table may not sum due to rounding.

The Sponsor determined the fair value of the Notes and the Certificates using a fair value measurement framework under U.S. generally accepted accounting principles. In measuring fair value, the use of observable and unobservable inputs and their significance in measuring fair value are reflected in the fair value hierarchy assessment, with Level 1 inputs favored over Level 2 and Level 3 inputs, and Level 2 inputs favored over Level 3 inputs.

<br> • *Level 1* – inputs include quoted prices for identical instruments and are the most observable;

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<br> • *Level 2* – inputs include quoted prices for similar instruments and observable inputs such as interest rates and yield curves; and

<br> • *Level 3* – inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instrument.

The fair value of the Notes is categorized within Level 2 of the hierarchy, reflecting the use of inputs derived from prices for similar instruments. The fair value of the Certificates is categorized within Level 3 of the hierarchy as inputs to the fair value calculation are generally not observable.

The fair value of the Notes is assumed to be equal to the [product of the "Price to Public" for such class (as shown on the cover page of this prospectus) and the initial principal amount of such class of Notes (as shown on the cover page of this prospectus)][initial principal amount set forth on the cover page of this prospectus]. [The fair value of the Class A-[_] Notes is assumed to be approximately equal to the discount to the initial Note Balance of that class determined by applying an assumed yield [in the range of [●]% to [●]%][equal to [●]%] for that class using the assumptions listed below, except that no default or loss is assumed to occur.] [The interest rates in the table below reflect the final pricing of the Notes][This reflects the expectation that the final interest rates of the Notes will be consistent with the following interest rate assumptions for each such class]:

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| | |
|:---|:---|
| Class | Interest Rate |
| Class A-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [●]% - [●]% |
| Class A-2A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [●]% - [●]% |
| Class A-2B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Benchmark][SOFR Rate] + [●]%] - [●]% |
| Class A-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [●]% - [●]% |
| Class A-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [●]% - [●]% |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [●]% - [●]% |

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To calculate the fair value of the Certificates, MBFS USA used an internal valuation model. This model projects future payments on the Reference Pool, the interest and principal payments on each class of Notes, transaction fees and expenses and the Servicing Fee. The model also assumes that the Servicer will exercise its option to purchase the Exchange Note on the first Payment Date that the option is available and that the purchase price paid will be the Redemption Price for the Notes plus any amounts due to the Servicer, the Owner Trustee, the Indenture Trustee, the Asset Representations Reviewer, the Administrative Agent and the Collateral Agent on the related Payment Date. The resulting cash flows to the Certificates are discounted to present value based on a discount rate that reflects the credit exposure to these cash flows. In completing these calculations, MBFS USA made the following assumptions:

• cash flows on the Certificates are discounted at [●]%;

<br> • interest accrues on the Notes at the rates described above;

• [when the allocation of the initial principal amount of the Class A-2 Notes is determined on or before the day of pricing, if the initial Note Balance is $[●], the amount of Class A-2A Notes that would be issued is $[●] (in which case, $[●] of Class A-2B Notes would be issued), and, if the initial Note Balance is $[●], the amount of Class A-2A Notes that would be issued is $[●] (in which case, $[●] of Class A-2B Notes would be issued);]

<br> • [in determining the interest payments on the [Class A-2B] Notes, [insert floating rate benchmark] is assumed to reset consistent with the applicable forward rate curve as of [_______], 20[__] and no Benchmark Transition Event has occurred];

• the fair value calculation assumes the principal amounts of the Notes are the same as set forth on the cover page of this prospectus;

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<br> • the payments on the Leases and Leased Vehicles are calculated using the assumptions as described in *"Weighted Average Lives of the Notes"*;

• Leases prepay at an ABS rate using a 100% prepayment assumption as described in *"Weighted Average Lives of the Notes"*;

• retained and returned Leased Vehicles are assumed to be sold for an amount equal to the lowest of the ALG Current Residual Value, ALG Residual Value and Contract Residual Value resulting in no residual value gains or losses; and

• cumulative net losses on the Reference Pool, as a percentage of total cumulative net losses of [●]% of the Cutoff Date Aggregate Securitization Value, occur each month at the following rates:

 100.00%

MBFS USA developed these inputs and assumptions by considering the following factors:

<br> • *ABS rate* – estimated considering the composition of the Leases and the performance of its prior securitized amortizing pools included in Appendix A,

• *Cumulative net loss rate* – estimated using assumptions for both the magnitude of lifetime cumulative net losses and the shape of the cumulative net loss curve. The lifetime cumulative net loss assumption and the shape of the cumulative net loss curve were developed considering the composition of the reference pool, the five-year historical average performance of its prior securitized amortizing pools including those in Appendix A, trends in used vehicle values, economic conditions, and the cumulative net loss assumptions of the hired NRSROs. Default and recovery rate estimates are included in the cumulative net loss assumption, and

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• *Discount rate applicable to the cash flows with respect to the Certificates* – estimated to reflect the credit exposure to the cash flows on the Certificates. Due to the lack of an actively traded market in residual interests such as the Certificates, the discount rate was derived using qualitative factors that consider the equity-like component of the first-loss exposure.

The fair value of the Notes and the Certificates was calculated based on the foregoing assumptions, including the assumptions regarding the characteristics and performance of the Reference Pool that will differ from the actual characteristics and performance of the Reference Pool. You should be sure you understand these assumptions when considering the fair value calculation.

MBFS USA will recalculate the fair value of the Notes and the Certificates following the Closing Date to reflect the issuance of the Notes and any material changes in the methodology or inputs and assumptions described above. The fair value of the Certificates as a dollar amount and as a percentage of the sum of the fair value of the Notes and the Certificates as of the Closing Date will be included in the first monthly investor report to the investors, together with a description of any material differences or changes in the methodology or key inputs and assumptions used to calculate the fair value.

In no event will the Owner Trustee or the Indenture Trustee have any responsibility to monitor compliance with or enforce compliance with the credit risk retention requirements for asset-backed securities or other rules or regulations relating to credit risk retention. Neither the Owner Trustee nor the Indenture Trustee will be charged with knowledge of such rules, nor will either of them be liable to any Noteholder, any Certificateholder, the Depositor, the Servicer or any other person for violation of such rules now or hereinafter in effect.

#### Material Federal Income Tax Consequences
The following is a summary of material United States federal income tax consequences of the purchase, ownership and disposition of [offered] Notes to investors who purchase [offered] Notes in an initial distribution and who hold the Notes as "capital assets" within the meaning of Section 1221 of the Internal Revenue Code. The summary does not purport to deal with all United States federal income tax consequences applicable to all categories of holders, some of which may be subject to special rules. For example, it does not discuss the tax treatment of Noteholders that are insurance companies, regulated investment companies, dealers in securities, holders that hold the Notes as part of a hedge, straddle, "synthetic security" or other integrated transaction for United States federal income tax purposes, holders subject to the alternative minimum tax, to the extent not otherwise discussed below, holders that might be treated as engaged in a U.S. trade or business by virtue of investing in the [offered] Notes, and holders whose functional currency is not the United States dollar.

The following summary is based upon current provisions of the Internal Revenue Code, Treasury Regulations promulgated thereunder and judicial or ruling authority, all of which are subject to change, which change may be retroactive. The Issuer will be provided with an opinion of Sidley Austin llp, as federal tax counsel to the Issuer, regarding certain United States federal income tax matters discussed below. A legal opinion, however, is not binding on the IRS or the courts. No ruling on any of the issues discussed below will be sought from the IRS. Moreover, there are no cases or IRS rulings on similar transactions involving interests issued by an issuer with terms similar to those of the Notes. **The IRS may disagree with all or a part of the discussion below. We suggest that prospective investors consult their own tax advisors in determining the federal, State, local, foreign and any other tax consequences to them of the purchase, ownership and disposition of the Notes.**

Unless otherwise specified, the following summary relates only to Noteholders that are United States Persons. If a partnership (including for this purpose any entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of Notes, the treatment of a partner in the partnership will generally depend upon the status of the partner and upon the activities of the partnership. A Noteholder that is a partnership and partners in such partnership are encouraged to consult their tax advisors about the United States federal income tax consequences of holding and disposing of Notes.

Sidley Austin llp, as federal tax counsel to the Issuer, is of the opinion that:

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<br> • Assuming compliance with all of the provisions of the applicable Transaction Documents, for United States federal income tax purposes:

<sup>(1)</sup> the [offered] Notes will be characterized as debt if held by persons other than the beneficial owner of 100% of the equity of the Issuer or an affiliate of such beneficial owner for such purposes; and<br>

<br> (2) the Issuer will not be characterized as an association, or a publicly traded partnership, taxable as a corporation.

<br> • Therefore the Issuer will not be subject to an entity level tax for United States federal income tax purposes.

Each opinion is an expression of an opinion only, is not a guarantee of results and is not binding on the IRS or any third party.

#### Tax Characterization of the Issuer
*General*. In the opinion of Sidley Austin llp, federal tax counsel to the Issuer, the Issuer will not be an association (or publicly traded partnership) taxable as a corporation for United States federal income tax purposes. Therefore, the Issuer itself will not be subject to tax for United States federal income tax purposes. This opinion will be based on the assumption that the terms of the Trust Agreement and related documents will be complied with and that certain other conditions are met.

If the Issuer were taxable as a corporation for United States federal income tax purposes, the Issuer would be subject to corporate income tax on its taxable income. The Issuer's taxable income would include all its income on the leases and may possibly be reduced by its interest expense on the Notes. Any corporate income tax could materially reduce cash available to make payments on the Notes. See *"Possible Alternative Treatments of the Notes and the Issuer"* for more information.

#### Tax Consequences to Holders of the Notes
*Treatment of the Notes as Indebtedness*. The Depositor will agree, and the Noteholders and beneficial owners of Notes will agree by their purchase of Notes or beneficial interests therein, as the case may be, to treat the Notes as debt for United States federal income tax purposes. In the opinion of Sidley Austin LLP, assuming compliance with all of the provisions of applicable agreements, the offered Notes will be classified as debt for United States federal income tax purposes if held by persons other than the beneficial owner of 100% of the equity of the Issuer or an affiliate of such beneficial owner for such purposes. Except as described below under "—*Possible Alternative Treatments of the Notes and the Issuer*," the following discussion assumes that this characterization is correct.

*Original Issue Discount, etc.* Although it is not anticipated that any class of Notes will be issued with original issue discount, it is possible that one or more classes of Notes may be issued with original issue discount. In general, original issue discount is the excess of the stated redemption price at maturity of a debt instrument over its issue price, unless the excess is no more than a *de minimis* amount (i.e., is less than 0.25% of their principal amount multiplied by their weighted average maturities included in their term). A Note's stated redemption price at maturity is the aggregate of all payments required to be made under the Note through maturity except qualified stated interest. Qualified stated interest is generally interest that is unconditionally payable in cash or property, other than debt instruments of the issuing entity, at fixed intervals of one year or less during the entire term of the instrument at specified rates. The issue price will be the first price at which a substantial amount of Notes are sold, excluding sales to bond holders, brokers or similar persons acting as underwriters, placement agents or wholesalers. If a Note were treated as being issued with original issue discount that is not de minimis, a United States Person would be required to include original issue discount in income as interest over the term of the Note under a constant yield method. In general, original issue discount must be included in income in advance of the receipt of cash representing that income. Thus, each cash distribution would be treated as an amount already included in income, to the extent original issue discount has accrued as of the date of the interest distribution and is not allocated to prior distributions, or as a repayment of principal. This treatment would have no significant effect on a United States Person using the accrual method of accounting. A cash method United States Person may, however, be required to report income on the Notes in advance of the receipt of cash attributable to that income. The determination of full years to maturity and the accrual of original issue discount, if any, should be made using a reasonable prepayment assumption pursuant to Section 1272(a)(6) of the Internal Revenue Code. To date, the IRS has not issued any guidance under Section 1272(a)(6) of the Internal Revenue Code. Even if a Note has original issue discount falling within the de minimis exception, the United States Person must include that original issue discount in income, as capital gain, proportionately as principal payments are made on that Note. We suggest that you consult your tax advisor as to the operation of these rules.

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*Interest Income on the Notes*. If a Note is considered to have been issued without original issue discount, the stated interest paid on such Note will be taxable to a Noteholder as ordinary interest income when received or accrued in accordance with the Noteholder's method of tax accounting. A subsequent purchaser who buys a Note for more or less than its principal amount will generally be subject, respectively, to the premium amortization or market discount rules of the Internal Revenue Code.

A holder of a Note having a fixed maturity of one year or less, known as a "Short-Term Note," may be subject to special rules. An accrual basis holder of a Short-Term Note, and certain cash method holders, including regulated investment companies, as set forth in Section 1281 of the Internal Revenue Code, generally would be required to report interest income as interest accrues on a straight-line basis over the term of each interest period. Other cash basis holders of a Short-Term Note would, in general, be required to report interest income as interest is paid, or, if earlier, upon the taxable disposition of the Short-Term Note. A cash basis holder of a Short-Term Note reporting interest income as it is paid may, however, be required to defer a portion of any interest expense otherwise deductible on indebtedness incurred to purchase or carry the Short-Term Note until the taxable disposition of the Short-Term Note. A cash basis taxpayer may elect under Section 1282 of the Internal Revenue Code to accrue interest income on all non-government debt obligations with a term of one year or less, in which case the taxpayer would include interest on the Short-Term Note in income as it accrues, but would not be subject to the interest expense deferral rule referred to in the preceding sentence. Certain special rules apply if a Short-Term Note is purchased for more or less than its principal amount.

*Market Discount*. A Noteholder that purchases a Note for an amount that is less than its issue price will be treated as having purchased the Note at a "market discount," unless the amount of market discount is less than a specified de minimis amount. Under the market discount rules, a holder is required to treat any payment of SRPM and any gain realized on the sale, exchange, retirement or other disposition of, the Note as ordinary income to the extent of the lesser of (1) the amount of such payment or realized gain or (2) the market discount that has not previously been included in income and is treated as having accrued on such Note at the time of the payment or disposition. Market discount is considered to accrue ratably during the period from the date of acquisition to the maturity date of the Note, unless the holder elects to accrue market discount on a constant yield basis.

A Noteholder may be required to defer the deduction of all or a portion of the interest paid or accrued on any indebtedness incurred or continued to purchase or carry a Note with market discount until the maturity of the Note or certain earlier dispositions, because unless a holder elects to take market discount into income currently, a current deduction is only allowed to the extent the interest expense exceeds the market discount. If such election is made with respect to a Note, then the holder will be deemed to have elected to include market discount currently with respect to all market discount debt instruments that the investor acquired on the first day of the taxable year to which the election applies and acquires thereafter.

*Premium*. If a holder purchases a Note for an amount that is greater than the sum of all amounts of SRPM payable on the Note after the purchase date, such holder is considered to have purchased the Note with "amortizable bond premium" equal in amount to such excess. A holder may elect to amortize such premium using a constant yield method over the remaining term of the Note and may offset interest otherwise required to be included in respect of the Note during any taxable year by the amortized amount of such excess for the taxable year. If such election is made with respect to a Note, then the holder will be deemed to have elected to amortize bond premium with respect to all premium debt instruments that the investor acquired on the first day of the taxable year to which the election applies and acquires thereafter.

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[*Inclusion of a Floating Rate Class.* The interest rate for the Class A-2 Notes will be a fixed rate or a combination of a fixed rate and floating rate if that class has both a fixed rate tranche, the Class A-2A Notes, and a floating rate tranche, the Class A-2B Notes. If there is a floating rate tranche, the floating rate will be based on the SOFR Rate plus the applicable spread. The SOFR Rate is referred to as the Benchmark index. However, the Benchmark index and the applicable spread may change under certain circumstances, as described under "*Description of the Notes – Payments of Interest.*" It is intended that the replacement of the then-current Benchmark index will not be a taxable event for holders of the Class A-2B Notes. However, we cannot provide any assurances that the IRS will not take a contrary view. There is no targeted IRS tax guidance regarding a possible change in the Benchmark index as contemplated herein (as there is for transitions from LIBOR to non-LIBOR rates) and hence there is significant uncertainty regarding the U.S. federal income tax consequences of such a change. If the IRS treats a change in the then-current Benchmark index of the Class A-2B Notes as a taxable event, holders of the Class A-2B Notes may be required to recognize taxable gain or loss at that time. Holders of the Class A-2B Notes should consult with their own tax advisors regarding the potential consequences of changing to an interest rate based on an alternative Benchmark index.]

*Sale or Other Disposition*. If a Noteholder sells a Note, the holder will recognize gain or loss in an amount equal to the difference between the amount realized on the sale and the holder's adjusted tax basis in the Note. The adjusted tax basis of a Note to a particular Noteholder will equal the holder's cost for the Note, increased by any market discount and original issue discount previously included by the Noteholder in income with respect to the Note and decreased by the amount of bond premium, if any, previously amortized and by the amount of principal payments previously received by the Noteholder with respect to the Note. Any gain or loss will be capital gain or loss if the Note was held as a capital asset, excluding accrued interest and accrued market discount not previously included in income. Any capital gain recognized upon a sale, exchange or other disposition of a Note will be long-term capital gain if the seller's holding period is more than one year and will be short-term capital gain if the seller's holding period is one year or less. The deductibility of capital losses is subject to certain limitations. We suggest that prospective investors consult with their own tax advisors concerning the United States federal income tax consequences of the sale, exchange or other disposition of a Note.

*Medicare Tax*. A 3.8% tax is imposed on the net investment income (which includes interest and net capital gains from the sale of certain debt instruments) of certain individuals, trusts and estates. We suggest that prospective investors consult with their own tax advisors concerning the Medicare tax.

*Foreign Holders*. Interest payments made, or accrued, to a Noteholder who is a Foreign Person for United States federal income tax purposes generally will be considered "portfolio interest," and generally will not be subject to United States federal income tax or withholding if the interest is not effectively connected with the conduct of a trade or business within the United States by the Foreign Person and the Foreign Person (1) is not actually or constructively a "10 percent shareholder" of the Issuer or the Depositor (including a holder of 10% of the outstanding Certificates, if any), a "controlled foreign corporation" with respect to which the Issuer or the Depositor is a "related person" within the meaning of the Internal Revenue Code or a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business and (2) provides the Indenture Trustee or other person who is otherwise required to withhold United States federal income tax with respect to the Notes with an appropriate statement, on IRS Form W-8BEN or IRS Form W-8BEN-E, depending on the Noteholder's status, signed under penalty of perjury, certifying that the beneficial owner of the Note is a Foreign Person and providing the Foreign Person's name and address. In the case of a Foreign Person that is an individual or a corporation (or an entity treated as such for United States federal income tax purposes), if a Note is held through a securities clearing organization or certain other financial institutions, the organization or institution may provide the relevant signed statement to the withholding agent; in that case, however, the signed statement must be accompanied by a copy of the IRS Form W-8BEN or IRS Form W-8BEN-E, depending on the Noteholder's status, provided by the Foreign Person that owns the Note. If such interest is not portfolio interest, then it will be subject to 30% withholding unless the Foreign Person provides a properly executed (1) IRS Form W-8BEN or IRS Form W-8BEN-E, depending on the Noteholder's status, claiming an exemption from or reduction in withholding under the benefit of a tax treaty or (2) IRS Form W-8ECI stating that interest paid is not subject to withholding because it is effectively connected with the Foreign Person's conduct of a trade or business in the United States. If the interest is effectively connected income, the Foreign Person, although exempt from the withholding tax discussed above, will be subject to United States federal income tax on that interest at graduated rates in the same manner as United States Persons. In addition, if the Foreign Person is a foreign corporation, it will be subject to a branch profits tax equal to 30% of its "effectively connected earnings and profits" within the meaning of the Internal Revenue Code for the taxable year, as adjusted for certain items, unless it qualifies for a lower rate or an exemption under an applicable tax treaty. A Foreign Person other than an individual or corporation (or an entity treated as such for United States federal income tax purposes) holding the Notes on its own behalf may have substantially increased reporting requirements. In particular, in case of Notes held by a foreign partnership or foreign trust, the partners or beneficiaries, as the case may be, may be required to provide certain additional information.

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Any capital gain realized on the sale, redemption, retirement or other taxable disposition of a Note by a Foreign Person will be exempt from United States federal income and withholding tax, provided that (1) the gain is not effectively connected with the conduct of a trade or business in the United States by the Foreign Person and (2) in the case of an individual Foreign Person, the Foreign Person is not present in the United States for 183 days or more in the taxable year and does not otherwise have a "tax home" within the United States.

*FATCA*. Under Sections 1471 through 1474 of the Internal Revenue Code and the Treasury Regulations promulgated thereunder, commonly referred to as FATCA, foreign financial institutions may be required to enter into agreements with the IRS pursuant to which such foreign financial institutions must gather and report certain information relating to their U.S. account holders and investors to the IRS and withhold U.S. tax from certain payments made by it. Foreign financial institutions that fail to comply with the FATCA requirements will be subject to a 30% withholding tax on U.S. source payments, including interest and original issue discount. Non-financial foreign entities may also be required to provide a certification as to their U.S. owners in order to avoid FATCA withholding. The FATCA withholding tax will apply regardless of whether the payment would otherwise be exempt from U.S. nonresident withholding tax (*e.g.*, under the portfolio interest exemption) and regardless of whether the foreign financial institution is the beneficial owner of such payment. The FATCA provisions also impose new information reporting requirements and increase related penalties for United States Persons. Certain countries have entered into, and other countries are expected to enter into, agreements with the United States to facilitate the type of information reporting required under FATCA. While the existence of such agreements will not eliminate the risk that Notes will be subject to the withholding described above, these agreements are expected to reduce the risk of the withholding for investors in (or indirectly holding Notes through financial institutions in) those countries.

Prospective investors are urged to consult their own tax advisors regarding the potential application of the FATCA provisions to an investment in the Notes.

*Backup Withholding*. Each holder of a Note, other than an exempt holder such as a corporation, tax-exempt organization, qualified pension and profit-sharing trust, individual retirement account or nonresident alien who provides certification as to status as a nonresident, will be required to provide, under penalty of perjury, a certificate containing the holder's name, address, correct federal taxpayer identification number and a statement that the holder is not subject to backup withholding. Should a nonexempt Noteholder fail to provide the required certification, the Issuer, the Indenture Trustee or the paying agent, as applicable, will be required to backup withhold a certain portion of the amount otherwise payable to the Noteholder, and remit the withheld amount to the IRS as a credit against the Noteholder's United States federal income tax liability.

*Possible Alternative Treatments of the Notes and the Issuer*. If, contrary to the opinion of Sidley Austin llp, the IRS successfully asserted that one or more of the Notes did not represent debt for United States federal income tax purposes, the Notes might be treated as equity interests in the Issuer. If one or more classes of Notes were treated as equity interests in a partnership, the Issuer might be treated as a "publicly traded partnership."

If the Issuer were treated as a publicly traded partnership taxable as a corporation, the Issuer would be subject to United States federal income tax (and State and local tax) at corporate tax rates on its net income. Distributions on the Notes might not be deductible in computing the Issuer's taxable income, and distributions to the Noteholders would probably be treated as dividends to the extent paid out of after-tax earnings. Such an entity-level tax could result in reduced distributions to Noteholders, or the Noteholders could be liable for a share of such tax. In addition, payments on recharacterized Notes to Foreign Persons could be subject to withholding tax regardless of whether the Issuer is taxed as a corporation or a partnership.

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Alternatively, if the Issuer were treated as a partnership other than a publicly traded partnership taxable as a corporation, the Issuer itself would not be subject to United States federal income tax, but holders or beneficial owners of Notes that were determined to be equity interests may have adverse United States federal income tax consequences. For example, tax-exempt Noteholders, including pension plans could recognize "unrelated business taxable income," Foreign Persons would be subject to United States federal income tax (and could also be subject to the branch profits tax and withholding tax) and tax filing requirements, individuals may be required to recognize additional income and corresponding non-deductible expenses, and all Noteholders treated as equity holders may have adverse timing and character consequences. If the Issuer were classified as a partnership for United States federal income tax purposes, then, unless the Issuer elects otherwise, taxes arising from audit adjustments are required to be paid by the Issuer rather than by its partners. The parties responsible for the tax administration of the Issuer will have the authority to utilize, and intend to utilize, any available exceptions so that the persons treated as the Issuer's partners, to the fullest extent possible, rather than the Issuer itself, will be liable for any taxes arising from audit adjustments to the Issuer's taxable income if the Issuer is treated as a partnership.

Because the Issuer will treat the Notes as indebtedness for United States federal income tax purposes, if held by persons other than the beneficial owner of the equity in the Issuer or an affiliate of such beneficial owner for such purposes, it will not comply with the tax reporting requirements applicable to the possible alternative characterizations of the Notes discussed above.

*Tax Regulations for Related-Party Note Acquisitions.* The United States Treasury and the IRS issued Treasury Regulations under Section 385 of the Internal Revenue Code that address the debt or equity treatment of instruments held by certain parties related to the Issuer. In particular, in certain circumstances, a note that otherwise would be treated as debt is treated as stock for United States federal income tax purposes during periods in which the note is held by an applicable related party (generally based on a group of corporations or controlled partnerships connected through 80% direct or indirect ownership links). Although there is no present intent to sell the Certificates, to the extent that the Certificates are sold in the future as permitted and further described under *"Credit Risk Retention,"* the Trust Agreement and other operative documents may be amended without the consent of the parties thereto as required to address the Treasury Regulations under Section 385 of the Internal Revenue Code and prevent their application to the Notes.

#### Certain State Tax Consequences
Potential Noteholders should consider the State and local income tax consequences of the purchase, ownership and disposition of the Notes. State and local income tax laws may differ substantially from the corresponding federal law, and this discussion does not purport to describe any aspect of the income tax laws of any State or locality. Therefore, potential Noteholders should consult their own tax advisors with respect to the various State and local tax consequences of an investment in the Notes.

**The federal and State tax discussions set forth above are included for information purposes only and may not be applicable depending upon a Noteholder's particular tax situation. We suggest that prospective purchasers consult their tax advisors with respect to the tax consequences to them of the purchase, ownership and disposition of Notes, including the tax consequences under State, local, foreign and other tax laws and the possible effects of changes in federal or other tax laws.**

#### Certain ERISA Considerations
Subject to the following discussion, the [offered] Notes may generally be acquired with the assets of a Plan. Section 406 of ERISA and Section 4975 of the Internal Revenue Code prohibit a Plan from engaging in certain transactions involving plan assets with persons that are "parties in interest" under ERISA or "disqualified persons" under the Internal Revenue Code with respect to the Plan. Certain employee benefit plans that are not subject to Section 406 of ERISA or Section 4975 of the Internal Revenue Code may be subject to Similar Law that imposes similar requirements. A violation of these "prohibited transaction" rules may result in the imposition of excise taxes and other penalties and liabilities under ERISA and the Internal Revenue Code for such parties in interests or disqualified persons or for the fiduciaries of such Plans.

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Certain transactions involving the Issuer might be deemed to constitute Prohibited Transactions under Section 406 of ERISA and Section 4975 of the Internal Revenue Code with respect to a Plan that acquires, holds or disposes of the offered Notes if assets of the Issuer were deemed to be assets of the Plan. Under the Plan Assets Regulation, the assets of the Issuer would be treated as the assets of a Plan for the purposes of ERISA and Section 4975 of the Internal Revenue Code only if the Plan acquires an "equity interest" in the Issuer and none of the exceptions contained in the Plan Assets Regulation were applicable. An equity interest is defined under the Plan Assets Regulation as an interest other than an instrument which is treated as indebtedness under applicable local law and which has no substantial equity features. Although there is little guidance on the subject, it is anticipated that, at the time of their issuance, the [offered] Notes should be treated as indebtedness of the Issuer without substantial equity features for purposes of the Plan Assets Regulation. This determination is based upon the traditional debt features of the [offered] Notes, including the reasonable expectation of purchasers of the [offered] Notes that the [offered] Notes will be repaid when due, traditional default remedies, as well as on the absence of conversion rights, warrants and other typical equity features. The debt treatment of the [offered] Notes for ERISA purposes could change subsequent to their issuance if the Issuer incurs losses. In the event of a withdrawal or downgrade to below investment grade of the rating of the [offered] Notes or a characterization of the [offered] Notes as other than indebtedness under applicable local law, the subsequent acquisition of the [offered] Notes (or any interest therein) by a Plan or other employee benefit plan that is subject to Similar Law is prohibited.

Nevertheless, without regard to whether the [offered] Notes are treated as an equity interest in the Issuer for purposes of the Plan Assets Regulation, the acquisition or holding of [offered] Notes by, on behalf of or with the assets of, a Plan could be considered to give rise to a Prohibited Transaction if the Issuer, the Depositor, the Servicer, the Administrator, any underwriter, the Owner Trustee, or the Indenture Trustee is or becomes a party in interest or a disqualified person with respect to such Plan. Depending on the relevant facts and circumstances, certain Prohibited Transaction exemptions may apply to the acquisition and holding of the [offered] Notes by Plans—for example:

<br> • PTCE 96-23, which exempts certain transactions effected by an "in-house asset manager";

<br> • PTCE 95-60, which exempts certain transactions between insurance company general accounts and parties in interest;

<br> • PTCE 91-38, which exempts certain transactions between bank collective investment funds and parties in interest;

<br> • PTCE 90-1, which exempts certain transactions between insurance company pooled separate accounts and parties in interest; and

<br> • PTCE 84-14, which exempts certain transactions effected by a "qualified professional asset manager."

In addition, the service provider exemption provided by Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Internal Revenue Code may apply to the purchase and holding of the [offered] Notes by Plans.

There can be no assurance, however, that any of these exemptions will apply with respect to any Plan's investment in the [offered] Notes, or that an exemption, if it did apply, would apply to all Prohibited Transactions that may occur in connection with the investment.

ERISA also imposes certain duties on persons who are fiduciaries of Plans, including the requirements of investment prudence and diversification, and the requirement that a Plan's investments be made in accordance with the documents governing the Plan. Under ERISA, any person who exercises any authority or control respecting the management or disposition of the assets of a Plan is considered to be a fiduciary of the Plan. Each Fiduciary of a Plan must determine whether the acquisition, holding and disposition of the [offered] Notes (or any interest therein) and the operations of the Issuer would result in Prohibited Transactions.

A fiduciary of a Plan must also determine whether the purchase of a[n] [offered] Note (or any interest therein) is consistent with its fiduciary duties under ERISA, based on the particular investment needs of the Plan , and would result in a nonexempt Prohibited Transaction. Moreover, any person considering an investment in the [offered] Notes (or any interest therein) by, on behalf of or with the assets of, a Plan should consult with counsel if the Depositor, MBFS USA, the Servicer, an underwriter, the Indenture Trustee, the Owner Trustee, a provider of credit support or any of their respective affiliates:

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<br> • has investment or administrative discretion with respect to the Plan's assets;

<br> • has authority or responsibility to give, or regularly gives, investment advice with respect to the Plan's assets for a fee and pursuant to an agreement or understanding; or

<br> • is an employer maintaining or contributing to the Plan.

Employee benefit plans that are governmental plans, as defined in Section 3(32) of ERISA, certain church plans, as defined in Section 3(33) of ERISA, and non-U.S. plans, as described in Section 4(b)(4) of ERISA are not subject to ERISA or Section 4975 of the Internal Revenue Code but may be subject to Similar Law. An employee benefit plan that is qualified under Section 401(a) of the Internal Revenue Code and exempt from taxation under Section 501(a) of the Internal Revenue Code is subject to the prohibited transaction rules in Section 503 of the Internal Revenue Code. A fiduciary of any such plans considering a purchase of the [offered] Notes should consult its legal advisors to confirm that the acquisition, holding and disposition of the [offered] Notes (or any interest therein) will not result in a violation of any applicable Similar Law.

A fiduciary of a Plan considering the purchase of [offered] Notes should consult its tax and/or legal advisors as to the potential applicability of ERISA and the Internal Revenue Code to such investment, as well as the possibility of exemptive relief from the prohibited transaction rules and other issues and their potential consequences. Moreover, each Plan Fiduciary should determine whether, under the general fiduciary standards of investment prudence and diversification, an investment in the [offered] Notes is appropriate for the Plan, taking into account the overall investment policy of the Plan and the composition of the Plan's investment portfolio.

By acquiring an [offered] Note (or any interest therein), each purchaser and transferee (and if the purchaser or transferee is a Plan or other employee benefit plan or arrangement, its fiduciary) is deemed to represent and warrant that either (i) it is not, and is not acquiring the [offered] Note (or any interest therein) with the assets of, a Plan or other employee benefit plan or arrangement that is subject to Similar Law; or (ii)(a) the acquisition, holding and disposition of the [offered] Note (or any interest therein) will not give rise to a nonexempt Prohibited Transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code or a violation of Similar Law and (b) such [offered] Note has at least one investment grade rating from a nationally recognized statistical rating organization at the time of purchase and has not been characterized as other than indebtedness under applicable local law. No Plan or other employee benefit plan or arrangement that is subject to Similar Law may acquire the Class [__] Notes.

The issuance of the [offered] Notes does not constitute a fiduciary action by the Issuer, the Servicer, the Administrator, any underwriter or any of their respective affiliates, agents or employees with respect to a Plan or other benefit plan subject to any Similar Law. Any prospective Plan and other employee benefit plan investors considering the purchase of the [offered] Notes (or any interest therein) should consult with their legal advisors concerning the potential applicability of ERISA and Section 4975 of the Internal Revenue Code or any Similar Law, the effect of the assets of the Issuer being deemed "plan assets" and the applicability of any exemption prior to making an investment in the [offered] Notes. Each Plan Fiduciary, including each fiduciary of employee benefit plan subject to any Similar Law considering the purchase of [offered] Notes (or any interest therein) should determine whether under the fiduciary standards of investment prudence and diversification, an investment in the [offered] Notes is appropriate for the Plan, also taking into account the overall investment policy of the Plan and the composition of the Plan's investment portfolio.

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#### Special Considerations Applicable to Insurance Company General Accounts
The Small Business Job Protection Act of 1996 added Section 401(c) of ERISA relating to the status of the assets of insurance company general accounts under ERISA and Section 4975 of the Internal Revenue Code. Section 401(c) of ERISA addresses the status of the assets of insurance company general accounts as "plan assets". Under Section 401(c) of ERISA, the Department of Labor published general account regulations providing guidance on which assets held by the insurer constitute "plan assets" for purposes of the fiduciary responsibility provisions of ERISA and Section 4975 of the Internal Revenue Code. The general account regulations do not exempt from treatment as "plan assets" assets in an insurance company's general account that support insurance policies issued to Plans after December 31, 1998. The plan asset status of insurance company separate accounts is unaffected by Section 401(c) of ERISA, and separate account assets continue to be treated as the plan assets of any Plan invested in a separate account. Plan investors considering the purchase of [offered] Notes on behalf of an insurance company general account should consult their legal advisors regarding the "plan asset" implications of such purchase. The general account regulations should not, however, adversely affect the applicability of PTCE 95 60.

#### Ratings
The Sponsor expects that the [offered] Notes will receive credit ratings from two nationally recognized statistical rating organizations hired by the Sponsor to rate the [offered] Notes. The ratings of the [offered] Notes will be based primarily upon the value of the Leases and the Leased Vehicles and the Reserve Fund. There can be no assurance that any such rating will not be lowered or withdrawn by the assigning Rating Agency if, in its judgment, circumstances so warrant. In the event that a rating with respect to the [offered] Notes is qualified, reduced or withdrawn, no person or entity will be obligated to provide any additional credit enhancement with respect to the [offered] Notes.

The ratings of the [offered] Notes should be evaluated independently from similar ratings on other types of securities. A rating is not a recommendation to buy, sell or hold the [offered] Notes, inasmuch as such a rating does not comment as to market price or suitability for a particular investor. The ratings of the [offered] Notes address the likelihood of the payment of principal of and interest on the [offered] Notes pursuant to their terms.

There can be no assurance as to whether any rating agency other than the Rating Agencies will rate the [offered] Notes or, if one does, what rating will be assigned by such other rating agency. A rating on the [offered] Notes by another rating agency, if assigned at all, may be lower than the ratings assigned to the [offered] Notes by the Rating Agencies.

None of the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee, the Collateral Agent, the Administrator or any of their respective affiliates will be required to monitor any changes to the ratings on the [offered] Notes.

#### Underwriting
Subject to the terms and conditions set forth in the underwriting agreement, the Depositor has agreed to sell to each of the underwriters named below, for whom [<u>_____________</u>], [<u>_____________</u>] and [<u>_____________</u>] are acting as representatives, and each of those underwriters has severally agreed to purchase, the initial principal amounts of [offered] Notes set forth opposite its name:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underwriters of the Notes | **Principal** <br> **Amount of** <br> **Class A-1** <br> **Notes** | **Principal** <br> **Amount of** <br> **Class A-2 Notes** | **Principal**<br> **Amount of**<br> **Class A-3 Notes** | **Principal**<br> **Amount of**<br> **Class A-4 Notes** | **Principal**<br> **Amount of**<br> **Class B Notes** |
| [_____________] | $[●] | $[●] | $[●] | $[●] | $[●]  |
|  [_____________] | [●] | [●] | [●] | [●] | [●] |
| [_____________] | [●] | [●] | [●] | [●] | [●] |
| [_____________] | [●] | [●] | [●] | [●] | [●] |
| [_____________] | [●] | [●] | [●] | [●] | [●] |
| &nbsp;&nbsp;&nbsp; Total | $[●] | $[●] | $[●] | $[●] | $[●] |

---

The Depositor has been advised by the representatives of the underwriters that the underwriters propose initially to offer the [offered] Notes to the public at the applicable prices set forth on the cover page of this prospectus. After the initial public offering of the [offered] Notes, the public offering prices may change.

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The underwriting discounts and commissions are set forth on the cover page of this prospectus. After the initial public offering of the [offered] Notes, these discounts and commissions may change. The selling concessions that the underwriters may allow to certain dealers and the discounts that such dealers may reallow to certain other dealers, expressed as a percentage of the principal amount of each class of [offered] Notes shall be as follows:

---

| | | |
|:---|:---|:---|
|  | **Selling Concessions**<br> **not to exceed<sup>(1)</sup>**<br>| **Reallowance**<br> **not to exceed**<br>|
| Class A-1 Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [●]% | [●]% |
| Class A-2 Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [●]% | [●]% |
| Class A-3 Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [●]% | [●]% |
| Class A-4 Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [●]% | [●]% |
| Class B Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [●]% | [●]% |

---

------

<sup>(1)</sup> Due to sales to affiliates, one or more of the underwriters may be required to forego a *de minimis* portion of the selling concessions they would otherwise be entitled to receive.

The Notes are new issues of notes and there currently is no secondary market for the [offered] Notes. One or more of the underwriters may participate in making a secondary market for the [offered] Notes, but will not be obligated to do so. We cannot assure you that a secondary market for the [offered] Notes will develop. If a secondary market for the [offered] Notes does develop, it might end at any time or it might not be sufficiently liquid to enable you to resell any of your Notes.

In the ordinary course of business, the underwriters and their affiliates have engaged and may engage in investment banking and commercial banking transactions with MBFS USA, the Servicer, the Depositor and their respective affiliates. The Indenture Trustee at the direction of the Servicer may, from time to time, invest the funds in the trust accounts in investments acquired from or issued by the underwriters or their affiliates.

MBFS USA and the Depositor have agreed to indemnify the underwriters against certain liabilities, including liabilities under applicable securities laws, or contribute to payments the underwriters may be required to make in respect thereof.

The closing of the sale of each class of [offered] Notes is conditioned on the closing of the sale of each other class of [offered] Notes. The underwriting agreement provides that the obligation of the underwriters to pay for and accept delivery of the [offered] Notes is subject to, among other things, the receipt of certain legal opinions.

#### Stabilization Transactions, Short Sales and Penalty Bids
Until the distribution of the Notes being offered pursuant to this prospectus is completed, rules of the SEC may limit the ability of the related underwriters and certain selling group members to bid for and purchase the Notes. As an exception to these rules, the underwriters are permitted to engage in certain transactions that stabilize the prices of the Notes. Such transactions consist of bids or purchases for the purpose of pegging, fixing or maintaining the prices of the Notes.

The underwriters may make short sales in the Notes being sold in connection with an offering (*i.e.*, they sell more Notes than they are required to purchase in the offering). This type of short sale is commonly referred to as a "naked" short sale because the related underwriters do not have an option to purchase these additional Notes in the offering. The underwriters must close out any naked short position by purchasing Notes in the open market. A naked short position is more likely to be created if the related underwriters are concerned that there may be downward pressure on the price of the Notes in the open market after pricing that could adversely affect investors who purchase in the offering. Similar to other purchase transactions, the underwriters' purchases to cover syndicate short sales may have the effect of raising or maintaining the market price of the Notes or preventing or retarding a decline in the market price of the Notes.

The underwriters may also impose a penalty bid on certain underwriters and selling group members. This means that if the underwriters purchase Notes in the open market to reduce the underwriters' short position or to stabilize the price of such Notes, they may reclaim the amount of the selling concession from any underwriter or selling group member who sold those Notes as part of the offering.

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In general, purchases of a security for the purpose of stabilization or to reduce a short position could cause the price of the security to be higher than it might be in the absence of such purchases. The imposition of a penalty bid might also have an effect on the price of a security to the extent that it discouraged resales of the security.

Neither the Depositor nor any of the underwriters will make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of the Notes. In addition, neither the Depositor nor any of the underwriters will make any representation that the underwriters will engage in such transactions or that such transactions, once commenced, will not be discontinued without notice.

#### EU Securitisation Rules and UK Securitisation Rules
[Investors should be aware of certain requirements imposed by European Union and United Kingdom legislation in respect of investments in securitisations (as defined in the applicable legislation), including as follows.

The EU Securitisation Rules impose certain requirements on institutional investors, as defined under the EU Securitisation Rules; and the UK Securitisation Rules impose certain requirements on institutional investors, as defined under the UK Securitisation Rules. In each case, an institutional investor, for these purposes, is a person holding a securitisation position (i.e., an exposure to a securitisation, as defined for purposes of the relevant rules) and which is an entity of a prescribed type. Under the EU Securitisation Rules, relevant entities include (subject to the terms of the EU Securitisation Rules, and as defined or described in relevant legislation) insurance undertakings, institutions for occupational retirement provision, alternative investment fund managers, internally-managed UCITS and UCITS management companies, credit institutions and investment firms. Under the UK Securitisation Rules, relevant entities include (subject to the terms of the UK Securitisation Rules, and as defined or described in relevant legislation) insurance undertakings, trustees and managers of occupational pension schemes, AIFMs, UCITS and management companies in respect of UK UCITS, CRR firms and FCA investment firms. Under each of the EU Securitisation Rules and the UK Securitisation Rules, the relevant requirements apply also to consolidated affiliates, wherever established or located, of certain types of institutional investor.

The requirements imposed on institutional investors by the EU Securitisation Rules differ, in certain respects, from those imposed by the UK Securitisation Rules. In summary, however, in each case, there is a requirement (amongst other things), prior to holding a securitisation position, to verify certain matters, including that (a) except in specified cases, certain credit-granting requirements are satisfied; (b) the originator, sponsor or original lender retains a material net economic interest in the securitisation of not less than 5%, in accordance with the relevant rules; and (c) the originator, sponsor or securitisation special purpose entity makes information available in accordance with the relevant rules.

The consequences of a failure to comply with the EU Securitisation Rules or the UK Securitisation Rules with respect to an investment in the offered Notes would depend on the characteristics of the relevant investor. For example, an investor that is subject to regulatory capital requirements may be subject to a penalty regulatory capital charge on the relevant offered Notes; and an investor that is a fund manager may be required to take corrective action in the best interest of investors in the relevant fund.

None of MBFS USA, the Depositor, the Issuer or any other party to the transaction described in this prospectus undertakes, or intends, to retain a material net economic interest in such transaction, or to take any other action with regard to such transaction, in a manner prescribed or contemplated by the EU Securitisation Rules or the UK Securitisation Rules. In particular, no such person undertakes to take any action, or refrain from taking any action, for purposes of, or in connection with, compliance by any prospective investor or Noteholder with any applicable requirement of the EU Securitisation Rules or the UK Securitisation Rules. In addition, the arrangements described under "Credit Risk Retention" have not been structured with the objective of ensuring or facilitating compliance by any person with any applicable requirement of the EU Securitisation Rules or the UK Securitisation Rules.

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Consequently, the offered Notes may not be a suitable investment for any person required to comply with the EU Securitisation Rules or the UK Securitisation Rules in respect of any investment in the offered Notes, and this may, among other things, have a negative impact on the value and liquidity of the offered Notes, and otherwise affect the secondary market for the offered Notes. Prospective investors and Noteholders should make their own assessment (and consider consulting their own advisers and/or regulator) regarding the scope and applicability of the EU Securitisation Rules or the UK Securitisation Rules (as relevant), their compliance with any applicable requirement thereof, and the suitability of the offered Notes for investment.]

#### European Economic Area Selling Restrictions
*[European Economic Area*. Each underwriter has represented and agreed, severally and not jointly, that it has not offered, sold or otherwise made available, and will not offer, sell or otherwise make available, any [offered] Notes which are the subject of the offering contemplated by this prospectus to any EU Retail Investor in the EEA. For the purposes of this provision, the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the [offered] Notes to be offered so as to enable an investor to decide to purchase or subscribe for the [offered] Notes.

#### United Kingdom Selling Restrictions
*Prohibition on sales to UK Retail Investors*

[Each underwriter has represented and agreed, severally and not jointly, that it has not offered, sold or otherwise made available, and will not offer, sell or otherwise make available, any [offered] Notes which are the subject of the offering contemplated by this prospectus to any UK Retail Investor in the United Kingdom. For the purposes of this provision, the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the [offered] Notes to be offered so as to enable an investor to decide to purchase or subscribe for the offered Notes.

*Other United Kingdom regulatory restrictions.* Each underwriter has represented and agreed, severally and not jointly, that (1) it has only communicated or caused to be communicated and it will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the [offered] Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer or the Depositor and (2) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the [offered] Notes in, from or otherwise involving the United Kingdom.]

#### Certain Investment Company Act Considerations
The Issuer is not registered as an "investment company" under the Investment Company Act. In making this determination, the Issuer is relying on Rule 3a-7 of the Investment Company Act, although other exclusions or exemptions may also be available to the Issuer.

#### Certain Legal Investment Considerations
As of the Closing Date, the Issuer is structured so as not to constitute a "covered fund" for purposes of the regulations commonly referred to as the "Volcker Rule," adopted to implement Section 619 of the Dodd-Frank Act.

#### Legal Opinions
Certain legal matters relating to the Notes, including certain United States federal income tax matters, will be passed upon for the Depositor, the Servicer and the Issuer by the general counsel of the Servicer and Sidley Austin llp, San Francisco, California. Certain matters of Delaware law will be passed upon for the Depositor and the Issuer by Richards, Layton & Finger, P.A., Wilmington, Delaware. [<u>______________</u>], will act as counsel for the underwriters.

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#### Glossary of Terms
*"ABS"* means the Absolute Prepayment Model which is used to measure prepayments on leases and described under *"Weighted Average Lives of the Notes."*

*"ABS Tables"* means the tables captioned *"Percent of Initial Note Balance at Various ABS Percentages."*

*"Accrual Period"* means, with respect to (1) the Class A-1 Notes [Floating Rate Notes], the period from, and including, the prior Payment Date (or from, and including, the Closing Date with respect to the first Payment Date) to, but excluding, the current Payment Date and (2) all other [interest-bearing] classes of Notes, the period from and including the 15th day of the prior calendar month (or from and including the Closing Date, in the case of the first Payment Date) to but excluding the 15th day of the current calendar month (assuming each month has 30 days).

*"Additional Servicing Fee"* means, with respect to any Collection Period, the excess of the servicing fee of any successor Servicer for such Collection Period over the Servicing Fee for such Collection Period.

*"Administration Agreement"* means the administration agreement, dated as of [_____________], 20[__], among the Administrator, the Issuer and the Indenture Trustee, as amended from time to time.

*"Administrative Agent"* means U.S. Bank Trust National Association, in its capacity as administrative agent under the Collateral Agency Agreement, and it successors in such capacity.

"*Administrator"* means MBFS USA, in its capacity as administrator under the Administration Agreement, and its successors in such capacity.

*"Aggregate Securitization Value"* means the sum of the Securitization Values for each Lease [and the related Leased Vehicle].

*"ALG"* means [J.D. Power-ALG].

*"ALG Current Residual Value"* means, for any Lease, the expected wholesale value of the related Leased Vehicle at its Maturity Date based on a residual value estimate of [**<u>_____</u>**<u>]</u> [_____<u>]</u> edition) provided by [J.D. Power-ALG] in [_____________], 20[__].

*"ALG Residual Value"* means, for any Lease, the expected wholesale value of the related Leased Vehicle at its Maturity Date based on a residual value estimate provided by ALG at the time such Lease was originated.

*"Asset Representations Review Agreement"* means the asset representations review agreement, dated as of [_____________], 20[__], among the Issuer, the Servicer, the Administrator and the Asset Representations Reviewer, as amended from time to time.

*"Asset Representations Reviewer"* means [●], in its capacity as asset representations reviewer under the Asset Representations Review Agreement, and its successors in such capacity.

*"Available Collections"* means, for any Payment Date and the related Collection Period, the sum of (1) all amounts received by the Issuer as payments on the Exchange Note, as described in clauses (2) through (4) under *"The Exchange Note*—*Payments on the Exchange Note"* and (2) investment earnings, net of any applicable investment losses and expenses, on funds on deposit in the Issuer accounts.

*"Available Funds"* means, for any Payment Date and the related Collection Period, the sum of Available Collections and any Reserve Fund Draw Amount.

*"Bankruptcy Code"* means Title 11 of the United States Code, as amended.

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["*Benchmark*" means, initially, the SOFR Rate; provided that if the Administrator (on behalf of the Issuer) determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the SOFR Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement.

"*Benchmark Replacement*" means the first alternative set forth in the order below that can be determined by the Administrator (on behalf of the Issuer) as of the Benchmark Replacement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the sum of: (a) the alternate rate of interest that has been selected by the Administrator (on behalf of the Issuer) as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time and (b) the Benchmark Replacement Adjustment.

"*Benchmark Replacement Adjustment*" means the first alternative set forth in the order below that can be determined by the Administrator (on behalf of the Issuer) as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrator (on behalf of the Issuer) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time.

"*Benchmark Replacement Conforming Changes*" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the Accrual Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Administrator (on behalf of the Issuer) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Administrator (on behalf of the Issuer) decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator (on behalf of the Issuer) determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Administrator (on behalf of the Issuer) determines is reasonably necessary).

"*Benchmark Replacement Date*" means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

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For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

"*Benchmark Transition Event*" means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.]

*"Base Monthly Payment"* means, with respect to any Lease, a level amount payable monthly in advance by the related lessee that provides a fixed internal rate of return, and amortizes the net capitalized cost of such Lease to the Contract Residual Value of the related Leased Vehicle over the lease term.

*"Basic Servicing Agreement"* means the second amended and restated servicing agreement, dated as of May 1, 2023, among the Titling Trust, the Collateral Agent and the Servicer.

*"Benefit Plan Investor"* means any purchaser of transferee that is a Plan or using assets of a Plan.

*"Business Day"* means a day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in New York, Delaware, Michigan or [●] are authorized by law, regulation or executive order to be closed.

*"Certificateholder"* means any holder of the Certificates, which shall initially be [the Depositor][MBFS USA].

*"Certificates"* means the asset backed certificates issued by the Issuer, which represent the residual interest in the Issuer.

*"CFPB"* means the Consumer Financial Protection Bureau, and its successors.

*["Class A Notes"* means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.]

*"Class A-1 Notes"* means the Issuer's Class A-1 [●]% Asset Backed Notes in the aggregate principal amount set forth on the cover page of this prospectus.

["*Class A-2 Notes*" means the Class A-2A Notes and the Class A-2B Notes.]

"*Class A-2[A] Notes*" means the Issuer's Class A-2[A] ____%Asset Backed Notes in the aggregate principal amount set forth on the cover page of this prospectus.

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["*Class A-2B Notes*" means the Issuer's Class A-2B [SOFR Rate][Benchmark] + ____%Asset Backed Notes in the aggregate principal amount set forth on the cover page of this prospectus.]

*"Class A-3 Notes"* means the Issuer's Class A-3 [●]% Asset Backed Notes in the aggregate principal amount set forth on the cover page of this prospectus.

*"Class A-4 Notes"* means the Issuer's Class A-4 [●]% Asset Backed Notes in the aggregate principal amount set forth on the cover page of this prospectus.

*["Class B Notes"* means the Issuer's Class B [●]% Asset Backed Notes in the aggregate principal amount set forth on the cover page of this prospectus.]

*"Clearstream"* means Clearstream Banking, a société anonyme and a professional depository under the laws of Luxembourg, and its successors.

*"Clearstream Customer"* means a participating organization of Clearstream.

*"Closing Date"* means the date on which the Notes are initially issued, which is expected to be on or about [_____________], 20[__].

*"Collateral Agency Agreement"* means the second amended and restated collateral agency agreement, dated as of May 1, 2023, among the Titling Trust, the Administrative Agent, the Collateral Agent and the Lender, as amended from time to time.

*"Collateral Agent"* means Collateral Title Co., in its capacity as collateral agent under the Collateral Agency Agreement, and its successors in such capacity.

*"Collection Period"* means, with respect to any Payment Date, the immediately preceding calendar month (or, in the case of the first Collection Period, the period from but excluding the Cutoff Date to and including the last day of the calendar month immediately preceding the calendar month in which the first Payment Date occurs).

*"Collections"* means, for any Payment Date and the related Collection Period, an amount equal to the sum of (1) the amounts received on the Reference Pool Assets deposited into the Exchange Note Collection Account, (2) Servicer Advances made by the Servicer, (3) Repurchase Payments and (4) in the case of an Optional Purchase, the Optional Purchase Price; provided, however, that (a) any amounts received with respect to a Lease for which a Repurchase Payment has been included in the Collections for any prior Collection Period and (b) any payments received on any Lease to the extent that the Servicer has previously made a Servicer Advance with respect to such Lease and is entitled to reimbursement from such payment, will be excluded.

*"Contract Rate"* means, with respect to any Lease, the internal rate of return used to calculate the related Base Monthly Payment.

*"Contract Residual Value"* means the value of the related Leased Vehicle at the related Maturity Date established or assigned by the Servicer at the time of origination of such Lease.

["*Controlling Class*" means, with respect to the Issuer, the most senior class of Notes as long as any Notes of such class are outstanding, and thereafter, in order of seniority, each other class of Notes, if any, as long as they are outstanding. After all Notes have been paid, the Certificates, if any, will be the controlling class of Securities of the Issuer.]

"*Corresponding Tenor*" means, with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding any business day adjustment) as the applicable tenor for the then-current Benchmark

*"Cutoff Date"* means the close of business on [_____________], 20[__].

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*"Cutoff Date Aggregate Securitization Value"* means the sum of the Securitization Values as of the Cutoff Date.

*"Defaulted Lease"* means a Lease with respect to which, at any time prior to the related Maturity Date, (1) an amount equal to 10% or more of any related Base Monthly Payment remains unpaid for 120 days or more from the related due date, (2) such Lease has been identified by the Servicer as uncollectible, (3) the related Leased Vehicle has been repossessed and the related Lease has been terminated, (4) such Lease has been written off by the Servicer in accordance with its customary servicing procedures for writing off lease contracts for Leased Vehicles other than with respect to repossessions or (5) in respect of which the Servicer's records, in accordance with its customary servicing practices, indicate that all insurance proceeds expected to be received have been received following a casualty or other loss with respect to the related Leased Vehicle.

*"Defaulted Vehicle"* means a Leased Vehicle related to a Defaulted Lease.

*"Definitive Notes"* means any Notes that are issued in fully registered, certificated form to Noteholders or their respective nominees, rather than to DTC or its nominee.

["*Delegated Directive*" means Commission Delegated Directive (EU) 2017/593, as amended.]

*"Deposit Date"* means, for each Payment Date, the Business Day preceding such Payment Date.

*"Depositor"* means Mercedes-Benz Trust Leasing LLC, a Delaware limited liability company, and its successors.

*"Depository"* means DTC and any successor depository selected by the Indenture Trustee or the Administrator, as applicable.

*"Determination Date"* means, with respect to any Payment Date, the second Business Day preceding such Payment Date.

*"Distribution Account"* means a trust account established by the securities intermediary on behalf of the Indenture Trustee in its name on behalf of the Noteholders, into which amounts released from the Exchange Note Collection Account and, when necessary, from the Reserve Fund, will be deposited and from which all distributions to the Noteholders will be made.

*"Dodd-Frank Act"* means the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended.

*"DOL"* means the United States Department of Labor, and its successors.

*"DTC"* means The Depository Trust Company and any successors.

*"EEA"* means the European Economic Area.

*"Eligible Account"* means a trust account (1) maintained with a depository institution or trust company (i)(a) the short-term unsecured debt obligations of which are rated (or such depository institution or trust company has an issuer rating) in the highest short-term rating category (excluding any "+" signs associated with such rating) by each Rating Agency or (b) having corporate trust powers and a long-term unsecured debt rating that is rated "investment grade" by (or such depository institution or trust company has an issuer rating of at least "investment grade" from) each Rating Agency (including a rating of, if [●] is a Rating Agency, at least ["A"]) and (ii) which is maintained in a segregated trust account in the corporate trust department of such depository institution or trust company or (2) maintained with the Securities Intermediary or an affiliate (so long as the Securities Intermediary or such affiliate continues to meet the rating requirements for the Indenture Trustee set forth in the Indenture).

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*"Eligible Investments"* means certain high-quality, highly liquid short-term investments that are cash equivalents acceptable to the Rating Agencies that are consistent with their initial ratings of the [offered] Notes.

*"ERISA"* means the Employee Retirement Income Security Act of 1974, as amended.

*["EU PRIIPs Regulation"* means Regulation (EU) No 1286/2014, as amended.]

*["EU Prospectus Regulation"* means Regulation (EU) 2017/1129, as amended.]

*["EU Qualified Investor"* means a qualified investor as defined in Article 2 of the EU Prospectus Regulation.]

["*EU Retail Investor*" means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not an EU Qualified Investor.]

["*EU Securitisation Rules*" means Regulation (EU) 2017/2402 and related technical standards, all as amended.]

["*EUWA*" means the European Union (Withdrawal) Act 2018, as amended.]

*"Euroclear"* means a professional depository operated by Euroclear Bank, S.A./N.V., and its successors.

*"Events of Default"* under the Indenture will consist of the events specified under *"Description of the Notes—Events of Default."*

*"Exchange Act"* means the Securities Exchange Act of 1934, as amended.

*"Exchange Note"* means the exchange note (1) issued by the Titling Trust to the Lender, (2) sold by the Lender to the Depositor under the First-Tier Sale Agreement and (3) sold by the Depositor to the Issuer under the Second-Tier Sale Agreement, and which represents an indirect interest in the Reference Pool.

*"Exchange Note Collection Account"* means an account established by the Servicer at the Securities Intermediary under the Servicing Supplement into which amounts received in respect of the Reference Pool are deposited.

*"Exchange Note Default"* means each of the events specified under *"The Exchange Note—Exchange Note Default."*

*"Exchange Note Interest Payment Amount"* means, with respect to any Payment Date, an amount equal to the sum of (1) the interest accrued at the Exchange Note interest rate equal to [●]% during the related interest period on the principal amount of the Exchange Note as of the first day of that interest period, plus (2) the portion of the Exchange Note Interest Payment Amount, if any, that was not paid on any prior Payment Date, plus interest on such unpaid amount, to the extent permissible by law, at the Exchange Note interest rate.

*"Exchange Note Principal Payment Amount"* means an amount equal to the sum of (1) the difference between (a) the Aggregate Securitization Value of all Leases and related Leased Vehicles in the Reference Pool as of the close of business on the last day of the immediately preceding Collection Period, minus (b) the Aggregate Securitization Value of all Leases and related Leased Vehicles in the Reference Pool as of the close of business on the last day of the related Collection Period, plus (2) the portion of the Exchange Note Principal Payment Amount, if any, that was not paid on any prior Payment Date; provided, that, for each Payment Date occurring on or after the maturity date for the Exchange Note or after the acceleration of the Exchange Note, the Exchange Note Principal Payment Amount will equal the entire outstanding principal amount of the Exchange Note as of such Payment Date.

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*"Exchange Note Supplement"* means the supplement to the Collateral Agency Agreement, dated as of [_____________], 20[__], among the Titling Trust, the Administrative Agent, the Collateral Agent, the Lender, the Servicer, and the Indenture Trustee, under which the Exchange Note is issued, as amended from time to time.

*"FATCA"* means the Foreign Account Tax Compliance Act of 2009, as enacted and codified under Sections 1471-74 of the Internal Revenue Code, as amended.

*"FDIC"* means the Federal Deposit Insurance Corporation, and its successors.

*"Final Scheduled Payment Date"* means for (i) the Class A-1 Notes, [_____________], 20[__], (ii) the Class A-2 Notes, [_____________], 20[__], (iii) the Class A-3 Notes, [_____________], 20[__], (iv) the Class A-4 Notes, [_____________], 20[__] and (v) the Class B Notes, [_____________], 20[__].

*"First-Tier Sale Agreement"* means the sale agreement, dated as of [_____________], 20[__], between MBFS USA and the Depositor, pursuant to which MBFS USA sells the Exchange Note to the Depositor, as amended from time to time.

*"Foreign Person"* means a nonresident alien, foreign corporation or other non-United States Person that is not a partnership.

*"FRBNY's Website"* means the website of the FRBNY, currently at https://apps.newyorkfed.org/markets/autorates/sofr-avg-ind or at such other page as may replace such page on the FRBNY's website.

*"FSMA"* means the Financial Services and Markets Act 2000 of the United Kingdom, as amended.

*"Indenture"* means the indenture, dated as of [_____________], 20[__], between the Issuer and the Indenture Trustee, as amended from time to time.

*"Indenture Trustee"* means [●], as indenture trustee under the Indenture, and its successors in such capacity.

*"Initial Beneficiary"* means Mercedes-Benz Trust Holdings LLC, a Delaware limited liability company, in its capacity as initial beneficiary under the Titling Trust Agreement, and its successors in such capacity.

*"Initial Note Balance"* means the amount set forth on the cover page of this prospectus above the Issuer's name.

*"ISDA Definitions"* means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

*"ISDA Fallback Adjustment"* means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.

*"ISDA Fallback Rate"* means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

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*"Insolvency Event"* means, with respect to any person, (1) the making of a general assignment for the benefit of creditors; (2) the filing of a voluntary petition in bankruptcy; (3) being adjudged as bankrupt or insolvent, or having had entered against such person an order for relief in any bankruptcy or insolvency proceeding; (4) the filing by such person of a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any Insolvency Laws; (5) the filing by such person of an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such person in any proceeding specified in clause (8) below; (6) the seeking, consenting to or acquiescing in the appointment of a trustee, receiver, liquidator or similar official of such person or of all or any substantial part of the assets of such person; (7) the failure by such person generally to pay its debts as such debts become due; (8) the failure to obtain dismissal within 90 days of the commencement of any proceeding against such person seeking (a) reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation or (b) the appointment of a trustee, liquidator, receiver or similar official, in each case of such person or of such person's assets or any substantial portion thereof; and (9) the taking of action by such person in furtherance of any of the foregoing. The foregoing definition of "Insolvency Event" is intended to replace and shall supersede and replace the definition of "Bankruptcy" set forth in Sections 18-101(1) and 18-304 of the Delaware Limited Liability Company Act.

*"Insolvency Laws"* means insolvency laws under the Bankruptcy Code or similar applicable State laws.

*["Interest Carryover Shortfall Amount"* means, with respect to any Payment Date and a class of [interest-bearing] Notes, the excess, if any, of the Interest Distributable Amount for that class of Notes on the immediately preceding Payment Date over the amount in respect of interest that is actually paid to the related holders of the Notes of that class on that preceding Payment Date, plus, to the extent permitted by applicable law, interest on the amount of interest due but not paid to holders of that class of Notes on that preceding Payment Date at the applicable Interest Rate.]

*["Interest Distributable Amount"* means, with respect to any Payment Date and a class of Notes, the sum of the Monthly Interest Distributable Amount and the Interest Carryover Shortfall Amount for that class of Notes for that Payment Date.]

*"Interest Rate"* means, with respect to any class of Notes, the interest rate for that class set forth on the cover page of this prospectus.

*"Internal Revenue Code"* means the Internal Revenue Code of 1986, as amended.

*"Investment Company Act"* means the Investment Company Act of 1940, as amended.

*"IRS"* means the Internal Revenue Service, and its successors.

*"Issuer"* means Mercedes-Benz Auto Lease Trust 20[__]-[_], a Delaware statutory trust, and its successors.

*"Lease Balance"* means, for any Lease, the present value of the remaining Base Monthly Payments owed by the lessee and the present value of the Contract Residual Value of the related Leased Vehicle, each determined using a discount rate equal to the Contract Rate.

*"Lease Default"* means a default by the related lessee under a Lease.

*"Leased Vehicles"* means the Mercedes-Benz passenger cars and sport utility vehicles allocated to the Reference Pool.

*"Leases"* means the portfolio of motor vehicle retail lease contracts backed by the related Leased Vehicles allocated to the Reference Pool.

*"Lender"* means MBFS USA, in its capacity as Lender under the Collateral Agency Agreement, and its successors in such capacity.

[*"Lien Exclusion States"* mean [Kansas, Maryland, Missouri, Nebraska, Nevada, South Dakota and Wisconsin].]

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*"Liquidated Lease"* means, with respect to any Collection Period, a Lease (1) in respect of which the related Leased Vehicle was sold or otherwise disposed of by the Servicer following the scheduled or early termination of such Lease or (2) that terminated more than 120 days prior to the end of such Collection Period and the related Leased Vehicle has not been sold or otherwise disposed of by the Servicer as of the end of such Collection Period.

*"Liquidated Vehicle"* means the Leased Vehicle related to a Defaulted Lease or a Liquidated Lease.

*"Liquidation Expenses"* means reasonable out-of-pocket expenses incurred by the Servicer in connection with the attempted realization of the full amounts due or to become due under any Defaulted Lease or Liquidated Lease, including expenses of any collection effort (whether or not resulting in a lawsuit against the related lessee) or other expenses incurred prior to repossession, recovery or return of the related Liquidated Vehicle, expenses incurred in connection with the sale or other disposition of such Liquidated Vehicle that has been repossessed, recovered or returned or has reached its Maturity Date and expenses incurred in connection with making claims for any Liquidation Expenses and amounts required by applicable law or under the terms of the related Liquidated Lease to be remitted to the related lessee.

*"Matured Vehicle"* means a Leased Vehicle with respect to a Lease that has reached its Maturity Date.

*"Maturity Date"* means the scheduled termination date specified in the related Lease.

*"Maturity Date Purchase Option Amount"* means an amount equal to (i) the sum of (a) the purchase option amount at end of Lease term specified in the Lease, (b) the purchase option fee specified in the Lease, if any, (c) any other fees and taxes related to the purchase of the Leased Vehicle and (d) any due and unpaid payments and other charges under the Lease minus (ii) any concessions granted to the related lessee by MBFS USA.

*"MB USA"* means Mercedes-Benz USA, LLC, a Delaware limited liability company, and its successors.

*"MBFS USA"* means Mercedes-Benz Financial Services USA LLC, a Delaware limited liability company, and its successors.

*["MiFID II"* means Directive 2014/65/EU, as amended.]

*"Monthly Interest Distributable Amount"* means, with respect to any Payment Date and any of [interest-bearing] class of Notes, the interest due on that class of Notes for the related Accrual Period calculated based on the Interest Rate and the principal amount of that class of Notes on the preceding Payment Date after giving effect to all payments of principal to holders of that class of Notes on or prior to that Payment Date, or, in the case of the first Payment Date, on the original principal amount of that class of Notes as of the Closing Date.

*"Monthly Remittance Condition"* means that (1) MBFS USA is the Servicer and is a direct or indirect wholly owned subsidiary of Mercedes-Benz Group AG, (2) there exists no Servicer Default and (3) Mercedes-Benz Group AG's and MBFS USA's short-term unsecured debt is rated in the highest short-term rating category (excluding any "+" signs associated with such rating) by each Rating Agency.

*"Net Liquidation Proceeds"* means gross amounts (other than administrative charges) received by the Servicer in connection with the attempted realization of the full amounts due or to become due under any Lease, whether from the sale or other disposition of the related Leased Vehicle (irrespective of whether or not such proceeds exceed the related Residual Value), the proceeds of any repossession, recovery or any collection effort, the proceeds of recourse or similar payments payable under the such Lease, receipt of net insurance proceeds, application of the related security deposit, the proceeds of any disposition fees or otherwise, net of related Liquidation Expenses.

*"Nonrecoverable Advance"* will mean an amount equal to a Servicer Advance that the Servicer determines in its sole discretion is not recoverable from payments made on or in respect of the related Lease (including from liquidation proceeds).

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*"Note Balance"* means as of any date of determination, the aggregate principal amount of the Notes or of a class of Notes, as applicable.

*"Note Owners"* means the beneficial owners of the Notes.

*"Noteholder"* means any holder of a class of Notes.

*"Notes"* means the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and [Class B Notes].

*"OID"* means original issue discount.

*"OLA"* means the Orderly Liquidation Authority.

*"Optional Purchase"* means the purchase by the Servicer, at its option, of the Exchange Note from the Issuer on any Payment Date on which the Note Balance of the Notes is [5%] or less of the Initial Note Balance, after giving effect to all principal payments on such Payment Date.

*"Optional Purchase Price"* means the purchase price for the Exchange Note, which will be equal to the unpaid principal amount of the Exchange Note plus accrued and unpaid interest as of the last day of the Collection Period relating to the Payment Date on which the Optional Purchase will occur; provided, that such amount may not be less than the Redemption Price for the Notes plus any amounts due to the Servicer, the Owner Trustee, the Indenture Trustee, the Collateral Agent, the Administrative Agent and the Asset Representations Reviewer on the related Payment Date.

*"Other Exchange Note"* means an exchange note secured by and paid principally from the leases and leased vehicles allocated to an Other Reference Pool, other than the Exchange Note transferred to the Issuer.

*"Other Reference Pool"* means a reference pool related to an Other Exchange Note.

*"Outstanding Balance"* means, with respect to a Lease, the present value of the remaining Base Monthly Payments owed by the lessee and the present value of the Contract Residual Value of the related Leased Vehicle, each determined using a discount rate equal to the Contract Rate.

*"Owner Trustee"* means [_____________], acting not in its individual capacity but solely as owner trustee under the Trust Agreement, and its successors in such capacity.

*"Payment Date"* means the 15th day of each month or, if such day is not a Business Day, the next succeeding Business Day, beginning [_____________], 20[__].

*"Plan"* means an employee benefit or other plan or arrangement (including an individual retirement account or Keogh plan) that is subject to Title I of ERISA or Section 4975 of the Internal Revenue Code and entities deemed to hold the "plan assets" of the foregoing.

*"Plan Assets Regulation"* means a regulation issued by the DOL set forth at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA.

*"Plan Fiduciary"* means any fiduciary purchasing a Note (or interest therein) on behalf of a Plan.

*"Principal Distribution Amount"* means the sum of the Priority Principal Distribution Amount and the Regular Principal Distribution Amount.

*"Priority Principal Distribution Amount"* means, with respect to any Payment Date, an amount not less than zero, equal to (1) the Note Balance of the [Class A] Notes as of the preceding Payment Date (after giving effect to any principal payments made on the Notes on that preceding Payment Date) minus (2) the Aggregate Securitization Value at the end of the Collection Period preceding that Payment Date; provided, however, that the Priority Principal Distribution Amount after the Final Scheduled Payment Date of any class of [Class A] Notes will not be less than the amount that is necessary to reduce the Note Balance of that class of Notes to zero.

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*"PRIIPS Regulation"* means Regulation (EU) No 1286/2014, as amended.

*"Prohibited Transactions"* means certain transactions between a Plan and a disqualified person under Section 406 of ERISA and Section 4975 of the Internal Revenue Code.

*"PTCE"* means Prohibited Transaction Class Exemption.

*"Pull-Ahead Payments"* means any amounts deposited into the Exchange Note Collection Account with respect to any Lease terminated by the related lessee prior to its Maturity Date as described under "*MBFS USA—Extensions and Pull-Ahead Programs."*

*"Rating Agency"* means each of the [two] nationally recognized statistical rating organizations hired by the Sponsor to assign ratings to the Notes.

*"Record Date"* means the close of business on the Business Day immediately preceding the Payment Date or redemption date, as applicable, or, with respect to any Definitive Notes, the last Business Day of the month preceding the Payment Date or the redemption date, as applicable.

*"Redemption Price"* means the Note Balance of the Notes plus accrued and unpaid interest to but excluding the date of redemption.

*"Reference Pool"* means the portion of the revolving facility pool allocated to the Exchange Note.

*"Reference Pool Assets"* means the Leases and Leased Vehicles.

*"Regular Principal Distribution Amount"* means, with respect to any Payment Date, an amount not less than zero, equal to the difference between (1) the excess, if any, of (a) the Note Balance as of the preceding Payment Date (after giving effect to any principal payments made on the Notes on that preceding Payment Date) over (b) the Aggregate Securitization Value at the end of the Collection Period preceding that Payment Date less the Target Overcollateralization Amount and (2) the Priority Principal Distribution Amount, if any, with respect to that Payment Date.

*"Regulation AB"* means Regulation AB under the Securities Act, as amended.

*"Regulation RR"* means Regulation RR under the Exchange Act, as amended.

*"Relevant Governmental Body"* means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.

*["Relevant Member State"* means any Member State which has implemented the Prospectus Directive.]

*"Relief Act"* means the Servicemembers Civil Relief Act, as amended.

*"Repurchase Payment"* means the amount required to be deposited by the Servicer into the Exchange Note Collection Account equal to the initial Securitization Value of a Lease required to be repurchased from the Reference Pool, less the principal portion of all payments made in respect of such Lease since the Cutoff Date, and including any interest accrued and unpaid with regard to such Lease.

*"Required Payment Amount"* means, for any Payment Date, the aggregate amount to be applied on that Payment Date in accordance with clauses (1) through (3) under *"Application of Available Funds—Priority of Payments."*

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*"Reserve Fund"* means the segregated trust account established by the Servicer at the Securities Intermediary in the name of the Indenture Trustee, for the benefit of the Noteholders.

*"Reserve Fund Amount"* means the amount on deposit in and available for withdrawal from the Reserve Fund after giving effect to all deposits to and withdrawals from the Reserve Fund on the preceding Payment Date (or in the case of the first Payment Date, the Closing Date).

*"Reserve Fund Deposit*" means an amount equal to $[●] [[ if the Initial Note Balance is $[●] or $[●] if the Initial Note Balance is $[●] ]], or [●]% of the Cutoff Date Aggregate Securitization Value.

 *"Reserve Fund Draw Amount"* means, for any Payment Date, the lesser of:

• the amount, if any, by which the Required Payment Amount for that Payment Date exceeds the Available Collections for that Payment Date; and

• the Reserve Fund Amount;

provided, however, that, if on the last day of the related Collection Period the Reserve Fund Amount exceeds the Note Balance, the Reserve Fund Draw Amount for that Payment Date will equal the Reserve Fund Amount for that Payment Date.

*"Reserve Fund Required Amount"* will equal:

• [●]% of the Cutoff Date Aggregate Securitization Value, or $[●] [[ if the Initial Note Balance is $[●] or $[●] if the Initial Note Balance is $[●] ]]; or

<br> • on any Payment Date occurring on or after the date on which the Note Balance of the Notes has been reduced to zero, zero;

provided, that the required amount may not be greater than the aggregate principal amount of the Notes.

*"Residual Value"* means, with respect to a Leased Vehicle, the lowest of the Contract Residual Value, the ALG Residual Value and the ALG Current Residual Value.

*"Sales Proceeds"* means, with respect to a Leased Vehicle, all proceeds received from the sale of such Leased Vehicle, net of related disposition expenses.

*"SEC"* means the Securities and Exchange Commission, and its successors.

*"Second-Tier Sale Agreement"* means the sale agreement, dated as of [_____________], 20[__], between the Depositor and the Issuer, pursuant to which the Depositor sells the Exchange Note to the Issuer, as amended.

*"Securities"* means collectively, the Notes and the Certificates.

*"Securities Act"* means the Securities Act of 1933, as amended.

*"Securities Intermediary"* means [●], as securities intermediary, and its successors in such capacity.

*"Securitization Rate"* means, for any Lease and the related Leased Vehicle, the greater of (i) the Contract Rate set forth in the related lease agreement and (ii) [●]%.

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*"Securitization Value"* means with respect to any Lease (1) for each Lease as of the Cutoff Date, the sum of the present values, calculated using a discount rate equal to the Securitization Rate, of (a) the aggregate Base Monthly Payments remaining on such Lease (including Base Monthly Payments due but not yet paid) and (b) the Residual Value of the related Leased Vehicle, (2) for each Lease that was not or did not become a Defaulted Lease or Liquidated Lease as of the last day of any Collection Period, the Securitization Value of such Lease as of the Cutoff Date less the principal portion of all payments made in respect of such Lease since the Cutoff Date and (3) (a) for each related Leased Vehicle repurchased by the Servicer during or prior to the Collection Period before its Maturity Date and (b) for each Lease that became a Liquidated Lease or a Defaulted Lease during or prior to the Collection Period before its Maturity Date, zero.

*"Securityholder"* means any Noteholder or Certificateholder.

*"Servicer"* means MBFS USA, in its capacity as servicer under the Servicing Agreement, and its successors in such capacity.

*"Servicer Advance"* means an amount equal to the aggregate scheduled Base Monthly Payments due on a Lease but not received (or not received in full) during and prior to the related Collection Period.

*"Servicer Default"* under the Servicing Agreement will consist of the events specified under *"Description of the Transaction Documents—Servicer Defaults."*

*"Servicing Agreement"* means the Basic Servicing Agreement, as supplemented by the Servicing Supplement, as amended from time to time.

*"Servicing Fee"* means the amount payable to the Servicer on each Payment Date, equal to the product of 1/12 of [1.00%] (or 1/6 of [1.00%] in the case of the first Payment Date) and the Aggregate Securitization Value as of the first day of the related Collection Period (or as of the Cutoff Date in the case of the first Payment Date).

*"Servicing Supplement"* means the servicing supplement, dated as of [_________], 20[__], among the Titling Trust, the Collateral Agent and the Servicer, entered into in connection with the issuance of the Exchange Note that sets forth certain specific rights and duties of the Servicer related to the Reference Pool, as amended from time to time.

*"Short-Term Note"* means a note that has a fixed maturity date of not more than one year from the issue date of such note.

*"Similar Law"* means any federal, State, local or non-U.S. law or regulation that imposes requirements substantially similar to Title I of ERISA or Section 4975 of the Internal Revenue Code.

["*SOFR Adjustment Conforming Changes*" means, with respect to any SOFR Rate, any technical, administrative or operational changes (including changes to the Accrual Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Administrator (on behalf of the Issuer) decides, from time to time, may be appropriate to adjust such SOFR Rate in a manner substantially consistent with or conforming to market practice (or, if the Administrator (on behalf of the Issuer) decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator (on behalf of the Issuer) determines that no market practice exists, in such other manner as the Administrator (on behalf of the Issuer) determines is reasonably necessary).]

"*Specified Interest*" means a beneficial interest in all or a portion of the revolving facility pool and other Titling Trust Assets.

*"Specified Interest Certificate"* means a certificate evidencing the Specified Interest.

*"Sponsor"* means MBFS USA, and its successors.

*"State"* means any of the 50 states of the United States or the District of Columbia.

*"Target Overcollateralization Amount"* means, with respect to any Payment Date, [[●]% of the Cutoff Date Aggregate Securitization Value].

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*"Titling Trust"* means Mercedes-Benz Vehicle Trust, and its successors.

*"Titling Trust Administrator"* means MBFS USA, in its capacity as titling trust administrator under the Titling Trust Agreement, and its successors in such capacity.

*"Titling Trust Agreement"* means the amended and restated titling trust agreement, dated as of January 31, 2023, among the Titling Trust Administrator, the Initial Beneficiary and the Titling Trustee.

*"Titling Trust Assets"* means the assets of the Titling Trust described under "*The Titling Trust—Purpose of the Titling Trust."*

*"Titling Trustee"* means BNY Mellon Trust of Delaware, a Delaware banking corporation, as trustee under the Titling Trust Agreement.

*"Transaction Documents"* means the Exchange Note, the Titling Trust Agreement, the Indenture, the Trust Agreement, the Servicing Agreement, the Administration Agreement, the Collateral Agency Agreement, the Exchange Note Supplement, the Asset Representations Review Agreement, the First-Tier Sale Agreement and the Second-Tier Sale Agreement.

*"Transportation Act"* means the Safe Accountable, Flexible, and Efficient Transportation Equity Act of 2005, Pub. L. No. 109-59, as amended.

*"Treasury Regulations"* means the Treasury regulations promulgated and proposed under the Internal Revenue Code.

*"Trust Agreement"* means the amended and restated trust agreement, dated as of [_________], 20[__], between the Depositor and the Owner Trustee, as amended from time to time.

*"Trust Estate"* means the property of the Issuer.

*"Trust Indenture Act"* means the Trust Indenture Act of 1939, as amended.

"*UCC*" means the Uniform Commercial Code in effect in the applicable jurisdiction.

["*UK MiFIR Product Governance Rules*" means the FCA Handbook Product Intervention and Product Governance Sourcebook.]

*["UK PRIIPs Regulation"* means Regulation (EU) No 1286/2014, as it forms part of the domestic law of the United Kingdom by virtue of the EUWA, and as amended.]

*["UK Prospectus Regulation"* means Regulation (EU) 2017/1129, as it forms part of the domestic law of the United Kingdom by virtue of the EUWA, and as amended.]

*["UK Qualified Investor"* means a qualified investor as defined in Article 2 of the UK Prospectus Regulation.]

["*UK Retail Investor*" means a person who is one (or more) of the following: (i) a retail client, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) 2017/565, as it forms part of the domestic law of the United Kingdom by virtue of the EUWA, and as amended; (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA (such rules and regulations as amended) to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014, as it forms part of United Kingdom domestic law by virtue of the EUWA, and as amended; or (iii) not a UK Qualified Investor.]

------

 *[**Table of Contents**](#TableofContents)*<br>

["*UK Securitisation Rules*" means the United Kingdom's Securitisation Regulations 2024, related rules made by each of the Financial Conduct Authority and the Prudential Regulation Authority, and relevant provisions of the FSMA, all as amended.]

[*"Unadjusted Benchmark Replacement"* means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.]

*"United States"* means the United States of America.

*"United States Person"* generally means a person that is for United States federal income tax purposes a citizen or resident of the United States, a corporation or partnership (including an entity treated as a corporation or partnership for United States federal income tax purposes) created or organized in or under the laws of the United States or any State, an estate whose income is subject to the United States federal income tax regardless of its source or a trust if:

• a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons, as defined in Section 7701(a)(30) of the Internal Revenue Code, have the authority to control all substantial decisions of the trust; or

<br> • the trust has a valid election in effect under applicable Treasury Regulations to be treated as a United States Person.

"*U.S. Government Securities Business Day*" means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Mercedes-Benz Auto Lease Trust 202[_]-[_]

#### Static Pool Information for Prior Securitizations
This Appendix A sets forth in tabular format static pool information of specified pools of the leases and leased vehicles included in the lease securitizations of MBFS USA issued during the last five years. The information in this Appendix A consists of summary information about the original characteristics of the prior pools and prepayment, delinquency and loss data for the prior securitized pools as well as graphical presentation of the data. Because MBFS USA regularly implements changes to various aspects of its origination, purchasing and underwriting policies, the policies used to originate the various static pools included in Appendix A differ somewhat from those used to originate the Reference Pool. The prior pools are, however, generally comparable since these changes have not been substantial and the leases in the prior pools were originated under the same general underwriting and purchasing policy framework as the Leases in the Reference Pool. Nevertheless, prepayments, delinquencies and losses for the pool of Leases in the securitization transaction described in this prospectus may differ from the information shown in this Appendix A for prior securitized pools of leases, due to the differing characteristics of the pools along with the varying economic conditions applicable to those securitizations of MBFS USA**.**

#### Mercedes-Benz Auto Lease Trust 20[__]-[_]
**Mercedes-Benz Auto Lease Trust** 20[__]-[_]

#### Static Pool Data

#### Composition of the Portfolio of the Leases

#### (As of the Cutoff Date)

---

| | |
|:---|:---|
| Closing Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [_________] |
| Cutoff Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [_________] |
| Cutoff Date Aggregate Securitization Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $[_________] |
| Number of Leases&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [_________] |
| Average Securitization Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $[_________] |
| Securitization Value Range&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $[_________] to $[_________] |
| Percentage Mercedes-Benz Passenger Cars&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [_________]% |
| Percentage Mercedes-Benz Sport Utility Vehicles/Crossovers | [_________]% |
| Aggregate Residual Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $[_________] |
| Aggregate of Residual Values as a Percentage of the Cutoff Date Aggregate Securitization Value | [_________]% |
| Average Residual Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $[_________] |
| Residual Value Range&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $[_______] to $[_______] |
|  Aggregate of Discounted Residual Value<sup>(1)</sup> as a Percentage of the Cutoff Date Aggregate Securitization Value | [_________]% |
| Weighted Average Original Term<sup>(2)</sup>(months)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [_________] months |
| Original Term Range&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [_________] months |
| Weighted Average Remaining Term<sup>(2)</sup> (months)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [_________] months |
| Remaining Term Range&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [_________] months |
| Weighted Average FICO<sup>®</sup> Score<sup>(2)</sup> (months)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [_________] |
| Range of FICO<sup>®</sup> Scores&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | [_______] to [_______] |

---

 

------

<sup>(1)</sup> Discounted by the greater of contract rate and [____]%.

<sup>(2)</sup> Weighted by Cutoff Date Aggregate Securitization Value.

For purposes of the tables presented below, "*Aggregate Securitization Value*" shall mean the sum of the Securitization Values of the leases and the related leased vehicles allocated to the reference pool for Mercedes-Benz Auto Lease Trust 20[__]-[_].

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Distribution of the Leases by Original Term to Maturity

#### (As of the Cutoff Date)

---

| | | | |
|:---|:---|:---|:---|
| **Original Term to Maturity** <br> (months)<br>| **Number of** <br> **Leases** | **Percentage of <br> Total Number <br> of Leases<sup>(1)</sup>** | **Percentage of Aggregate** <br> **Securitization Value as of** <br> **the Cutoff Date<sup>(1)</sup>** |
| xx – xx <br>| % |  | % |
| xx – xx <br>|  |  |  |
| xx – xx |  |  |  |
| xx – xx <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; **Total:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  |  | 100.00% | $100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

 

------

<sup>(1)</sup> Percentages may not add to 100.00% due to rounding.

#### Distribution of the Leases by Remaining Term to Maturity

#### (As of the Cutoff Date)

---

| | | | |
|:---|:---|:---|:---|
| **Remaining Term to Maturity** <br> (months)<br>| **Percentage of** <br> **Total Number** <br> **of Leases<sup>(1)</sup>** | **Percentage of Aggregate** <br> **Securitization Value as of** <br> **the Cutoff Date<sup>(1)</sup>** | **Percentage of Aggregate** <br> **Securitization Value as of** <br> **the Cutoff Date<sup>(1)</sup>** |
| xx – xx <br>| % | $— | % |
| xx – xx <br>|  |  |  |
| xx – xx |  |  |  |
| xx – xx |  |  |  |
| xx – xx |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total:**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 100.00% | $— | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

 

------

<sup>(1)</sup> Percentages may not add to 100.00% due to rounding.

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Distribution of the Leased Vehicles by State Representing More than 5% of the Aggregate Securitization Value

#### (As of the Cutoff Date)

---

| | | | |
|:---|:---|:---|:---|
| State | Number of Leases | **<br>Percentage of <br> Total Number <br> of Leases** | **Percentage of Aggregate** <br> **Securitization Value as of** <br> **the Cutoff Date** |
|  |  | % | $nan% |
| &nbsp;&nbsp;&nbsp; **Total:**% |  |  | $nan% |

---

#### Distribution of the Leased Vehicles by Model Representing More than 5% of the Aggregate Securitization Value

#### (As of the Cutoff Date)

---

| | | |
|:---|:---|:---|
| Model | **Percentage of**<br> **Total Number**<br> **of Leases** | **Percentage of Aggregate**<br> **Securitization Value as of**<br> **the Cutoff Date** |
| [_______]% |  | % |
| [_______] |  |  |
| [_______] |  |  |
| [_______] |  |  |
| [_______] |  |  |
| [_______] |  |  |
| &nbsp;&nbsp;&nbsp; **Total:** | % | $% |

---

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Prepayment Information
Set forth below is prepayment information relating to the leases and related leased vehicles owned by Mercedes-Benz Auto Lease Trust [20_-_] ("MBALT [20_-_]"). The following table includes a pool factor based on the prepayment assumption<sup>(1)</sup> and an actual pool factor to allow a comparison of the effect of actual prepayments against the assumptions used to generate the declining balance table setting forth the principal amounts of the notes using certain prepayment assumptions.

#### MBALT [20_-_]<br> Pool Factor<sup>(1)</sup>

#### <sup><br></sup>
![](image00012.jpg)

------

<sup>(1)</sup> Prepayment assumption based on 100% prepayment speed.

------

 *[**Table of Contents**](#TableofContents)*<br>

#### MBALT 20[__]-[_]

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Date | **Planned Pool** <br> **Amortization** <br> **based on 100%** <br> **Prepayment** <br> **Assumption ($)**<br>| Pool Factor | **Actual**<br> **Amortization ($)**<br>|
| 0 |  |  |  |  |
| 1 |  |  |  |  |
| 2 |  |  |  |  |
| 3 |  |  |  |  |
| 4 |  |  |  |  |
| 5 |  |  |  |  |
| 6 |  |  |  |  |
| 7 |  |  |  |  |
| 8 |  |  |  |  |
| 9 |  |  |  |  |
| 10 |  |  |  |  |

---

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Prepayment Speed Information
The following table sets forth prepayment speed information relating to the leases and leased vehicles owned by MBALT 20[__]-[_]**.** For more information regarding prepayment speeds, you should refer to "*Weighted Average Lives of the Notes*".

---

| | | | |
|:---|:---|:---|:---|
|  | Date | **Lifetime** <br> **Prepayment Speed** | **Proportion of** <br> **Prepayment** <br> **Assumption** <br> **Realized** |
| 0 |  |  |  |
| 1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % |
| 2 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % |
| 3 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % |
| 4 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % |
| 5 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % |
| 6 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % |
| 7 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % |
| 8 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % |
| 9 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % |
| 10 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % |

---

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Delinquency Experience
Set forth below is delinquency information relating to the leases and leased vehicles owned by MBALT 20[__]-[_] presented on a monthly basis.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Date | **Outstanding** <br> **Aggregate** <br> **Securitization** <br> **Value ($)**<br>| **[30-61] Days** <br> **Delinquent ($)**<br>| **Number<br> of**<br> **Leases**<br>| **[61-90] Days** <br> **Delinquent ($)**<br>| **[91-120] Days** <br> **Delinquent ($)**<br>|
| 1<br>&nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  |  |  |  |
| 2<br>&nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  |  |  |  |
| 3<br>&nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  |  |  |  |
| 4<br>&nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  |  |  |  |
| 5<br>&nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  |  |  |  |
| 6<br>&nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  |  |  |  |
| 7<br>&nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  |  |  |  |
| 8<br>&nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  |  |  |  |
| 9<br>&nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  |  |  |  |
| 10<br>&nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  |  |  |  |

---

------

 *[**Table of Contents**](#TableofContents)*<br>

(continued from prior page)

---

| | |
|:---|:---|
| [120+] Days Delinquent ($) | **Number of**<br> **Leases**<br>|
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |

---

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Credit Loss and Residual Loss Experience
Set forth below is loss information relating to the leases and leased vehicles owned by MBALT 20[__]-[_] presented on a monthly basis.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Date | **Securitization** <br> **Value of Defaulted** <br> **Leases ($)**<br>| **Liquidation** <br> **Proceeds and <br> Recoveries ($)**<br>| **Net Credit** <br> **Loss ($)**<br>| **Cumulative Net** <br> **Credit Loss/(Gain)** <br> **($)**<br>|
| 1<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 2<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 3<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 4<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 5<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 6<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 7<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 8<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 9<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 10<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |

---

------

 *[**Table of Contents**](#TableofContents)*<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Date | **Securitization** <br> **Value of** <br> **Liquidated Leases <br> ($)**<br>| **Liquidation** <br> **Proceeds and** <br> **Recoveries ($)**<br>| **Residual** <br> **Loss/(Gain) ($)**<br>| **Cumulative Net** <br> **Credit Loss/(Gain)** <br> **($)**<br>|
| 1<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 2<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 3<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 4<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 5<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 6<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 7<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 8<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 9<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |
| 10<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; % |  |  |  |  |  |

---

#### Graphical Presentation for Prior Securitizations

*Delinquency Experience*. The delinquency information set forth below relating to the leases allocated to the related reference pools for the referenced trusts is presented on a monthly basis

[Insert Delinquency Graphs]

*Loss Experience*. The indicated credit and residual loss information set forth relating to the leases allocated to the related references pools for the referenced trusts is presented on a monthly basis.

[Insert Loss Graphs]

------

 *[**Table of Contents**](#TableofContents)*<br>

#### Appendix B

#### Assumed Cashflows
The cash flow schedules appearing in the immediately following table were generated assuming that [[the Initial Note Balance of $[●] and $[●], respectively, and, in each case, that]] (i) the lessees make their remaining lease payments starting in [_________], 20[__] and every month thereafter until all scheduled lease payments are made and (ii) the residual value of the Leased Vehicles is due the month following the last related lease payment].

#### Assumed Cashflows [[(if the Initial Note Balance is $[●])]]

---

| | | | |
|:---|:---|:---|:---|
| Period | **Ending Aggregate** <br> **Securitization Value ($)**<br>| **Base Monthly**<br> **Payment ($)**<br>| Residual Value ($) |
| [_________], 20[__] | [●] | - | - |
| [_________], 20[__] | [●] | [●] | - |
| [_________], 20[__] | [●] | [●] | - |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |

---

------

 *[**Table of Contents**](#TableofContents)*<br>

---

| | | | |
|:---|:---|:---|:---|
| Period | **Ending Aggregate** <br> **Securitization Value ($)**<br>| **Base Monthly**<br> **Payment ($)**<br>| Residual Value ($) |
| [_________], 20[__] | [●] | - | - |
| [_________], 20[__] | [●] | [●] | - |
| [_________], 20[__] | [●] | [●] | - |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |
| [_________], 20[__] | [●] | [●] | [●] |

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#### ANNEX I

#### Global Clearance, Settlement and

#### Tax Documentation Procedures
The globally-offered securities to be issued from time to time will initially be available only in book-entry form. Investors in the globally-offered securities may hold those securities through any of DTC, Clearstream or Euroclear. The globally-offered securities will be tradable as home market instruments in both the European and United States domestic markets. Initial settlement and all secondary trades will settle in same-day funds.

Secondary market trading between investors holding globally-offered securities through Clearstream and Euroclear will be conducted in accordance with their normal rules and operating procedures and in accordance with conventional Eurobond practice.

Secondary market trading between investors holding globally-offered securities through DTC will be conducted in accordance with the rules and procedures applicable to United States corporate debt obligations.

Secondary cross-market trading between Clearstream or Euroclear and organizations participating in DTC that hold offered securities will be affected on a delivery-against-payment basis through the respective depositaries of Clearstream and Euroclear, in such capacity, and as DTC participants.

See "*Description of the Notes—Book-Entry Registration*" in the prospectus for further information.

A beneficial owner of globally-offered securities holding securities through Clearstream or Euroclear (or through DTC if the holder has an address outside the U.S.) will be subject to the 30% U.S. withholding tax that generally applies to payments of interest (including original issue discount) on registered debt issued by United States Persons (or, in the case of a Non-United States Person holding the securities through a partnership, such other rate as is applicable), unless each clearing system, bank or other financial institution that holds customers' securities in the ordinary course of its trade or business in the chain of intermediaries between that beneficial owner and the U.S. entity required to withhold tax complies with applicable certification requirements and that beneficial owner takes steps to obtain one of the following exemptions or reduced tax rate:

*Exemption for Non-United States Persons*. Non-United States Persons that are beneficial owners of the Notes and are individuals or entities treated as corporations for United States federal income tax purposes can generally obtain a complete exemption from the withholding tax by filing IRS Form W-8BEN or W-8BEN-E. A Non-United States Person not described in the foregoing sentence that beneficially owns a Note may be subject to more complex rules.

*Exemption for Non-United States Persons with Effectively Connected Income*. Non-United States Persons, including non-United States corporations or banks with a United States branch, that are beneficial owners of the Notes and for which the related interest income is effectively connected with the conduct of a trade or business in the United States can obtain a complete exemption from the withholding tax by filing IRS Form W-8ECI.

*Exemption or Reduced Rate for Non-United States Persons Resident in Treaty Countries*. Non-United States Persons that for United States federal income tax purposes are individuals or entities treated as corporations that beneficially own the Notes and reside in a country that has a tax treaty with the United States may be able to obtain an exemption or reduced tax rate, depending on the treaty terms, by filing IRS Form W-8BEN or W-8BEN-E. A Non-United States Person not described in the foregoing sentence that beneficially owns a Note may be subject to more complex rules.

*Exemption for United States Persons*. United States Persons that are beneficial owners of the Notes can obtain a complete exemption from the withholding tax by filing IRS Form W-9.

A-I-1

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*United States Federal Income Tax Reporting Procedure*. The beneficial owner of a globally-offered security files by submitting the appropriate form to the person through whom he holds, which person would be the clearing agency in the case of persons holding directly on the books of the clearing agency. IRS Form W-8BEN, W-8BEN-E and W-8ECI are effective from the date the form is signed through the end of the third succeeding calendar year. If the information on either IRS Form W-8BEN, W-8BEN-E or W-8ECI changes, a new IRS Form W-8BEN, W-8BEN-E or W-8ECI, as applicable, must be filed within 30 days of such change. IRS Form W-8BEN, W-8BEN-E and W-8ECI may be filed by the beneficial owner of a security or its agent.

**This summary does not deal with all aspects of United States federal income tax withholding that may be relevant to foreign holders of the globally-offered securities. We suggest that you read "*Material Federal Income Tax Consequences*" in the prospectus for further information and consult your own tax advisors with respect to the tax consequences of holding or disposing of the globally-offered securities. The information contained in this Annex I is an integral part of the prospectus to which it is attached.**

A-I-2

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#### Mercedes-Benz Auto Lease Trust 20[__]-[_]
*Issuer*

** 

<br> ------

#### Mercedes-Benz Trust Leasing LLC
*Depositor*

#### Mercedes-Benz Financial Services USA LLC
*Sponsor, Servicer and Administrator*

** 

**$**[●]

#### Mercedes-Benz Auto Lease Trust 20[__]-[_]

#### $__________ _____% Class A-1 Asset Backed Notes

#### $__________ _____% Class A-2[A] Asset Backed Notes

#### [$__________ [SOFR Rate][Benchmark] + _____% Class A-2B Asset Backed Notes]

#### $__________ _____% Class A-3 Asset Backed Notes

#### $__________ _____% Class A-4 Asset Backed Notes

#### $__________ _____% Class B Asset Backed Notes

#### PROSPECTUS

#### <br>

------

You should rely only on the information contained or incorporated by reference in this prospectus. Mercedes-Benz Trust Leasing LLC has not authorized anyone to provide you with additional or different information. Mercedes-Benz Trust Leasing LLC is not offering the Notes in any state in which the offer is not permitted.

Dealers will deliver a prospectus when acting as underwriters of the Notes and with respect to their unsold allotments or subscriptions. In addition, all dealers selling the Notes may be required to deliver a prospectus until 90 days after the date of this prospectus.

**[Names of Underwriters]**<br>

____________, 20[__]

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#### PART II. INFORMATION NOT REQUIRED IN PROSPECTUS

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| | |
|:---|:---|
| **ITEM 12.** | **Other Expenses of Issuance and Distribution.** |

---

The following table sets forth the estimated expenses in connection with the offering described in this Registration Statement.

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| | |
|:---|:---|
| Securities and Exchange Commission | $175000 |
| Rating agency fees | $500000 |
| Printing | $40000 |
| Legal fees and expenses | $225000 |
| Accountants' fees | $50000 |
| Fees and expenses of the Trustees | $75000 |
| Fees and expenses of the Asset Representations Reviewer | $10000 |
| Miscellaneous expenses | $25000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1100000 |

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\* Amounts are estimated on a per take down basis.

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| | |
|:---|:---|
| **ITEM 13.** | **Indemnification of Directors and Officers.** |

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| | |
|:---|:---|
| ***ITEM 13.1.*** |  ***Mercedes-Benz Trust Leasing LLC*** |

---

Section 18-108 of the Delaware Limited Liability Company Act provides as follows:

Section 18-108. Indemnification.

Subject to such standards and restrictions, if any, as are set forth in its limited liability company agreement, a limited liability company may, and shall have the power to, indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever.

Mercedes-Benz Trust Leasing LLC has undertaken in its Limited Liability Company Agreement to indemnify, to the maximum extent permitted by the Delaware Limited Liability Company Law as from time to time amended, any currently acting or former director, officer, employee and agent of Mercedes-Benz Trust Leasing LLC against any and all liabilities incurred in connection with their services in such capacities.

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| | |
|:---|:---|
| ***ITEM 13.2.*** |  ***Mercedes-Benz Vehicle Trust*** |

---

Subsections (a), (b) and (c) of Section 3803 of the Delaware Statutory Trust Act provides as follows:

Section 3803 Liability of beneficial owners and trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except to the extent otherwise provided in the governing instrument of the statutory trust, the beneficial owners shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of the State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except to the extent otherwise provided in the governing instrument of a statutory trust, a trustee, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except to the extent otherwise provided in the governing instrument of a statutory trust, an officer, employee, manager or other person acting pursuant to §3806(b)(7) or (i) of this title, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a trustee or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

Section 3817 of the Delaware Statutory Trust Act provides as follows:

Section 3817 Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to such standards and restrictions, if any, as are set forth in the governing instrument of a statutory trust, a statutory trust shall have the power to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The absence of a provision for indemnity in the governing instrument of a statutory trust shall not be construed to deprive any trustee or beneficial owner or other person of any right to indemnity which is otherwise available to such person under the laws of this State.

The Trust Agreement for Mercedes-Benz Vehicle Trust (referred to in this paragraph, the "Agreement") provides that each trustee and the titling trust administrator for Mercedes-Benz Vehicle Trust shall be indemnified and held harmless by the certificateholder with respect to any loss incurred arising out of or incurred in connection with (i) any trust assets (including any loss relating to leases, leased vehicles, consumer fraud, consumer leasing act violations, misrepresentations, deceptive and unfair trade practices and any other loss arising in connection with any lease, personal injury or property damage claims arising with respect to any leased vehicle or any loss with respect to any tax arising with respect to any trust asset), or (ii) the acceptance or performance of the duties contained in the Agreement; provided, however, that no person shall be indemnified or held harmless as to any such loss (a) incurred by reason of such person's willful malfeasance or gross negligence, or (b) incurred by reason of such person's breach of its representations and warranties in the Agreement. The Agreement provides that the trustees and the titling trust agents will be indemnified and held harmless by the titling trust administrator against any loss, liability or expense incurred without gross negligence or willful misconduct on their part, arising out of their acceptance or administration of the trust and duties under the Agreement, including the reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under the Agreement.

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| | |
|:---|:---|
| **ITEM 14.** | **Exhibits.** |

---

A list of exhibits filed herewith or incorporated by reference is contained in the Exhibit Index which is incorporated herein by reference.

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| | |
|:---|:---|
| **ITEM 15.** | **Undertakings.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) As to Rule 415:

Each undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*Provided, however*, That:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) [Not applicable].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) *Provided further, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if information required to be included in a post-effective amendment is provided pursuant to Item 1100(c) of Regulation AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Not applicable].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) and (h) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5),or (b)(7) as part of a registration statement in reliance on Rule 430D relating to an offering made pursuant to Rule 415(a)(1)(vii), or (a)(1)(xii) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430D, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof. *Provided, however,* that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining liability of the registrants under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

Each undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To file the information previously omitted from the prospectus filed as part of an effective registration statement in accordance with Rule 424(h) and Rule 430D.

&nbsp;&nbsp;&nbsp;&nbsp;(b) As to documents subsequently filed that are incorporated by reference:

Each undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of such registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(c) [Not applicable].

&nbsp;&nbsp;&nbsp;&nbsp;(d) [Not applicable].

&nbsp;&nbsp;&nbsp;&nbsp;(e) [Not applicable].

&nbsp;&nbsp;&nbsp;&nbsp;(f) [Not applicable].

&nbsp;&nbsp;&nbsp;&nbsp;(g) [Not applicable].

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&nbsp;&nbsp;&nbsp;&nbsp;(h) As to indemnification:

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of each registrant pursuant to the provisions set forth in clauses (1), (2) and (3) of Item 512(h) of Regulation S-K, or otherwise, each registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, each registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;(i) As to Rule 430A:

Each undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act of 1933 shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(j) As to qualification of Trust Indentures under Trust Indenture Act of 1939 for delayed offerings:

Each undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of section 310 of the Trust Indenture Act of 1939 in accordance with the rules and regulations prescribed by the Commission under section 305(b)(2) of the Trust Indenture Act of 1939.

&nbsp;&nbsp;&nbsp;&nbsp;(k) As to Regulation AB:

Each undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 of a third party that is incorporated by reference in the registration statement in accordance with Item 1100(c)(1) of Regulation AB shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant Mercedes-Benz Trust Leasing LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form SF-3, and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Farmington Hills, State of Michigan on July 14, 2025.

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| | |
|:---|:---|
| MERCEDES-BENZ TRUST LEASING LLC | MERCEDES-BENZ TRUST LEASING LLC |
| (Registrant) | (Registrant) |
| By: | &nbsp;&nbsp;&nbsp; /s/ Steven C. Poling |
|  | &nbsp;&nbsp;&nbsp; Name: Steven C. Poling |
|  | &nbsp;&nbsp;&nbsp; Title: Assistant Secretary |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints each of Steven C. Poling and Michelle D. Spreitzer as the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the undersigned and in the undersigned's name, place and stead, in any and all capacities (including the undersigned's capacity as a manager and/or officer of Mercedes-Benz Trust Leasing LLC), to sign this registration statement and any registration statement that is to become effective upon filing pursuant to Rule 462 under the Securities Act of 1933 relating to any offering of securities in connection with this registration statement and any or all amendments (including post-effective amendments) to any such registration statements, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as either or both might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons with respect to Mercedes-Benz Trust Leasing LLC in the capacities and on the dates indicated:

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Christian Rottenkolber&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | President and Manager<br> (principal executive officer, principal financial and accounting officer) | July 14, 2025 |
| Christian Rottenkolber | President and Manager<br> (principal executive officer, principal financial and accounting officer) | July 14, 2025 |
| /s/ Bernard J. Angelo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Manager | July 14, 2025 |
| Bernard J. Angelo | Manager | July 14, 2025 |
| /s/ Kevin P. Burns&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Manager | July 14, 2025 |
| Kevin P. Burns | Manager | July 14, 2025 |
| /s/ Susan Sinclair&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Manager | July 14, 2025 |
| Susan Sinclair | Manager | July 14, 2025 |
| /s/ Michelle D. Spreitzer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Manager | July 14, 2025 |
| Michelle D. Spreitzer | Manager | July 14, 2025 |

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant Mercedes-Benz Vehicle Trust certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form SF-3, and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Farmington Hills, State of Michigan on July 14, 2025.

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| | | |
|:---|:---|:---|
| MERCEDES-BENZ VEHICLE TRUST | MERCEDES-BENZ VEHICLE TRUST | MERCEDES-BENZ VEHICLE TRUST |
| (Registrant) | (Registrant) | (Registrant) |
| By: | MERCEDES-BENZ TRUST HOLDINGS LLC, | MERCEDES-BENZ TRUST HOLDINGS LLC, |
|  | as Initial Beneficiary | as Initial Beneficiary |
| By: | /s/ Steven C. Poling | /s/ Steven C. Poling |
|  | Name: | Steven C. Poling |
|  | Title: | Assistant Secretary |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints each Steven C. Poling and Michelle D. Spreitzer as the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the undersigned and in the undersigned's name, place and stead, in any and all capacities (including the undersigned's capacity as a director and/or officer of Mercedes-Benz Trust Holdings LLC), to sign this registration statement and any registration statement that is to become effective upon filing pursuant to Rule 462 under the Securities Act of 1933 relating to any offering of securities in connection with this registration statement and any or all amendments (including post-effective amendments) to any such registration statements, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as either or both might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons with respect to Mercedes-Benz Vehicle Trust in the capacities for Mercedes-Benz Trust Holdings LLC and on the dates indicated:

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Christian Rottenkolber&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | President and Manager<br> (principal executive officer, principal financial and accounting officer) | July 14, 2025 |
| Christian Rottenkolber | President and Manager<br> (principal executive officer, principal financial and accounting officer) | July 14, 2025 |
| /s/ Bernard J. Angelo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Manager | July 14, 2025 |
| Bernard J. Angelo | Manager | July 14, 2025 |
| /s/ Kevin P. Burns&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Manager | July 14, 2025 |
| Kevin P. Burns | Manager | July 14, 2025 |
| /s/ Susan Sinclair&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Manager | July 14, 2025 |
| Susan Sinclair | Manager | July 14, 2025 |
| /s/ Michelle D. Spreitzer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Manager | July 14, 2025 |
| Michelle D. Spreitzer | Manager | July 14, 2025 |

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 *[**Table of Contents**](#TableofContents)*<br>

EXHIBIT INDEX

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| | |
|:---|:---|
| **<u>Exhibits</u>** | **Description** |
| [1.1](ef20051906_ex1-1.htm) | Form of Underwriting Agreement. |
| [3.1](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex3-1.htm) | Certificate of Formation of Mercedes-Benz Trust Leasing LLC.\* |
| [3.2](https://www.sec.gov/Archives/edgar/data/1537805/000090514812000534/efc12-180_ex32.htm) | Limited Liability Company Agreement of Mercedes-Benz Trust Leasing LLC.\*\* |
| [3.3](ef20051906_ex3-3.htm) | Amendment No. 1 to Limited Liability Company Agreement of Mercedes-Benz Trust Leasing LLC |
| [3.4](ef20051906_ex3-4.htm) | Certificate of Trust of Mercedes-Benz Vehicle Trust |
| [3.5](https://www.sec.gov/Archives/edgar/data/1537805/000114036123012642/brhc10049769_ex3-5.htm) | Amended and Restated Trust Agreement of Mercedes-Benz Vehicle Trust.\*\*\* |
| [4.1](ef20051906_ex4-1.htm) | Form of Indenture between the Issuer and the Indenture Trustee (including forms of Notes). |
| [4.2](ef20051906_ex4-2.htm) | Form of Trust Agreement for each Issuer. |
| [4.3](https://www.sec.gov/Archives/edgar/data/1974300/000114036123027183/brhc20053443_ex4-3.htm) | Second Amended and Restated Collateral Agency Agreement among the Administrative Agent, the Collateral Agent, the Titling Trust, the Lender and the Servicer.\*\*\*\* |
| [4.4](ef20051906_ex4-4.htm) | Form of Exchange Note Supplement among the Administrative Agent, the Collateral Agent, the Titling Trust, the Lender, the Servicer and the Indenture Trustee. |
| [5.1](ef20051906_ex5-1.htm) | Opinion of Sidley Austin LLP with respect to legality. |
| [5.2](ef20051906_ex5-2.htm) | Opinion Richards, Layton & Finger. P.A. with respect to legality. |
| [8.1](ef20051906_ex8-1.htm) | Opinion of Sidley Austin LLP with respect to federal income tax matters. |
| [10.1](ef20051906_ex10-1.htm) | Form of First-Tier Sale Agreement between the Seller and Depositor. |
| [10.2](ef20051906_ex10-2.htm) | Form of Second-Tier Sale Agreement between the Depositor and the Issuer. |
| [10.3](https://www.sec.gov/Archives/edgar/data/1974300/000114036123027183/brhc20053443_ex10-3.htm) | Second Amended and Restated Servicing Agreement among the Servicer, the Lender, the Titling Trust and the Collateral Agent.\*\*\*\* |
| [10.4](ef20051906_ex10-4.htm) | Form of Servicing Supplement among the Servicer, the Lender, the Titling Trust and the Collateral Agent. |
| [23.1](ef20051906_ex5-1.htm) | Consent of Sidley Austin LLP (included as part of Exhibit 5.1). |
| [23.2](ef20051906_ex8-1.htm) | Consent of Sidley Austin LLP (included as part of Exhibit 8.1). |
| [23.3](ef20051906_ex5-2.htm) | Consent of Richards, Layton & Finger. P.A. (included as part of Exhibit 5.2). |
| [24.1](#SIGNATURES) | Powers of Attorney with respect to signatories for Mercedes-Benz Trust Leasing LLC (set forth on page II-5). |
| [24.2](#EXHIBITINDEX) | Powers of Attorney with respect to signatories for Mercedes-Benz Vehicle Trust (set forth on page II-6). |
| 25.1 | Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939.<sup>†</sup> |
| [36.1](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex36-1.htm) | Form of Depositor certification for shelf offerings of asset-backed securities.\* |
| [99.1](https://www.sec.gov/Archives/edgar/data/1974300/000114036123027183/brhc20053443_ex99-1.htm) | Amended and Restated Intercreditor Agreement among the Titling Trust Administrator, the Titling Trust, Mercedes-Benz Trust Holdings LLC, and the other persons becoming party thereto from time to time pursuant to joinder agreements (and form of joinder agreement).\*\*\*\* |
| [99.2](ef20051906_ex99-2.htm) | Form of Collateral Account Control Agreement between the Issuer and the Indenture Trustee. |
| [99.3](ef20051906_ex99-3.htm) | Form of Titling Trust Account Control Agreement between the Issuer and the Indenture Trustee. |
| [99.4](ef20051906_ex99-4.htm) | Form of Administration Agreement among the Issuer, the Administrator and the Indenture Trustee. |
| 102.1 | Asset data file. <sup>††</sup> |
| 103.1 | Asset related documents. <sup>††</sup> |
| [107.1](ef20051906_ex107-1.htm) | Filing Fee Table. |

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 *[**Table of Contents**](#TableofContents)*<br>

\*Incorporated by reference to the correspondingly numbered exhibit to the Registration Statement on Form SF-3, no. 333-265682 filed by registrant on June 17, 2022.

\*\* Incorporated by reference to the correspondingly numbered exhibit to the Registration Statement on Form S-3, no. 333-178761 filed by registrant as Pre-effective Amendment No. 2 thereto on February 17, 2012.

\*\*\* Incorporated by reference to the correspondingly numbered exhibit to Post-Effective Amendment No. 1 to the Registration Statement on Form SF-3, no. 333-265682 filed by registrant on March 21, 2023.

\*\*\*\* Incorporated by reference to the correspondingly numbered exhibit to the Form 8-K filed by registrant on behalf of Mercedes-Benz Auto Lease Trust 2023-A (cik 0001974300) on May 30, 2023.

† To be filed in accordance with Section 305(b)(2) of the Trust Indenture Act of 1939.

†† To be incorporated by reference from the Form ABS-EE for such offering on file at the time of the Rule 424(h) or Rule 424(b) filing, as applicable, for such offering.

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## Exhibit 1.1

------

#### Exhibit 1.1

#### <br>

#### Mercedes-Benz Auto Lease Trust 20[__]-[_]

#### $[●]

#### Asset Backed Notes

#### Mercedes-Benz Trust Leasing LLC
(Depositor)

#### Underwriting Agreement
[________], 20[__]

[●]

as Representative of the several Underwriters

named in Schedule I hereto

[______________]

[______________]

[●]

as Representative of the several Underwriters

named in Schedule I hereto

[______________]

[______________]

[●]

as Representative of the several Underwriters

named in Schedule I hereto

[______________]

[______________]

Ladies and Gentlemen:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Introductory</u>. Mercedes-Benz Trust Leasing LLC, a Delaware limited liability company (the "<u>Depositor</u>"), proposes to cause Mercedes-Benz Auto Lease Trust 20[__]-[_] (the "<u>Issuing Entity</u>") to issue $[●] principal amount of Class A-1 [●]% Asset Backed Notes (the "<u>Class A-1 Notes</u>"), $[●] principal amount of [[Class A-2A [●]%] [Class A-2B Floating Rate]] Asset Backed Notes (the "<u>Class A-2 Notes</u>"), $[●] principal amount of Class A-3 [●]% Asset Backed Notes (the "<u>Class A-3 Notes</u>"), $[●] principal amount of Class A-4 [●]% Asset Backed Notes (the "<u>Class A-4 Notes</u>") and $[●] principal amount of Class B [●]% Asset Backed Notes, (the "<u>Class B Notes</u>", and together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the "<u>Notes</u>") and to sell [a portion of] the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, in the respective amounts listed on Schedule I hereto (the "<u>Underwritten Notes</u>"), to the several underwriters named in Schedule I hereto (the "<u>Underwriters</u>"), for whom you are acting as representatives (the "<u>Representatives</u>").

------

The Notes will be issued pursuant to an Indenture (as amended and supplemented from time to time, the "<u>Indenture</u>"), dated as of [________], 20[__], between the Issuing Entity and [●], as indenture trustee (in such capacity, the "<u>Indenture Trustee</u>"). The assets of the Issuing Entity will include, among other things, the 20[__]-[_] Exchange Note (as defined below) backed by a pool of new Mercedes-Benz passenger car and sport utility vehicle [and smart automobile] leases and the related leased vehicles.

Simultaneously with the issuance and sale of the Underwritten Notes as contemplated herein, pursuant to an Amended and Restated Trust Agreement (as amended and supplemented from time to time, the "<u>Trust Agreement</u>"), dated [________], 20[__], between the Depositor and [●], as owner trustee (in such capacity, the "<u>Owner Trustee</u>"), the Issuing Entity will issue asset backed certificates (the "<u>Certificates</u>"), each such Certificate representing a fractional undivided beneficial interest in the Issuing Entity, to the Depositor.

Mercedes-Benz Vehicle Trust, the titling trust (the "<u>Titling Trust</u>") is governed by the Amended and Restated Trust Agreement (as amended and supplemented from time to time, the "<u>Titling Trust Agreement</u>"), dated as of January 31, 2023, among Mercedes-Benz Financial Services USA LLC ("<u>MBFS USA</u>"), as titling trust administrator, Mercedes-Benz Trust Holdings LLC, as initial beneficiary (the "<u>Initial Beneficiary</u>") and BNY Mellon Trust of Delaware, as trustee (the "<u>Titling Trustee</u>"). On [________], 20[__] (the "<u>20[__]-[_] Closing Date</u>"), the Titling Trust, as borrower (the "<u>Borrower</u>") shall, pursuant to (i) that certain Second Amended and Restated Collateral Agency Agreement (as amended and supplemented from time to time, the "<u>Basic Collateral Agency Agreement</u>"), dated as of May 1, 2023, among the Borrower, MBFS USA, as lender (in such capacity, the "<u>Lender</u>") and as servicer (in such capacity, the "<u>Servicer</u>"), U.S. Bank Trust National Association, as administrative agent (the "<u>Administrative Agent</u>") and Collateral Title Co., as collateral agent (the "<u>Collateral Agent</u>") and (ii) a 20[__]-[_] Exchange Note Supplement (as amended and supplemented from time to time, the "<u>Exchange Note Supplement</u>"), dated as of [________], 20[__], among the Borrower, the Administrative Agent, the Collateral Agent, the Lender, the Servicer and the Indenture Trustee, issue a 20[__]-[_] Exchange Note (the "<u>20[__]-[_] Exchange Note</u>") to the Lender evidencing the Borrower's payment obligations in respect of certain advances made by the Lender to the Borrower. Amounts due on the 20[__]-[_] Exchange Note shall be paid from collections on the Titling Trust Assets allocated to the 20[__]-[_] Reference Pool as of the close of business on [________], 20[__] (the "<u>20[__]-[_] Cutoff Date</u>"). The Lender will sell the 20[__]-[_] Exchange Note to the Depositor pursuant to a First-Tier Sale Agreement (as amended and supplemented from time to time, the "<u>First-Tier Sale Agreement</u>"), dated as of [________], 20[__], between the Lender and the Depositor, and the Depositor will sell the 20[__]-[_] Exchange Note to the Issuing Entity pursuant to a Second-Tier Sale Agreement (as amended and supplemented from time to time, the "<u>Second-Tier Sale Agreement</u>"), dated as of [________], 20[__], between the Depositor and the Issuing Entity. MBFS USA will continue to service the Titling Trust Assets allocated to the 20[__]-[_] Reference Pool pursuant to a 20[__]-[_] Servicing Supplement (as amended and supplemented from time to time, the "<u>20[__]-[_] Servicing Supplement</u>"), dated as of [________], 20[__], among the Servicer, the Lender, the Borrower and the Collateral Agent, which supplements that certain Second Amended and Restated Servicing Agreement (as amended and supplemented from time to time, the "<u>Basic Servicing Agreement</u>"), dated as of May 1, 2023, among the Lender, the Servicer, the Borrower and the Collateral Agent. The asset representations review will be performed by the Asset Representations Reviewer (as defined below) under an Asset Representations Review Agreement (the "<u>Asset Representations Review Agreement</u>") dated as of [________], 20[__] among [●], a Delaware limited liability company, as asset representations reviewer (the "<u>Asset Representations Reviewer</u>"), the Issuing Entity and MBFS USA, as Administrator and Servicer. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in Appendix 1 to the Exchange Note Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties of the Depositor and MBFS USA</u>. Each of the Depositor and MBFS USA, with respect to itself only (except that any representation or warranty relating to the Issuing Entity is made by the Depositor on its behalf and any representation or warranty relating to the Initial Beneficiary or the Titling Trust is made by MBFS USA on its behalf), and not with respect to the other, represents and warrants to and agrees with each Underwriter, on and as of the date hereof and the 20[__]-[_] Closing Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Depositor has filed with the Securities and Exchange Commission (the "<u>Commission</u>") a registration statement (Registration Nos. 333- [●] and 333- [●] -01) on Form SF-3 under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), including a form of prospectus, for registration under the Securities Act of the offering and sale of the Underwritten Notes. Such registration statement is effective and no stop order suspending the effectiveness of the registration statement or any post-effective amendment thereto, if any, has been issued, and no proceeding for that purpose or pursuant to Section 8A of the Securities Act has been initiated or threatened by the Commission. Such registration statement, as amended as of the time it became effective (including without limitation each deemed effective date and time in accordance with Rule 430D under the Securities Act (the "<u>Effective Time</u>")), including all material incorporated by reference therein and all information deemed to be part thereof pursuant to Rule 430D under the Securities Act is hereinafter referred to as the "<u>Registration Statement</u>." The conditions to the use of a registration statement on Form SF-3 under the Securities Act (including the Registrant Requirements under General Instruction I.A. to Form SF-3 and the Transaction Requirements under General Instruction I.B. to Form SF-3) have been satisfied as of the date of this Underwriting Agreement, or will be satisfied as of the 20[__]-[_] Closing Date, as applicable. The Depositor has paid the registration fee for the Notes in accordance with Rule 456 of the Securities Act. The Depositor has filed with the Commission (i) pursuant to Rule 424(h) under the Securities Act a preliminary prospectus dated [________], 20[__] not later than the third business day before the Effective Date, relating to the sale of the Notes (including the static pool information required to be disclosed pursuant to Item 1105 of Regulation AB under the Securities Act, the "<u>Preliminary Prospectus</u>") and (ii) pursuant to Rule 433 under the Securities Act a free writing prospectus dated [________], 20[__] (the "<u>Ratings Free Writing</u> <u>Prospectus</u>"). The Depositor proposes to file with the Commission pursuant to Rule 424(b) under the Securities Act a final prospectus relating to the sale of the Underwritten Notes (including the static pool information required to be disclosed pursuant to Item 1105 of Regulation AB under the Securities Act, the "<u>Prospectus</u>").

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For purposes of this Agreement, "<u>Effective Date</u>" means the date of the Effective Time. "<u>Execution Time</u>" shall mean the date and time that this Agreement is executed and delivered by the parties hereto. The term "<u>Contract of Sale</u>" shall have the meaning given such term in Rule 159 of the Securities Act and all Commission guidance relating to Rule 159 of the Securities Act. "<u>Rule 424</u>" refers to such rule under the Securities Act. Any reference herein to the Registration Statement, the Prospectus or the Preliminary Prospectus shall be deemed to refer to and include the documents incorporated by reference therein which were filed under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder (the "<u>Exchange Act</u>"), on or before the Effective Date of the Registration Statement or the issue date of the Prospectus or the Preliminary Prospectus, as the case may be; and any reference herein to the terms "<u>amend</u>," "<u>amendment</u>" or "<u>supplement</u>" with respect to the Registration Statement, the Prospectus or the Preliminary Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act after the Effective Date of the Registration Statement, or the issue date of the Prospectus or the Preliminary Prospectus, as the case may be, and on or prior to the 20[__]-[_] Closing Date deemed to be incorporated therein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registration Statement, at the Effective Time, complied in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act of 1939, as amended (the "<u>Trust Indenture Act</u>"), and the respective rules and regulations of the Commission thereunder (the "<u>Rules and Regulations</u>"). The Prospectus when first filed with the Commission in accordance with Rule 424(b) will comply in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act and the Rules and Regulations. The Registration Statement, at the Effective Time, did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading; the Preliminary Prospectus, the Ratings Free Writing Prospectus and the "free writing prospectus" described in Annex A (the "<u>Pricing Free Writing Prospectus</u>" and, together with the Preliminary Prospectus and the Ratings Free Writing Prospectus, the "<u>Time of Sale Information</u>"), each as of its date, and at [●]., New York time, on [________], 20[__], which is the time when Contracts of Sale with respect to the Underwritten Notes were first made (the "<u>Time of Sale</u>"), taken together, did not, and at the 20[__]-[_] Closing Date will not, include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Prospectus at its date, at the date of any amendment or supplement thereto and on the 20[__]-[_] Closing Date will not include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u>, <u>however</u>, that neither MBFS USA nor the Depositor makes any representation or warranty as to the information contained in or omitted from the Registration Statement, the Time of Sale Information or the Prospectus in reliance upon and in conformity with information furnished in writing to either MBFS USA or the Depositor by any Underwriter through the Representatives specifically for use in connection with preparation of the Registration Statement, the Time of Sale Information or the Prospectus (as furnished in Section 16) ("<u>Underwriter Information</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Since the respective dates as of which information is given in the Registration Statement, the Time of Sale Information and the Prospectus, (i) there has not been any material adverse change, or any development involving a prospective material adverse change, in or affecting the general affairs, business, management, condition (financial or otherwise), stockholders' equity, results of operations, regulatory status or business prospects of the Depositor or MBFS USA, the Titling Trust, the Initial Beneficiary or the Issuing Entity (the "<u>Mercedes Parties</u>"); and (ii) no Mercedes Party has entered into any transaction or agreement (whether or not in the ordinary course of business) that, in either case, could reasonably be expected to materially adversely affect the interests of the holders of the Notes, other than as set forth or contemplated in the Time of Sale Information and the Prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The computer tape of the leases and related leased vehicles allocated to the 20[__]-[_] Reference Pool created as of the close of business on [________], 20[__], and made available to [●] by the Servicer, was accurate as of the date thereof and includes all of the leases and related leased vehicles that will be allocated to the 20[__]-[_] Reference Pool that are described in Exhibit A to the 20[__]-[_] Servicing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; Each Mercedes Party is duly organized and is validly existing and is in good standing under the laws of its jurisdiction of organization and is qualified to transact business in and is in good standing under the laws of each state in which its activities as described in the Time of Sale Information and the Prospectus require such qualification, and has full power, authority and legal right to own its properties and conduct its business as such properties and such business are described in the Time of Sale Information and the Prospectus and to execute and deliver, and perform its obligations under, this Agreement and the 20[__]-[_] Basic Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement has been duly authorized, executed and delivered by each of the Depositor and MBFS USA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; On the date of this Agreement and on the 20[__]-[_] Closing Date, the respective representations and warranties of each of the Mercedes Parties in each of the 20[__]-[_] Basic Documents to which it is a party will be true and correct in all material respects, except for representations and warranties which relate to a specific time, which shall be true and correct in all material respects as of such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will have good and marketable title to the Titling Trust Assets allocated to the 20[__]-[_] Reference Pool, free and clear of all liens, security interests or encumbrances (except as permitted by the 20[__]-[_] Basic Documents) and will not have assigned to any Person any of its right, title or interest in any such Titling Trust Asset allocated to the 20[__]-[_] Reference Pool (except as permitted by the 20[__]-[_] Basic Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower shall have duly authorized, executed and delivered the 20[__]-[_] Exchange Note to MBFS USA in accordance with the terms of the 20[__]-[_] Exchange Note Supplement and the Basic Collateral Agency Agreement and when the 20[__]-[_] Exchange Note shall have been so authorized, executed and delivered, it will constitute the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with the terms of the 20[__]-[_] Exchange Note Supplement and the Basic Collateral Agency Agreement and will be entitled to the benefits and security afforded by the 20[__]-[_] Exchange Note Supplement and the Basic Collateral Agency Agreement, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBFS USA's sale, transfer, assignment, set over and conveyance of the 20[__]-[_] Exchange Note to the Depositor pursuant to the First-Tier Sale Agreement on the 20[__]-[_] Closing Date will vest in the Depositor all of MBFS USA's right, title and interest therein, subject to no prior lien, mortgage, security interest, pledge, adverse claim, charge or other encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp; The Depositor's sale, transfer, assignment, set over and conveyance of the 20[__]-[_] Exchange Note to the Issuing Entity pursuant to the Second-Tier Sale Agreement on the 20[__]-[_] Closing Date will vest in the Issuing Entity all of the Depositor's right, title and interest therein or a first priority perfected security interest therein, subject to no prior lien, mortgage, security interest, pledge, adverse claim, charge or other encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Issuing Entity's grant of a security interest in the 20[__]-[_] Exchange Note to the Indenture Trustee pursuant to the Indenture will vest in the Indenture Trustee, for the benefit of the Noteholders, a first priority perfected security interest therein, subject to no prior lien, mortgage, security interest, pledge, adverse claim, charge or other encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture has been duly qualified under the Trust Indenture Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The execution, delivery and performance by each of the Mercedes Parties of each of the 20[__]-[_] Basic Documents to which it is a party have been duly authorized and each of such 20[__]-[_] Basic Documents, when duly executed and delivered by the parties thereto, will constitute a legal, valid and binding obligation of such Mercedes Party, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When the Notes have been duly executed and delivered by the Owner Trustee on behalf of the Issuing Entity, authenticated by the Indenture Trustee in accordance with the Indenture and delivered and paid for pursuant to this Agreement, the Notes will be duly issued, will constitute legal, valid and binding obligations of the Issuing Entity enforceable against the Issuing Entity in accordance with their terms and will be entitled to the benefits and security afforded by the Indenture, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The execution, delivery and performance of this Agreement by each of MBFS USA and the Depositor and the 20[__]-[_] Basic Documents by the applicable Mercedes Parties and the consummation by the applicable party of the transactions contemplated hereby and thereby shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice or lapse of time) a default under, the limited liability company agreement, bylaws or trust agreement, as applicable, of such party, or any indenture, agreement or other instrument to which such party is a party or by which it is bound, result in the creation of any lien upon any material property or assets of the Mercedes Parties (other than pursuant to the 20[__]-[_] Basic Documents) or violate any law, order, rule or regulation applicable to such party of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over such party or any of its properties; and, except for the registration of the Notes under the Securities Act, the qualification of the Indenture under the Trust Indenture Act and such consents, approvals, authorizations, registrations or qualifications as may be required under the Exchange Act and applicable state securities laws in connection with the purchase and distribution of the Underwritten Notes by the Underwriters, no permit, consent, approval of, or declaration to or filing with, any governmental authority is required to be obtained by such party in connection with its execution, delivery and performance of this Agreement, as applicable, or its consummation of the transactions contemplated hereby (other than the filing of UCC financing statements).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp; Each of the Mercedes Parties possesses all consents, licenses, certificates, authorizations and permits issued by the appropriate foreign, federal, state or local regulatory authorities necessary for the ownership of its respective property or the conduct of its respective business (including for the ownership or servicing, as applicable, of the Titling Trust Assets allocated to the 20[__]-[_] Reference Pool), and none of the Mercedes Parties has received any notice of proceedings relating to the revocation or modification of any such consent, license, certificate, authorization or permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are no proceedings or investigations pending or, to any Mercedes Party's knowledge, no proceeding or investigations threatened, against such party before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over such party or its properties (i) asserting the invalidity of the 20[__]-[_] Exchange Note, this Agreement or any of the Notes, (ii) seeking to prevent the issuance of any of the Notes or the consummation of any of the transactions contemplated by this Agreement, (iii) that may adversely affect the federal or state income, excise, franchise or similar tax attributes of the Notes, (iv) seeking any determination or ruling that might materially and adversely affect the performance by such party of its obligations under, or the validity or enforceability of, the Notes, the 20[__]-[_] Exchange Note or this Agreement or (v) that could reasonably be expected to have a material adverse effect on or constitute a material adverse change in, or constitute a development involving a prospective material adverse effect on or change in, the condition (financial or otherwise), earnings, properties, business affairs or business prospects or results of operations of such Mercedes Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp; None of the Mercedes Parties (i) is in violation of its organizational documents, (ii) is in default, in any material respect, and no event has occurred which, with notice or lapse of time or both, would constitute such a default, in such party's due performance or observance of any term, covenant or condition contained in any indenture, agreement, mortgage, deed of trust or other instrument to which it is a party or by which it is bound or to which any of its property or assets is subject or (iii) is in violation in any respect of any law, order, rule or regulation applicable to such Mercedes Party or any of its property of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over it or any of its property, except any such violation that could not reasonably be expected to have a material adverse effect on the condition (financial or otherwise), results of operations, business or prospects of such Mercedes Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The 20[__]-[_] Basic Documents conform in all material respects with the descriptions thereof contained in the Registration Statement, the Time of Sale Information and the Prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp; Neither the Issuing Entity nor the Depositor is, and after giving effect to the sale of the Underwritten Notes and the use of proceeds thereof is, or will be required to register as an "investment company" or under the "control" of an "investment company" within the meaning thereof as defined in the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"). In determining that the Issuing Entity is not required to be registered as an investment company, the Issuing Entity is relying on the exemption from the definition of "investment company" set forth in Rule 3a-7 under the Investment Company Act, although other exclusions or exemptions may also be available to the Issuing Entity. The Issuing Entity is not, and as of the 20[__]-[_] Closing Date will not be, a "covered fund" for purposes of the Volcker Rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; None of the Issuing Entity, the Depositor or MBFS USA has received an order from the Commission, any state securities commission or any foreign government or agency thereof preventing or suspending the offering of the Notes, and to the best knowledge of the Depositor and MBFS USA, no such order has been issued and no proceedings for that purpose have been instituted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp; On the date on which the first bona fide offer of the Underwritten Notes was made, and as of the date hereof, the Depositor was not an "ineligible issuer," as defined in Rule 405 of the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Class A-1 Notes are "eligible securities" within the meaning of Rule 2a-7 under the Investment Company Act.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Depositor has complied with Rule 193 of the Securities Act in connection with the offering of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp; MBFS USA and the Depositor have not engaged, or caused any other Person to engage, any third-party to provide "due diligence services" as defined under Rule 17g-10(d)(1) of the Exchange Act ("<u>Due Diligence Services</u>") in connection with the offering of the Notes other than [●] ("<u>[●]</u>"), who performed certain agreed upon procedures in respect of the leases and related leased vehicles backing the 20[__]-[_] Exchange Note, and delivered to MBFS USA and the Underwriters a signed report on the findings and conclusions of such agreed upon procedures addressed to MBFS USA and the Underwriters (the "<u>[●] Due Diligence Report</u>") on or prior to [________], 20[__]. Neither MBFS USA nor the Depositor has received a "third party due diligence report" (as defined in paragraph (d) of Rule 15Ga-2) in connection with the offering of the Notes other than the [●] Due Diligence Report. The Depositor filed a Form ABS-15G, signed by a senior officer of the Depositor in charge of securitization, with the Commission containing the findings and conclusions of the [●] Due Diligence Report and otherwise conforming to the requirements of Rule 15Ga-2 under the Exchange Act (the "<u>Form ABS-15G Report</u>"), on [________], 20[__], and provided the Representatives with evidence of such filing. [●] consented to the attachment of the [●] Due Diligence Report to the Form ABS-15G Report. The Form ABS-15G Report does not contain any names, addresses, other personal identifiers or zip codes with respect to any individuals, or any other personally identifiable or other information that would be associated with an individual, including without limitation any "nonpublic personal information" within the meaning of Title V of the Gramm-Leach-Bliley Financial Services Modernization Act of 1999.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp; [●] provided a Form ABS Due Diligence-15E in respect of the Due Diligence Services performed by it in connection with the offering of the Notes (the "<u>Form ABS-15E Certification</u>") to MBFS USA on [________], 20[__], and MBFS USA posted, or caused to be posted, the Form ABS-15E Certification to the website established by MBFS USA for purposes of compliance with Rule 17g-5 as required by Rule 17g-5(a)(3)(iii)(A) through (E) and promptly delivered the Form ABS-15E Certification to each nationally recognized statistical rating organization that has provided the written request for the Form ABS-15E Certification contemplated by Rule 17g-10(c)(1) or (2) under the Exchange Act as required by Rule 17g-10(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp; MBFS USA has complied, as of the 20[__]-[_] Closing Date will comply, and is the appropriate entity to comply, with all requirements imposed on the "sponsor of a securitization transaction" in accordance with the final rules contained in Regulation RR, 17 C.F.R. §246.1, *et seq.* (the "<u>Credit Risk Retention Rules</u>"), implementing the credit risk retention requirements of Section 15G of the Exchange Act, in each case directly or (to the extent permitted by the Credit Risk Retention Rules) through one or more majority-owned affiliates (as defined in the Credit Risk Retention Rules) in the manner described in the Preliminary Prospectus under the heading "Credit Risk Retention." MBFS USA has determined the fair value of the "eligible horizontal residual interest" based on its own valuation methodology, inputs and assumptions and is solely responsible therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Purchase, Sale, and Delivery of the Underwritten Notes</u>. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Depositor agrees to sell to each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase from the Depositor, (a) at a purchase price of [●]% of the principal amount thereof, the respective principal amount of the Class A-1 Notes set forth opposite the name of such Underwriter in Schedule I hereto, (b) at a purchase price of [●]% of the principal amount thereof, the respective principal amount of the Class [A-2] Notes set forth opposite the name of such Underwriter in Schedule I hereto, (c) at a purchase price of [●]% of the principal amount thereof, the respective principal amount of the Class A-3 Notes set forth opposite the name of such Underwriter in Schedule I hereto, (d) at a purchase price of [●]% of the principal amount thereof, the respective principal amount of the Class A-4 Notes set forth opposite the name of such Underwriter in Schedule I hereto [and (e) at a purchase price of [●]% of the principal amount thereof, the respective principal amount of the Class B Notes set forth opposite the name of such Underwriter in Schedule I hereto]. Delivery of and payment for the Underwritten Notes shall be made at the office of Sidley Austin LLP, 787 Seventh Avenue, New York, New York 10019. Delivery of the Underwritten Notes shall be made against payment of the purchase price in immediately available funds drawn to the order of the Depositor. The Underwritten Notes to be so delivered will be initially represented by one or more Notes registered in the name of "Cede & Co.," the nominee of The Depository Trust Company ("<u>DTC</u>"). The interests of beneficial owners of the Underwritten Notes will be represented by book entries on the records of DTC and participating members thereof. Definitive Notes will be available only under limited circumstances set forth in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Offering by Underwriters</u>. It is understood that the Underwriters propose to offer the Underwritten Notes for sale to the public (which may include selected dealers) as set forth in the Time of Sale Information and the Prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Each Underwriter, severally and not jointly, represents, warrants and agrees with the Depositor and the Sponsor (as defined in Section 5(a) below) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; it has only communicated or caused to be communicated and it will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the "<u>FSMA</u>")) received by it in connection with the issue or sale of any of the Underwritten Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuing Entity or the Depositor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Underwritten Notes in, from or otherwise involving the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Underwriter, severally and not jointly, represents and warrants to and agrees with the Depositor and the Sponsor that it has not offered, sold or otherwise made available, and will not offer, sell or otherwise make available, any Underwritten Notes which are the subject of the offering contemplated by the Prospectus and any accompanying free writing prospectus to any EU Retail Investor in the European Economic Area or any UK Retail Investor in the United Kingdom. For the purposes of this Section 4(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the expression "<u>EU Retail Investor</u>" means a person who is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "<u>MiFID II</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a customer within the meaning of Directive (EU) 2016/97 (known as the Insurance Distribution Directive, as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp; not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the expression "<u>UK Retail Investor</u>" means a person who is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a retail client as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) No. 2017/565, as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended, "<u>EUWA</u>") and as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA (such rules and regulations as amended) to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(l) of Regulation (EU) No. 600/2014, as it forms part of United Kingdom domestic law by virtue of the EUWA and as amended; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp; not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129, as it forms part of the domestic law of the United Kingdom by virtue of the EUWA and as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Underwritten Notes to be offered so as to enable an investor to decide to purchase or subscribe to the Underwritten Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>17-g-5 Representations, Warranties and Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBFS USA, in its capacity as sponsor (the "<u>Sponsor</u>") represents and warrants to, and agrees with, the Underwriters that the Sponsor or the Depositor has provided a written representation (the "<u>17g-5 Representation</u>") to each nationally recognized statistical rating organization requested by the Sponsor or the Depositor to provide a rating on the Notes (each, a "<u>Hired NRSRO</u>"), which satisfies the requirements of paragraph (a)(3)(iii) of Rule 17g-5 of the Exchange Act. Each of the Sponsor and the Depositor has complied and will comply with the 17g-5 Representation other than any breach of the 17g-5 Representation (i) that would not have a material adverse effect on the Notes or (ii) arising from a breach by the Underwriter of the representation, warranty and covenant set forth in <u>Section 5(b).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Underwriter severally represents, warrants and agrees with the Depositor and the Sponsor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on and prior to the date of this Agreement, it has not delivered (or caused any person other than the Sponsor or any of its affiliates to deliver) any written Rating Agency Information to any nationally recognized statistical rating organization (each, an "<u>NRSRO</u>") other than with the consent of the Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; on and after the date of this Agreement, it will not deliver (and will not cause any person other than the Sponsor or any of its affiliates to deliver) any written Rating Agency Information to any NRSRO other than with the consent of the Sponsor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; it has not communicated any Rating Agency Information orally to any NRSRO except in circumstances where an authorized representative of the Sponsor participated in such oral communications; <u>provided</u>, <u>however</u>, that if an Underwriter receives an oral communication from any NRSRO, such Underwriter is authorized to inform such NRSRO that it will respond to the oral communication with a designated representative from the Sponsor or will refer such NRSRO to the Sponsor who will respond to the oral communication.

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For purposes of this Section 5(b), "<u>Rating Agency Information</u>" shall mean any information provided to a Hired NRSRO for the purpose of (a) determining the initial credit rating for the Notes, including information about the characteristics of the leases and leased vehicles and the legal structure of the Notes, and (b) undertaking credit rating surveillance on the Notes, including information about the characteristics and performance of the leases and leased vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Covenants of the Depositor and MBFS USA</u>. The Depositor and MBFS USA, as applicable, each covenants and agrees with each of the Underwriters as set forth below. For purposes of this Section, the Depositor and MBFS USA shall jointly make each of the covenants set forth below in clauses (b), (c), (f), (g), (i) and (j) and the entity specified in the covenant below shall make the covenants set forth in all of the other clauses below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Depositor will prepare a Prospectus setting forth the terms of the Notes not specified in the Preliminary Prospectus, including the price at which the Underwritten Notes are to be purchased by the Underwriters, the initial public offering price, the selling concessions and allowances, and such other information as the Depositor deems appropriate and shall furnish a copy to the Representatives in accordance with Section 6(b) of this Agreement. The Depositor has transmitted the Preliminary Prospectus and will transmit the Prospectus to the Commission pursuant to Rule 424(h) and Rule 424(b), respectively, by a means reasonably calculated to result in filing that complies with all applicable provisions of Rule 424(h) and Rule 424(b), respectively. The Depositor has promptly advised the Representatives of such filing pursuant to Rule 424(h) and will advise the Representatives promptly of any such filing pursuant to Rule 424(b). The Depositor will transmit each of the Pricing Free Writing Prospectus and the Ratings Free Writing Prospectus to the Commission pursuant to Rule 433 by a means reasonably calculated to result in a filing that complies with all applicable provisions of Rule 433. The Depositor will advise the Representatives promptly of any such filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At any time when a prospectus relating to the Notes is required to be delivered under the Securities Act (including delivery as contemplated by Rule 172 under the Securities Act), the Depositor and MBFS USA will advise the Representatives promptly of any proposal to amend or supplement the Registration Statement or the Prospectus, and will not effect such amendment or supplement without the Representatives' consent, which consent will not unreasonably be withheld. Subject to the foregoing sentence, if filing of a supplement to the Prospectus is otherwise required under Rule 424(b), the Depositor will file the supplement to the Prospectus properly completed with the Commission pursuant to and in accordance with the applicable paragraph of Rule 424(b) within the time period prescribed and will provide evidence satisfactory to the Representatives of such timely filing. The Depositor and MBFS USA will also advise the Representatives promptly of any request by the Commission for any amendment of or supplement to the Registration Statement or the Prospectus or for any additional information and the Depositor and MBFS USA will also advise the Representatives promptly of any amendment or supplement to the Registration Statement or the Prospectus and of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the institution or threat of any proceeding for that purpose or pursuant to Section 8A of the Securities Act, and each of the Depositor and MBFS USA will use its best efforts to prevent the issuance of any such stop order and to obtain as soon as possible the lifting of any issued stop order.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, at any time when a prospectus relating to the Notes is required to be delivered under the Securities Act (including delivery as contemplated by Rule 172 under the Securities Act), any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at any such time to amend the Registration Statement or the Prospectus to comply with the Securities Act or the Exchange Act or the respective rules and regulations thereunder, the Depositor and MBFS USA promptly will notify the Representatives and the Depositor will promptly prepare and file, or cause to be prepared and filed, with the Commission, subject to paragraph (b) of this Section 6, an amendment or supplement that will correct such statement or omission, or effect such compliance. Neither the Representatives' consent to, nor the Underwriters' distribution of, any amendment or supplement to the Time of Sale Information or the Prospectus shall operate as a waiver or limitation on any right of any Underwriter hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; The Depositor will furnish to the Underwriters copies of the Registration Statement (one of which will be signed and will include all exhibits), the Time of Sale Information, the Prospectus and all amendments and supplements to such documents, in each case as soon as available and in such quantities as the Underwriters reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; The Depositor will assist the Representatives in arranging for the qualification of the Underwritten Notes for sale and determination of their eligibility for investment under the laws of such jurisdictions in the United States, or as necessary to qualify for Euroclear Bank S.A./N.V. or Clearstream Banking, société anonyme, as the Representatives designate and will continue to assist the Representatives in maintaining such qualifications in effect so long as required for the distribution; <u>provided</u>, <u>however</u>, that no Mercedes Party shall be required to qualify to do business in any jurisdiction where it is now not qualified or to take any action which would subject it to general or unlimited service of process in any jurisdiction in which it is now not subject to service of process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; The Depositor and MBFS USA will (i) furnish or make available to the Underwriters or their counsel such additional documents and information regarding any Mercedes Party and their respective affairs as the Underwriters may from time to time reasonably request prior to the 20[__]-[_] Closing Date, including any and all documentation reasonably requested in connection with its due diligence efforts regarding information in the Time of Sale Information and the Prospectus and in order to evidence the accuracy or completeness of any of the representations and warranties or the satisfaction of the conditions contained in this Agreement and (ii) provide the Underwriters or their advisors, or both, prior to acceptance of its subscription, the opportunity to ask questions of, and receive answers with respect to such matters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) So long as any of the Underwritten Notes are outstanding, or until such time as the Representatives shall advise the Depositor and MBFS USA that the Underwriters have ceased to maintain a secondary market in the Underwritten Notes, whichever occurs first, the Depositor and MBFS USA will furnish to the Representatives upon request to the extent not otherwise available from any publicly available source (i) all documents distributed to Noteholders or filed with the Commission pursuant to the Exchange Act or any order of the Commission thereunder, (ii) the annual statement of compliance, the Servicer's report on its assessment of compliance with the minimum servicing criteria and the related attestation report delivered pursuant to the Basic Servicing Agreement and the 20[__]-[_] Servicing Supplement, (iii) each certificate and the annual statements of compliance delivered to the Indenture Trustee pursuant to the Indenture, (iv) each material amendment to any 20[__]-[_] Basic Document, (v) each monthly investor report for the Issuing Entity and (vi) all opinions, certificates and other documents or information with respect to the perfection and priority of interests in the 20[__]-[_] Exchange Note delivered by it to the Owner Trustee and the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or before the 20[__]-[_] Closing Date, the Depositor shall cause the computer records of the Titling Trust and the Servicer relating to the Titling Trust Assets to be marked to show the allocation of the applicable Titling Trust Assets to the 20[__]-[_] Reference Pool, and from and after the 20[__]-[_] Closing Date neither the Depositor nor the Servicer shall take any action inconsistent with the Issuing Entity's ownership of the 20[__]-[_] Exchange Note, other than as permitted by the Basic Servicing Agreement and the 20[__]-[_] Servicing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent, if any, that the rating provided with respect to the Notes by any Hired NRSRO is conditional upon the furnishing of documents or the taking of any other actions by any Mercedes Party, either of the Depositor or MBFS USA shall cause such party to furnish such documents and take any such other actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; For the period beginning on the date of this Agreement and ending 15 days after the 20[__]-[_] Closing Date, unless waived by the Underwriters, no Mercedes Party or any of their respective affiliates will offer to sell or sell notes (other than the Notes and any notes that have been privately placed with one or more commercial paper conduits) collateralized by, or certificates (other than the Certificates) evidencing an ownership or beneficial interest in, the Titling Trust Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp; The Depositor or MBFS USA shall promptly deliver the Form ABS-15E Certification to each nationally recognized statistical rating organization that has provided the written request for the Form ABS-15E Certification contemplated by Rule 17g-10(c)(2) under the Exchange Act as required by Rule 17g-10(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Depositor or MBFS USA shall file with the Commission all documents required to be filed pursuant to the Exchange Act within the time periods specified in the Exchange Act or the rules and regulations promulgated thereunder and all documents and certifications required for the use of a registration statement on Form SF-3 within the time periods required by Form SF-3 or the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp; MBFS USA shall comply with all requirements imposed on the "sponsor of a securitization" in accordance with the Credit Risk Retention Rules, including its requirements to (i) retain, either directly or through a "majority-owned affiliate" (as defined in the Credit Risk Retention Rules) of MBFS USA, an economic interest in the credit risk of the securitized assets in accordance with the Credit Risk Retention Rules and shall not, and shall cause any such majority-owned affiliate to not, sell, pledge or hedge such interest except as permitted under the Credit Risk Retention Rules and (ii) satisfy the disclosure requirements set forth in the Credit Risk Retention Rules.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; <u>Payment of Expenses</u>. The Depositor will pay all expenses incident to the transactions contemplated by this Agreement, whether or not the transactions contemplated herein are consummated, including (i) the preparation and filing of the Registration Statement as originally filed and each amendment thereto, (ii) the preparation, printing and distribution of the Time of Sale Information, each other preliminary prospectus, all computational materials, if any, and the Prospectus and each amendment or supplement thereto and delivery of copies thereof to the Underwriters, (iii) the preparation of this Agreement and the 20[__]-[_] Basic Documents, (iv) the preparation, issuance and delivery of the Underwritten Notes to the Underwriters, (v) the fees and disbursements of the Mercedes Parties' counsel, (vi) the fees and disbursements of the Depositor's independent registered public accounting firm, (vii) the qualification of the Notes under securities laws in accordance with the provisions of Section 6(e) of this Agreement, including the filing fees and fees and disbursements of counsel in connection therewith and in connection with the preparation of any blue sky or legal investment survey and the delivery thereof to any Underwriter, (viii) any fees charged by rating agencies for the rating of the Notes, (ix) the fees and disbursements of the Indenture Trustee and its counsel, if any, and (x) the fees and disbursements of the Owner Trustee and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; <u>Conditions of the Obligations of the Underwriters</u>. The obligations of the Underwriters to purchase and pay for the Underwritten Notes will be subject to the accuracy of the representations and warranties on the part of the Depositor and MBFS USA herein, to the accuracy of the certifications of officers of the Mercedes Parties made pursuant to the provisions hereof, to the performance by the Depositor and MBFS USA of their obligations hereunder and to the following additional conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registration Statement shall be effective at the Execution Time, and prior to the 20[__]-[_] Closing Date, no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose or pursuant to Section 8A of the Securities Act shall have been instituted or, to the knowledge of the Depositor or the Representatives, shall be contemplated by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of the Preliminary Prospectus and the Prospectus and any supplements thereto shall have been filed (if required) with the Commission in accordance with the Rules and Regulations and Section 6(a) hereof. Each of the Pricing Free Writing Prospectus and the Ratings Free Writing Prospectus shall have been filed with the Commission in accordance with Rule 433 of the Rules and Regulations and neither the Depositor nor MBFS USA has disseminated any other free writing prospectus that is required to be filed with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or prior to the date of this Agreement and on or prior to the 20[__]-[_] Closing Date, the Representatives shall have received a letter or letters, dated as of the date of this Agreement and as of the 20[__]-[_] Closing Date, respectively, of an independent registered public accounting firm reasonably acceptable to the Representatives, substantially in the form of the drafts to which the Representatives have previously agreed and otherwise in form and substance satisfactory to the Representatives and their counsel.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i) any change, or any development involving a prospective change, in or affecting particularly the business or properties of any Mercedes Party which, in the judgment of the Representatives, materially impairs the investment quality of the Notes or makes it impractical or inadvisable to market the Notes; (ii) any suspension or limitation of trading in securities generally on the New York Stock Exchange, or any setting of minimum or maximum prices for trading on such exchange, or a material disruption in commercial banking or securities settlement or clearance services in the United States or with respect to Clearstream or Euroclear systems in Europe; (iii) any general commercial banking moratorium declared by Federal, Delaware or New York authorities; or (iv) any outbreak or escalation of major hostilities in which the United States is involved, any declaration of war by Congress, or any other substantial national or international calamity or emergency if, in the reasonable judgment of the Representatives, the effect of any such outbreak, escalation, declaration, calamity or emergency on the U.S. financial markets makes it impractical or inadvisable to proceed with the offering, sale of and payment for the Underwritten Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Representatives shall have received opinions of Sidley Austin LLP, counsel to the Mercedes Parties and such other counsel acceptable to the Underwriters, relating to general corporate and enforceability, tax, perfection and priority, and true sale/nonconsolidation matters addressed to the Representatives, dated the 20[__]-[_] Closing Date and satisfactory in form and substance to the Representatives and their counsel.

Such counsel shall also opine as to such other matters as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Representatives shall have received opinions of Richards, Layton & Finger, P.A., counsel to the Mercedes Parties, the Owner Trustee and the Titling Trustee and such other counsel acceptable to the Underwriters, relating to general corporate and enforceability matters addressed to the Representatives, dated the 20[__]-[_] Closing Date and satisfactory in form and substance to the Representatives and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; The Representatives shall have received an opinion addressed to them by Sidley Austin LLP in its capacity as special tax counsel to the Issuing Entity, dated the 20[__]-[_] Closing Date, substantially to the effect that the statements in each of the Preliminary Prospectus and the Prospectus under the headings "Summary of Terms–– Tax Status" (to the extent relating to Federal income tax consequences), and "Material Federal Income Tax Consequences" to the extent that they constitute statements of matters of law or legal conclusions with respect thereto, have been prepared or reviewed by such counsel and accurately describe the material income tax consequences to holders of the Notes, and the statements in each of the Preliminary Prospectus and the Prospectus under the heading "Summary of Terms––ERISA Considerations" and "Certain ERISA Considerations," to the extent that they constitute statements of matters of law or legal conclusions with respect thereto, have been prepared or reviewed by such counsel and accurately describe the material consequences to holders of the Notes under ERISA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; The Representatives shall have received an opinion addressed to them of in-house counsel to the Asset Representations Reviewer, dated the 20[__]-[_] Closing Date and satisfactory in form and substance to the Representatives and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Representatives shall have received a negative assurance letter addressed to them of Sidley Austin LLP, counsel to the Mercedes Parties, dated the 20[__]-[_] Closing Date, concerning the Time of Sale Information and the Prospectus in form and substance reasonably satisfactory to the Representatives and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Representatives shall have received a negative assurance letter addressed to them of [●], counsel to the Underwriters, dated the 20[__]-[_] Closing Date, concerning the Time of Sale Information and the Prospectus in form and substance reasonably satisfactory to the Representatives and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Representatives shall have received an opinion of [●], counsel to [●], relating to general corporate and enforceability matters addressed to the Representatives, dated the 20[__]-[_] Closing Date and satisfactory in form and substance satisfactory to the Representatives and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp; The Representatives shall have received certificates dated the 20[__]-[_] Closing Date of the Chairman of the Board, the President, the Executive Vice President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary, the principal financial officer or the principal accounting officer of each of the Depositor and MBFS USA, in which such officer shall state that, to the best of his/her knowledge after reasonable investigation, (i) the representations and warranties of the Depositor and MBFS USA, respectively, contained in this Agreement are true and correct and the representations and warranties of the Mercedes Parties, respectively, contained in the 20[__]-[_] Basic Documents to which it is a party, as applicable, are true and correct in all material respects and that each Mercedes Party, as the case may be, has complied with all agreements and satisfied all conditions on its part to be performed or satisfied under such agreements at or prior to the 20[__]-[_] Closing Date, that no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose or pursuant to Section 8A of the Securities Act have been instituted or are contemplated by the Commission, and (ii) other than as described in such certificate, since the Time of Sale, no material adverse change, or development involving a prospective material adverse change, in or affecting particularly the business or properties of any Mercedes Party, as the case may be, has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp; The Representatives shall have received evidence satisfactory to it of the filing of all UCC financing statements necessary to perfect (i) the Collateral Agent's interest in the Collateral and (ii) the transfer of the interest of MBFS USA in the 20[__]-[_] Exchange Note and the proceeds thereof to the Depositor, the transfer of the interest of the Depositor in the 20[__]-[_] Exchange Note and the proceeds thereof to the Issuing Entity and the grant of the security interest by the Issuing Entity in the 20[__]-[_] Exchange Note and the proceeds thereof to the Indenture Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp; The Representatives shall have received, from each of the Depositor and MBFS USA, a certificate executed by a secretary or assistant secretary thereof to which shall be attached certified copies of (i) the formation documents, (ii) the limited liability company agreement, bylaws or trust agreement, as applicable, (iii) applicable resolutions authorizing the transactions contemplated hereby and by the 20[__]-[_] Basic Documents and (iv) the designation of incumbency of each such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp; Each class of Notes shall have been rated by each Hired NRSRO as set forth in the Ratings Free Writing Prospectus, and in each case shall not have been placed on any credit watch or review with a negative implication for downgrade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On the 20[__]-[_] Closing Date, the Certificates shall have been issued by the Issuing Entity and transferred to the Depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Time of Sale Information and Free Writing Prospectus</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following terms have the specified meanings for purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Free Writing Prospectus</u>" means and includes any information relating to the Underwritten Notes disseminated by the Depositor or any Underwriter that constitutes a "free writing prospectus" within the meaning of Rule 405 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Prepricing Information</u>" means information relating to the price, pricing speed, benchmark and status of the Underwritten Notes and the offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Issuer Information</u>" means (1) the information contained in any Permitted Underwriter Communication (as defined in clause (e) below) to the extent such information is also included in the Preliminary Prospectus (other than Underwriter Information) or the Ratings Free Writing Prospectus, (2) information in the Preliminary Prospectus, other than any Prepricing Information, that is used to calculate or create any Derived Information (as defined below) and (3) any computer tape in respect of the Notes or the leases and related leased assets allocated to the 20[__]-[_] Reference Pool furnished by the Depositor to any Underwriter (a "<u>Computer Tape</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "<u>Derived Information</u>" means such written information regarding the Notes as is disseminated by any Underwriter to a potential investor, which information is not any of (A) Issuer Information, (B) Prepricing Information or (C) contained in the Registration Statement, the Preliminary Prospectus, the Ratings Free Writing Prospectus or the Prospectus or any amendment or supplement to any of them, taking into account information incorporated therein by reference (other than information incorporated by reference from any information regarding the Notes that is disseminated by any Underwriter to a potential investor); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Road Show Materials</u>" means any written communications constituting a bona fide electronic road show within the meaning of Rule 433(h)(5) under the Securities Act, whether or not required to be filed with the Commission.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Neither the Depositor nor MBFS USA will disseminate to any potential investor any information relating to the Notes that constitutes a "written communication" within the meaning of Rule 405 under the Securities Act, other than (i) the Time of Sale Information, (ii) the Prospectus or (iii) any Road Show Materials approved by the Representatives, unless the Depositor has obtained the prior written consent of the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise agreed to in writing by each party hereto, none of the Depositor, MBFS USA or any Underwriter shall disseminate or file with the Commission any information relating to the Notes in reliance on Rule 167 or 426 under the Securities Act, nor shall the Depositor, MBFS USA or any Underwriter disseminate any Permitted Underwriter Communication "in a manner reasonably designed to lead to its broad unrestricted dissemination" within the meaning of Rule 433(d) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Underwriter, the Depositor and MBFS USA represent that each Free Writing Prospectus distributed by it shall bear the following legend, or a substantially similar legend that complies with Rule 433(c)(2)(i) under the Securities Act:

Mercedes-Benz Trust Leasing LLC has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents Mercedes-Benz Trust Leasing LLC has filed with the SEC for more complete information about the issuer, Mercedes-Benz Trust Leasing LLC and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at <u>www.sec.gov</u>. Alternatively, Mercedes-Benz Trust Leasing LLC, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free [●].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Underwriter, severally and not jointly, represents, warrants, covenants and agrees with the Depositor:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Other than the Preliminary Prospectus, the Ratings Free Writing Prospectus, the Road Show Materials, the Pricing Free Writing Prospectus and the Prospectus, it has not made, used, prepared, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any "written communication" (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Underwritten Notes, including but not limited to any "ABS informational and computational materials" as defined in Item 1101(a) of Regulation AB under the Securities Act; <u>provided</u>, <u>however</u>, that (i) each Underwriter may prepare and convey one or more "written communications" (as defined in Rule 405 under the Securities Act) containing no more than, and the Underwriter conveying such information represents that such written communication contains no more than, the following: (1) the information in the Ratings Free Writing Prospectus, the Pricing Free Writing Prospectus or approved in writing by the Depositor, (2) information relating to the class, size, rating, CUSIPS, coupon, yield, spread, closing date, legal maturity, weighted average life, expected final payment date, trade date and payment window of one or more classes of Notes, (3) the servicer clean up call, (4) the eligibility of the Notes to be purchased by ERISA plans, (5) Prepricing Information, (6) a column or other entry showing the status of the subscriptions for the Underwritten Notes (both for the issuance as a whole and for each Underwriter's retention) and/or expected pricing parameters of the Underwritten Notes and (7) Intex .cdi files that do not contain any Issuer Information other than the Issuer Information included in the Preliminary Prospectus previously filed with the Commission or information derived from any such Issuer Information (each such written communication, a "<u>Permitted Underwriter Communication</u>"); and (ii) each Underwriter will be permitted to provide confirmations of sale; <u>provided</u>, <u>however</u>, that no Underwriter has or may distribute any information described in subclauses (1) through (7) above that would be "issuer information" as defined in Rule 433 under the Securities Act other than (A) information that has already been filed with the Commission, (B) preliminary terms of the Notes not required to be filed with the Commission and (C) information relating to the final terms of the Notes required to be filed with the Commission within two days of the later of the date such final terms have been established for all classes of the Notes and the date of first use of such information pursuant to Rule 433(d)(5)(ii) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In disseminating information to prospective investors, it has complied and will continue to comply fully with the Rules and Regulations, including but not limited to Rules 164 and 433 under the Securities Act and the requirements thereunder for retention of Free Writing Prospectuses, including retaining any Free Writing Prospectuses it has used but which are not required to be filed for the required period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; Prior to entering into any Contract of Sale with a prospective investor, the applicable Underwriter shall convey the Time of Sale Information to the prospective investor. Each Underwriter shall maintain sufficient records to document its conveyance of the Time of Sale Information to the potential investor prior to the formation of the related Contract of Sale and shall maintain such records as required by the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; Each Underwriter shall deliver to the Depositor, not less than one business day prior to the required date of filing thereof, all information included in a Permitted Underwriter Communication relating to the final terms of the Underwritten Notes required to be filed with the Commission pursuant to Rule 433(d)(5)(ii) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; Each Underwriter, severally and not jointly, represents and warrants to, and agrees with, MBFS USA and the Depositor that it has not engaged, and will not engage, any third party to provide Due Diligence Services in connection with the offering of the Underwritten Notes other than [●] to provide the [●] Due Diligence Report. No Underwriter has received a "third party due diligence report" (as defined in paragraph (d) of Rule 15Ga-2) in connection with the offering of the Notes other than the [●] Due Diligence Report.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Depositor shall file with the Commission all information required to be filed that is delivered to it pursuant to Section 8(f) not later than two days after the later of the date such final terms have been established for all classes of the Notes and the date of first use of such information pursuant to Rule 433(d)(5)(ii) under the Securities Act; <u>provided</u>, <u>however</u>, that the Depositor shall have no liability for any such failure resulting from the failure of any Underwriter to provide such information to the Depositor in accordance with Section 9(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Each Underwriter shall comply, in all material respects, with all applicable laws and regulations applicable to it in connection with the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination</u>. Subject to Section 14, this Agreement shall be subject to termination in the sole discretion of the Representatives by notice to the Depositor and MBFS USA given on or prior to the 20[__]-[_] Closing Date in the event that either the Depositor or MBFS USA shall have failed, refused or been unable to perform all obligations and satisfy all conditions on its part to be performed or satisfied hereunder at or prior thereto or, if at or prior to the 20[__]-[_] Closing Date any of the events described in Section 8(d) shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification and Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Depositor and MBFS USA will, jointly and severally, indemnify and hold harmless each Underwriter, the directors, officers, employees and agents of each Underwriter and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which such Underwriter or other indemnified person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained or incorporated in the Registration Statement, the Form ABS-15G Report, the Time of Sale Information, the Road Show Materials or the Prospectus or any amendment or supplement thereto, or the omission or alleged omission to state in the Registration Statement, the Form ABS-15G Report, the Time of Sale Information, the Road Show Materials or the Prospectus or any amendment or supplement thereto a material fact required to be stated therein or necessary to make the statements therein, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, (i) any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with the Underwriter Information or (ii) any untrue statement or alleged untrue statement of a material fact contained in a Permitted Underwriter Communication or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u>, <u>however</u>, that this subsection (ii) shall not apply to untrue statements, alleged untrue statements, omissions and alleged omissions contained in a Permitted Underwriter Communication that result from or are based upon errors or omissions in the Issuer Information, and will reimburse, as incurred, each such indemnified party for any legal or other costs or expenses reasonably incurred by it in connection with investigating, preparing, defending against or appearing as a third-party witness in connection with any such loss, claim, damage, liability or action. The remedies provided for in this Section 11 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Each Underwriter, severally and not jointly, will indemnify and hold harmless each of the Depositor and MBFS USA, each of its directors, officers and employees and each person, if any, who controls the Depositor or MBFS USA within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which the Depositor, MBFS USA or any such director, officer, employee or controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained or incorporated in the Registration Statement (or any amendment thereto), the Time of Sale Information or the Prospectus (or any amendment or supplement thereto) or (ii) the omission or alleged omission to state in the Registration Statement (or any amendment thereto), the Time of Sale Information or the Prospectus (or any amendment or supplement thereto) a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with (x) such Underwriter's Underwriter Information or (y) any Derived Information of such Underwriter; <u>provided</u>, <u>however</u>, that this subsection (y) shall not apply if such Derived Information resulted from or was based upon an error or omission in (A) the Registration Statement, the Time of Sale Information, the Prospectus or any Road Show Materials (unless such error or omission is in such Underwriter's Underwriter Information) or (B) a Computer Tape and, subject to the limitation set forth immediately preceding this clause, will reimburse, as incurred, any legal or other expenses reasonably incurred by the Depositor, MBFS USA or any such director, officer, employee or controlling person in connection with investigating, preparing, defending against or appearing as a third-party witness in connection with any such loss, claim, damage, liability or any action in respect thereof. The remedies provided for in this Section 11 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the "<u>Indemnified Person</u>") shall promptly notify the person against whom such indemnification may be sought (the "<u>Indemnifying Person</u>") in writing; <u>provided</u> that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under this Section 11 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under this Section 11. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to Section 11 that the Indemnifying Party may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm for any Underwriter, its affiliates, directors, officers, employees and agents and any control persons of such Underwriter shall be designated in writing by the Representatives and any such separate firm for the Depositor and MBFS USA, its directors, its officers, its employees who signed the Registration Statement and any control persons of the Depositor or MBFS USA shall be designated in writing by the Depositor or MBFS USA. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Depositor or MBFS USA on the one hand and the Underwriters on the other from the offering of the Underwritten Notes or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Depositor or MBFS USA on the one hand and the Underwriters on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Depositor or MBFS USA on the one hand and the Underwriters on the other shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Depositor or MBFS USA from the sale of the Underwritten Notes and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate offering price of the Underwritten Notes. The relative fault of the Depositor or MBFS USA on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Depositor or MBFS USA or by the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Depositor, MBFS USA and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 11 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 11, in no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter with respect to the offering of the Underwritten Notes exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters' obligations to contribute pursuant to this Section 11 are several in proportion to their respective purchase obligations hereunder and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The remedies provided for in this Section 11 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp; <u>Defaults of Underwriters</u>. If any Underwriter or Underwriters default on their obligations to purchase the Underwritten Notes hereunder on the 20[__]-[_] Closing Date and the aggregate principal amount of the Underwritten Notes that such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed 10% of the total principal amount of the Underwritten Notes, the Representatives may make arrangements satisfactory to the Representatives and the Depositor for the purchase of such Notes by other persons, including any of the Underwriters, but if no such arrangements are made by the 20[__]-[_] Closing Date, the nondefaulting Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Underwritten Notes that such defaulting Underwriter or Underwriters agreed but failed to purchase. If an Underwriter or Underwriters so default and the aggregate principal amount of the Underwritten Notes with respect to such default or defaults exceeds 10% of the total principal amount of the Underwritten Notes and arrangements satisfactory to the Representatives and the Depositor for the purchase of such Underwritten Notes by other persons are not made within 36 hours after such default, this Agreement will terminate without liability on the part of any nondefaulting Underwriter, MBFS USA or the Depositor, except as provided in Section 14 of this Agreement. As used in this Agreement, the term "Underwriter" includes any person substituted for an Underwriter under this Section 12. Nothing herein will relieve a defaulting Underwriter from liability for its default.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Bankruptcy Petition</u>. Each Underwriter and MBFS USA each covenants and agrees that, prior to the date which is one year and one day after the payment in full of all securities issued by the Depositor or by a trust for which the Depositor was the depositor which securities were rated by any NRSRO, it will not institute against, or join any other person in instituting against, the Depositor or the Issuing Entity any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any Federal or state bankruptcy or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp; <u>Survival of Representations and Obligations</u>. The respective indemnities, agreements, representations, warranties and other statements of the Depositor or MBFS USA or any of their officers and each of the Underwriters set forth in or made pursuant to this Agreement or contained in certificates of officers of the Depositor or MBFS USA submitted pursuant hereto shall survive delivery of and payment for the Underwritten Notes and shall remain operative and in full force and effect, regardless of any investigation or statement as to the results thereof made by or on behalf of any Underwriter or of the Depositor or MBFS USA or any of their respective representatives, officers or directors or any controlling person. If for any reason the purchase of the Underwritten Notes by the Underwriters is not consummated, the Depositor shall remain responsible for the expenses to be paid or reimbursed by the Depositor pursuant to Section 7 of this Agreement and the respective obligations of the Depositor, MBFS USA and the Underwriters pursuant to Section 11 of this Agreement shall remain in effect. In addition, if the Underwriters decline to purchase the Underwritten Notes due to the failure of the satisfaction of any of the conditions precedent set forth in Section 8, the Depositor will reimburse any Underwriter, upon demand, for all reasonable out-of-pocket expenses reasonably incurred by it in connection with the offering of the Underwritten Notes (including the fees and disbursements of counsel to the Underwriters).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices</u>. All communications hereunder will be in writing and if sent to the Underwriters, will be mailed, delivered or telegraphed and confirmed to [●], Attention: [●]; [●], Attention: [●]; [●], Attention: [●]; Attention: [●], Email: [●]; if sent to the Depositor, will be mailed, delivered or telegraphed, and confirmed to it at Mercedes-Benz Trust Leasing LLC, 35555 West Twelve Mile Road, Suite 100, Farmington Hills, Michigan 48331, Attention: [●] Email: [●]; if sent to MBFS USA, will be mailed, delivered or telegraphed, and confirmed to it at Mercedes-Benz Financial Services USA LLC, 35555 West Twelve Mile Road, Suite 100, Farmington Hills, Michigan 48331, Attention: Steven C. Poling, Email: [●]. Any such notice will take effect at the time of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Definition of Terms; Underwriter Information</u>. For purposes of this Agreement, (a) the term "business day" means any day on which the New York Stock Exchange, Inc. is open for trading and (b) except where otherwise expressly provided, the term "affiliate" has the meaning set forth in Rule 405 under the Securities Act. The parties hereto acknowledge and agree that, for all purposes of this Agreement, the Underwriter Information consists solely of the following information in the Preliminary Prospectus and the Prospectus: [the second sentence of the second paragraph, the second and third sentences of the third paragraph (including the table containing "<u>Selling Concessions</u>" and "<u>Reallowance</u>") and the second sentence of the fourth paragraph under the heading "Underwriting"].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Successors</u>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and any other persons referenced in Section 11 of this Agreement, and no other person will have any right or obligations hereunder. No purchaser of Underwritten Notes from any Underwriter shall be deemed to be a successor of such Underwriter merely because of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp; <u>Representation</u>. The Representatives will act for the several Underwriters in connection with the transactions contemplated by this Agreement, and any action under this Agreement taken by the Representatives will be binding upon all of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, "Signature Law"), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp; <u>Applicable Law</u>. This Agreement and any claim, controversy or dispute arising under or related to this Agreement will be governed by, and construed in accordance with, the laws of the State of New York.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp; <u>Arm's Length Transaction</u>. The Depositor and MBFS USA acknowledge and agree that each Underwriter is acting solely in the capacity of an arm's length contractual counterparty to the Depositor and MBFS USA with respect to the offering of the Notes contemplated hereby (including in connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Depositor, MBFS USA or any other person. Additionally, neither the Representatives nor any other Underwriter is advising the Depositor, MBFS USA or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Depositor and MBFS USA shall consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and no Underwriter shall have any responsibility or liability to the Depositor or MBFS USA with respect thereto. Any review by the Underwriters of the Depositor, MBFS USA, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriters and shall not be on behalf of the Depositor or MBFS USA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver of Jury Trial</u>. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Submission to Jurisdiction</u>. The parties submit to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all legal proceedings arising out of or relating to this Agreement. The parties irrevocably waive, to the fullest extent they may do so, any objection that they may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Recognition of the U.S. Special Resolution Regimes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; In the event that any Underwriter that is a Covered Entity (as described below) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate (as described below) of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as described below) under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

------

For purposes of this Section 24, a "BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). "Covered Entity" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. "U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

------

If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to us the enclosed duplicate hereof, whereupon it will become a binding agreement among the Depositor, MBFS USA and the several Underwriters in accordance with the terms of this Agreement.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **MERCEDES-BENZ TRUST LEASING LLC** | **MERCEDES-BENZ TRUST LEASING LLC** |
| By:<br>|  |
|  | Name: |
|  | Title: Vice President |
| By:<br>|  |
|  | Name: |
|  | Title: |
| **MERCEDES-BENZ FINANCIAL SERVICES USA LLC** | **MERCEDES-BENZ FINANCIAL SERVICES USA LLC** |
| By:<br>|  |
|  | Name: |
|  | Title: Vice President |
| By:<br>|  |
|  | Name: |
|  | Title: |

---

------

The foregoing Underwriting

Agreement is hereby confirmed

and accepted as of the date first written above

by the undersigned acting on their own behalf

and acting as Representatives of the several

Underwriters.

---

| | |
|:---|:---|
| [●] | [●] |
| By: |  |
|  | Name: |
|  | Title: |

---

------

---

| | |
|:---|:---|
| [●] | [●] |
| By: |  |
|  | Name: |
|  | Title: |

---

------

---

| | |
|:---|:---|
| [●] | [●] |
| By: |  |
|  | Name: |
|  | Title: |

---

------

SCHEDULE I

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Underwriters** | **Principal <br> Amount of** <br> **Class A-1** <br> **Notes** | **Principal** <br> **Amount of** <br> **Class A-2** <br> **Notes** | **Principal** <br> **Amount of** <br> **Class A-3** <br> **Notes** | **Principal** <br> **Amount of** <br> **Class A-4** <br> **Notes** |
| [●] | $[●] | $[●] | $[●] | $[●] |
| [●] | $[●] | $[●] | $[●] | $[●] |
| [●] | $[●] | $[●] | $[●] | $[●] |
| [●] | $[●] | $[●] | $[●] | $[●] |
| [●] | $[●] | $[●] | $[●] | $[●] |
| **Total** | **$[●]** | **$[●]** | **$[●]** | $[●] |

---

------

ANNEX A

<u>Pricing Free Writing Prospectus</u>

To be filed with the Securities and Exchange Commission on [___________], 20[_].

Annex-A

------

## Exhibit 3.3

------

#### Exhibit 3.3

#### AMENDMENT NO. 1

#### TO THE

#### AMENDED AND RESTATED

#### LIMITED LIABILITY COMPANY AGREEMENT

#### OF

#### DAIMLER TRUST LEASING LLC
This Amendment No. 1 to the Amended and Restated Limited Liability Company Agreement of Daimler Trust Leasing LLC, a Delaware limited liability company (the "Company"), dated as of May 10, 2023, and made effective as of February 1, 2022 (this "Amendment"), is made and entered into by Mercedes-Benz Financial Services USA LLC (formerly known as "DCFS USA LLC"), as the sole equity member of the Company (the "Member").

#### W I T N E S S E T H
WHEREAS, the Company is a Delaware limited liability company that was formed under the Delaware Limited Liability Company Act, 6 <u>Del. C.</u> § 18-101, <u>et</u> <u>seq</u>., (the "Act"), under the name of "Daimler Trust Leasing LLC" (the "Initial Name"), pursuant to a Certificate of Formation of the Company, as filed in the office of the Secretary of State of the State of Delaware (the "Secretary of State") on January 15, 2009 (the "Original Certificate"), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company, dated as of March 25, 2009 (the "Agreement");

WHEREAS, the Member has determined to change the name of the Company from the Initial Name to "Mercedes-Benz Trust Leasing LLC" (the "New Name"), and desires to amend the Agreement to effect such change; and

WHEREAS, to reflect the change in the name of the Company from the Initial Name to the New Name, the Member, as an authorized person of the Company within the meaning of the Act, has executed, delivered and filed a Certificate of Amendment of the Original Certificate with the office of the Secretary of State (the "Name Change Certificate of Amendment").

NOW, THEREFORE, the undersigned, in consideration of the promises, covenants and agreements contained herein, does hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendments</u>. The Agreement is hereby amended to change the name of the Company to "Mercedes-Benz Trust Leasing LLC" and all references in the Agreement to "Daimler Trust Leasing LLC" are hereby deleted and replaced with "Mercedes-Benz Trust Leasing LLC".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Binding Effect</u>. This Amendment shall be binding upon, and shall enure to the benefit of, the party hereto and all other parties to the Agreement and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Agreement in Effect</u>. Except as hereby amended, the Agreement shall remain in full force and effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>. This Amendment shall be governed by, and interpreted in accordance with, the laws of the State of Delaware, all rights and remedies being governed by such laws without regard to principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>. Each provision of this Amendment shall be considered severable and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Amendment that are valid, enforceable and legal.

[Signature page follows]

------

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly executed as of the day and year first above written.

---

| | |
|:---|:---|
| MEMBER: | MEMBER: |
| MERCEDES-BENZ FINANCIAL SERVICES USA LLC | MERCEDES-BENZ FINANCIAL SERVICES USA LLC |
| By: | /s/ Brian T. Stevens |
| Name: | Brian T. Stevens |
| Title: | Vice President and Controller |
| By: | /s/ Steven C. Poling |
| Name: | Steven C. Poling |
| Title: | Assistant Secretary |

---

------

## Exhibit 3.4

------

#### Exhibit 3.4

#### CERTIFICATE OF TRUST

#### OF

#### MERCEDES-BENZ VEHICLE TRUST
THIS Certificate of Trust of Mercedes-Benz Vehicle Trust (the "Trust") is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 <u>Del. C.</u> § 3801 <u>et</u> <u>seq</u>.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Name</u>. The name of the statutory trust formed by this Certificate of Trust is Mercedes-Benz Vehicle Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Delaware Trustee</u>. The name and address of the trustee of the Trust with a principal place of business in the State of Delaware are BNY Mellon Trust of Delaware, 301 Bellevue Parkway, Wilmington, Delaware 19809.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Separate Series</u>. Pursuant to Section 3806(b)(2) of the Act, the Trust may create one or more series having the rights and preferences specified in the governing instrument of the Trust, as it may be amended from time to time (each a "Series").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice of Limitation of Liability of Each Series</u>. Pursuant to Section 3804(a) of the Act, the liabilities of each Series shall be limited such that (a) the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular Series shall be enforceable against the assets of that particular Series only, and not against the assets of the Trust generally, or the assets of any other Series and (b) none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally or any other Series shall be enforceable against the assets of such Series.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

---

| | | |
|:---|:---|:---|
| BNY MELLON TRUST OF DELAWARE | BNY MELLON TRUST OF DELAWARE | BNY MELLON TRUST OF DELAWARE |
| , not in its individual capacity but solely as trustee of the Trust | , not in its individual capacity but solely as trustee of the Trust | , not in its individual capacity but solely as trustee of the Trust |
| By: | /s/ Kristine K. Gullo | /s/ Kristine K. Gullo |
|  | Name: | Kristine K. Gullo |
|  | Title: | Vice President |

---

------

## Exhibit 4.1

------

EXHIBIT 4.1

$[●]

Asset Backed Notes

MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_],

as Issuer,

and

[●],

as Indenture Trustee

---

| |
|:---|
| INDENTURE |
| Dated as of [______ _], 20[__] |

---

------

CROSS REFERENCE TABLE<sup>\*</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; TIA<br> <u>Section</u> | Indenture<br> Section<br>|
| 310 (a)(1)<br>| 6.11 |
| (a)(2)<br>| 6.11 |
| (a)(3) | 6.10; 6.11 |
| (a)(4) | N.A.<sup>\*</sup><sup>\*</sup> |
| (a)(5) | 6.11 |
| (b) | 6.08; 6.11 |
| (c)<br>| N.A. |
| 311 (a)<br>| 6.12 |
| (b)<br>| 6.12 |
| (c)<br>| N.A. |
| 312 (a)<br>| 7.01 |
| (b)<br>| 7.01 |
| (c)<br>| 7.01 |
| 313 (a) | 7.04 |
| (b)(1)<br>| 7.04 |
| (b)(2)<br>| 7.04 |
| (c) | 7.04; 11.05 |
| (d)<br>| 7.04 |
| 314 (a)<br>| 3.09; 7.03 |
| (b)<br>| 3.06; 11.15 |
| (c)(1)<br>| 11.01 |
| (c)(2)<br>| 11.01 |
| (c)(3)<br>| 11.01 |
| (d)<br>| 11.01 |
| (e)<br>| 11.01 |
| (f) | 11.01 |
| 315 (a)<br>| 6.01 |
| (b)<br>| 6.05; 11.01 |
| (c) | 6.01 |
| (d)<br>| 6.01 |
| (e)<br>| 5.13 |
| 316 (a) | 1.01 |
| (a)(1)(A)<br>| 5.11 |
| (a)(1)(B)<br>| 5.12 |
| (a)(2)<br>| N.A. |
| (b)<br>| 5.07 |
| (c)<br>| N.A. |
| 317 (a)(1)<br>| 5.03 |
| (a)(2)<br>| 5.03 |
| (b) | 3.03 |
| 318 (a)<br>| 11.07 |

---

------

<sup>\*</sup> This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

<sup>\*\*</sup> N.A. means Not Applicable.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | <u>Page</u> |
| ARTICLE ONE | ARTICLE ONE |
| DEFINITIONS | DEFINITIONS |
| Section 1.01. Capitalized Terms; Rules of Usage | 3 |
| Section 1.02. Incorporation by Reference of Trust Indenture Act | 4 |
| ARTICLE TWO | ARTICLE TWO |
| THE NOTES | THE NOTES |
| Section 2.01. Form | 5 |
| Section 2.02. Execution, Authentication and Delivery | 5 |
| Section 2.03. Temporary Notes | 6 |
| Section 2.04. Tax Treatment | 6 |
| Section 2.05. Registration; Registration of Transfer and Exchange | 6 |
| Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes | 9 |
| Section 2.07. Persons Deemed Owner | 9 |
| Section 2.08. Payment of Principal and Interest | 10 |
| Section 2.09. Cancellation | 10 |
| Section 2.10. Book-Entry Notes | 11 |
| Section 2.11. Notices to Clearing Agency | 11 |
| Section 2.12. Definitive Notes | 12 |
| Section 2.13. Release of Collateral | 12 |
| Section 2.14. [Reserved] | 12 |
| Section 2.15. Authenticating Agents | 12 |
| Section 2.16. FATCA | 13 |
| ARTICLE THREE | ARTICLE THREE |
| COVENANTS AND REPRESENTATIONS | COVENANTS AND REPRESENTATIONS |
| Section 3.01. Payment of Principal and Interest | 16 |
| Section 3.02. Maintenance of Office or Agency | 16 |
| Section 3.03. Money for Payments to be Held in Trust | 16 |
| Section 3.04. Existence | 17 |
| Section 3.05. Protection of the Trust Estate | 18 |
| Section 3.06. Opinions as to Trust Estate | 18 |
| Section 3.07. Performance of Obligations; Servicing of 20[__]-[_] Leases and 20[__]-[_] Vehicles | 19 |
| Section 3.08. Negative Covenants | 21 |
| Section 3.09. Issuer May Consolidate, etc., Only on Certain Terms | 21 |
| Section 3.10. Successor or Transferee | 23 |

---

i

------

<br> <u>Page</u>

<br> ---

| | |
|:---|:---|
| Section 3.11. Servicer's Obligations | 23 |
| Section 3.12. Guarantees, Loans, Advances and Other Liabilities | 24 |
| Section 3.13. Capital Expenditures | 24 |
| Section 3.14. Removal of Administrator | 24 |
| Section 3.15. Restricted Payments | 24 |
| Section 3.16. Notice of Events of Default | 24 |
| Section 3.17. Further Instruments and Acts | 24 |
| Section 3.18. Delivery of 20[__]-[_] Exchange Note | 24 |
| Section 3.19. Compliance With Laws | 24 |
| Section 3.20. Annual Statement as to Compliance | 25 |
| Section 3.21. Representations | 25 |
| ARTICLE FOUR | ARTICLE FOUR |
| SATISFACTION AND DISCHARGE | SATISFACTION AND DISCHARGE |
| Section 4.01. Satisfaction and Discharge of Indenture | 27 |
| Section 4.02. Satisfaction, Discharge and Defeasance of the Notes | 27 |
| Section 4.03. Application of Trust Money | 29 |
| Section 4.04. Repayment of Monies Held by Note Paying Agent | 29 |
| ARTICLE FIVE | ARTICLE FIVE |
| EVENTS OF DEFAULT; REMEDIES | EVENTS OF DEFAULT; REMEDIES |
| Section 5.01. Events of Default | 30 |
| Section 5.02. Acceleration of Maturity; Rescission and Annulment | 31 |
| Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee | 31 |
| Section 5.04. Remedies; Priorities | 33 |
| Section 5.05. Optional Preservation of the Trust Estate | 35 |
| Section 5.06. Limitation of Suits | 36 |
| Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest | 36 |
| Section 5.08. Restoration of Rights and Remedies | 36 |
| Section 5.09. Rights and Remedies Cumulative | 37 |
| Section 5.10. Delay or Omission Not a Waiver | 37 |
| Section 5.11. Control by Noteholders | 37 |
| Section 5.12. Waiver of Past Defaults | 37 |
| Section 5.13. Undertaking for Costs | 38 |
| Section 5.14. Waiver of Stay or Extension Laws | 38 |
| Section 5.15. Action on Notes | 38 |
| Section 5.16. Performance and Enforcement of Certain Obligations | 38 |
| Section 5.17. Sale of Trust Estate | 39 |

---

ii

------

<br> <u>Page</u>

<br> ---

| | |
|:---|:---|
| ARTICLE SIX | ARTICLE SIX |
| THE INDENTURE TRUSTEE | THE INDENTURE TRUSTEE |
| Section 6.01. Duties of Indenture Trustee | 40 |
| Section 6.02. Rights of Indenture Trustee | 41 |
| Section 6.03. Individual Rights of Indenture Trustee | 43 |
| Section 6.04. Indenture Trustee's Disclaimer | 43 |
| Section 6.05. Notice of Defaults and Repurchase Requests | 43 |
| Section 6.06. Reports by Indenture Trustee to Holders | 44 |
| Section 6.07. Compensation and Indemnity | 44 |
| Section 6.08. Replacement of Indenture Trustee | 45 |
| Section 6.09. Successor Indenture Trustee by Merger | 46 |
| Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee | 47 |
| Section 6.11. Eligibility; Disqualification | 48 |
| Section 6.12. Preferential Collection of Claims Against Issuer | 48 |
| Section 6.13. Issuer as Holder of the 20[__]-[_] Exchange Note | 48 |
| Section 6.14. Representations and Warranties of Indenture Trustee | 48 |
| Section 6.15. Furnishing of Monthly Investor Reports and Other Documents | 49 |
| Section 6.16. Encryption | 50 |
| ARTICLE SEVEN | ARTICLE SEVEN |
| NOTEHOLDER COMMUNICATIONS AND REPORTS | NOTEHOLDER COMMUNICATIONS AND REPORTS |
| Section 7.01. Noteholder List and Noteholder Communications | 51 |
| Section 7.02. Noteholder Demand for Asset Representations Review | 52 |
| Section 7.03. Reports by Issuer | 53 |
| Section 7.04. Reports by Indenture Trustee | 53 |
| ARTICLE EIGHT | ARTICLE EIGHT |
| DISBURSEMENTS AND RELEASES | DISBURSEMENTS AND RELEASES |
| Section 8.01. Collection of Money | 55 |
| Section 8.02. Monthly Investor Report | 55 |
| Section 8.03. Disbursement of Funds | 55 |
| Section 8.04. 20[__]-[_] Bank Accounts; General Provisions Regarding 20[__]-[_] Bank Accounts. | 57 |
| Section 8.05. Release of Trust Estate | 59 |

---

iii

------

<br> <u>Page</u>

<br> ---

| | |
|:---|:---|
| ARTICLE NINE | ARTICLE NINE |
| SUPPLEMENTAL INDENTURES | SUPPLEMENTAL INDENTURES |
| Section 9.01. Supplemental Indentures Without Consent of Noteholders | 61 |
| Section 9.02. Supplemental Indentures With Consent of Noteholders | 62 |
| Section 9.03. Execution of Supplemental Indentures | 64 |
| Section 9.04. Effect of Supplemental Indenture | 64 |
| Section 9.05. Conformity with Trust Indenture Act | 65 |
| Section 9.06. Reference in Notes to Supplemental Indentures | 65 |
| ARTICLE TEN | ARTICLE TEN |
| REDEMPTION OF NOTES | REDEMPTION OF NOTES |
| Section 10.01. Redemption | 66 |
| Section 10.02. Form of Redemption Notice | 66 |
| Section 10.03. Notes Payable on Redemption Date | 67 |
| ARTICLE ELEVEN | ARTICLE ELEVEN |
| MISCELLANEOUS | MISCELLANEOUS |
| Section 11.01. Compliance Certificates and Opinions, etc. | 68 |
| Section 11.02. Form of Documents Delivered to Indenture Trustee | 69 |
| Section 11.03. Acts of Noteholders | 70 |
| Section 11.04. Notices | 71 |
| Section 11.05. Notices to Noteholders; Waiver | 71 |
| Section 11.06. Conflict with Trust Indenture Act | 72 |
| Section 11.07. Alternate Payment and Notice Provisions | 72 |
| Section 11.08. Effect of Headings and **Table of Contents** | 72 |
| Section 11.09. Successors and Assigns | 72 |
| Section 11.10. Severability | 72 |
| Section 11.11. Benefits of Indenture | 72 |
| Section 11.12. Legal Holidays | 72 |
| Section 11.13. **GOVERNING LAW** | 73 |
| Section 11.14. **WAIVER OF JURY TRIAL** | 73 |
| Section 11.15. Counterparts | 73 |
| Section 11.16. Recording of Indenture | 73 |
| Section 11.17. Issuer Obligation | 74 |
| Section 11.18. No Petition | 74 |
| Section 11.19. No Recourse | 74 |
| Section 11.20. Inspection | 75 |
| Section 11.21. Subordination | 75 |
| Section 11.22. Termination of Collateral Agent's Lien | 76 |
| Section 11.23. Each Exchange Note Separate; Assignees of Exchange Note | 77 |

---

iv

------

<br> <u>Page</u>

<br> EXHIBITS

Exhibit A – Form of Notes A-1 <br> Exhibit B – Form of Repurchase Request B-1 <br> Exhibit C – Perfection Representations, Warranties and Covenants C-1

v

------

This INDENTURE, dated as of [_______ _], 20[__], is between MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_], a Delaware statutory trust (the "Issuer"), and [●], a national banking association, as trustee and not in its individual capacity (the "Indenture Trustee").

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer's [_____%][floating rate] Class A-1 Asset Backed Notes (the "Class A-1 Notes"), [_____%][floating rate] Class A-2A Asset Backed Notes (the "Class A-2A Notes"), [Benchmark][SOFR Rate]+ [___]]% Class A-2B Asset Backed Notes (the "Class A-2B Notes"), [_____%][floating rate] Class A-3 Asset Backed Notes (the "Class A-3 Notes"), [_____%][floating rate] Class A-4 Asset Backed Notes (the "Class A-4 Notes") and [_____%][floating rate] Class B Asset Backed Notes (the "Class B Notes" and, together with the Class A-1 Notes, the Class A-2A Notes, the Class A-2B Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the "Notes"):

GRANTING CLAUSE

The Issuer hereby Grants to the Indenture Trustee on the 20[__]-[_] Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes, without recourse, all of the Issuer's right, title and interest in and to (i) all rights (but none of the obligations) of the Issuer as holder of the 20[__]-[_] Exchange Note, including the right of the Issuer to receive payments with respect to the 20[__]-[_] Exchange Note, (ii) all rights of the Issuer in the 20[__]-[_] Bank Accounts, all funds on deposit in the 20[__]-[_] Bank Accounts and all investments and proceeds, including all investment earnings (net of losses and investment expenses), from amounts on deposit in the 20[__]-[_] Bank Accounts, (iii) all rights of the Issuer under the 20[__]-[_] Basic Documents, including its rights as assignee of the Transferor under the First-Tier Sale Agreement, (iv) the rights of the Issuer as third-party beneficiary of the Basic Servicing Agreement, the 20[__]-[_] Servicing Supplement and the 20[__]-[_] Exchange Note Supplement and (v) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the "20[__]-[_] Collateral").

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction, except as otherwise provided in this Indenture and the other 20[__]-[_] Basic Documents, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture.

The Indenture Trustee, as trustee on behalf of the 20[__]-[_] Secured Parties, acknowledges such Grant and the Grant by the Titling Trust under the Titling Trust Control Agreement of a security interest in the 20[__]-[_] Exchange Note Collection Account, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture in accordance with the terms hereof.

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Notwithstanding any statement to the contrary contained herein or in any other 20[__]-[_] Basic Document, none of the Indenture Trustee, any Holder or other Person shall have a security interest in any funds held in connection with the Tax Owner's Master Exchange Program in an account that is not one of the 20[__]-[_] Bank Accounts established pursuant to the 20[__]-[_] Servicing Supplement for the exclusive benefit of the Noteholders, including any funds that represent the net proceeds from the sale or other disposition of a 20[__]-[_] Vehicle, and no funds in any such other accounts shall be included in the Trust Estate; provided, that, so long as an Event of Default has occurred and is continuing, the Servicer shall remit actual net proceeds from the sale or other disposition of a 20[__]-[_] Vehicle directly into the 20[__]-[_] Exchange Note Collection Account. It is the intention of the parties hereto that the preceding sentence shall satisfy the requirements of Section 1.1031(k)-1(g)(4) of the Treasury Regulations with respect to prohibiting the Tax Owner from having the right to receive, pledge, borrow or otherwise obtain the benefits of money or other property held in such other accounts.

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ARTICLE ONE

DEFINITIONS

Section 1.01. <u>Capitalized Terms; Rules of Usage</u>. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix 1 to the 20[__]-[_] Servicing Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement, which Appendices are hereby incorporated into and made a part of this Indenture. Appendix 1 also contains rules as to usage applicable to this Indenture. Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Indenture. In the event of any conflict between a definition appearing below and any other 20[__]-[_] Basic Document, the definition appearing below shall control for purposes of this Indenture.

"<u>20[__]-[_] Servicing Supplement</u>" means the 20[__]-[_] Servicing Supplement, dated as of [_______ _], 20[__], to the Basic Servicing Agreement, among MBFS USA, as servicer and lender, Mercedes-Benz Vehicle Trust, as titling trust, and Collateral Title Co., as collateral agent.

"<u>Act</u>" has the meaning specified in Section 11.03(a).

"<u>Authenticating Agent</u>" means any Person authorized by the Indenture Trustee to act on behalf of the Indenture Trustee to authenticate and deliver the Notes.

"<u>Authorized Newspaper</u>" means a newspaper of general circulation in The City of New York, printed in the English language and customarily published on each Business Day, whether or not published on Saturdays, Sundays and holidays.

"<u>Basic Collateral Agency Agreement</u>" means the Second Amended and Restated Basic Collateral Agency Agreement, dated as of May 1, 2023, among Mercedes-Benz Vehicle Trust, the Administrative Agent, Collateral Title Co., as collateral agent, and MBFS USA, as lender and as servicer.

"<u>Basic Servicing Agreement</u>" means the Second Amended and Restated Servicing Agreement, dated as of May 1, 2023, among MBFS USA, as lender and as servicer, Mercedes-Benz Vehicle Trust, as titling trust, and Collateral Title Co., as collateral agent.

"<u>Executive Officer</u>" means, with respect to any (i) corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, Executive Vice President, any Vice President, the Secretary or the Treasurer of such corporation and (ii) partnership, any general partner thereof.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code (or any amended or successor version) and any current or future regulations or official interpretations thereof.

"<u>FATCA Withholding Tax</u>" means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to FATCA.

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"<u>Holder</u>" or "<u>Noteholder</u>" means the Person in whose name a Note is registered on the Note Register.

"<u>Noteholder FATCA Information</u>" means, with respect to any Noteholder or holder of an interest in a Note, information sufficient to eliminate the imposition of, or determine the amount of, U.S. withholding tax under FATCA.

"<u>Noteholder Tax Identification Information</u>" means, with respect to any Noteholder, information and/or properly completed and signed tax certifications sufficient to determine the amount of any withholding of tax.

"<u>Predecessor Note</u>" means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.06 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

"<u>PTCE</u>" means Prohibited Transaction Class Exemption.

"<u>Trust Estate</u>" means all of the Issuer's right, title and interest in and to the 20[__]-[_] Collateral. Notwithstanding the foregoing, it is understood that for all purposes of this Indenture and the other 20[__]-[_] Basic Documents, with respect to the proceeds from the sale or other disposition of a 20[__]-[_] Vehicle that are part of 20[__]-[_] Collections, the Servicer shall remit when due an amount equal to such proceeds (less related Liquidation Expenses) rather than the actual proceeds from such sale or other disposition, which actual proceeds shall be deposited into a Qualified Intermediary Account and shall not constitute part of the Trust Estate; provided, that, so long as an Event of Default has occurred and is continuing, the Servicer shall remit the actual proceeds (less related Liquidation Expenses) from such sale or other disposition directly into the 20[__]-[_] Exchange Note Collection Account.

"<u>Trust Indenture Act</u>" or "<u>TIA</u>" means the Trust Indenture Act of 1939.

Section 1.02. <u>Incorporation by Reference of Trust Indenture Act</u>. Whenever this Indenture refers to a provision of the TIA, that provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

"<u>indenture securities</u>" means the Notes.

"<u>indenture security holder</u>" means a Noteholder.

"<u>indenture to be qualified</u>" means this Indenture.

"<u>indenture trustee</u>" or "<u>institutional trustee</u>" means the Indenture Trustee.

"<u>obligor</u>" on the indenture securities means the Issuer and any other obligor on the indenture securities.

All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions.

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ARTICLE TWO

THE NOTES

Section 2.01. <u>Form</u>. The Notes, together with the Indenture Trustee's certificate of authentication, shall be issued in definitive form substantially in the form set forth in Exhibit A, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the Authorized Officer of the Issuer executing such Notes, as evidenced by his or her execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

The Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture.

Section 2.02. <u>Execution, Authentication and Delivery</u>. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile.

Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

The Indenture Trustee shall upon Issuer Order authenticate and deliver Notes for original issue the Notes in the following aggregate principal amounts: (i) $__________ of Class A-1 Notes, (ii) $__________ of Class A-2A Notes, (iii) $__________ of Class A-2B Notes, (iv) $__________ of Class A-3 Notes , (v) $__________ of Class A-4 Notes and (vi) $__________ of Class B Notes. The aggregate principal amount of Class A-1 Notes, Class A-2A Notes, Class A-2B Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.06.

Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered notes in book-entry form in minimum denominations of $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 20[__]-[_] Closing Date, one Class A-1 Note, one Class A-2A Note, one Class A-2B Note, one Class A-3 Note, one Class A-4 Note and one Class B Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2A Note Balance, the Initial Class A-2B Note Balance, the Initial A-3 Note Balance, the Initial Class A-4 Note Balance and the Initial Class B Note Balance, respectively.

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No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

Section 2.03. <u>Temporary Notes</u>. Pending the preparation of Definitive Notes pursuant to Section 2.12, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.

If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like tenor and principal amount of Definitive Notes of authorized denominations of the same aggregate outstanding principal amount. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

Section 2.04. <u>Tax Treatment</u>. The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for all purposes, including federal, State and local income, single business and franchise tax purposes, the Notes, if held by persons other than the beneficial owner of the equity in the Issuer or by an affiliate of such beneficial owner for such purposes, will qualify as indebtedness of the Issuer secured by the Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner, by its acceptance of an interest in the applicable Book-Entry Note), agree (i) to treat the Notes for all purposes, including federal, State and local income, single business and franchise tax purposes, as indebtedness and (ii) not to take any action inconsistent with the agreement in clause (i) above, including claiming a Note represents ownership of any 20[__]-[_] Vehicles or the right to take deductions for depreciation or otherwise.

Section 2.05. <u>Registration; Registration of Transfer and Exchange</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Issuer shall cause to be kept a register (the "Note Register") in which the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. Notwithstanding anything herein to the contrary, no assignment or transfer of any Note shall be effective unless such assignment or transfer shall have been recorded in the Note Register. The Indenture Trustee initially shall be the "Note Registrar" for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

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If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Holders of Notes and the principal amounts and number of such Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.02, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuer, and the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same Class in any authorized denominations and of a like aggregate principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of a like aggregate principal amount, upon surrender of such Notes at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuer, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee the Notes that the Noteholder making such exchange is entitled to receive.

Every Note presented or surrendered for registration of transfer or exchange shall (if so required by the Issuer or the Indenture Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee, duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing.

All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.

No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith, other than exchanges pursuant to Sections 2.03 or 9.06 not involving any transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The preceding provisions of this Section notwithstanding, the Issuer shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note selected for redemption.

By acquiring a Note (or interest therein) each purchaser and transferee (and if the purchaser or transferee is a Benefit Plan, its fiduciary) will be required to represent in the case of a Definitive Note, or deemed to represent, in the case of a Book-Entry Note, that either (i) it is not acquiring the Note (or interest therein) with the assets of a Benefit Plan or arrangement that is subject to Similar Law or (ii)(a) the acquisition, holding and disposition of the Note (or interest therein) will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law and (b) such Note has at least one investment grade rating from a nationally recognized statistical rating organization at the time of purchase and has not been characterized as other than indebtedness under applicable local law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall not be responsible for ascertaining whether any transfer complies with, or for otherwise monitoring or determining compliance with, the requirements or terms of the Securities Act, applicable State securities laws, ERISA, as applicable, or the Code; except that if a certificate is specifically required by the terms of this Section to be provided to the Indenture Trustee by a prospective transferor or transferee, the Indenture Trustee shall be under a duty to receive and examine the same to determine whether it conforms substantially on its face to the applicable requirements of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any purported transfer of a Note not in accordance with this Section shall be null and void and shall not be given effect for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon any sale or transfer of any Note (or interest therein) that was retained by the Issuer or a Person that is considered the same person as the Issuer for U.S. federal income tax purposes as of the 20[__]-[_] Closing Date, if for tax or other reasons it may be necessary to track any such Note (for example, if the Notes have original issue discount), tracking conditions such as requiring separate CUSIPs may be required by the Issuer as a condition to such transfer and the Issuer shall provide prior written notice of such sale or transfer and tracking condition to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Class [__] Notes have not been registered under the Securities Act or the securities laws of any jurisdiction. Consequently, the Class [__] Notes are not transferable other than pursuant to an effective Registration Statement under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions of this Indenture.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Except in a sale, pledge or other transfer of the Class [__] Notes to the Depositor or an Affiliate of the Depositor or pursuant an effective Registration Statement under the Securities Act, no further sale, pledge or other transfer of any Class [__] Note (or interest therein) may be made by any Person unless either (A) such sale, pledge or other transfer is made to a QIB that is acting for its own account or the accounts of other QIBs and is aware that the transferor of such Notes intends to rely on the exemption from the registration requirements of the Securities Act provided by Rule 144A under the Securities Act or (B) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in which case the Indenture Trustee will require (1) that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification will be in form and substance satisfactory to the Indenture Trustee and the Depositor, and (2) an Opinion of Counsel (which will not be at the expense of the Depositor, the Administrator, the Servicer, the Issuer or the Indenture Trustee) satisfactory to the Depositor and the Indenture Trustee to the effect that such transfer will not require registration under the Securities Act. The Class [__] Notes will bear a legend in substantially the form set forth in Exhibit A to this Indenture.]

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Section 2.06. <u>Mutilated, Destroyed, Lost or Stolen Notes</u>. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a Protected Purchaser, and provided that the requirements of Sections 8-405 and 8-406 of the UCC are met, the Issuer shall execute, and upon receipt of an Issuer Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like tenor and principal amount; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a Protected Purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom such replacement Note was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith.

Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

Section 2.07. <u>Persons Deemed Owner</u>. Prior to due presentment for registration of transfer of any Note, the Issuer and any agent of the Issuer or the Indenture Trustee will treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary.

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Section 2.08. <u>Payment of Principal and Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Notes shall accrue interest at their respective Interest Rates, and such interest shall be payable on each Payment Date as specified therein, subject to Sections 3.01 and 8.03. Any installment of interest or principal payable on a Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by wire transfer, except that, with respect to Notes registered on the Record Date in the name of the nominee or the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee; provided, however, that the final installment of principal payable with respect to such Note on a Payment Date or on the Final Scheduled Payment Date for such Note (and except for the Note Redemption Price for any Note called for pursuant to Section 10.01), which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The principal of each Note shall be payable in installments on each Payment Date as provided in Section 8.03. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the earliest of (i) date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Majority Noteholders [of the Controlling Class] have declared the Notes to be immediately due and payable in the manner provided in Section 5.02, (ii) the Final Scheduled Payment Date for such Class of Notes and (iii) the Redemption Date, if any. All principal payments on a Class of Notes shall be made pro rata to the Noteholders entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate, which shall be due and payable on the Payment Date following such default. The Issuer shall pay such defaulted interest to the Persons who are Noteholders of the related Class of [interest-bearing] Notes on the Record Date for such following Payment Date.

Section 2.09. <u>Cancellation</u>. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee.

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Section 2.10. <u>Book-Entry Notes</u>. Except as provided in Section 2.12, the Notes, upon original issuance, will be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as custodian for DTC, the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner's interest in such Book Entry Note, except as provided in Section 2.12. Unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.12:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the provisions of this Section shall be in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Holder of such Notes, and shall have no obligation to the Note Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency or the Clearing Agency Participants; pursuant to the Note Depository Agreement, unless and until Definitive Notes are issued pursuant to Section 2.12, the Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; whenever this Indenture requires or permits actions to be taken based upon instructions or directions of the Holders of Notes (or Holders of Notes of any Class) evidencing a specified percentage of the Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes or such Class of Notes and has delivered such instructions to the Indenture Trustee.

Section 2.11. <u>Notices to Clearing Agency</u>. Whenever a notice or other communication to Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners.

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Section 2.12. <u>Definitive Notes</u>. Definitive Notes will be issued only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (a) the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and (b) the Indenture Trustee is not able to locate a qualified successor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after the occurrence of an Event of Default, owners of Book-Entry Notes representing the Majority Noteholders [of the Controlling Class] advise the Indenture Trustee and the Clearing Agency Participant through the Clearing Agency, in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such Note Owners.

In each case, the Indenture Trustee shall then notify Note Owners of the related Class of Notes through the Clearing Agency of the occurrence of any such event and of the availability of Definitive Notes of the related Class of Notes to Note Owners requesting the same.

Upon surrender to the Indenture Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer at its own expense shall execute and deliver the Definitive Notes to the Indenture Trustee and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes of a Class, the Indenture Trustee shall recognize the Noteholders of the Definitive Notes as Noteholders hereunder.

Section 2.13. <u>Release of Collateral</u>. Subject to Section 11.01 and the terms of the other 20[__]-[_] Basic Documents, the Indenture Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and, if required by Section 11.01, Independent Certificates in accordance with Sections 314(c) and 314(d)(1) of the TIA or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Indenture Trustee's obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the Lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order.

Section 2.14. [<u>Reserved</u>].

Section 2.15. <u>Authenticating Agents</u>. Upon the request of the Issuer, the Indenture Trustee shall appoint one or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.02, 2.03, 2.05, 2.06 and 9.06, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes by the Indenture Trustee.

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Any entity into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any document or any further act on the part of the parties hereto or such Authenticating Agent or such successor entity.

Section 2.16. <u>FATCA</u>. Each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture Trustee, any Note Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence.

Section 2.17. <u>Benchmark Determination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [On each SOFR Adjustment Date, the Note Paying Agent shall obtain the SOFR Rate in accordance with the definition thereof and shall send to the Servicer by email transmission notification of the SOFR Rate for the Interest Period. All determinations of the SOFR Rate, in the absence of manifest error, shall be conclusive and binding on the Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Administrator (on behalf of the Issuer) determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the determination of the then-current Benchmark, the Benchmark Replacement determined by the Administrator (on behalf of the Issuer) will replace the then-current Benchmark for all purposes relating to the Class A-2B Notes in respect of such determination on such date and all such determinations on all subsequent dates. The Administrator (on behalf of the Issuer) shall deliver written notice (including by email) to each Rating Agency, the Indenture Trustee, the Note Paying Agent and the Servicer on any SOFR Adjustment Date if, as of the applicable Reference Time, the Administrator (on behalf of the Issuer) has determined with respect to the related Interest Period that there will be a change in the SOFR Rate or the terms related thereto since the immediately preceding SOFR Adjustment Date due to a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred. The Administrator (on behalf of the Issuer) shall have the right to make SOFR Adjustment Conforming Changes and, in connection with the implementation of a Benchmark Replacement, Benchmark Replacement Conforming Changes, from time to time. Notwithstanding anything in this Indenture or the other 20[__]-[_] Basic Documents to the contrary, upon the receipt of such notice by the Rating Agencies, the Indenture Trustee, the Note Paying Agent and the Servicer, and the inclusion of such information in the Monthly Investor Report, this Indenture and/or any other relevant 20[__]-[_] Basic Document will be deemed to have been amended to reflect such Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the provisions of Article Nine of this Indenture, or the amendment provisions of any other relevant 20[__]-[_] Basic Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All percentages resulting from any calculation on the Class A-2B Notes shall be rounded to the nearest one hundred-thousandth of a percentage point, with five-millionths of a percentage point rounded upwards (e.g., 9.876545% (or 0.09876545) would be rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or resulting from that calculation on the Class A-2B Notes will be rounded to the nearest cent (with one-half cent being rounded upwards).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any determination, decision or election that may be made by the Administrator (on behalf of the Issuer) pursuant to this Section (or pursuant to any capitalized term used in this Section or in any such capitalized term), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the Administrator's sole discretion, and, notwithstanding anything to the contrary in the 20[__]-[_] Basic Documents, will become effective without consent from any other party. None of the Issuer, the Owner Trustee, the Indenture Trustee, the Note Paying Agent, the Administrator, the Depositor or the Servicer, or their respective Affiliates, will have any liability for any determination made by or on behalf of the Issuer pursuant to this Section (or pursuant to any capitalized term used in this Section or in any such capitalized term), and each Noteholder and Note Owner, by its acceptance of a Note or a beneficial interest in a Note, will be deemed to waive and release any and all claims against the Issuer, the Owner Trustee, the Indenture Trustee, the Note Paying Agent the Administrator, the Depositor and the Servicer, and their respective Affiliates relating to any such determinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee and the Note Paying Agent shall each be under no obligation to (i) monitor, determine or verify the unavailability or cessation of the SOFR Rate (or the then-current Benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or Benchmark Replacement Date, (ii) select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the Indenture Trustee nor Note Paying Agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Indenture as a result of the unavailability of the SOFR Rate (or the then-current Benchmark) and the absence of a designated replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Issuer, in providing any direction, instruction, notice or information required or contemplated by the terms of this Indenture and reasonably required for the performance of such duties. The Indenture Trustee and the Note Paying Agent shall be entitled to rely conclusively upon any determination made, and any instruction, notice, Officer's Certificate or other instrument or information provided by the Administrator, Servicer or Depositor without independent verification, investigation or inquiry of any kind by the Indenture Trustee and the Note Paying Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee and the Note Paying Agent shall each not be liable for any interest rate published by any publication that is the source of determining the interest rates of the Notes, including but not limited to the FRBNY's Website (or any successor source), for any rates compiled by the FRBNY or any successor thereto, or for any rates published on any publicly available source, or in any of the foregoing cases for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto and in no event will (x) the Indenture Trustee or the Note Paying Agent be responsible for obtaining the SOFR Rate or any substitute for SOFR if such rate does not appear on the FRBNY's Website or on a comparable system as is customarily used to quote SOFR or such substitute for SOFR.]

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ARTICLE THREE

COVENANTS AND REPRESENTATIONS

Section 3.01. <u>Payment of Principal and Interest</u>. The Issuer will duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.

Section 3.02. <u>Maintenance of Office or Agency</u>. The Issuer will maintain an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

Section 3.03. <u>Money for Payments to be Held in Trust</u>. As provided in Sections 5.04(b) and 8.03, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the 20[__]-[_] Distribution Account pursuant to such Sections shall be made on behalf of the Issuer by the Indenture Trustee or by a Note Paying Agent, and no amounts so withdrawn from the 20[__]-[_] Distribution Account for payments of Notes shall be paid over to the Issuer except as provided in this Section.

The Issuer will cause each Note Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Note Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Note Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Note Paying Agent will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Note Paying Agent;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; immediately resign as a Note Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Note Paying Agent at the time of its appointment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Note Paying Agent to pay to the Indenture Trustee all sums held in trust by such Note Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Note Paying Agent; and upon such payment by any Note Paying Agent to the Indenture Trustee, such Note Paying Agent shall be released from all further liability with respect to such money.

Subject to Applicable Laws with respect to escheat of funds, any money held by the Indenture Trustee or any Note Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Note Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Note Paying Agent, before being required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment (including mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Note Paying Agent, at the last address of record for each such Holder).

Section 3.04. <u>Existence</u>. The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Trust Estate and each other instrument or agreement included in the Trust Estate.

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Section 3.05. <u>Protection of the Trust Estate</u>. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders to be prior to all other Liens in respect of the Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders, a first Lien on and a first priority, perfected security interest in the Trust Estate. The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; maintain or preserve the Lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; enforce any of the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims of all Persons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; pay all taxes or assessments levied or assessed upon the Trust Estate when due.

The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument required to be executed pursuant to this Section.

The Issuer authorizes the Indenture Trustee and its counsel to file UCC financing statements in form and substance satisfactory to the Indenture Trustee, describing the collateral as "all assets of the Issuer, including its present and future right, title and interest in, to and under (but not, except to the extent required by law, any obligations with respect to) such assets, whether now owned or existing or hereafter arising or acquired and wheresoever located" or words to that effect, and any limitations on such collateral description.

Section 3.06. <u>Opinions as to Trust Estate</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On the 20[__]-[_] Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee, an Opinion of Counsel to the effect that, in the opinion of such counsel, the execution and delivery of the Indenture and the delivery for value to and taking of physical possession in the State of New York by the Indenture Trustee of the 20[__]-[_] Exchange Note, will create a valid first priority perfected security interest, for the benefit of the Indenture Trustee on behalf of the Holders of Notes in the 20[__]-[_] Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or before April 30<sup>th</sup> of each calendar year, beginning with [______ __], 20[__], the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that in the opinion of such counsel, either (i) all financing statements and continuation statements have been filed that are necessary to continue the lien and security interest of the Indenture Trustee in the 20[__]-[_] Exchange Note and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given or (ii) no such action is necessary to continue such lien and security interest.

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Section 3.07. <u>Performance of Obligations; Servicing of 20[__]-[_] Leases and 20[__]-[_] Vehicles</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person's material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture and the other 20[__]-[_] Basic Documents or such other instrument or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer's Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the other 20[__]-[_] Basic Documents and in the instruments and agreements included in the Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other 20[__]-[_] Basic Documents, in accordance with and within the time periods provided for herein and therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Issuer shall have knowledge of the occurrence of an Exchange Note Servicer Event of Default, the Issuer shall promptly notify the Indenture Trustee, the Transferor and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default. If an Exchange Note Servicer Event of Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the 20[__]-[_] Servicing Agreement with respect to the Trust Estate, the Issuer shall take all reasonable steps available to it to remedy such failure. Upon the occurrence of an Exchange Note Servicer Event of Default, all the rights and obligations of the Servicer may be terminated pursuant to Section 8.03(c) of the Basic Servicing Agreement and a successor Servicer shall be appointed pursuant to Section 8.04 of the Basic Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon any termination of the Servicer's rights and powers pursuant to Sections 8.01 or 8.03 of the Basic Servicing Agreement or Section 7.01 of the 20[__]-[_] Servicing Supplement or resignation of the Servicer pursuant to Section 3.06 of the Basic Servicing Agreement, the Issuer or the Indenture Trustee shall promptly, but in any event within two Business Days of the Issuer or a Responsible Officer receiving notice or having actual knowledge of such termination or resignation, notify the other entity thereof. As soon as a Successor Servicer is appointed pursuant to Section 8.04 of the Basic Servicing Agreement and Section 7.01 of the 20[__]-[_] Servicing Supplement, and in any event within two Business Days of the Issuer or a Responsible Officer receiving notice or having actual knowledge thereof, the Issuer or the Indenture Trustee shall notify the other entity of such appointment, specifying in such notice the name and address of such successor Servicer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or after the receipt by the Servicer of notice of an Exchange Note Servicer Event of Default, all authority and power of the Servicer pursuant to Section 7.01 of the 20[__]-[_] Servicing Supplement, shall, without further action, pass to and be vested in the Indenture Trustee. The Indenture Trustee may resign as the Successor Servicer by giving written notice of such resignation to the Transferor and the Owner Trustee and in such event will be released from such duties and obligations, such release not to be effective until the date a new Servicer assumes the obligations under the 20[__]-[_] Servicing Agreement. Upon delivery of any such notice, the Indenture Trustee shall appoint, or petition a court of competent jurisdiction to appoint, a new Servicer as the Successor Servicer.

If the Indenture Trustee shall succeed to the duties of the Servicer as provided herein, it shall do so in its individual capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article Six shall be inapplicable to the Indenture Trustee in its duties as the successor to the Servicer and the servicing of the 20[__]-[_] Leases and 20[__]-[_] Vehicles. In case the Indenture Trustee shall become successor to the Servicer under the 20[__]-[_] Servicing Agreement, the Indenture Trustee shall be entitled to appoint as sub-Servicer any one of its Affiliates or agents; provided, that the Indenture Trustee, in its capacity as Servicer, shall be fully liable for the actions and omissions of such Affiliate or agent in such capacity as sub-Servicer. Notwithstanding any other provisions of this Indenture to the contrary, in no event shall the Indenture Trustee be liable for any servicing fee or for any differential in the amount of the servicing fee paid under the 20[__]-[_] Servicing Agreement, the amount necessary to induce any Successor Servicer to act as Successor Servicer under the 20[__]-[_] Servicing Agreement, the responsibilities of the Servicer set forth in Section 3.05 or Section 3.10 of the 20[__]-[_] Servicing Supplement, or the obligations with respect to the payment or reimbursement of fees, expenses or other amounts (including indemnities other than those resulting from the actions of the Indenture Trustee as successor Servicer) of the Owner Trustee, the Indenture Trustee or the Asset Representations Reviewer, the fees and expenses of the Owner Trustee's attorneys, the Indenture Trustee's attorneys, or the Asset Representations Reviewer's attorneys, the fees and expenses of any custodian and the fees and expenses of independent accountants or expenses incurred in connection with distributions and reports to the Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees that (i) it will not, without the prior written consent of the Indenture Trustee or the Majority Noteholders [of the Controlling Class], amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any assets of the Trust Estate (except to the extent otherwise provided in the 20[__]-[_] Basic Documents), or waive timely performance or observance by the Servicer under the 20[__]-[_] Servicing Agreement and (ii) any such amendment shall not (A) increase or reduce in any manner the amount of, or accelerate or delay the timing of, distributions that are required to be made for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the Notes that is required to consent to any such amendment, without the consent of the Holders of all the Outstanding Notes. If any such amendment, modification, supplement or waiver shall be so consented to by the Indenture Trustee or such Holders, the Issuer agrees, promptly following a request by the Indenture Trustee to do so, to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as the Indenture Trustee (acting at the written direction of the Majority Noteholders [of the Controlling Class]) may deem necessary or appropriate in the circumstances.

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Section 3.08. <u>Negative Covenants</u>. So long as any Notes are Outstanding, the Issuer shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; engage in any business or activities other than financing, purchasing, owning, acquiring, selling, pledging and managing the 20[__]-[_] Exchange Note as contemplated by this Indenture and the other 20[__]-[_] Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; except as expressly permitted by this Indenture or the other 20[__]-[_] Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Indenture Trustee (acting at the written direction of the Majority Noteholders [of the Controlling Class]);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; dissolve or liquidate in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any Lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than Permitted Liens and the Lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax Liens, mechanics' Liens and other Liens that arise by operation of law, in each case on any of the 20[__]-[_] Vehicles and arising solely as a result of an action or omission of the related Obligor) or (iii) permit the Lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics' or other lien) security interest in the Trust Estate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with, or otherwise permitted by, the 20[__]-[_] Basic Documents.

Section 3.09. <u>Issuer May Consolidate, etc., Only on Certain Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Issuer shall not consolidate or merge with or into any other Person, unless:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that (A) following such consolidation or merger, the Issuer (or the surviving entity or transferee) will not be classified as an association or a publicly traded partnership taxable as a corporation, each for United States federal income tax purposes, (B) such consolidation or merger will not cause the Notes to be characterized other than as indebtedness for United States federal income tax purposes and (C) such consolidation or merger will not cause the Notes to be deemed to have been exchanged pursuant to Treasury Regulations Section 1.1001-3 (or a successor provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; the Issuer shall have delivered to the Transferor, the Servicer and the Indenture Trustee an Officer's Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article and that all conditions precedent herein relating to such transaction have been complied with (including any filing required under the Exchange Act); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Rating Agency Condition shall have been satisfied with respect to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other than as specifically contemplated by the 20[__]-[_] Basic Documents, the Issuer shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any other Person, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; the Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted (A) shall be a United States citizen or a Person organized and existing under the laws of the United States or any State, (B) expressly assumes, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of Notes and (D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that (A) following such transaction, the Issuer will not be classified as (1) an association or (2) a publicly traded partnership taxable as a corporation, each for United States federal income tax purposes, (B) such transaction will not cause the Notes to be characterized other than as indebtedness for United States federal income tax purposes and (C) such transaction will not cause the Notes to be deemed to have been exchanged pursuant to Treasury Regulations Section 1.1001-3 (or a successor provision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Issuer shall have delivered to the Indenture Trustee an Officer's Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Rating Agency Condition shall have been satisfied with respect to such transaction.

Section 3.10. <u>Successor or Transferee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon any consolidation or merger of the Issuer in accordance with Section 3.09(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.09(b), the Issuer will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that the Issuer is to be so released.

Section 3.11. <u>Servicer's Obligations</u>. The Issuer shall cause the Servicer to comply with the 20[__]-[_] Servicing Agreement.

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Section 3.12. <u>Guarantees, Loans, Advances and Other Liabilities</u>. Except as otherwise contemplated by the 20[__]-[_] Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another's payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person.

Section 3.13. <u>Capital Expenditures</u>. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

Section 3.14. <u>Removal of Administrator</u>. So long as any Notes are Outstanding, the Issuer shall not remove the Administrator without cause without providing prior written notice to the Rating Agencies.

Section 3.15. <u>Restricted Payments</u>. Except as otherwise permitted by the 20[__]-[_] Basic Documents, the Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, (a) distributions as contemplated by, and to the extent funds are available for such purpose under, the 20[__]-[_] Basic Documents and (b) payments to the Trustees pursuant to Section 1.02(b) of the 20[__]-[_] Administration Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the 20[__]-[_] Exchange Note Collection Account, the 20[__]-[_] Distribution Account or the 20[__]-[_] Reserve Account except in accordance with this Indenture and the other 20[__]-[_] Basic Documents.

Section 3.16. <u>Notice of Events of Default</u>. The Issuer shall give the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder.

Section 3.17. <u>Further Instruments and Acts</u>. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

Section 3.18. <u>Delivery of 20[__]-[_] Exchange Note</u>. On the 20[__]-[_] Closing Date, the Issuer shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations hereunder, the 20[__]-[_] Exchange Note. The Indenture Trustee shall take possession of the 20[__]-[_] Exchange Note in the State of New York and shall at all times during the period of this Indenture maintain custody of the 20[__]-[_] Exchange Note in the State of New York.

Section 3.19. <u>Compliance With Laws</u>. The Issuer shall comply with the requirements of all Applicable Laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other 20[__]-[_] Basic Document.

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Section 3.20. <u>Annual Statement as to Compliance</u>. The Issuer will deliver to the Transferor and the Indenture Trustee, on or before June 30 of each year (commencing with the June 30 that is at least six months after the 20[__]-[_] Closing Date), an Officer's Certificate stating, as to the Authorized Officer signing such Officer's Certificate, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; a review of the activities of the Issuer during the preceding year (or such shorter period in the case of the first such Officer's Certificate) and of its performance under this Indenture has been made under such Authorized Officer's supervision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; to the best of such Authorized Officer's knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture throughout the preceding year (or such shorter period in the case of the first such Officer's Certificate) or, if there has been a default in its compliance with any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof.

Section 3.21. <u>Representations</u>. The Issuer hereby represents, warrants, and covenants to the Indenture Trustee as follows on the 20[__]-[_] Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Organization and Qualification</u>. The Issuer is duly formed, validly existing and in good standing under the laws of its jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Power, Authorization and Enforceability</u>. The Issuer has the power and authority to execute, deliver and perform the terms of this Indenture. The Issuer has authorized the execution, delivery and performance of the terms of this Indenture. This Indenture is the legal, valid and binding obligation of the Issuer enforceable against the Issuer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors' rights or by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>No Conflicts and No Violation</u>. The execution and delivery by the Issuer of this Indenture, the consummation by the Issuer of the transactions contemplated by this Indenture and the compliance by the Issuer with this Indenture will not (i) violate any law, governmental rule or regulation applicable to the Issuer or any judgment or decree binding on it or (ii) conflict with, result in a breach of, or constitute (with or without notice or lapse of time or both) a default under any indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument under which the Issuer is a debtor or guarantor, in each case which conflict, breach, default, Lien, or violation would reasonably be expected to have a material adverse effect on the Issuer's ability to perform its obligations under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>No Proceedings</u>. To the Issuer's knowledge, there are no proceedings or investigations pending or overtly threatened in writing before any court or other governmental authority: (i) asserting the invalidity of this Indenture or the Notes, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Indenture or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the 20[__]-[_] Collateral or the Issuer's ability to perform its obligations under, or the validity or enforceability of, this Indenture or the Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; <u>Financial Condition</u>. The Issuer is not insolvent or the subject of an Insolvency Event and the pledge of the 20[__]-[_] Collateral is not being made in contemplation of the occurrence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; <u>Perfection Representations</u>. The Issuer makes the representations and warranties set forth on Exhibit C.

Section 3.22. <u>Recordkeeping</u>. [The Issuer will (a) timely prepare and maintain the documentation and other written information evidencing the material rights and obligations of the Issuer and the Noteholders relating to the Notes, and any associated rights and obligations of other parties and (b) maintain such documentation and other written information for at least all taxable years that the Notes are Outstanding and until the period of limitations expires for any tax return with respect to which the treatment of the Notes is relevant, in order to support its position under Treasury Regulation Section 1.385-2 (or an applicable successor provision) for treatment of the Notes as indebtedness for United States federal income tax purposes.]

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ARTICLE FOUR

SATISFACTION AND DISCHARGE

Section 4.01. <u>Satisfaction and Discharge of Indenture</u>. This Indenture shall cease to be of further effect with respect to the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (e) certain rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.02) and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; either: (A) all Notes theretofore authenticated and delivered (other than Notes (1) that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.06 and (2) for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation or (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable at the related Final Scheduled Payment Date within one year or (3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the related Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01), as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the Issuer has delivered to the Transferor and the Indenture Trustee an Officer's Certificate, an Opinion of Counsel and (if required by the TIA or Section 11.01) an Independent Certificate, each meeting the applicable requirements of Section 11.01(a) and, subject to Section 11.02, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

Section 4.02. <u>Satisfaction, Discharge and Defeasance of the Notes</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon satisfaction of the conditions set forth in Section 4.02(b), the Issuer shall be deemed to have paid and discharged the entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging the same), except as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; the rights of the Noteholders to receive, from the trust funds described in Section 4.02(b)(i), payment of the principal of and interest on the Notes Outstanding at maturity of such principal or interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; the obligations of the Issuer with respect to the Notes under Sections 2.05, 2.06, 3.02 and 3.03;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the obligations of the Administrator to the Indenture Trustee under Section 6.07; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the rights, powers, trusts and immunities of the Indenture Trustee hereunder and the duties of the Indenture Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The satisfaction, discharge and defeasance of the Notes pursuant to Section 4.02(a) is subject to the satisfaction of all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; the Issuer has deposited or caused to be deposited irrevocably (except as provided in Section 4.04) with the Indenture Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Noteholders, which, through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day prior to the due date of any payment referred to below, money in an amount sufficient, in the opinion of a nationally recognized firm of Independent accountants expressed in a written certification thereof delivered to the Indenture Trustee, to pay and discharge the entire indebtedness on the Notes Outstanding, for principal thereof and interest thereon to the date of such deposit (in the case of Notes that have become due and payable) or to the maturity of such principal and interest, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; such deposit will not result in a breach or violation of, or constitute an event of default under, any Issuer Basic Document or other agreement or instrument to which the Issuer is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Event of Default has occurred and is continuing on the date of such deposit or on the 91<sup>st</sup> day after such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; the Issuer has delivered to the Indenture Trustee an Opinion of Counsel to the effect that the satisfaction and discharge of this Indenture provided for in the Indenture relating to the defeasance contemplated by this Section have been complied with.

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Section 4.03. <u>Application of Trust Money</u>. All monies deposited with the Indenture Trustee pursuant to this Article shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Note Paying Agent, to the Holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds except to the extent required herein or in the 20[__]-[_] Servicing Agreement or required by Applicable Law.

Section 4.04. <u>Repayment of Monies Held by Note Paying Agent</u>. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Note Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03, and thereupon such Note Paying Agent shall be released from all further liability with respect to such monies.

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ARTICLE FIVE

EVENTS OF DEFAULT; REMEDIES

Section 5.01. <u>Events of Default</u>. "Event of Default", wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; default in the payment of any interest on any Note [of the Controlling Class] when the same becomes due and payable, and such default shall continue for a period of five days or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; default in the payment of the principal of any Note on the related Final Scheduled Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; default in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), and such default is materially adverse to the Noteholders, and such default shall continue or not be cured for a period of 60 days after there shall have been given, by registered or certified mail or by overnight courier, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of Notes [of the Controlling Class] representing at least 25% of the Outstanding Amount [of the Controlling Class], a written notice specifying such default and requiring it to be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any breach in any representation or warranty of the Issuer made in this Indenture or in any certificate or other writing delivered pursuant hereto or thereto, and such misrepresentation or warranty is materially adverse to the Noteholders, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail or by overnight courier, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of Notes [of the Controlling Class] representing at least 25% of the Outstanding Amount [of the Controlling Class], a written notice specifying such incorrect representation or warranty and requiring it to be remedied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; the occurrence of an Insolvency Event with respect to the Issuer.

Notwithstanding the foregoing, a delay in or failure of performance referred to under clauses (a) through (d) above for a period of 120 days will not constitute an Event of Default if that failure or delay was caused by a Force Majeure.

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The Issuer shall deliver to the Transferor and the Indenture Trustee, within five days after the occurrence thereof, written notice in the form of an Officer's Certificate of any event which with the giving of notice, the lapse of time or both would become an Event of Default under clause (c) or (d) above, its status and what action the Issuer is taking or proposes to take with respect thereto.

Section 5.02. <u>Acceleration of Maturity; Rescission and Annulment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an Event of Default shall have occurred and be continuing, the Indenture Trustee or the Majority Noteholders [of the Controlling Class] may declare the Notes to be immediately due and payable, by a notice in writing to the Issuer (who will provide such notice to the Rating Agencies), the Indenture Trustee (if notice is given by Noteholders), the Transferor and the Servicer, and upon any such declaration the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Notes have been declared immediately due and payable following an Event of Default, before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this Article, the Majority Noteholders, by written notice to the Issuer, the Transferor and the Indenture Trustee, may rescind and annul such declaration of acceleration and its consequences if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of and interest on the Notes, (B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and (C) all other amounts that would then be due hereunder or upon the Notes if the Event of Default giving rise to such acceleration had not occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12.

No such rescission shall affect any subsequent default or impair any right consequent thereto.

Section 5.03. <u>Collection of Indebtedness and Suits for Enforcement by Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Issuer covenants that if (i) there is a default relating to the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five days or (ii) an Event of Default occurs in the payment of the principal of or any installment of the principal of any Note on the related Final Scheduled Payment Date, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders of such Notes, the whole amount then due and payable on such Notes for principal and interest, with, for each Class of [interest-bearing] Notes, interest on the overdue principal at the applicable Interest Rate and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the applicable Interest Rate and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In case the Issuer shall fail forthwith to pay amounts described in Section 5.03(a) upon demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.04, acting at the written direction of the Majority Noteholders [of the Controlling Class], proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under any Insolvency Law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, or liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Holders of Notes allowed in such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless prohibited by Applicable Law, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Holders of Notes allowed in any Proceedings relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of the Indenture Trustee's or each predecessor Indenture Trustee's negligence or bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of Notes, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

Section 5.04. <u>Remedies; Priorities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an Event of Default shall have occurred and be continuing, the Indenture Trustee (acting at the written direction of the Majority Noteholders[of the Controlling Class]) may do one or more of the following (subject to Sections 5.02 and 5.05):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer and any other obligor upon the Notes monies adjudged due;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Holders of Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; sell or otherwise liquidate the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law;

provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, other than an Event of Default described in Section 5.01(i) or (ii), unless (A) the Holders of Notes [of the Controlling Class] representing 100% of the Outstanding Amount [of the Controlling Class] consent thereto, (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest or (C) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the consent of Holders of Notes [of the Controlling Class] representing 66 2/3% of the Outstanding Amount [of the Controlling Class]; provided, further, that the Indenture Trustee may not sell the Trust Estate unless it shall first have obtained an Opinion of Counsel (at the expense of the Issuer) that such sale will not cause the Titling Trust or an interest therein or portion thereof or the Issuer to be classified as an association or a publicly traded partnership taxable as a corporation for federal income tax purposes. In determining such sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Indenture Trustee collects any money or property pursuant to this Article upon sale of the Trust Estate, it shall deposit such money or property into the 20[__]-[_] Exchange Note Collection Account pursuant to Section 8.03(b), and all amounts on deposit in the 20[__]-[_] Exchange Note Collection Account and the 20[__]-[_] Reserve Account shall be distributed on the related Payment Date in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; pro rata, (A) to pay to the Collateral Agent any expenses and indemnified amounts due with respect to the 20[__]-[_] Exchange Note or the 20[__]-[_] Reference Pool under Section 3.01(c) of the Basic Collateral Agency Agreement or Article Eight of the Basic Collateral Agency Agreement to the extent not paid by the Borrower or the Titling Trust Administrator, (B) to pay to the Administrative Agent any expenses and indemnified amounts due with respect to the 20[__]-[_] Exchange Note or the 20[__]-[_] Reference Pool under Section 7.05 of the Basic Collateral Agency Agreement or Article Eight of the Basic Collateral Agency Agreement to the extent not paid by the Borrower or the Titling Trust Administrator, (C) to pay to the Asset Representations Reviewer any amounts due under the Asset Representations Review Agreement and (D) to the payment of all fees, expenses and indemnified amounts then due to the Trustees to the extent not paid by the Transferor or the Administrator, in each case, without limitation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the Noteholders, the Interest Distributable Amount, to pay interest due on each Class of Notes outstanding on that Payment Date, and, to the extent permitted under Applicable Law, interest on any overdue interest at the related interest rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the Holders of the Class A-1 Notes, principal on the Class A-1 Notes, until the Class A-1 Notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, principal on the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, until all such Classes of Notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; to the Class B Noteholders, the Interest Distributable Amount, to pay interest due on the Class B Notes outstanding on that Payment Date, and, to the extent permitted under Applicable Law, interest on any overdue interest at the related interest rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the Holders of the Class B Notes, principal on the Class B Notes, until the Class B Notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if a Successor Servicer has been appointed pursuant to the 20[__]-[_] Servicing Agreement, to such Successor Servicer, any Transition Costs due in connection with such transfer of servicing and not paid pursuant to the 20[__]-[_] Servicing Agreement plus the Additional Servicing Fee, if any, for the related Collection Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp; to the Certificateholder, any amounts remaining after the foregoing distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Indenture Trustee collects any money or property pursuant to this Section, the Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days before such record date, the Indenture Trustee shall mail to each Noteholder, the Issuer and the Servicer a notice that states the record date, the payment date and the amount to be paid.

Section 5.05. <u>Optional Preservation of the Trust Estate</u>. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate and continue to apply the proceeds thereof, in accordance with Sections 3.01 and 8.03. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

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Section 5.06. <u>Limitation of Suits</u>. Other than the pursuing of dispute resolution on behalf of the Issuer in respect of any repurchase request that remains unresolved for 180 days, no Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: (i) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; (ii) the Holders of Notes [of the Controlling Class] representing not less than 25% of the Outstanding Amount [of the Controlling Class] have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; (iii) such Holder or Holders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request; (iv) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and (v) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Majority Noteholders [of the Controlling Class].

It is understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided.

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than 51% of the Outstanding Amount [of the applicable Class or Classes], the Indenture Trustee will take action in accordance with the request given by the Holders of Notes holding the greatest percentage of the Outstanding Amount.

Section 5.07. <u>Unconditional Rights of Noteholders to Receive Principal and Interest</u>. Notwithstanding any other provisions in this Indenture, any Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

Section 5.08. <u>Restoration of Rights and Remedies</u>. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

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Section 5.09. <u>Rights and Remedies Cumulative</u>. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 5.10. <u>Delay or Omission Not a Waiver</u>. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

Section 5.11. <u>Control by Noteholders of the Majority Noteholders</u>. The Majority Noteholders [of the Controlling Class] shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; [such direction shall not be in conflict with any rule of law or with this Indenture;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; [subject to the terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by Holders of Notes representing not less than 100% of the Outstanding Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [if the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount to sell or liquidate the Trust Estate shall be of no force and effect; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; [the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.]

Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action.

Section 5.12. <u>Waiver of Past Defaults</u>. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the Majority Noteholders [of the Controlling Class] may, on behalf of all Noteholders, waive any past Default or Event of Default and its consequences except a Default or Event of Default (i) in payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

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Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

Section 5.13. <u>Undertaking for Costs</u>. All parties to this Indenture agree, and each Holder of a Note by such Holder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided, however, the provisions of this Section shall not apply to any suit instituted by (i) the Indenture Trustee, (ii) any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount [of the Controlling Class] or (iii) by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

Section 5.14. <u>Waiver of Stay or Extension Laws</u>. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

Section 5.15. <u>Action on Notes</u>. The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b).

Section 5.16. <u>Performance and Enforcement of Certain Obligations</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Servicer of its obligations to the Issuer under or in connection with the 20[__]-[_] Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the 20[__]-[_] Servicing Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Servicer of its obligations under the 20[__]-[_] Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an Event of Default has occurred and is continuing, the Indenture Trustee shall, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of Notes [of the Controlling Class] representing at least 66 2/3% of the Outstanding Amount [of the Controlling Class], exercise all rights, remedies, powers, privileges and claims of the Issuer against the Servicer under or in connection with the 20[__]-[_] Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Servicer of its obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the 20[__]-[_] Servicing Agreement, and any right of the Issuer to take such action shall be suspended unless such Event of Default has been waived or otherwise cured.

Section 5.17. <u>Sale of Trust Estate</u>. If the Indenture Trustee acts to sell the Trust Estate or any part thereof, pursuant to Section 5.04(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by Applicable Law from any such action, sell the Trust Estate or any part thereof, in such manner and on such terms as provided above to the highest bidder; provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee shall give notice to the Transferor and Servicer of any proposed sale, and the Transferor and Servicer shall be permitted to bid for the Trust Estate at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Trust Estate pursuant to Section 5.04 and this Section shall not be exhausted by any one or more sales as to any portion of the Trust Estate remaining unsold, but shall continue unimpaired until the entire Trust Estate shall has been sold or all amounts payable on the Notes shall have been paid.

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ARTICLE SIX

THE INDENTURE TRUSTEE

Section 6.01. <u>Duties of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except during the continuance of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; this paragraph does not limit the effect of Section 6.01(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; the Indenture Trustee shall not be liable for any error of judgment made in good faith unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Sections 5.11 and 7.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to Sections 6.01(a), (b), (c) and (g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the other 20[__]-[_] Basic Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be responsible for the performance of, any of the obligations of the Servicer under this Indenture except during such time, if any, as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer in accordance with the terms of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA.

Section 6.02. <u>Rights of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as provided by the second succeeding sentence, the Indenture Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in the document. Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they comply as to form to the requirements of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before the Indenture Trustee acts or refrains from acting, it may require an Officer's Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer's Certificate or Opinion of Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, that the Indenture Trustee's conduct does not constitute willful misconduct, negligence or bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee may consult with counsel, and the advice of such counsel or Opinion of Counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. The Indenture Trustee may also consult with financial expert(s) with respect to the performance of its duties under this Indenture, and so long as the Indenture Trustee selects such financial expert(s) with due care, the Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the advice of such financial expert(s) and not contrary to this Indenture or any other 20[__]-[_] Basic Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall be under no obligation to (i) exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture or (ii) institute or conduct or defend litigation or investigate any matter or Noteholder direction or request pursuant to this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall not be deemed to have discovered or to have knowledge of any Default, Event of Default, breach of a representation or warranty or other event unless an Responsible Officer of the Indenture Trustee has actual knowledge that a Default, Event of Default, breach of a representation or warranty or such other event has in fact occurred or has received written notice evidencing that an event which is in fact a Default, Event of Default, breach of representation or warranty or such other event has in fact occurred in accordance with the provisions of this Indenture; provided, however, that, for the avoidance of doubt, the Indenture Trustee shall not be deemed to have knowledge of a breach of representation or warranty solely as a result of the receipt and possession by the Indenture Trustee of the Review Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee will not be responsible or liable for a failure or delay in the performance of its obligations under this Indenture from or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, civil or military disturbances, epidemics or pandemics, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes and interruptions, unforeseeable loss or failures of mechanical, electronic or communication systems. The Indenture Trustee will use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the absence of willful misconduct, bad faith or negligence on its part, the Indenture Trustee will not be liable for any action taken or not taken by it in good faith in the administration of any Noteholder vote as to whether to direct the Asset Representations Reviewer to conduct a Review of the Review Assets so long as the administration of such vote conforms in all material respects to the Indenture Trustee's standard internal vote solicitation process in effect at the time of such Noteholder vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In no event will the Indenture Trustee have any responsibility to monitor compliance with or enforce compliance with the credit risk retention requirements for asset-backed securities or other rules or regulations relating to credit risk retention. The Indenture Trustee will not be charged with knowledge of such rules, nor will it be liable to any Noteholder, Certificateholder, the Depositor, the Servicer or any other person for violation of such rules now or hereinafter in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall not be required to take any action it is directed to take under this Indenture if the Indenture Trustee reasonably determines in good faith that the action so directed would involve the Indenture Trustee in personal liability, be unjustly prejudicial to the non-directing Noteholders, is inconsistent with the Indenture or other 20[__]-[_] Basic Documents or is contrary to law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall not be liable for failure to perform its duties hereunder if such failure is a direct or proximate result of another party's failure to perform its obligations hereunder other than if such other party's failure is caused by the Indenture Trustee's willful misconduct, bad faith or negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee's receipt of reports and information hereunder shall not constitute notice of any information contained therein or determinable therefrom, including but not limited to a party's compliance with covenants under the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any discretion, permissive right or privilege of the Indenture Trustee to take or refrain from taking actions enumerated in this Indenture or other 20[__]-[_] Basic Documents shall not be construed as a duty or obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The rights, privileges, protections and indemnities afforded to the Indenture Trustee hereunder shall apply equally to [_______________] in its other capacities hereunder.

Section 6.03. <u>Individual Rights of Indenture Trustee</u>. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of the Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Note Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. The Indenture Trustee must, however, comply with Section 6.11.

Section 6.04. <u>Indenture Trustee's Disclaimer</u>. The Indenture Trustee shall not be (i) responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, (ii) accountable for the Issuer's use of the proceeds from the Notes and (iii) responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee's certificate of authentication.

Section 6.05. <u>Notice of Defaults and Repurchase Requests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an Event of Default occurs and is continuing and if it is actually known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Event of Default within 30 days after it occurs. Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not later than the fifth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning [_____] 5, 20[__], the Indenture Trustee shall provide to MBFS USA and the Transferor a notice in substantially the form of Exhibit B with respect to any demands received by the Indenture Trustee during the immediately preceding calendar month (or, in the case of the initial notice, since the 20[__]-[_] Closing Date) that any 20[__]-[_] Lease be reallocated by the Servicer pursuant to Section 3.05 of the 20[__]-[_] Servicing Supplement. The Indenture Trustee and the Issuer acknowledge and agree that the purpose of this subsection is to facilitate compliance by MBFS USA and the Transferor with Rule 15Ga-1 under the Exchange Act. The Indenture Trustee agrees to comply with reasonable requests made by MBFS USA or the Transferor in good faith for delivery of information under these provisions on the basis of evolving interpretations of such Rule. The Indenture Trustee shall cooperate fully with all reasonable requests of MBFS USA and the Transferor to deliver any and all records and any other information, in each case in its possession, necessary to permit MBFS USA and the Transferor to comply with the provisions of such Rule.

Section 6.06. <u>Reports by Indenture Trustee to Holders</u>. On or prior to each Payment Date, the Indenture Trustee shall deliver or make available on its website (http://pivot.usbank.com) to each Noteholder a copy of each Monthly Investor Report delivered to it pursuant to the 20[__]-[_] Servicing Supplement. The Indenture Trustee shall make available electronically, within a reasonable period of time after the end of each calendar year, to each Person who at any time during such calendar year was a Noteholder, such information furnished to the Indenture Trustee as may be required to enable such Person to prepare its federal and State income tax returns. The Indenture Trustee shall provide to each Noteholder upon request, copies of the 20[__]-[_] Basic Documents, the report regarding the Servicer's compliance and the accountants' attestation delivered pursuant to the 20[__]-[_] Servicing Supplement.

Section 6.07. <u>Compensation and Indemnity</u>. The Issuer shall, or shall cause the Administrator to, pay to the Indenture Trustee from time to time reasonable compensation for its services pursuant to a fee agreement between the Administrator and the Indenture Trustee. The Indenture Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall, or shall cause the Administrator to, reimburse the Indenture Trustee for all reasonable out-of-pocket expenses (including extraordinary out-of-pocket expenses), disbursements and advances incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee's agents, counsel, accountants and experts.

The Issuer shall, or shall cause the Administrator to, indemnify and hold harmless the Indenture Trustee and its officers, directors, employees, representatives and agents against any and all loss, liability, tax (other than taxes based on the income of the Indenture Trustee) or expense (including attorneys' fees and the fees of agents and experts) of whatever kind or nature regardless of their merit directly or indirectly incurred by it or them without willful misconduct, negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by this Indenture, including the reasonable costs and expenses of defending themselves against any claim, loss, damage or liability in connection with the exercise or performance of any of their powers or duties under this Indenture or under any of the other 20[__]-[_] Basic Documents, including but not limited to any legal fees or expenses incurred by the Indenture Trustee in connection with the enforcement of the Issuer's indemnification or other obligations hereunder. The Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder. The Issuer shall, or shall cause the Administrator to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Administrator to, pay the fees and expenses of such counsel. Neither the Issuer nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee's own willful misconduct, negligence or bad faith.

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The Issuer's payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture or resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable Insolvency Law.

Notwithstanding anything to the contrary contained herein, in no event shall the Indenture Trustee be liable for special, indirect, punitive or consequential damages of any kind whatsoever, including but not limited to lost profits, even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

Section 6.08. <u>Replacement of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section. The Indenture Trustee may resign at any time (with 30 days prior notice) by so notifying the Issuer, the Transferor, the Administrator and the Noteholders, and will provide all information reasonably requested by the Transferor in order to comply with its reporting obligation under Item 6.02 of Form 8-K under the Exchange Act, with respect to the resignation of the Indenture Trustee. The Majority Noteholders [of the Controlling Class] may remove the Indenture Trustee by so notifying (with 30 days' prior written notice) the Indenture Trustee, the Issuer, the Transferor and the Administrator (who shall notify the Rating Agencies) and may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee if (i) the Indenture Trustee fails to comply with Section 6.11, (ii) an Insolvency Event occurs with respect to the Indenture Trustee or (iii) the Indenture Trustee otherwise becomes incapable of acting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Transferor may remove the Indenture Trustee if the Indenture Trustee fails to comply with Section 3.07(f), 6.08 or 6.09 with respect to notice to or providing information to the Transferor, or with Article Seven of the 20[__]-[_] Exchange Note Supplement, in each case if such failure continues for the lesser of ten days or such period in which the applicable Exchange Act Report can be timely filed (without taking into account any extensions).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee. A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Issuer, the Transferor and the Administrator and shall also provide all information reasonably requested by the Transferor in order to comply with its reporting obligation under the Exchange Act with respect to the replacement Indenture Trustee. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Majority Noteholders may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer's and the Administrator's obligations under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee.

Section 6.09. <u>Successor Indenture Trustee by Merger</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Servicer (and the Servicer shall provide to the Rating Agencies) prior written notice of any such transaction.

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Section 6.10. <u>Appointment of Co-Indenture Trustee or Separate Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any other provision of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, jointly with the Indenture Trustee, or separate trustee or separate trustees, of all or any part of the Issuer, and to vest in such Person or Persons, in such capacity and for the benefit of the 20[__]-[_] Secured Parties, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee shall not be authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

Section 6.11. <u>Eligibility; Disqualification</u>. The Indenture Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA and shall in addition have a combined capital and surplus of at least $50,000,000 (as set forth in its most recent published annual report of condition) and shall have a long-term debt or issuer rating of "[A"] or better by [●] and ["A"] or better by [●] or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall satisfy the requirements of Section 310(b) of the TIA.

Section 6.12. <u>Preferential Collection of Claims Against Issuer</u>. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated.

Section 6.13. <u>Issuer as Holder of the 20[__]-[_] Exchange Note</u>. So long as any Notes are Outstanding, to the extent that the Owner Trustee or the Issuer has rights as a holder of the 20[__]-[_] Exchange Note, including rights to distributions and notice, or is entitled to consent to any actions taken by the Transferor, the Owner Trustee or the Issuer may initiate such action or grant such consent only with consent of the Indenture Trustee (acting at the written direction of the Majority Noteholders [of the Controlling Class]). To the extent that the Issuer has rights as a holder or Registered Pledgee of the 20[__]-[_] Exchange Note or has the right to consent or withhold consent with respect to actions taken by the Transferor, the Owner Trustee or the Issuer, such rights shall be exercised or consent granted (or withheld) upon the written direction of the Majority Noteholders[of the Controlling Class]; provided, however, that subject to Section 3.07, any direction to the Indenture Trustee to remove or replace the Servicer upon a Servicer Event of Default shall be made by Holders of Notes [of the Controlling Class] evidencing not less than 66 2/3% of the Outstanding Amount [of the Controlling Class].

Section 6.14. <u>Representations and Warranties of Indenture Trustee</u>. The Indenture Trustee hereby makes the following representations and warranties, as of the 20[__]-[_] Closing Date, on which the Issuer and Noteholders shall rely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; the Indenture Trustee is a banking association duly organized and validly existing under the laws of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; the Indenture Trustee has full power, authority and legal right to execute, deliver and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; this Indenture is an enforceable obligation of the Indenture Trustee;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; the execution and delivery by the Indenture Trustee of this Indenture, the consummation by the Indenture Trustee of the transactions contemplated by this Indenture and the compliance by the Indenture Trustee with this Indenture will not (i) violate any law, governmental rule or regulation applicable to the Indenture Trustee or any judgment or decree binding on it or (ii) conflict with, result in a breach of, or constitute (with or without notice or lapse of time or both) a default under any indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument to which the Indenture Trustee is a party, in each case which conflict, breach, or default, would reasonably be expected to have a material adverse effect on the Indenture Trustee's ability to perform its obligations under this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; neither the Indenture Trustee nor its affiliates is in material default under any agreement, contract, instrument, or indenture of any nature whatsoever to which the Indenture Trustee or its affiliates is bound, which default would have a material adverse effect on the ability of the Indenture Trustee to perform its obligations under the 20[__]-[_] Basic Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; to the Indenture Trustee's knowledge, there are no proceedings or investigations pending or overtly threatened in writing before Governmental Authority (i) asserting the invalidity of any of the 20[__]-[_] Basic Documents or the Notes, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by any of the 20[__]-[_] Basic Documents or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Indenture Trustee's ability to perform its obligations under, or the validity or enforceability of, any of the 20[__]-[_] Basic Documents or the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; the Indenture Trustee does not have any reason or cause to believe that it cannot perform each and every covenant that it is making contained in this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; no consent, approval, authorization, or order of any Person, court, or governmental agency or body is required under federal law for the execution, delivery, and performance by the Indenture Trustee, or compliance by it with the Indenture or the consummation by it of the transactions contemplated by the Indenture, or if required has been obtained or can be obtained prior to the execution of the Indenture.

Section 6.15. <u>Furnishing of Monthly Investor Reports and Other Documents</u>. The Indenture Trustee shall furnish to any Noteholder promptly upon receipt of a written request by such Noteholder or Note Owner therefor (at the expense of the requesting Noteholder or Note Owner), copies of the 20[__]-[_] Basic Documents and duplicates or copies of all reports, notices, requests, demands, certificates and any other instruments furnished to the Indenture Trustee under the 20[__]-[_] Basic Documents. In the event that a Note Owner or Noteholder requests a complete copy of the Review Report, the Indenture Trustee shall not deliver such complete copy until (i) such Note Owner or Noteholder delivers to the Indenture Trustee a nondisclosure agreement in a form satisfactory to the Indenture Trustee with respect to the information in such Review Report, (ii) such complete copy of the Review Report is redacted by the Servicer prior to such delivery in a form satisfactory to the Indenture Trustee and the requesting Note Owner or Noteholder or (iii) the Servicer provides a certificate that, to the certifying officer's knowledge, the Review Report does not contain any not publically available Personally Identifiable Information.

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Section 6.16. <u>Encryption</u>. Notwithstanding anything to the contrary herein, any and all communications (both text and attachments) by or from the Indenture Trustee that the Indenture Trustee in its sole discretion deems to contain confidential, proprietary, and/or sensitive information may be encrypted or made available at the Indenture Trustee's website at http://pivot.usbank.com on a password protected basis.

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ARTICLE SEVEN

NOTEHOLDER COMMUNICATIONS AND REPORTS

Section 7.01. <u>Noteholder List and Noteholder Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Issuer will furnish or cause to be furnished to the Indenture Trustee (i) not more than five days after the earlier of (A) each Record Date and (B) three months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Notes as of such Record Date, and (ii) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished. The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes contained in the most recent list furnished to the Indenture Trustee under this section and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it under this section upon receipt of a new list so furnished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three or more Noteholders may request the list of the Holders of Notes maintained by the Indenture Trustee pursuant to Section 7.01(a) for the purpose of communicating with other Noteholders about such requesting Noteholders' rights under the Indenture or under the Notes. Any such request must be submitted to the Indenture Trustee in accordance with the requirements of Section 7.01(d) and be accompanied by a copy of the communication that such requesting Noteholders propose to send.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes subject to the rights of the Indenture Trustee set forth in such Section. The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices of events or occurrences and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notifying the Indenture Trustee of such events or occurrences. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note. The Indenture Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Note Owner, other than requests, demands or directions relating to obligations of the Indenture Trustee in connection with an asset representations review demand set forth in Section 7.02, unless the Noteholder or Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in complying with the request, demand or direction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other 20[__]-[_] Basic Documents may send a request to the Issuer or the Servicer, on behalf of the Issuer, to include information regarding the communication in a Form 10-D to be filed by the Issuer with the Commission. Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document. A Noteholder or Note Owner, as applicable, that delivers a request under this Section 7.01(e) will be deemed to have certified to the Issuer and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights under this Indenture or the other 20[__]-[_] Basic Documents, and will not be used for other purposes. The Issuer will promptly deliver any request to the Servicer. On receipt of a request, the Servicer will include in the Form 10-D filed by the Issuer with the Commission for the Collection Period in which the request was received (A) a statement that the Issuer has received a request from a Noteholder or Note Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other 20[__]-[_] Basic Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request was received and (D) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner.

Section 7.02. <u>Noteholder Demand for Asset Representations Review</u>. If a Delinquency Trigger occurs, a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, on whether to direct the Asset Representations Reviewer to conduct a Review under the Asset Representations Review Agreement. In the case of a Note Owner, each demand must be accompanied by a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document. If the Indenture Trustee receives within 90 days of the filing of the Form 10-D reporting the occurrence of the Delinquency Trigger a written demand from the Noteholders and Note Owners of at least 5% of the aggregate Note Balance of the Notes (as of the last day of the related Collection Period) to initiate a vote (which shall be conducted in accordance with its standard internal vote solicitation process at the time) with respect to the Review, then (a) the Indenture Trustee will promptly notify the Servicer and the Administrator thereof and request such vote of the Noteholders and Note Owners through the applicable Clearing Agency and (b) the Servicer will include in the Form 10-D report for the Collection Period in which such demand was received (i) a statement that Holders of a sufficient percentage of the aggregate Note Balance of the Notes are requesting a full Noteholder vote on whether to direct the Asset Representations Reviewer to conduct a Review and (ii) a description of the applicable voting procedures, including the applicable voting deadline. The vote will remain open until the 150th day after the filing of that Form 10-D. Assuming a voting quorum of Noteholders and Note Owners holding at least 5% of the aggregate Note Balance of the Notes (as of the last day of the related Collection Period) is reached, if the Noteholders and Note Owners representing at least 51% of the Note Balance of Notes voted agree to a Review, the Indenture Trustee will promptly send a Review Notice to the Asset Representations Reviewer and the Servicer informing the Asset Representations Reviewer to commence the Review under the Asset Representations Review Agreement and stating that such Review Notice is being delivered pursuant to this Section and Section 3.01 of the Asset Representations Review Agreement. For the avoidance of doubt, the Indenture Trustee shall not be required to (i) determine whether, or give notice to Noteholders that a Delinquency Trigger has occurred or (ii) determine which assets are subject to Review by an Asset Representations Reviewer. The Indenture Trustee may select a vote agent that is experienced in the administration of Noteholder votes and/or consent solicitations to conduct and administer any Noteholder vote about whether to direct the Asset Representations Reviewer to conduct a Review of the Review Assets and, so long as the Indenture Trustee selects such vote agent with due care, the Indenture Trustee will not be liable for any actions or inactions of such vote agent.

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Section 7.03. <u>Reports by Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Issuer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; file with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; file with the Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) supply to the Indenture Trustee (and the Indenture Trustee shall mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) and by the rules and regulations prescribed from time to time by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.

Section 7.04. <u>Reports by Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If required by TIA Section 313(a), within 60 days after each December 15<sup>th</sup> beginning with December 15, 20[__], the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee shall also comply with TIA Section 313(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall provide to the Administrator and the Servicer, to be filed by the Administrator or the Servicer with the Commission and each stock exchange, if any, on which the Notes are listed, a copy of each report mailed to Noteholders pursuant to this Indenture. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

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ARTICLE EIGHT

DISBURSEMENTS AND RELEASES

Section 8.01. <u>Collection of Money</u>. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article Five.

Section 8.02. <u>Monthly Investor Report</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Determination Date, the Issuer shall cause the Servicer to deliver, pursuant to Section 6.01(b) of the 20[__]-[_] Servicing Supplement, to the Indenture Trustee, the Monthly Investor Report with respect to the related Payment Date and Collection Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth in the Monthly Investor Report delivered to the Indenture Trustee in accordance with this Section, and the Indenture Trustee shall be fully protected in relying upon such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment Date, the Indenture Trustee shall send by first class mail or other reasonable means (including the posting on the Indenture Trustee's website at http://pivot.usbank.com) the Monthly Investor Report prepared by the Servicer to each Person that was a Noteholder as of the close of business on the related Record Date (which shall be Cede & Co., as the nominee of DTC unless Definitive Notes are issued under the limited circumstances described herein). Note Owners may obtain copies of, or access to, such reports upon a request in writing to the Indenture Trustee at the Corporate Trust Office.

Section 8.03. <u>Disbursement of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment Date prior to the acceleration of the Notes following the occurrence of an Event of Default, the Indenture Trustee will (based on the information contained in the related Monthly Investor Report) withdraw from the 20[__]-[_] Exchange Note Collection Account an amount equal to the 20[__]-[_] Available Funds and shall apply such amount in accordance with the following priorities:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; pro rata, up to a maximum of $[●] each calendar year, to pay (A) to the Collateral Agent any expenses or indemnified amounts due with respect to the 20[__]-[_] Exchange Note or the 20[__]-[_] Reference Pool under Section 3.01(c) of the Basic Collateral Agency Agreement or Article Eight of the Basic Collateral Agency Agreement to the extent not paid by the Borrower or the Titling Trust Administrator, (B) to the Administrative Agent any expenses or indemnified amounts due with respect to the 20[__]-[_] Exchange Note or the 20[__]-[_] Reference Pool under Section 7.05 of the Basic Collateral Agency Agreement or Article Eight of the Basic Collateral Agency Agreement to the extent not paid by the Borrower or the Titling Trust Administrator, (C) to the Trustees all amounts, including indemnities, then due to the Trustees to the extent not paid by the Transferor or the Administrator and (D) to the Asset Representations Reviewer any amounts due under the Asset Representations Review Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the 20[__]-[_] Distribution Account, for payment to the Noteholders, on a pro rata basis, the Interest Distributable Amount for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the 20[__]-[_] Distribution Account, for payment to the Noteholders, as payments of principal, an amount equal to the Priority Principal Distribution Amount for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the 20[__]-[_] Reserve Account, the amount necessary to cause the amount on deposit in the 20[__]-[_] Reserve Account to equal the Required Reserve Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the 20[__]-[_] Distribution Account, for payment to the Noteholders, as payments of principal, an amount equal to the Regular Principal Distribution Amount for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if a Successor Servicer has been appointed pursuant to the 20[__]-[_] Servicing Agreement, to such Successor Servicer, any Transition Costs due in connection with such transfer of servicing and not paid pursuant to the 20[__]-[_] Servicing Agreement plus the Additional Servicing Fee, if any, for the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to the Indenture Trustee, the Owner Trustee, the Collateral Agent, the Asset Representations Reviewer and the Administrative Agent, any accrued and unpaid expenses, indemnities and fees, in each case to the extent the fees, expenses and indemnities have not been previously paid above pursuant to clause (i) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the Certificateholder, any amounts remaining after the foregoing distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment Date, the Indenture Trustee shall either directly or through the Note Paying Agent apply or cause to be applied the amount on deposit in the 20[__]-[_] Distribution Account on such Payment Date to make the following payments in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; from amounts deposited into the 20[__]-[_] Distribution Account pursuant to Section 8.03(a)(ii), to the Class A Noteholders, on a pro rata basis, the Interest Distributable Amount for the Class A Notes for such Payment Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; from amounts deposited into the 20[__]-[_] Distribution Account pursuant to Sections 8.03(a)(iii) and (v) (so long as the maturity of the Notes has not been accelerated pursuant to Section 5.02):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp; first, to the Class A-1 Noteholders (until the Class A-1 Note Balance has been reduced to zero);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp; second, to the Class A-2 (until the Class A-2 Note Balance has been reduced to zero);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp; third, to the Class A-3 Noteholders (until the Class A-3 Note Balance has been reduced to zero);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp; fourth, to the Class A-4 Noteholders (until the Class A-4 Note Balance has been reduced to zero); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp; (E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fifth, to the Class B Noteholders (until the Class B Note Balance has been reduced to zero).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding Section 8.03(a), following (i) the liquidation of all or part of the Trust Estate pursuant to Section 5.04(a)(iv), any proceeds of such liquidation of the Trust Estate collected during any Collection Period will be deposited into the 20[__]-[_] Exchange Note Collection Account on or prior to the related Payment Date and distributed in the manner set forth in Section 5.04(b) on such Payment Date and (ii) the acceleration of the Notes after the occurrence of an Event of Default, amounts on deposit in the 20[__]-[_] Exchange Note Collection Account will be distributed in the manner set forth in Section 5.04(b) on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If on any Payment Date, after giving effect to all deposits to and withdrawals from the 20[__]-[_] Reserve Account, the amount on deposit in the 20[__]-[_] Reserve Account exceeds the Required Reserve Amount, the Indenture Trustee (in accordance with the Monthly Investor Report) shall distribute any such excess to or at the direction of the Certificateholder. Upon any such distributions to the Certificateholder, the Noteholders will have no further rights in, or claims to such amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the sum of the amounts on deposit in the 20[__]-[_] Exchange Note Collection Account and the 20[__]-[_] Reserve Account on any Payment Date equals or exceeds the Note Balance, accrued and unpaid interest thereon and all amounts due to the Servicer, the Collateral Agent, the Administrative Agent, the Asset Representations Reviewer, the Owner Trustee and the Indenture Trustee, all such amounts will be applied up to the amount necessary to reduce the Note Balance to zero and discharge the Notes and pay such amounts due.

Section 8.04. <u>20[__]-[_] Bank Accounts; General Provisions Regarding 20[__]-[_] Bank Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp; On or before the 20[__]-[_] Closing Date, the Issuer shall cause the Servicer to establish and maintain, at the Securities Intermediary, in the name of the Indenture Trustee, for the benefit of the Securityholders, the 20[__]-[_] Exchange Note Collection Account as provided in Section 4.01(a) of the 20[__]-[_] Servicing Supplement. In accordance with Section 4.02(a) of the 20[__]-[_] Servicing Supplement, the Servicer shall deposit in the 20[__]-[_] Exchange Note Collection Account all amounts required to be deposited therein with respect to the preceding Collection Period. On each Payment Date, the Servicer shall allocate the amount on deposit in the 20[__]-[_] Exchange Note Collection Account on such Payment Date in accordance with Section 5.01 of the 20[__]-[_] Exchange Note Supplement (or following the sale or liquidation of any portion of the 20[__]-[_] Reference Pool, in accordance with Section 5.02 of the 20[__]-[_] Exchange Note Supplement) and the Indenture Trustee will make distributions from the 20[__]-[_] Exchange Note Collection Account in accordance with Section 8.03 (or following the acceleration of the Notes after the occurrence of an Event of Default, in accordance with Section 5.04).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or before the 20[__]-[_] Closing Date, the Issuer shall cause the Servicer to establish and maintain, at the Securities Intermediary, in the name of the Indenture Trustee, for the benefit of the Noteholders, the 20[__]-[_] Distribution Account as provided in Section 4.01(a) of the 20[__]-[_] Servicing Supplement. On each Payment Date prior to the acceleration of the Notes after the occurrence of an Event of Default, the Indenture Trustee shall apply or cause to be applied the amount on deposit in the 20[__]-[_] Distribution Account on such Payment Date in accordance with Section 8.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; On or before the 20[__]-[_] Closing Date, the Issuer shall cause the Servicer to establish and maintain, at the Securities Intermediary, in the name of the Indenture Trustee, for the benefit of the Noteholders, the 20[__]-[_] Reserve Account as provided in Section 4.01(a) of the 20[__]-[_] Servicing Supplement. On or before each Payment Date, the Indenture Trustee (in accordance with the Monthly Investor Report), directly or through the Note Paying Agent, shall withdraw or cause to be withdrawn from the 20[__]-[_] Reserve Account and deposit in the 20[__]-[_] Exchange Note Collection Account, the 20[__]-[_] Reserve Account Draw Amount, if any, for such Payment Date for distribution according to the priorities specified in Section 8.03(a)(i) through (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For so long as no Default or Event of Default has occurred and is continuing, the depository institution or trust company maintaining the 20[__]-[_] Bank Accounts (which initially is the Securities Intermediary) will invest, at the direction of the Servicer (which may be in the form of standing instructions), funds in such accounts in Permitted Investments as provided in Section 5.03(a) of the Basic Servicing Agreement. Investment earnings (net of losses and investment expenses) from amounts on deposit in the 20[__]-[_] Bank Accounts shall be treated as 20[__]-[_] Available Collections; provided, that the Servicer may direct the Indenture Trustee to hold amounts on deposit in the 20[__]-[_] Reserve Account and the 20[__]-[_] Exchange Note Collection Account uninvested (which direction may be in the form of standing instructions) for so long as (A) [●] is the Indenture Trustee hereunder and (B) the Securities Intermediary on behalf of the Indenture Trustee is the entity maintaining the 20[__]-[_] Reserve Account and the 20[__]-[_] Exchange Note Collection Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to Section 6.01(c), neither the Indenture Trustee nor the Securities Intermediary will be liable by reason of any insufficiency in any of the 20[__]-[_] Bank Accounts resulting from any loss on any Permitted Investment included in the 20[__]-[_] Bank Accounts, except for losses attributable to the Indenture Trustee's failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Securities Intermediary on behalf of the Indenture Trustee is the entity maintaining the 20[__]-[_] Bank Accounts and (i) the Servicer has failed to give investment directions for any funds on deposit in any 20[__]-[_] Bank Account to the Indenture Trustee by 2:00 p.m., New York City time (or such other time as may be agreed by the Issuer and the Indenture Trustee), on the Business Day preceding the day such investment will be made or (ii) to the actual knowledge of a Responsible Officer of the Indenture Trustee, a Default or Event of Default has occurred and is continuing with respect to the Notes, the Indenture Trustee will, to the fullest extent practicable, invest and reinvest funds in the 20[__]-[_] Bank Accounts, as the case may be, in the most recent investment direction on file with the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee will notify the entity maintaining the 20[__]-[_] Bank Accounts (if not the Indenture Trustee) if a Responsible Officer has actual knowledge that a Default or Event of Default has occurred and is continuing with respect to the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For so long as no Event of Default resulting in the Notes having being declared immediately due and payable shall have occurred and be continuing, the Issuer shall retain the authority to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any investments of funds in the 20[__]-[_] Bank Accounts, and, in general, to exercise each and every other power or right with respect to each such investment, including the power to exercise any voting rights in respect of such investments.

Section 8.05. <u>Release of Trust Estate</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.07 and any other Issuer Obligations have been paid, release any remaining portion of the Trust Estate that secured the Notes from the Lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the 20[__]-[_] Bank Accounts. Such release shall include delivery to the Issuer or its designee of the 20[__]-[_] Exchange Note and the Notes and the release of the Lien of this Indenture. Upon the delivery of the 20[__]-[_] Exchange Note to the Issuer or its designee, the rights of the Indenture Trustee, as Registered Pledgee of the 20[__]-[_] Exchange Note shall terminate and, pursuant to Section 3.01(d) of the 20[__]-[_] Exchange Note Supplement, the 20[__]-[_] Reference Pool shall be terminated and the 20[__]-[_] Leases and 20[__]-[_] Vehicles shall be reallocated to the Revolving Pool.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this Section only upon receipt of an Issuer Request accompanied by an Officer's Certificate and an Opinion of Counsel and, if required by the TIA or Section 11.01, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1), and otherwise in accordance with the applicable requirements of Section 11.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon receipt of an Issuer Request, the Indenture Trustee shall execute and deliver any termination statements for filing under the provisions of the UCC of any applicable jurisdiction in connection with the release of the Lien of this Indenture pursuant to this Section.

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ARTICLE NINE

SUPPLEMENTAL INDENTURES

Section 9.01. <u>Supplemental Indentures Without Consent of Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, without the consent of any Holders of any Notes but with prior written notice to the Rating Agencies, at any time and from time to time, enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to correct or amplify the description of any property at any time subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture, or to subject to the Lien of this Indenture additional property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to evidence the succession, in compliance with the applicable provisions hereof, of another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender any right or power herein conferred upon the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture or in any offering document used in connection with the initial offer and sale of the Notes or other 20[__]-[_] Basic Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article Six;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp; to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA or the rules and regulations of the Commission; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to add any provision to, or change in any manner or eliminate any of the provisions of, this Indenture or to modify in any manner the rights of the Holders of Notes under this Indenture;

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provided, however, that no such supplemental indenture (A) may materially adversely affect the interests of any Noteholder and (B) will be permitted unless an Opinion of Counsel is delivered to the Indenture Trustee to the effect that such supplemental indenture will not cause (1) the Issuer to be classified as an association or a publicly traded partnership taxable as a corporation for federal income tax purposes or (2) the Notes to be characterized other than as indebtedness for United States federal income tax purposes. The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A supplemental indenture shall be deemed not to materially adversely affect the interests of any Noteholder if the Person requesting such supplemental indenture (i) has satisfied the Rating Agency Condition or (ii) obtains and delivers to the Indenture Trustee an Opinion of Counsel or an Officer's Certificate of the Issuer, in either case to the effect that the supplemental indenture would not materially adversely affect the interests of any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notwithstanding anything in this Section 9.01, in Section 9.02 or in any 20[__]-[_] Basic Document to the contrary, this Indenture (including the defined terms set forth in Appendix A to the Exchange Note Supplement and used herein) may be amended by the Issuer, the Indenture Trustee and the Note Paying Agent (when so directed by an Issuer Order), without the consent of the Noteholders or any other Person and without satisfying any other amendment provisions of this Indenture or any other 20[__]-[_] Basic Document, to implement any SOFR Adjustment Conforming Changes or, following the determination of a Benchmark Replacement, any Benchmark Replacement Conforming Changes; provided, that the Issuer has delivered notice of such amendment to the Rating Agencies on or prior to the date such amendment is executed; provided, further, that any such SOFR Adjustment Conforming Changes or any such Benchmark Replacement Conforming Changes shall not affect the rights, indemnities or obligations of the Owner Trustee, the Indenture Trustee or the Note Paying Agent without the Owner Trustee's, the Indenture Trustee's or the Note Paying Agent's consent, respectively. For the avoidance of doubt, any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes in any amendment to this Indenture may be retroactive (including retroactive to the Benchmark Replacement Date) and this Indenture may be amended more than once in connection with any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes.]

Section 9.02. <u>Supplemental Indentures With Consent of Noteholders</u>. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto, with prior written notice to the Rating Agencies, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or modifying in any manner the rights of the Noteholders; provided, that no such amendment may be made without the consent of the Majority Noteholders [of the Controlling Class]. Notwithstanding the foregoing, the Issuer and the Indenture Trustee may not, without the consent of each Noteholder affected thereby, enter into any supplements for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; change the Final Scheduled Payment Date of or the due date of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the Interest Rate thereon or the Note Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of 20[__]-[_] Collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; reduce the percentage of Note Balance [of the Controlling Class][of any Class], the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; modify or alter (i) the provisions of the proviso to the definition of the term "Outstanding" or (ii) the definition of the term "Note Balance" [or (iii) the definition of the term "Controlling Class"];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; reduce the percentage of the Outstanding Amount [of any Class] required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.04, if the proceeds of such sale or liquidation would be insufficient to pay the Outstanding Amount plus accrued but unpaid interest on the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; reduce the percentage of the Note Balance the consent of the Holders of Notes [of the Controlling Class][of any Class] of which is required for any such supplemental indenture amending the provisions of this Indenture which specify the applicable percentage of the Note Balance the consent of the Holders of Notes [of the Controlling Class][of any Class] of which is required for such supplemental indenture or the amendment of any other 20[__]-[_] Basic Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; modify any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the other 20[__]-[_] Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; permit the creation of any Lien ranking prior to or on a parity with the Lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any property at any time subject hereto or deprive the Holder of any Note of the security provided by the Lien of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; impair the right to institute suit for the enforcement of payment as provided in Section 5.07; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; modify the definitions of 20[__]-[_] Aggregate Securitization Value, Securitization Value or the Required Reserve Amount.

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The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained.

The Indenture Trustee may in its discretion determine whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith.

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders of Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

Section 9.03. <u>Execution of Supplemental Indentures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with each supplemental indenture, the Issuer shall deliver an Opinion of Counsel to the Indenture Trustee to the effect that such action shall not (i) cause the Issuer to be classified as (A) an association or (B) a publicly traded partnership taxable as a corporation for United States federal income tax purposes or (ii) cause the Notes to be characterized other than as indebtedness for United States federal income tax purposes.

Section 9.04. <u>Effect of Supplemental Indenture</u>. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer, the Owner Trustee and the Holders of Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

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Section 9.05. <u>Conformity with Trust Indenture Act</u>. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article shall conform to the requirements of the TIA as then in effect so long as this Indenture shall then be qualified under the TIA.

Section 9.06. <u>Reference in Notes to Supplemental Indentures</u>. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

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ARTICLE TEN

REDEMPTION OF NOTES

Section 10.01. <u>Redemption</u>. Pursuant to Section 5.01(a) of the 20[__]-[_] Servicing Supplement, on any Payment Date on which the Outstanding Amount is equal to or less than [5]% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer may cause the Notes to be redeemed in whole but not in part by purchasing the 20[__]-[_] Exchange Note. If the Notes are to be redeemed pursuant to this Section, the Servicer or the Issuer will notify the Indenture Trustee of such election not less than ten days and not more than 30 days prior to the Redemption Date. The Issuer will, or will cause the Servicer to, irrevocably deposit, by 2:00 p.m., New York City time, on the Business Day prior to the Redemption Date, in the 20[__]-[_] Exchange Note Collection Account an amount sufficient to pay the Note Redemption Price in full, which amounts shall be applied in accordance with Section 8.03. Upon redemption of the Notes and the payment of the Note Redemption Price in full, the Indenture Trustee shall release the 20[__]-[_] Exchange Note and the related components of the Trust Estate from the Lien of this Indenture and shall deliver the 20[__]-[_] Exchange Note and all such other components to or upon the order of the Servicer. Notwithstanding the foregoing, any accounts held by the Indenture Trustee may remain open for 30 days after the Redemption Date.

Section 10.02. <u>Form of Redemption Notice</u>. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile and mailed or transmitted not later than ten days prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder's address or facsimile number appearing in the Note Register.

All notices of redemption will state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; the Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; the Note Redemption Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; the place where such Notes are to be surrendered for payment of the Note Redemption Price (which will be the office or agency of the Issuer maintained as provided in Section 3.02);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; the applicable "CUSIP" number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; that on the Redemption Date, the Note Redemption Price will become due and payable upon the Notes and that interest on the Notes will cease to accrue from and after the Redemption Date.

Notice of redemption of the Notes will be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect in such notice, to any Noteholder will not impair or affect the validity of the redemption of any other Note.

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Section 10.03. <u>Notes Payable on Redemption Date</u>. The Notes to be redeemed shall, following notice of redemption as required by Section 10.02, on the Redemption Date become due and payable at the Note Redemption Price, and (unless the Issuer shall default in the payment of the Note Redemption Price) no interest shall accrue on the Note Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Note Redemption Price.

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ARTICLE ELEVEN

MISCELLANEOUS

Section 11.01. <u>Compliance Certificates and Opinions, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer's Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) if required by Section 11.01(b)(ii) or the TIA, an Independent Certificate, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished.

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior to the deposit of any of the Trust Estate or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the Lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture, deliver to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of each individual signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Trust Estate or other property or securities to be so deposited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates furnished pursuant to clause (i) above and this clause (ii), is 10% or more of the Note Balance, but such a certificate need not be furnished with respect to any property or securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer's Certificate is less than $25,000 or less than 1% of the Note Balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other than with respect to any release described in clause (A) or (B) of Section 11.01(b)(v), whenever any property or securities are to be released from the Lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property (other than property described in clauses (A) or (B) of Section 11.01(b)(v)) released from the Lien of this Indenture since the commencement of the then-current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer's Certificate is less than $25,000 or less than 1% of the Note Balance at the time of such release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding Section 2.13 or any other provision of this Section, the Issuer may, without compliance with the requirements of the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of the Trust Estate as and to the extent permitted or required by the 20[__]-[_] Basic Documents and (B) make cash payments out of the 20[__]-[_] Exchange Note Collection Account as and to the extent permitted or required by the 20[__]-[_] Basic Documents.

Section 11.02. <u>Form of Documents Delivered to Indenture Trustee</u>. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

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Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such officer's certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Issuer, the Transferor or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Issuer, the Transferor or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer's compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article Six.

Section 11.03. <u>Acts of Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The ownership of Notes shall be proved by the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

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Section 11.04. <u>Notices</u>. Unless otherwise specified in this Indenture, all notices, requests, demands, consents, waivers, Act of Noteholders or other communications to or from the parties to this Indenture will be in writing. Notices, requests, demands, consents and other communications will be deemed to have been given and made, (i) upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three days after deposit in the mail and (ii) in the case of (a) a facsimile, when receipt is confirmed by telephone or by reply e-mail or reply facsimile from the recipient, (b) an e-mail, when receipt is confirmed by telephone or by reply e-mail from the recipient and (c) an electronic posting to a password-protected website, upon printed confirmation of the recipient's access to such password-protected website, or when notification of such electronic posting is confirmed in accordance with clauses (ii)(b) and (ii)(c) above. Unless otherwise specified in this Indenture, any such notice, request, demand, consent or other communication will be delivered or addressed, in the case of (i) the Indenture Trustee by any Noteholder or by the Issuer at the Corporate Trust Office (e-mail: melissa.rosal@usbank.com, telecopier no. (312) 332-7996), (ii) the Issuer by the Indenture Trustee or by any Noteholder at Mercedes-Benz Auto Lease Trust 20[__]-[_], c/o [●], with a copy to the Administrator at Mercedes-Benz Financial Services USA LLC, 35555 W. Twelve Mile Road, Suite 100, Farmington Hills, Michigan 48331, Attention: Steven C. Poling (e-mail steven.c.poling@_________.com), (iii) to each Rating Agency, as applicable, by the Issuer, the Indenture Trustee or the Owner Trustee, in the case of (a) [●], at [●], Attention: [●] and (b) [●] at [●], Attention: [●], and (iv) as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

Section 11.05. <u>Notices to Noteholders; Waiver</u>. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and sent by first-class mail, postage prepaid, or via overnight courier to each Noteholder affected by such event, at such Holder's address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given.

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

Where this Indenture provides for notice to any Rating Agency, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default.

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Section 11.06. <u>Conflict with Trust Indenture Act</u>. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

The provisions of TIA Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

Section 11.07. <u>Alternate Payment and Notice Provisions</u>. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Note Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements.

Section 11.08. <u>Effect of Headings and **Table of Contents**</u>. The Article and Section headings herein and the **Table of Contents** are for convenience only and shall not affect the construction hereof.

Section 11.09. <u>Successors and Assigns</u>. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents.

Section 11.10. <u>Severability</u>. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby.

Section 11.11. <u>Benefits of Indenture</u>. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Owner Trustee, the Noteholders (and, with respect to Sections 5.04 and 8.03, the Certificateholders), any other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. The Owner Trustee shall be a third party beneficiary of this Indenture.

Section 11.12. <u>Legal Holidays</u>. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and, except as otherwise provided in the 20[__]-[_] Basic Documents, no interest shall accrue for the period from and after any such nominal date.

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Section 11.13. **<u>GOVERNING LAW</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each party to this Indenture submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all Proceedings arising out of or relating to this Indenture or the transactions contemplated by the 20[__]-[_] Basic Documents. Each party to this Indenture irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such Proceeding brought in such a court and any claim that any such Proceeding brought in such a court has been brought in an inconvenient forum.

Section 11.14. **<u>WAIVER OF JURY TRIAL</u>**. EACH PARTY TO THIS INDENTURE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR ANY OTHER 20[__]-[_] BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR ANY SUCH OTHER 20[__]-[_] BASIC DOCUMENT.

Section 11.15. <u>Counterparts; Electronic Signature</u>. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act; provided, however, that any documentation with respect to transfer of the Notes or other securities presented to the Indenture Trustee or any transfer agent must contain original documents with manually executed signatures.

Section 11.16. <u>Recording of Indenture</u>. If this Indenture is subject to recording in any appropriate public recording offices, such recording shall be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

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Section 11.17. <u>Issuer Obligation</u>. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacities) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by Applicable Law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Eight of the Trust Agreement.

Section 11.18. <u>No Petition</u>. The Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner accepting a Note or a beneficial interest therein, as the case may be, hereby covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of the Exchange Notes, Notes and other Securities, it will not institute against the Titling Trust, the Transferor, the Issuer or the Initial Beneficiary, or join in any institution against the Titling Trust, the Transferor, the Issuer or the Initial Beneficiary of any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the Notes, the 20[__]-[_] Exchange Note or any 20[__]-[_] Basic Document and agrees that it will not cooperate with or encourage others to institute any such Proceeding.

Section 11.19. <u>No Recourse</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Notes represent obligations of the Issuer only and do not represent an interest in or obligations of the Titling Trust, the Servicer, the Transferor or any of their respective Affiliates, and no recourse may be had against such parties or their assets, except as may be set forth in this Indenture and the other 20[__]-[_] Basic Documents. Each Noteholder, by acceptance of a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by Applicable Law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by the Owner Trustee, not individually or personally but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on the Owner Trustee, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto (iv) the Owner Trustee has not verified and has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer hereunder and (v) under no circumstances shall the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or any other related documents

Section 11.20. <u>Inspection</u>. The Issuer agrees that, on at least ten Business Days' prior written notice, it will make available to any representative of the Indenture Trustee, during the Issuer's normal business hours, all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer's affairs, finances and accounts with the Issuer's officers, employees and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested; provided, however, that so long as no Event of Default has occurred, no more than one such review shall be conducted in any calendar year. The Indenture Trustee shall, and shall cause its representatives to, hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder.

Section 11.21. <u>Subordination</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The obligations of the Issuer under this Indenture are solely the obligations of the Issuer and will not represent any obligation or interest in any assets of the Transferor other than the Trust Estate, or any assets of the Holding Company other than the Titling Trust Assets that are allocated to the [Mercedes-Benz] Retail Specified Interest that are designated as part of the 20[__]-[_] Reference Pool. In furtherance of and not in derogation of the foregoing, the Indenture Trustee, by entering into this Indenture, and each Noteholder, acknowledge and agree that they will have no right, title or interest in or to any other assets of the Transferor or the Holding Company. To the extent that, notwithstanding the preceding sentence, the Indenture Trustee or any Noteholder either (i) asserts an interest or claim to, or benefit from, other assets or (ii) is deemed to have any such interest, claim to, or benefit in or from other assets, whether by operation of law, legal process, pursuant to applicable provisions of Insolvency Laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then the Indenture Trustee or any Noteholder further acknowledges and agrees that any such interest, claim or benefit in or from other assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the terms of the relevant documents relating to the securitization or conveyance of such other assets, are entitled to be paid from, entitled to the benefits of or otherwise secured by such other assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under Applicable Law, including Insolvency Laws, and whether or not asserted against the Transferor or the Holding Company, as applicable), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. The Indenture Trustee or any Noteholder further acknowledge and agree that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of the Indenture Trustee and any Noteholder irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that the Indenture Trustee or any Noteholder may have against any other assets of the Transferor or the Issuer other than the Trust Estate or, in the case of the Holding Company, the [Mercedes-Benz] Retail Specified Interest.

Section 11.22. <u>Termination of Collateral Agent's Lien</u>. In connection with the final payment on the Notes and the termination of the Lien of the Indenture, whether pursuant to Section 4.01, Section 10.01 or otherwise, the Indenture Trustee shall, at the written direction of the Borrower, the Lender or the Servicer, deliver to the Collateral Agent notices and other documents requested to (i) terminate the Lien of the Collateral Agent, if any, on the Certificates of Title to the 20[__]-[_] Vehicles and (ii) otherwise release the rights the Collateral Agent has to the 20[__]-[_] Vehicles by virtue of its Lien, if any, on the related Certificates of Title and the other components of the Trust Estate.

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Section 11.23. <u>Each Exchange Note Separate; Assignees of Exchange Note</u>. Each party hereto acknowledges and agrees (and each holder or pledgee of the 20[__]-[_] Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (i) the Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (a) the 20[__]-[_] Exchange Note or the related 20[__]-[_] Reference Pool shall be enforceable against such 20[__]-[_] Reference Pool only and not against any other Reference Pool or the Revolving Facility Pool and (b) any other Exchange Note, any other Reference Pool, or the Revolving Facility Pool shall be enforceable against such other Exchange Note, other Reference Pools, or the Revolving Facility Pool only, as applicable, and not against the 20[__]-[_] Exchange Note or any 20[__]-[_] Lease or 20[__]-[_] Vehicle included in the 20[__]-[_] Reference Pool, (iii) except to the extent required by law, the leases and the related leased vehicles included in the Revolving Facility Pool or leases and the related leased vehicles included in any other Reference Pool with respect to any other Exchange Note (other than the 20[__]-[_] Exchange Note transferred hereunder which is related to the 20[__]-[_] Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the 20[__]-[_] Exchange Note in respect of such claim, (iv) no creditor or holder of a claim relating to (a) the 20[__]-[_] Exchange Note or the related 20[__]-[_] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any other Reference Pool, the Revolving Facility Pool or any other Exchange Note or the assets allocated thereto (except to the extent of amounts available to such Persons on a fully subordinated basis) and (b) any other Reference Pool, the Revolving Facility Pool or any other Exchange Note other than the 20[__]-[_] Exchange Note related to the 20[__]-[_] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 20[__]-[_] Reference Pool and (v) any purchaser, assignee or pledgee of an interest in the 20[__]-[_] Reference Pool or, the 20[__]-[_] Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (a) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust Agreement and (b) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Revolving Facility Pool and each other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Revolving Facility Pool and each other Reference Pool.

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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized, as of the day and year first above written.

By: [●], not in its individual capacity but solely as Owner Trustee

By: <br>

 Name:

 Title:

By: 

 Name:

 Title:

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EXHIBIT A

FORM OF CLASS [A 1] [A-2A][A-2B] [A 3] [A 4][B] NOTE

EACH PURCHASER AND TRANSFEREE (AND IF SUCH PURCHASER OR TRANSFEREE IS A "BENEFIT PLAN" (AS DEFINED BELOW), ITS FIDUCIARY) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) IT IS NOT ACQUIRING OR HOLDING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF AN "EMPLOYEE BENEFIT PLAN", AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), A "PLAN", AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), OR ANY GOVERNMENTAL, CHURCH, NON-US, OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") (EACH, A 'BENEFIT PLAN") OR (2)(A) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY APPLICABLE SIMILAR LAW AND (B) SUCH NOTE HAS AT LEAST ONE INVESTMENT GRADE RATING FROM A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION AT THE TIME OF PURCHASE AND HAS NOT BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS UNDER APPLICABLE LOCAL LAW.

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.).

TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.

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THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE TRUSTEE.

THE FAILURE TO PROVIDE THE ISSUING ENTITY AND THE INDENTURE TRUSTEE WITH THE APPLICABLE FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL REVENUE SERVICE FORM W-9 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE, OR AN APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS NOT A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE) MAY RESULT IN THE IMPOSITION OF FEDERAL BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS` NOTE.

[FOR CLASS A-2A, A-2B, A 3, A 4, B NOTES] THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A 1 NOTES [THE CLASS A-2A NOTES, THE CLASS A-2B NOTES] [THE CLASS A 3 NOTES] [THE CLASS A-4 NOTES] AS DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.]

[FOR CLASS [__] NOTES:] NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (I) SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, (II) SUCH SALE IS MADE PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), (III) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE "QUALIFIED INSTITUTIONAL BUYERS") TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (IV) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUER OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT.

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| | |
|:---|:---|
| REGISTERED | $ |

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No. R- <u><br> </u> CUSIP NO. <br> <u><br> </u>

MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_]

[_____%][floating rate] [SOFR Rate + __%]CLASS [A 1] [A-2A][A-2B] [A-3] [A 4][B] ASSET BACKED NOTE

Mercedes-Benz Auto Lease Trust 20[__]-[_], a statutory trust organized and existing under the laws of the State of Delaware (including any permitted successors and assigns, the "Issuer"), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of ___________________ DOLLARS ($___________), payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $___________ [Denomination of Note] and the denominator of which is $___________ [Initial Note Balance of Class] by (ii) the aggregate amount in respect of principal of the Class [A 1] [A-2A][A-2B] [A-3] [A 4] [B] Notes, if any, payable to the extent described in the Indenture referred to on the reverse hereof on each Payment Date; provided, however, that the entire unpaid principal amount of this Note shall be payable on the earlier of _______________, 20__ (the "Class [A 1] [A-2A][A-2B] [A-3] [A 4] [B] Final Scheduled Payment Date") and the Redemption Date, if any, selected pursuant to the Indenture. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Indenture, which also contains rules as to construction that shall be applicable herein.

The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date (to the extent that such rate does not exceed the maximum rate permitted by Applicable Law) until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on such preceding Payment Date), or on the Closing Date in the case of the first Payment Date or if no interest has yet been paid, subject to certain limitations contained in the Indenture. Interest on this Note will accrue for each Payment Date from, and including, **[For Class A 1 and any floating rate classes: the most recent Payment Date on which interest has been paid (or, in the case of the first Payment Date or if no interest has yet been paid, from and including the Closing Date), to but excluding such current Payment Date. Interest will be computed on the basis of the actual number of days during the related Interest Period divided by 360.] [For fixed rate Class A-2A, Class A 3 and Class A 4 Notes: the 15th day of the prior calendar month (or, in the case of the first Payment Data or if no interest has yet been paid, from and including the Closing Date), to but excluding the 15th day of the current calendar month. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.]** The Issuer shall pay interest on overdue installments of interest at the interest rate otherwise applicable thereto to the extent lawful. Such principal and interest on this Note shall be paid in the manner specified on the reverse hereof.

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The principal of and interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or facsimile signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

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IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by an Authorized Officer, as of the date set forth below.

By: [●],

 not in its individual capacity but solely as Owner Trustee

 Authorized Signatory

INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

By: 

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[REVERSE OF CLASS [A 1] [A-2A][A-2B] [A 3] [A 4][B]NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [_____]%] Class [A 1] [A-2A][A-2B] [A 3] [A 4][B]Asset Backed Notes (the "Class [___] Notes"), all issued under the Indenture, dated as of [_______ _], 20[__] (the "Indenture"), between the Issuer and [●], as indenture trustee (the "Indenture Trustee"), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note are defined in Appendix 1 to the 20[__]-[_] Servicing Supplement and if not defined therein, in Appendix A to the Basic Collateral Agency Agreement.

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes (collectively, the "Notes") are, except as otherwise provided in the Indenture, equally and ratably secured by the 20[__]-[_] Collateral pledged as security therefor as provided in the Indenture. However, to the extent provided in the Indenture, each Class of Notes will receive principal payment sequentially so no principal payments shall be made in respect of the Class A-2 Notes until the Class A-1 Notes have been paid in full, no principal payments shall be made in respect of the Class A-3 Notes until the Class A-1 Notes and the Class A-2 Notes have been paid in full and no principal payments shall be made in respect of the Class A-4 Notes until the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes have been paid in full.

Principal payable on the Class [A 1] [A-2A][A-2B] [A 3] [A 4][B]Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire unpaid principal amount of this Note will be payable on the earlier of the Class [A 1] [A-2A][A-2B] [A 3] [A 4][B]Final Scheduled Payment Date and the Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Class [A 1] [A-2A][A-2B] [A 3] [A 4][B]Notes shall be due and payable following the occurrence and continuance of an Event of Default, if the Indenture Trustee or the Majority Noteholders [of the Controlling Class] have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. In such an event, principal payments on the Class A-1 Notes shall be made first and until paid in full and principal payments on the remaining Classes of Notes shall be made pro rata to the Noteholders entitled thereto. All principal payments on the Class [A 1] [A-2A][A-2B] [A 3] [A 4][B]Notes shall be made pro rata to the Class [A 1] [A-2A][A-2B] [A 3] [A 4][B]Noteholders entitled thereto.

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Payments of principal and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose name appears as the registered Noteholder (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Noteholder as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within 30 days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent appointed for such purposes located in The City of New York.

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture, the 20[__]-[_] Servicing Agreement and the Trust Agreement.

As provided in the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder or such Noteholder's attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, all in accordance with the Exchange Act, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, as the case may be, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by Applicable Law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the Titling Trust, the Transferor, the Initial Beneficiary, the Servicer or any of their respective Affiliates.

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Any claim pursuant to any Note issued hereunder against the Titling Trust will be limited in recourse to the assets of the [Mercedes-Benz] Retail Specified Interest that are designated as part of the 20[__]-[_] Reference Pool. If, notwithstanding the preceding sentence, any Noteholder or any other Person having a claim under the Indenture will be deemed to have any claim against any Specified Interest of the Initial Beneficiary other than the [Mercedes-Benz] Retail Specified Interest, or any assets allocated to any such other Specified Interest, such claim will be subordinate to the payment in full, including post-petition interest, of the claims of (i) the holders of any Securities relating to such other Specified Interest and (ii) parties to any undertaking, agreement, contract or other written obligation of the Holders of the Series relating to such other Specified Interest, the payments under which are derived in any material part from or collateralized by amounts received with respect to the related Specified Assets of such other Specified Interest.

Each Noteholder, by accepting a Note, irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that the Noteholder may have at any time against the Titling Trust or any Series other than the Series in connection with which this Note was issued.

Each Noteholder or Note Owner, by accepting a Note or a beneficial interest therein, covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all outstanding Notes, it will not institute against the Titling Trust, the Transferor, the Issuer or the Initial Beneficiary, or join in any institution against the Titling Trust, the Transferor, the Issuer or the Initial Beneficiary of any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the Notes or any 20[__]-[_] Basic Document.

Each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture Trustee, any Note Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence.

The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, State and local income, single business and franchise tax purposes, the Notes, if held by persons other than the beneficial owner of the equity in the Issuer or by an affiliate of such beneficial owner for such purposes, will qualify as indebtedness secured by the Trust Estate. Each Noteholder, by acceptance of a Note, agrees to treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness.

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Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Noteholders under the Indenture at any time by the Issuer with the consent of the Majority Noteholders [of the Controlling Class]. The Indenture also contains provisions permitting Noteholders representing specified percentages of the Note Balance, on behalf of all Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders.

This Note, or any interest therein, may not be transferred to a person that is or is acting on behalf of, or using the assets of, a Benefit Plan, unless (a) such transferee represents, warrants and covenants that its purchase, holding and disposition of this note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a violation of any Similar Law and (b) this note has at least one investment grade rating from a nationally recognized statistical rating organization at the time of purchase and has not been characterized as other than indebtedness under applicable local law. By its acquisition of this Note in book-entry form or any interest therein, each transferee will be deemed to have represented, warranted and covenanted that it satisfies the foregoing requirements and the Indenture Trustee may rely conclusively on the same for purposes hereof.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Noteholders under the Indenture at any time by the Issuer with the consent of the Majority Noteholders [of the Controlling Class]. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Note Balance, on behalf of all Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuer and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders.

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

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The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

**THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the 20[__]-[_] Basic Documents, none of [●], in its individual capacity, [●], in its individual capacity, any owner of a beneficial interest in the Issuer or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in the 20[__]-[_] Basic Documents, in the case of an Event of Default the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

<br> (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints

  <br> attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

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| | |
|:---|:---|
| Dated: | <sup>\*</sup> |
|  | Signature Guaranteed: |
|  | \* |

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 <sup>\*</sup> NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an "eligible guarantor institution" meeting the require-ments of the Note Registrar.

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EXHIBIT B

ASSET REPURCHASE DEMAND ACTIVITY REPORT

Reporting Period: <u>[calendar month]</u>

&nbsp;&nbsp;&nbsp;&nbsp;Check here if nothing to report.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Transaction** | **Lease** | **Activity During Period<sup>1</sup>** | **Activity During Period<sup>1</sup>** | **Activity During Period<sup>1</sup>** |
| **Transaction** | **Lease** | **Date of Reputed** <br> **Demand<sup>2</sup>** | **Party Making Reputed** <br> **Demand** | **Date of Withdrawal of** <br> **Reputed Demand** |
| MBALT 20[__]-[_] |  |  |  |  |

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<sup>1</sup> Forward any applicable information or documentation relating to any reputed demands to the Servicer. See Item 11 in the ASF Rule 15Ga-1 Market Implementation Guide for a discussion of what constitutes activity.

<sup>2</sup> See Item 23 in the ASF Rule 15Ga-1 Market Implementation Guide for a discussion of "demands."

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EXHIBIT C

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

In addition to the representations, warranties and covenants contained in the Indenture, dated as of [_______ _], 20[__] (the "Indenture"), between Mercedes-Benz Auto Lease Trust 20[__]-[_], as issuer (the "Issuer"), and [●], as indenture trustee (the "Indenture Trustee"), the Issuer hereby further represents, warrants and covenants to the Indenture Trustee as follows on the 20[__]-[_] Closing Date:

1. The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the 20[__]-[_] Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuer.

2. The 20[__]-[_] Exchange Note constitutes a "general intangible", "instrument", "certificated security" or "tangible chattel paper", within the meaning of the applicable UCC. The 20[__]-[_] Bank Accounts and all subaccounts thereof constitute either "deposit accounts" or "securities accounts" within the meaning of the applicable UCC. The 20[__]-[_] Leases constitute "tangible chattel paper" or "electronic chattel paper" (or, if such terms are not separately defined in the applicable UCC, "chattel paper") within the meaning of the applicable UCC.

3. All of the 20[__]-[_] Collateral that constitutes securities entitlements (other than the 20[__]-[_] Exchange Note to the extent the 20[__]-[_] Exchange Note constitutes a certificated security) has been or will have been credited to one of the 20[__]-[_] Bank Accounts. The securities intermediary for each 20[__]-[_] Account has agreed to treat all assets credited to the 20[__]-[_] Accounts as "financial assets" within the meaning of the applicable UCC.

4. The Issuer owns and has good and marketable title to the 20[__]-[_] Collateral free and clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a Lien is not imminent and the use and value of the property to which the Lien attaches is not impaired during the pendency of such proceeding.

5. The Issuer has received all consents and approvals to the grant of the security interest in the 20[__]-[_] Collateral under the Indenture to the Indenture Trustee required by the terms of the 20[__]-[_] Collateral to the extent that it constitutes an instrument or a payment intangible.

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6. The Issuer has received all consents and approvals required by the terms of the 20[__]-[_] Collateral, to the extent that it constitutes a securities entitlement, certificated security or uncertificated security, to the transfer to the Indenture Trustee of its interest and rights in the 20[__]-[_] Collateral under the Indenture.

7. The Issuer has caused or will have caused, within ten days after the 20[__]-[_] Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in the 20[__]-[_] Collateral granted to the Indenture Trustee under the Indenture.

<br> 8. With respect to 20[__]-[_] Collateral that constitutes an instrument or tangible chattel paper, either:

<br> a. all original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee;

b. such instruments or tangible chattel paper are in the possession of a custodian and the Indenture Trustee has received a written acknowledgment from such custodian that such custodian is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee; or

<br> c. a custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment from such custodian that such custodian is acting solely as agent of the Indenture Trustee.

<br> 9. The Issuer has not communicated an authoritative copy of any 20[__]-[_] Lease that constitutes electronic chattel paper to any Person other than the custodian.

<br> 10. With respect to the 20[__]-[_] Bank Accounts and all subaccounts thereof that constitute deposit accounts, either:

a. the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the 20[__]-[_] Bank Accounts without further consent by the Issuer; or

<br> b. the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of the 20[__]-[_] Bank Accounts.

<br> 11. With respect to 20[__]-[_] Collateral or 20[__]-[_] Bank Accounts or subaccounts thereof that constitute securities accounts or securities entitlements, either:

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a. the Issuer has caused or will have caused, within ten days after the 20[__]-[_] Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest granted in the 20[__]-[_] Collateral to the Indenture Trustee;

b. the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the 20[__]-[_] Bank Accounts without further consent by the Issuer; or

<br> c. the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the person having a security entitlement against the securities intermediary in the 20[__]-[_] Bank Accounts.

12. With respect to 20[__]-[_] Collateral that constitutes certificated securities (other than securities entitlements), all original executed copies of each security certificate that constitutes or evidences the 20[__]-[_] Collateral have been delivered to the Indenture Trustee, and each such security certificate either (i) is in bearer form, (ii) has been endorsed by an effective endorsement to the Indenture Trustee or in blank or (iii) has been registered in the name of the Indenture Trustee.

13. Other than the transfer of any 20[__]-[_] Collateral from Mercedes-Benz Financial Services USA LLC to Mercedes-Benz Trust Leasing LLC under the First-Tier Sale Agreement, the transfer of any 20[__]-[_] Collateral from Mercedes-Benz Trust Leasing LLC to the Issuer under the Second-Tier Sale Agreement, and the security interest in the 20[__]-[_] Collateral granted to the Indenture Trustee under the Indenture, none of Mercedes-Benz Financial Services USA LLC, Mercedes-Benz Trust Leasing LLC or the Issuer has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the 20[__]-[_] Collateral or the 20[__]-[_] Accounts or any subaccount thereof.

14. The Issuer has not authorized the filing of, nor is aware of, any financing statements against the Issuer that include a description of collateral covering the 20[__]-[_] Collateral or the 20[__]-[_] Bank Accounts or any subaccount thereof other than any financing statement relating to any security interest granted pursuant to the 20[__]-[_] Basic Documents or that has been terminated.

<br> 15. No instrument or tangible chattel paper that constitutes or evidences the 20[__]-[_] Collateral has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

16. Neither the 20[__]-[_] Bank Accounts nor any subaccounts thereof are in the name of any person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any 20[__]-[_] Bank Account to comply with entitlement orders of any person other than the Indenture Trustee.

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Indenture.

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## Exhibit 4.2

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EXHIBIT 4.2<br>

MERCEDES - BENZ TRUST LEASING LLC,

as Transferor,

and

[●],

as Owner Trustee

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AMENDED AND RESTATED

TRUST AGREEMENT

Dated as of [______ __], 20[__]

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------

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | <u>Page</u> |
| ARTICLE ONE | ARTICLE ONE |
| DEFINITIONS | DEFINITIONS |
| Section 1.01. <u>Capitalized Terms; Rules of Usage</u> | 1 |
| ARTICLE TWO | ARTICLE TWO |
| ORGANIZATION | ORGANIZATION |
| Section 2.01. <u>Name</u> | 3 |
| Section 2.02. <u>Office</u> | 3 |
| Section 2.03. <u>Purposes and Powers</u> | 3 |
| Section 2.04. <u>Appointment of Owner Trustee</u> | 4 |
| Section 2.05. <u>Initial Capital Contribution of Owner Trust Estate</u> | 4 |
| Section 2.06. <u>Declaration of Trust</u> | 4 |
| Section 2.07. <u>Liability of Certificateholders</u> | 4<br>|
| Section 2.08. <u>Title to Owner Trust Estate</u> | 5 |
| Section 2.09. <u>Situs of Issuer</u> | 5 |
| Section 2.10. <u>Representations and Warranties of the Transferor</u> | 5 |
| Section 2.11. <u>Financing Statements</u> | 6 |
| ARTICLE THREE | ARTICLE THREE |
| CERTIFICATES AND TRANSFER OF INTERESTS | CERTIFICATES AND TRANSFER OF INTERESTS |
| Section 3.01. <u>Initial Ownership</u> | 7 |
| Section 3.02. <u>The Certificates</u> | 7 |
| Section 3.03. <u>Authentication and Delivery of the Certificates</u> | 8 |
| Section 3.04. <u>Registration, Transfer and Exchange of the Certificates</u> | 8 |
| Section 3.05. <u>Mutilated, Destroyed, Lost or Stolen Certificates</u> | 10 |
| Section 3.06. <u>Persons Deemed Certificateholders</u> | 11 |
| Section 3.07. <u>Access to List of Certificateholders' Names and Addresses</u> | 11 |
| Section 3.08. <u>Maintenance of Office or Agency</u> | 11 |
| Section 3.09. <u>No Legal Title to Owner Trust Estate in Certificateholders</u> | 12 |
| Section 3.10. <u>No Recourse</u> | 12 |
| Section 3.11. <u>Appointment of Paying Agent</u> | 12 |
| Section 3.12. <u>Certificates Nonassessable and Fully Paid</u> | 12 |

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i

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| | |
|:---|:---|
|  | <u>Page</u> |
| ARTICLE FOUR | ARTICLE FOUR |
| ACTIONS BY OWNER TRUSTEE | ACTIONS BY OWNER TRUSTEE |
| Section 4.01. <u>Prior Notice to Certificateholders with Respect to Certain Matters</u> | 13 |
| Section 4.02. <u>Action by Certificateholder with Respect to Certain Matters</u> | 13 |
| Section 4.03. <u>Action by Certificateholders with Respect to Bankruptcy</u> | 14 |
| Section 4.04. <u>Restrictions on Certificateholders' Power</u> | 14 |
| Section 4.05. <u>Majority Control</u> | 14 |
| Section 4.06. <u>Certain Litigation Matters</u> | 14 |
| ARTICLE FIVE | ARTICLE FIVE |
| APPLICATION OF ISSUER FUNDS; CERTAIN DUTIES | APPLICATION OF ISSUER FUNDS; CERTAIN DUTIES |
| Section 5.01. <u>Application of Issuer Funds</u> | 15 |
| Section 5.02. <u>Method of Payment</u> | 15 |
| Section 5.03. <u>No Segregation of Monies; No Interest</u> | 16 |
| Section 5.04. <u>Accounting and Reports to Owners, IRS and Others</u> | 16 |
| ARTICLE SIX | ARTICLE SIX |
| AUTHORITY AND DUTIES OF OWNER TRUSTEE | AUTHORITY AND DUTIES OF OWNER TRUSTEE |
| Section 6.01. <u>General Authority</u> | 17 |
| Section 6.02. <u>General Duties</u> | 17 |
| Section 6.03. <u>Action Upon Instruction</u> | 17 |
| Section 6.04. <u>No Duties Except as Specified in this Agreement or in Instructions</u> | 18<br>|
| Section 6.05. <u>No Action Except Under Specified Documents or Instructions</u> | 19 |
| Section 6.06. <u>Restrictions</u> | 19 |
| Section 6.07. <u>Issuance of Notes</u> | 19 |
| ARTICLE SEVEN | ARTICLE SEVEN |
| CONCERNING THE OWNER TRUSTEE | CONCERNING THE OWNER TRUSTEE |
| Section 7.01. <u>Acceptance of Trusts and Duties</u> | 20 |
| Section 7.02. <u>Furnishing of Documents</u> | 23 |
| Section 7.03. <u>Representations and Warranties</u> | 23 |
| Section 7.04. <u>Reliance; Advice of Counsel</u> | 24 |
| Section 7.05. <u>Not Acting in Individual Capacity</u> | 25 |
| Section 7.06. <u>Owner Trustee Not Liable for 20[__]-[_] Basic Documents or Certificates</u> | 25 |
| Section 7.07. <u>Owner Trustee May Own Certificates and Notes</u> | 25 |
| Section 7.08. <u>Applicable Anti-Money Laundering Law</u> | 26 |

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| | |
|:---|:---|
|  | <u>Page</u> |
| ARTICLE EIGHT | ARTICLE EIGHT |
| COMPENSATION OF OWNER TRUSTEE | COMPENSATION OF OWNER TRUSTEE |
| Section 8.01. <u>Owner Trustee's Fees and Expenses</u> | 27 |
| Section 8.02. <u>Indemnification</u> | 27 |
| Section 8.03. <u>Payments to Owner Trustee</u> | 27 |
| ARTICLE NINE | ARTICLE NINE |
| TERMINATION OF TRUST AGREEMENT | TERMINATION OF TRUST AGREEMENT |
| Section 9.01. <u>Termination of Trust Agreement</u> | 28<br>|
| ARTICLE TEN | ARTICLE TEN |
| SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES | SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES |
| Section 10.01. <u>Eligibility Requirements for Owner Trustee</u> | 30 |
| Section 10.02. <u>Resignation or Removal of Owner Trustee</u> | 30 |
| Section 10.03. <u>Successor Owner Trustee</u> | 31 |
| Section 10.04. <u>Merger or Consolidation of Owner Trustee</u> | 32 |
| Section 10.05. <u>Appointment of Co-Trustee or Separate Trustee</u> | 32 |
| ARTICLE ELEVEN | ARTICLE ELEVEN |
| REGULATION AB | REGULATION AB |
| Section 11.01. <u>Intent of the Parties; Reasonableness</u> | 34 |
| Section 11.02. <u>Representations and Warranties</u> | 34 |
| Section 11.03. <u>Information to be Provided by the Owner Trustee</u> | 34 |
| ARTICLE TWELVE | ARTICLE TWELVE |
| TAX MATTERS | TAX MATTERS |
| Section 12.01. <u>Tax Accounting Characterization</u> | 36 |
| Section 12.02. <u>Signature on Returns; Partnership Representative</u> | 36 |
| Section 12.03. <u>Tax Reporting</u> | 36 |
| ARTICLE THIRTEEN | ARTICLE THIRTEEN |
| MISCELLANEOUS | MISCELLANEOUS |
| Section 13.01. <u>Amendments</u> | 38<br>|

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| | |
|:---|:---|
|  | <u>Page</u> |
| Section 13.02. <u>Limitations on Rights of Others</u> | 39<br>|
| Section 13.03. <u>Notices</u> | 39 |
| Section 13.04. <u>Severability</u> | 40 |
| Section 13.05. <u>Separate Counterparts</u> | 40 |
| Section 13.06. <u>Successors and Assigns</u> | 40 |
| Section 13.07. <u>No Petition</u> | 40 |
| Section 13.08. <u>**Table of Contents** and Headings</u> | 40 |
| Section 13.09. **<u>GOVERNING LAW</u>** | 41 |

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EXHIBITS

Exhibit A – Certificate of Trust of Mercedes-Benz Auto Lease Trust 20[__]-[_] A-1 <br> Exhibit B – Form of Certificate B-1

iv

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This AMENDED AND RESTATED TRUST AGREEMENT, dated as of [______ __], 20[__] (as amended, restated, supplemented or otherwise modified from time to time, this "Agreement"), is between MERCEDES-BENZ TRUST LEASING LLC, a Delaware limited liability company, as transferor (the "Transferor"), and [●], a [●], as trustee (the "Owner Trustee").

RECITALS

WHEREAS, the parties hereto entered into a Trust Agreement, dated as of [______ __], 20[__] (the "Original Trust Agreement"), and filed a Certificate of Trust with the Secretary of State of the State of Delaware pursuant to which the Mercedes-Benz Auto Lease Trust 20[__]-[_] was formed; and

WHEREAS, the parties hereto are entering into this Agreement pursuant to which, among other things, the Original Trust Agreement will be amended and restated.

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE ONE

DEFINITIONS

Section 1.01. <u>Capitalized Terms; Rules of Usage</u>. Capitalized terms used in this Agreement that are not otherwise defined shall have the meanings ascribed thereto in Appendix 1 to the 20[__]-[_] Servicing Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement, which Appendices are hereby incorporated into and made a part of this Agreement. Appendix 1 also contains rules as to usage applicable to this Agreement. Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the following meanings:

"<u>20[__]-[_] Servicing Supplement</u>" means the 20[__]-[_] Supplement to the Basic Servicing Agreement, dated as of [______ __], 20[__], among MBFS USA, Mercedes-Benz Vehicle Trust and Collateral Title Co.

"<u>Applicants</u>" has the meaning specified in Section 3.07.

"<u>Basic Collateral Agency Agreement</u>" means the Second Amended and Restated Collateral Agency Agreement, dated as of May 1, 2023, among Mercedes-Benz Vehicle Trust, U.S. Bank Trust National Association, Collateral Title Co. and MBFS USA.

"<u>Basic Servicing Agreement</u>" means the Second Amended and Restated Servicing Agreement, dated as of May 1, 2023, among MBFS USA, as servicer and as lender, Mercedes-Benz Vehicle Trust, as titling trust, and Collateral Title Co., as collateral agent.

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"<u>Certificate of Trust</u>" means the Certificate of Trust filed for the Issuer pursuant to Section 3810(a) of the Delaware Statutory Trust Act, as originally filed with the Delaware Secretary of State on [______ __], 20[__].

"<u>Certificate Register</u>" has the meaning specified in Section 3.04(a).

"<u>Certificate Registrar</u>" has the meaning specified in Section 3.04(a).

"<u>Expenses</u>" has the meaning specified in Section 8.02.

"<u>Indemnified Parties</u>" has the meaning specified in Section 8.02.

"<u>Original Trust Agreement</u>" has the meaning specified in the Recitals.

"<u>Owner Trust Estate</u>" means all of the Issuer's right, title and interest in and to the 20[__]-[_] Collateral.

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ARTICLE TWO <br>

ORGANIZATION

Section 2.01. <u>Name</u>. The trust created pursuant to the Original Trust Agreement and continued hereby shall be known as "Mercedes-Benz Auto Lease Trust 20[__]-[_]", in which name the Owner Trustee may conduct the business of the Issuer, make and execute contracts and other instruments on behalf of the Issuer and sue and be sued.

Section 2.02. <u>Office</u>. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address in the State of Delaware as the Owner Trustee may designate by written notice to the Indenture Trustee, the Certificateholders and the Transferor.

Section 2.03. <u>Purposes and Powers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The purpose of the Issuer is to engage in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to issue and execute the Notes pursuant to the Indenture and the Certificate pursuant to this Agreement and to convey and deliver the Securities upon the written order of the Transferor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to issue, in exchange for all or a portion of the Certificates, additional securities pursuant to this Agreement or one or more supplemental indentures or amendments hereto and to transfer all or a portion of such securities to the Transferor or an Affiliate thereof, subject to compliance with the 20[__]-[_] Basic Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to enter into and perform its obligations under any interest rate protection or swap agreement or agreements with one or more counterparties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with the net proceeds of the sale of the Notes, to acquire the 20[__]-[_] Exchange Note from the Transferor pursuant to the Second-Tier Sale Agreement in exchange for the Notes and Certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to use (or permit the Transferor to use) the proceeds of the sale of the Notes to (A) fund the 20[__]-[_] Reserve Account, (B) pay the organizational, start-up and transactional expenses of the Issuer and (C) pay the remaining balance to the Transferor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to pay interest on and principal of the Notes and to cause any excess amounts to be paid to the Certificateholders in accordance with the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to Grant the 20[__]-[_] Collateral to the Indenture Trustee pursuant to the Indenture to secure payment on the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp; to enter into and perform its obligations under the 20[__]-[_] Basic Documents to which it is to be a party; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The Issuer is hereby authorized to engage in the foregoing activities. The Issuer shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other 20[__]-[_] Basic Documents.

Section 2.04. <u>Appointment of Owner Trustee</u>. The Transferor hereby confirms the appointment of the Owner Trustee as trustee of the Issuer effective as of the date of the Original Trust Agreement, to have all the rights, powers and duties set forth herein and under the Delaware Statutory Trust Act.

Section 2.05. <u>Initial Capital Contribution of Owner Trust Estate</u>. The Transferor has previously sold, assigned, transferred, conveyed and set over to the Owner Trustee, as of the date of the Original Trust Agreement, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Transferor, of the foregoing contribution, which shall constitute the initial Owner Trust Estate. The Transferor shall pay the organizational expenses of the Issuer as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. On the 20[__]-[_] Closing Date, the Transferor will sell, transfer, assign and convey to the Issuer certain property to be included in the Owner Trust Estate pursuant to the Second-Tier Sale Agreement, and the Issuer will issue and convey the Notes to or upon the direction of the Transferor.

Section 2.06. <u>Declaration of Trust</u>. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Issuer under the 20[__]-[_] Basic Documents. It is the intention of the parties that (i) the Issuer constitute a statutory trust under the Delaware Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust and (ii) solely for income and franchise tax purposes, the Issuer shall be treated as either an entity that is disregarded as separate from the beneficial owner of the equity if there is only one Certificateholder, or as a partnership (other than an association or publicly traded partnership) if there are two or more Certificateholders, with the assets of the partnership being the ownership of the 20[__]-[_] Reference Pool represented by the 20[__]-[_] Exchange Note and other assets held by the Issuer, the partners of the partnership being the Certificateholders and any holders of Notes that are required by the IRS to be treated as equity in the Issuer, and the remaining Notes constituting indebtedness of the partnership. The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing characterization of the Issuer for such tax purposes. Effective as of the date hereof, the Owner Trustee shall have all the rights, powers and duties set forth herein and in the Delaware Statutory Trust Act with respect to accomplishing the purposes of the Issuer as set forth in Section 2.03. The Owner Trustee has filed the Certificate of Trust with the Secretary of State.

Section 2.07. <u>Liability of Certificateholders</u>. The Certificateholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of the State of Delaware.

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Section 2.08. <u>Title to Owner Trust Estate</u>. Legal title to the Owner Trust Estate shall be vested at all times in the Issuer as a separate legal entity except where Applicable Law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be; provided, that concurrently with or prior to title being deemed to be vested in a co-trustee and/or separate trustee, such trustee must provide a written grant of a security interest in the Owner Trust Estate to the Indenture Trustee and must authorize the filing of financing statements to perfect the Indenture Trustee's security interest.

Section 2.09. <u>Situs of Issuer</u>. The Issuer will be located and administered in the State of Delaware and the State of Michigan. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the States of Delaware or New York. The Issuer shall not have any employees in any State other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or outside of the State of Delaware. Payments will be received by the Issuer only in Delaware or New York, and payments will be made by the Issuer only from the States of Delaware or New York. The only office of the Issuer will be at the Corporate Trust Office of the Owner Trustee in the State of Delaware.

Section 2.10. <u>Representations and Warranties of the Transferor</u>. The Transferor hereby represents and warrants to the Owner Trustee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Transferor is duly formed and validly existing as a limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; The Transferor is not a Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Transferor is duly qualified to do business as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business shall require such qualifications except when the failure to have any such license, approval or qualification would not have a material adverse effect on the condition, financial or otherwise, of the Transferor or would not have a material adverse effect on the ability of the Transferor to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Transferor has the power and authority to execute and deliver this Agreement and to carry out its terms and to transfer and assign the property to be transferred and assigned to and deposited with the Issuer; and the execution, delivery and performance of this Agreement and such transfer, assignment and deposit have been duly authorized by the Transferor by all necessary limited liability company action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement constitutes a legal, valid and binding obligation of the Transferor, enforceable in accordance with its terms, except as such enforceability may be subject to or limited by bankruptcy, liquidation, insolvency, reorganization, moratorium, liquidation, fraudulent conveyance or other similar laws affecting the enforcement of creditors' rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company agreement of the Transferor, or any indenture, agreement or other instrument to which the Transferor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the 20[__]-[_] Basic Documents); nor violate any law or, to the best of the Transferor's knowledge, any order, rule or regulation applicable to the Transferor of any Governmental Authority having jurisdiction over the Transferor or its properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; To the knowledge of the Transferor, there are no proceedings or investigations pending or threatened before any Governmental Authority having jurisdiction over the Transferor or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Transferor of its obligations under, or the validity or enforceability of, this Agreement.

Section 2.11. <u>Financing Statements</u>. The Issuer hereby authorizes the filing of financing statements in connection with the grant of a security interest to the Indenture Trustee pursuant to the granting clause of the Indenture. In addition, the Issuer hereby ratifies any such financing statements filed prior to the date hereof.

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ARTICLE THREE <br>

CERTIFICATES AND TRANSFER OF INTERESTS

Section 3.01. <u>Initial Ownership</u>. Upon the formation of the Issuer by the contribution and conveyance by the Transferor pursuant to Section 2.05, the Transferor will be the sole beneficial owner of the Owner Trust Estate, which ownership interest is represented by the Certificates. As Certificateholder, the Transferor (or, if the Certificate is transferred to another Person, such Person) will be entitled to receive (i) 20[__]-[_] Available Funds payable to the Certificateholder pursuant to Section 8.03 of the Indenture, (ii) any amounts payable to the Certificateholder pursuant to Section 5.04(b) of the Indenture and (iii) the remaining Owner Trust Estate following the payment in full of the Notes and all other Issuer obligations.

Section 3.02. <u>The Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Certificates shall be issued in one or more registered, definitive, physical certificates substantially in the form of Exhibit B. The Certificates may be in printed or typewritten form and shall be executed on behalf of the Issuer by manual or facsimile signature of an Authorized Officer of the Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Issuer, shall be validly issued and entitled to the benefits of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; If transfer of a Certificate is permitted pursuant to this Section and Section 3.04, the transferee of such Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee's acceptance of a Certificate duly registered in such transferee's name pursuant to Section 3.04.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Transferor, or any Affiliate thereof, as the sole Certificateholder, may exchange all or a portion of the Certificates for additional securities issued by the Issuer pursuant to this Agreement or one or more supplemental indentures to the Indenture or amendments to this Agreement. Such additional securities may consist of one or more classes of notes, certificates or other securities, as directed by the Transferor (or such Affiliate), each having the characteristics, rights and obligations as may be directed by the Transferor (or such Affiliate), which may include subordination to one or more other classes of such additional securities, so long as each of the following conditions is satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; either (A) the rights of the holders of such additional securities, when taken as a whole, are no greater than the rights of the Certificateholders immediately prior to the issuance of such additional securities, as evidenced by an Opinion of Counsel provided by the Transferor (or such Affiliate) to the Trustees or (B) the holders of 100% of the Notes Outstanding consent to the terms of the exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the exchange must not result in the redemption of any Security in exchange for assets of the Issuer or any sale or disposition of the assets of the Issuer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Rating Agency Condition has been satisfied with respect to the issuance of such additional securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Transferor (or such Affiliate) has provided to the Trustees an Opinion of Counsel to the effect that the issuance of such additional securities will not (A) adversely affect in any material respect the interests of any Noteholder, (B) cause any outstanding Note to be deemed sold or exchanged for United States federal income tax purposes, (C) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for United States federal income tax purposes or (D) adversely affect the treatment of the outstanding Notes as debt for United States federal income tax purposes.

Without limiting the foregoing, one or more classes of such additional securities may, if so directed by the Transferor, be secured by all or a portion of the Trust Estate, so long as such security interest is subordinated in priority to the security interest granted to the Noteholders pursuant to the Indenture. Subject to this Section and the terms of the other Basic Documents, the Issuer, will take (at the expense of the Transferor) all actions requested by the Transferor to facilitate the issuance and sale of any such additional securities or the grant and perfection of any security interest granted pursuant to this Section, including the authorization of the filing of any financing statements in jurisdictions deemed necessary or advisable by the Transferor to perfect such security interest.

Notwithstanding any exchange of the Certificates made pursuant to the terms of this Section 3.02(c), there shall at all times be at least one Certificateholder.

Section 3.03. <u>Authentication and Delivery of the Certificates</u>. On the 20[__]-[_] Closing Date, the Owner Trustee shall cause the Certificates to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Transferor, signed by its president, any vice president, its treasurer, any assistant treasurer, its secretary or any assistant secretary, without further limited liability company action by the Transferor. No Certificate shall entitle the respective Certificateholder to any benefit under this Agreement, or be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit B, executed by the Owner Trustee or its authenticating agent, by manual signature; and such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. Upon issuance, authentication and delivery pursuant to the terms hereof, the Certificates will be entitled to the benefits of this Agreement.

Section 3.04. <u>Registration, Transfer and Exchange of the Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Paying Agent initially shall be the registrar (the "Certificate Registrar") for the purpose of registering Certificates and transfers of Certificates as herein provided. The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.08, a register (the "Certificate Register") in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and the registration of transfers of Certificates. Upon any resignation of any Certificate Registrar, the Owner Trustee, on behalf of the Issuer, shall, upon receipt of written instructions from the Transferor, promptly appoint a successor thereto.

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No transfer of a Certificate shall be made to any Person unless (i) the Certificate Registrar has received an opinion of independent counsel that such action will not cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes and (ii) such transferee or assignee agrees to take positions for tax purposes consistent with the tax positions agreed to be taken by the Certificateholder. For the avoidance of doubt, any transfer of a Certificate by a Certificateholder other than the initial Certificateholder also must comply with the foregoing provision. No Certificate (other than the Certificates issued to and held by the Transferor) may be subdivided upon transfer or exchange in a manner such that the resulting Certificate represents less than a 2.00% fractional undivided interest in the Issuer (or such other amount as the Transferor may determine in order to prevent the Issuer from being treated as a "publicly traded partnership" under Section 7704 of the Code, but in no event less than a 1.00% fractional undivided interest in the Issuer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The Certificates may not be acquired by or for the account of a person that is not a United States person within the meaning of Section 7701(a)(30) of the Code or that is a Benefit Plan. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that it is not a Benefit Plan and is not a Person acting on behalf of a Benefit Plan or a Person using the assets of a Benefit Plan to effect the transfer of such Certificate.

To the extent permitted under Applicable Law (including ERISA), neither the Owner Trustee nor the Certificate Registrar shall be under any liability to any Person for any registration of transfer of any Certificate that is in fact not permitted under Applicable Law (including ERISA) or for taking any other action with respect to such Certificate under the provisions of this Agreement so long as such transfer was registered by the Owner Trustee or the Certificate Registrar in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender by a Certificateholder for registration of transfer of any Certificate at the office or agency of the Certificate Registrar to be maintained as provided in Section 3.08, and upon compliance with any provisions of this Agreement relating to such transfer, the Owner Trustee shall execute on behalf of the Issuer and the Owner Trustee shall authenticate and deliver to the Certificateholder making such surrender, in the name of the designated transferee or transferees, one or more new Certificates in any authorized denomination evidencing the same aggregate interest in the Issuer. Each Certificate presented or surrendered for registration of transfer shall be accompanied by a written instrument of transfer and accompanied by IRS Form W-8 BEN, W-8 ECI or W 9, as applicable, and such other documentation as may be required by the Owner Trustee in order to comply with Applicable Law, each in form satisfactory to the Owner Trustee and the Certificate Registrar, duly executed by the Certificateholder or its attorney duly authorized in writing. Each Certificate presented or surrendered for registration of transfer shall be canceled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. No service charge shall be made for any registration of transfer of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer of Certificates. No transfer will be effectuated hereunder unless the Owner Trustee has received the transfer documentation required hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Certificates surrendered for registration of transfer, if surrendered to the Issuer or any agent of the Owner Trustee or the Issuer under this Agreement, shall be delivered to the Owner Trustee and promptly cancelled by it, or, if surrendered to the Owner Trustee, shall be promptly cancelled by it, and no Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Owner Trustee shall dispose of cancelled Certificates in accordance with its normal practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; As of the date hereof, the Transferor intends to retain the Certificates. Although there is no present intent to effect any subsequent transfer of the Certificates, in the event that the Transferor did intend to transfer any of the Certificates to a third party, the parties to this Agreement will amend this Agreement as necessary to prevent any application of the Treasury Regulations under Section 385 of the Code (including any subsequent or successor provision) that would result in the recharacterization of any of the Notes as equity.

Section 3.05. <u>Mutilated, Destroyed, Lost or Stolen Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and (ii) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice that such Certificate has been acquired by a Protected Purchaser, the Owner Trustee on behalf of the Issuer shall execute and the Owner Trustee or its authenticating agent shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of a like tenor and Certificate Percentage Interest. If, after the delivery of such replacement Certificate or payment of a destroyed, lost or stolen Certificate, a Protected Purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment such original Certificate, the Issuer and the Owner Trustee shall be entitled to recover such replacement Certificate (or such payment) from the Person to whom such replacement Certificate was delivered or any Person taking such replacement Certificate from such Person to whom such replacement Certificate was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Owner Trustee in connection therewith. Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon the issuance of any replacement Certificate under this Section, the Issuer may require the payment by the Certificateholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with such issuance and any other reasonable expenses (including the fees and expenses of the Owner Trustee) related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Every replacement Certificate issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Certificate shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Certificate shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Certificates duly issued hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates.

Section 3.06. <u>Persons Deemed Certificateholders</u>. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar, any Paying Agent and any of their respective agents may treat the Person in whose name such Certificate is registered in the Certificate Register (as of the day of determination) as the Certificateholder of such Certificate for the purpose of receiving distributions pursuant to Section 5.01 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar, any Paying Agent or any of their respective agents shall be bound by any notice to the contrary.

Section 3.07. <u>Access to List of Certificateholders' Names and Addresses</u>. The Certificate Registrar shall furnish or cause to be furnished to the Servicer, the Transferor and the Indenture Trustee or the Owner Trustee, as the case may be, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Servicer, the Transferor or either Trustee, as the case may be, a list, in such form as the requesting party may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more Certificateholders, or one or more Holders of Certificates evidencing not less than 25% of the aggregate Certificate Percentage Interest (hereinafter referred to as the "Applicants"), apply in writing to the Certificate Registrar, and such application states that the Applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such application is accompanied by a copy of the communication that such Applicants propose to transmit (which shall be deemed to be a purpose reasonably related to the Applicants' interest in the Issuer), then the Certificate Registrar shall, within five Business Days after the receipt of such application, afford such Applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Transferor, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived.

Section 3.08. <u>Maintenance of Office or Agency</u>. The Issuer shall maintain an office or offices or agency or agencies where notices and demands to or upon the Issuer or the Owner Trustee in respect of the 20[__]-[_] Basic Documents may be served. The Issuer initially designates the Corporate Trust Office of the Owner Trustee for such purposes, other than with respect to transfers pursuant to Section 3.04, and will promptly notify the Transferor, the Administrator and the Certificateholder of any change in the location of such office. For purposes of transfers pursuant to Section 3.04, the Issuer designates the office of the Certificate Registrar at 111 Fillmore Avenue, St. Paul, Minnesota 55107, Attn: Bondholder Services.

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Section 3.09. <u>No Legal Title to Owner Trust Estate in Certificateholders</u>. The Certificateholders shall not have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their beneficial interests evidenced by the related Certificates only in accordance with this Agreement and the Indenture. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their beneficial interest in the Issuer shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

Section 3.10. <u>No Recourse</u>. Each Certificateholder acknowledges, by accepting a Certificate, that its interests in the Issuer do not represent interests in or obligations of the Transferor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth in, or contemplated by, the 20[__]-[_] Basic Documents.

Section 3.11. <u>Appointment of Paying Agent</u>. The Paying Agent shall make distributions to Certificateholders in accordance with the Indenture. For so long as the Indenture Trustee is the Paying Agent, the Paying Agent shall have the revocable power to withdraw funds from the 20[__]-[_] Exchange Note Collection Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent upon direction from the Transferor if it is determined that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be the Indenture Trustee, and any co-paying agent chosen by the Paying Agent that is acceptable to the Transferor. The rights, privileges, protections and indemnities afforded to the Indenture Trustee under the Indenture shall apply equally to the Indenture Trustee in its role as Paying Agent and Certificate Registrar hereunder. Each Paying Agent shall be permitted to resign as Paying Agent upon 30 days' prior written notice to the Owner Trustee and the Transferor. In the event that the Indenture Trustee shall no longer be the Paying Agent, the Owner Trustee, on behalf of the Issuer, upon receipt of written instruction from the Transferor, shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Issuer to execute and deliver to the Owner Trustee, on behalf of the Issuer, an instrument in which such successor Paying Agent or additional Paying Agent shall agree that, as Paying Agent, such successor or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and, upon removal of a Paying Agent, such Paying Agent shall also return all funds in its possession to the Owner Trustee. If at any time the Owner Trustee shall act as Paying Agent, the rights, privileges, protections and indemnities afforded to the Owner Trustee hereunder shall apply equally to the Owner Trustee in its role as Paying Agent. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

Section 3.12. <u>Certificates Nonassessable and Fully Paid</u>. Certificateholders shall not be personally liable for obligations of the Issuer. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon the authentication thereof by the Owner Trustee, the Certificates are and shall be deemed fully paid.

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ARTICLE FOUR

ACTIONS BY OWNER TRUSTEE

Section 4.01. <u>Prior Notice to Certificateholders with Respect to Certain Matters</u>. Subject to the provisions and limitations of Section 4.04, with respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and the holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interests shall not have notified the Owner Trustee in writing prior to the 30<sup>th</sup> day after such notice is given that such Certificateholders have withheld consent or provided alternative direction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; the initiation of any claim or lawsuit by the Issuer (except claims or lawsuits brought by the Servicer on behalf of the Titling Trust and Persons having interests in the 20[__]-[_] Exchange Note to collect amounts owed under a 20[__]-[_] Lease or in respect of a 20[__]-[_] Vehicle) and the compromise of any action, claim or lawsuit brought by or against the Issuer (except with respect to the aforementioned claims or lawsuits for collection of the 20[__]-[_] Leases and the 20[__]-[_] Vehicles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the election by the Issuer to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Delaware Statutory Trust Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the amendment, change or modification of the 20[__]-[_] Administration Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; the appointment pursuant to the Indenture of a successor Note Registrar, Note Paying Agent or Indenture Trustee, or the consent to the assignment by the Note Registrar, Note Paying Agent or Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable.

Section 4.02. <u>Action by Certificateholder with Respect to Certain Matters</u>. The Owner Trustee may not (i) pursuant to Article Eight of the Servicing Agreement, remove the Servicer or appoint a successor Servicer or (ii) remove the Administrator pursuant to clause (b) or (c) of Section 1.09 of the 20[__]-[_] Administration Agreement unless the Certificateholder directs the Owner Trustee to take such action (a) upon the occurrence of the termination of the Servicer pursuant to Sections 8.01 or 8.03 of the Servicing Agreement or (b) subsequent to the payment in full of the Notes and in accordance with the direction of the Certificateholders.

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Section 4.03. <u>Action by Certificateholders with Respect to Bankruptcy</u>. The Owner Trustee shall not have the power to commence a voluntary Proceeding in bankruptcy relating to the Issuer unless all outstanding 20[__]-[_] Exchange Notes and 20[__]-[_] ABS Notes have been paid in full for not less than one year and one day (or, if longer, the applicable preference period) and each Certificateholder approves of such commencement in advance and delivers to the Owner Trustee a certificate certifying that such Certificateholder reasonably believes that the Issuer is insolvent.

Section 4.04. <u>Restrictions on Certificateholders' Power</u>. The Certificateholders shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under any 20[__]-[_] Basic Document or would be contrary to Section 2.03, nor shall the Owner Trustee be obligated to follow any such direction, if given.

Section 4.05. <u>Majority Control</u>. Except as expressly provided herein, (i) any action that may be taken by the Certificateholders under this Agreement may be taken by the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interests and (ii) any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interests at the time of the delivery of such notice.

Section 4.06. <u>Certain Litigation Matters</u>. The Owner Trustee shall provide prompt written notice to the Transferor, the Administrator and the Servicer of any Proceeding or investigation actually known to an Authorized Officer of the Owner Trustee in any way relating to the Issuer, the Owner Trust Estate or any 20[__]-[_] Basic Document.

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ARTICLE FIVE <br>

APPLICATION OF ISSUER FUNDS; CERTAIN DUTIES

Section 5.01. <u>Application of Issuer Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment Date, (i) the Indenture Trustee or a Paying Agent shall make distributions to the Certificateholders in accordance with Sections 5.04(b) and 8.03 of the Indenture and (ii) the Indenture Trustee or a Paying Agent (or the Servicer on behalf of the Issuer) shall make distributions to the Certificateholders in accordance with Sections 5.01 and 5.02 of the 20[__]-[_] Exchange Note Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So long as the Transferor or its Affiliate is the sole Certificateholder, on or following the Payment Date on which the Note Balance has been reduced to zero and the Indenture has been discharged, the Transferor may direct the Owner Trustee in writing to distribute, and upon receipt of such direction the Owner Trustee shall distribute to or upon the order of the Transferor, the remaining assets of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; On each Payment Date, the Indenture Trustee shall send or make available electronically to each Certificateholder of record a copy of the Monthly Investor Report delivered to it by the Servicer pursuant to Section 8.02(a) of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; In the event that any withholding tax is imposed on the Issuer's payment (or, if the Issuer is treated as a partnership for federal income tax purposes, allocations of income) to the Certificateholders, such tax shall reduce the amount otherwise distributable to the Certificateholders in accordance with this Section. The Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders, sufficient funds for the payment of any withholding tax that is legally owed by the Issuer (but such authorization shall not prevent the Owner Trustee or any Certificateholder from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Issuer for remittance to the appropriate taxing authority. If the Paying Agent determines that there is a possibility that withholding tax is payable with respect to a distribution, the Paying Agent may in its sole discretion withhold such amounts in accordance with this Section. In the event that a Certificateholder wishes to apply for a refund of any such withholding tax, the Paying Agent shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Issuer and the Paying Agent for any out-of-pocket expenses incurred.

Section 5.02. <u>Method of Payment</u>. Subject to Section 9.01(a), distributions required to be made to the Certificateholders on any Payment Date shall be made by the Paying Agent to the Certificateholders on such Payment Date by wire transfer, in immediately available funds, to the account of each Certificateholder of record at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Paying Agent appropriate written instructions at least five Business Days prior to such Payment Date, or, if not, by check mailed to such Certificateholder at the address provided by such Certificateholder. Notwithstanding the foregoing, the final distribution in respect of any Certificate (whether on the Class [B] Final Scheduled Payment Date or otherwise) will be payable only upon presentation and surrender of such Certificate at the office or agency maintained for that purpose by the Certificate Registrar pursuant to Section 3.08.

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Section 5.03. <u>No Segregation of Monies; No Interest</u>. Subject to Section 5.01, monies received by the Owner Trustee hereunder may be held in a non-interest bearing trust account, need not be segregated in any manner except to the extent required by the 20[__]-[_] Basic Documents or Applicable Law, and may be deposited under such general conditions as may be prescribed by Applicable Law and the Owner Trustee shall not be liable for any interest thereon.

Section 5.04. <u>Accounting and Reports to Owners, IRS and Others</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrator shall, based on information provided by the Transferor, maintain (or cause to be maintained) the books of the Issuer on a calendar year basis on the accrual method of accounting (except as required by Article Twelve) and in addition to the Administrator's duties under Section 12.01, take such action as instructed by the Certificateholders to collect or cause to be collected and paid over to applicable authorities any withholding tax as described in and in accordance with Section 5.01 and Article Twelve with respect to income or distributions to the Certificateholders. The Administrator shall make all elections pursuant to Article Twelve as directed in writing by the Transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; The Administrator shall deliver to the Certificateholders such information, reports or statements as may be required by the Code and applicable Treasury Regulations and as may be required to enable each Certificateholder to prepare its federal and State income tax returns. For so long as the Transferor is the sole Certificateholder, consistent with the Issuer's characterization for federal income tax purposes as a security arrangement for the issuance of non-recourse debt or as an entity disregarded as being separate from the Certificateholder, no federal income tax return shall be filed on behalf of the Issuer unless either (i) the Owner Trustee and the Administrator shall receive an Opinion of Counsel that, based on a change in Applicable Law occurring after the date hereof, or as a result of a transfer by the Transferor permitted by Section 3.02, the Code requires such a filing or (ii) the IRS shall determine that the Issuer is required to file such a return. In the event that the Issuer is required to file tax returns, the Administrator shall prepare or shall cause to be prepared any tax returns required to be filed by the Issuer and shall remit such returns to the Transferor (or if the Transferor no longer holds the Certificate, the Certificateholder designated for such purpose by the Transferor to the Administrator in writing) at least five days before such returns are due to be filed. The Transferor (or such designee Certificateholder, as applicable) shall promptly sign such returns and deliver such returns after signature to the Administrator and such returns shall be filed by the Administrator with the appropriate tax authorities. In no event shall the Administrator, the Owner Trustee or the Transferor (or such designee Certificateholder, as applicable) be liable for any liabilities, costs or expenses of the Issuer if it is treated as a separate entity subject to taxation or the Noteholders arising out of the application of any tax law, including federal, State, foreign or local income or excise taxes or any other tax imposed on or measured by the Issuer's or a Noteholder's income (or any interest, penalty or addition with respect thereto or arising from a failure to comply therewith).

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ARTICLE SIX <br>

AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01. <u>General Authority</u>. The Owner Trustee is authorized and directed to execute and deliver the 20[__]-[_] Basic Documents to which the Issuer is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Issuer Basic Documents and any amendment or other agreement or instrument, in each case, in such form as the Transferor shall approve, as evidenced conclusively by the Owner Trustee's execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the 20[__]-[_] Basic Documents. The Owner Trustee is further authorized from time to time to take such action as the Administrator or the Certificateholders directs with respect to the 20[__]-[_] Basic Documents.

Section 6.02. <u>General Duties</u>. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and to administer the Issuer in the interest of the Certificateholders, subject to the 20[__]-[_] Basic Documents and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and to the extent expressly provided for under the other 20[__]-[_] Basic Documents to the extent the Administrator has agreed in the 20[__]-[_] Administration Agreement to perform any act or to discharge any duty of the Owner Trustee hereunder or under any other 20[__]-[_] Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the 20[__]-[_] Administration Agreement. The Owner Trustee agrees to perform its duties under this Agreement in good faith and in the best interests of the Issuer, but only upon the express terms of this Agreement. To the fullest extent permitted by Applicable Law, neither the Owner Trustee nor any of its officers, directors, employees, agents or Affiliates shall have any implied duties (including fiduciary duties) or liabilities otherwise existing at law or in equity with respect to the Issuer, which implied duties and liabilities are hereby eliminated. Every provision of this Agreement relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Article Six and Article Seven.

Section 6.03. <u>Action Upon Instruction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to Article Four and in accordance with the terms of the 20[__]-[_] Basic Documents, the Certificateholders (or, to the extent set forth in this Agreement, the Transferor) may by written instruction direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders or the Transferor, as applicable, pursuant to Article Four. In addition, the Administrator may direct the Owner Trustee in the management of the Issuer in accordance with Section 6.01 and the 20[__]-[_] Administration Agreement. In the absence of bad faith, the Owner Trustee shall have no liability for following any such instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Owner Trustee shall not be required to take or refrain from taking any action hereunder or under any other 20[__]-[_] Basic Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action or inaction may involve the Owner Trustee in liability on the part of the Owner Trustee or is contrary to the terms hereof or thereof or is otherwise contrary to law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any other 20[__]-[_] Basic Document or in the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any other 20[__]-[_] Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of holders of Certificates evidencing at least 51% of the Certificate Percentage Interests received or the Transferor, as applicable, received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with the 20[__]-[_] Basic Documents as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, the right of the Transferor or the Certificateholders to take any action affecting the Owner Trust Estate shall be subject to the rights of the Indenture Trustee under the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except for those actions that the Owner Trustee is required to take hereunder without written direction, the Owner Trustee shall not have any obligation or liability to take any action or to refrain from taking any action hereunder or under any 20[__]-[_] Basic Document that requires written direction in the absence of such written direction as provided hereunder regardless of the consequences of the failure to take such action.

Section 6.04. <u>No Duties Except as Specified in this Agreement or in Instructions</u>. The Owner Trustee shall have no obligation or duty to monitor the Issuer's obligations and duties under the 20[__]-[_] Basic Documents or to ensure its compliance with the terms thereof. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee or the Issuer is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.03. The Owner Trustee shall have no responsibility for filing any financing or continuation statement or amendment in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder, or preparing or filing any tax, qualification to do business or securities law filing or report for the Issuer or recording any 20[__]-[_] Basic Document. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee in its individual capacity that are not related to the ownership or the administration of the Owner Trust Estate.

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Section 6.05. <u>No Action Except Under Specified Documents or Instructions</u>. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except in accordance with (i) the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) the 20[__]-[_] Basic Documents and (iii) any document or instruction delivered to the Owner Trustee pursuant to Section 6.03.

Section 6.06. <u>Restrictions</u>. The Owner Trustee shall not take any action (i) that is inconsistent with the purposes of the Issuer set forth in Section 2.03 or (ii) that, to the actual knowledge of the Owner Trustee, would result in the Issuer becoming taxable as a corporation for federal income tax purposes. The Certificateholders and the Transferor shall not direct the Owner Trustee to take action that would violate the provisions of this Section, or any other provision of any other 20[__]-[_] Basic Document. Notwithstanding anything herein to the contrary, the Transferor, the Servicer and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee and its Affiliates.

Section 6.07. <u>Issuance of Notes</u>. The Owner Trustee is hereby authorized and directed on behalf of the Issuer to execute, issue and deliver the Notes pursuant to the Indenture.

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ARTICLE SEVEN <br>

CONCERNING THE OWNER TRUSTEE

Section 7.01. <u>Acceptance of Trusts and Duties</u>. The Owner Trustee accepts the trusts hereby continued and agrees to perform its duties hereunder with respect to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms set forth in this Agreement and the other 20[__]-[_] Basic Documents. The Owner Trustee shall not be answerable, accountable or liable hereunder or under any other 20[__]-[_] Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith or negligence in the performance of its express duties under this Agreement or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.03 expressly made by the Owner Trustee. In particular, but not by way of limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Owner Trustee shall not be liable for any error of judgment made in good faith by the Owner Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken in good faith by it in accordance with the instructions of the Administrator or any Certificateholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; no provision of the 20[__]-[_] Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights, duties or powers hereunder or under any other 20[__]-[_] Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; under no circumstances shall the Owner Trustee be liable for any representation, warranty, covenant, obligation or indebtedness of the Issuer, including that which is evidenced by or arising under any of the 20[__]-[_] Basic Documents, including the principal of and interest on the Notes or any amounts payable on the Certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the Transferor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate, or for or in respect of the validity or sufficiency of the 20[__]-[_] Basic Documents, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any Noteholder or any Certificateholder, other than as expressly provided for herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Owner Trustee shall have no obligation or duty to supervise or monitor the performance of any other Person and shall not be liable for the default or misconduct of any other Person under any 20[__]-[_] Basic Document or otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations of the Issuer under the 20[__]-[_] Basic Documents that are required to be performed by the Administrator under the 20[__]-[_] Administration Agreement, the Indenture Trustee or the Note Paying Agent under the Indenture, the Paying Agent under this Agreement or the Servicer under the 20[__]-[_] Servicing Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to any 20[__]-[_] Basic Document, unless the Owner Trustee has been provided security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby; and the right of the Owner Trustee to perform any discretionary act enumerated in any 20[__]-[_] Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable or liable for other than its negligence, bad faith or willful misconduct in the performance of any such act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Owner Trustee shall have no responsibility for the accuracy of any information provided to Certificateholders or any other individual or entity that has been obtained from, or provided to the Owner Trustee by, any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the absence of negligence, willful misconduct or bad faith on its part, the Owner Trustee may conclusively rely upon certificates or Opinions of Counsel furnished to the Owner Trustee and conforming to the requirements of this Agreement in determining the truthfulness of the statements and the correctness of the opinions contained therein; provided, however, that the Owner Trustee shall have examined such certificates or Opinions of Counsel so as to determine compliance of the same with the requirements of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; in no event will the Owner Trustee have any responsibility to monitor compliance with or enforce compliance with the credit risk retention requirements for asset-backed securities or other rules or regulations relating to credit risk retention; the Owner Trustee will not be charged with knowledge of such rules, nor will it be liable to any Noteholder, Certificateholder, the Depositor, the Servicer or any other person for violation of such rules now or hereinafter in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the fullest extent permitted by Applicable Law and notwithstanding anything in this Agreement to the contrary, the Owner Trustee shall not be personally liable for (i) special, consequential or punitive damages, however styled, including lost profits or (ii) the acts or omissions of any nominee, correspondent, clearing agency or securities depository through which it holds the Issuer's securities or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; notwithstanding anything in this Agreement to the contrary, the Owner Trustee shall not be responsible or liable for its failure to perform under this Agreement or for any losses to the Issuer resulting from any event beyond the reasonable control of the Owner Trustee, its agents or subcustodians, including nationalization, strikes, expropriation, devaluation, seizure, or similar action by any Governmental Authority, de facto or de jure; or enactment, promulgation, imposition or enforcement by any such Governmental Authority of currency restrictions, exchange controls, levies or other charges affecting the Issuer's property; or the breakdown, failure or malfunction of any utilities or telecommunications systems; or any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting the execution or settlement of transactions; or acts of war, terrorism, insurrection or revolution; or acts of God; or any other similar event;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Owner Trustee shall not be required to provide, on its own behalf, any surety bond or other kind of security in connection with the execution of any of its trusts or powers under this Agreement or any other Basic Document or the performance of its duties hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp; Each of the parties hereto hereby agrees and, as evidenced by its acceptance of any benefits hereunder, any Certificateholder agrees that the Owner Trustee in any capacity (i) has not provided and will not provide in the future, any advice, counsel or opinion regarding the tax, regulatory, financial, investment, securities law or insurance implications and consequences of the formation, funding and ongoing administration of the Issuer, including income, gift and estate tax issues, insurable interest issues, risk retention issues, doing business or other licensing matters and the initial and ongoing selection and monitoring of financing arrangements, (ii) has not made any investigation as to the accuracy of any representations, warranties or other obligations of the Issuer under the 20[__]-[_] Basic Documents and shall have no liability in connection therewith and (iii) the Owner Trustee has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document or in any other document issued or delivered in connection with the sale or transfer of the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notwithstanding anything contained herein to the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the registration with, licensing by or the taking of any other similar action in respect of, any state or other Governmental Authority or agency of any jurisdiction other than the State of Delaware by or with respect to the Owner Trustee; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee contemplated hereby; the Owner Trustee shall be entitled to obtain advice of counsel (which advice shall be an expense of the Issuer) to determine whether any action required to be taken pursuant to the Agreement results in the consequences described in clauses (i), (ii) and (iii) above; and in the event that said counsel advises the Owner Trustee that such action will result in such consequences, the Owner Trustee may, or if instructed to do so by the Depositor, shall appoint an additional trustee pursuant to Section 10.05 to proceed with such action;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it shall be the Administrator's duty and responsibility, and not the Owner Trustee's duty or responsibility, to cause the Issuer to respond to, defend, participate in or otherwise act in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Issuer, its assets or the conduct of its business; provided, that, the Owner Trustee hereby agrees to cooperate with the Administrator and to comply with any reasonable request made by the Administrator for the delivery of information or documents to the Administrator in the Owner Trustee's actual possession relating to any such regulatory, administrative, governmental, investigative or other proceeding or inquiry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; the Owner Trustee shall not be deemed to have knowledge or notice of any fact or event unless an Authorized Officer of the Owner Trustee has actual knowledge thereof or unless written notice of such fact or event is received by an Authorized Officer and such notice references the fact or event.

Section 7.02. <u>Furnishing of Documents</u>. The Owner Trustee shall furnish to the Certificateholders, promptly upon receipt of a written request therefor, and at the expense of the related Certificateholders, copies of (i) the 20[__]-[_] Basic Documents and (ii) all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the 20[__]-[_] Basic Documents.

Section 7.03. <u>Representations and Warranties</u>. The Owner Trustee hereby represents and warrants to the Transferor and the Certificateholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; It is a national banking association duly organized and validly existing in good standing under the laws of the United States and meets the eligibility criteria set forth in Section 10.01. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the execution or the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It has the power and authority to execute and deliver this Agreement and, on behalf of the Issuer, the other 20[__]-[_] Basic Documents to which the Issuer is a party; and the execution, delivery, and performance of this Agreement by it and the execution and delivery of the other 20[__]-[_] Basic Documents to which the Issuer is a party have been duly authorized by all necessary corporate action.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement constitutes the legal, valid, and binding obligation of the Owner Trustee, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors' rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the actual knowledge of its Authorized Officers, the Owner Trustee is not in material default under any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long term lease, license or other agreement or instrument to which it is a party or by which it is bound, which default would have a material adverse effect on its ability to perform its obligations as Owner Trustee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; To the actual knowledge of its Authorized Officers, there are no pending or threatened actions, suits or proceedings affecting the Owner Trustee before any court or other Governmental Authority or agency under the laws of the State of Delaware or the federal laws of the United States governing the trust powers of the Owner Trustee (i) seeking the invalidity of this Agreement, or (ii) which, if adversely determined, would materially and adversely affect the ability of the Owner Trustee to perform its obligations as Owner Trustee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the actual knowledge of its Authorized Officers, the Owner Trustee has no notice of a reason or cause to believe that it cannot perform its obligations as Owner Trustee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the execution, delivery and performance by the Owner Trustee of this Agreement, nor the consummation of the transactions contemplated hereby, requires the consent or approval of, the withholding of objection on the part of, the giving of notice to, the filing, registration or qualification with, or the taking of any other action in respect of, any Governmental Authority under the laws of the State of Delaware or the federal laws of the United States governing the trust powers of the Owner Trustee.

Section 7.04. <u>Reliance; Advice of Counsel</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee need not investigate any fact or matter stated in any such document, including verifying the correctness of any numbers or calculations. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other Authorized Officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement , the Owner Trustee (i) may act directly or through its agents or attorneys or through a custodian or nominee pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys or a custodian or nominee if such agents or attorneys or a custodian or nominee shall have been selected by the Owner Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Agreement or any other 20[__]-[_] Basic Document.

Section 7.05. <u>Not Acting in Individual Capacity</u>. Except as provided in this Article, in accepting the trusts hereby created [●] acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by any 20[__]-[_] Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof.

Section 7.07. <u>Owner Trustee May Own Securities</u>. The Owner Trustee in its individual or any other capacity may become a Securityholder or pledgee of Certificates or Notes and may deal with the Transferor, the Administrator, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee.

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Section 7.08. <u>Applicable Anti-Money Laundering Law</u>. Pursuant to Applicable Anti-Money Laundering Law, the Owner Trustee is required to obtain on or before closing, and from time to time thereafter, documentation to verify and record information that identifies each person who opens an account. For a non-individual Person such as a business entity, a charity, a trust or other legal entity, the Owner Trustee will ask for documentation to verify the entity's formation and existence, its financial statements, licenses, tax identification documents, identification and authorization documents from individuals claiming authority to represent the entity and other relevant documentation and information (including beneficial owners of such entities). To the fullest extent permitted by Applicable Anti-Money Laundering Law, the Owner Trustee may conclusively rely on, and shall be fully protected and indemnified in relying on, any such information received. Failure to provide such information may result in an inability of the Owner Trustee to perform its obligations hereunder, which, at the sole option of the Owner Trustee, may result in the Owner Trustee's resignation in accordance with Section 10.02. In addition to the Owner Trustee's obligations under Applicable Anti-Money Laundering Law, the Corporate Transparency Act (31 U.S.C. § 5336) and its implementing regulations (collectively, the "CTA" and together with Applicable Anti-Money Laundering Law, "AML Law"), may require the Trust to file reports with the U.S. Financial Crimes Enforcement Network. It shall be the Administrator's duty and not the Owner Trustee's duty to prepare such filings, cause the Issuer to make such filings, and to cause the Issuer to comply with its obligations under the CTA, if any.

The parties hereto, and each Certificateholder, by virtue of its acceptance of a Certificate agree that, for purposes of AML Law, to the fullest extent permitted by law, the Certificateholders are the sole direct owners of the Issuer, acknowledge that the Owner Trustee acts solely as a directed trustee at the direction of the Certificateholders or Administrator or other instructing party as contemplated hereunder and that one or more Controlling Parties of the Certificateholders or Administrator or such other instructing party, are and shall deemed to be the parties with the power and authority to exercise substantial control over the Issuer.

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ARTICLE EIGHT <br>

COMPENSATION OF OWNER TRUSTEE

Section 8.01. <u>Owner Trustee's Fees and Expenses</u>. The Owner Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof among the Administrator, the Transferor, the Issuer and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed, except as otherwise provided in the 20[__]-[_] Basic Documents, by the Transferor for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder.

When the Owner Trustee incurs expenses after the occurrence of an Event of Default set forth under Section 5.01(e) of the Indenture with respect to the Issuer, such expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable Insolvency Law.

Section 8.02. <u>Indemnification</u>. The Transferor shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors, successors, assigns, agents and servants (collectively, for purposes of this Section, the "Indemnified Parties") from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses, including legal fees and expenses in connection with enforcement of its rights hereunder) of any kind and nature whatsoever (collectively, for purposes of this Section, "Expenses") which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out the 20[__]-[_] Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the Transferor shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 7.01. To the extent not paid, or caused to be paid, by the Transferor or the Administrator, any indemnity due and owing the Owner Trustee shall be paid in accordance with Section 5.04(b) and 8.03 of the Indenture. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In any event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Owner Trustee's choice of legal counsel shall be subject to the approval of the Transferor, which approval shall not be unreasonably withheld.

Section 8.03. <u>Payments to Owner Trustee</u>. Any amounts paid to the Owner Trustee pursuant to this Article from assets that are part of the Owner Trust Estate shall be deemed not to be a part of the Owner Trust Estate immediately after such payment.

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ARTICLE NINE

TERMINATION OF TRUST AGREEMENT

Section 9.01. <u>Termination of Trust Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Issuer shall dissolve upon the earlier of (i) the optional redemption of the 20[__]-[_] Exchange Note by the Servicer in accordance with the terms of the 20[__]-[_] Servicing Supplement, (ii) the redemption of the 20[__]-[_] Exchange Note following the termination of the last remaining 20[__]-[_] Lease included in the 20[__]-[_] Reference Pool and the disposition of all remaining 20[__]-[_] Vehicles and (iii) the final distribution of all monies or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the 20[__]-[_] Servicing Supplement and Article Five, including any payments due to the Noteholders, the Certificateholders and any other holders of securities issued under any supplemental indentures to the Indenture or amendments to this Agreement of all amounts required to be paid to them pursuant to such supplemental indentures or amendments. Neither the Transferor nor any Certificateholder shall be entitled to otherwise revoke, dissolve or terminate the Issuer. The bankruptcy, liquidation, dissolution, death or incapacity of a Certificateholder shall not (i) operate to dissolve or terminate this Agreement or the Issuer, (ii) entitle the Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Owner Trust Estate or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Notice of any dissolution and termination of the Issuer, specifying the Payment Date upon which Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee to Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer, stating (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable and that payments are being made only upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Owner Trustee shall cause to be distributed to Certificateholders, subject to Section 3808 of the Delaware Statutory Trust Act, amounts distributable on such Payment Date pursuant to Section 5.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that all of the Certificateholders shall not surrender their Certificates for cancellation within six months after the date specified in Section 9.01(b), the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable escheat laws, any funds remaining in the Issuer after exhaustion of such remedies shall be distributed by the Owner Trustee to the Servicer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon the winding up of the Issuer by the Transferor in accordance with Section 3808 of the Delaware Statutory Trust Act, the Owner Trustee, at the expense and written direction of the Transferor shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Delaware Statutory Trust Act and the Issuer and this Agreement (other than Article Eight) shall terminate and be of no further force or effect.

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ARTICLE TEN <br>

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 10.01. <u>Eligibility Requirements for Owner Trustee</u>. The Owner Trustee shall at all times be (i) a corporation or depository institution organized under the laws of the United States or any State and satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Act, (ii) authorized to exercise corporate trust powers; having (or having a parent that has) a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or State authorities and (iii) having (or having a parent that has) time deposits that are rated investment grade by [●] [and [●]] or, are otherwise acceptable to the Rating Agencies. If such corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation or depository institution shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section it shall resign immediately in the manner and with the effect specified in Section 10.02.

If at any time the Owner Trustee shall (i) cease to be eligible in accordance with the provisions of Section 10.01 and shall fail to resign after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, (ii) be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, (iii) fail to comply with any of its obligations under Sections 11.01 or 11.03, during the period that the Transferor is required to file Exchange Act Reports with respect to the Issuer and such failure is not remedied within the lesser of ten calendar days and the period of time in which the related Exchange Act Report is required to be filed (without taking into account any extensions) or (iv) otherwise become incapable of acting, then the Administrator or the Transferor may remove the Owner Trustee. If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee acceptable to the Transferor by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing Owner Trustee.

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Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. So long as any Notes are Outstanding, the Administrator shall provide notice of such resignation or removal of the Owner Trustee to the Noteholders and each Rating Agency. Any costs associated with the removal of the Owner Trustee shall be paid by the Administrator.

Section 10.03. <u>Successor Owner Trustee</u>. Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement and deliver to the Transferor in writing and in form and substance reasonably satisfactory to the Transferor, all information reasonably requested by the Transferor in order to comply with its reporting obligations under the Exchange Act with respect to the successor Owner Trustee, and thereupon, subject to the payment of all fees and expenses owed to the predecessor Owner Trustee, the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations.

No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.01. Any successor Owner Trustee shall promptly file an amendment to the Certificate of Trust as required by the Delaware Statutory Trust Act.

Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to the Rating Agencies, the Certificateholders and the Indenture Trustee. If the Administrator shall fail to mail such notice within 10 days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator.

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Section 10.04. <u>Merger or Consolidation of Owner Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, that such Person shall be eligible pursuant to Section 10.01; and, provided, further, that, so long as any Notes are Outstanding, the Owner Trustee shall mail notice of such merger or consolidation to the Transferor and the Administrator, and the Administrator shall provide a copy of such notice to the Rating Agencies. Any successor Owner Trustee as a result of a merger or consolidation shall promptly file an amendment to the Certificate of Trust as required by the Delaware Statutory Trust Act and provide the Transferor in writing and in form and substance reasonably satisfactory to the Transferor, all information reasonably requested by the Transferor in order to comply with its reporting obligations under the Exchange Act with respect to the successor Owner Trustee.

Section 10.05. <u>Appointment of Co-Trustee or Separate Trustee</u>. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any 20[__]-[_] Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Administrator and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor Owner Trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03.

Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Owner Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator.

Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee or separate trustee.

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ARTICLE ELEVEN <br>

REGULATION AB

Section 11.01. <u>Intent of the Parties; Reasonableness</u>. The parties hereto acknowledge and agree that the purpose of this Article is to facilitate compliance by the Transferor with the provisions of Regulation AB and related rules and regulations of the Commission. The Transferor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than the Transferor's compliance with the Securities Act, the Exchange Act and the respective rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Owner Trustee agrees to cooperate in good faith with any reasonable request by the Transferor for information regarding the Owner Trustee which is required in order to enable the Transferor to comply with the provisions of Regulation AB, including Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB as such items relate to the Owner Trustee or to the Owner Trustee's obligations under this Agreement.

Section 11.02. <u>Representations and Warranties</u>. The Owner Trustee represents that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; there are no affiliations relating to the Owner Trustee with respect to any Item 1119 Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other than the transactions contemplated by the 20[__]-[_] Basic Documents, there are no relationships or transactions with respect to any Item 1119 Party and the Owner Trustee that are outside the ordinary course of business or on terms other than would be obtained in an arm's-length transaction with an unrelated third party that are material to the investors' understanding of the Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; there are no legal Proceedings pending, or known to be contemplated by governmental authorities, against the Owner Trustee, or of which the property of the Owner Trustee is subject, that are material to the Noteholders.

Section 11.03. <u>Information to be Provided by the Owner Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For so long as the Transferor is required to report under Regulation AB, the Owner Trustee shall, as promptly as practicable, notify the Transferor, in writing, of (i) the commencement of, a material development in or, if applicable, the termination of, any and all Proceedings against the Owner Trustee or any and all Proceedings of which any property of the Owner Trustee is the subject, that is material to the Noteholders and (ii) any such Proceedings known to be contemplated by Governmental Authorities. The Owner Trustee shall also notify the Transferor, in writing, as promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any material changes to Proceedings described in the preceding sentence. In addition, the Owner Trustee will furnish to the Transferor, in writing, the necessary disclosure regarding the Owner Trustee describing such Proceedings required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Transferor pursuant to the Exchange Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; For so long as the Transferor is required to report under Regulation AB, the Owner Trustee shall (i) on or before the fifth Business Day of each January, April, July and October, commencing [______ __], 20[__], provide to the Transferor such information regarding the Owner Trustee as is required for the purpose of compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB; provided, however, the Owner Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Owner Trustee to the Transferor and (ii) as promptly as practicable following notice to or discovery by an Authorized Officer of the Owner Trustee of any changes to such information, provide to the Transferor, in writing, such updated information. Such information shall include, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Owner Trustee's name and form of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a description of the extent to which the Owner Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving motor vehicle leases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a description of any affiliation between the Owner Trustee and any of the following parties to a Securitization Transaction, as such parties are identified by name to the Owner Trustee by the Transferor in writing in advance of such Securitization Transaction: (1) the sponsor, (2) any transferor, (3) the issuing entity, (4) any servicer or subservicer, (5) any other trustee, (6) any originator, (7) any significant obligor, (8) any enhancement or support provider, (9) any asset representations reviewer and (10) any other material party related to any Securitization Transaction.

In addition, the Owner Trustee shall provide a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding between the Owner Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm's-length transaction with an unrelated third party, apart from the Securitization Transactions, that currently exists or that existed during the past two years and that is material to an investor's understanding of the Notes.

The Transferor agrees to notify the Owner Trustee in writing if it is no longer required to report under Regulation AB.

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ARTICLE TWELVE

TAX MATTERS

Section 12.01. <u>Tax Accounting Characterization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is the intent of the parties hereto and MBFS USA that, for the purposes of federal income, State and local income and franchise tax and any other income taxes, so long as the Issuer has no equity owner other than one Certificateholder (as determined for federal income tax purposes), the Issuer will be treated as an entity disregarded as separate from the Certificateholder for federal income tax purposes. If for any reason the Issuer has more than one Certificateholder, the parties hereto and MBFS USA intend for federal income tax purposes that the Issuer will be a partnership, the Certificateholders will be partners in the partnership and the partnership will not be an association or publicly traded partnership taxable as a corporation. The Notes are intended to be treated as indebtedness for federal income tax purposes. The Certificateholder hereby agrees and each Holder, by acceptance of a Note, agrees in the Indenture to such treatment and agrees to take no action inconsistent with such treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties agree that, unless otherwise required by the appropriate tax authorities, the Administrator, on behalf of the Issuer, will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterizations expressed in Section 12.01(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Certificateholder agrees to take no action inconsistent with the tax characterization of its Certificate as a direct ownership interest in the assets of the Issuer for all tax purposes.

Section 12.02. <u>Signature on Returns; Partnership Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If at any time the Issuer is not treated as an entity disregarded as separate from the Certificateholder for federal income tax purposes, the Person that holds, or is deemed to hold under the Code, the Transferor, for as long as it is a holder of a Certificate, and thereafter, the holder of the Certificate with the largest Certificate Percentage Interest, will prepare and sign, on behalf of the Issuer, the tax returns of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The entity that is required to prepare the tax returns of the Issuer pursuant to Section 12.02(a) shall be the partnership representative, within the meaning of Section 6223(a) of the Code. The partnership representative shall, (i) if the Issuer is eligible, cause the Issuer to elect, pursuant to Section 6221(b) of the Code, that Section 6221(a) of the Code shall not apply to the Issuer or (ii) if the election in Section 6221(b) of the Code is not available, to the extent applicable, cause the Issuer to make the election under Section 6226(a) of the Code.

Section 12.03. <u>Tax Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise required by appropriate tax authorities, the Issuer shall not file or cause to be filed annual or other income or franchise tax returns and shall not be required to obtain any taxpayer identification number.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Owner Trustee will not elect or cause the Issuer to elect, and each other party hereto will not elect or permit an election to be made, to treat the Issuer as an association taxable as a corporation for federal income tax purposes pursuant to Treasury Regulations Section 301.7701-3.

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ARTICLE THIRTEEN <br>

MISCELLANEOUS

Section 13.01. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be amended, supplemented or otherwise modified from time to time by a writing executed by the parties hereto, without the consent of any Securityholder, to cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein or in any offering document used in connection with the initial offer and sale of the Notes, to provide for the issuance of additional securities in exchange for the Certificates as provided in Section 3.02(c), to add (as described in Section 3.04(e)) provisions necessary to prevent any application of the Treasury Regulations under Section 385 of the Code (including any subsequent or successor provision) that would result in the recharacterization of any of the Notes as equity, and for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement which will not be inconsistent with other provisions of this Agreement; provided, that, except as otherwise provided in Section 3.02(c) in connection with the exchange of the Certificates for additional securities, (i) the Transferor shall have delivered to the Indenture Trustee an Opinion of Counsel or an Officer's Certificate to the effect that such action will not materially adversely affect the interests of any Noteholders or (ii) the Rating Agency Condition shall have been satisfied with respect to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each amendment, supplement or other modification of this Agreement other than those provided for in Section 13.01(a) requires the consent of the Majority Noteholders (or if the Notes are no longer Outstanding, Holders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interests); provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the 20[__]-[_] Leases and 20[__]-[_] Vehicles or distributions that are required to be made for the benefit of the Securityholders, change the Interest Rate applicable to any class of Notes or the Required Reserve Amount, without the consent of all holders of Notes then Outstanding or (ii) reduce the percentage of the Note Balance of the Outstanding Notes the consent of the Holders of which is required for any amendment to this Agreement without the consent of all Holders of Notes then Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other 20[__]-[_] Basic Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Owner Trustee and the Indenture Trustee may prescribe. Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall file such amendment or cause such amendment to be filed with the Delaware Secretary of State.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Certificateholder and the Transferor shall furnish written notice of the substance of such amendment or consent to the Indenture Trustee and the Rating Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the execution of any amendment to this Agreement or any amendment to any other agreement to which the Issuer is a party, the Owner Trustee shall be entitled to receive and shall be fully protected in relying upon an Opinion of Counsel and an Officer's Certificate of the Transferor or Administrator stating that the execution of such amendment is authorized or permitted by this Agreement (or such other agreement) and that all conditions precedent in this Agreement (or such other agreement) to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be required to, execute any amendment which, as evidenced by an Opinion of Counsel, adversely affects the Owner Trustee's rights, duties and liabilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the execution of any amendment to this Agreement, the Indenture Trustee shall receive an Opinion of Counsel to the effect that the amendment will not cause (i) the Issuer to be classified as an association or publicly traded partnership taxable as a corporation for United States federal income tax purposes or (ii) the Notes to be characterized other than as indebtedness for United States federal income tax purposes.

Section 13.02. <u>Limitations on Rights of Others</u>. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Transferor, the Certificateholders, the Administrator, the Noteholders and, to the extent expressly provided herein, the Indenture Trustee, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

Section 13.03. <u>Notices</u>. Unless otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement will be in writing. Notices, requests, demands, consents and other communications will be deemed to have been given and made, (i) upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three days after deposit in the mail and (ii) in the case of (a) an e-mail, when receipt is confirmed by telephone or by reply e-mail from the recipient and (b) an electronic posting to a password-protected website, upon printed confirmation of the recipient's access to such password-protected website, or when notification of such electronic posting is confirmed in accordance with clauses (ii)(b) and (ii)(c) above. Unless otherwise specified in this Agreement, any such notice, request, demand, consent or other communication will be delivered or addressed, in the case of (i) if to the Owner Trustee, addressed to the Corporate Trust Office, with a copy to [●] at [●], Attention: [●]; (ii) if to the Transferor, addressed to Mercedes-Benz Vehicle Trust Leasing LLC, c/o Mercedes-Benz Financial Services USA LLC, 35555 W. Twelve Mile Road, Suite 100, Farmington Hills, Michigan 48331, Attention: Steven C. Poling (e-mail: steven.c.poling@_______); (iii) if to [●], at [●], Attention: [●]; (iv) if to [●], at [●], Attention: [●]; or (v) as to each party, at such other address as shall be designated by such party in a written notice to each other party.

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Section 13.04. <u>Severability</u>. If any one or more of the covenants, agreements, provisions or terms of this Agreement or the Certificates shall be for any reason whatsoever held invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement and the Certificates, and such invalidity shall in no way affect the validity or enforceability of the other covenants, agreements, provisions and terms of this Agreement or the Certificates or the rights of the Certificateholders.

Section 13.05. <u>Separate Counterparts; Electronic Signatures</u>. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act.

Section 13.06. <u>Successors and Assigns</u>. All covenants and agreements contained herein and in the Certificates shall be binding upon, and inure to the benefit of the Transferor, the Owner Trustee and the Certificateholders and their respective successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind its successors and assigns.

Section 13.07. <u>No Petition</u>. The Owner Trustee and the Transferor, by entering into this Agreement, each Certificateholder, by accepting a Certificate, the Indenture Trustee and each Noteholder or beneficial owner of Notes, by accepting the benefits of this Agreement, hereby covenant and agree that, prior to the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of the 20[__]-[_] Exchange Notes, the 20[__]-[_] ABS Notes or all amounts due to each Holder in respect of a Specified Interest, they will not institute against, or join any other Person, in instituting against, the Issuer, the Titling Trust, the Initial Beneficiary or the Transferor any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any Insolvency Law in connection with any obligations relating to the 20[__]-[_] Exchange Note, the Notes, this Agreement or any other 20[__]-[_] Basic Document and agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Transferor or the Issuer during the same period.

Section 13.08. <u>**Table of Contents** and Headings</u>. The **Table of Contents** and the various headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of any provision of this Agreement.

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Section 13.09. **<u>GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **THE VALIDITY AND CONSTRUCTION OF THIS AGREEMENT AND ALL AMENDMENTS HERETO SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, AND THE RIGHTS OF ALL PARTIES HERETO AND THE EFFECT OF EVERY PROVISION HEREOF SHALL BE SUBJECT TO AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF; PROVIDED, HOWEVER, THAT THE PARTIES HERETO AND THE CERTIFICATEHOLDERS INTEND THAT THE PROVISIONS HEREOF SHALL CONTROL OVER ANY CONTRARY OR LIMITING STATUTORY OR COMMON LAW OF THE STATE OF DELAWARE (OTHER THAN THE DELAWARE STATUTORY TRUST ACT) AND THAT, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THERE SHALL NOT BE APPLICABLE TO THE ISSUER, THE TRANSFEROR, THE OWNER TRUSTEE, THE CERTIFICATEHOLDERS OR THIS AGREEMENT ANY PROVISION OF THE LAWS (STATUTORY OR COMMON) OF THE STATE OF DELAWARE (OTHER THAN THE DELAWARE STATUTORY TRUST ACT) PERTAINING TO TRUSTS WHICH RELATE TO OR REGULATE IN A MANNER INCONSISTENT WITH THE TERMS HEREOF, INCLUDING: (A) THE FILING WITH ANY COURT OR GOVERNMENTAL BODY OR AGENCY OF TRUSTEE ACCOUNTS OR SCHEDULES OF TRUSTEE FEES AND CHARGES, (B) AFFIRMATIVE REQUIREMENTS TO POST BONDS FOR TRUSTEES, OFFICERS, AGENTS, OR EMPLOYEES OF A TRUST, (C) THE NECESSITY FOR OBTAINING COURT OR OTHER GOVERNMENTAL APPROVAL CONCERNING THE ACQUISITION, HOLDING OR DISPOSITION OF REAL OR PERSONAL PROPERTY, (D) FEES OR OTHER SUMS PAYABLE TO TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (E) THE ALLOCATION OF RECEIPTS AND EXPENDITURES TO INCOME OR PRINCIPAL, (F) RESTRICTIONS OR LIMITATIONS ON THE PERMISSIBLE NATURE, AMOUNT OR CONCENTRATION OF TRUST INVESTMENTS OR REQUIREMENTS RELATING TO THE TITLING, STORAGE OR OTHER MANNER OF HOLDING OF TRUST ASSETS, (G) THE EXISTENCE OF RIGHTS OR INTERESTS (BENEFICIAL OR OTHERWISE) IN TRUST ASSETS, (H) THE ABILITY OF BENEFICIAL OWNERS OR OTHER PERSONS TO TERMINATE OR DISSOLVE A TRUST, OR (I) THE ESTABLISHMENT OF FIDUCIARY OR OTHER STANDARDS OR RESPONSIBILITIES OR LIMITATIONS ON THE ACTS OR POWERS OF TRUSTEES OR BENEFICIAL OWNERS THAT ARE INCONSISTENT WITH THE LIMITATIONS ON LIABILITY OR AUTHORITIES AND POWERS OF THE OWNER TRUSTEE OR THE CERTIFICATEHOLDERS SET FORTH OR REFERENCED IN THIS TRUST AGREEMENT. SECTIONS 3540, 3542 AND 3561 OF TITLE 12 OF THE DELAWARE CODE SHALL NOT APPLY TO THE ISSUER.**

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(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE PARTIES HERETO AND THE CERTIFICATEHOLDERS AGREE THAT ANY SUIT, ACTION OR PROCEEDING SEEKING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE BROUGHT IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR IF SUCH COURT DOES NOT HAVE JURISDICTION OVER THE SUBJECT MATTER OF SUCH PROCEEDING OR IF SUCH JURISDICTION IS NOT AVAILABLE, IN ANY OTHER COURT OF THE STATE OF DELAWARE OR IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND EACH OF THE PARTIES HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS (AND OF THE APPROPRIATE APPELLATE COURTS THEREFROM) IN ANY SUIT, ACTION OR PROCEEDING AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUIT, ACTION OR PROCEEDING IN ANY OF THOSE COURTS OR THAT ANY SUIT, ACTION OR PROCEEDING WHICH IS BROUGHT IN ANY OF THOSE COURTS HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO UNCONDITIONALLY AGREES THAT, TO THE EXTENT SUCH PARTY IS NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE, TO APPOINT AND MAINTAIN AN AGENT IN THE STATE OF DELAWARE AS SUCH PARTY'S AGENT FOR ACCEPTANCE OF LEGAL PROCESS. PROCESS IN ANY SUIT, ACTION OR PROCEEDING MAY BE SERVED ON ANY PARTY ANYWHERE IN THE WORLD, WHETHER WITHIN OR WITHOUT THE JURISDICTION OF ANY OF THE NAMED COURTS AND SUCH SERVICE SHALL, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HAVE THE SAME LEGAL FORCE AND EFFECT AS IF SERVED UPON SUCH PARTY WITHIN THE STATE OF DELAWARE.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE PARTIES HERETO AND THE CERTIFICATEHOLDERS HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

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IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Trust Agreement to be duly executed by their respective officers, thereunto duly authorized, as of the day and year first above written.

By: 

 Name:

 Title:

By: 

 Name:

 Title:

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EXHIBIT A

CERTIFICATE OF TRUST

OF

MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_]

This Certificate of Trust of Mercedes-Benz Auto Lease Trust 20[__]-[_] (the "Trust") is being duly executed and filed by [●], a [●], as trustee (the "Owner Trustee"), to form a statutory trust under the Delaware Statutory Trust Act (12 Del.C. Section 3801 et seq.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Name</u>. The name of the statutory trust formed hereby is Mercedes-Benz Auto Lease Trust 20[__]-[_].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Delaware Trustee</u>. The name and business address of the trustee of the Trust having its principal place of business in the State of Delaware are [●], [●].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Effective Date</u>. This Certificate of Trust shall be effective upon its filing with the Secretary of State of the State of Delaware.

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Trust in accordance with Section 3811(a) of the Act.

By: 

 Name:

 Title:

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EXHIBIT B

FORM OF CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES TO THE EXTENT DESCRIBED IN THE TRUST AGREEMENT AND THE OTHER 20[__]-[_] BASIC DOCUMENTS REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR AN OBLIGATION OF MERCEDES-BENZ TRUST LEASING LLC, MERCEDES-BENZ FINANCIAL SERVICES USA LLC OR ANY OF THEIR RESPECTIVE AFFILIATES.

THIS CERTIFICATE MAY NOT BE PURCHASED BY A PERSON THAT IS OR IS ACTING ON BEHALF OF, OR USING THE ASSETS OF ANY OF (1) AN "EMPLOYEE BENEFIT PLAN", AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (2) A "PLAN", AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (3) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), OR (4) A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN, THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IMPOSES REQUIREMENTS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW"). BY ACCEPTANCE OF THIS CERTIFICATE OR AN INTEREST THEREIN, THE HOLDER HEREOF SHALL BE DEEMED TO REPRESENT AND WARRANT THAT ITS ACQUISITION AND HOLDING IS IN COMPLIANCE WITH THE FOREGOING RESTRICTIONS.

TRANSFER OF THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS SET FORTH IN THE TRUST AGREEMENT.

REGISTERED NO. R-1

MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_]

ASSET BACKED CERTIFICATE

Evidencing an undivided beneficial interest in the property of Mercedes-Benz Auto Lease Trust 20[__]-[_], a Delaware statutory trust (the "Issuer"), which property includes the 20[__]-[_] Exchange Note, the 20[__]-[_] Bank Accounts and certain other rights under the Trust Agreement and Second Tier Sale Agreement. The property of the Issuer has been pledged by the Issuer to [●], a [●], as indenture trustee (the "Indenture Trustee"), pursuant to an indenture, dated as of [______ __], 20[__] (as amended, restated, supplemented or otherwise modified from time to time, the "Indenture"), between the Issuer and the Indenture Trustee, to secure the payment of the Notes issued thereunder.

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This certifies that MERCEDES-BENZ TRUST LEASING LLC is the registered owner of a 100% Certificate Percentage Interest nonassessable, fully paid, undivided beneficial interest in the Issuer. The Issuer is governed by an amended and restated trust agreement dated as of [______ __], 20[__] (as amended, restated, supplemented or otherwise modified from time to time, the "Trust Agreement"), between Mercedes-Benz Trust Leasing LLC, as transferor (in such capacity, the "Transferor"), and [●], as owner trustee (in such capacity, and not in its individual capacity, the "Owner Trustee"), a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix 1 to the 20[__]-[_] Servicing Supplement, dated as of [______ __], 20[__], among Mercedes-Benz Financial Services USA LLC ("MBFS USA"), as servicer and as lender, Mercedes-Benz Vehicle Trust, as titling trust, and Collateral Title Co., as collateral agent or, if not defined therein, in Appendix A to the Second Amended and Restated Collateral Agency Agreement, dated as of May 1, 2023, among Mercedes-Benz Vehicle Trust, as borrower, U.S. Bank Trust National Association, as administrative agent, Collateral Title Co., as collateral agent, and MBFS USA, as lender and as servicer. Appendix A also contains rules as to usage applicable to this Certificate.

This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the registered holder of this Certificate (the "Certificateholder") by virtue of the acceptance hereof assents and by which such Certificateholder is bound.

Pursuant to the Trust Agreement, there will be distributed on each Payment Date to the Person in whose name this Certificate is registered at the close of business on the Business Day preceding such Payment Date such Certificateholder's Certificate Percentage Interest in the amount to be distributed to Certificateholders on such Payment Date. "Payment Date" means the [15<sup>th</sup>] day of each month or, if such [15<sup>th</sup>] day is not a Business Day, the following Business Day, commencing on [______ __], 20[__].

THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE TRUST AGREEMENT AND THE INDENTURE.

It is the intent of the Transferor, the Owner Trustee, the Administrator, the Servicer and the Certificateholders that, for purposes of federal income taxes, State and local income taxes and any other income taxes, the Issuer will be treated as either an entity that is disregarded as separate from the beneficial owner of the equity in the Issuer if there is only one such owner, or as a partnership (other than an association or publicly traded partnership) if there are two or more such owners. The Transferor and each Certificateholder each, by acceptance of a Certificate or a beneficial interest therein, agree with the foregoing characterization of the Certificates for such tax purposes and further agree to take no action inconsistent therewith.

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Each Certificateholder, by its acceptance of a Certificate or a beneficial interest therein, covenants and agrees that, prior to the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of the 20[__]-[_] Exchange Notes, the 20[__]-[_] ABS Notes or all amounts due to each Holder in respect of a Specified Interest, they will not institute against, or join any other Person, in instituting against, the Issuer, the Titling Trust, the Initial Beneficiary or the Transferor any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any Insolvency Law in connection with any obligations relating to the 20[__]-[_] Exchange Note, the 20[__]-[_] ABS Notes, this Agreement or any other 20[__]-[_] Basic Document.

Distributions on this Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder of record in the Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency of the Paying Agent.

Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this Certificate.

Unless the certificate of authentication hereon has been executed by an Authorized Officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Indenture or be valid for any purpose.

**THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

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IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuer and not in its individual capacity, has caused this Certificate to be duly executed as of the date set forth below.

By: [●], not in its individual capacity but solely as Owner Trustee

By: 

 Name:

 Title:

OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Trust Agreement.

By: [●], not in its individual capacity but solely as Owner Trustee

By: 

 Name:

 Title:

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[REVERSE OF CERTIFICATE]

This Certificate does not represent an obligation of, or an interest in, the Transferor, the Servicer, the Administrator, the Owner Trustee or any of their respective Affiliates, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein, in the Trust Agreement or in the other 20[__]-[_] Basic Documents. In addition, this Certificate is not guaranteed by any Governmental Authority and is limited in right of payment to certain collections with respect to the 20[__]-[_] Exchange Note (and certain other amounts), all as more specifically set forth herein, in the Indenture and in the 20[__]-[_] Exchange Note Supplement.

The Trust Agreement permits the Transferor and the Owner Trustee, on behalf of the Issuer, with certain exceptions therein provided, to amend from time to time certain terms and conditions set forth in the Trust Agreement without the consent of the Certificateholders. The Trust Agreement also permits the Transferor and the Owner Trustee, on behalf of the Issuer, with certain exceptions as therein provided, to amend certain terms and conditions set forth in the Trust Agreement with the consent of the Majority Noteholders or, if the Notes are no longer Outstanding, the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest. Any such consent by the Certificateholder shall be conclusive and binding on such Certificateholder and on all future Certificateholders and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate.

As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Certificate may be registered in the Certificate Register upon surrender of this Certificate for registration of transfer at the Corporate Trust Office and a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or such Certificateholder's attorney duly authorized in writing, and thereupon one or more new Certificates in any authorized denomination and in the same aggregate Certificate Percentage Interest in the Issuer will be issued to the designated transferee or transferees. No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection therewith. The initial Certificate Registrar appointed under the Trust Agreement is the Paying Agent.

Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder is not and is not acting on behalf of, or using the assets of a Benefit Plan.

The Certificates are issuable only in registered form in denominations as provided in the Trust Agreement, subject to certain limitations therein set forth.

The Owner Trustee, the Certificate Registrar and any Paying Agent may treat the Person in whose name this Certificate is registered in the Certificate Register (as of the day of determination) as the owner of this Certificate for the purpose of receiving distributions pursuant to the Trust Agreement and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary.

The Trust Agreement, with certain exceptions therein provided, shall terminate in accordance with Article Nine of the Trust Agreement.

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ASSIGNMENT

SOCIAL SECURITY NUMBER

OR OTHER IDENTIFICATION

NUMBER OF ASSIGNEE: <br> <u><br> </u>

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

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(name and address of assignee)

the within Certificate and all rights thereunder, and hereby irrevocably constitutes and appoints ________________________, attorney, to transfer said Certificate on the Certificate Register, with full power of substitution in the premises.

Dated:

  \*/

B-6<br>

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## Exhibit 4.4

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#### Exhibit 4.4

#### <br>
MERCEDES-BENZ VEHICLE TRUST,

as Borrower,

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Administrative Agent,

COLLATERAL TITLE CO.,

as Collateral Agent,

MERCEDES-BENZ FINANCIAL SERVICES USA LLC,

as Lender and as Servicer,

and

[●],

as Indenture Trustee

------

20[__]-[_] EXCHANGE NOTE SUPPLEMENT

Dated as of [______ __], 20[__]

------

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | <u>Page</u> |
| ARTICLE ONE | ARTICLE ONE | ARTICLE ONE |
| USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE | USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE | USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE |
| Section 1.01. | Capitalized Terms; Rules of Usage | 2 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE TWO | ARTICLE TWO | ARTICLE TWO |
| THE 20[__]-[_] EXCHANGE NOTE | THE 20[__]-[_] EXCHANGE NOTE | THE 20[__]-[_] EXCHANGE NOTE |
| Section 2.01. | Creation and Designation | 3 |
| Section 2.02. | Issuance of the 20[__]-[_] Exchange Note; Registered Pledge | 3 |
| Section 2.03. | 20[__]-[_] Exchange Note Representations and Warranties | 4 |
| Section 2.04. | 20[__]-[_] Exchange Note Interest Payments | 4 |
| Section 2.05. | 20[__]-[_] Exchange Note Principal Payments | 5 |
| Section 2.06. | 20[__]-[_] Reserve Account | 5 |
| Section 2.07. | Additional Representations and Warranties | 5 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE THREE | ARTICLE THREE | ARTICLE THREE |
| THE 20[__]-[_] REFERENCE POOL | THE 20[__]-[_] REFERENCE POOL | THE 20[__]-[_] REFERENCE POOL |
| Section 3.01. | The 20[__]-[_] Reference Pool | 7 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE FOUR | ARTICLE FOUR | ARTICLE FOUR |
| EXCHANGE NOTE DEFAULTS AND REMEDIES | EXCHANGE NOTE DEFAULTS AND REMEDIES | EXCHANGE NOTE DEFAULTS AND REMEDIES |
| Section 4.01. | 20[__]-[_] Exchange Note Defaults | 9 |
| Section 4.02. | Exchange Note Remedies | 9 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE FIVE | ARTICLE FIVE | ARTICLE FIVE |
| APPLICATION OF COLLECTIONS ON THE 20[__]-[_] REFERENCE POOL | APPLICATION OF COLLECTIONS ON THE 20[__]-[_] REFERENCE POOL | APPLICATION OF COLLECTIONS ON THE 20[__]-[_] REFERENCE POOL |
| Section 5.01. | Application of 20[__]-[_] Reference Pool Collections Prior to Facility Default and Exchange Note Default | 11 |
| Section 5.02. | Application of 20[__]-[_] Reference Pool Collections Following a Liquidation | 11 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE SIX | ARTICLE SIX | ARTICLE SIX |
| SECURITY INTEREST | SECURITY INTEREST | SECURITY INTEREST |
| Section 6.01. | Security Interest | 13 |

---

------

 <u>Page</u>

 

<br> ---

| | | |
|:---|:---|:---|
| ARTICLE SEVEN | ARTICLE SEVEN | ARTICLE SEVEN |
| EXCHANGE ACT REPORTING | EXCHANGE ACT REPORTING | EXCHANGE ACT REPORTING |
| Section 7.01. | Further Assurances | 14 |
| Section 7.02. | Form 10-D Filings | 14 |
| Section 7.03. | Form 8-K Filings | 14 |
| Section 7.04. | Form 10-K Filings | 15 |
| Section 7.05. | Report on Assessment of Compliance and Attestation | 15 |
| Section 7.06. | Back-up Sarbanes-Oxley Certification. | 15 |
| Section 7.07. | Representations and Warranties | 16 |
| Section 7.08. | Indemnification. | 16 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE EIGHT | ARTICLE EIGHT | ARTICLE EIGHT |
| MISCELLANEOUS | MISCELLANEOUS | MISCELLANEOUS |
| Section 8.01. | Amendments | 18 |
| Section 8.02. | 20[__]-[_] Exchange Noteholders Entitled to Benefits of this Exchange Note Supplement | 19 |
| Section 8.03. | Tax Characterization | 19 |
| Section 8.04.****  | **GOVERNING LAW; SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; WAIVER OF JURY TRIAL** | 19 |
| Section 8.05. | Successors and Assigns | 20 |
| Section 8.06. | Severability | 20 |
| Section 8.07. | Counterparts; Electronic Signatures | 20 |
| Section 8.08. | **Table of Contents** and Headings | 20 |
| Section 8.09. | No Petition | 21 |
| Section 8.10. | No Recourse | 21 |

---

---

| | | |
|:---|:---|:---|
| EXHIBITS | EXHIBITS | EXHIBITS |
| Exhibit A – | Form of 20[__]-[_] Exchange Note | A-1 |
| Exhibit B – | Schedule of 20[__]-[_] Reference Pool Assets | B-1 |

---

---

| | | |
|:---|:---|:---|
| SCHEDULES | SCHEDULES | SCHEDULES |
| Schedule A – | Item 1119 Parties | SA-1 |
| Schedule B – | Disclosure Items | SB-1 |
| Schedule C -- | Article Nine Security Interest Representations And Warranties | SC-1 |

---

ii

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This 20[__]-[_] EXCHANGE NOTE SUPPLEMENT, dated as of [______ __], 20[__] (as amended, restated, supplemented or otherwise modified from time to time, this "20[__]-[_] Exchange Note Supplement"), is among MERCEDES-BENZ VEHICLE TRUST, a Delaware statutory trust (the "Titling Trust"), as borrower (the "Borrower"), MERCEDES-BENZ FINANCIAL SERVICES USA LLC, a Delaware limited liability company ("MBFS USA"), as lender (in such capacity, the "Lender") and as servicer (in such capacity, the "Servicer"), U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association, as administrative agent and not in its individual capacity (the "Administrative Agent"), COLLATERAL TITLE CO., a Delaware corporation, as collateral agent (the "Collateral Agent"), and [●], a [●], as indenture trustee and not in its individual capacity (the "Indenture Trustee").

RECITALS

WHEREAS, pursuant to a Trust Agreement, dated as of March 15, 2022, between BNY Mellon Trust of Delaware ("BNYM"), as trustee (in such capacity, the "Titling Trustee"), and Mercedes-Benz Trust Holdings LLC, a Delaware limited liability company, as initial beneficiary (the "Initial Beneficiary"), as amended and restated by the Amended and Restated Trust Agreement, dated as of January 31, 2023 (as so amended and restated, the "Titling Trust Agreement") among MBFS USA, as titling trust administrator, the Initial Beneficiary and the Titling Trustee, the Titling Trust was created to hold title to leases, vehicles and certain related assets (the "Titling Trust Assets");

WHEREAS, the Lender, the Servicer, the Titling Trust, the Collateral Agent and the Administrative Agent are parties to the Second Amended and Restated Collateral Agency Agreement, dated as of May 1, 2023 (the "Basic Collateral Agency Agreement"), pursuant to which the Lender makes advances to the Titling Trust from time to time to acquire Titling Trust Assets;

WHEREAS, the Basic Collateral Agency Agreement provides, among other things, that the parties thereto may from time to time enter into an exchange note supplement pursuant to which the Lender will assign its interest in a portion of its outstanding advances to be evidenced by an exchange note, payments in respect of which shall be made from collections in respect of a pool of specified Titling Trust Assets;

WHEREAS, the parties hereto wish to enter into this 20[__]-[_] Exchange Note Supplement to provide for the issuance of an exchange note to be known as the "20[__]-[_] Exchange Note" and the creation of a reference pool of leases and leased vehicles relating thereto;

WHEREAS, concurrently herewith, (i) MBFS USA and Mercedes-Benz Trust Leasing LLC, a Delaware limited liability company (the "Transferor"), are entering into a First-Tier Sale Agreement pursuant to which the Transferor will purchase the 20[__]-[_] Exchange Note from MBFS USA and (ii) the Transferor and Mercedes-Benz Auto Lease Trust 20[__]-[_] (the "Issuer"), are entering into a Second-Tier Sale Agreement pursuant to which the Transferor will transfer the 20[__]-[_] Exchange Note to the Issuer;

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WHEREAS, concurrently herewith, the Issuer is entering into an asset-backed financing transaction pursuant to, among other agreements, an Indenture, dated as of [______ __], 20[__] (the "Indenture"), between the Issuer and the Indenture Trustee, pursuant to which, among other things, the Issuer will pledge certain of its assets and grant a security interest in such assets, including the 20[__]-[_] Exchange Note; and

WHEREAS, concurrently herewith, the Titling Trust, the Servicer and the Collateral Agent are entering into a 20[__]-[_] Servicing Supplement to the Servicing Agreement, dated as of [______ __], 20[__] (as amended, modified or supplemented from time to time, the "20[__]-[_] Servicing Supplement"), pursuant to which, among other things, the terms of the Second Amended and Restated Servicing Agreement, dated as of May 1, 2023 (as modified, supplemented or amended from time to time, the "20[__]-[_] Servicing Agreement") will be supplemented to provide more specific servicing obligations insofar as they apply to the 20[__]-[_] Leases and 20[__]-[_] Vehicles allocated to the 20[__]-[_] Reference Pool.

NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE ONE

USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01. <u>Capitalized Terms; Rules of Usage.</u>

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized terms used in this 20[__]-[_] Exchange Note Supplement that are not otherwise defined shall have the meanings ascribed thereto in Appendix 1 to the 20[__]-[_] Servicing Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement, which Appendices are hereby incorporated into and made a part of this 20[__]-[_] Exchange Note Supplement. Appendix 1 also contains rules as to usage applicable to this 20[__]-[_] Exchange Note Supplement.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise indicated by the context, all references herein to (i) "Leases" shall be to Collateral Leases and (ii) "Vehicles" shall be to Collateral Vehicles.

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ARTICLE TWO

THE 20[__]-[_] EXCHANGE NOTE

Section 2.01. <u>Creation and Designation.</u> There is hereby created an Exchange Note to be issued pursuant to the Basic Collateral Agency Agreement and this 20[__]-[_] Exchange Note Supplement to be known as the "20[__]-[_] Exchange Note". The terms of the 20[__]-[_] Exchange Note are as follows:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the 20[__]-[_] Exchange Note Issuance Date is the 20[__]-[_] Closing Date;

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Exchange Note Initial Principal Balance of the 20[__]-[_] Exchange Note is $[●];

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the 20[__]-[_] Cutoff Date for the 20[__]-[_] Reference Pool is the close of business on [______ __], 20[__];

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Exchange Note Interest Rate for the 20[__]-[_] Exchange Note will be a [fixed rate] equal to [●]% per annum;

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the 20[__]-[_] Exchange Note Final Scheduled Payment Date is [_____ __], 20[__];

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the 20[__]-[_] Exchange Note will be issued as a single class;

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; no Rating Agency will issue ratings on the 20[__]-[_] Exchange Note;

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the first Payment Date for the 20[__]-[_] Exchange Note is [_____ __], 20[__], and thereafter, the [15<sup>th</sup>] day of each calendar month or, if such day is not a Business Day, the next Business Day;

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the 20[__]-[_] Exchange Note Interest Period with respect to the 20[__]-[_] Exchange Note shall be, with respect to any Payment Date, the related Collection Period; and

(j)&nbsp;&nbsp;&nbsp;&nbsp; the initial Securitization Value of the 20[__]-[_] Leases and related 20[__]-[_] Vehicles included in the 20[__]-[_] Reference Pool is equal to $[●].

Section 2.02. <u>Issuance of the 20[__]-[_] Exchange Note; Registered Pledge.</u>

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The 20[__]-[_] Exchange Note, together with the Administrative Agent's certificate of authentication on such 20[__]-[_] Exchange Note, will be delivered in the form of a certificated note substantially in the form set forth as Exhibit A hereto and will satisfy the requirements of Sections 4.01 and 4.02 of the Basic Collateral Agency Agreement. The 20[__]-[_] Exchange Note may be transferred (i) prior to the occurrence and continuance of an Event of Default, only in whole and not in part and (ii) subsequent to the occurrence and continuance of an Event of Default, either in whole or in part.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will deliver to the Administrative Agent (i) the executed 20[__]-[_] Exchange Note for authentication and (ii) this 20[__]-[_] Exchange Note Supplement, and following receipt thereof and satisfaction of the conditions set forth in Section 4.02(c) of the Basic Collateral Agency Agreement, the Administrative Agent will (A) execute this 20[__]-[_] Exchange Note Supplement and (B) authenticate and deliver the 20[__]-[_] Exchange Note in accordance with Section 4.02(d) of the Basic Collateral Agency Agreement.

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(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Lender agrees for the benefit of the 20[__]-[_] Exchange Noteholders that, with respect to the 20[__]-[_] Reference Pool, any claim that it may have against such assets will be subordinated in right to payment in full of the 20[__]-[_] Exchange Notes.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All of the Issuer's right, title and interest with respect to the 20[__]-[_] Exchange Note has been assigned to the Indenture Trustee pursuant to the Indenture. The Indenture Trustee shall be listed in the Exchange Note Register as the Registered Pledgee of the 20[__]-[_] Exchange Note until the Outstanding Amount of the Notes has been reduced to zero and all Issuer Obligations have been paid in full (at which time the rights of the Indenture Trustee as Registered Pledgee of the 20[__]-[_] Exchange Note shall terminate). The Lender has caused the 20[__]-[_] Exchange Note to be delivered to the Indenture Trustee in New York, New York. The Registered Pledgee shall have the rights granted to the 20[__]-[_] Exchange Noteholder as described in the Basic Collateral Agency Agreement. As the Registered Pledgee, the Indenture Trustee shall be entitled to exercise any and all rights or powers of a holder hereunder and under the Basic Collateral Agency Agreement, to the extent set forth in Section 6.13 of the Indenture.

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For so long as it is the Registered Pledgee, the Indenture Trustee shall be entitled to exercise the rights of the 20[__]-[_] Exchange Noteholder. Following the return of the 20[__]-[_] Exchange Note to or upon the order of the Issuer pursuant to Section 8.05(b) of the Indenture, the Issuer shall be entitled to exercise all rights of the 20[__]-[_] Exchange Noteholder.

Section 2.03. <u>20[__]-[_] Exchange Note Representations and Warranties.</u>

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower represents and warrants that upon satisfaction of the conditions set forth in Sections 2.02(a) and (b), the 20[__]-[_] Exchange Note will have been duly authorized, executed and delivered under this 20[__]-[_] Exchange Note Supplement.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By acceptance of the 20[__]-[_] Exchange Note, the 20[__]-[_] Exchange Noteholder agrees with and makes, as of the 20[__]-[_] Closing Date, the representations and warranties set forth in Section 4.03(f) of the Basic Collateral Agency Agreement.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower hereby makes, as of the 20[__]-[_] Closing Date, the representations and warranties set forth in Schedule C on which the other parties hereto are relying, and any 20[__]-[_] Exchange Noteholder, in acquiring the related 20[__]-[_] Exchange Note, will rely.

Section 2.04. <u>20[__]-[_] Exchange Note Interest Payments</u>. For each Payment Date, the amount of interest due with respect to the 20[__]-[_] Exchange Note will be equal to the 20[__]-[_] Exchange Note Interest Distributable Amount.

 

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Section 2.05. <u>20[__]-[_] Exchange Note Principal Payments</u>. For each Payment Date, the amount of principal payable with respect to the 20[__]-[_] Exchange Note will be equal to the 20[__]-[_] Exchange Note Principal Distributable Amount. The entire outstanding 20[__]-[_] Exchange Note Balance will become due and payable on the 20[__]-[_] Exchange Note Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid 20[__]-[_] Exchange Note Balance will be due and payable on the date on which an Exchange Note Default with respect to the 20[__]-[_] Exchange Note has occurred and is continuing, and the 20[__]-[_] Exchange Noteholder has declared the 20[__]-[_] Exchange Note to be immediately due and payable in the manner provided in the Basic Collateral Agency Agreement. For the avoidance of doubt, the 20[__]-[_] Exchange Note will be deemed to not be paid in full until all Issuer Obligations have been paid in full.

Section 2.06. <u>20[__]-[_] Reserve Account.</u>

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the issuance of the 20[__]-[_] Exchange Note, the Servicer will establish the 20[__]-[_] Reserve Account pursuant to Section 4.01(a)(iii) of the 20[__]-[_] Servicing Supplement. On the 20[__]-[_] Closing Date, the Transferor will deposit, or cause to be deposited, the Reserve Initial Deposit into the 20[__]-[_] Reserve Account.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment Date, the Indenture Trustee will deposit into the 20[__]-[_] Reserve Account all 20[__]-[_] Available Funds in accordance with Section 8.03(a)(iv) of the Indenture until the amount on deposit in the 20[__]-[_] Reserve Account equals the Required Reserve Amount.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or prior to each Determination Date, the Servicer will determine the 20[__]-[_] Available Funds Shortfall Amount, if any, for the related Payment Date. If the 20[__]-[_] Available Funds Shortfall Amount for any Payment Date is greater than zero, the Indenture Trustee will withdraw, or cause to be withdrawn, from the 20[__]-[_] Reserve Account an amount equal to the 20[__]-[_] Reserve Account Draw Amount and transfer the 20[__]-[_] Reserve Account Draw Amount to the 20[__]-[_] Exchange Note Collection Account on or prior to the related Payment Date, which amount shall be applied towards making distributions on such Payment Date. If the Note Balance and all other Issuer Obligations have been paid in full and the Issuer has been terminated, any remaining amounts on deposit in the 20[__]-[_] Reserve Account shall be distributed to the Certificateholder.

Section 2.07. <u>Additional Representations and Warranties</u>. Each of the Borrower, the Collateral Agent, the Titling Trust and the Administrative Agent hereby makes the following representations and warranties as of the 20[__]-[_] Closing Date:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is not in material default under any agreement, contract, instrument, or indenture of any nature whatsoever to which it or, to its knowledge, any of its Affiliates that are parties to the 20_]-[_]Basic Documents is bound, and which default would have a material adverse effect on its ability to perform its obligations under this 20[__]-[_] Exchange Note Supplement.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No consent, approval, authorization or order of any Governmental Authority or body is required under federal or State law for the execution, delivery and performance by it, or compliance by it with this 20[__]-[_] Exchange Note Supplement or the consummation of the transactions contemplated hereby, or if required has been obtained or can be obtained prior to the execution of this 20[__]-[_] Exchange Note Supplement.

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(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It does not have any reason or cause to believe that it cannot perform each and every covenant of such party contained in this 20[__]-[_] Exchange Note Supplement.

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ARTICLE THREE

THE 20[__]-[_] REFERENCE POOL

Section 3.01. <u>The 20[__]-[_] Reference Pool.</u>

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Section 4.01 of the Basic Collateral Agency Agreement and Section 4.3(b) of the Titling Trust Agreement, the Initial Beneficiary will designate a portion of the Leases and related Vehicles included in the Revolving Facility Pool for allocation to a new reference pool, referred to as the "20[__]-[_] Reference Pool". The 20[__]-[_] Exchange Note will primarily be payable from 20[__]-[_] Collections on or in respect of the Collateral Assets included in the 20[__]-[_] Reference Pool in accordance with the priorities in Section 5.01. For purposes of determining the 20[__]-[_] Collections that are applicable to the 20[__]-[_] Reference Pool, the 20[__]-[_] Leases and 20[__]-[_] Vehicles included in the 20[__]-[_] Reference Pool will be deemed to have been included in the 20[__]-[_] Reference Pool from and after the 20[__]-[_] Cutoff Date. A Schedule of 20[__]-[_] Reference Pool Assets appears as Exhibit B hereto.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The 20[__]-[_] Leases and 20[__]-[_] Vehicles included in the 20[__]-[_] Reference Pool will not be included in the Revolving Facility Pool or in any other Reference Pool and no Leases or Vehicles included in the Revolving Facility Pool or leases or leased vehicles allocated to any other Reference Pool after the 20[__]-[_] Cutoff Date will be included in the 20[__]-[_] Reference Pool. Notwithstanding the foregoing, 20[__]-[_] Leases and 20[__]-[_] Vehicles shall be reallocated from the 20[__]-[_] Reference Pool to the Revolving Facility Pool (i) in connection with (A) purchases of 20[__]-[_] Leases and 20[__]-[_] Vehicles pursuant to Section 3.05 of the 20[__]-[_] Servicing Supplement or (B) the optional redemption of the 20[__]-[_] Exchange Note pursuant to Section 5.01 of the 20[__]-[_] Servicing Supplement and 4.06 of the Basic Collateral Agency Agreement or (ii) following release of the Trust Estate pursuant to Section 8.05(b) of the Indenture.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any other provision of this 20[__]-[_] Exchange Note Supplement or the Basic Servicing Agreement, in the event that any 20[__]-[_] Vehicle is sold or otherwise disposed of by the Servicer, each of the 20[__]-[_] Exchange Noteholder and the Registered Pledgee (i) for as long as no Event of Default has occurred and is continuing, will be deemed automatically to release, and immediately prior to such sale or other disposition, does hereby agree to release at such time, any and all Liens and other rights and interests it possesses or may possess from time to time, without further action of the parties, in, to and under such 20[__]-[_] Vehicle, the proceeds thereof (including pursuant to any Insurance Policy) with respect to or covering such 20[__]-[_] Vehicle and any contract or agreement for the sale or other disposition of such 20[__]-[_] Vehicle, and (ii) during the occurrence and continuance of an Event of Default, shall continue to have all rights and interests it possesses or may possess from time to time with respect to or covering such 20[__]-[_] Vehicle and any contract or agreement for the sale or other disposition of such 20[__]-[_] Vehicle, the proceeds thereof (including pursuant to any Insurance Policy) with respect to or covering such 20[__]-[_] Vehicle and any contract or agreement for the sale or other disposition of such Vehicle until the actual net proceeds of such sale or other disposition have been deposited into the 20[__]-[_] Exchange Note Collection Account. Notwithstanding the foregoing, nothing herein shall otherwise constitute a release of any rights under the 20[__]-[_] Basic Documents to receive an amount equal to the proceeds of such sale or other disposition.

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(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon repayment in full of the 20[__]-[_] Exchange Note and all Issuer Obligations or following release of the Trust Estate pursuant to Section 8.05(b) of the Indenture, the 20[__]-[_] Reference Pool will be deemed to be terminated and the 20[__]-[_] Leases and 20[__]-[_] Vehicles included in the 20[__]-[_] Reference Pool will be reallocated to the Revolving Facility Pool.

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ARTICLE FOUR

EXCHANGE NOTE DEFAULTS AND REMEDIES

Section 4.01. <u>20[__]-[_] Exchange Note Defaults</u>. Notwithstanding Section 6.04 of the Basic Collateral Agency Agreement, only the following events or occurrences with respect to the 20[__]-[_] Exchange Note will constitute Exchange Note Defaults with respect to the 20[__]-[_] Exchange Note:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Failure to Pay Interest</u>. The Borrower fails to pay or cause to be paid any part of the 20[__]-[_] Exchange Note Interest Distributable Amount, as specified in the Exchange Note Supplement, when due and such failure continues for five Business Days after the due date;

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Failure to Pay Principal</u>. The Borrower fails to pay or cause to be paid any principal of such Exchange Note on the 20[__]-[_] Exchange Note Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical difficulty, that failure continues for five Business Days after the date when such principal became due;

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Breach of Covenant</u>. There is a default in the observance or performance of any covenant or agreement of the Borrower made in the Basic Collateral Agency Agreement or this 20[__]-[_] Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default with respect to the 20[__]-[_] Exchange Note), the 20[__]-[_] Exchange Noteholders are materially and adversely affected by such default and such default is not cured on or before the 60<sup>th</sup> day after the Borrower has received a notice that states that it is a "Notice of Exchange Note Default" and specifies the default; and

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Breach of Representation or Warranty</u>. Any representation or warranty of the Borrower made in the Basic Collateral Agency Agreement, this 20[__]-[_] Exchange Note Supplement or in any certificate or other document delivered in connection with the Basic Collateral Agency Agreement or this 20[__]-[_] Exchange Note Supplement proves to have been incorrect as of the time made, the 20[__]-[_] Exchange Noteholders are materially and adversely affected by such incorrectness and such incorrectness is not cured on or before the 60<sup>th</sup> day after the Borrower has received a notice from the 20[__]-[_] Exchange Noteholders that states that it is a "Notice of Exchange Note Default" and specifies the default.

Section 4.02. <u>Exchange Note Remedies.</u>

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a Facility Default or an Exchange Note Default has occurred, the 20[__]-[_] Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20[__]-[_] Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount [of the Controlling Class].

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The proceeds of any liquidation or sale of the 20[__]-[_] Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture.

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(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All amounts payable to the 20[__]-[_] Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20[__]-[_] Exchange Note Collection Account.

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ARTICLE FIVE

APPLICATION OF COLLECTIONS ON THE 20[__]-[_] REFERENCE POOL

Section 5.01. <u>Application of 20[__]-[_] Reference Pool Collections Prior to Facility Default and Exchange Note Default</u>. On each Payment Date, the Servicer will, with respect to the 20[__]-[_] Reference Pool (based on the information contained in the related Monthly Exchange Note Report delivered pursuant to Section 6.01(a) of the 20[__]-[_] Servicing Supplement), allocate 20[__]-[_] Available Funds on deposit in the 20[__]-[_] Exchange Note Collection Account for such Payment Date in accordance with the following order of priority:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the Servicer, the 20[__]-[_] Reference Pool Servicing Fee and an amount equal to any Nonrecoverable Advances;

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the 20[__]-[_] Exchange Noteholder, the 20[__]-[_] Exchange Note Interest Distributable Amount;

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the 20[__]-[_] Exchange Noteholder, the 20[__]-[_] Exchange Note Principal Distributable Amount, as a payment of principal of the 20[__]-[_] Exchange Note until the 20[__]-[_] Exchange Note Balance has been reduced to zero;

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the 20[__]-[_] Exchange Noteholder, the amount, if any, by which the sum of the amounts payable pursuant to Sections 8.03(a)(i) through (vii) of the Indenture (or, if applicable, pursuant to Sections 5.04(b)(i) through (v) of the Indenture) exceeds the sum of the amounts received by the 20[__]-[_] Exchange Noteholder pursuant to clauses (b) and (c), above; and

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the 20[__]-[_] Exchange Noteholder, for distribution on the Certificates, all remaining 20[__]-[_] Available Funds.

Section 5.02. <u>Application of 20[__]-[_] Reference Pool Collections Following a Liquidation</u>. Notwithstanding the provisions of Section 5.01, following a sale or liquidation of any portion of the Collateral included in the 20[__]-[_] Reference Pool pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, the proceeds of such sale or liquidation will be allocated in accordance with the following priorities:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to make payments to the Servicer, to the extent necessary to pay the 20[__]-[_] Reference Pool Servicing Fee and any Nonrecoverable Advances with respect to the 20[__]-[_] Leases;

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to make payments to the 20[__]-[_] Exchange Noteholder, to the extent necessary to pay all accrued and unpaid interest on the 20[__]-[_] Exchange Note and any interest on such accrued and unpaid interest at the 20[__]-[_] Exchange Note Interest Rate;

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to make payments to the 20[__]-[_] Exchange Noteholder, to the extent necessary to reduce the 20[__]-[_] Exchange Note Balance to zero;

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to make payments to the 20[__]-[_] Exchange Noteholder to the extent necessary, after giving effect to the distributions pursuant to sub-clauses (a), (b) and (c) above, to cover any shortfall in amounts payable under Sections 8.03(a)(i) through (vii) or Sections 5.04(b)(i) through (v) of the Indenture; and

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(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the 20[__]-[_] Exchange Noteholder, for distribution on the Certificates, all remaining funds.

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ARTICLE SIX

SECURITY INTEREST

Section 6.01. <u>Security Interest</u>. The Borrower hereby confirms its grant under the Basic Collateral Agency Agreement of a security interest in the Collateral to the Collateral Agent. In addition, the Borrower hereby grants to the Collateral Agent on behalf of the Secured Parties a security interest in the Collateral.

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ARTICLE SEVEN

EXCHANGE ACT REPORTING

Section 7.01. <u>Further Assurances</u>. The Indenture Trustee and the Servicer shall reasonably cooperate with the Transferor in connection with the satisfaction of the Transferor's reporting requirements under the Exchange Act with respect to the Issuer. The Transferor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith. In addition to the other information specified in this Article, if so requested by the Transferor for the purpose of satisfying its reporting obligations under the Exchange Act, the Indenture Trustee and the Servicer shall provide the Transferor with (i) such information which is available to such Person without unreasonable effort or expense and within such timeframe as may be reasonably requested by the Transferor to comply with the Transferor's reporting obligations under the Exchange Act and (ii) to the extent such Person is a party (and the Transferor is not a party) to any agreement or amendment required to be filed, copies of such agreement or amendment in EDGAR-compatible form. Each of the Servicer and the Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel or otherwise, and agrees to comply with reasonable requests made by the Transferor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.

Section 7.02. <u>Form 10-D Filings</u>. So long as the Transferor is required to file Exchange Act Reports with respect to the Issuer, no later than each Determination Date, each of the Indenture Trustee and the Servicer shall notify (and the Servicer shall cause any subservicer to notify) the Transferor of any Form 10-D Disclosure Item with respect to such Person (or in the case of the Indenture Trustee, a Responsible Officer of such Person), together with a description of any such Form 10-D Disclosure Item in form and substance reasonably acceptable to the Transferor. In addition to such information as the Servicer is obligated to provide pursuant to other provisions of this 20[__]-[_] Exchange Note Supplement and the 20[__]-[_] Servicing Agreement, if so requested by the Transferor, the Servicer shall provide such information which is available to it without unreasonable effort or expense regarding the performance or servicing of the 20[__]-[_] Leases and 20[__]-[_] Vehicles as is reasonably required to facilitate preparation of distribution reports in accordance with Item 1121 of Regulation AB. Such information shall be provided concurrently with the statements to Securityholders pursuant to Section 6.05 of the 20[__]-[_] Servicing Supplement, commencing with the first such report due not less than five Business Days following such request.

Section 7.03. <u>Form 8-K Filings</u>. So long as the Transferor is required to file Exchange Act Reports with respect to the Issuer, each of the Indenture Trustee and the Servicer shall promptly notify the Transferor, but in no event later than two Business Days after its occurrence, of any Reportable Event of which such Person (or in the case of the Indenture Trustee, a Responsible Officer of such Person) has actual knowledge. Each Person shall be deemed to have actual knowledge of any such event to the extent that it relates to such Person or any action or failure to act by such Person.

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Section 7.04. <u>Form 10-K Filings</u>. So long as the Transferor is required to file Exchange Act Reports, (i) if the Item 1119 Parties listed on Schedule A have changed since the 20[__]-[_] Closing Date, no later than February 1 of each year, commencing in 20[__], the Transferor shall provide each of the Indenture Trustee and the Servicer with an updated Schedule A setting forth the Item 1119 Parties and (ii) no later than [March 15<sup>th</sup>] of each year, commencing in 20[__], the Indenture Trustee and the Servicer shall notify the Transferor of any Form 10-K Disclosure Item, together with a description of any such Form 10-K Disclosure Item, in form and substance reasonably acceptable to the Transferor.

Section 7.05. <u>Report on Assessment of Compliance and Attestation</u>. So long as the Transferor is required to file Exchange Act Reports, on or before [March 15] of each calendar year, commencing in 20[__]:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall deliver to the Transferor and the Servicer the Servicing Criteria Assessment. Such report shall be signed by an Authorized Officer of the Indenture Trustee and shall at a minimum address each of the Servicing Criteria specified with respect to the Indenture Trustee in Exhibit E to the 20[__]-[_] Servicing Supplement (provided that such certification may be revised after the date of this 20[__]-[_] Exchange Note Supplement as agreed by the Transferor and the Indenture Trustee to reflect any guidance with respect to such criteria from the Commission). To the extent any of the Servicing Criteria are not applicable to the Indenture Trustee, with respect to asset-backed securities transactions taken as a whole involving the Indenture Trustee and that are backed by the same asset type backing the Notes, such report shall include such a statement to that effect. The Indenture Trustee acknowledges and agrees that the Transferor and the Servicer with respect to its duties as the Certifying Person, and each of their respective officers and directors shall be entitled to rely upon each such Servicing Criteria Assessment and the attestation delivered pursuant to Section 7.05(b).

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture Trustee shall deliver to the Transferor and the Servicer a report of a registered public accounting firm that attests to, and reports on, the assessment of compliance made by the Indenture Trustee and delivered pursuant to Section 7.05(a). Such attestation shall be in accordance with Rules 13a-18 and 15d-18 of the Exchange Act (or any successor provisions), Rules 1-02(a)(3) and 2-02(g) of Regulation S-X (or any successor provisions) under the Securities Act and the Exchange Act, including, that, in the event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion. Such report must be available for general use and not contain restricted use language.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event the Indenture Trustee is terminated or resigns during the term of this 20[__]-[_] Exchange Note Supplement, such Person shall provide the documents and information pursuant to this 20[__]-[_] Exchange Note Supplement with respect to the period of time it was subject to this 20[__]-[_] Exchange Note Supplement or provided services with respect to the Issuer or the 20[__]-[_] Reference Pool.

Section 7.06. <u>Back-up Sarbanes-Oxley Certification.</u>

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No later than [March 15<sup>th</sup>] of each year, beginning in 20[__], the Servicer shall provide the Performance Certification to the Certifying Person, substantially in the form of Exhibit D to the 20[__]-[_] Servicing Supplement (in the case of the Servicer), in each case on which the Certification Parties can reasonably rely; provided, that so long as the Servicer is an Affiliate of the Transferor, the Servicer may, but is not required to deliver the Performance Certificate.

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(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Transferor will not request delivery of a certification under this clause unless the Transferor is required under the Exchange Act to file an annual report on Form 10-K with respect to the Issuer. In the event that prior to the filing date of the Form 10-K in March of each year, the Servicer has actual knowledge of information material to the Sarbanes-Oxley Certification, the Servicer shall promptly notify the Transferor.

Section 7.07. <u>Representations and Warranties</u>. As of the 20[__]-[_] Closing Date, the Indenture Trustee represents that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) there are no affiliations relating to the Indenture Trustee with respect to any Item 1119 Party;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) there are no relationships or transactions with respect to any Item 1119 Party and the Indenture Trustee that are outside the ordinary course of business or on terms other than would be obtained in
 an arm's-length transaction with an unrelated third party, apart from the transactions contemplated under the Basic Documents, and that are material to the investors' understanding of the Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are no legal Proceedings pending, or known by a Responsible Officer of the Indenture Trustee to be contemplated by Governmental Authorities, against the Indenture Trustee, or of which the
 property of the Indenture Trustee is subject, that is material to the Noteholders.

Section 7.08. <u>Indemnification.</u>

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of the Indenture Trustee and the Servicer (if the Servicer is not MBFS USA) shall indemnify the Transferor, the Servicer with respect to its duties as Certifying Person or each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and the respective present and former directors, officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon:

&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) any untrue statement of a material fact contained or alleged to be contained in the Provided Information or (B) the omission or alleged omission to state in the Provided Information a material
 fact required to be stated in the Provided Information, or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause
 (B) shall be construed solely by reference to the related Provided Information and not to any other information communicated in connection with a sale or purchase of securities, without regard to whether the Provided Information or any
 portion thereof is presented together with or separately from such other information; or

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&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the Indenture Trustee, any failure by the Indenture Trustee to deliver any Servicing Criteria Assessment when and as required under this Article and with respect to the Servicer, any
 failure by the Servicer to deliver any information, report, certification, accountant's letter or other material when and as required under Sections 6.03 or 6.04 of the 20[__]-[_] Servicing Supplement or this Article, as applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of any failure of performance described in Section 7.08(a)(ii), each of the Indenture Trustee and the Servicer shall promptly reimburse the Transferor for all costs reasonably incurred by each such party in order to obtain the information, report, certification, accountants' letter or other material not delivered as required by the Indenture Trustee or the Servicer, as applicable.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary contained herein, in no event shall the Indenture Trustee be liable for special, punitive, indirect or consequential damages of any kind whatsoever, including but not limited to lost profits, even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

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ARTICLE EIGHT <br>

MISCELLANEOUS

Section 8.01. <u>Amendments.</u>

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the provisions of Section 9.01 of the Basic Collateral Agency Agreement, this 20[__]-[_] Exchange Note Supplement and the Basic Collateral Agency Agreement, as supplemented by this 20[__]-[_] Exchange Note Supplement, may be amended, supplemented or otherwise modified from time to time by a writing executed by the parties hereto, without the consent of any Securityholder, to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or to add, change or eliminate any other provision with respect to matters or questions arising under this 20[__]-[_] Exchange Note Supplement that are not inconsistent with the provisions of this 20[__]-[_] Exchange Note Supplement; provided, that (i) the Lender shall have delivered to the Indenture Trustee an Opinion of Counsel or an Officer's Certificate of the Issuer to the effect that such action will not materially adversely affect the interests of any Noteholders or (ii) the Rating Agency Condition shall have been satisfied with respect to such amendment.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each amendment, supplement or other modification of this 20[__]-[_] Exchange Note Supplement other than those provided for in Section 8.01(a) requires the consent of the Majority Noteholders [of the Controlling Class] (or if the Notes are no longer Outstanding, holders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interests); provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the 20[__]-[_] Leases and 20[__]-[_] Vehicles or distributions that are required to be made for the benefit of the Securityholders, change the Interest Rate applicable to any Class of Notes or the Required Reserve Amount for the 20[__]-[_] Reserve Account, without the consent of all Holders of Notes then Outstanding, or (ii) reduce the percentage of the Note Balance of the Outstanding Notes the consent of the Holders of which is required for any amendment to this 20[__]-[_] Exchange Note Supplement without the consent of all Holders of Notes then Outstanding.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No amendment to this 20[__]-[_] Exchange Note Supplement shall reduce the 20[__]-[_] Exchange Note Interest Rate or the 20[__]-[_] Exchange Note Principal Distributable Amount or delay the Final Scheduled Payment Date of the 20[__]-[_] Exchange Note, or materially and adversely affect the interests of the 20[__]-[_] Exchange Noteholder, without the consent of the 20[__]-[_] Exchange Noteholder (which shall be the Indenture Trustee, acting at the direction of the Majority Noteholders [of the Controlling Class]).

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof.

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly upon the execution of any such amendment, (i) the Servicer will send a copy of such amendment to the Indenture Trustee and the Rating Agencies and (ii) the Indenture Trustee will notify each Holder of a Note of the substance of such amendment.

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Section 8.02. <u>20[__]-[_] Exchange Noteholders Entitled to Benefits of this 20[__]-[_] Exchange Note Supplement</u>. MBFS USA will be the initial 20[__]-[_] Exchange Noteholder. Any subsequent 20[__]-[_] Exchange Noteholder, by accepting the 20[__]-[_] Exchange Note, will be deemed to have agreed to the terms and conditions of the Basic Collateral Agency Agreement, as supplemented by this 20[__]-[_] Exchange Note Supplement, and will be entitled to the benefits of the Basic Collateral Agency Agreement, as supplemented by this 20[__]-[_] Exchange Note Supplement, with the same effect as if such 20[__]-[_] Exchange Noteholder had been a party thereto or hereto.

Section 8.03. <u>Tax Characterization</u>. Neither the 20[__]-[_] Exchange Noteholder or any party to this 20[__]-[_] Exchange Note Supplement will elect or permit an election to be made to treat the Titling Trust or any Specified Interest as an association taxable as a corporation for U.S. federal income tax purposes pursuant to Treasury Regulation Section 301.7701-3.

Section 8.04. **<u>GOVERNING LAW; SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; WAIVER OF JURY TRIAL</u>.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **THIS 20[__]-[_] EXCHANGE NOTE SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. THE PARTIES HERETO HEREBY DECLARE THAT IT IS THEIR INTENTION THAT THIS 20[__]-[_] EXCHANGE NOTE SUPPLEMENT SHALL BE REGARDED AS MADE UNDER THE LAWS OF THE STATE OF DELAWARE AND THAT THE LAWS OF SAID STATE SHALL BE APPLIED IN INTERPRETING ITS PROVISIONS IN ALL CASES WHERE LEGAL INTERPRETATION SHALL BE REQUIRED. EACH OF THE PARTIES HERETO AGREES THAT THIS 20[__]-[_] EXCHANGE NOTE SUPPLEMENT INVOLVES AT LEAST $100,000.00 AND HAS BEEN ENTERED INTO BY THE PARTIES HERETO IN EXPRESS RELIANCE UPON 6 DEL. C. § 2708.**

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES (A) TO BE SUBJECT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE FEDERAL COURTS SITTING IN THE STATE OF DELAWARE AND (B)(1) TO THE EXTENT SUCH PARTY IS NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE, TO APPOINT AND MAINTAIN AN AGENT IN THE STATE OF DELAWARE AS SUCH PARTY'S AGENT FOR ACCEPTANCE OF LEGAL PROCESS, AND (2) THAT, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SERVICE OF PROCESS MAY ALSO BE MADE ON SUCH PARTY BY PREPAID CERTIFIED MAIL WITH A PROOF OF MAILING RECEIPT VALIDATED BY THE UNITED STATES POSTAL SERVICE CONSTITUTING EVIDENCE OF VALID SERVICE, AND THAT SERVICE MADE PURSUANT TO (B)(1) OR (2) ABOVE SHALL, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HAVE THE SAME LEGAL FORCE AND EFFECT AS IF SERVED UPON SUCH PARTY PERSONALLY WITHIN THE STATE OF DELAWARE.**

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(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EACH PARTY TO THIS 20[__]-[_] EXCHANGE NOTE SUPPLEMENT IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO ANY 20[__]-[_] BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY ANY 20[__]-[_] BASIC DOCUMENT.**

Section 8.05. <u>Successors and Assigns</u>. All covenants and agreements contained in this 20[__]-[_] Exchange Note Supplement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns, whether so expressed or not. Any request, notice, direction, consent, waiver or other instrument or action by the parties hereto shall bind their respective successors and assigns.

Section 8.06. <u>Severability</u>. If any one or more of the covenants, agreements, provisions or terms of this 20[__]-[_] Exchange Note Supplement or the 20[__]-[_] Exchange Note is held invalid, illegal or unenforceable, then such covenants, agreements, provisions and terms will be deemed severable from the remaining covenants, agreements, provisions and terms of this 20[__]-[_] Exchange Note Supplement and the 20[__]-[_] Exchange Note and will in no way affect the validity, legality or enforceability of the other covenants, agreements, provisions and terms of this 20[__]-[_] Exchange Note Supplement and the 20[__]-[_] Exchange Note.

Section 8.07. <u>Counterparts; Electronic Signatures</u>. This 20[__]-[_] Exchange Note Supplement may be executed in any number of counterparts, each of which counterparts will be an original, and all of which counterparts will together constitute one and the same instrument. Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act.

Section 8.08. <u>**Table of Contents** and Headings</u>. The **Table of Contents** and the various headings in this 20[__]-[_] Exchange Note Supplement are included for convenience only and will not affect the meaning or interpretation of any provision of this 20[__]-[_] Exchange Note Supplement.

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Section 8.09. <u>No Petition</u>. The Administrative Agent, the Collateral Agent and the Lender, by entering into this 20[__]-[_] Exchange Note Supplement, and the 20[__]-[_] Exchange Noteholder, by taking delivery of the 20[__]-[_] Exchange Note, covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all obligations under the Basic Collateral Agency Agreement, this 20[__]-[_] Exchange Note Supplement, the Exchange Notes, the Notes and all outstanding Securities, it will not institute against, or join any Person in instituting against, the Titling Trust, the Initial Beneficiary or the Transferor any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations relating to the Notes, the 20[__]-[_] Exchange Note or the 20[__]-[_] Basic Documents and agrees that it will not cooperate with or encourage others to institute any such Proceeding.

Section 8.10. <u>No Recourse</u>. It is expressly understood and agreed by the parties that (i) this 20[__]-[_] Exchange Note Supplement is executed and delivered by BNYM, not individually or personally, but solely as Titling Trustee, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Titling Trust is made and intended not as personal representations, undertakings and agreements by BNYM but is made and intended for the purpose for binding only the Titling Trust, (iii) nothing herein contained shall be construed as creating any liability on BNYM, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, (iv) BNYM has made no investigation as to the accuracy or completeness of any representations and warranties made by the Titling Trust herein and (v) under no circumstances shall BNYM be personally liable for the payment of any indebtedness or expenses of the Titling Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Titling Trust under this document or any other related documents.

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IN WITNESS WHEREOF, the parties hereto have caused this 20[__]-[_] Exchange Note Supplement to be duly executed by their respective officers duly authorized, as of the day and year first above written.

By: BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Titling Trustee

By: <br>

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By: <br>

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By: <br>

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20[__]-[_] Exchange Note Supplement

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. BANK TRUST NATIONAL<br> ASSOCIATION, as Administrative Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. BANK TRUST NATIONAL<br> ASSOCIATION, as Administrative Agent |
| By: |  |
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20[__]-[_] Exchange Note Supplement

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EXHIBIT A

FORM OF 20[__]-[_] EXCHANGE NOTE

THIS 20[__]-[_] EXCHANGE NOTE MAY BE TRANSFERRED PRIOR TO THE OCCURRENCE AND CONTINUANCE OF AN EVENT OF DEFAULT, ONLY IN WHOLE AND NOT IN PART AND SUBSEQUENT TO THE OCCURRENCE AND CONTINUANCE OF AN EVENT OF DEFAULT, EITHER IN WHOLE OR IN PART. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID FROM THE BEGINNING AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE PURCHASER OR TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE LENDER, THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY INTERMEDIARY.

A HOLDER OF THIS 20[__]-[_] EXCHANGE NOTE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT, AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN", AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (D) A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

THE PURCHASER UNDERSTANDS AND AGREES THAT ANY PURPORTED TRANSFER OF THIS 20[__]-[_] EXCHANGE NOTE OR ANY INTEREST HEREIN IN CONTRAVENTION OF ANY OF THE RESTRICTIONS AND CONDITIONS CONTAINED IN SECTION 4.03 OF THE BASIC COLLATERAL AGENCY AGREEMENT SHALL BE VOID AND OF NO EFFECT.

THE PRINCIPAL OF THIS 20[__]-[_] EXCHANGE NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS 20[__]-[_] EXCHANGE NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

Registered $____________ No. __

20[__]-[_] EXCHANGE NOTE

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MERCEDES-BENZ VEHICLE TRUST, as Borrower (the "Borrower"), for value received, hereby promises to pay to [MERCEDES-BENZ FINANCIAL SERVICES USA LLC], as 20[__]-[_] Exchange Noteholder (the "20[__]-[_] Exchange Noteholder"), for its benefit and the benefit of the other Transferees from time to time acquiring interests herein pursuant to the 20[__]-[_] Exchange Note Supplement, dated as of [______ __], 20[__] (the "Exchange Note Supplement"), among the Borrower, Mercedes-Benz Financial Services USA LLC, as Lender (in such capacity, the "Lender") and Servicer (in such capacity, the "Servicer"), U.S. Bank Trust National Association, as Administrative Agent (the "Administrative Agent"), Collateral Title Co., as Collateral Agent (the "Collateral Agent"), and [●], as Indenture Trustee (the "Indenture Trustee"), to the Second Amended and Restated Collateral Agency Agreement, dated as of May 1, 2023 (the "Basic Collateral Agency Agreement"), among the Borrower, the Lender, the Servicer, the Administrative Agent and the Collateral Agent, and other transferees or registered assigns, the principal sum of _________________________________________ DOLLARS AND __________ CENTS ($__________) payable on each Payment Date in an amount described in Sections 5.01 and 5.02 of the Exchange Note Supplement; provided, however, that (i) the entire unpaid principal amount of this Note will be due and payable on the [_______], 20[__] Payment Date (the "20[__]-[_] Exchange Note Final Scheduled Payment Date") and (ii) the 20[__]-[_] Exchange Note may be redeemed earlier than the 20[__]-[_] Exchange Note Final Scheduled Payment Date pursuant to Section 5.01 of the 20[__]-[_] Servicing Supplement, dated as of [______ __], 20[__] (the "20[__]-[_] Servicing Supplement"), among the Lender, the Servicer, the Borrower and Collateral Title Co., as Collateral Agent. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix 1 to the 20[__]-[_] Servicing Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement. Appendix 1 also contains rules as to usage applicable to this 20[__]-[_] Exchange Note.

The Borrower will pay interest on this 20[__]-[_] Exchange Note in an amount equal to the 20[__]-[_] Exchange Note Interest Distributable Amount, and principal on this 20[__]-[_] Exchange Note in an amount equal to the 20[__]-[_] Exchange Note Principal Distributable Amount, in each case, until the principal of this 20[__]-[_] Exchange Note is paid or made available for payment. Such principal of and interest on this 20[__]-[_] Exchange Note will be paid in the manner specified on the reverse hereof.

The principal of and interest on this 20[__]-[_] Exchange Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Borrower with respect to this 20[__]-[_] Exchange Note will be applied to interest on and principal of this 20[__]-[_] Exchange Note in the manner set forth in the Exchange Note Supplement.

This 20[__]-[_] Exchange Note is a security governed by Article 8 of the Uniform Commercial Code.

Reference is made to the further provisions of this 20[__]-[_] Exchange Note set forth on the reverse hereof, which will have the same effect as though fully set forth on the face of this 20[__]-[_] Exchange Note.

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Unless the certificate of authentication hereon has been executed by the Administrative Agent whose name appears below by manual or facsimile signature, this 20[__]-[_] Exchange Note will not be entitled to any benefit under the Basic Collateral Agency Agreement or the Exchange Note Supplement referred to on the reverse hereof, or be valid or obligatory for any purpose.

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IN WITNESS WHEREOF, the Borrower has caused this 20[__]-[_] Exchange Note to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: [_____ __], 20[__] | MERCEDES-BENZ VEHICLE TRUST | MERCEDES-BENZ VEHICLE TRUST |
|  | By: | BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Titling Trustee |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |

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ADMINISTRATIVE AGENT'S CERTIFICATE OF AUTHENTICATION

This is the 20[__]-[_] Exchange Note designated above and referred to in the within-mentioned Basic Collateral Agency Agreement and Exchange Note Supplement.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: [_____ __], 20[__] | U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Administrative Agent | U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Administrative Agent |
|  | By: |  |
|  |  | Authorized Officer |

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REVERSE OF 20[__]-[_] EXCHANGE NOTE

This 20[__]-[_] Exchange Note is one of the duly authorized issue of Exchange Notes, which may be issued under the Basic Collateral Agency Agreement, to which Basic Collateral Agency Agreement and all Exchange Note Supplements that are supplemental thereto reference is made for a statement of the respective rights and obligations thereunder of the Borrower, the Lender, the Servicer, the Administrative Agent, the Collateral Agent and the Exchange Noteholders. The 20[__]-[_] Exchange Note is subject to all terms of the Basic Collateral Agency Agreement and the Exchange Note Supplement. In the event of a conflict between the terms of this 20[__]-[_] Exchange Note, the Basic Collateral Agency Agreement and the Exchange Note Supplement, the terms of the Exchange Note Supplement will prevail. The 20[__]-[_] Exchange Noteholder, by accepting this 20[__]-[_] Exchange Note, will be deemed to have agreed to the terms and conditions of the Basic Collateral Agency Agreement and the Exchange Note Supplement with the same effect as if such 20[__]-[_] Exchange Noteholder had been a party to the Basic Collateral Agency Agreement and the 20[__]-[_] Exchange Note Supplement.

Interest on and principal of the 20[__]-[_] Exchange Note will be payable in accordance with the priority of payments set forth in Sections 5.01 and 5.02 of the Exchange Note Supplement. Principal of the 20[__]-[_] Exchange Note will be payable on each Payment Date in an amount equal to the 20[__]-[_] Exchange Note Principal Distributable Amount for such Payment Date. "Payment Date" means the [15<sup>th</sup>] day of each calendar month or, if any such day is not a Business Day, the next Business Day, commencing [_____ __], 20[__].

As described on the face hereof, the entire unpaid principal amount of this 20[__]-[_] Exchange Note will be due and payable on the 20[__]-[_] Exchange Note Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of this 20[__]-[_] Exchange Note will be due and payable on the date on which an Exchange Note Default with respect to the 20[__]-[_] Exchange Note has occurred and is continuing and the 20[__]-[_] Exchange Noteholder has declared the 20[__]-[_] Exchange Note to be immediately due and payable in the manner provided in the Basic Collateral Agency Agreement.

Payments of interest on this 20[__]-[_] Exchange Note on each Payment Date, together with the installment of principal to the extent not in full payment of this 20[__]-[_] Exchange Note, will be made to the account of the 20[__]-[_] Exchange Noteholder either by wire transfer in immediately available funds, to the account of such 20[__]-[_] Exchange Noteholder or an account designated by the 20[__]-[_] Exchange Noteholder at a bank or other entity having appropriate facilities therefor if such 20[__]-[_] Exchange Noteholder has provided to the Exchange Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date or, if not, by check mailed first-class mail postage prepaid to the 20[__]-[_] Exchange Noteholder's address as it appears on the Exchange Note Register prior to such Payment Date, except that the final installment of principal payable on this 20[__]-[_] Exchange Note on a Payment Date or the 20[__]-[_] Exchange Note Final Scheduled Payment Date will be payable only upon the presentation and surrender of this 20[__]-[_] Exchange Note in the manner set forth in Section 4.05 of the Basic Collateral Agency Agreement. Such payments will be made without requiring that this 20[__]-[_] Exchange Note be submitted for notation of payment. Any reduction in the principal amount of this 20[__]-[_] Exchange Note effected by any payments made on any Payment Date will be binding upon all future 20[__]-[_] Exchange Noteholders of this 20[__]-[_] Exchange Note and of any 20[__]-[_] Exchange Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Exchange Note Supplement and the Basic Collateral Agency Agreement, for payment in full of the then remaining unpaid principal amount of this 20[__]-[_] Exchange Note on a Payment Date, then the Administrative Agent will notify the 20[__]-[_] Exchange Noteholder of the date on which the Borrower expects that the final installment of principal of and interest on the 20[__]-[_] Exchange Note will be paid not later than 15 days prior to such date. Such notice will specify that such final installment will be payable only upon presentation and surrender of the 20[__]-[_] Exchange Note and will specify the place where the 20[__]-[_] Exchange Note may be presented and surrendered for payment of such installment.

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As provided in the 20[__]-[_] Servicing Supplement, the 20[__]-[_] Exchange Note may be purchased by the Servicer, in whole but not in part, in the manner and to the extent described in Section 5.01 of the 20[__]-[_] Servicing Supplement.

The transfer of this 20[__]-[_] Exchange Note is subject to the restrictions on transfer specified on the face hereof and to the other limitations set forth in the Basic Collateral Agency Agreement and the Exchange Note Supplement. Subject to the satisfaction of such restrictions and limitations, the transfer of this 20[__]-[_] Exchange Note may be registered on the Exchange Note Register upon surrender of this 20[__]-[_] Exchange Note for registration of transfer at the office or agency designated by the Borrower pursuant to the Basic Collateral Agency Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Administrative Agent duly executed by, the 20[__]-[_] Exchange Noteholder hereof or the 20[__]-[_] Exchange Noteholder's attorney duly authorized in writing, and thereupon a new 20[__]-[_] Exchange Note in the same aggregate principal amount will be issued to the designated transferee. No service charge will be charged for any registration of transfer or exchange of this 20[__]-[_] Exchange Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

The 20[__]-[_] Exchange Noteholder, by accepting this 20[__]-[_] Exchange Note, acknowledges and agrees that (i) if an Insolvency Event occurs with respect to the Borrower, any claim that the 20[__]-[_] Exchange Noteholder may seek to enforce at any time against the Borrower will be limited in recourse to the 20[__]-[_] Reference Pool, (ii) if, notwithstanding clause (i) above, the 20[__]-[_] Exchange Noteholder is deemed to have any claim against the assets of the Borrower other than the assets included in the 20[__]-[_] Reference Pool, whether by operation of law, legal process, pursuant to Insolvency Laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), such claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holders of (a) all other Exchange Notes and (b) in the case of assets allocated to a Specified Interest other than the Mercedes-Benz Retail Specified Interest, all other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Borrower and all related hedging arrangements and (iii) the 20[__]-[_] Exchange Noteholder irrevocably makes the election afforded to secured creditors by Section 1111(b)(I)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that such holder or party, as the case may be, may have against the Titling Trust or against any Series other than the Series in connection with which this 20[__]-[_] Exchange Note is issued.

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THE RECITATION SET FORTH IN THE PRECEDING PARAGRAPH WILL BE DEEMED TO CONSTITUTE AN ENFORCEABLE SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

In addition, the 20[__]-[_] Exchange Noteholder, by accepting this 20[__]-[_] Exchange Note, (i) consents to the Administrative Agent's delegation under the Administration Agreement to the Collateral Agent Administrator of certain of the duties that the Administrative Agent is required to perform on behalf of the Collateral Agent pursuant to the Basic Collateral Agency Agreement and (ii) agrees that, in the event that any 20[__]-[_] Vehicle is sold or otherwise disposed of by the Servicer pursuant to the 20[__]-[_] Servicing Agreement, it will be deemed automatically to release, and immediately prior to such sale or other disposition, does hereby agree to release at such time, any and all Liens and other rights and interests it possesses or may possess from time to time, without further action of the parties, in, to and under such 20[__]-[_] Vehicle, the proceeds thereof (including pursuant to any Insurance Policy) with respect to or covering such 20[__]-[_] Vehicle and any contract or agreement for the sale or other disposition of such 20[__]-[_] Vehicle. Notwithstanding the foregoing, nothing herein shall constitute a release of any rights under the 20[__]-[_] Basic Documents to receive an amount equal to the proceeds of such sale or other disposition.

The 20[__]-[_] Exchange Noteholder, by accepting this 20[__]-[_] Exchange Note, covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all Secured Obligations under the Basic Collateral Agency Agreement, the Exchange Note Supplement, the Exchange Notes, the outstanding Certificates and the outstanding Securities, it will not institute against the Titling Trust, the Initial Beneficiary or the Transferor, or join in any institution against the Titling Trust, the Initial Beneficiary or the Transferor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations relating to the 20[__]-[_] Exchange Note, the Basic Collateral Agency Agreement, the Exchange Note Supplement or any of the other 20[__]-[_] Basic Documents and agrees that it will not cooperate with or encourage others to institute any such Proceedings.

The Borrower has entered into the Exchange Note Supplement and this 20[__]-[_] Exchange Note is issued with the intention that, for U.S. federal, State and local income, single business and franchise tax purposes, this 20[__]-[_] Exchange Note will represent ownership of the 20[__]-[_] Reference Pool. The 20[__]-[_] Exchange Noteholder, by its acceptance of this 20[__]-[_] Exchange Note, will be deemed to agree to treat this 20[__]-[_] Exchange Note for U.S. federal, State and local income, single business and franchise tax purposes in accordance with such treatment unless otherwise required by law.

Prior to the due presentment for registration of transfer of this 20[__]-[_] Exchange Note, the Borrower and the Administrative Agent and any agent of the Borrower or the Administrative Agent may treat the Person in whose name this 20[__]-[_] Exchange Note (as of the day of determination or as of such other date as may be specified in the Exchange Note Supplement) is registered as the owner hereof for all purposes, whether or not this 20[__]-[_] Exchange Note is overdue, and none of the Borrower, the Administrative Agent or any such agent will be affected by notice to the contrary.

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The Basic Collateral Agency Agreement permits the amendment thereof (in any manner and for any purpose) by the parties thereto so long as each Exchange Noteholder of an Outstanding Exchange Note has consented to such amendment. The Basic Collateral Agency Agreement also permits the amendment thereof to amend or waive certain terms and conditions set forth therein without the consent of the Exchange Noteholders; provided certain conditions are satisfied. Any such consent by the 20[__]-[_] Exchange Noteholder will be conclusive and binding upon the 20[__]-[_] Exchange Noteholder and upon all future holders of this 20[__]-[_] Exchange Note and of any 20[__]-[_] Exchange Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this 20[__]-[_] Exchange Note.

**THIS 20[__]-[_] EXCHANGE NOTE, THE BASIC COLLATERAL AGENCY AGREEMENT AND THE EXCHANGE NOTE SUPPLEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE.**

No reference herein to the Basic Collateral Agency Agreement or the Exchange Note Supplement, and no provision of this 20[__]-[_] Exchange Note or of the Basic Collateral Agency Agreement, will alter or impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal of and interest on this 20[__]-[_] Exchange Note at the times, place and rate, and in the coin or currency herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the 20[__]-[_] Basic Documents, none of U.S. Bank Trust National Association in its individual capacity, or Collateral Title Co., in its individual capacity, or any of their respective affiliates, partners, beneficiaries, agents, officers, directors, employees or successors or assigns, will be personally liable for, nor will recourse be had to any of them for, the payment of principal of or interest on this 20[__]-[_] Exchange Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Basic Collateral Agency Agreement or the Exchange Note Supplement. The 20[__]-[_] Exchange Noteholder, by its acceptance hereof, agrees that, except as expressly provided in the 20[__]-[_] Basic Documents, in the case of an Exchange Note Default under the Basic Collateral Agency Agreement or the Exchange Note Supplement, the 20[__]-[_] Exchange Noteholder will have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein will be taken to prevent recourse to, and enforcement against, the assets of the Borrower for any and all liabilities, obligations and undertakings contained in the Basic Collateral Agency Agreement, the Exchange Note Supplement or in this 20[__]-[_] Exchange Note.

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee.

<u> FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers without recourse unto <br> </u> <br> (name and address of assignee)

the within 20[__]-[_] Exchange Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said 20[__]-[_] Exchange Note on the books kept for registration thereof, with full power of substitution in the premises.

Date: <br> <u><br> </u> <br> Signature Guaranteed:<sup>\*</sup>

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<sup>\*</sup> Note: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within 20[__]-[_] Exchange Note in every particular, without alteration, enlargement or any change whatsoever.

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EXHIBIT B

SCHEDULE OF 20[__]-[_] REFERENCE POOL ASSETS

(On file with the Servicer)

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SCHEDULE A

ITEM 1119 PARTIES

Transferor

Seller

Servicer

Indenture Trustee

Owner Trustee

Collateral Agent

Titling Trust

Asset Representations Reviewer

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SCHEDULE B

DISCLOSURE ITEMS

Part II - Form 10-D Disclosure Items

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| | |
|:---|:---|
| FORM 10-D DISCLOSURE ITEMS | FORM 10-D DISCLOSURE ITEMS |
| Item on Form 10-D | Responsible Party |
| **Item 1: Distribution and Pool Performance Information** |  |
| Information included in the Monthly Investor Report | Servicer<br> Administrator<br>|
| Any information required by Item 1121(a) and (b) which is NOT included on the Monthly Investor Report | Transferor |
| **Item 1A. Asset-Level Information**. |  |
| Information required by Item 1111 and Item 1125; Schedule AL – Asset-level information. | Servicer |
| **Item 1B. Asset Representations Reviewer and Investor Communication.** |  |
| *Item 1121(d) – Asset Review* | Servicer |
| *Item 1121(e) – Investor Communication* | Indenture Trustee<br> Servicer |
|  **Item 2: Legal Proceedings**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Any legal Proceeding pending against the following entities or their respective property, that is material to Noteholders, including any Proceeding known to be contemplated by governmental authorities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuing Entity (Trust) | Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sponsor | Sponsor or Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferor | Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indenture Trustee | Indenture Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrator | Administrator |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Servicer | Servicer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Owner Trustee | Owner Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Titling Trust | Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any 1108(a)(2) Servicer (other than the Servicer or Administrator) | Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Any other party contemplated by 1100(d)(1) | Transferor |

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| | |
|:---|:---|
| FORM 10-D DISCLOSURE ITEMS | FORM 10-D DISCLOSURE ITEMS |
| Item on Form 10-D | Responsible Party |
| **Item 3: Sale of Securities and Use of Proceeds**<br> ** <br>*Information from Item 2(a) of Part II of Form 10-Q*<br>With respect to any sale of securities by the sponsor, transferor or issuing entity, that are backed by the same asset pool or are otherwise issued by the issuing entity, whether or not registered, provide the sales and use of proceeds information in Item 701 of Regulation S-K. Pricing information can be omitted if securities were not registered. | Transferor |
| **Item 4: Defaults Upon Senior Securities**<br>*Information from Item 3 of Part II of Form 10-Q*<br>Report the occurrence of any Event of Default (after expiration of any grace period and provision of any required notice) | Administrator<br>|
| **Item 5: Submission of Matters to a Vote of Security Holders**<br>*Information from Item 4 of Part II of Form 10-Q* | Administrator<br> Indenture Trustee |
| **Item 6: Significant Obligors of Pool Assets** | N/A |
| **Item 7. Change in Sponsor Interest in the Securities.** |  |
| *Item 1124 – Sponsor Interest in the Securities*, with respect to the reporting period covered by this report | Sponsor<br> Servicer |
| **Item 8: Significant Enhancement Provider Information** | N/A |
| **Item 9: Other Information**<br>*Disclose any information required to be reported on Form 8-K during the period covered by the Form 10-D but not reported* | Any party responsible for the applicable Form 8-K Disclosure item |
| **Item 10: Exhibits** |  |
| *Monthly Statement to Noteholders* | Administrator |
| *Exhibits required by Item 601 of Regulation S-K, such as material agreements* | Transferor |

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Part III - Form 10-K Disclosure Items

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| | |
|:---|:---|
| FORM 10-K DISCLOSURE ITEMS | FORM 10-K DISCLOSURE ITEMS |
| Item on Form 10-K | Responsible Party |
| **Item 1B: Unresolved Staff Comment**s | Transferor |
| **Item 9B: Other Information** | Any party responsible for disclosure items on Form 8-K |
| **Item 15: Exhibits, Financial Statement Schedules** | Transferor |
| Additional Item:<br> Disclosure per Item 1117 of Reg AB | All parties as to themselves except the Transferor as to the issuing entity, any 1106(b) originator and any 1100(d)(1) party |
| Additional Item:<br> Disclosure per Item 1119 of Reg AB | All parties as to themselves except the Transferor as to the sponsor, originator, significant obligor, enhancement or support provider |
| Additional Item:<br> Disclosure per Item 1112(b) of Reg AB | Transferor/ Servicer |
| Additional Item:<br> Disclosure per Items 1114(b) and 1115(b) of Reg AB | Transferor |

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Part IV - Form 8-K Disclosure (Reportable Events)

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| | |
|:---|:---|
| FORM 8-K DISCLOSURE (REPORTABLE EVENTS) | FORM 8-K DISCLOSURE (REPORTABLE EVENTS) |
| Item on Form 8-K | Responsible Party |
| **Item 1.01- Entry into a Material Definitive Agreement**<br>Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if transferor is not a party.<br>Examples: servicing agreement, custodial agreement.<br>Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus.<br>| All parties as to themselves |
| **Item 1.02- Termination of a Material Definitive Agreement**<br>Disclosure is required regarding termination of any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if transferor is not a party.<br>Examples: servicing agreement, custodial agreement.<br>| All parties as to themselves |
| **Item 1.03- Bankruptcy or Receivership**<br>Disclosure is required regarding the bankruptcy or receivership, with respect to any of the following:<br>| Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Sponsor (Seller) | Transferor/Sponsor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Transferor | Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Servicer | Servicer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Servicer | Servicer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Other Servicer servicing 20% or more of the pool assets at the time of the report | Servicer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Other material servicers | Servicer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Indenture Trustee | Indenture Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Administrator | Administrator |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Owner Trustee | Owner Trustee |
| **Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement**<br>Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.<br>Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the noteholders. | Transferor<br> Servicer<br> Administrator |

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| | |
|:---|:---|
| FORM 8-K DISCLOSURE (REPORTABLE EVENTS) | FORM 8-K DISCLOSURE (REPORTABLE EVENTS) |
| Item on Form 8-K | Responsible Party |
| **Item 3.03- Material Modification to Rights of Security Holders**<br>Disclosure is required of any material modification to documents defining the rights of noteholders, including the Indenture.<br>| Administrator<br> Indenture Trustee<br> Transferor |
| **Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year**<br>Disclosure is required of any amendment "to the governing documents of the issuing entity".<br>| Transferor |
| **Item 6.01- ABS Informational and Computational Material** | Transferor |
| **Item 6.02- Change of Servicer or Trustee**<br>Requires disclosure of any removal, replacement, substitution or addition of any Servicer, affiliated servicer, and other servicer servicing 10% or more of pool assets at time of report, other material servicers or Indenture Trustee.<br>| Transferor |
| Reg AB disclosure about any new servicer or Servicer is also required. | Servicer/Transferor |
| Reg AB disclosure about any new Indenture Trustee is also required. | New Indenture Trustee |
| **Item 6.03- Change in Credit Enhancement or External Support**<br>Covers termination of any enhancement in manner other than by its terms, the addition of an enhancement, or a material change in the enhancement provided. Applies to external credit enhancements as well as derivatives. | N/A |
| Reg AB disclosure about any new enhancement provider is also required. | Transferor |
| **Item 6.04- Failure to Make a Required Distribution**<br>| Servicer<br> Indenture Trustee |
| **Item 6.05- Securities Act Updating Disclosure**<br>If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual asset pool.<br>| Transferor |
| If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively. | Transferor |
| **Item 7.01- Reg FD Disclosure** | Transferor |

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| | |
|:---|:---|
| FORM 8-K DISCLOSURE (REPORTABLE EVENTS) | FORM 8-K DISCLOSURE (REPORTABLE EVENTS) |
| Item on Form 8-K | Responsible Party |
| **Item 8.01- Other Events**<br>Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to noteholders. | Transferor |
| **Item 9.01- Financial Statements and Exhibits** | Responsible party, as applicable, for reporting/disclosing the financial statement or exhibit |

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SCHEDULE C

ARTICLE NINE SECURITY INTEREST REPRESENTATIONS AND WARRANTIES

1. The Basic Collateral Agency Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral (other than the Collateral Vehicles (the "Nonvehicle Collateral") in favor of the Collateral Agent, which security interest is prior to all other Liens (other than Permitted Liens) of any Person (other than the Collateral Agent and other than as permitted by the Basic Collateral Agency Agreement and the other Basic Documents) and is enforceable as such as against creditors of and purchasers from the Borrower.

<br> 2. The Nonvehicle Collateral constitutes "tangible chattel paper", "electronic chattel paper", "accounts," "instruments" or "general intangibles," within the meaning of the applicable UCC.

<br> 3. With respect to the Nonvehicle Collateral that constitutes tangible chattel paper or electronic chattel paper, the Borrower has taken all steps necessary to perfect its security interest against the obligor in the property securing the lease.

<br> 4. The Borrower owns and has good and marketable title to the Collateral constituting the Reference Pool with respect to such Exchange Note free and clear of any Lien, claim or encumbrance of any Person.

<br> 5. The Borrower has received all consents and approvals to the sale of the Nonvehicle Collateral hereunder to the Collateral Agent required by the terms of the Nonvehicle Collateral that constitute instruments or payment intangibles.

6. The Borrower has caused or will have caused, within ten days, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in the Nonvehicle Collateral granted to the Collateral Agent hereunder (to the extent that a security interest can be perfected by such filing).

7. The Borrower has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Nonvehicle Collateral. The instruments or tangible chattel paper that constitute or evidence the Nonvehicle Collateral do not have any marks or notations indicating that they have been pledged, assigned, or otherwise conveyed to any Person other than the Collateral Agent. All financing statements filed or to be filed against the Borrower in favor of the Collateral Agent in connection herewith describing the Collateral contain a statement that: "A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party."

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8. With respect to Nonvehicle Collateral that constitutes an instrument or tangible chattel paper, all original executed copies of each such instrument or tangible chattel paper have been delivered to the Collateral Agent or to a custodian acting on behalf of the Collateral Agent.

9. Other than the security interest granted to the Collateral Agent pursuant to the Basic Collateral Agency Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral, including Collateral included in a Reference Pool with respect to an Exchange Note. The Borrower has not authorized the filing of and is not aware of any financing statements against the Borrower that include a description of the collateral covering the Collateral other than any financing statement relating to the security interest granted to the Collateral Agent hereunder, any financing statement that has been terminated or any financing statement relating to any "back-up security interest" filed in connection with an Exchange Note. The Borrower is not aware of any judgment or tax lien filings against the Borrower.

<br> 10. For a Lease that is electronic chattel paper, the Borrower has not communicated an authoritative copy of the Lease that constitutes or evidences the Collateral to any Person other than the Collateral Agent.

11. Notwithstanding any other provision of the Basic Collateral Agency Agreement or any other Basic Document or related transaction document, the perfection representations, warranties and covenants contained in this Schedule shall be continuing, and remain in full force and effect until such time as all obligations under the Basic Documents and any other related transaction document with respect to the related Exchange Note and the related asset-backed notes have been finally and fully paid and performed.

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## Exhibit 5.1

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#### Exhibit 5.1<br>

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| | |
|:---|:---|
| ![](image00006.jpg) <br>| SIDLEY AUSTIN LLP<br> 555 CALIFORNIA STREET<br> SUITE 2000<br> SAN FRANCISCO, CA 94104<br> +1 415 772 1200<br> +1 415 772 7400 FAX |
|  | AMERICA • ASIA PACIFIC • EUROPE |

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July 14, 2025

Mercedes-Benz Trust Leasing LLC

35555 W. Twelve Mile Road

Farmington Hills, MI 48331

<br> Re: <u>Registration Statement on Form SF-3</u>

Ladies and Gentlemen:

We have acted as special counsel to Mercedes-Benz Trust Leasing LLC, a Delaware limited liability company (the "Company"), and Mercedes-Benz Vehicle Trust, a Delaware statutory trust (together with the Company, the "Registrants"), in connection with the preparation of a registration statement of the Registrants on Form SF-3, relating to the issuance and sale from time to time of asset-backed notes to be issued in series (the "Notes"). Such registration statement, in the form filed on the date hereof with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), is referred to herein as the "Registration Statement". For each series of Notes to be offered under the Registration Statement, a separate trust (each, a "Trust") will be created pursuant to a separate trust agreement (each, a "Trust Agreement") between the Company and a trustee to be named in such Trust Agreement (each, an "Owner Trustee"). Each such Trust will issue the Notes of the related series under and pursuant to the conditions of a separate indenture (each, an "Indenture" and, together with the Trust Agreement for such series, the "Agreements") between the Trust and an indenture trustee to be named in such Indenture (each, an "Indenture Trustee"). The Notes and Agreements relating to each series, together with related terms of the offering of the Notes, will be described in a prospectus for such series that will be part of the Registration Statement. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Registration Statement.

The Notes of each series will represent obligations of the related Trust. A separate series of Asset Backed Certificates (the "Certificates") will be issued under each Trust Agreement and will evidence the beneficial interest in the related Trust. The Certificates will be subordinated to the Notes of each series to the extent described in the related Agreements.

As special counsel to the Registrants, we have examined and relied upon the form of each Agreement filed as an exhibit to the Registration Statement, the form of Notes included in the form of Indenture so filed, and originals or copies, certified or otherwise identified to our satisfaction, of such agreements, forms of agreements, instruments, certificates, records and other documents, and have made such examination of law as we have deemed necessary or appropriate for the purpose of this opinion.

Sidley Austin (CA) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.

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![](image00006.jpg)

Mercedes-Benz Trust Leasing LLC

July 14, 2025

In our examination, we have assumed, without independent investigation, the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies or by facsimile or other means of electronic transmission or which we obtained from sites on the internet and the authenticity of the originals of such latter documents. As to facts relevant to this letter, we have relied without independent investigation upon certificates and oral or written statements and representations of public officials and officers and other representatives of the Company, MBFS USA and others.

Based upon the foregoing, and subject to the limitations, qualifications, exceptions and assumptions set forth herein, we are of the opinion that when the Notes have been duly executed, authenticated and delivered in accordance with the terms of the related Indenture and issued and delivered against payment therefor as described in the Registration Statement, the Notes will be legally issued and will constitute valid and binding obligations of the related Trust.

The foregoing opinion is subject to the following qualifications, exceptions, assumptions and limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing opinion is limited to matters arising under the laws of the State of New York. We express no opinion as to the laws, rules or regulations of any other jurisdiction or as to the municipal laws or the laws, rules or regulations of any local agencies or governmental authorities of or within the State of New York, in each case as to any matters arising thereunder or relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We express no opinion as to any provision of any instrument, agreement or other document: (i) regarding severability of the provisions thereof; (ii) providing that the assertion or employment of any right or remedy shall not prevent the concurrent assertion or employment of any other right or remedy, or that every right and remedy shall be cumulative and in addition to every other right and remedy, or that any delay or omission to exercise any right or remedy shall not impair any right or remedy or constitute a waiver thereof; (iii) regarding waiver of usury, stay, extension or similar laws; (iv) regarding specific performance or the grant of any power of attorney; or (v) requiring any party to take further action or to enter into further agreements or instruments or to provide further assurances. In addition, we wish to advise you that rights to indemnity and contribution may be limited by applicable law or public policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our opinion above is subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer and other similar laws relating to or affecting creditors' rights generally and to general equitable principles (regardless of whether considered in a proceeding in equity or at law), including concepts of commercial reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief and including, to the extent applicable, the rights of creditors of "financial companies" (as defined in Section 201 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) or their affiliates.

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![](image00006.jpg)

Mercedes-Benz Trust Leasing LLC

July 14, 2025

We hereby consent to the filing of this letter as an exhibit to the Registration Statement, and to the references to this firm under the heading "Legal Opinions" in the form of prospectus forming a part of the Registration Statement. By such consent we do not concede that we are an "expert" for the purposes of the Securities Act, or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including this exhibit.

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|:---|
| Very truly yours, |
| */s/ Sidley Austin LLP* |

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## Exhibit 5.2

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**Exhibit 5.2**<br>

![](image00015.jpg)

July 14, 2025

Mercedes-Benz Trust Leasing LLC<br> Mercedes-Benz Vehicle Trust

<br> Re: <u>Mercedes-Benz Vehicle Trust</u>

Ladies and Gentlemen:

We have acted as special Delaware counsel to Mercedes-Benz Vehicle Trust, a Delaware statutory trust (the "Trust"), in connection with the transactions contemplated by the Trust Agreement, dated as of March 15, 2022, between BNY Mellon Trust of Delaware, a Delaware banking corporation ("BNYMDE"), as trustee, and Mercedes-Benz Trust Holdings LLC, a Delaware limited liability company ("MB Trust Holdings"), as amended and restated by the Amended and Restated Trust Agreement, dated as of January 31, 2023 (as so amended and restated, the "Trust Agreement"), among Mercedes-Benz Financial Services USA LLC, a Delaware limited liability company ("MBFS USA"), as titling trust administrator, MB Trust Holdings, as initial beneficiary, and BNYMDE, as trustee. This opinion is being delivered pursuant to your request. Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in, or by reference in, the Trust Agreement, except that reference herein to any document shall mean such document as in effect on the date hereof.

We have examined originals or copies of the following documents: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Collateral Agency Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The form of Exchange Note Supplement among the Trust, as borrower, MBFS USA, as lender and servicer, U.S. Bank Trust National Association, a national banking association, as administrative agent, Collateral Title Co., a Delaware corporation, as collateral agent, and the indenture trustee named therein (the "Exchange Note Supplement"), attached as an exhibit to the post-effective amendment to the Form SF-3 Registration Statement filed by Mercedes-Benz Trust Leasing LLC and the Trust with the Securities and Exchange Commission (the "Registration Statement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The form of Exchange Note to be made by the Trust, as borrower, to MBFS USA, as Exchange Noteholder (the "Exchange Note"), as attached to the Exchange Note Supplement as Exhibit A thereto;

![](image00014.jpg) <br>

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Mercedes-Benz Trust Leasing LLC<br>

Mercedes-Benz Vehicle Trust

July 14, 2025

Page 2<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A certified copy of the certificate of trust (the "Certificate of Trust") of the Trust, which was filed with the Secretary of State of the State of Delaware (the "Secretary of State") on March 15, 2022 and the certificate of merger filed by the Trust with the Secretary of State on January 31, 2023, relating to the merger of Daimler Trust into the Trust (the "Merger"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Certificate of Good Standing for the Trust, dated July 14, 2025, obtained from the Secretary of State.

For purposes of this opinion, we have conducted no independent factual investigation of our own but rather have relied solely upon the foregoing documents, the statements and information expressly set forth therein and the additional matters recited or assumed herein, all of which we have assumed to be true, complete and accurate in all material respects.

Based upon the foregoing and upon an examination of such questions of law as we have deemed necessary or appropriate, and subject to the assumptions, exceptions and qualifications set forth herein, we advise you that, in our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trust has been duly formed and is validly existing as a statutory trust and is in good standing under the Delaware Statutory Trust Act, 12 <u>Del. C.</u> § 3801, <u>et</u> <u>seq</u>. (the "Act"). Upon execution and delivery of an instruction letter pursuant to the terms of the Trust Agreement, the Trust will have the power and authority under the Trust Agreement and the Act to execute, deliver and perform its obligations under the Exchange Note and the Exchange Note will be duly authorized by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When the Exchange Note has been duly authorized by all necessary corporate action and trust action and has been duly executed and delivered against payment therefor as described in the Exchange Note Supplement and the Registration Statement, it will constitute a legal, valid and binding obligation of the Trust, enforceable against the Trust, in accordance with its terms.

The foregoing opinions are subject to the following exceptions, qualifications and assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We are admitted to practice law in the State of Delaware and we do not hold ourselves out as being experts on the law of any other jurisdiction. The foregoing opinions are limited to the laws of the State of Delaware currently in effect. We express no opinion with respect to (i) federal laws and rules and regulations relating thereto, or (ii) state tax, insurance, securities or blue sky laws.

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Mercedes-Benz Trust Leasing LLC<br>

Mercedes-Benz Vehicle Trust

July 14, 2025

Page 3<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We have assumed (i) except to the extent provided in paragraph 1 above, the due organization, formation or creation, as the case may be, and the valid existence in good standing of each party to the documents examined by us under the laws of the jurisdiction governing its organization, (ii) except to the extent provided in paragraph 1 above, that each party has the power and authority to execute and deliver, and to perform its obligations under, the documents examined by us, (iii) the legal capacity of natural persons who are signatories to the documents examined by us, (iv) except to the extent provided in paragraph 1 above, that each party has duly authorized, executed and delivered the documents examined by us, (v) that the Trust Agreement constitutes the entire agreement among the parties thereto with respect to the subject matter thereof, including, without limitation, the creation, operation and termination of the Trust, and that the Trust Agreement and the Certificate of Trust are in full force and effect and have not been amended, (vi) that each party has complied and will comply with all of the obligations and has satisfied and will satisfy all of the conditions on its part to be performed or satisfied pursuant to the documents examined by us, (vii) that all conditions to the Merger have been satisfied and the Merger was validly consummated, (viii) that the Collateral Agency Agreement is in full force and effect and constitutes a legal, valid and binding obligation of the Trust, enforceable against the Trust, in accordance with its terms, (ix) that the application of Delaware law to the Exchange Note would not be contrary to a fundamental policy of a jurisdiction (other than the State of Delaware) that would be the jurisdiction of applicable law in the absence of an effective choice of law, and has a materially greater interest than the State of Delaware in the determination of a particular issue relating to the Exchange Note, (x) that the transactions described in, and relating to, the Exchange Note have a substantial, reasonable and material relationship with the State of Delaware, and (xi) that any rate of interest set forth in the Exchange Note is not greatly in excess of the rate permitted by the general law of the jurisdiction that has the most significant relationship to the transactions contemplated by the Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing opinion regarding enforceability is subject to (i) applicable bankruptcy, insolvency, liquidation, moratorium, receivership, reorganization, fraudulent transfer and similar laws relating to and affecting the rights and remedies of creditors generally, (ii) principles of equity, including applicable law relating to fiduciary duties (regardless of whether considered and applied in a proceeding in equity or at law), (iii) applicable public policy with respect to the enforceability of provisions relating to indemnification, exculpation or contribution, and (iv) judicial imposition of an implied covenant of good faith and fair dealing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We express no opinion with respect to (i) provisions of a document reviewed by us to the extent that such provisions purport to bind a person or entity that is not a party to such document, (ii) transfer restrictions in a document reviewed by us to the extent that a transfer occurs by operation of law, (iii) the enforceability of any provision in the Exchange Note purporting to prohibit, restrict or condition the assignment of the Exchange Note, to the extent that any such provision may be limited by the operation of Sections 9-401, 9-406 or 9-408 of the Uniform Commercial Code as in effect in the State of Delaware (the "Delaware UCC"), (iv) any provision of the Exchange Note that permits, by implication or otherwise, the collection of attorneys' fees in excess of the limitation of 10 <u>Del. C.</u> § 3912, which statutory limitation permits reasonable attorneys' fees not to exceed twenty percent (20%) of the amounts adjudged as principal and interest, (v) purported waivers of any statutory or other rights, court rules and defenses to obligations where such waivers are against public policy or constitute waivers of rights which by law, regulation or judicial decision may not otherwise be waived, (vi) any right or obligation to the extent that the same may be varied by course of dealing or performance, (vii) purported disclaimers of notice or warranties to the extent the same may not be disclaimed by applicable law or public policy, or (viii) whether the Exchange Note is a "security" as defined in Section 8-102(a)(15) of the Delaware UCC.

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Mercedes-Benz Trust Leasing LLC<br>

Mercedes-Benz Vehicle Trust

July 14, 2025

Page 4<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to all documents examined by us, we have assumed that (i) all signatures on documents examined by us are genuine, (ii) all documents submitted to us as originals are authentic, (iii) all documents submitted to us as copies conform with the original copies of those documents, (iv) the documents, in the forms submitted to us for our review, have not been and will not be altered or amended in any respect material to our opinions expressed herein, and (v) in connection with the documents of which we have received a form, that all blanks contained in such documents have been or will be properly and appropriately completed, and optional provisions included in such documents have been properly and appropriately selected, which facts we have not independently verified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any provision in the Trust Agreement or the Exchange Note to the contrary, we note that upon the occurrence of an event of dissolution of the Trust or a series thereof, the Trust cannot make any payments or distributions to the beneficial owners of the Trust or applicable series thereof until creditors' claims are either paid in full or reasonable provision for payment thereof has been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to the Trust Agreement, we express no opinion as to the validity or enforceability of provisions that purport to restrict any right that a party may have to apply for a judicial dissolution of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We have not participated in the preparation of any offering materials with respect to the Trust and assume no responsibility for their contents.

We consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. We hereby consent to the use of our name under the heading "Legal Opinions" in the Prospectus forming a part of the Registration Statement. In giving the foregoing consents, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

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|:---|
| Very truly yours, |
| */s/ Richards, Layton & Finger, P.A.* |

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TJH/SXL/TKM

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## Exhibit 8.1

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 **Exhibit 8.1**<br>

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| | |
|:---|:---|
| <br>![](image00004.jpg) | <br> SIDLEY AUSTIN LLP<br> 787 SEVENTH AVENUE<br> NEW YORK, NY 10019<br> +1 212 839 5300<br> +1 212 839 5599 FAX<br>AMERICA • ASIA PACIFIC • EUROPE |

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July 14, 2025

Mercedes-Benz Trust Leasing LLC

Mercedes-Benz Vehicle Trust

35555 W. Twelve Mile Road

Farmington Hills, Michigan 48331

Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Registration Statement on Form SF-3</u>

Ladies and Gentlemen:

We have acted as special federal income tax counsel to Mercedes-Benz Trust Leasing LLC, a Delaware limited liability company (the "Company"), in connection with the registration statement on Form SF-3 filed by the Company and Mercedes-Benz Vehicle Trust, a Delaware statutory trust (the "Titling Trust"), as co-registrant, with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), on the date hereof (the "Registration Statement").

The Registration Statement relates to the offering from time to time of asset-backed notes to be issued in series (the "Notes"). As set forth in the Registration Statement, a separate trust (each, an "Issuer") will be created for each series of Notes pursuant to a separate trust agreement (each, a "Trust Agreement") between the Company and an owner trustee (the "Owner Trustee"). Each Issuer will cause a series of Notes to be issued under and pursuant to a separate indenture (each, an "Indenture") between the Issuer and an indenture trustee (the "Indenture Trustee"). The Issuer, Owner Trustee and Indenture Trustee will be identified in the prospectus for each series of Notes.

The Notes of each series will represent obligations of the related Issuer. Asset Backed Certificates (the "Certificates") will be issued under each Trust Agreement and will evidence the beneficial interest in the related Issuer. The Certificates will be subordinated to the Notes to the extent provided in the Documents (as defined below).

*Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.*

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| ![](image00004.jpg) |
| Page 2<br>|

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As special federal income tax counsel to the Company, we have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of such agreements, instruments, certificates, records and other documents as we have deemed necessary or appropriate for the purpose of this letter, including (i) the form of the prospectus contained in the Registration Statement (the "Prospectus"), (ii) the form of Indenture included as an exhibit to the Registration Statement, (iii) the form of Trust Agreement included as an exhibit to the Registration Statement, (iv) the Amended and Restated Trust Agreement, dated as of January 31, 2023, among Mercedes-Benz Financial Services USA ("MBFS"), as titling trust administrator, Mercedes-Benz Trust Holdings LLC, as initial beneficiary and BNY Mellon Trust of Delaware, as titling trustee, (v) the Second Amended and Restated Servicing Agreement, dated as of May 1, 2023, as supplemented by the form of servicing supplement thereto included as an exhibit to the Registration Statement, in each case among MBFS, as servicer (in such capacity, the "Servicer") and as lender (in such capacity, the "Lender"), the Titling Trust and Collateral Title Co., as collateral agent (the "Collateral Agent"), (vi) the Second Amended and Restated Collateral Agency Agreement, dated as of May 1, 2023, as supplemented by the form of exchange note supplement thereto included as an exhibit to the Registration Statement, in each case among the Titling Trust, U.S. Bank Trust National Association, as administrative agent, the Collateral Agent, the Servicer, the Lender, and, in the case of the exchange note supplement, the Indenture Trustee and (vii) the form of Underwriting Agreement included as an exhibit to the Registration Statement, to be entered into among the Company, MBFS and the underwriters or their representatives to be named therein. The documents listed in clauses (i) through (vii) above are referred to herein as the "Documents". Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Documents.

Our opinions are also based upon the existing provisions of the Internal Revenue Code of 1986, as amended (the "Code"), Treasury regulations issued or proposed thereunder, published Revenue Rulings and existing case law, any of which could be changed at any time. Any such changes may be retroactive in application and could modify the legal conclusions upon which such opinion is based. In addition, there can be no assurance that positions contrary to those stated herein may not be asserted by the Internal Revenue Service (the "IRS").

In reaching our opinions, we have made such examination of law as we have deemed necessary or appropriate for the opinions expressed below. Further, we have assumed, without independent investigation, the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies or by facsimile or other means of electronic transmission. Our opinions are also based on the assumption that there are no agreements or understandings with respect to the transactions contemplated in the documents relating to the transaction described in the second and third paragraphs above other than those contained in the Documents. Furthermore, our opinions are based on the assumption that all parties to the Documents will comply with the terms thereof, including all tax reporting requirements contained therein, and that the issuance of the Notes and the other transactions set forth in or contemplated by the Documents are not part of another transaction or another series of transactions that would require the Issuer, any investor or any other participant to treat such transaction or transactions as subject to the disclosure, registration or list maintenance requirements of Section 6010, 6111 or 6112 of the Code. In addition, we have assumed that the Issuer will not become a "controlled partnership" within the meaning of Treasury Regulation Section 1.385-1(c)(1).

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| ![](image00004.jpg) |
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As to any facts material to the following opinions that we did not independently establish or verify, we have relied upon statements and representations of responsible officers and other representatives of MBFS, the Company and others.

We have advised the Company with respect to certain federal income tax consequences of the proposed issuance of the Notes. This advice is summarized under the heading "Material Federal Income Tax Consequences" in the Prospectus. Such description does not purport to discuss all possible federal income tax ramifications of the proposed issuance, but with respect to those federal income tax consequences that are discussed, in our opinion, the description is accurate in all material respects. We hereby confirm and adopt the opinions expressly set forth under the above quoted heading in the Prospectus as representing our opinion as to the material federal income tax consequences of the purchase, ownership and disposition of the Notes.

The opinions expressed herein are limited as described above, and we do not express an opinion with respect to any other federal or state law or the law of any other jurisdiction, except as expressly stated herein. This letter is rendered as of the date hereof, and we undertake no obligation to update this letter or advise you of any changes in the event there is any change in legal authorities, facts, assumptions or documents on which this letter is based (including the taking of any action by any party to the Documents pursuant to any opinion of counsel or a waiver), or any inaccuracy in any of the representations, warranties or assumptions upon which we have relied in rendering these opinions unless we are specifically engaged to do so.

You should be aware that there is no assurance that the IRS would not challenge the conclusions set forth above. Our opinions also assume that a court considering the question would have all facts and legal issues properly presented to it.

We hereby consent to the filing of this letter as an exhibit to the Registration Statement. By such consent we do not concede that we are an "expert" for the purposes of the Securities Act or the rules and regulations of the Commission thereunder, with respect to any part of the Registration Statement, including this exhibit.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

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| |
|:---|
| Very truly yours, |
| */s/ Sidley Austin LLP* |

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## Exhibit 10.1

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Exhibit 10.1<br>

MERCEDES-BENZ FINANCIAL SERVICES USA LLC,

as Seller,

and

MERCEDES-BENZ TRUST LEASING LLC,

as Purchaser

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FIRST-TIER SALE AGREEMENT

Dated as of [_______ _], 20[__]

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**TABLE OF CONTENTS**

<u>Page</u>

ARTICLE ONE

USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01. Capitalized Terms; Rules of Usage 2

ARTICLE TWO

SALE OF THE FIRST-TIER ASSETS

Section 2.01. Sale of the First-Tier Assets 3 <br> Section 2.02. Closing; Further Assignments 3 <br> Section 2.03. Intent; Savings Clause 3

ARTICLE THREE

REPRESENTATIONS AND WARRANTIES

Section 3.01. Representations and Warranties of the Purchaser 4 <br> Section 3.02. Representations and Warranties of the Seller 5 <br> Section 3.03. Survival of Representations and Warranties 7

ARTICLE FOUR

CONDITIONS

Section 4.01. Conditions to Obligation of the Purchaser 8 <br> Section 4.02. Conditions to Obligation of the Seller 8 <br> Section 4.03. Deemed Satisfaction of Conditions 8

ARTICLE FIVE

COVENANTS OF THE SELLER

Section 5.01. Protection of Right, Title and Interest to the First-Tier Assets 9 <br> Section 5.02. Other Liens or Interests 10 <br> Section 5.03. Indemnification 10

i

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<u>Page</u>

ARTICLE SIX

MISCELLANEOUS PROVISIONS

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| | |
|:---|:---|
| Section 6.01. Obligations of the Seller | 12 |
| Section 6.02. Amendment | 12 |
| Section 6.03. Waivers | 12 |
| Section 6.04. Costs and Expenses | 13 |
| Section 6.05. Notices | 13 |
| Section 6.06. Severability | 13 |
| Section 6.07. Counterparts; Electronic Signatures | 13 |
| Section 6.08. Successors and Assigns | 14 |
| Section 6.09. No Petition | 14 |
| Section 6.10. **Table of Contents** and Headings | 14 |
| Section 6.11. **GOVERNING LAW; SUBMISSION TO JURISDICTION** | 14 |
| Section 6.12. **WAIVER OF JURY TRIAL** | 14 |
| Section 6.13. Limited Recourse | 15 |
| Section 6.14. Each Exchange Note Separate; Assignees of Exchange Note | 15 |

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<br> EXHIBITS

Exhibit A – Perfection Representations, Warranties and Covenants A-1

ii

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This FIRST-TIER SALE AGREEMENT, dated as of [_______ _], 20[__] (as amended, restated, supplemented or otherwise modified from time to time, this "Agreement"), is between MERCEDES-BENZ FINANCIAL SERVICES USA LLC, a Delaware limited liability company ("MBFS USA"), as seller (the "Seller"), and MERCEDES-BENZ TRUST LEASING LLC, a Delaware limited liability company, as purchaser (the "Purchaser").

RECITALS

WHEREAS, pursuant to a Trust Agreement, dated as of March 15, 2022, between BNY Mellon Trust of Delaware ("BNYM"), as trustee (in such capacity, the "Titling Trustee"), and Mercedes-Benz Trust Holdings LLC, a Delaware limited liability company, as initial beneficiary (the "Initial Beneficiary"), as amended and restated by the Amended and Restated Trust Agreement, dated as of January 31, 2023 (as so amended and restated, the "Titling Trust Agreement") among MBFS USA, as titling trust administrator, the Initial Beneficiary and the Titling Trustee, the Titling Trust was created to hold title to leases, vehicles and certain related assets (the "Titling Trust Assets");

WHEREAS, MBFS USA, as lender (in such capacity, the "Lender") and as servicer (in such capacity, the "Servicer"), the Titling Trust, Collateral Title Co., as collateral agent (the "Collateral Agent"), and U.S. Bank Trust National Association, as administrative agent, are parties to the Second Amended and Restated Collateral Agency Agreement, dated as of May 1, 2023 (the "Basic Collateral Agency Agreement"), pursuant to which the Lender makes advances to the Titling Trust from time to time to acquire Titling Trust Assets;

WHEREAS, the parties to the Basic Collateral Agency Agreement have entered into the 20[__]-[_] Exchange Note Supplement, dated as of [_______ _], 20[__] (the "20[__]-[_] Exchange Note Supplement"), pursuant to which an exchange note, having an aggregate initial outstanding principal balance of $[●], bearing a fixed interest rate of [●]% per annum and a stated maturity date of [_______ __], 20[__] (the "20[__]-[_] Exchange Note"), was issued and delivered to the Lender;

WHEREAS, pursuant to the 20[__]-[_] Exchange Note Supplement, the Seller and the Titling Trust have also specified certain leases and vehicles to be allocated to a reference pool with respect to the 20[__]-[_] Exchange Note; and

WHEREAS, the parties hereto wish to enter into this Agreement pursuant to which the Seller will sell, transfer and assign the 20[__]-[_] Exchange Note and certain related property and rights to the Purchaser.

NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

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ARTICLE ONE

USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01. <u>Capitalized Terms; Rules of Usage</u>. Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in Appendix 1 to the 20[__]-[_] Servicing Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement. Appendix 1 also contains rules as to usage applicable to this Agreement. Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Agreement:

"<u>20[__]-[_] Servicing Supplement</u>" means the 20[__]-[_] Servicing Supplement, dated as of [_______ _], 20[__], to the Basic Servicing Agreement, among MBFS USA, as servicer and lender, Mercedes-Benz Vehicle Trust, as titling trust, and Collateral Title Co., as collateral agent.

"<u>Basic Servicing Agreement</u>" means the Second Amended and Restated Servicing Agreement, dated as of May 1, 2023, among MBFS USA, as lender and as servicer, Mercedes-Benz Vehicle Trust, as titling trust, and Collateral Title Co., as collateral agent.

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ARTICLE TWO

SALE OF THE FIRST-TIER ASSETS

Section 2.01. <u>Sale of the First-Tier Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective as of the 20[__]-[_] Closing Date, the Seller sells, transfers, assigns and otherwise conveys to the Purchaser, without recourse, all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the 20[__]-[_] Exchange Note and all of the Seller's rights under the 20[__]-[_] Basic Documents, including all monies paid thereon and all monies due thereon after the 20[__]-[_] Cutoff Date (collectively, the "First-Tier Assets").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Purchaser accepts the sales, transfers, assignments and conveyances made pursuant to Section 2.01(a) and pays to the Seller, as payment for the 20[__]-[_] Exchange Note, the "Exchange Note Purchase Price" which is equal to the net proceeds of the sale of the 20[__]-[_] ABS Notes. The First-Tier Assets will become the property and rights of the Purchaser.

Section 2.02. <u>Closing; Further Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The sale, transfer, assignment and conveyance of the First-Tier Assets will take place on the 20[__]-[_] Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller acknowledges that, pursuant to the (i) Second-Tier Sale Agreement, the Purchaser will sell, transfer, assign and convey the First-Tier Assets to the Issuer and assign its rights under this Agreement to the Issuer and (ii) the Indenture, the Issuer will assign and pledge the First-Tier Assets and certain other property and rights to the Indenture Trustee for the benefit of the 20[__]-[_] Secured Parties. The Seller consents to such sale, transfer, assignments, pledge and conveyance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The sale, transfer, assignment and conveyance of the First-Tier Assets pursuant to this Agreement is without recourse, and the Seller does not guarantee payment on the First-Tier Assets or collection of any Collateral Asset included in the 20[__]-[_] Reference Pool.

Section 2.03. <u>Intent; Savings Clause</u>. It is the intention of the parties hereto that (i) the sale pursuant to Section 2.01 constitute an absolute sale of the First-Tier Assets, including all monies paid thereon and all monies due thereon on or after the 20[__]-[_] Cutoff Date, conveying good title to the First-Tier Assets free and clear of any Lien other than Permitted Liens, from the Seller to the Purchaser and (ii) the First-Tier Assets not be a part of the Seller's estate in the event of a bankruptcy or insolvency of the Seller. If, notwithstanding the intention of the parties hereto, such sale is deemed to be a pledge in connection with a financing or is otherwise deemed not to be a sale, the Seller grants, and the parties intend that the Seller grants, to the Purchaser a security interest in the First-Tier Assets and the performance by the Seller of the obligation by the Seller to pay to the Purchaser all amounts received with respect to the 20[__]-[_] Exchange Note, and in such event, this Agreement will constitute a security agreement under Applicable Law and the Purchaser will have all of the rights and remedies of a secured party and creditor under the UCC.

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ARTICLE THREE

REPRESENTATIONS AND WARRANTIES

Section 3.01. <u>Representations and Warranties of the Purchaser</u>. The Purchaser represents and warrants to the Seller as of the 20[__]-[_] Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Organization and Good Standing; Qualification</u>. The Purchaser has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with the power and authority to own or lease its properties and to conduct its activities as such properties are currently owned or leased and such activities are currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Due Qualification</u>. The Purchaser is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its activities requires such qualification, license or approval, unless the failure to obtain such qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Purchaser's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Power and Authority; Authorization; Execution and Delivery; Binding Obligation</u>. The Purchaser has the power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by the Purchaser and constitutes the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors' rights and by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Violation</u>. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Agreement will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under its limited liability company agreement, any material indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument under which the Purchaser is a party or by which the Purchaser is bound, (ii) result in the creation or imposition of any Lien upon any of the Purchaser's properties pursuant to the terms of any such agreement or instrument (other than Permitted Liens or Liens contemplated by the 20[__]-[_] Basic Documents), (iii) violate the certificate of formation of the Purchaser or the limited liability company agreement of the Purchaser or (iv) violate or contravene any law or, to the Purchaser's knowledge, any order, rule or regulation applicable to the Purchaser of any Governmental Authority having jurisdiction over the Purchaser or its properties, the failure to comply with which would reasonably be expected to have a material adverse effect on the Purchaser's ability to perform its obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Proceedings</u>. There are no proceedings pending, or, to the Purchaser's knowledge, threatened, and to the Purchaser's knowledge there are no investigations pending or threatened, against or affecting the Purchaser or its property before any Governmental Authority (i) asserting the invalidity or unenforceability of the 20[__]-[_] Exchange Note, the 20[__]-[_] ABS Notes or this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the ability of the Purchaser to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Material Default</u>. The Purchaser is not in material default under any agreement, contract, instrument, or indenture of any nature whatsoever to which it is bound, which default would have a material adverse effect on its ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Consent</u>. No consent, approval, authorization, or order of any Governmental Authority is required under federal or state law for the execution, delivery, and performance by the Purchaser, or compliance by it with this Agreement or the consummation of the transactions contemplated hereby, or if required has been obtained or can be obtained prior to the execution of this Agreement.

Section 3.02. <u>Representations and Warranties of the Seller</u>. The Seller represents and warrants to the Purchaser as of the 20[__]-[_] Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Organization and Good Standing; Qualification</u>. The Seller has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with the power and authority to own or lease its properties and to conduct its activities as such properties are currently owned or leased and such activities are currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Due Qualification</u>. The Seller is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its activities requires such qualification, license or approval, unless the failure to obtain such qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Seller's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Power and Authority; Authorization; Execution and Delivery; Binding Obligation</u>. The Seller has the power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by the Seller and constitutes the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors' rights and by general equitable principles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Violation</u>. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Agreement will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under its limited liability company agreement, any material indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument under which the Seller is a party or by which the Seller is bound, (ii) result in the creation or imposition of any Lien upon any of the Seller's properties pursuant to the terms of any such agreement or instrument (other than Permitted Liens or Liens contemplated by the 20[__]-[_] Basic Documents to which the Seller is a party), (iii) violate the certificate of formation of the Seller or the limited liability company agreement of the Seller or (iv) violate or contravene any law or, to the Seller's knowledge, any order rule or regulation applicable to the Seller of any Governmental Authority having jurisdiction over the Seller or its properties, the failure to comply with which would reasonably be expected to have a material adverse effect on the Seller's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Proceedings</u>. There are no proceedings pending, or, to the Seller's knowledge, threatened, and to the Seller's knowledge there are no investigations pending or threatened, against or affecting the Seller or its property before any Governmental Authority (i) asserting the invalidity or unenforceability of the 20[__]-[_] Exchange Note, the 20[__]-[_] ABS Notes or this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the ability of the Seller to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Ownership and Transfer of 20[__]-[_] Exchange Note</u>. Immediately preceding its sale of the 20[__]-[_] Exchange Note to the Purchaser, the Seller was the owner of the 20[__]-[_] Exchange Note, free and clear of any claims, and after such sale of the 20[__]-[_] Exchange Note to the Purchaser, the Purchaser shall be entitled to all of the rights and benefits of a holder of the 20[__]-[_] Exchange Note under the Basic Collateral Agency Agreement and the 20[__]-[_] Exchange Note Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Material Default</u>. The Seller is not in material default under any agreement, contract, instrument, or indenture of any nature whatsoever to which it is bound, which default would have a material adverse effect on its ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Consent</u>. No consent, approval, authorization, or order of any court or governmental agency or body is required under federal or State law for the execution, delivery, and performance by the Seller, or compliance by it with this Agreement or the consummation of the transactions contemplated hereby, or if required has been obtained or can be obtained prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Ability to Perform</u>. The Seller does not have any reason or cause to believe that it cannot perform each and every covenant of such party contained in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Solvency; Fair Value</u>. Both before and after giving effect to the sale, transfer, assignment and conveyance of the First-Tier Assets pursuant to this Agreement, the Seller is solvent and the transfer of the 20[__]-[_] Exchange Note pursuant hereto is not being made with the intent to hinder, delay or defraud the creditors of the Seller or any affiliate thereof. The Seller is receiving from the Purchaser reasonably equivalent value in exchange for the transfer of 20[__]-[_] Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Perfection Representations</u>. The Seller makes the representations and warranties set forth on Exhibit A.

Section 3.03. <u>Survival of Representations and Warranties</u>. The representations and warranties set forth in this Article shall survive the closing under Section 2.02, the sale of the First-Tier Assets by the Purchaser to the Issuer pursuant to the Second-Tier Sale Agreement, and the pledge of the First-Tier Assets by the Issuer to the Indenture Trustee. Upon discovery by the Seller, the Purchaser or the Indenture Trustee of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the others.

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ARTICLE FOUR

CONDITIONS

Section 4.01. <u>Conditions to Obligation of the Purchaser</u>. The obligation of the Purchaser to accept the First-Tier Assets as set forth in Section 2.01 is subject to the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties True</u>. The representations and warranties of the Seller contained in Section 3.02 and in the other 20[__]-[_] Basic Documents will be true and correct on the 20[__]-[_] Closing Date, and the Seller will have performed on or prior to the 20[__]-[_] Closing Date all obligations to be performed by the Seller under this Agreement on or prior to the 20[__]-[_] Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Delivery of 20[__]-[_] Exchange Note</u>. The Seller has delivered to the Purchaser the 20[__]-[_] Exchange Note, registered in the name of "Mercedes-Benz Trust Leasing LLC" or its assignee or endorsed in blank by an effective endorsement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Documents to be Delivered by the Seller</u>. On the 20[__]-[_] Closing Date, the Seller will deliver such other documents as the Purchaser may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Transactions</u>. The transactions contemplated by the 20[__]-[_] Basic Documents will be consummated on or prior to the 20[__]-[_] Closing Date.

Section 4.02. <u>Conditions to Obligation of the Seller</u>. The obligation of the Seller to sell the 20[__]-[_] Exchange Note to the Purchaser as set forth in Section 2.01 is subject to each representation and warranty of the Purchaser as set forth in Section 3.01 and the other 20[__]-[_] Basic Documents being true and correct on the 20[__]-[_] Closing Date, and each obligation to be performed by the Purchaser under this Agreement on or prior to the 20[__]-[_] Closing Date having been performed on or prior to the 20[__]-[_] Closing Date.

Section 4.03. <u>Deemed Satisfaction of Conditions</u>. Upon the transfer of the First-Tier Assets to, and the acceptance of the First-Tier Assets by, the Purchaser, all of the conditions set forth in this Article will be deemed to have been satisfied.

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ARTICLE FIVE

COVENANTS OF THE SELLER

Section 5.01. <u>Protection of Right, Title and Interest to the First-Tier Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within ten days after the 20[__]-[_] Closing Date, the Seller, as debtor, will record and file, at its own expense, an initial financing statement in each jurisdiction in which such financing statement is required by Applicable Law, naming the Seller, as debtor, and the Purchaser, as secured party, in such manner as is necessary, under the laws of each such jurisdiction, to perfect the sale, transfer, assignment and conveyance of the First-Tier Assets to the Purchaser (to the extent that such sale, transfer, assignment and conveyance may be perfected by such filing). The Seller will deliver to the Purchaser file-stamped copies of, or filing receipts for, any such document filed promptly upon such document becoming available following such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller will authorize and file such financing statements and cause to be authorized and filed such amendments and continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Purchaser in the First-Tier Assets and in the proceeds thereof. The Seller will deliver to the Purchaser file-stamped copies of, or filing receipts for, any such document filed promptly upon such document becoming available following such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller authorizes the Purchaser to file any financing or continuation statements, and amendments to such statements, in all jurisdictions and with all filing offices as the Purchaser may determine, in its sole discretion, are necessary or advisable fully to preserve, maintain and protect the interest of the Purchaser in the First-Tier Assets and the proceeds thereof. Such financing and continuation statements may describe the First-Tier Assets in any manner as the Purchaser may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the Purchaser's interest in the First-Tier Assets. The Purchaser will deliver to the Seller file-stamped copies of, or filing receipts for, any such document filed promptly upon such document becoming available following such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller agrees to do and perform any and all acts and to execute any and all further instruments required or reasonably requested by the Purchaser or by the Owner Trustee or the Indenture Trustee to more fully effect the purposes of this Agreement, including the execution of any financing statements or continuation statements relating to the First-Tier Assets for filing under the UCC of any applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller will give the Purchaser at least 30 days' prior notice of any change in its jurisdiction of organization and will promptly file (and hereby authorizes the Purchaser and any assignee of the Purchaser hereunder to file) all amendments of any previously filed financing or continuation statement and any new financing statements as may be necessary to continue the perfection of the Purchaser's interest in the First-Tier Assets. The Seller will cause the Servicer to maintain its jurisdiction of organization (for purpose of Section 9-307 of the UCC) in only one state within the United States.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller will not change its name, form of organization, or corporate structure in any manner that would or could make any financing statement or continuation statement filed by the Seller in accordance with Section 5.01(a) seriously misleading within the meaning of Section 9-506 of the UCC, unless it has given the Purchaser at least 30 days' prior notice thereof and promptly files appropriate amendments to all previously filed financing statements or continuation statements.

Section 5.02. <u>Other Liens or Interests</u>. Except for the sales, transfers, assignments and conveyances under this Agreement, the Seller will not sell, contribute, pledge, assign, transfer or allow to be issued any First-Tier Asset to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any interest therein, and the Seller will defend the right, title, and interest of the Purchaser in, to and under the First-Tier Assets against all claims of third parties claiming through or under the Seller. However, the Seller's obligations under this Section with respect to the First-Tier Assets will terminate upon the payment in full of the 20[__]-[_] Exchange Note pursuant to the Basic Collateral Agency Agreement and the 20[__]-[_] Exchange Note Supplement.

Section 5.03. <u>Indemnification</u>. The Seller will be liable under this Agreement only to the extent of the obligations specifically undertaken by the Seller under this Agreement, and agrees to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller will indemnify, defend and hold harmless the Purchaser, and its officers, directors, employees and agents, from and against any and all costs, expenses, losses, damages, claims and liabilities arising out of, or imposed upon the Purchaser through, the willful misconduct, negligence or bad faith of the Seller in the performance of its duties under this Agreement or by reason of reckless disregard of the Seller's obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly upon receipt by the Purchaser, or any of its officers, directors, employees and agents, of notice of the commencement of any suit, action, claim, proceeding or governmental investigation against it, the Purchaser will, if a claim in respect of such suit, action, claim, proceeding or investigation is to be made against the Seller under this Section, notify the Seller of the commencement of such suit, action, claim, proceeding or investigation. The Seller may participate in and assume the defense and settlement of any such suit, action, claim, proceeding or investigation at its expense, and no settlement of such suit, action, claim, proceeding or investigation may be made without the approval of the Seller and the Purchaser, which approvals will not be unreasonably withheld or delayed. The Seller's obligations under this Section will include reasonable fees and expenses of counsel and expenses of litigation. After notice from the Seller to the Purchaser of the Seller's intention to assume the defense of such suit, action, claim, proceeding or investigation with counsel reasonably satisfactory to the Purchaser, and so long as the Seller so assumes the defense of such suit, action, claim, proceeding or investigation in a manner reasonably satisfactory to the Purchaser, the Seller will not be liable for any expenses of counsel to the Purchaser unless there is a conflict between the interests of the Seller and the Purchaser, in which case the Seller will pay for the separate counsel to the Purchaser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Seller makes any indemnity payments pursuant to this Section and the Purchaser thereafter collects any of such amounts from others, the Purchaser will promptly repay such amounts to the Seller, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The indemnity obligations set forth in Section 5.03(a) will be in addition to any obligation that the Seller may otherwise have and will survive the termination of this Agreement.

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ARTICLE SIX

MISCELLANEOUS PROVISIONS

Section 6.01. <u>Obligations of the Seller</u>. The obligations of the Seller under this Agreement will not be affected by reason of any invalidity, illegality or irregularity of the 20[__]-[_] Exchange Note or any 20[__]-[_] Lease or 20[__]-[_] Vehicle allocated to the 20[__]-[_] Reference Pool.

Section 6.02. <u>Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be amended, supplemented or otherwise modified from time to time by a writing executed by the parties hereto, without the consent of any Securityholder, to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or to add, change or eliminate any other provision with respect to matters or questions arising under this Agreement that are not inconsistent with the provisions of this Agreement; provided, that, (i) the Seller shall have delivered to the Indenture Trustee an Opinion of Counsel or an Officer's Certificate of the Issuer to the effect that such action will not materially adversely affect the interests of any Noteholders or (ii) the Rating Agency Condition shall have been satisfied with respect to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each amendment, supplement or other modification of this Agreement other than those provided for in Section 6.02(a), requires the consent of the Majority Noteholders (or if the Notes are no longer Outstanding, Holders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interests); provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the 20[__]-[_] Leases and 20[__]-[_] Vehicles or distributions that are required to be made for the benefit of the Securityholders, change the Interest Rate applicable to any Class of Notes or the Required Reserve Amount, without the consent of all holders of Notes then Outstanding or (ii) reduce the percentage of the Note Balance of the Outstanding Notes the consent of the Holders of which is required for any amendment to this Agreement without the consent of the Holders of all Outstanding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly after the execution of any such amendment, the Seller shall furnish written notification of the substance of such amendment to the Owner Trustee, the Indenture Trustee and the Rating Agencies.

Section 6.03. <u>Waivers</u>. No failure or delay on the part of the Seller, the Purchaser, the Issuer or the Indenture Trustee in exercising any power, right or remedy under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy.

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Section 6.04. <u>Costs and Expenses</u>. The Seller will pay all expenses incidental to the performance of its obligations under this Agreement and the Seller agrees to pay all reasonable out-of-pocket costs and expenses of the Purchaser in connection with the perfection as against third parties of the Purchaser's right, title and interest in and to the First-Tier Assets and the other property and rights sold hereunder and the enforcement of any obligation of the Seller hereunder.

Section 6.05. <u>Notices</u>. Unless otherwise specified in this Agreement, all notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement will be in writing, including e-mail. Unless otherwise specified in this Agreement, any such notice, request, demand, consent or other communication will be delivered or addressed as set forth below or at such other address or e-mail number as any party may designate by notice to the other parties.

<br> (i) In the case of the Seller:

Mercedes-Benz Financial Services USA LLC

35555 W. Twelve Mile Road, Suite 100

Farmington Hills, Michigan 48331

Attention: Steven C. Poling

E-mail: steven.c.poling@_____.com

<br> (ii) In the case of the Purchaser:

Mercedes-Benz Trust Leasing LLC

35555 W. Twelve Mile Road, Suite 100

Farmington Hills, Michigan 48331

Attention: Michelle D. Spreitzer

E-mail: michelle.d.spreitzer@______.com

Section 6.06. <u>Severability</u>. If any one or more of the covenants, agreements, provisions or terms of this Agreement is held invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms will be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement and will in no way affect the validity, legality or enforceability of the other covenants, agreements, provisions and terms of this Agreement or of the First-Tier Assets or the rights of the holders thereof.

Section 6.07. <u>Counterparts; Electronic Signatures</u>. This Agreement may be executed in any number of counterparts, each of which will be an original, and all of which will together constitute one and the same instrument. Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act.

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Section 6.08. <u>Successors and Assigns</u>. All covenants and agreements contained herein will be binding upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns, all as provided in this Agreement. Any request, notice, direction, consent, waiver or other instrument or action by a party to this Agreement will bind the successors and assigns of such party. Except as otherwise provided in this Agreement, no other Person will have any right or obligation under this Agreement.

Section 6.09. <u>No Petition</u>. Each of the Seller and the Purchaser covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all Exchange Notes, Notes and other Securities it will not institute against, or join any Person in instituting against the Initial Beneficiary, the Titling Trust, the Transferor, the Issuer or the 20[__]-[_] Exchange Noteholder any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations relating to the 20[__]-[_] Exchange Note, any 20[__]-[_] Notes or any 20[__]-[_] Basic Document and agrees that it will not cooperate with or encourage others to institute any such Proceeding.

Section 6.10. <u>**Table of Contents** and Headings</u>. The **Table of Contents** and the various headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of any provision of this Agreement.

Section 6.11. **<u>GOVERNING LAW; SUBMISSION TO JURISDICTION</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each party to this Agreement submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated by the 20[__]-[_] Basic Documents. Each party to this Agreement irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

Section 6.12. **<u>WAIVER OF JURY TRIAL</u>**. **EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER 20[__]-[_] BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY SUCH OTHER 20[__]-[_] BASIC DOCUMENT.**

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Section 6.13. <u>Limited Recourse</u>. The Seller and the Purchaser agree that any claim that the Seller or the Purchaser may seek to enforce against each other is limited to the First-Tier Assets only and does not represent a claim against the assets of the Seller or the Purchaser as a whole or any assets other than the First-Tier Assets.

Section 6.14. <u>Each Exchange Note Separate; Assignees of Exchange Note</u>. Each party hereto acknowledges and agrees (and each holder or pledgee of the 20[__]-[_] Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (i) the Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (a) the 20[__]-[_] Exchange Note or the related 20[__]-[_] Reference Pool shall be enforceable against such 20[__]-[_] Reference Pool only and not against any other Reference Pool or the Revolving Facility Pool and (b) any other Exchange Note, any other Reference Pool, or the Revolving Facility Pool shall be enforceable against such other Exchange Note, other Reference Pools, or the Revolving Facility Pool only, as applicable, and not against the 20[__]-[_] Exchange Note or any 20[__]-[_] Lease or 20[__]-[_] Vehicle included in the 20[__]-[_] Reference Pool, (iii) except to the extent required by law, the leases and the related leased vehicles included in the Revolving Facility Pool or leases and the related leased vehicles included in any other Reference Pool with respect to any other Exchange Note (other than the 20[__]-[_] Exchange Note transferred hereunder which is related to the 20[__]-[_] Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the 20[__]-[_] Exchange Note in respect of such claim, (iv) no creditor or holder of a claim relating to (a) the 20[__]-[_] Exchange Note or the related 20[__]-[_] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any other Reference Pool, the Revolving Facility Pool or any other Exchange Note or the assets allocated thereto (except to the extent of amounts available to such Persons on a fully subordinated basis) and (b) any other Reference Pool, the Revolving Facility Pool or any other Exchange Note other than the 20[__]-[_] Exchange Note related to the 20[__]-[_] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 20[__]-[_] Reference Pool and (v) any purchaser, assignee or pledgee of an interest in the 20[__]-[_] Reference Pool or, the 20[__]-[_] Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (a) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust Agreement and (b) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Revolving Facility Pool and each other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Revolving Facility Pool and each other Reference Pool.

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IN WITNESS WHEREOF, the parties hereto have caused this First-Tier Sale Agreement to be duly executed by their respective officers duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| MERCEDES-BENZ FINANCIAL SERVICES <br> USA LLC, as Seller | MERCEDES-BENZ FINANCIAL SERVICES <br> USA LLC, as Seller |
| By: |  |
|  | Name: |
|  | Title: |
| MERCEDES-BENZ TRUST LEASING LLC,<br> as Purchaser | MERCEDES-BENZ TRUST LEASING LLC,<br> as Purchaser |
| By: |  |
|  | Name: |
|  | Title: |

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*20[__]-[_] First-Tier Sale Agreement*

** 

<br> ------

EXHIBIT A

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

In addition to the representations, warranties and covenants contained in the First-Tier Sale Agreement, dated as of [_______ _], 20[__] (the "First-Tier Sale Agreement"), between Mercedes-Benz Financial Services USA LLC, as seller (the "Seller"), and Mercedes-Benz Trust Leasing LLC, as purchaser (the "Purchaser"), the Seller hereby further represents, warrants and covenants to the Purchaser as follows on the 20[__]-[_] Closing Date:

1. The First-Tier Sale Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the 20[__]-[_] Exchange Note in favor of the Purchaser, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Seller.

<br> 2. The 20[__]-[_] Exchange Note constitutes a "general intangible", "instrument", "certificated security", or "tangible chattel paper" (or, if such term is not separately defined in the applicable UCC, "chattel paper"), within the meaning of the applicable UCC.

3. The Seller owns and has good and marketable title to the 20[__]-[_] Exchange Note free and clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a Lien is not imminent and the use and value of the property to which the Lien attaches is not impaired during the pendency of such proceeding.

4. The Seller has received all consents and approvals to the sale of the 20[__]-[_] Exchange Note under the First-Tier Sale Agreement to the Purchaser required by the terms of the 20[__]-[_] Exchange Note to the extent that it constitutes an instrument or a payment intangible.

5. The Seller has received all consents and approvals required by the terms of the 20[__]-[_] Exchange Note, to the extent that it constitutes a securities entitlement, certificated security or uncertificated security, to the transfer to the Purchaser of its interest and rights in the 20[__]-[_] Exchange Note under the First-Tier Sale Agreement.

6. The Seller has caused or will have caused, within ten days after the 20[__]-[_] Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the 20[__]-[_] Exchange Note from the Seller to the Purchaser and the security interest in the 20[__]-[_] Exchange Note granted under the First-Tier Sale Agreement.

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<br> 7. To the extent that the 20[__]-[_] Exchange Note constitutes an instrument or tangible chattel paper, all original executed copies of each such instrument or tangible chattel paper have been delivered to the Purchaser.

8. Other than the transfer of the 20[__]-[_] Exchange Note from the Seller to the Purchaser under the First-Tier Sale Agreement and from the Purchaser to the Issuer under the Second-Tier Sale Agreement and the security interest granted to the Indenture Trustee pursuant to the Indenture, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the 20[__]-[_] Exchange Note.

9. The Seller has not authorized the filing of, nor is aware of, any financing statements against the Seller that include a description of collateral covering the 20[__]-[_] Exchange Note other than any financing statement relating to any security interest granted pursuant to the 20[__]-[_] Basic Documents or that has been terminated.

<br> 10. No instrument or tangible chattel paper that constitutes or evidences the 20[__]-[_] Exchange Note has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the First-Tier Sale Agreement.

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## Exhibit 10.2

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EXHIBIT 10.2<br>

MERCEDES-BENZ TRUST LEASING LLC,

as Seller,

and

MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_],

as Purchaser

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SECOND-TIER SALE AGREEMENT

Dated as of [_______ _], 20[__]

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------

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | <u>Page</u> |
| ARTICLE ONE | ARTICLE ONE |
| USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE | USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE |
| Section 1.01. Capitalized Terms; Rules of Usage | 2 |
| ARTICLE TWO | ARTICLE TWO |
| SALE OF THE SECOND-TIER ASSETS | SALE OF THE SECOND-TIER ASSETS |
| Section 2.01. Sale of the Second-Tier Assets | 3 |
| Section 2.02. Closing; Further Assignments | 3 |
| Section 2.03. Intent; Savings Clause | 3 |
| ARTICLE THREE | ARTICLE THREE |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
| Section 3.01. Representations and Warranties of the Purchaser | 4 |
| Section 3.02. Representations and Warranties of the Seller | 5 |
| Section 3.03. Survival of Representations and Warranties | 7 |
| ARTICLE FOUR | ARTICLE FOUR |
| CONDITIONS | CONDITIONS |
| Section 4.01. Conditions to Obligation of the Purchaser | 8 |
| Section 4.02. Conditions to Obligation of the Seller | 8 |
| Section 4.03. Deemed Satisfaction of Conditions | 8 |
| ARTICLE FIVE | ARTICLE FIVE |
| COVENANTS OF THE SELLER | COVENANTS OF THE SELLER |
| Section 5.01. Protection of Right, Title and Interest to the Second-Tier Assets | 9 |
| Section 5.02. Other Liens or Interests | 10 |
| Section 5.03. Indemnification | 10 |
| Section 5.04. Reserve Initial Deposit | 11 |
| ARTICLE SIX | ARTICLE SIX |
| MISCELLANEOUS PROVISIONS | MISCELLANEOUS PROVISIONS |
| Section 6.01. Obligations of the Seller | 12 |

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i

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| | |
|:---|:---|
|  | <u>Page</u> |
| Section 6.02. Amendment | 12 |
| Section 6.03. Waivers | 12 |
| Section 6.04. Costs and Expenses | 13 |
| Section 6.05. Notices | 13 |
| Section 6.06. Severability | 13 |
| Section 6.07. Counterparts; Electronic Signatures | 13 |
| Section 6.08. Successors and Assigns | 14 |
| Section 6.09. No Petition | 14 |
| Section 6.10. **Table of Contents** and Headings | 14 |
| Section 6.11. **GOVERNING LAW; SUBMISSION TO JURISDICTION** | 14 |
| Section 6.12. **WAIVER OF JURY TRIAL** | 15 |
| Section 6.13. Limited Recourse | 15 |
| Section 6.14. Subordination | 15 |
| Section 6.15. Issuer Obligation | 15 |
| Section 6.16. Each Exchange Note Separate; Assignees of Exchange Note | 16 |

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EXHIBITS <br>Exhibit A – Perfection Representations, Warranties and Covenants A-1 <br>

ii

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This SECOND-TIER SALE AGREEMENT, dated as of [_______ _], 20[__] (as amended, restated, supplemented or otherwise modified from time to time, this "Agreement"), is between MERCEDES-BENZ TRUST LEASING LLC, a Delaware limited liability company, as seller (the "Seller"), and MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_], a Delaware statutory trust, as purchaser (the "Purchaser" or the "Issuer").

RECITALS

WHEREAS, pursuant to the Amended and Restated Trust Agreement, dated as of January 31, 2023 (the "Titling Trust Agreement"), among Mercedes-Benz Financial Services USA LLC ("MBFS USA"), as titling trust administrator, Mercedes-Benz Trust Holdings LLC, as initial beneficiary, and BNY Mellon Trust of Delaware, Mercedes-Benz Vehicle Trust, a Delaware statutory trust (the "Titling Trust"), was created to hold title to leases, vehicles and certain related assets (the "Titling Trust Assets");

WHEREAS, MBFS USA, as lender (in such capacity, the "Lender") and as servicer (in such capacity, the "Servicer"), the Titling Trust, Collateral Title Co., as collateral agent (the "Collateral Agent"), and U.S. Bank Trust National Association, as administrative agent, have entered into a Second Amended and Restated Collateral Agency Agreement, dated as of May 1, 2023 (the "Basic Collateral Agency Agreement"), pursuant to which the Lender will make advances to the Titling Trust from time to time that the Titling Trust will use to acquire Titling Trust Assets;

WHEREAS, the parties to the Basic Collateral Agency Agreement have entered into the 20[__]-[_] Exchange Note Supplement, dated as of [_______ _], 20[__] (the "20[__]-[_] Exchange Note Supplement"), pursuant to which an exchange note, having an aggregate initial outstanding principal balance of $[●], bearing a fixed interest rate of [●]% per annum and a stated maturity date of [_______ _], 20[__] (the "20[__]-[_] Exchange Note"), was issued and delivered to the Lender;

WHEREAS, pursuant to the 20[__]-[_] Exchange Note Supplement, MBFS USA and the Titling Trust have also specified certain leases and vehicles to be allocated to a reference pool with respect to the 20[__]-[_] Exchange Note;

WHEREAS, MBFS USA has sold the 20[__]-[_] Exchange Note to the Seller pursuant to a First-Tier Sale Agreement, dated as of the date of this Agreement;

WHEREAS, the Issuer was formed pursuant to a trust agreement, dated as of [_______ _], 20[__], as amended and restated as of [_______ _], 20[__], between the Seller and [●], as owner trustee; and

WHEREAS, the parties hereto wish to enter into this Agreement pursuant to which the Seller will assign the 20[__]-[_] Exchange Note and certain related property and rights to the Purchaser.

NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

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ARTICLE ONE

USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01. <u>Capitalized Terms; Rules of Usage</u>. Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in Appendix 1 to the 20[__]-[_] Servicing Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement. Appendix 1 also contains rules as to usage applicable to this Agreement. Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Agreement:

"<u>20[__]-[_] Servicing Supplement</u>" means the 20[__]-[_] Servicing Supplement, dated as of [_______ _], 20[__], to the Basic Servicing Agreement, among MBFS USA, as servicer and lender, Mercedes-Benz Vehicle Trust, as titling trust, and Collateral Title Co., as collateral agent.

"<u>Basic Servicing Agreement</u>" means the Amended and Restated Servicing Agreement, dated as of May 1, 2023, among MBFS USA, as lender and as servicer, Mercedes-Benz Vehicle Trust, as titling trust, and Collateral Title Co., as collateral agent.

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ARTICLE TWO

SALE OF THE SECOND-TIER ASSETS

Section 2.01. <u>Sale of the Second-Tier Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective as of the 20[__]-[_] Closing Date, the Seller sells, transfers, assigns and otherwise conveys to the Purchaser, without recourse, all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the 20[__]-[_] Exchange Note and all of the Seller's rights under the 20[__]-[_] Basic Documents, including all monies paid thereon and all monies due thereon after the 20[__]-[_] Cutoff Date (collectively, the "Second-Tier Assets").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Purchaser accepts the sales, transfers, assignments and conveyances made pursuant to Section 2.01(a) and sells, transfers, assigns and otherwise conveys to the Seller, without recourse, all right, title and interest of the Purchaser, whether now owned or hereafter acquired, in, to and under the Notes and Certificate and the rights to distributions under Section 8.03 of the Indenture, as payment for the 20[__]-[_] Exchange Note. The Second-Tier Assets will become the property and rights of the Purchaser.

Section 2.02. <u>Closing; Further Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The sale, transfer, assignment and conveyance of the Second-Tier Assets will take place on the 20[__]-[_] Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller acknowledges that the Issuer will, pursuant to the Indenture, assign and pledge the Second-Tier Assets and certain other property and rights to the Indenture Trustee for the benefit of the 20[__]-[_] Secured Parties and the Noteholders. The Seller consents to such assignment and pledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The sale, transfer, assignment and conveyance of the Second-Tier Assets pursuant to this Agreement is without recourse, and the Seller does not guarantee collection of the Second-Tier Assets or any Collateral Asset included in the 20[__]-[_] Reference Pool.

Section 2.03. <u>Intent; Savings Clause</u>. It is the intention of the parties hereto that (i) the sale pursuant to Section 2.01 constitute an absolute sale of the Second-Tier Assets, including all monies paid thereon and all monies due thereon on or after the 20[__]-[_] Cutoff Date, conveying good title to the Second-Tier Assets free and clear of any Lien other than Permitted Liens, from the Seller to the Purchaser and (ii) the Second-Tier Assets not be a part of the Seller's estate in the event of a bankruptcy or insolvency of the Seller. If, notwithstanding the intention of the parties hereto, such sale is deemed to be a pledge in connection with a financing or is otherwise deemed not to be a sale, the Seller grants, and the parties intend that the Seller grants, to the Purchaser a security interest in the Second-Tier Assets and the performance by the Seller of the obligation by the Seller to pay to the Purchaser all amounts received with respect to the 20[__]-[_] Exchange Note, and in such event, this Agreement will constitute a security agreement under Applicable Law and the Purchaser will have all of the rights and remedies of a secured party and creditor under the UCC.

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ARTICLE THREE

REPRESENTATIONS AND WARRANTIES

Section 3.01. <u>Representations and Warranties of the Purchaser</u>. The Purchaser represents and warrants to the Seller as of the 20[__]-[_] Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Organization and Good Standing; Qualification</u>. The Purchaser has been duly organized and is validly existing as a statutory trust duly formed, validly existing and in good standing under the laws of the State of Delaware, with the power and authority to own or lease its properties and to conduct its activities as such properties are currently owned or leased and such activities are currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Due Qualification</u>. The Purchaser is duly qualified to do business as a foreign statutory trust in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its activities requires such qualification, license or approval, unless the failure to obtain such qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Purchaser's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Power and Authority; Authorization; Execution and Delivery; Binding Obligation</u>. The Purchaser has the power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by the Purchaser and constitutes the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors' rights and by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Violation</u>. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Agreement will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under its limited liability company agreement, any material indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument under which the Purchaser is a party or by which the Purchaser is bound, (ii) result in the creation or imposition of any Lien upon any of the Purchaser's properties pursuant to the terms of any such agreement or instrument (other than Permitted Liens or Liens contemplated by the 20[__]-[_] Basic Documents to which the Purchaser is a party), (iii) violate the certificate of trust of the Purchaser or the Trust Agreement of the Purchaser or (iv) violate or contravene any law or, to the Purchaser's knowledge, any order, rule or regulation applicable to the Purchaser of any Governmental Authority having jurisdiction over the Purchaser or its properties, the failure to comply with which would reasonably be expected to have a material adverse effect on the Purchaser's ability to perform its obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Proceedings</u>. There are no proceedings pending, or, to the Purchaser's knowledge, threatened, and to the Purchaser's knowledge there are no investigations pending or threatened, against or affecting the Purchaser or its property before any Governmental Authority (i) asserting the invalidity or unenforceability of the 20[__]-[_] Exchange Note, the Notes or this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the ability of the Purchaser to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Material Default</u>. The Purchaser is not in material default under any agreement, contract, instrument, or indenture of any nature whatsoever to which it is bound, which default would have a material adverse effect on its ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Consent</u>. No consent, approval, authorization, or order of any Governmental Authority is required under federal or state law for the execution, delivery, and performance by the Purchaser, or compliance by it with this Agreement or the consummation of the transactions contemplated hereby, or if required has been obtained or can be obtained prior to the execution of this Agreement.

Section 3.02. <u>Representations and Warranties of the Seller</u>. The Seller represents and warrants to the Purchaser as of the 20[__]-[_] Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Organization and Good Standing; Qualification</u>. The Seller has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with the power and authority to own or lease its properties and to conduct its activities as such properties are currently owned or leased and such activities are currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Due Qualification</u>. The Seller is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its activities requires such qualification, license or approval, unless the failure to obtain such qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Seller's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Power and Authority; Authorization; Execution and Delivery; Binding Obligation</u>. The Seller has the power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by the Seller and constitutes the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors' rights and by general equitable principles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Violation</u>. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Agreement will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under its limited liability company agreement, any material indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument under which the Seller is a party or by which the Seller is bound, (ii) result in the creation or imposition of any Lien upon any of the Seller's properties pursuant to the terms of any such agreement or instrument (other than Permitted Liens or Liens contemplated by the 20[__]-[_] Basic Documents), (iii) violate the certificate of formation of the Seller or the Limited Liability Company Agreement of the Seller or (iv) violate or contravene any law or, to the Seller's knowledge, any order, rule or regulation applicable to the Seller of any Governmental Authority having jurisdiction over the Seller or its properties, the failure to comply with which would reasonably be expected to have a material adverse effect on the Seller's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Proceedings</u>. There are no proceedings pending, or, to the Seller's knowledge, threatened, and to the Seller's knowledge there are no investigations pending or threatened, against or affecting the Seller or its property before any Governmental Authority (i) asserting the invalidity or unenforceability of the 20[__]-[_] Exchange Note, the Notes or this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the ability of the Seller to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Ownership and Transfer of 20[__]-[_] Exchange Note</u>. Immediately preceding its sale of the 20[__]-[_] Exchange Note to the Purchaser, the Seller was the owner of the 20[__]-[_] Exchange Note, free and clear of any claim, and after such sale of the 20[__]-[_] Exchange Note to the Purchaser, the Purchaser shall be entitled to all of the rights and benefits of a holder of the 20[__]-[_] Exchange Note under the Basic Collateral Agency Agreement and the 20[__]-[_] Exchange Note Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Material Default</u>. The Seller is not in material default under any agreement, contract, instrument, or indenture of any nature whatsoever to which it is bound, which default would have a material adverse effect on its ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Consent</u>. No consent, approval, authorization, or order of any court or governmental agency or body is required under federal or State law for the execution, delivery, and performance by the Seller, or compliance by it with this Agreement or the consummation of the transactions contemplated hereby, or if required has been obtained or can be obtained prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Ability to Perform</u>. The Seller does not have any reason or cause to believe that it cannot perform each and every covenant of such party contained in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Solvency; Fair Value</u>. Both before and after giving effect to the sale, transfer, assignment and conveyance of the Second-Tier Assets pursuant to this Agreement, the Seller is solvent and the transfer of the 20[__]-[_] Exchange Note pursuant hereto is not being made with the intent to hinder, delay or defraud the creditors of the Seller or any affiliate thereof. The Seller is receiving from the Purchaser reasonably equivalent value in exchange for the transfer of 20[__]-[_] Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Perfection Representations</u>. The Seller makes the representations and warranties set forth on Exhibit A.

Section 3.03. <u>Survival of Representations and Warranties</u>. The representations and warranties set forth in this Article shall survive the closing under Section 2.02 and the pledge of the Second-Tier Assets by the Issuer to the Indenture Trustee pursuant to the Indenture. Upon discovery by the Seller, the Purchaser or the Indenture Trustee of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the others.

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ARTICLE FOUR

CONDITIONS

Section 4.01. <u>Conditions to Obligation of the Purchaser</u>. The obligation of the Purchaser to accept the Second-Tier Assets as set forth in Section 2.01 is subject to the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties True</u>. The representations and warranties of the Seller contained in Section 3.02 will be true and correct on the 20[__]-[_] Closing Date, and the Seller will have performed on or prior to the 20[__]-[_] Closing Date all obligations to be performed by the Seller under this Agreement on or prior to the 20[__]-[_] Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Delivery of 20[__]-[_] Exchange Note</u>. The Seller has delivered to the Purchaser the 20[__]-[_] Exchange Note, registered in the name of "Mercedes-Benz Auto Lease Trust 20[__]-[_]" or its assignee or endorsed in blank by an effective endorsement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Documents to be Delivered by the Seller</u>. On the 20[__]-[_] Closing Date, the Seller will deliver such other documents as the Purchaser may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Transactions</u>. The transactions contemplated by the Basic Collateral Agency Agreement, the 20[__]-[_] Exchange Note Supplement, the First-Tier Sale Agreement and the Indenture will be consummated on or prior to the 20[__]-[_] Closing Date.

Section 4.02. <u>Conditions to Obligation of the Seller</u>. The obligation of the Seller to sell the 20[__]-[_] Exchange Note to the Purchaser as set forth in Section 2.01 is subject to each representation and warranty of the Purchaser as set forth in Section 3.01 being true and correct on the 20[__]-[_] Closing Date, and each obligation to be performed by the Purchaser under this Agreement on or prior to the 20[__]-[_] Closing Date having been performed on or prior to the 20[__]-[_] Closing Date.

Section 4.03. <u>Deemed Satisfaction of Conditions</u>. Upon the transfer of the Second-Tier Assets to, and the acceptance of the Second-Tier Assets by the Purchaser, all of the conditions set forth in this Article will be deemed to have been satisfied.

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ARTICLE FIVE

COVENANTS OF THE SELLER

Section 5.01. <u>Protection of Right, Title and Interest to the Second-Tier Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within ten days after the 20[__]-[_] Closing Date, the Seller, as debtor, will record and file, at its own expense, an initial financing statement in each jurisdiction in which such financing statement is required by Applicable Law, naming the Seller, as debtor, and the Purchaser, as secured party, in such manner as is necessary, under the laws of each such jurisdiction, to perfect the sale, transfer, assignment and conveyance of the Second-Tier Assets to the Purchaser (to the extent that such sale, transfer, assignment and conveyance may be perfected by such filing). The Seller will deliver to the Purchaser file-stamped copies of, or filing receipts for, any such document filed promptly upon such document becoming available following such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller will authorize and file such financing statements and cause to be authorized and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Purchaser in the Second-Tier Assets and in the proceeds thereof. The Seller will deliver to the Purchaser file-stamped copies of, or filing receipts for, any such document filed promptly upon such document becoming available following such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller authorizes the Purchaser to file any financing or continuation statements, and amendments to such statements, in all jurisdictions and with all filing offices as the Purchaser may determine, in its sole discretion, are necessary or advisable fully to preserve, maintain and protect the interest of the Purchaser in the Second-Tier Assets and the proceeds thereof. Such financing and continuation statements may describe the Second-Tier Assets in any manner as the Purchaser may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the Purchaser's interest in the Second-Tier Assets. The Purchaser will deliver to the Seller file-stamped copies of, or filing receipts for, any such document filed promptly upon such document becoming available following such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller agrees to do and perform any and all acts and to execute any and all further instruments required or reasonably requested by the Purchaser or by the Owner Trustee or the Indenture Trustee to more fully effect the purposes of this Agreement, including the execution of any financing statements or continuation statements relating to the Second-Tier Assets for filing under the UCC of any applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller will give the Purchaser at least 30 days' prior notice of any change in its jurisdiction of organization and will promptly file (and hereby authorizes the Purchaser and any assignee of the Purchaser hereunder to file) all amendments of any previously filed financing or continuation statement and any new financing statements as may be necessary to continue the perfection of the Purchaser's interest in the Second-Tier Assets. The Seller will cause the Servicer to maintain its jurisdiction of organization (for purpose of Section 9-307 of the UCC) in only one state within the United States.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller will not change its name, form of organization or corporate structure in any manner that would or could make any financing statement or continuation statement filed by the Seller in accordance with Section 5.01(a) seriously misleading within the meaning of Section 9-506 of the UCC, unless it has given the Purchaser at least 30 days' prior notice thereof and promptly files appropriate amendments to all previously filed financing statements or continuation statements.

Section 5.02. <u>Other Liens or Interests</u>. Except for the sales, transfers, assignments and conveyances under this Agreement, the Seller will not sell, contribute, pledge, assign, transfer or allow to be issued any Second-Tier Asset to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any interest therein, and the Seller will defend the right, title, and interest of the Purchaser in, to and under the Second-Tier Assets against all claims of third parties claiming through or under the Seller. However, the Seller's obligations under this Section with respect to the 20[__]-[_] Exchange Note will terminate upon the payment in full of the 20[__]-[_] Exchange Note pursuant to the Basic Collateral Agency Agreement and the 20[__]-[_] Exchange Note Supplement.

Section 5.03. <u>Indemnification</u>. The Seller will be liable under this Agreement only to the extent of the obligations specifically undertaken by the Seller under this Agreement, and agrees to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller will indemnify, defend and hold harmless the Purchaser, and its officers, directors, employees and agents, from and against any and all costs, expenses, losses, damages, claims and liabilities arising out of, or imposed upon the Purchaser through, the willful misconduct, negligence or bad faith of the Seller in the performance of its duties under this Agreement or by reason of reckless disregard of the Seller's obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly upon receipt by the Purchaser, or any of its officers, directors, employees and agents, of notice of the commencement of any suit, action, claim, proceeding or governmental investigation against it, the Purchaser will, if a claim in respect of such suit, action, claim, proceeding or investigation is to be made against the Seller under this Section, notify the Seller of the commencement of such suit, action, claim, proceeding or investigation. The Seller may participate in and assume the defense and settlement of any such suit, action, claim, proceeding or investigation at its expense, and no settlement of such suit, action, claim, proceeding or investigation may be made without the approval of the Seller and the Purchaser, which approvals will not be unreasonably withheld or delayed. The Seller's obligations under this Section will include reasonable fees and expenses of counsel and expenses of litigation. After notice from the Seller to the Purchaser of the Seller's intention to assume the defense of such suit, action, claim, proceeding or investigation with counsel reasonably satisfactory to the Purchaser, and so long as the Seller so assumes the defense of such suit, action, claim, proceeding or investigation in a manner reasonably satisfactory to the Purchaser, the Seller will not be liable for any expenses of counsel to the Purchaser unless there is a conflict between the interests of the Seller and the Purchaser, in which case the Seller will pay for the separate counsel to the Purchaser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Seller makes any indemnity payments pursuant to this Section and the Purchaser thereafter collects any of such amounts from others, the Purchaser will promptly repay such amounts to the Seller, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The indemnity obligations set forth in Section 5.03(a) will be in addition to any obligation that the Seller may otherwise have and will survive the termination of this Agreement.

Section 5.04. <u>Reserve Initial Deposit</u>. On the 20[__]-[_] Closing Date, the Seller will deposit, or cause to be deposited, the Reserve Initial Deposit into the 20[__]-[_] Reserve Account from the net proceeds of the sale of the Notes.

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ARTICLE SIX

MISCELLANEOUS PROVISIONS

Section 6.01. <u>Obligations of the Seller</u>. The obligations of the Seller under this Agreement will not be affected by reason of any invalidity, illegality or irregularity of the 20[__]-[_] Exchange Note or any 20[__]-[_] Lease or 20[__]-[_] Vehicle allocated to the 20[__]-[_] Reference Pool.

Section 6.02. <u>Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be amended, supplemented or otherwise modified from time to time by a writing executed by the parties hereto, without the consent of any Securityholder, to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or to add, change or eliminate any other provision with respect to matters or questions arising under this Agreement that are not inconsistent with the provisions of this Agreement; provided, that, (i) the Seller shall have delivered to the Indenture Trustee an Opinion of Counsel or an Officer's Certificate of the Issuer to the effect that such action will not materially adversely affect the interests of any Noteholders or (ii) the Rating Agency Condition shall have been satisfied with respect to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each amendment, supplement or other modification of this Agreement other than those provided for in Section 6.02(a) requires the consent of the Majority Noteholders (or if the Notes are no longer Outstanding, Holders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interests); provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the 20[__]-[_] Leases and 20[__]-[_] Vehicles or distributions that are required to be made for the benefit of the Securityholders, change the Interest Rate applicable to any Class of Notes or the Required Reserve Amount, without the consent of all holders of Notes then Outstanding or (ii) reduce the percentage of the Note Balance of the Outstanding Notes the consent of the Holders of which is required for any amendment to this Agreement without the consent of the Holders of all Outstanding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly after the execution of any such amendment, the Seller shall furnish written notification of the substance of such amendment to the Owner Trustee, the Indenture Trustee and the Rating Agencies.

Section 6.03. <u>Waivers</u>. No failure or delay on the part of the Seller, the Purchaser or the Indenture Trustee in exercising any power, right or remedy under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy.

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Section 6.04. <u>Costs and Expenses</u>. The Seller will pay all expenses incidental to the performance of its obligations under this Agreement and the Seller agrees to pay all reasonable out-of-pocket costs and expenses of the Purchaser in connection with the perfection as against third parties of the Purchaser's right, title and interest in and to the Second-Tier Assets and the other property and rights sold hereunder and the enforcement of any obligation of the Seller hereunder.

Section 6.05. <u>Notices</u>. Unless otherwise specified in this Agreement, all notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement will be in writing, including e-mail. Unless otherwise specified in this Agreement, any such notice, request, demand, consent or other communication will be delivered or addressed as set forth below or at such other address or facsimile number as any party may designate by notice to the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of the Seller:

Mercedes-Benz Trust Leasing LLC

35555 West Twelve Mile Road, Suite 100

Farmington Hills, Michigan 48331

Attention: Steven C. Poling

E-mail: steven.c.poling@_________.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the case of the Purchaser:

Mercedes-Benz Auto Lease Trust 20[__]-[_]

c/o [_____________________]

[____________________]

[_____________________]

Attention: [_____________________]

E-mail: [_____________________]

Facsimile: [_____________________]

Section 6.06. <u>Severability</u>. If any one or more of the covenants, agreements, provisions or terms of this Agreement is held invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms will be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement and will in no way affect the validity, legality or enforceability of the other covenants, agreements, provisions and terms of this Agreement or of the Second-Tier Assets or the rights of the holders thereof.

Section 6.07. <u>Counterparts; Electronic Signatures</u>. This Agreement may be executed in any number of counterparts, each of which will be an original, and all of which will together constitute one and the same instrument. Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act.

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Section 6.08. <u>Successors and Assigns</u>. All covenants and agreements contained herein will be binding upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns, all as provided in this Agreement. Any request, notice, direction, consent, waiver or other instrument or action by a party to this Agreement will bind the successors and assigns of such party. Except as otherwise provided in this Agreement, no other Person will have any right or obligation under this Agreement.

Section 6.09. <u>No Petition</u>. Each of the Seller and the Purchaser covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all Exchange Notes, Notes and other Securities it will not institute against, or join any Person in instituting against, the Initial Beneficiary, the Titling Trust, the Transferor, the Issuer or the 20[__]-[_] Exchange Noteholder any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations relating to the 20[__]-[_] Exchange Note, any Notes or any 20[__]-[_] Basic Document and agrees that it will not cooperate with or encourage others to institute any such Proceeding.

Section 6.10. <u>**Table of Contents** and Headings</u>. The table of contents and the various headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of any provision of this Agreement.

Section 6.11. **<u>GOVERNING LAW; SUBMISSION TO JURISDICTION</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each party to this Agreement submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated by the 20[__]-[_] Basic Documents. Each party to this Agreement irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

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Section 6.12. **<u>WAIVER OF JURY TRIAL</u>**. **EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER 20[__]-[_] BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY SUCH OTHER 20[__]-[_] BASIC DOCUMENT.**

Section 6.13. <u>Limited Recourse</u>. The Seller and the Purchaser agree that any claim that the Seller or the Purchaser may seek to enforce against each other is limited to the Second-Tier Assets only and does not represent a claim against the assets of the Seller or the Purchaser as a whole or any assets other than the Second-Tier Assets.

Section 6.14. <u>Subordination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller and the Purchaser agree that any claim that the Seller or the Purchaser may seek to enforce at any time against any assets of the Seller or the Purchaser other than the Second-Tier Assets will be subordinate to the payment in full of all other claims with respect to such other assets. However, this Section will not limit, subordinate or otherwise modify any claims against the Seller or the Purchaser with respect to any right to indemnification, commitment to repurchase or other obligation of the Seller or the Purchaser relating to (i) any of the assets related to the Second-Tier Assets, (ii) any related credit enhancement, (iii) any transactions entered into in connection with the 20[__]-[_] Exchange Note (or the beneficial interest therein), (iv) any administrative services performed in connection with the 20[__]-[_] Exchange Note, (v) any related servicing obligation or (vi) any obligation to any Person acting as trustee, registrar or administrator (including as certificate registrar, owner trustee or indenture trustee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seller agrees that any claim that the Seller may seek to enforce against the Purchaser or any of its assets will be subordinate to the payment in full of the principal of and interest on the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties to this Agreement intend that this Section constitutes an enforceable subordination agreement under Section 510(a) of the Bankruptcy Code.

Section 6.15. <u>Issuer Obligation</u>. It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by the Owner Trustee, not individually or personally but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on the Owner Trustee, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) the Owner Trustee has not verified and has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement and (v) under no circumstances shall the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

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Section 6.16. <u>Each Exchange Note Separate; Assignees of Exchange Note</u>. Each party hereto acknowledges and agrees (and each holder or pledgee of the 20[__]-[_] Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (i) the Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (a) the 20[__]-[_] Exchange Note or the related 20[__]-[_] Reference Pool shall be enforceable against such 20[__]-[_] Reference Pool only and not against any other Reference Pool or the Revolving Facility Pool and (b) any other Exchange Note, any other Reference Pool, or the Revolving Facility Pool shall be enforceable against such other Exchange Note, other Reference Pools, or the Revolving Facility Pool only, as applicable, and not against the 20[__]-[_] Exchange Note or any 20[__]-[_] Lease or 20[__]-[_] Vehicle included in the 20[__]-[_] Reference Pool, (iii) except to the extent required by law, the leases and the related leased vehicles included in the Revolving Facility Pool or leases and the related leased vehicles included in any other Reference Pool with respect to any other Exchange Note (other than the 20[__]-[_] Exchange Note transferred hereunder which is related to the 20[__]-[_] Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the 20[__]-[_] Exchange Note in respect of such claim, (iv) no creditor or holder of a claim relating to (a) the 20[__]-[_] Exchange Note or the related 20[__]-[_] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any other Reference Pool, the Revolving Facility Pool or any other Exchange Note or the assets allocated thereto (except to the extent of amounts available to such Persons on a fully subordinated basis) and (b) any other Reference Pool, the Revolving Facility Pool or any other Exchange Note other than the 20[__]-[_] Exchange Note related to the 20[__]-[_] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 20[__]-[_] Reference Pool and (v) any purchaser, assignee or pledgee of an interest in the 20[__]-[_] Reference Pool or, the 20[__]-[_] Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (a) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust Agreement and (b) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Revolving Facility Pool and each other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Revolving Facility Pool and each other Reference Pool.

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IN WITNESS WHEREOF, the parties hereto have caused this Second-Tier Agreement to be duly executed by their respective officers duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| MERCEDES-BENZ TRUST LEASING LLC, | MERCEDES-BENZ TRUST LEASING LLC, |
| as Seller | as Seller |
| By: |  |
|  | Name: |
|  | Title: |

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By: [●], not in its individual capacity but solely as Owner Trustee

By: 

 Name:

 Title:

*20[__]-[_] Second-Tier Sale Agreement*

** 

<br> ------

EXHIBIT A

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

In addition to the representations, warranties and covenants contained in the Second-Tier Sale Agreement, dated as of [_______ _], 20[__] (the "Second-Tier Sale Agreement"), between Mercedes-Benz Trust Leasing LLC, as seller (the "Seller"), and Mercedes-Benz Auto Lease Trust 20[__]-[_], as purchaser (the "Purchaser"), the Seller hereby further represents, warrants and covenants to the Purchaser as follows on the 20[__]-[_] Closing Date:

1. The Second-Tier Sale Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the 20[__]-[_] Exchange Note in favor of the Purchaser, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Seller.

<br> 2. The 20[__]-[_] Exchange Note constitutes a "general intangible", "instrument," "certificated security", or "tangible chattel paper" (or, if such term is not separately defined in the applicable UCC, "chattel paper"), within the meaning of the applicable UCC.

3. The Seller owns and has good and marketable title to the 20[__]-[_] Exchange Note free and clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a Lien is not imminent and the use and value of the property to which the Lien attaches is not impaired during the pendency of such proceeding.

4. The Seller has received all consents and approvals to the sale of the 20[__]-[_] Exchange Note under the Second-Tier Sale Agreement to the Purchaser required by the terms of the 20[__]-[_] Exchange Note to the extent that it constitutes an instrument or a payment intangible.

5. The Seller has received all consents and approvals required by the terms of the 20[__]-[_] Exchange Note, to the extent that it constitutes a securities entitlement, certificated security or uncertificated security, to the transfer to the Purchaser of its interest and rights in the 20[__]-[_] Exchange Note under the Second-Tier Sale Agreement.

6. The Seller has caused or will have caused, within ten days after the 20[__]-[_] Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the 20[__]-[_] Exchange Note from the Seller to the Purchaser and the security interest in the 20[__]-[_] Exchange Note granted under the Second-Tier Sale Agreement.

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<br> 7. To the extent that the 20[__]-[_] Exchange Note constitutes an instrument or tangible chattel paper, all original executed copies of each such instrument or tangible chattel paper have been delivered to the Purchaser.

8. Other than the transfer of the 20[__]-[_] Exchange Note from Mercedes-Benz Financial Services USA LLC to the Seller under the First-Tier Sale Agreement and from the Seller to the Purchaser under the Second-Tier Sale Agreement and the security interest granted to the Indenture Trustee pursuant to the Indenture, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the 20[__]-[_] Exchange Note.

9. The Seller has not authorized the filing of, nor is aware of, any financing statements against the Seller that include a description of collateral covering the 20[__]-[_] Exchange Note other than any financing statement relating to any security interest granted pursuant to the 20[__]-[_] Basic Documents or that has been terminated.

<br> 10. No instrument or tangible chattel paper that constitutes or evidences the 20[__]-[_] Exchange Note has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Second-Tier Sale Agreement.

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## Exhibit 10.4

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#### EXHIBIT 10.4
MERCEDES-BENZ FINANCIAL SERVICES USA LLC,

as Servicer and as Lender,

MERCEDES-BENZ VEHICLE TRUST,

as Titling Trust,

and

COLLATERAL TITLE CO.,

as Collateral Agent

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20[__]-[_] SERVICING SUPPLEMENT

Dated as of [_______ _], 20[__]

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| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
|  | <u>Page</u> |
| ARTICLE ONE | ARTICLE ONE |
| USAGE AND DEFINITIONS | USAGE AND DEFINITIONS |
| Section 1.01. Capitalized Terms; Rules of Usage. | 2 |
| ARTICLE TWO | ARTICLE TWO |
| DESIGNATION | DESIGNATION |
| Section 2.01. Designation | 3 |
| ARTICLE THREE | ARTICLE THREE |
| THE SERVICER | THE SERVICER |
| Section 3.01. Appointment of Servicer. | 4 |
| Section 3.02. Servicer Representations and Warranties. | 4 |
| Section 3.03. 20[__]-[_] Lease and 20[__]-[_] Vehicle Representations and Warranties | 5 |
| Section 3.04. Liability of the Servicer; Indemnities. | 5 |
| Section 3.05. Purchase Upon Breach. | 6 |
| Section 3.06. Collection of Payments | 7 |
| Section 3.07. Servicer May Own 20[__]-[_] Exchange Note and 20[__]-[_] ABS Notes | 7 |
| Section 3.08. Fees and Expenses. | 7 |
| Section 3.09. Termination | 8 |
| Section 3.10. Asset Representations Review | 8 |
| Section 3.11. Dispute Resolution | 9 |
| ARTICLE FOUR | ARTICLE FOUR |
| ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS | ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS |
| Section 4.01. 20[__]-[_] Bank Accounts. | 13 |
| Section 4.02. Remittances. | 14 |
| ARTICLE FIVE | ARTICLE FIVE |
| TERMINATION | TERMINATION |
| Section 5.01. Optional Termination. | 15 |

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i

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| | |
|:---|:---|
|  | <u>Page</u> |
| ARTICLE SIX | ARTICLE SIX |
| REPORTS AND NOTICES | REPORTS AND NOTICES |
| Section 6.01. Monthly Reports. | 16 |
| Section 6.02. Notices and Certificates Under the Basic Servicing Agreement | 16 |
| Section 6.03. Annual Officer's Certificate. | 16 |
| Section 6.04. Annual Independent Public Accountants' Attestation. | 17 |
| Section 6.05. Statements to Securityholders | 17 |
| ARTICLE SEVEN | ARTICLE SEVEN |
| SERVICER EVENTS OF DEFAULT | SERVICER EVENTS OF DEFAULT |
| Section 7.01. Servicer Events of Default. | 18 |
| ARTICLE EIGHT | ARTICLE EIGHT |
| MISCELLANEOUS | MISCELLANEOUS |
| Section 8.01. Amendments. | 21 |
| Section 8.02. Successors and Assigns | 21 |
| Section 8.03. Third-Party Beneficiaries | 22 |
| Section 8.04. No Petition | 22 |
| Section 8.05. **GOVERNING LAW; SUBMISSION TO JURISDICTION.** | 22 |
| Section 8.06. **WAIVER OF JURY TRIAL** | 22 |
| Section 8.07. Severability | 22 |
| Section 8.08. Counterparts; Electronic Signature | 23 |
| Section 8.09. **Table of Contents** and Headings | 23 |
| Section 8.10. Conflict with Basic Servicing Agreement | 23 |
| Section 8.11. No Recourse | 23 |
| Section 8.12. Each Exchange Note Separate; Assignees of Exchange Note | 24 |

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| | |
|:---|:---|
| EXHIBITS | EXHIBITS |
| Exhibit A – 20[__]-[_] Reference Pool Asset Schedule | A-1 |
| Exhibit B – 20[__]-[_] Lease and 20[__]-[_] Vehicle Representations and Warranties | B-1 |
| Exhibit C – Form of Monthly Investor Report | C-1 |
| Exhibit D – Form of Performance Certification | D-1 |
| Exhibit E – Servicing Criteria to be Addressed in Assessment Of Compliance | E-1 |
| Appendix 1 – Usage and Definitions | A1-1 |

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ii

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This 20[__]-[_] SERVICING SUPPLEMENT, dated as of [_______ _], 20[__] (as amended, restated, supplemented or otherwise modified from time to time, this "20[__]-[_] Servicing Supplement"), is among MERCEDES-BENZ FINANCIAL SERVICES USA LLC, a Delaware limited liability company ("MBFS USA"), as servicer with respect to the 20[__]-[_] Reference Pool referred to herein (in such capacity, the "Servicer") and as lender under the Collateral Agency Agreement referred to herein (in such capacity, the "Lender"), MERCEDES-BENZ VEHICLE TRUST, a Delaware statutory trust (the "Titling Trust"), and COLLATERAL TITLE CO., a Delaware corporation, as collateral agent (the "Collateral Agent").

RECITALS

WHEREAS, pursuant to a Trust Agreement, dated as of March 15, 2022, between BNY Mellon Trust of Delaware ("BNYM"), as trustee (in such capacity, the "Titling Trustee"), and Mercedes-Benz Trust Holdings LLC, a Delaware limited liability company, as initial beneficiary (the "Initial Beneficiary"), as amended and restated by the Amended and Restated Trust Agreement, dated as of January 31, 2023 (as so amended and restated, the "Titling Trust Agreement") among MBFS USA, as titling trust administrator, the Initial Beneficiary and the Titling Trustee, the Titling Trust was created to hold title to leases, vehicles and certain related assets (the "Titling Trust Assets");

WHEREAS, the Lender, the Servicer, the Titling Trust and the Collateral Agent are parties to a Second Amended and Restated Servicing Agreement, dated as of May 1, 2023 (the "Basic Servicing Agreement"), which provides, for, among other things, the servicing of the Titling Trust Assets by the Servicer;

WHEREAS, the Lender, the Servicer, the Titling Trust, the Collateral Agent and U.S. Bank Trust National Association have entered into a Second Amended and Restated Collateral Agency Agreement, dated as of May 1, 2023 (the "Basic Collateral Agency Agreement"), pursuant to which MBFS USA will make advances to the Titling Trust from time to time to acquire Titling Trust Assets;

WHEREAS, pursuant to the Basic Collateral Agency Agreement and an Exchange Note Supplement, dated as of [_______ _], 20[__] (the "20[__]-[_] Exchange Note Supplement"), among the parties to the Basic Collateral Agency Agreement and [____________], as Indenture Trustee, the Lender will assign its interest in a portion of its outstanding advances to be evidenced by an exchange note (the "20[__]-[_] Exchange Note"), payments in respect of which shall be made from collections in respect of a pool of specified Titling Trust Assets (the "20[__]-[_] Reference Pool");

WHEREAS, the Lender, on the date hereof, has sold the 20[__]-[_] Exchange Note to Mercedes-Benz Trust Leasing LLC (the "Transferor") pursuant to a First-Tier Sale Agreement, dated as of [_______ _], 20[__] (the "First-Tier Sale Agreement");

WHEREAS, Mercedes-Benz Trust Leasing LLC, on the date hereof, has sold the 20[__]-[_] Exchange Note to Mercedes-Benz Auto Lease Trust 20[__]-[_] pursuant to a Second-Tier Sale Agreement, dated as of [_______ _], 20[__] (the "Second-Tier Sale Agreement");

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WHEREAS, in connection with the issuance of the 20[__]-[_] Exchange Note, the parties to the Basic Servicing Agreement will enter into a supplement to the Basic Servicing Agreement to forth the specific rights and duties of the Servicer and the other agreements and undertakings with respect to the administration and servicing of the 20[__]-[_] Reference Pool; and

WHEREAS, the parties hereto wish to enter into this 20[__]-[_] Servicing Supplement to set forth the additional duties required of the Servicer with respect to the 20[__]-[_] Reference Pool and the 20[__]-[_] Exchange Note.

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE ONE

USAGE AND DEFINITIONS

Section 1.01. <u>Capitalized Terms; Rules of Usage</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized terms used in this 20[__]-[_] Servicing Supplement that are not otherwise defined shall have the meanings ascribed thereto in Appendix 1 hereto or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement, which Appendices are hereby incorporated into and made a part of this Agreement. Appendix 1 also contains rules as to usage applicable to this 20[__]-[_] Servicing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise indicated by the context, all references herein to (i) "Leases" shall be to Collateral Leases and (ii) "Vehicles" shall be to Collateral Vehicles.

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ARTICLE TWO <br>

DESIGNATION

Section 2.01. <u>Designation</u>. The parties designate the Collateral Assets listed on Exhibit A to be known as the "20[__]-[_] Reference Pool" and each Lease and Vehicle included therein to be known as a "20[__]-[_] Lease" and a "20[__]-[_] Vehicle," respectively.

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ARTICLE THREE

THE SERVICER

Section 3.01. <u>Appointment of Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each party acknowledges and agrees that MBFS USA, as Servicer under the Basic Servicing Agreement, will also act as Servicer under this 20[__]-[_] Servicing Supplement with respect to the 20[__]-[_] Reference Pool and the 20[__]-[_] Exchange Note and MBFS USA will also act as agent and custodian of the Titling Trust in the management and control of the 20[__]-[_] Leases and 20[__]-[_] Vehicles included in the 20[__]-[_] Reference Pool and for all other purposes set forth in the 20[__]-[_] Servicing Agreement, in each case, for the benefit of each holder and pledgee of the 20[__]-[_] Exchange Note. MBFS USA hereby accepts such appointments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Servicer may delegate its duties and obligations as Servicer in accordance with Section 3.05 of the Basic Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Servicer shall account for the 20[__]-[_] Leases and 20[__]-[_] Vehicles allocated to the 20[__]-[_] Reference Pool separately from any other Reference Pool and the Revolving Facility Pool. The 20[__]-[_] Leases, the Certificates of Title relating to the 20[__]-[_] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[_] Leases and 20[__]-[_] Vehicles will not be physically segregated from other Leases, Certificates of Title, insurance policies and insurance records or other documents related to other Leases and Vehicles owned or serviced by the Servicer, including Leases and Vehicles which are not part of the 20[__]-[_] Reference Pool. The accounting records and computer systems of MBFS USA will reflect the allocation of the 20[__]-[_] Leases and 20[__]-[_] Vehicles to the 20[__]-[_] Reference Pool. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 20[__]-[_] Leases, the Certificates of Title relating to the 20[__]-[_] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[_] Leases and 20[__]-[_] Vehicles; provided, however, that the Servicer shall remain solely responsible for their safekeeping.

Section 3.02. <u>Servicer Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Servicer has made the representations and warranties set forth in Section 3.02 of the Basic Servicing Agreement on which the Lender, the Titling Trust and the Collateral Agent have relied, and the 20[__]-[_] Exchange Noteholder, in acquiring the 20[__]-[_] Exchange Note, will rely. Such representations and warranties are remade as of the 20[__]-[_] Exchange Note Issuance Date and will survive the sale, transfer, assignment and conveyance of the 20[__]-[_] Exchange Note to the 20[__]-[_] Exchange Noteholder, the Transferor and the Issuer and the pledge of the 20[__]-[_] Exchange Note to the Indenture Trustee pursuant to the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the 20[__]-[_] Exchange Note Issuance Date, the Servicer is not in material default under any agreement, contract, instrument or indenture of any nature whatsoever to which it is bound, which default would have a material adverse effect on the ability of the Servicer to perform its obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the 20[__]-[_] Exchange Note Issuance Date, no consent, approval, authorization or order of any Governmental Authority is required under federal or State law for the execution, delivery and performance by the Servicer of, or compliance by it with, this Agreement or the consummation of the transactions contemplated hereby, or if required has been obtained or can be obtained prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the knowledge of the Servicer, no selection procedures believed to be adverse to the 20[__]-[_] Exchange Noteholder have been utilized in selecting the 20[__]-[_] Leases and 20[__]-[_] Vehicles included in the 20[__]-[_] Reference Pool from other Leases and Vehicles that meet the criteria specified in Exhibit B hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the knowledge of the Servicer, all material consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority required to be obtained, effected or given by Titling Trust in connection with (i) the execution, delivery and performance by the Titling Trust of each 20[__]-[_] Lease and (ii) the acquisition by the Titling Trust of such 20[__]-[_] Lease and the related 20[__]-[_] Vehicle, were duly obtained, effected or given and were in full force and effect as of such date of creation or acquisition and remained in full force and effect as of the 20[__]-[_] Closing Date.

Section 3.03. <u>20[__]-[_] Lease and 20[__]-[_] Vehicle Representations and Warranties</u>. The Servicer makes the representations and warranties set forth in Exhibit B with respect to the 20[__]-[_] Leases and the 20[__]-[_] Vehicles, on which the 20[__]-[_] Exchange Noteholder, the Transferor and the Issuer (on behalf of the Noteholders) are relying in acquiring the 20[__]-[_] Exchange Note. Such representations and warranties are effective as of the 20[__]-[_] Cutoff Date (unless otherwise specified) and will survive the sale, transfer, assignment and conveyance of the 20[__]-[_] Exchange Note to the 20[__]-[_] Exchange Noteholder, the Transferor and the Issuer and the pledge of the 20[__]-[_] Exchange Note to the Indenture Trustee pursuant to the Indenture.

Section 3.04. <u>Liability of the Servicer; Indemnities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Servicer will indemnify, defend and hold harmless the Covered Parties and the Holder of the [Mercedes-Benz] Retail Specified Interest Certificate (each, with respect to this subsection, an "Indemnified Person") in accordance with Section 3.03(b) of the Basic Servicing Agreement, as well as from and against any and all costs, expenses, losses, damages, claims and liabilities arising out of the Servicer's willful misconduct, negligence or bad faith or resulting from the use, ownership or operation by the Servicer or any of its Affiliates of a 20[__]-[_] Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Servicer will indemnify, defend and hold harmless the Titling Trust, the Collateral Agent, the Securities Intermediary, the Administrative Agent, the Trustees and their respective officers, directors, employees and agents (each, with respect to this subsection, an "Indemnified Person") from and against any and all costs, expenses, losses, damages, claims and liabilities arising out of, or incurred in connection with, the acceptance of or performance by the Servicer of the trusts and duties contained in this 20[__]-[_] Servicing Supplement, except to the extent that any such cost, expense, loss, damage, claim or liability (i) is due to the willful misconduct, negligence or bad faith of the Indemnified Person or (ii) in the case of either Trustee, arises from such Trustee's breach of any of its representations or warranties set forth in the Trust Agreement or the Indenture, as the case may be (including any and all costs, expenses, losses, damages, claims and liabilities arising in connection with any legal action by the Indenture Trustee or the Securities Intermediary to enforce remedies against the Servicer, including its indemnification obligations, under this Agreement).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the Indemnified Parties included in the Basic Servicing Agreement, the Servicer will treat the Issuer and each Trustee as "Indemnified Persons" pursuant to Sections 3.03(d), (e), (f) and (g) of the Basic Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provisions of this Section 3.04 shall survive the termination of this 20[__]-[_] Servicing Supplement.

Section 3.05. <u>Purchase Upon Breach</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Deposit of Repurchase Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an Authorized Officer of the Servicer has actual knowledge, or receives notice from the 20[__]-[_] Exchange Noteholder, a Noteholder, a Note Owner or the Indenture Trustee of a breach of (A) a representation or warranty set forth in Section 3.03, (B) the agreements set forth in Section 3.06 or (C) the covenants set forth in Sections 4.02(a) or 6.08 of the Basic Servicing Agreement and such breach materially and adversely affects the interest of the Issuer in the related 20[__]-[_] Lease or 20[__]-[_] Vehicle and such breach has not been cured in all material respects on or before the last day of the Collection Period which includes the 30th day after the date on which the Servicer obtained actual knowledge of, or received written notice of, such breach, the Servicer shall deposit into the 20[__]-[_] Exchange Note Collection Account an amount equal to the related Repurchase Payment with respect to such 20[__]-[_] Lease and related 20[__]-[_] Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Servicer shall deposit into the 20[__]-[_] Exchange Note Collection Account an amount equal to the related Repurchase Payment if the Servicer determines, in its sole discretion, that, as a result of a computer systems error or computer systems limitation or for any other reason, the Servicer is unable to service a 20[__]-[_] Lease and 20[__]-[_] Vehicle in accordance with the terms of the 20[__]-[_] Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; So long as MBFS USA remains the Servicer, the Servicer will deposit into the 20[__]-[_] Exchange Note Collection Account an amount equal to the Repurchase Payment with respect to any 20[__]-[_] Lease if the Servicer is notified that the garaging location of the related 20[__]-[_] Vehicle has changed and, as a result of such change, such 20[__]-[_] Vehicle is no longer garaged in an Eligible State and such state does not become an Eligible State within 90 days of the Servicer becoming aware of such change.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; The Servicer will deposit the Repurchase Payment with respect to any 20[__]-[_] Lease and related 20[__]-[_] Vehicle that the Servicer is removing from the 20[__]-[_] Reference Pool in accordance with Section 3.05(a) into the 20[__]-[_] Exchange Note Collection Account on the Deposit Date immediately following the last day of the Collection Period which includes the 30th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach or failure; provided that, for the avoidance of doubt, with respect to 3.05(a)(iii), the Servicer will be deemed to have become aware of or have received written notice of such breach or failure at the end of the 90 day period set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Purchase Constitutes Sole Remedy for Breach</u>. The sole remedy of the Collateral Agent, the 20[__]-[_] Exchange Noteholder, the Indenture Trustee and the Holders of the 20[__]-[_] ABS Notes with respect to (i) a breach of the representations and warranties contained in Section 3.03 or (ii) any of the events described in Section 3.05(a)(i)(B), (a)(ii) or (a)(iii) is to cause the related Repurchase Payment to be paid as provided in Section 3.05(a)(iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reallocation of Purchased 20[__]-[_] Leases and 20[__]-[_] Vehicles</u>. Upon the deposit of the Repurchase Payment for any 20[__]-[_] Lease and 20[__]-[_] Vehicle pursuant to Section 3.05(a), such 20[__]-[_] Lease and 20[__]-[_] Vehicle will be reallocated to the Revolving Facility Pool at the direction of the Servicer and will no longer be included in the 20[__]-[_] Reference Pool.

Section 3.06. <u>Collection of Payments</u>. The Servicer may grant extensions, waivers, rebates, modifications or adjustments with respect to any 20[__]-[_] Lease, except that if, after the 20[__]-[_] Cutoff Date, the Servicer grants an extension with respect to any 20[__]-[_] Lease which extends its related Maturity Date to a date later than the Payment Date occurring six months prior to the Final Scheduled Payment Date of the Class [__] Notes, the Servicer shall deposit into the 20[__]-[_] Exchange Note Collection Account an amount equal to the related Repurchase Payment and will reallocate such 20[__]-[_] Lease and the related 20[__]-[_] Vehicle to the Revolving Facility Pool in accordance with Section 3.05 except, in either case, to the extent that any such extension is required by Applicable Law.

Section 3.07. <u>Servicer May Own 20[__]-[_] Exchange Note and 20[__]-[_] ABS Notes</u>. The Servicer, and any Affiliate of the Servicer, may, in its individual or any other capacity, become the owner or pledgee of the 20[__]-[_] Exchange Note and/or the 20[__]-[_] ABS Notes with the same rights as it would have if it were not the Servicer or an Affiliate thereof, except as otherwise provided in the 20[__]-[_] Servicing Agreement, the Collateral Agency Agreement and the Indenture. Except as otherwise set forth in the 20[__]-[_] Basic Documents, 20[__]-[_] ABS Notes so owned by or pledged to the Servicer or such Affiliate will have an equal and proportionate benefit under the Basic Servicing Agreement and this 20[__]-[_] Servicing Supplement.

Section 3.08. <u>Fees and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>20[__]-[_] Reference Pool Servicing Fee</u>. The 20[__]-[_] Reference Pool Servicing Fee will be payable solely from, and the right of the Servicer to receive the 20[__]-[_] Reference Pool Servicing Fee will be limited in recourse to, the 20[__]-[_] Available Funds and other amounts applied to the payment of such fee pursuant to the 20[__]-[_] Exchange Note Supplement or the Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investment Earnings</u>. Notwithstanding the provisions of Section 5.03(b) of the Basic Servicing Agreement, investment earnings on funds on deposit in the 20[__]-[_] Bank Accounts shall constitute 20[__]-[_] Available Collections and, on or before each Payment Date, the Indenture Trustee shall deposit such investment earnings, net of any applicable investment losses and expenses, into the 20[__]-[_] Exchange Note Collection Account.

Section 3.09. <u>Termination</u>(a). This 20[__]-[_] Servicing Supplement will be terminated in the event that the Basic Servicing Agreement is terminated in accordance therewith and may also be terminated at the option of the Servicer or the Titling Trust at any time following the payment in full of the 20[__]-[_] Exchange Note; provided, that the rights and obligations of the parties under Section 3.04 will survive any such termination.

Section 3.10. <u>Asset Representations Review</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a Delinquency Trigger has occurred with respect to any Collection Period, the Servicer will promptly notify the Indenture Trustee thereof and include in the Monthly Investor Report related to such Collection Period a notice of occurrence of the Delinquency Trigger and of the rights of the Noteholders and Note Owners pursuant to Section 7.02 of the Indenture regarding Review by the Asset Representations Reviewer. The Indenture Trustee shall not be deemed to have knowledge that any Reallocation Request remained unresolved for 180 days unless a Responsible Officer of the Indenture Trustee has actual knowledge that such Reallocation Request in fact remained unresolved for 180 days or has received written notice evidencing that such Reallocation Request in fact remained unresolved for 180 days. The Indenture Trustee shall be under no obligation under the Indenture or otherwise to monitor reallocation activity or to independently determine which Reallocation Requests remain unresolved after 180 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon receipt of notice from the Indenture Trustee pursuant to Section 7.02(a) of the Indenture regarding the demand by the Noteholders or the Note Owners to initiate a vote on whether a Review shall be conducted by the Asset Representations Reviewer, the Servicer will include in the Monthly Investor Report to be filed with the Form 10-D report for the Collection Period in which such demand was received (i) a statement that Holders of a sufficient percentage of the aggregate Note Balance of the Notes are requesting a full Noteholder vote on whether to direct the Asset Representations Reviewer to conduct a Review and (ii) a description of the applicable voting procedures, including the applicable voting deadline, which shall be no earlier than 150 days after the date of the filing of such Form 10-D report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon receipt of the Review Notice from the Indenture Trustee pursuant to Section 7.02 of the Indenture, the Servicer shall (i) identify as "Review Assets" within the meaning of the Asset Representations Review Agreement all 20[__]-[_] Leases as to which the related Lessee was more than 60 days Delinquent as of the last day of the Collection Period preceding the Collection Period in which the vote of the Noteholders and Note Owners directing the Review took place, (ii) provide to the Asset Representations Reviewer a list of such Review Assets in accordance with Section 3.01 of the Asset Representations Review Agreement, (iii) provide such other reasonable assistance to the Asset Representations Reviewer as it may reasonably request in order to facilitate the Review pursuant to the Asset Representations Review Agreement and (iv) include in the Form 10-D report for the Collection Period in which the Review Notice was received that the necessary percentage of the Noteholders and Note Owners of the Note Balance of Notes voted have agreed to a Review and a Review will be conducted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon receipt of a copy of the Review Report from the Asset Representations Reviewer pursuant to the Asset Representations Review Agreement, the Servicer will include in the Monthly Investor Report to be filed with the Form 10-D report for the Collection Period in which such Review Report was received a summary of the results of the Review set forth in such Review Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon receipt of a copy of the Review Report, the Servicer (i) will review such Review Report and, with respect to any 20[__]-[_] Lease and related 20[__]-[_] Vehicle as to which the Review Report indicated a Test Fail, make a determination for each Test Fail whether a breach of a representation and warranty that materially and adversely affects the interest of the Issuer in the related 20[__]-[_] Lease or 20[__]-[_] Vehicle has occurred and (ii) may, or if it determines that such a breach has occurred, shall deposit the related Repurchase Payment with respect to such 20[__]-[_] Lease and related 20[__]-[_] Vehicle in accordance with Section 3.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If during any Collection Period the Servicer receives notice or has actual knowledge that the Asset Representations Reviewer has resigned or has been removed, replaced or substituted, or if a successor Asset Representations Reviewer has been appointed, the Servicer will include in the Form 10-D report for such Collection Period the date of such event and a general statement of the circumstances surrounding the change.

Section 3.11. <u>Dispute Resolution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Referral to Dispute Resolution</u>. If any Requesting Party makes a Reallocation Request, and the Reallocation Request has not fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the Servicer's receipt thereof, the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration, or may file a legal action in court of competent jurisdiction. The Requesting Party must commence the mediation or arbitration proceeding according to the ADR Rules of the ADR Organization, or a court action according with applicable court procedures, in each case within 90 days after the end of the 180-day period. The Servicer agrees to participate in the dispute resolution method selected by the Requesting Party. In no event shall the Indenture Trustee be a Requesting Party or pursue dispute resolution unless it is directed to do so by the Noteholders or Note Owners of at least 5% [of the Controlling Class], and such Noteholders or Note Owners shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Mediation</u>. If the Requesting Party selects mediation (including non-binding arbitration) for dispute resolution:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The mediation will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for mediation stated in this Section, the procedures in this Section will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A single mediator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The mediator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; The mediation will start within 15 days after the selection of the mediator and conclude within 30 days after the start of the mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; Expenses of the mediation will be allocated to the parties as mutually agreed by them as part of the mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the parties fail to agree at the completion of the mediation, the Requesting Party may refer the Reallocation Request to arbitration under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbitration. If the Requesting Party selects binding arbitration for dispute resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The arbitration will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for arbitration stated in this Section, the procedures in this Section will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A single arbitrator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The arbitrator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. The arbitrator will be independent and impartial and will comply with the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time of the arbitration. Before accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the proceedings within the stated time schedule. The arbitrator may be removed by the ADR Organization for cause consisting of actual bias, conflict of interest or other serious potential for conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; The arbitrator will have the authority to schedule, hear and determine any motions, according to New York law, and will do so at the motion of any party. Discovery will be scheduled for completion within 60 days of selection of the arbitrator and will be limited for each party to two witness depositions not to exceed five hours, two interrogatories, one document request and one request for admissions. The arbitrator may, however, grant additional discovery on a showing of good cause that the additional discovery is reasonable and necessary. Briefs will be limited to no more than ten pages each, and will be limited to initial statements of the case, motions and a pre-hearing brief. The evidentiary hearing on the merits will start no later than 90 days after selection of the arbitrator and will proceed for no more than ten Business Days with equal time allocated to each party for the presentation of evidence and cross examination. The arbitrator may allow additional time for discovery and hearings on a showing of good cause or due to unavoidable delays.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; The arbitrator will make its final determination no later than 120 days after its selection. The arbitrator will resolve the dispute according to the terms of this Agreement and the other 20[__]-[_] Basic Documents, and may not modify or change this Agreement or the other 20[__]-[_] Basic Documents in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by them. In its final determination, the arbitrator will determine and award the expenses of the arbitration (including filing fees, the fees of the arbitrator, expenses of any record or transcript of the arbitration and administrative fees) to the parties in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or State law, and may be entered and enforced in any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By selecting binding arbitration, the Requesting Party waives the right to bring an action in court, including the right to a trial by jury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; The Requesting Party may not, and hereby waives any right, to bring a putative or certificated class action or any type of representative action to arbitration. If this waiver of class action rights is found to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Additional Conditions</u>. For each mediation or arbitration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Any**mediation or arbitration will be held in New York, New York at the offices of the mediator or arbitrator or at another location selected by the Servicer. Any party or witness may participate by teleconference or video conference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Servicer and the Requesting Party will have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, if such relief is available by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; The Servicer shall not be required to produce personally identifiable customer information for purposes of any mediation or arbitration. The existence and details of any unresolved Reallocation Request, any informal meetings, mediations or arbitration proceedings, the nature and amount of any relief sought or granted, any offers or statements made and any discovery taken in the proceeding, will be confidential, privileged and inadmissible for any purpose in any mediation, arbitration, litigation or other proceeding. The parties will keep this information confidential and will not disclose or discuss it with any third party (other than a party's attorneys, experts, accountants and other advisors), as reasonably required in connection with the mediation or arbitration proceeding under this Section, except as required by law, regulatory requirement or court order. If a party to a mediation or arbitration proceeding receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for confidential information of the other party to the mediation or arbitration proceeding, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production of its confidential information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; To the extent the Indenture Trustee is found responsible for any expenses allocated to the Requesting Party in any dispute resolution proceeding, such expenses shall be payable to the Indenture Trustee pursuant to Section 8.03 or Section 5.04 of the Indenture, as applicable, and if not so paid, then by the Servicer.

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ARTICLE FOUR

ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS

Section 4.01. <u>20[__]-[_] Bank Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Establishment of 20[__]-[_] Bank Accounts</u>. On or before the 20[__]-[_] Exchange Note Issuance Date, the Servicer will establish the 20[__]-[_] Bank Accounts as three segregated trust accounts, and maintain each as an Eligible Account at the Securities Intermediary on behalf of the Indenture Trustee, to be designated as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; "[●], as Indenture Trustee, as secured party for Mercedes-Benz Auto Lease Trust 20[__]-[_]" that will be designated as the "20[__]-[_] Exchange Note Collection Account";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "[●], as Indenture Trustee, as secured party for Mercedes-Benz Auto Lease Trust 20[__]-[_]" that will be designated as the "20[__]-[_] Distribution Account"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; "[●], as Indenture Trustee, as secured party for Mercedes-Benz Auto Lease Trust 20[__]-[_]" that will be designated as the "20[__]-[_] Reserve Account."

Initially, the 20[__]-[_] Exchange Note Collection Account will be account number [●], the 20[__]-[_] Distribution Account will be account number [●] and the 20[__]-[_] Reserve Account will be account number [●]. If, at any time, any of the 2021-B Bank Accounts ceases to be an Eligible Account, the Servicer shall, as soon as commercially practicable but in any event within 60 calendar days, establish and maintain a new Eligible Account for such the 20[__]-[_] Bank Account and for all cash and investments held in such the 20[__]-[_] Bank Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Control of the 20[__]-[_] Bank Accounts</u>. Each of the 20[__]-[_] Bank Accounts will be under the sole dominion and control of the Indenture Trustee, as secured party for the benefit of the 20[__]-[_] Secured Parties, so long as the 20[__]-[_] Bank Accounts remain subject to the Lien of the Indenture. Following the payment in full of (i) the 20[__]-[_] ABS Notes and the release of the 20[__]-[_] Bank Accounts from the Lien of the Indenture, (A) at the direction of the Servicer, the 20[__]-[_] Distribution Account and the 20[__]-[_] Reserve Account may be closed and (B) the 20[__]-[_] Exchange Note Collection Account will be under the sole dominion and control of the Collateral Agent and (ii) the 20[__]-[_] Exchange Note, the 20[__]-[_] Exchange Note Collection Account will be under the sole dominion and control of the Borrower and may, at the direction of the Borrower, be closed. The Servicer may, however, make deposits to or request the Indenture Trustee (or, after the Note Balance of the 20[__]-[_] ABS Notes has been reduced to zero and the 20[__]-[_] Bank Accounts have been released from the Lien of the Indenture, the Collateral Agent, and following the payment in full of the 20[__]-[_] Exchange Note, the Borrower) to make deposits to or withdrawals from the 20[__]-[_] Exchange Note Collection Account in accordance with the 20[__]-[_] Exchange Note Supplement, the Indenture, the Collateral Agency Agreement and this 20[__]-[_] Servicing Supplement. All monies deposited in the 20[__]-[_] Exchange Note Collection Account will be held (i) until the Note Balance of the 20[__]-[_] ABS Notes has been reduced to zero, all Issuer Obligations have been paid in full and the 20[__]-[_] Bank Accounts have been released from the Lien under the Indenture, by the Indenture Trustee, (ii) until the payment in full of the 20[__]-[_] Exchange Note, by the Collateral Agent and (iii) following the payment in full of the 20[__]-[_] Exchange Note, by or on behalf of the Borrower, and in each case will be applied only upon the terms and conditions of the 20[__]-[_] Basic Documents, as applicable. The authority of the Servicer to make deposits to the 20[__]-[_] Bank Accounts is revocable at any time (i) by the Indenture Trustee until the Note Balance of the 20[__]-[_] ABS Notes has been reduced to zero and the 20[__]-[_] Bank Accounts have been released from the Lien of the Indenture, (ii) then, by the Collateral Agent until the payment in full of the 20[__]-[_] Exchange Note, and (iii) thereafter by the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Agreement with Depository Institution</u>. The 20[__]-[_] Bank Accounts will only be established at a depository institution or trust company that complies with the requirements set forth in Section 5.02(d) of the Basic Servicing Agreement.

Section 4.02. <u>Remittances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For so long as the Monthly Remittance Condition (i) is not met, the Servicer shall remit into the 20[__]-[_] Exchange Note Collection Account all 20[__]-[_] Collections within two Business Days after receipt and identification and (ii) is met, the Servicer will remit to the 20[__]-[_] Exchange Note Collection Account an amount equal to all 20[__]-[_] Collections for a Collection Period no later than the related Deposit Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pending deposit into the 20[__]-[_] Exchange Note Collection Account, the Servicer may use such 20[__]-[_] Collections at its own risk and for its own benefit and is not required to segregate 20[__]-[_] Collections from its own funds.

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ARTICLE FIVE

TERMINATION

Section 5.01. <u>Optional Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On any Payment Date on which the Outstanding Amount is equal to or less than [5%] of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20[__]-[_] Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20[__]-[_] Exchange Note Collection Account an amount equal to the 20[__]-[_] Exchange Note Purchase Price. The 20[__]-[_] ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon purchase of the 20[__]-[_] Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20[__]-[_] Exchange Note and the 20[__]-[_] Leases and 20[__]-[_] Vehicles shall be reallocated to the Revolving Facility Pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If in any Collection Period the Servicer reasonably believes that the Outstanding Amount will be less than or equal to [5%] of the Initial Note Balance as of the last day of such Collection Period and expects to provide the notice required in Section 5.01(a) and thereafter to purchase the 20[__]-[_] Exchange Note, the Servicer agrees to give to the Indenture Trustee notice thereof at least 30 days prior to the Payment Date on which such purchase is expected to be effected; provided that such notice shall not create an obligation on behalf of the Servicer to effect, nor be condition precedent to Servicer's effecting, such purchase on such Payment Date.

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ARTICLE SIX <br>

REPORTS AND NOTICES

Section 6.01. <u>Monthly Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or prior to each Determination Date, the Servicer will deliver to the Lender, the Collateral Agent, the Administrative Agent and the Transferor a Monthly Exchange Note Report for the related Collection Period; provided, that the Servicer may satisfy this obligation by delivering the Monthly Investor Report for the related Collection Period and the Monthly Investor Report also constitutes as the Monthly Exchange Note Report for this 20[__]-[_] Servicing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or prior to each Determination Date, the Servicer will deliver to the Trustees and the Transferor a Monthly Investor Report for the related Collection Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or prior to the 15th day following each Payment Date, the Servicer will prepare a Form ABS-EE, including an asset data file and asset-related document containing the asset-level information for each 20[__]-[_] Lease for the prior Collection Period as required by Item 1A of Form 10-D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Upon receipt of notice from the Administrator (on behalf of the Issuer) of the determination of a Benchmark Replacement or the making of any Benchmark Replacement Conforming Changes, the Servicer will include in the next-delivered Monthly Investor Report any information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment and such Benchmark Replacement Conforming Changes or SOFR Adjustment Conforming Changes provided by the Administrator (on behalf of the Issuer) in the Investor Report.]

Section 6.02. <u>Notices and Certificates Under the Basic Servicing Agreement</u>. Any notice or certificate received by the Servicer or delivered by the Servicer under the Basic Servicing Agreement relating to the 20[__]-[_] Reference Pool will be forwarded by the Servicer to the Indenture Trustee within five Business Days of delivery or receipt thereof by the Servicer.

Section 6.03. <u>Annual Officer's Certificate</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Servicer will deliver to the Rating Agencies, the Transferor and the Trustees on or before the 90th day following the end of each fiscal year, beginning with the fiscal year ending December 31, 20[__] an Officer's Certificate signed by a Responsible Officer of the Servicer stating that (i) a review of the activities of the Servicer during the preceding 12-month period (or such shorter period in the case of the first such Officer's Certificate) and of the performance of its obligations under this 20[__]-[_] Servicing Supplement has been made under such officer's supervision and (ii) to such officer's knowledge, based on such review, the Servicer has fulfilled all its obligations under this 20[__]-[_] Servicing Supplement in all material respects throughout such period or, if there has been a failure in the fulfillment of any such obligation, specifying each such failure known to such officer and the nature and status thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Servicer will deliver to the Transferor and the Trustees on or before the 90th day following the end of each fiscal year, beginning with the fiscal year ending December 31, 20[__], a report regarding the Servicer's assessment of compliance with the Servicing Criteria during the immediately preceding calendar year (or such shorter period in the case of the first such report) including disclosure of any material instance of non-compliance identified by the Servicer, in the form specified by paragraph (b) of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB, which report shall address each of the Servicing Criteria specified with respect to the Servicer in Exhibit E hereto delivered to the Issuer and the Administrator concurrently with the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deliveries pursuant to this Section may be delivered by e-mail. A copy of the documents delivered pursuant to this Section may be obtained by any Noteholder or Person certifying it is a Note Owner by a request in writing to the Indenture Trustee at its Corporate Trust Office.

Section 6.04. <u>Annual Independent Public Accountants' Attestation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or before the 90th day following the end of each fiscal year, beginning with the fiscal year ending December 31, 20[__], the Servicer shall cause a firm of independent public accountants (who may also render other services to the Servicer, the Transferor or their respective Affiliates) to furnish to the Transferor and the Trustees each Attestation Report on assessments of compliance with the Servicing Criteria with respect to the Servicer during the related fiscal year (or such shorter period in the case of the first such Attestation Report) delivered by such accountants in the form specified by paragraph (c) of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. The certification required by this paragraph may be replaced by any similar certification using other procedures or attestation standards which are now or in the future in use by servicers of comparable assets or which otherwise comply with any rule, regulation, "no action" letter or similar guidance promulgated by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deliveries pursuant to this Section may be delivered by e-mail. A copy of the documents delivered pursuant to this Section may be obtained by any Noteholder or Person certifying it is a Note Owner by a request in writing to the Indenture Trustee at its Corporate Trust Office.

Section 6.05. <u>Statements to Securityholders</u>. Within the prescribed period of time for tax reporting purposes after the end of each calendar year during the term of the Issuer, but not later than the latest date permitted by law, the Servicer shall cause each Trustee to mail to each Person who at any time during such calendar year shall have been a Securityholder, a statement, prepared by the Servicer, containing certain information for such calendar year or, in the event such Person shall have been a Securityholder during a portion of such calendar year, for the applicable portion of such year, for the purposes of such Securityholder's preparation of federal income tax returns. In addition, the Servicer shall furnish to the Trustees for distribution to such Person at such time such other information necessary under Applicable Law for the preparation of such income tax returns.

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ARTICLE SEVEN

SERVICER EVENTS OF DEFAULT

Section 7.01. <u>Servicer Events of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding Section 8.03 of the Basic Servicing Agreement, only the occurrence and continuation of any of the following events will be an "Exchange Note Servicer Event of Default" with respect to the 20[__]-[_] Exchange Note, and the "Exchange Note Servicer Events of Default" set forth in Section 8.03(a) of the Basic Servicing Agreement shall not apply to the 20[__]-[_] Exchange Note or to this 20[__]-[_] Servicing Supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any failure by the Servicer to deliver to the Indenture Trustee any proceeds or payment required to be so delivered with respect to the 20[__]-[_] Exchange Note under the Basic Servicing Agreement or this 20[__]-[_] Servicing Supplement that continues unremedied for ten Business Days after the earlier of the date on which (A) notice of such failure is given to the Servicer by the Indenture Trustee or (B) an Authorized Officer of the Servicer has actual knowledge of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any failure by the Servicer to duly observe or perform in any material respect any other of its covenants or agreements in the 20[__]-[_] Servicing Agreement, which failure materially and adversely affects the rights of holders of interests in the 20[__]-[_] Exchange Note, the Noteholders or, in the event that Certificates are sold to unaffiliated third parties, the Certificateholders, and which continues unremedied for 90 days after written notice thereof is given to the Servicer by the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; any representation, warranty or statement of the Servicer made in the 20[__]-[_] Servicing Agreement or any certificate, report or other writing delivered pursuant to the 20[__]-[_] Servicing Agreement shall prove to be incorrect in any material respect when made, which failure materially and adversely affects the rights of holders of interests in the 20[__]-[_] Exchange Note, the Noteholders or, in the event that Certificates are sold to unaffiliated third parties, the Certificateholders, and which failure continues unremedied for 90 days after written notice thereof is given to the Servicer by the Indenture Trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; the occurrence of an Insolvency Event with respect to the Servicer;

provided, however, that the occurrence of any event set forth in clauses (i) through (iii) with respect to the 20[__]-[_] Reference Pool will be an Exchange Note Servicer Event of Default only with respect to the 20[__]-[_] Reference Pool and will not be a Servicer Event Default with respect to any other Reference Pool or the Revolving Facility Pool.

Notwithstanding the foregoing, a delay in or failure of performance referred to under clause (i), (ii) or (iii) for a period of 120 days will not constitute an Exchange Note Servicer Event of Default if that failure or delay was caused by Force Majeure. Upon the occurrence of any such event, the Servicer will not be relieved from using all commercially reasonable efforts to perform its obligations in a timely manner in accordance with the terms of the Basic Servicing Agreement and this 20[__]-[_] Servicing Supplement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to actions taken under Section 8.03(c) of the Basic Servicing Agreement after the occurrence of an Exchange Note Servicer Event of Default, any actions to be taken by the 20[__]-[_] Exchange Noteholder thereunder shall be exercised by the Indenture Trustee, acting at the written direction of 66 2/3% of the Holders of the Outstanding Amount [of the Controlling Class].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with Section 8.05 of the Basic Servicing Agreement, after the occurrence of an Exchange Note Servicer Event of Default, the 20[__]-[_] Exchange Noteholder (which for purposes of this Section shall be the Indenture Trustee, acting at the written direction of 66 2/3% of the Holders of the Outstanding Amount [of the Controlling Class]) may waive any such Servicer Event of Default and its consequences. Upon any such waiver, the applicable Exchange Note Servicer Event of Default will cease to exist, and will be deemed to have been remedied for every purpose of this Agreement. No such waiver will extend to any subsequent or other event or impair any right consequent thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or after the receipt by the Servicer of notice of an Exchange Note Servicer Event of Default, all authority and power of the Servicer under this 20[__]-[_] Servicing Supplement, whether with respect to the Notes, the Certificates, the Trust Estate or otherwise, shall, without further action, pass to and be vested in the Indenture Trustee or such Successor Servicer as may be appointed pursuant to the terms of the Basic Servicing Agreement. If the Indenture Trustee shall become Successor Servicer pursuant to this Section, the Indenture Trustee shall be entitled to appoint as sub-Servicer any one of its Affiliates or agents; provided that the Indenture Trustee in its capacity as Servicer shall be fully liable for the actions or omissions of such Affiliate or agent in such capacity as sub-Servicer. The outgoing Servicer shall cooperate with the Indenture Trustee, the Owner Trustee and such Successor Servicer in effecting the termination of the responsibilities and rights of the outgoing Servicer under this 20[__]-[_] Servicing Supplement, including the transfer to the Indenture Trustee or such Successor Servicer for administration by it of all cash amounts that shall at the time be held by the outgoing Servicer for deposit, or have been deposited by the outgoing Servicer, in the 20[__]-[_] Bank Accounts or thereafter received with respect to the 20[__]-[_] Leases and 20[__]-[_] Vehicles and all information or documents that the Indenture Trustee or such Successor Servicer may require, and the Successor Servicer shall not be liable if it cannot perform due to the failure of the predecessor Servicer to so deliver. In addition, the Servicer shall transfer its electronic records relating to the 20[__]-[_] Leases and 20[__]-[_] Vehicles to the Successor Servicer in such electronic form as the Successor Servicer may reasonably request. All Transition Costs shall be paid by the outgoing Servicer (or by the initial Servicer if the outgoing Servicer is the Indenture Trustee acting on an interim basis) upon presentation of reasonable documentation of such costs and expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding Section 7.01(d), if the Indenture Trustee shall be unwilling so to act or if it is legally unable so to act, a Successor Servicer shall be appointed in accordance with Section 8.04 of the Basic Servicing Agreement. Compensation for any Successor Servicer shall not be greater than that payable to MBFS USA as initial Servicer hereunder without the prior consent of the Majority Noteholders [of the Controlling Class] (or Holders of Certificates representing not less than 51% of the aggregate Certificate Percentage Interests then outstanding if the Notes are no longer Outstanding). The Indenture Trustee and such successor shall take such action, consistent with this 20[__]-[_] Servicing Supplement, as shall be necessary to effectuate any such succession. The Indenture Trustee shall not be relieved of its duties as Successor Servicer under this Section until a newly appointed Servicer shall have assumed the obligations and duties of the terminated Servicer under this 20[__]-[_] Servicing Supplement. Notwithstanding anything to the contrary contained herein, in no event shall the Indenture Trustee be liable for any servicing fee or for any differential in the amount of the servicing fee paid hereunder, the amount necessary to induce any Successor Servicer to act as Successor Servicer hereunder, the responsibilities of the Servicer set forth in Sections 3.05 and 3.10, or the obligations with respect to the payment or reimbursement of fees, expenses or other amounts (including indemnities other than those resulting from the actions of the Indenture Trustee as successor Servicer) of the Trustees or the Asset Representations Reviewer, the fees and expenses of the Trustees' attorneys, or the Asset Representations Reviewer's attorneys, the fees and expenses of any custodian and the fees and expenses of independent accountants or expenses incurred in connection with distributions and reports to the Noteholders.

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ARTICLE EIGHT <br>

MISCELLANEOUS

Section 8.01. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This 20[__]-[_] Servicing Supplement and the Basic Servicing Agreement, as supplemented by this 20[__]-[_] Servicing Supplement, may be amended in accordance with Section 10.01 of the Basic Servicing Agreement without the consent of any Securityholder, to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or to add, change or eliminate any other provision with respect to matters or questions arising under this 20[__]-[_] Servicing Supplement that are not inconsistent with the provisions of this 20[__]-[_] Servicing Supplement; provided, that (i) the Servicer shall have delivered to the Indenture Trustee an Opinion of Counsel or an Officer's Certificate of the Issuer to the effect that such action will not materially adversely affect the interests of any Noteholders or (ii) the Rating Agency Condition shall have been satisfied with respect to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each amendment, supplement or other modification of this 20[__]-[_] Servicing Supplement other than those provided for in Section 7.01(a) requires the consent of the Majority Noteholders [of the Controlling Class] (or if the Notes are no longer Outstanding, Holders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interests); provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the 20[__]-[_] Leases and 20[__]-[_] Vehicles or distributions that are required to be made for the benefit of the Securityholders, change the Interest Rate applicable to any class of Notes or the Required Reserve Amount for the 20[__]-[_] Reserve Account, without the consent of all holders of Notes then Outstanding or (ii) reduce the percentage of the Note Balance of the Notes [or of the Controlling Class] the consent of the Holders of which is required for any amendment to this 20[__]-[_] Servicing Supplement without the consent of all Holders of Notes or [of the Controlling Class] then Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly upon the execution of any such amendment, (i) the Servicer will send a copy of such amendment to the Indenture Trustee and the Rating Agencies and (ii) the Indenture Trustee will deliver to each Holder of a 20[__]-[_] ABS Note a copy of such amendment.

Section 8.02. <u>Successors and Assigns</u>. All covenants and agreements in the Basic Servicing Agreement, as supplemented by this 20[__]-[_] Servicing Supplement, shall be binding upon, and inure to the benefit of, the parties hereto and their successors and assigns. Any request, notice, direction, consent, waiver or other instrument or action by the parties hereto shall bind their respective successors and assigns.

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Section 8.03. <u>Third-Party Beneficiaries</u>. The Issuer and the Indenture Trustee, as holder and pledgee, respectively, of the 20[__]-[_] Exchange Note, and their respective successors, permitted assigns and pledges are third-party beneficiaries of the obligations of the parties hereto and may directly enforce the performance of any such obligations hereunder.

Section 8.04. <u>No Petition</u>. Each of the Servicer and the Collateral Agent covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all Exchange Notes and all outstanding Securities, it will not institute against, or join any Person in instituting against, the Titling Trust, the Initial Beneficiary or the Transferor any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations relating to the 20[__]-[_] ABS Notes, the 20[__]-[_] Exchange Note or the 20[__]-[_] Basic Documents and agrees that it will not cooperate with or encourage others to institute any such Proceeding.

Section 8.05. **<u>GOVERNING LAW; SUBMISSION TO JURISDICTION</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **THIS 20[__]-[_] SERVICING SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each party to this 20[__]-[_] Servicing Supplement submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all Proceedings arising out of or relating to this 20[__]-[_] Servicing Supplement or the transactions contemplated by the 20[__]-[_] Basic Documents. Each party to this 20[__]-[_] Servicing Supplement irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such Proceeding brought in such a court and any claim that any such Proceeding brought in such a court has been brought in an inconvenient forum.

Section 8.06. **<u>WAIVER OF JURY TRIAL</u>**. **EACH PARTY TO THIS 20[__]-[_] SERVICING SUPPLEMENT IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO ANY 20[__]-[_] BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY ANY 20[__]-[_] BASIC DOCUMENT.**

Section 8.07. <u>Severability</u>. If any one or more of the covenants, agreements, provisions or terms of this 20[__]-[_] Servicing Supplement or the 20[__]-[_] Servicing Agreement is held invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms will be deemed severable from the remaining covenants, agreements, provisions and terms of this 20[__]-[_] Servicing Supplement or the 20[__]-[_] Servicing Agreement, as applicable, and will in no way affect the validity, legality or enforceability of the other covenants, agreements, provisions and terms of this 20[__]-[_] Servicing Supplement or the 20[__]-[_] Servicing Agreement.

------

Section 8.08. <u>Counterparts; Electronic Signatures</u>. This 20[__]-[_] Servicing Supplement may be executed in any number of counterparts, each of which will be an original, and all of which will together constitute one and the same instrument. Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act.

Section 8.09. <u>**Table of Contents** and Headings</u>. The **Table of Contents** and the various headings in this 20[__]-[_] Servicing Supplement are included for convenience only and will not affect the meaning or interpretation of any provision of this 20[__]-[_] Servicing Supplement.

Section 8.10. <u>Conflict with Basic Servicing Agreement</u>. In the event of any conflict between this 20[__]-[_] Servicing Supplement and the Basic Servicing Agreement, the terms of this 20[__]-[_] Servicing Supplement will prevail.

Section 8.11. <u>No Recourse</u>. It is expressly understood and agreed by the parties that (i) this 20[__]-[_] Servicing Supplement is executed and delivered by BNYM, not individually or personally, but solely as Titling Trustee, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Titling Trust is made and intended not as personal representations, undertakings and agreements by BNYM but is made and intended for the purpose for binding only the Titling Trust, (iii) nothing herein contained shall be construed as creating any liability on BNYM, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, (iv) BNYM has made no investigation as to the accuracy or completeness of any representations and warranties made by the Titling Trust herein and (v) under no circumstances shall BNYM be personally liable for the payment of any indebtedness or expenses of the Titling Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Titling Trust under this document or any other related documents.

------

Section 8.12. <u>Each Exchange Note Separate; Assignees of Exchange Note</u>. Each party hereto acknowledges and agrees (and each holder or pledgee of the 20[__]-[_] Exchange Note, by virtue of its acceptance of such 20[__]-[_] Exchange Note or pledge thereof acknowledges and agrees) that (i) the Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (a) the 20[__]-[_] Exchange Note or the related 20[__]-[_] Reference Pool shall be enforceable against such 20[__]-[_] Reference Pool only and not against any other Reference Pool or the Revolving Facility Pool and (b) any other Exchange Note, any other Reference Pool or the Revolving Facility Pool shall be enforceable against such other Exchange Note, other Reference Pools, or the Revolving Facility Pool only, as applicable, and not against the 20[__]-[_] Exchange Note or any 20[__]-[_] Lease or 20[__]-[_] Vehicle included in the 20[__]-[_] Reference Pool, (iii) except to the extent required by law, the leases and the related leased vehicles included in the Revolving Facility Pool or leases and the related leased vehicles included in any other Reference Pool with respect to any other Exchange Note (other than the 20[__]-[_] Exchange Note transferred hereunder which is related to the 20[__]-[_] Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the 20[__]-[_] Exchange Note in respect of such claim, (iv) no creditor or holder of a claim relating to (a) the 20[__]-[_] Exchange Note or the related 20[__]-[_] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any other Reference Pool, the Revolving Facility Pool or any other Exchange Note or the assets allocated thereto (except to the extent of amounts available to such Persons on a fully subordinated basis), and (b) any other Reference Pool, the Revolving Facility Pool or any other Exchange Note other than the 20[__]-[_] Exchange Note related to the 20[__]-[_] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 20[__]-[_] Reference Pool and (v) any purchaser, assignee or pledgee of an interest in the 20[__]-[_] Reference Pool or, the 20[__]-[_] Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (a) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust Agreement and (b) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Revolving Facility Pool and each other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Revolving Facility Pool and each other Reference Pool.

------

IN WITNESS WHEREOF, the parties hereto have caused this 20[__]-[_] Servicing Supplement to be duly executed by their respective officers duly authorized as of the day and year first above written.

---

| | |
|:---|:---|
| MERCEDES-BENZ FINANCIAL SERVICES | MERCEDES-BENZ FINANCIAL SERVICES |
| USA LLC, as Servicer | USA LLC, as Servicer |
| By: |  |
|  | Name: |
|  | Title: |
| MERCEDES-BENZ FINANCIAL SERVICES | MERCEDES-BENZ FINANCIAL SERVICES |
| USA LLC, as Lender | USA LLC, as Lender |
| By: |  |
|  | Name: |
|  | Title: |
| MERCEDES-BENZ VEHICLE TRUST, | MERCEDES-BENZ VEHICLE TRUST, |
| as Titling Trust | as Titling Trust |
| By: | BNY MELLON TRUST OF DELAWARE, |
|  | not in its individual capacity but solely as <br>|
|  | Titling Trustee |
| By: |  |
|  | Name: |
|  | Title: |
| COLLATERAL TITLE CO., | COLLATERAL TITLE CO., |
| as Collateral Agent | as Collateral Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

------

EXHIBIT A

20[__]-[_] REFERENCE POOL ASSET SCHEDULE

(On file with the Collateral Agent)

------

EXHIBIT B

20[__]-[_] LEASE AND 20[__]-[_] VEHICLE REPRESENTATIONS AND WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Origination</u>. The 20[__]-[_] Lease is a Stand-Alone Lease that was originated (a) by a Dealer, (b) on or after [_______] 20[__], (c) pursuant to an agreement which allows for recourse to the Dealer in the event of certain defects in the 20[__]-[_] Lease (but not for a default by the related Lessee) and (d) in substantial compliance with the Credit and Collection Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Leases</u>. The 20[__]-[_] Lease constitutes "tangible chattel paper" or "electronic chattel paper" (or, if such terms are not separately defined in the applicable UCC, "chattel paper") within the meaning of Section 9-102 of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certificate of Title and Lienholder</u>. The 20[__]-[_] Vehicle was titled in a State, or the Servicer has started procedures that will result in the 20[__]-[_] Vehicle being titled, in accordance with the Titling Trust Agreement and in a manner acceptable to the related Registrar of Titles, and the Collateral Agent is or will be noted as lienholder of the 20[__]-[_] Vehicle (other than in the Lien Exclusion States) and such lien is a perfected first priority security interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Lessee</u>. The related Lessee is a Person other than MBFS USA, any Affiliate thereof or a Governmental Authority and, at the time of origination of the 20[__]-[_] Lease, based on information provided by the Lessee, the Lessee is located in and has a billing address within a State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Closed-End Lease; Payment in Dollars</u>. The 20[__]-[_] Lease is payable solely in Dollars in the United States and is a closed-end lease that provides for equal monthly payments by the Lessee, which scheduled payments, if made when due, fully amortize to an amount equal to the Booked Residual Value of the related 20[__]-[_] Vehicle based upon the related Contract Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp; <u>One Original</u>. There is only one original executed copy or one authoritative copy of the 20[__]-[_] Lease, as applicable. The Servicer, or its custodian, has possession or "control," (within the meaning of Section 9-105 of the applicable UCC), as applicable, of such original or authoritative copy, which does not have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Titling Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp; <u>Compliance with Law</u>. The 20[__]-[_] Lease complied in all material respects at the time it was originated and, as of the 20[__]-[_] Cutoff Date, will comply in all material respects with all requirements of federal, State and local laws.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp; <u>Enforceability</u>. The 20[__]-[_] Lease was fully and properly executed by the parties thereto and such 20[__]-[_] Lease represents the legal, valid and binding full-recourse payment obligation of the related Lessee, enforceable against such Lessee in accordance with its terms, except as enforceability is subject to or limited by bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium and other similar laws affecting the enforcement of creditors' rights in general or principles of equity (whether considered in a suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Title to the Lease and Leased Vehicle</u>. Neither the 20[__]-[_] Lease nor the related 20[__]-[_] Vehicle has been sold, transferred, assigned, pledged or granted by any Dealer to any Person other than the Titling Trust. The Titling Trust has good and marketable title to such 20[__]-[_] Lease and 20[__]-[_] Vehicle, free and clear of any Liens (other than Permitted Liens), participations and rights of others, including, to the knowledge of the Servicer, Liens or claims for work, labor or material relating to such 20[__]-[_] Vehicle (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp; <u>Lease in Full Force and Effect; No Waiver</u>. The 20[__]-[_] Lease is in full force and effect and not satisfied, subordinated or rescinded and no provision of the 20[__]-[_] Lease has been waived in any manner that causes or could cause such 20[__]-[_] Lease to not qualify with the other criteria set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp; <u>No Defenses</u>. The 20[__]-[_] Lease is not subject to any right of rescission, cancellation, setoff, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) of the related Lessee to payment of the amounts due thereunder, and no such right of rescission, cancellation, set-off, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) has been asserted or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp; <u>Assignability</u>. The 20[__]-[_] Lease is fully assignable and does not require the consent of the related Lessee or any other Person as a condition to any transfer, sale or assignment of the rights thereunder to the Titling Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp; <u>Lease Term</u>. As of its origination date, the 20[__]-[_] Lease had an original Lease Term of no less than [12] months and no more than [60] months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp; <u>Insurance</u>. As of the time of origination of the 20[__]-[_] Lease, the related lease agreement required the related Lessee to obtain physical damage insurance covering the related 20[__]-[_] Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp; <u>No Bankruptcy</u>. As of the 20[__]-[_] Cutoff Date, the Servicer has not received actual notice that the Lessee on any 20[__]-[_] Lease is a debtor in a bankruptcy proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp; <u>No Extensions</u>. As of the 20[__]-[_] Cutoff Date, the [__]-[_] Lease is not subject to a current deferral and has not been extended, but may have otherwise been deferred in accordance with the Credit and Collection Policy or otherwise been modified in accordance with the Credit and Collection Policy so long as such modification did not cause such 20[__]-[_] Lease to not qualify with the other criteria set forth herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) <u>Delinquencies; No Payment Default</u>. As of the 20[__]-[_] Cutoff Date, none of the 20[__]-[_] Leases is Delinquent by more than 30 days. As of the 20[__]-[_] Cutoff Date, none of the 20[__]-[_] Leases is a Defaulted Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;&nbsp;&nbsp; <u>Securitization Value</u>. As of the 20[__]-[_] Cutoff Date, each 20[__]-[_] Lease had a Securitization Value not less than $[●] and no more than $[●].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp; <u>FICO Score</u>. As of its origination date, the Lessee under the 20[__]-[_] Lease had a FICO score of not less than [●].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)&nbsp;&nbsp;&nbsp;&nbsp; <u>No Allocation to Other Specified Interest</u>. The 20[__]-[_] Lease and the related 20[__]-[_] Vehicle allocated to the 20[__]-[_] Reference Pool has not been allocated to any Reference Pool other than the 20[__]-[_] Reference Pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)&nbsp;&nbsp;&nbsp;&nbsp; <u>Model Year</u>. The related 20[__]-[_] Vehicle has a model year between 20[__] and 20[__], inclusive.

------

EXHIBIT C

FORM OF MONTHLY INVESTOR REPORT

Mercedes-Benz Auto Lease Trust 20[__]-[_]

Investor Report

------

---

| | | |
|:---|:---|:---|
| Collection Period Ended | DD-Mon-YYYY | Amounts in USD |

---

---

| | | |
|:---|:---|:---|
| **Dates** |  |  |
| Collection Period No. | # |  |
| Collection Period (from... to) | DD-Mon-YYYY |  |
| Determination Date | DD-Mon-YYYY |  |
| Record Date | DD-Mon-YYYY |  |
| Payment Date | DD-Mon-YYYY |  |
| Interest Period of the Class A-1 Notes [Floating Rate](from... to) | DD-Mon-YYYY | Actual/360 Days |
| Interest Period of the Class A-2, A-3 and A-4 Notes (from... to) | DD-Mon-YYYY | 30/360 Days |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Summary** | | |  |  | | |
|  | Initial<br> Balance | Beginning Balance | Ending<br> Balance | Principal<br> Payment | Principal<br> per $1000<br> Face<br> Amount | Note Factor |
| Class A-1 Notes |  |  |  |  |  |  |
| Class A-2A Notes |  |  |  |  |  |  |
| Class A-2B Notes |  |  |  |  |  |  |
| Class A-3 Notes |  |  |  |  |  |  |
| Class A-4 Notes |  |  |  |  |  |  |
| [Class B Notes] |  |  |  |  |  |  |
| **Total Note Balance** | **$** | **$** | $— | $— |  |  |
| Overcollateralization |  |  |  |  |  |  |
| **Total Securitization Value** | **$** | **$** | $— |  |  |  |
| present value of lease payments | $| $| $— |  |  |  |
| present value of Base Residual Value | $| $| $— |  |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Amount | Percentage |
| Initial Overcollateralization Amount | $% |
| Target Overcollateralization Amount | $% |
| Current Overcollateralization Amount | $% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Interest Rate | Interest<br> Payment | Interest per<br>$1000 Face <br> Amount | Interest & Principal<br> Payment | Interest & Principal Payment per $1000 Face Amount | Interest & Principal Payment per $1000 Face Amount |
| Class A-1 Notes% |  |  | $— |  | $|
| Class A-2[A] Notes% |  |  | $— |  | $|
| [Class A-2B Notes% |  |  | $— |  | $] |
| Class A-3 Notes% |  |  | $— |  | $|
| Class A-4 Notes% |  |  | $— |  | $|
| Class B Notes% |  |  | $— |  | $|
| **Total** |  | $— |  | $— |  |
| **Total** |  | $— |  | $— |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Balance** | **Beginning Balance** | **Ending Balance** |
| **Exchange Note Balance** | **$** | **$** | **$** |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **20[__]-[_] Available Collections** |
| &nbsp;&nbsp;&nbsp; Lease Payments Received |
| &nbsp;&nbsp;&nbsp; Net Sales Proceeds-early terminations (including Defaulted Leases) |
| &nbsp;&nbsp;&nbsp; Net Sales Proceeds-scheduled terminations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess wear and tear included in Net Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess mileage included in Net Sales Proceeds |
| &nbsp;&nbsp;&nbsp; Repurchase Payments |
| &nbsp;&nbsp;&nbsp; Advances made by the Servicer |
| &nbsp;&nbsp;&nbsp; Investment Earnings |
| &nbsp;&nbsp;&nbsp; **Total Available Funds** |

---

---

| | |
|:---|:---|
| **Distribution on the Exchange Note** | |
| (1) Total Servicing Fee and Nonrecoverable Servicer Advances | $|
| (2) Exchange Note Interest Distributable Amount (____%) | $|
| (3) Exchange Note Principal Distributable Amount | $|
| (4) Any amounts by which the sum payable pursuant to Section 8.03(a)(i) through (vii) of the Indenture (or, if applicable, pursuant to Section 5.04(b)(i)through (vii) of the Indenture) exceed the sum of the Exchange Note Interest Distributable Amount and the Exchange Note Principal Distributable Amount | $|
| (5) Remaining Funds Payable | $|
| **Total Distribution** | **$** |

---

---

| |
|:---|
| **Available Funds ABS Notes** |
| **Total Exchange Note Payments** |
| Reserve Account Draw Amount |
| **Total Available Funds** |

---

------

**ABS Note Distributions** 

---

| | | | |
|:---|:---|:---|:---|
| **Distribution Detail** | **Distribution Detail** | **Distribution Detail** | **Distribution Detail** |
|  | Amount<br> Due | Amount<br> Paid | Shortfall |
| Total Servicing Fee |  |  |  |
| Total Trustee Fee |  |  |  |
| Monthly Interest Distributable Amount |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class A-1 Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class A-2A Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class A-2B Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class A-3 Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class A-4 Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class B Notes |  |  |  |
| Interest Carryover Shortfall Amount |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class A-1 Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class A-2A Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class A-2B Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class A-3 Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class A-4 Notes |  |  |  |
| &nbsp;&nbsp;&nbsp; thereof on Class B Notes |  |  |  |
| Interest Distributable Amount Class [__]Notes |  |  |  |
| Priority Principal Distribution Amount |  |  |  |
| Regular Principal Distribution Amount |  |  |  |
| Principal Distribution Amount |  |  |  |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **Reserve Fund and Investment Earnings** |
| &nbsp;&nbsp;&nbsp; **Reserve Fund** |
| &nbsp;&nbsp;&nbsp; Reserve Fund Required Amount |
| &nbsp;&nbsp;&nbsp; Reserve Fund Amount - Beginning Balance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; plus top up Reserve Fund up to the Required Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; plus Net Investment Earnings for the Collection Period |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; minus Net Investment Earnings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; minus Reserve Fund Draw Amount |
| &nbsp;&nbsp;&nbsp; Reserve Fund Amount - Ending Balance |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; Reserve Fund Deficiency |
| &nbsp;&nbsp;&nbsp; Investment Earnings |
| &nbsp;&nbsp;&nbsp; Net Investment Earnings on the Reserve Fund |
| &nbsp;&nbsp;&nbsp; Net Investment Earnings on the Exchange Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection Account |
| &nbsp;&nbsp;&nbsp; Investment Earnings for the Collection Period |

---

------

---

| | | |
|:---|:---|:---|
| **Notice to Investors** | **Notice to Investors** | **Notice to Investors** |
| **Pool Statistics** | **Pool Statistics** | **Pool Statistics** |
| **Pool Data** | **Pool Data** | **Pool Data** |
|  | Amount | Number of Leases |
| Cutoff Date Securitization Value |  |  |
| Securitization Value beginning of Collection Period |  |  |
| Principal portion of lease payments |  |  |
| Terminations- Early |  |  |
| Terminations- Scheduled |  |  |
| Repurchase Payment (excluding interest) |  |  |
| Gross Losses |  |  |
| Securitization Value end of Collection Period |  |  |

---

---

| | | |
|:---|:---|:---|
| **Pool Factor** | % |  |
|  | As of Cutoff Date | Current |
| Weighted Average Securitization Rate |  |  |
| Weighted Average Remaining Term (months) |  |  |
| Weighted Average Seasoning (months) |  |  |
| Aggregate Base Residual Value |  |  |
| Cumulative Turn-in Ratio |  |  |
| Proportion of base prepayment assumption realized life to date |  |  |
| Actual lifetime prepayment speed |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Delinquency Profile** | **Delinquency Profile** | **Delinquency Profile** | **Delinquency Profile** |
| **Delinquency Profile\*** | Amount \*\* | Number of Leases | Percentage |
| Current |  |  |  |
| 31-60 Days Delinquent |  |  |  |
| 61-90 Days Delinquent |  |  |  |
| 91-120 Days Delinquent |  |  |  |
| Total |  |  |  |

---

\*A lease is not considered delinquent if the amount past due is less than 10% of the payment due under such lease

\*\*Based on the actual Securitization Value of the respective leases"

#### Delinquency Trigger:
60+ Delinquent Leases to EOP Aggregate Securitization Value: [●]%

Delinquency Trigger Occurred?&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Y/N]

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Loss Statistics** | **Loss Statistics** | **Loss Statistics** | **Loss Statistics** | **Loss Statistics** |
| **Credit Loss** | **Current Amount** | **Cumulative Number of**<br> **Leases** | **Amount** | **Number of** <br> **Leases** |
| Securitization Value of Defaulted Leases, Beg of Collection Period |  |  |  |  |
| Liquidation Proceeds |  |  |  |  |
| Recoveries |  |  |  |  |
| Principal Net Credit Loss / (Gain) |  |  |  |  |
| **Net Credit Loss / (Gain) as % of Average Securitization Value (annualized):** |  |  |  |  |
| Current Collection Period |  |  |  |  |
| Prior Collection Period |  |  |  |  |
| Second Prior Collection Period |  |  |  |  |
| Third Prior Collection Period |  |  |  |  |
| Four Month Average |  |  |  |  |
| **Cumulative Net Credit Loss / (Gain) as % of Cutoff Date Securitization Value** |  |  |  |  |
| **Average Net Credit Loss / (Gain)** |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Residual Loss** | **Current Amount** | **Cumulative Number of**<br> **Leases** | **Amount** | **Number of**<br> **Leases** |
| Securitization Value of Liquidated Leases, Beg of Collection Period |  |  |  |  |
| Sales Proceeds and Other Payments Received |  |  |  |  |
| Residual Loss / (Gain) |  |  |  |  |
| **Residual Loss / (Gain) as % of Average Securitization Value (annualized):** |  |  |  |  |
| Current Collection Period |  |  |  |  |
| Prior Collection Period |  |  |  |  |
| Second Prior Collection Period |  |  |  |  |
| Third Prior Collection Period |  |  |  |  |
| Four Month Average |  |  |  |  |
| **Cumulative Residual Loss / (Gain) as % of Cutoff Date Securitization Value** |  |  |  |  |
| **Average Residual Loss / (Gain)** |  |  |  |  |

---

*[For the first Monthly Investor Report following the Closing Date:]*

[The fair value of the Notes and the Certificates on the Closing Date is summarized as follows:

*Class A-1 Notes $M (%), Class A-2A Notes $M (%), Class A-2B Notes $M (%), Class A-3 Notes $M (%), Class A-4 Notes $M (%), Class B Notes $M (%),Certificates $M (%), Total $M (%).*

** 

------

The Depositor must retain a percentage interest in the Certificates with a fair value of at least 5% of the aggregate value of the Notes and Certificates, or $[insert dollar amount equal to 5% of the aggregate value of the Notes and Certificates], according to Regulation RR.

*[Description of material differences, if any, in methodology or key inputs and assumptions.]*

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EXHIBIT D

FORM OF PERFORMANCE CERTIFICATION

Re: Mercedes-Benz Auto Lease Trust 20[__]-[_]

The undersigned Servicer hereby certifies to _______ and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Issuer to be signed by an officer of the Servicer pursuant to the Sarbanes-Oxley Act of 2002:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the servicer compliance statement of the Servicer provided in the form specified by Item 1123 of Regulation AB (the "Compliance Statement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the report on assessment of the Servicer's compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the "Servicing Criteria"), provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Item 1122 of Regulation AB (the "Servicing Assessment");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the registered public accounting firm's attestation report provided in the form specified by Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the "Attestation Report"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; all servicing reports, officer's certificates and other information relating to the servicing of the 20[__]-[_] Leases and 20[__]-[_] Vehicles by the Servicer during 20___ that were delivered by the Servicer to the Indenture Trustee pursuant to the Agreement (collectively, the "Servicing Information").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the Servicing Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Servicing Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, all of the Servicing Information required to be provided by the Servicer under the Agreement has been provided to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; I am responsible for reviewing the activities performed by Mercedes-Benz Financial Services USA LLC, as Servicer (the "Servicer") under the 20[__]-[_] Servicing Supplement, dated as of [_______ _], 20[__] (the "Agreement"), among Mercedes Benz Financial Services USA LLC, as the lender (in such capacity, the "Lender") and as servicer (in such capacity, the "Servicer"), Mercedes-Benz Vehicle Trust (the "Titling Trust") and Collateral Title Co., as collateral agent (the "Collateral Agent"), and based on my knowledge and the compliance review conducted in preparing the Compliance Statement and except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report, the Servicer has fulfilled its obligations under the Agreement in all material respects.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; The Compliance Statement required to be delivered by the Servicer pursuant to the Agreement, and the Servicing Assessment and Attestation Report required to be provided by the Servicer pursuant to the Agreement, have been provided to the Indenture Trustee. Any material instances of noncompliance described in such reports have been disclosed to the Transferor. Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports.

Capitalized terms not otherwise defined herein have the meanings ascribed thereto in the Agreement.

Date:<br> <u><br> </u> <br>

---

| | |
|:---|:---|
| MERCEDES-BENZ FINANCIAL SERVICES  | MERCEDES-BENZ FINANCIAL SERVICES  |
| USA LLC | USA LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

------

EXHIBIT E

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

The assessment of compliance to be delivered by the Servicer, shall address, at a minimum, the criteria identified as below as "Applicable Servicing Criteria":

---

| | | | |
|:---|:---|:---|:---|
| Reference | Criteria | Applicable Servicing<br> Criteria | Responsible<br> Party |
|  | **General Servicing Considerations** |  |  |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.<br>|  | Servicer<br>|
| 1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities.<br>|  | Servicer<br>|
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.<br>| N/A |  |
| 1122(d)(1)(iv) | 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.<br>| N/A |  |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.<br>|  | Servicer |
|  | **Cash Collection and Administration** |  |  |
| 1122(d)(2)(i) | 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.<br>|  | Servicer<br>|
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.<br>| N/A for obligor disbursements | Servicer<br>|
| 1122(d)(2)(iii) | 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.<br>|  | Servicer<br>|
| 1122(d)(2)(iv) | 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. |  | Servicer<br>|

---

------

---

| | | | |
|:---|:---|:---|:---|
| Reference | Criteria | Applicable Servicing<br> Criteria | Responsible<br> Party |
| 1122(d)(2)(v) | 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.<br>|  | Indenture<br> Trustee |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access.<br>| N/A |  |
| 1122(d)(2)(vii) | 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.<br>|  | Servicer<br>Indenture<br> Trustee |
|  | **Investor Remittances and Reporting** |  |  |
| 1122(d)(3)(i) | 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 trustee's records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.<br>|  | Servicer<br>|
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. |  | Servicer<br>Indenture<br> Trustee |
| 1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. |  | Servicer<br>Indenture<br> Trustee |

---

------

---

| | | | |
|:---|:---|:---|:---|
| Reference | Criteria | Applicable Servicing<br> Criteria | Responsible<br> Party |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |  | Servicer<br>Indenture<br> Trustee<br>|
|  | **Pool Asset Administration** |  |  |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.<br>|  | Servicer |
| 1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements<br>|  | Servicer |
| 1122(d)(4)(iii) | 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.<br>|  | Servicer<br>|
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool assets documents are posted to the 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.<br>|  | Servicer |
| 1122(d)(4)(v) | The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance.<br>|  | Servicer |
| 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with usual customary procedures.<br>|  | Servicer |
| 1122(d)(4)(vii) | 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 usual customary procedures.<br>|  | Servicer |
| 1122(d)(4)(viii) | Records documenting collection efforts are maintained during 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 calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).<br>|  | Servicer |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. | N/A |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Reference | Criteria | Applicable Servicing<br> Criteria | Responsible<br> Party |
| 1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as 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.<br>| N/A |  |
| 1122(d)(4)(xi) | 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.<br>| N/A |  |
| 1122(d)(4)(xii) | 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.<br>| N/A |  |
| 1122(d)(4)(xiii) | 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.<br>| N/A |  |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.<br>|  | Servicer |
| 1122(d)(4)(xv) | 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. | N/A |  |

---

<br> By:<br> <u><br> </u> <br>Name: <br>Title:

------

APPENDIX 1

USAGE AND DEFINITIONS

USAGE

The following rules of construction and usage are applicable to this Appendix and to any agreement that incorporates this Appendix and any certificate or other document made or delivered pursuant to any such agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All terms defined in this Appendix, unless otherwise defined in any agreement that incorporates this Appendix or any certificate or other document made or delivered pursuant to any such agreement, have the meanings assigned in this Appendix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting terms not defined in this Appendix or in any such agreement, certificate or other document, and accounting terms partly defined in this Appendix or in any such agreement, certificate or other document, to the extent not defined, have the respective meanings given to them under International Financial Reporting Standards as in effect on the date of such agreement, certificate or other document. To the extent that the definitions of accounting terms in this Appendix or in any such agreement, certificate or other document are inconsistent with the meanings of such terms under International Financial Reporting Standards, the definitions contained in this Appendix or in any such agreement, certificate or other document will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; References to words such as "this Agreement", "herein", "hereof" and the like shall refer to an agreement that incorporates this Appendix as a whole and not to any particular part, Article or Section within such agreement. References in an agreement to "Article", "Section", "Exhibit", "Schedule", "Appendix", "subsection" or another subdivision or to an attachment are, unless otherwise specified, to an article, section, exhibit, schedule, appendix, subsection or other subdivision of or an attachment to such agreement. The term "or" means "and/or" and the term "including" means "including without limitation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The definitions contained in this Appendix are equally applicable to both the singular and plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any agreement or statute defined or referred to in this Appendix or in any agreement that incorporates this Appendix, or in any other certificate or other document made or delivered pursuant to any such agreement, means such agreement or statute as from time to time amended, modified, supplemented or replaced, including (in the case of agreements) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and includes (in the case of agreements) references to all attachments thereto and instruments incorporated therein and (in the case of statutes) any rules and regulations promulgated thereunder and any judicial and administrative interpretations thereof.

A1-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; References to a Person are also to its permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; References to deposits, transfers and payments of any amounts refer to deposits, transfers or payments of such amounts in immediately available funds; and the term "proceeds" has the meaning ascribed to such term in the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except where "not less than zero" or similar language is indicated, amounts determined by reference to a mathematical formula may be positive or negative.

DEFINITIONS

"<u>20[__]-[_] ABS Notes</u>" or "<u>Notes</u>" means the Class A 1 Notes, the Class A 2[A] Notes, [the Class A-2B Notes,] the Class A-3 Notes, the Class A-4 Notes [and the Class B Notes], in each case, substantially in the form of Exhibit A to the Indenture.

"<u>20[__]-[_] Administration Agreement</u>" means the 20[__]-[_] Administration Agreement, dated as of [______ __], 20[__], among the Issuer, the Administrator and the Indenture Trustee.

"<u>20[__]-[_] Aggregate Base Residual Value</u>" means, as of any date, the aggregate of the Base Residual Values of the 20[__]-[_] Leases as of such date.

"<u>20[__]-[_] Aggregate Securitization Value</u>" means, as of any date, the aggregate of the Securitization Values of the 20[__]-[_] Leases as of such date.

"<u>20[__]-[_] Available Collections</u>" means, for any Payment Date and the related Collection Period, the sum of (i) all amounts distributed to the 20[__]-[_] Exchange Noteholder pursuant to Section 5.01 of the 20[__]-[_] Exchange Note Supplement and (ii) investment earnings, net of any applicable investment losses and expenses, on funds on deposit in the 20[__]-[_] Bank Accounts.

"<u>20[__]-[_] Available Funds</u>" means, for any Payment Date and the related Collection Period, the sum of (i) 20[__]-[_] Available Collections and (ii) the 20[__]-[_] Reserve Account Draw Amount.

"<u>20[__]-[_] Available Funds Shortfall Amount</u>" means, for any Payment Date and the related Collection Period, the amount, if any, by which 20[__]-[_] Available Collections is less than the amount necessary to make the distributions in clauses (i) through (iii) of Section 8.03(a) of the Indenture.

"<u>20[__]-[_] Bank Accounts</u>" means the 20[__]-[_] Exchange Note Collection Account, the 20[__]-[_] Distribution Account and the 20[__]-[_] Reserve Account.

"<u>20[__]-[_] Basic Documents</u>" means (i) the Basic Documents, (ii) the 20[__]-[_] Servicing Supplement, (iii) the 20[__]-[_] Exchange Note Supplement, (iv) the Control Agreements, (v) the First-Tier Sale Agreement, (vi) the Second-Tier Sale Agreement, (vii) the Indenture, (viii) the 20[__]-[_] Administration Agreement, (ix) the Trust Agreement and (x) the Asset Representations Review Agreement.

A1-2

------

"<u>20[__]-[_] Closing Date</u>" means [______ __], 20[__].

"<u>20[__]-[_] Collateral</u>" has the meaning specified in the Granting Clause of the Indenture.

"<u>20[__]-[_] Collections</u>" means, for any Payment Date and the related Collection Period, the net amount collected or received by the Servicer on or in respect of the 20[__]-[_] Leases and 20[__]-[_] Vehicles during or in respect of such Collection Period and transferred to the 20[__]-[_] Exchange Note Collection Account in respect of (i) Base Monthly Payments (including Payments Ahead when received) and any other payments under the 20[__]-[_] Leases, in each case excluding any Administrative Charges, (ii) Repurchase Payments, (iii) Net Liquidation Proceeds, (iv) Excess Mileage/Wear and Tear Fees, (v) proceeds of Dealer Recourse Rights, (vi) Pull Ahead Payments, (vii) Servicer Advances made by the Servicer and (viii) in the case of an optional termination pursuant to Section 5.01 of the 20[__]-[_] Servicing Supplement, the price specified in such Section; provided, however, that 20[__]-[_] Collections shall not include (1) any amounts received with respect to a 20[__]-[_] Lease for which a Repurchase Payment was included in the Collections for any prior Collection Period and (2) any payments received on any 20[__]-[_] Lease to the extent that the Servicer has previously made a Servicer Advance with respect to such 20[__]-[_] Lease and is entitled to reimbursement from such payment.

"<u>20[__]-[_] Cutoff Date</u>" means, with respect to the 20[__]-[_] Reference Pool, the close of business on [______ __], 20[__].

"<u>20[__]-[_] Cutoff Date Aggregate Securitization Value</u>" means $[●], the 20[__]-[_] Aggregate Securitization Value as of the 20[__]-[_] Cutoff Date.

"<u>20[__]-[_] Distribution Account</u>" means the account designated as such pursuant to Section 4.01(a)(ii) of the 20[__]-[_] Servicing Supplement.

"<u>20[__]-[_] Exchange Note</u>" means the note, substantially in the form set forth in Exhibit A to the 20[__]-[_] Exchange Note Supplement, duly executed and authenticated in accordance with the Basic Collateral Agency Agreement and the 20[__]-[_] Exchange Note Supplement.

"<u>20[__]-[_] Exchange Note Balance</u>" means, as of any date, the 20[__]-[_] Exchange Note Initial Principal Balance, reduced by payments of principal made on or prior to such date on the 20[__]-[_] Exchange Note.

"<u>20[__]-[_] Exchange Note Collection Account</u>" means the account designated as such pursuant to Section 4.01(a)(i) of the 20[__]-[_] Servicing Supplement.

"<u>20[__]-[_] Exchange Note Final Scheduled Payment Date</u>" means [______ __], 20[__].

"<u>20[__]-[_] Exchange Note Initial Principal Balance</u>" means $[●], which is approximately [●]% of the 20[__]-[_] Cutoff Date Aggregate Securitization Value.

A1-3

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"<u>20[__]-[_] Exchange Note Interest Distributable Amount</u>" means, with respect to any Payment Date and the related 20[__]-[_] Exchange Note Interest Period, the amount equal to the sum of (i) the aggregate amount of interest accrued on the 20[__]-[_] Exchange Note Balance at the 20[__]-[_] Exchange Note Interest Rate for the related 20[__]-[_] Exchange Note Interest Period, plus (ii) the portion of the 20[__]-[_] Exchange Note Interest Distributable Amount, if any, that was not paid on any prior Payment Date plus interest on such unpaid amount, to the extent permissible by law, at the 20[__]-[_] Exchange Note Interest Rate.

"<u>20[__]-[_] Exchange Note Interest Period</u>" means, with respect to the 20[__]-[_] Exchange Note and any Payment Date, the period from and including the 15<sup>th</sup> day of the month in which the preceding Payment Date occurred (or, in the case of the first Payment Date or if no interest has yet been paid, from and including the 20[__]-[_] Closing Date) to but excluding the 15<sup>th</sup> day of the month in which such Payment Date occurs.

"<u>20[__]-[_] Exchange Note Interest Rate</u>" means a fixed rate of [●]% per annum.

"<u>20[__]-[_] Exchange Note Issuance Date</u>" means the 20[__]-[_] Closing Date.

"<u>20[__]-[_] Exchange Note Principal Distributable Amount</u>" means, with respect to any Payment Date and the related Collection Period, the amount equal to the sum of (i) the difference between (a) the 20[__]-[_] Aggregate Securitization Value as of the close of business on the last day of the immediately preceding Collection Period, less (b) the 20[__]-[_] Aggregate Securitization Value as of the close of business on the last day of the related Collection Period, plus (ii) the portion of the 20[__]-[_] Exchange Note Principal Distributable Amount, if any, that was not paid on one or more prior Payment Dates; provided, that, for each Payment Date occurring on or after the Exchange Note Final Scheduled Payment Date, the 20[__]-[_] Exchange Note Distributable Payment Amount will equal the entire outstanding 20[__]-[_] Exchange Note Balance as of such Payment Date.

"<u>20[__]-[_] Exchange Note Purchase Date</u>" means, with respect to the purchase of the 20[__]-[_] Exchange Note pursuant to Section 5.01 of the 20[__]-[_] Servicing Supplement, the Payment Date specified by the Servicer pursuant to such Section.

"<u>20[__]-[_] Exchange Note Purchase Price</u>" means an amount equal to the 20[__]-[_] Exchange Note Balance as of the 20[__]-[_] Exchange Note Purchase Date, plus accrued and unpaid interest thereon.

"<u>20[__]-[_] Exchange Note Supplement</u>" means the 20[__]-[_] Exchange Note Supplement to the Basic Collateral Agency Agreement, dated as of [______ __], 20[__], among the Borrower, the Administrative Agent, the Collateral Agent, the Lender, the Servicer and the Indenture Trustee.

"<u>20[__]-[_] Exchange Noteholder</u>" means initially, MBFS USA and, after giving effect to the transactions contemplated by the First-Tier Sale Agreement and the Second-Tier Sale Agreement, the Issuer.

"<u>20[__]-[_] Lease</u>" means a Lease identified as a "20[__]-[_] Lease" in the Schedule of 20[__]-[_] Reference Pool Assets and included in the 20[__]-[_] Reference Pool, excluding any Lease for which the Repurchase Payment has been paid by the Servicer pursuant to Section 3.05(a) of the 20[__]-[_] Servicing Supplement.

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"<u>20[__]-[_] Lease File</u>" means, with respect to each 20[__]-[_] Lease, the related Lease File.

"<u>20[__]-[_] Reference Pool</u>" means the Collateral Leases and Collateral Vehicles listed on the Schedule of 20[__]-[_] Reference Pool Assets.

"<u>20[__]-[_] Reference Pool Servicing Fee</u>" means, with respect to any Collection Period, (i) the product of (a) one-twelfth of 1.00% (or, with respect to the first Payment Date, one-sixth of 1.00%) and (b) the 20[__]-[_] Exchange Note Balance of the first day of such Collection Period, plus (ii) the portion, if any, of the 20[__]-[_] Reference Pool Servicing Fee for one or more prior Collection Periods that has not been paid.

"<u>20[__]-[_] Reserve Account</u>" means the account established pursuant to Section 4.01(a)(iii) of the 20[__]-[_] Servicing Supplement.

"<u>20[__]-[_] Reserve Account Draw Amount</u>" means, for any Payment Date and the related Collection Period, the lesser of (i) the amount on deposit in the 20[__]-[_] Reserve Account and (ii) the 20[__]-[_] Available Funds Shortfall Amount; provided, however, that, if on the last day of such Collection Period the Note Balance is zero, the 20[__]-[_] Reserve Account Draw Amount for that Payment Date will equal the amount on deposit in and available for withdrawal from the 20[__]-[_] Reserve Account after giving effect to all deposits to and withdrawals from the 20[__]-[_] Reserve Account on the preceding Payment Date.

"<u>20[__]-[_] Secured Parties</u>" means the Noteholders.

"<u>20[__]-[_] Servicing Agreement</u>" means the Basic Servicing Agreement, as supplemented by the 20[__]-[_] Servicing Supplement.

"<u>20[__]-[_] Servicing Supplement</u>" means the 20[__]-[_] Supplement to the Basic Servicing Agreement, dated as of [______ __], 20[__], among the Servicer, the Lender, the Titling Trust and the Collateral Agent.

"<u>20[__]-[_] Vehicle</u>" means the new Mercedes-Benz passenger cars, sport utility vehicles and crossovers allocated to the 20[__]-[_] Reference Pool.

"<u>ABS Control Agreement</u>" means the 20[__]-[_] Collateral Account Control Agreement, dated as of [______ __], 20[__], among the Issuer, the Indenture Trustee and [●], in its capacity as a securities intermediary.

"<u>Additional Servicing Fee</u>" means, with respect to any Payment Date and the related Collection Period, if a Successor Servicer has been appointed pursuant to the 20[__]-[_] Servicing Agreement, the amount, if any, by which (i) the compensation payable to such Successor Servicer for such Collection Period exceeds (ii) the 20[__]-[_] Reference Pool Servicing Fee for such Collection Period.

"<u>Administrator</u>" means MBFS USA, in its capacity as Administrator pursuant to the 20[__]-[_] Administration Agreement, and its successors in such capacity.

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"<u>ADR Organization</u>" means the American Arbitration Association or, if the American Arbitration Association no longer exists or if its ADR Rules would no longer permit mediation or arbitration, as applicable, of the dispute, another nationally recognized mediation or arbitration organization selected by the Servicer.

"<u>ADR Rules</u>" means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding arbitration, as applicable, of commercial disputes in effect at the time of the mediation or arbitration.

"<u>Aggregate Scheduled Securitization Value</u>" means, as of any date, the aggregate of the Scheduled Securitization Values of the 20[__]-[_] Leases as of such date.

"<u>ALG Current Residual Value</u>" means, with respect to a 20[__]-[_] Lease, the expected wholesale value of the related 20[__]-[_] Vehicle at its Maturity Date based on a residual value estimate of [_______] edition provided by J.D. Power-ALG in [_______], 20[__].

"<u>ALG Residual Value</u>" means, with respect to a 20[__]-[_] Lease, the expected wholesale value of a 20[__]-[_] Vehicle at its Maturity Date based on a residual value estimate provided by the J.D. Power-ALG at the time such 20[__]-[_] Lease was originated.

"<u>Applicable Anti-Money Laundering Law</u>" means the Customer Identification Program requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations (collectively, USA PATRIOT Act), the Financial Crimes Enforcement Network's (FinCEN) Customer Due Diligence Requirements and such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions.

"<u>Applicable Law</u>" means all applicable laws, ordinances, judgments, decrees, injunctions, writs and orders of any Governmental Authority and all rules, regulations, interpretations, licenses and permits of any Governmental Authority.

"<u>Asset Representations Review Agreement</u>" means the Asset Representations Review Agreement, dated as of [______ __], 20[__], among the Issuer, the Servicer, the Administrator and the Asset Representations Reviewer.

"<u>Asset Representations Reviewer</u>" means [●], a [●].

"<u>Authenticating Agent</u>" has the meaning specified in the Indenture.

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"<u>Authorized Officer</u>" means (i) the "Authorized Officers" listed under the definition of the term "Authorized Officer" in Appendix A to the Collateral Agency Agreement; (ii) in the case of the Transferor, those individuals determined pursuant to Section 4.18(a) of the Transferor LLC Agreement; (iii) in the case of the Issuer or the Owner Trustee, any officer of the Owner Trustee or any agent acting pursuant to a power of attorney by the Issuer or the Owner Trustee who is authorized to act for the Issuer or the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the 20[__]-[_] Closing Date (as such list may be modified or supplemented from time to time thereafter) and, so long as the 20[__]-[_] Administration Agreement is in effect, any officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer and to be acted upon by the Administrator pursuant to the 20[__]-[_] Administration Agreement and who is identified on the list of Authorized Officers delivered by the Administrator to the Indenture Trustee on the 20[__]-[_] Closing Date (as such list may be modified or supplemented from time to time thereafter); and (iv) in the case of the Indenture Trustee and the Note Registrar, any officer within the Corporate Trust Office of such Person, including any vice president, assistant vice president, assistant treasurer, assistant secretary or any other officer of such Person, customarily performing functions similar to those performed by any of the above designated and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject.

"<u>Base Residual Value</u>" means, with respect to a 20[__]-[_] Lease, the lowest of the (i) Residual Value, (ii) the ALG Residual Value and (iii) the ALG Current Residual Value.

"<u>Benchmark</u>" means, initially, the SOFR Rate; provided that if the Administrator (on behalf of the Issuer) determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the SOFR Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement.

"<u>Benchmark Replacement</u>" means the first alternative set forth in the order below that can be determined by the Administrator (on behalf of the Issuer) as of the Benchmark Replacement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the sum of: (a) the alternate rate of interest that has been selected by the Administrator (on behalf of the Issuer) as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time and (b) the Benchmark Replacement Adjustment.

"<u>Benchmark Replacement Adjustment</u>" means the first alternative set forth in the order below that can be determined by the Administrator (on behalf of the Issuer) as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrator (on behalf of the Issuer) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the Interest Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Administrator (on behalf of the Issuer) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the administrator (on behalf of the Issuer) decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator (on behalf of the Issuer) determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Administrator (on behalf of the Issuer) determines is reasonably necessary).

"<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

"<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

"<u>Benefit Plan</u>" means (i) an "employee benefit plan", as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, (ii) a "plan", as defined in Section 4975(e)(1) of the Code, that is subject to Section 4975 of the Code, (iii) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA) or (iv) any governmental, church, non-U.S. or other plan that is subject to a Similar Law.

"<u>Benefit Plan Investor</u>" means (i) an "employee benefit plan", as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, (ii) a "plan", as defined in Section 4975(e)(1) of the Code, that is subject to Section 4975 of the Code or (iii) an entity whose underlying assets include "plan assets" by reason of such employee benefit plan's or plan's investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA).

"<u>Book-Entry Notes</u>" means a beneficial interest in the 20[__]-[_] ABS Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10 of the Indenture.

"<u>Business Day</u>" means a day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in the State of New York, the State of Delaware, the State of Michigan, the State of Illinois or the State of Minnesota, are authorized by law, regulation or executive order to be closed.

"<u>Certificate</u>" means the Issuer's Asset Backed Certificates issued pursuant to the Trust Agreement, substantially in the form of Exhibit B to the Trust Agreement.

"<u>Certificate Percentage Interest</u>" means, with respect to a Certificate, the percentage specified on such Certificate as the Certificate Percentage Interest, which percentage represents the beneficial interest of the holder of such Certificate in the Issuer. The initial Certificate Percentage Interest held by the Depositor shall be 100%.

"<u>Certificateholder</u>" means the Person in whose name a Certificate is registered on the Certificate Register.

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"<u>Certification Parties</u>" means, collectively, the Certifying Person and the entity for which the Certifying Person acts as an officer, and such entity's officers, directors and Affiliates.

"<u>Certifying Person</u>" means an individual who signs the Sarbanes-Oxley Certification.

"<u>Class</u>" means a group of Notes whose form is identical except for variation in denomination, principal amount or owner, and references to "each Class" thus mean each of the Class A-1 Notes, the Class A-2[A] Notes, [the Class A-2B Notes,] the Class A-3 Notes , the Class A-4 Notes and [the Class B Notes].

"<u>Class A Notes</u>" means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, collectively.

"<u>Class A-1 Final Scheduled Payment Date</u>" means [______ __], 20[__].

"<u>Class A-1 Interest Rate</u>" means [●]% per annum (computed on the basis of the actual number of days elapsed, but assuming a 360-day year).

"<u>Class A-1 Note Balance</u>" means, as of any date, the Initial Class A-1 Note Balance reduced by all payments of principal made on or prior to such date on the Class A-1 Notes.

"<u>Class A-1 Notes</u>" means the $[●] aggregate principal amount of the Issuer's [●]% Class A-1 Asset Backed Notes, issued pursuant to the Indenture.

"<u>Class A-2 Final Scheduled Payment Date</u>" means [______ __], 20[__].

["<u>Class A-2 Notes</u>" means the Class A-2A Notes and the Class A-2B Notes.]

"<u>Class A-2[A] Interest Rate</u>" means [●]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

"<u>Class A-2[A] Note Balance</u>" means, as of any date, the Initial Class A-2A Note Balance reduced by all payments of principal made on or prior to such date on the Class A-2A Notes.

"<u>Class A-2[A] Notes</u>" means the $[●] aggregate principal amount of the Issuer's __% Class A-2[A] Asset Backed Notes, issued pursuant to the Indenture.

["<u>Class A-2B Interest Rate</u>" means [Benchmark +[●]%] with respect to any Payment Date, the SOFR Rate for the related Payment Date plus [●]% per annum (computed on the basis of the actual number of days elapsed and on a 360-day year); provided, that for any Interest Period for which the sum of the SOFR Rate plus [●]% is less than 0.00%, the Class A-2B Interest Rate shall be deemed to be 0.00%. Upon the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, the Class A-2B Interest Rate shall be as determined by the Administrator (on behalf of the Issuer) in accordance with the terms of the Indenture.]

["<u>Class A-2 B Note Balance</u>" means, as of any date, the Initial Class A-2B Note Balance reduced by all payments of principal made on or prior to such date on the Class A-2B Notes.]

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["<u>Class A-2B Notes</u>" means the $__________ aggregate principal amount of the Issuer's means [[Benchmark][SOFR Rate] +[●]%] Class A-2B Asset Backed Notes, issued pursuant to the Indenture].

"<u>Class A-3 Final Scheduled Payment Date</u>" means [______ __], 20[__].

"<u>Class A-3 Interest Rate</u>" means [●]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

"<u>Class A-3 Note Balance</u>" means, as of any date, the Initial Class A-3 Note Balance reduced by all payments of principal made on or prior to such date on the Class A-3 Notes.

"<u>Class A-3 Notes</u>" means the $[●] aggregate principal amount of the Issuer's [●]% Class A-3 Asset Backed Notes, issued pursuant to the Indenture.

"<u>Class A-4 Final Scheduled Payment Date</u>" means [______ __], 20[__].

"<u>Class A-4 Interest Rate</u>" means [●]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

"<u>Class A-4 Note Balance</u>" means, as of any date, the Initial Class A-4 Note Balance reduced by all payments of principal made on or prior to such date on the Class A-4 Notes.

"<u>Class A-4 Notes</u>" means the $[●] aggregate principal amount the Issuer's [●]% Class A-4 Asset Backed Notes, issued pursuant to the Indenture.

["<u>Class B Final Scheduled Payment Date</u>" means [__________], 20[__] (or, if such day is not a Business Day, the next succeeding Business Day thereafter).

"<u>Class B Interest Rate</u>" means [●]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

"<u>Class B Note Balance</u>" means, as of any date, the Initial Class B Note Balance reduced by all payments of principal made on or prior to such date on the Class B Notes.

"<u>Class B Notes</u>" means the $[●] aggregate principal amount the Issuer's [●]% Class B Notes, issued pursuant to the Indenture.]

"<u>Clearing Agency</u>" means an organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act and shall initially be DTC.

"<u>Clearing Agency Participant</u>" means a broker, dealer, bank or other financial institution or other Person for which from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

"<u>Collection Period</u>" means, with respect to any Payment Date, the immediately preceding calendar month (or, in the case of the first Collection Period, the period from but excluding the 20[__]-[_] Cutoff Date to and including the last day of the calendar month immediately preceding the calendar month in which the first Payment Date occurs).

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"<u>Commission</u>" means the Securities and Exchange Commission.

"<u>Compounded SOFR</u>" with respect to any U.S. Government Securities Business Day, shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the applicable compounded average of SOFR for the Corresponding Tenor of 30 days as published on such U.S. Government Securities Business Day at the SOFR Determination Time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the rate specified in (1) above does not so appear, the applicable compounded average of SOFR for the Corresponding Tenor as published in respect of the first preceding U.S. Government Securities Business Day for which such rate appeared on the FRBNY's Website.

The specific Compounded SOFR rate is referred to by its tenor. For example, "30-day Average SOFR" refers to the compounded average SOFR over a rolling 30-calendar day period as published on the FRBNY's Website.

["<u>Controlling Class</u>" means the Holders of the [20[__]-[__] ABS Notes][Class A Notes for so long as any Class thereof is Outstanding and thereafter the Class B Notes].]

"<u>Control Agreements</u>" means the ABS Control Agreement and the Titling Trust Control Agreement.

["<u>Controlling Party</u>" shall mean a senior or executive officer or senior manager or any other individual who regularly performs similar functions; including any individual who performs such function indirectly through a Person that beneficially owns or controls the Certificateholder or Administrator or other instructing party hereunder.]

"<u>Corporate Trust Office</u>" means, with respect to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Indenture Trustee and, for so long as the Indenture Trustee is the Note Registrar, the Note Registrar, the office of the Indenture Trustee at which its corporate trust business is administered, which on the 20[__]-[_] Closing Date is located at:

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| [______________________] |
| [______________________] |
| [______________________] |

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<br> Attention: <br>  

E-mail: _________@_________.com

Telephone: [______________________]

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or at such other address as each party may designate by notice to the Borrower, the Servicer and each Noteholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Owner Trustee, the office of the Owner Trustee at which its corporate trust business is administered, which on the 20[__]-[_] Closing Date is located at:

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| [______________________] |
| [______________________] |
| [______________________] |

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<br> Attention: <br>  

<br> E-mail: _________@_________.com

Telephone: [______________________]

or at such other address as the Owner Trustee may designate by notice to the Indenture Trustee and the Transferor, or the principal corporate trust office of any successor Owner Trustee at the address designated by such successor Owner Trustee by notice to the Indenture Trustee and the Transferor.

"<u>Corresponding Tenor</u>" means, with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding any business day adjustment) as the applicable tenor for the then-current Benchmark.

"<u>Courtesy Vehicle Program</u>" means a program in which new Mercedes-Benz passenger car or sport utility vehicles are used by dealers for loaner, demonstration or similar purposes for a limited period and under 10,000 miles.

"<u>Default</u>" means any occurrence that with notice or the lapse of time or both would become an Event of Default.

"<u>Defaulted Lease</u>" means any Lease with respect to which, at any time prior to its Maturity Date, (i) an amount equal to 10% or more of any related Base Monthly Payment remains unpaid for 120 days or more from the related Payment Due Date, (ii) such Lease has been identified by the Servicer as uncollectible, (iii) the related Vehicle has been repossessed and the related Lease has been terminated, (iv) such Lease has been written off by the Servicer in accordance with the Credit and Collection Policy for writing off lease contracts for leased vehicles other than with respect to repossessions or (v) in respect of which the Servicer's records, in accordance with the Credit and Collection Policy, indicate that all Insurance Proceeds expected to be received have been received following a casualty or other loss with respect to the related Vehicle.

"<u>Definitive Note</u>" means a definitive fully registered Note.

"<u>Delaware Secretary of State</u>" means the Secretary of State of the State of Delaware.

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"<u>Delaware Statutory Trust Act</u>" means The Delaware Statutory Trust Act, 12 <u>Del. C.</u> §3801 <u>et</u> <u>seq</u>.

"<u>Delinquency Trigger</u>" means, for any Collection Period, that the aggregate Securitization Value of Leases in the 20[__]-[_] Reference Pool that are more than 60 days Delinquent (excluding Defaulted Lease and Liquidated Leases) as a percentage of the 20[__]-[_] Aggregate Securitization Value as of the last day of the Collection Period exceeds [●]%.

"<u>Delinquent</u>" means a Lease on which 10% or more of a scheduled payment required to be paid by the Lessee is more than two days past due.

"<u>Depository Agreement</u>" means the agreement between the Issuer and DTC, as the initial Clearing Agency, dated as of the 20[__]-[_] Closing Date.

"<u>Determination Date</u>" means, with respect to any Collection Period, two Business Days before the related Payment Date.

"<u>DTC</u>" means The Depository Trust Company.

"<u>EDGAR</u>" means the Commission's Electronic Data Gathering, Analysis and Retrieval system.

"<u>Eligible Account</u>" means a trust account (1) maintained with a depository institution or trust company (a)(i) the short-term unsecured debt obligations of which are rated (or such depository institution or trust company has an issuer rating) in the highest short-term rating category (excluding any "+" signs associated with such rating) by each Rating Agency or (ii) having corporate trust powers and a long-term unsecured debt rating that is rated "investment grade" by (or such depository institution or trust company has an issuer rating of at least "investment grade" from) each Rating Agency (including a rating of, if Fitch is a Rating Agency, at least "A" by Fitch) and (b) which is maintained in a segregated trust account in the corporate trust department of such depository institution or trust company or (2) maintained with the Securities Intermediary or an Affiliate (so long as the Securities Intermediary or such Affiliate continues to meet the requirements set forth in Section 6.11 of the Indenture).

"<u>Eligible State</u>" means, with respect to the Titling Trust, any State in which the Titling Trust is, if and to the extent required by Applicable Law, qualified, authorized and licensed to hold title or other evidence of the interest in leased vehicles.

"<u>Event of Default</u>" has the meaning specified in Section 5.01 of the Indenture.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934 and any regulations promulgated thereunder.

"<u>Exchange Act Reports</u>" means any reports on Form 10-D, Form 8-K or Form 10-K required to be filed by the Transferor with respect to the Issuer under the Exchange Act.

"<u>Exchange Note Supplement</u>" means the 20[__]-[_] Exchange Note Supplement.

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"<u>FICO<sup>®</sup></u>" means Fair Isaac & Co.

"<u>Final Scheduled Payment Date</u>" means with respect to (i) the Class A-1 Notes, the Class A-1 Final Scheduled Payment Date, (ii) the Class A-2 Notes, the Class A-2 Final Scheduled Payment Date, (iii) the Class A-3 Notes, the Class A-3 Final Scheduled Payment Date, (iv) the Class A-4 Notes, the Class A-4 Final Scheduled Payment Date and (v) [the Class B Notes, the Class B Final Scheduled Payment Date].

"<u>FRBNY</u>" means the Federal Reserve Bank of New York.

"<u>FRBNY's Website</u>" shall mean the website of the FRBNY, currently at https://apps.newyorkfed.org/markets/autorates/sofr-avg-ind or at such other page as may replace such page on the FRBNY's website.

"<u>First-Tier Assets</u>" has the meaning specified in Section 2.01(a) of the First-Tier Sale Agreement.

"<u>First-Tier Sale Agreement</u>" means the First-Tier Sale Agreement, dated as of [______ __], 20[__], between MBFS USA, as seller, and the Transferor, as purchaser.

"<u>Fitch</u>" means Fitch Ratings, Inc.

"<u>Force Majeure</u>" means any delay or failure in performance caused by acts beyond either the Issuer's or the Servicer's reasonable control, including acts of God, war, vandalism, sabotage, accidents, fires, floods, strikes, epidemics, pandemics, labor disputes, mechanical breakdown, shortages or delays in obtaining suitable parts or equipment, material, labor, or transportation, acts of subcontractors, interruption of utility services, acts of any unit of government or governmental agency, or any similar cause.

"<u>Form 10-D Disclosure Item</u>" means, with respect to any Person, any event specified in Part II of Schedule B to the 20[__]-[_] Exchange Note Supplement for which such Person is the responsible party, if such Person or in the case of the Owner Trustee or Indenture Trustee, a Responsible Officer of such Person, has actual knowledge of such event.

"<u>Form 10-K Disclosure Item</u>" means, with respect to any Person, (i) any Form 10-D Disclosure Item and (ii) any additional items specified in Part III of Schedule B to the 20[__]-[_] Exchange Note Supplement for which such Person is the responsible party, or if such Person is the Indenture Trustee or the Owner Trustee, a Responsible Officer of such Person has actual knowledge of such event.

"<u>Governmental Authority</u>" means the United States, any State or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

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"<u>Grant</u>" means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create and grant a lien upon and a security interest in and right of set-off or recoupment against, and to deposit, set over and confirm pursuant to any 20[__]-[_] Basic Document. A Grant of the 20[__]-[_] Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the 20[__]-[_] Collateral and all other monies payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto.

"<u>Indenture</u>" means the Indenture, dated as of [______ __], 20[__], between the Issuer and the Indenture Trustee.

"<u>Indenture Trustee</u>" means [●], in its capacity as indenture trustee under the Indenture, and its successors in such capacity.

"<u>Independent</u>" means, with respect to any Person, that such Person (i) is in fact independent of the Issuer, any other obligor on the Notes, the Transferor, the Servicer and any of their respective Affiliates, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Transferor, the Servicer or any of their respective Affiliates and (iii) is not connected with the Issuer, any such other obligor, the Transferor, the Servicer or any of their respective Affiliates as an officer, employee, promoter, underwriter, trustee, partner, director or individual or entity performing similar functions.

"<u>Independent Certificate</u>" means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01 of the Indenture, made by an Independent appraiser or other expert appointed by an Issuer Order and acceptable to the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of "Independent" and the signer is Independent within the meaning thereof.

"<u>Initial Beneficiary</u>" means Mercedes-Benz Trust Holdings LLC, a Delaware limited liability company.

"<u>Initial Class A-1 Note Balance</u>" means $[●].

"<u>Initial Class A-2 Note Balance</u>" means $[●].

"Initial Class A-2[A] Note Balance" means $[●].

["Initial Class A-2B Note Balance" means $[●].]

"<u>Initial Class A-3 Note Balance</u>" means $[●].

"<u>Initial Class A-4 Note Balance</u>" means $[●].

["<u>Initial Class B Note Balance</u>" means $[●].]

"<u>Initial Note Balance</u>" means, as the context may require, with respect to (i) all of the Notes, $[●] or (ii) any Note, an amount equal to the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial Class A-3 Note Balance or the Initial Class A-4 Note Balance, as the case may be.

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"<u>Insolvency Event</u>" means, with respect to any Person, (i) the making of a general assignment for the benefit of creditors; (ii) the filing of a voluntary petition in bankruptcy; (iii) being adjudged as bankrupt or insolvent, or having had entered against such Person an order for relief in any bankruptcy or insolvency Proceeding; (iv) the filing by such Person of a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any Insolvency Laws; (v) the filing by such Person of an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person in any proceeding specified in clause (viii) below; (vi) the seeking, consenting to or acquiescing in the appointment of a trustee, receiver, liquidator or similar official of such Person or of all or any substantial part of the assets of such Person; (vii) the failure by such Person generally to pay its debts as such debts become due; (viii) the failure to obtain dismissal within 90 days of the commencement of any Proceeding against such Person seeking (a) reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation or (b) the appointment of a trustee, liquidator, receiver or similar official, in each case of such Person or of such Person's assets or any substantial portion thereof; and (ix) the taking of action by such Person in furtherance of any of the foregoing. The foregoing definition of "Insolvency Event" is intended to replace and shall supersede and replace the definition of "Bankruptcy" set forth in Sections 18-101(1) and 18-304 of the Delaware Limited Liability Company Act.

"<u>Insolvency Laws</u>" means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

"<u>Interest Distributable Amount</u>" means, with respect to the 20[__]-[_] ABS Notes and any Payment Date and the related Interest Period, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the portion of the Interest Distributable Amount with respect to the immediately preceding Payment Date that was not paid on such date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of (a) the Class A-1 Notes and the Class A-2B Notes, the product of (1) the Note Balance for the related Class as of the first day of such Interest Period, times (2) the Interest Rate for such Class [for such Interest Period], times (3) a fraction, (A) the numerator of which is the actual number of days in the related Interest Period and (B) the denominator of which is 360 or (b) the Class A-2A Notes, the Class A-3 Notes, the Class A-4 Notes and [the Class B Notes], the product of (1) the Note Balance for the related Class as of the first day of such Interest Period, times (2) the Interest Rate for such Class, times (3) a fraction, (A) the numerator of which is 30 (or, in the case of the first Payment Date, [__]) and (B) the denominator of which is 360.

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"<u>Interest Period</u>" means, with respect to the 20[__]-[_] ABS Notes, with respect to any Payment Date and (i) the Class A-1 Notes and Class A-2B Notes, the period from, and including, prior Payment Date (or from, and including, the Closing Date with respect to the first Payment Date) to, but excluding, the current Payment Date and (ii) the Class A 2A Notes, Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the period from and including the 15th day of the month in which the preceding Payment Date occurred (or, in the case of the first Payment Date or if no interest has yet been paid, from and including the 20[__]-[__] Closing Date) to but excluding the 15th day of the month in which such Payment Date occurs.

"<u>Interest Rate</u>" means the Class A-1 Interest Rate, the Class A-2[A] Interest Rate, [the Class A-2B Interest Rate,] the Class A-3 Interest Rate, the Class A-4 Interest Rate [or the Class B Interest Rate], as applicable.

"<u>ISDA Fallback Adjustment</u>" means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.

"<u>ISDA Fallback Rate</u>" shall mean the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

"<u>Issuer</u>" means Mercedes-Benz Auto Lease Trust 20[__]-[_], a Delaware statutory trust.

"<u>Issuer Basic Documents</u>" means the 20[__]-[_] Basic Documents to which the Issuer is a party.

"<u>Issuer Obligations</u>" means all amounts and obligations which the Issuer may at any time owe under the 20[__]-[_] Basic Documents, including to the Indenture Trustee for the benefit of the Noteholders under the Indenture or the other 20[__]-[_] Basic Documents.

"<u>Issuer Order</u>" and "<u>Issuer Request</u>" means a written order of or request by the Issuer, signed by an Authorized Officer and delivered to the Indenture Trustee.

"<u>Item 1119 Party</u>" means the Transferor, the Seller, the Servicer, the Indenture Trustee, the Owner Trustee, the Asset Representations Reviewer and any other material transaction party, as identified in Schedule A to the 20[__]-[_] Exchange Note Supplement.

"<u>Liquidated Lease</u>" means, with respect to any Collection Period, a Lease (i) in respect of which the related Leased Vehicle was sold or otherwise disposed of by the Servicer following the scheduled or early termination of such Lease or (ii) that terminated more than 120 days prior to the end of such Collection Period and the related Leased Vehicle has not been sold or otherwise disposed of by the Servicer as of the end of such Collection Period.

"<u>Majority Noteholders</u>" means, as of any date, the Holders of at least 51% of the Outstanding Amount of (i) the 20[__]-[_] ABS Notes or (ii) any Class of Notes, as indicated by the context.

"<u>MBFS USA</u>" means Mercedes-Benz Financial Services USA LLC.

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"<u>Moody's</u>" means Moody's Investors Service Inc.

"<u>Monthly Investor Report</u>" means, with respect to any Collection Period and the related Payment Date, a servicing report setting forth 20[__]-[_] Collections and certain other information regarding the 20[__]-[_] Reference Pool received during or in respect of such Collection Period and the payments due on such Payment Date with respect to the 20[__]-[_] Exchange Note and the 20[__]-[_] ABS Notes, in substantially the form of Exhibit C to the 20[__]-[_] Servicing Supplement.

"<u>Monthly Remittance Condition</u>" means that (i) MBFS USA is the Servicer and is a direct or indirect wholly owned subsidiary of Mercedes-Benz Group AG, (ii) there exists no Servicer Event of Default and (iii) Mercedes-Benz Group AG's and MBFS USA's short-term unsecured debt is rated in the highest short-term rating category (excluding any "+" signs associated with such rating) by each Rating Agency.

"<u>Note Balance</u>" means, as of any date, the sum of the Class A-1 Note Balance, the Class A-2A Note Balance, [the Class A-2B Note Balance,] the Class A-3 Note Balance, the Class A-4 Note Balance [and the Class B Note Balance].

"<u>Note Factor</u>" means, with respect to each Class of 20[__]-[_] ABS Notes on any Payment Date, the four or more digit decimal equivalent of a fraction the numerator of which is the Outstanding Amount of such Class of 20[__]-[_] ABS Notes on such Payment Date (after giving effect to any payment of principal on such Payment Date) and the denominator of which is the Initial Class A-1 Note Balance, the Initial Class A-2A Note Balance[, the Initial Class A-2B Note Balance,] the Initial Class A-3 Note Balance, the Initial Class A-4 Note Balance or the [Initial Class B Note Balance,] as applicable.

"<u>Note Owner</u>" means, with respect to any Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

"<u>Note Paying Agent</u>" means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is authorized by the Issuer to make payments to and distributions from the 20[__]-[_] Distribution Account, including payments of principal of or interest on the 20[__]-[_] ABS Notes on behalf of the Issuer.

"<u>Note Redemption Price</u>" means, an amount equal to the sum of (i) the Note Balance as of the Redemption Date, (ii) the Interest Distributable Amount payable on the Payment Date on which the redemption occurs and (iii) all Issuer Obligations.

"<u>Note Register</u>" and "<u>Note Registrar</u>" have the meanings specified in Section 2.05(a) of the Indenture.

"<u>Noteholder</u>" or "<u>Holder</u>" means, as of any date, the Person in whose name a 20[__]-[_] ABS Note is registered on the Note Register on the applicable Record Date.

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"<u>Notes</u>" means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes the Class A-4 Notes [and the Class B Notes].

"<u>Officer's Certificate</u>" means, with respect to (i) the Servicer, the Transferor or the Administrator, a certificate signed by the chairman of the board, the president, any executive vice president, any vice president, the treasurer, any assistant treasurer, the secretary, any assistant secretary or the controller of the Servicer, the Transferor or the Administrator, as the case may be, and (ii) the Issuer or the Owner Trustee, a certificate signed by any Authorized Officer of the Issuer or the Owner Trustee, under the circumstances described in, and otherwise complying with, Section 11.01 of the Indenture, and delivered to the Indenture Trustee. Unless otherwise specified by the context, any reference in the Indenture to an Officer's Certificate shall be to an Officer's Certificate of the Issuer.

"<u>Opinion of Counsel</u>" means a written opinion of counsel who may, except as otherwise provided in the 20[__]-[_] Basic Documents, be employees of or counsel to the Issuer, either Trustee, the Servicer, the Asset Representations Reviewer or any of their respective Affiliates and, in the case of an opinion of counsel to be delivered to a party to the 20[__]-[_] Basic Documents or another entity (i) is delivered by counsel reasonably acceptable to the related recipient and (ii) is addressed to the related recipient.

"<u>Outstanding</u>" means, as of any date, all 20[__]-[_] ABS Notes authenticated and delivered under the Indenture on or before such date except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20[__]-[_] ABS Notes that have been cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20[__]-[_] ABS Notes to the extent an amount necessary to pay all or such portion of such 20[__]-[_] ABS Notes has been deposited with the Indenture Trustee or any Note Paying Agent in trust for the Noteholders of such 20[__]-[_] ABS Notes on or before such date; provided that if such 20[__]-[_] ABS Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision for such notice has been made, satisfactory to the Indenture Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20[__]-[_] ABS Notes in exchange for or in lieu of which other 20[__]-[_] ABS Notes have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that a Protected Purchaser holds any such 20[__]-[_] ABS Notes;

provided that in determining whether (a) the Noteholders of 20[__]-[_] ABS Notes evidencing the requisite Note Balance have given any request, demand, authorization, direction, notice, consent, or waiver under any 20[__]-[_] Basic Document, 20[__]-[_] ABS Notes owned by the Issuer, the Transferor, the Servicer or any of their respective Affiliates will be disregarded and deemed not to be Outstanding and (b) the Indenture Trustee is protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only 20[__]-[_] ABS Notes that an Authorized Officer of the Indenture Trustee knows to be so owned will be disregarded and deemed not to be Outstanding; provided, further, that, notwithstanding the foregoing, Notes owned by the Issuer, the Transferor, the Servicer or any of their respective Affiliates will be treated as Outstanding if no other Notes remain Outstanding.

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"<u>Outstanding Amount</u>" means, as of any date, the Note Balance of all Outstanding 20[__]-[_] ABS Notes.

"<u>Outstanding Balance</u>" means, with respect to a 20[__]-[_] Lease, the Securitization Value of such 20[__]-[_] Lease as of the 20[__]-[_] Cutoff Date less the principal portion of all payments made in respect of such 20[__]-[_] Lease since the 20[__]-[_] Cutoff Date.

"<u>Owner Trustee</u>" means [●], solely in its capacity as owner trustee under the Trust Agreement and not in its individual capacity, and any successor in such capacity.

"<u>Paying Agent</u>" means the Indenture Trustee or any other Person appointed as such pursuant to Section 3.11 of the Trust Agreement.

"<u>Payment Date</u>" means, with respect to the 20[__]-[_] Exchange Note and the 20[__]-[_] ABS Notes, the [15<sup>th</sup>] day of each calendar month, or, if such day is not a Business Day, the next Business Day, beginning [______ __], 20[__].

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation.

"<u>Performance Certification</u>" means each certification delivered to the Certifying Person pursuant to Article Seven of the 20[__]-[_] Exchange Note Supplement.

"<u>Permitted Investments</u>" means, with respect to any 20[__]-[_] Bank Account, book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form with maturities not exceeding the Deposit Date relating to the next Payment Date that evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; direct obligations of, and obligations fully guaranteed as to timely payment by, the United States or its agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; demand deposits, time deposits, certificates of deposit or bankers' acceptances of any depository institution or trust company (a) incorporated under the laws of the United States, any State or any United States branch of a foreign bank, (b) subject to supervision and examination by federal or State banking or depository institution authorities and (c) at the time of the investment or contractual commitment to invest therein, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) of which have the Required Rating (or has a short term issuer rating that satisfies the Required Rating);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; commercial paper, including asset-backed commercial paper, having, at the time of the investment or contractual commitment to invest therein, the Required Rating;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investments in money market funds having a rating from each Rating Agency in the highest rating category granted thereby (or, if Fitch is a Rating Agency and if not rated by Fitch, from at least one Rating Agency and one other nationally recognized rating organization that rates such investment where the rating addresses the dual objective of preservation of capital and timely liquidity); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; repurchase obligations with respect to any security that is a direct non-callable obligation of, or fully guaranteed by, the United States or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States, in either case entered into with a depository institution or trust company (acting as principal) described in clause (ii) above and having the Required Rating.

Notwithstanding the foregoing, (a) except as otherwise provided in the 20[__]-[_] Servicing Supplement, each of the foregoing obligations, instruments and securities shall mature no later than the Business Day immediately preceding the date on which such funds are required to be available for application pursuant to any related 20[__]-[_] Basic Document (other than in the case of the investment of monies in obligations, instruments or securities of which the entity at which the related 20[__]-[_] Bank Account is located is the obligor, which may mature on such date), and shall be held to such maturity, (b) no Permitted Investment may be purchased at a premium and (c) no obligation or security may be a Permitted Investment unless (1) the Titling Trustee has Control over such obligation or security and (2) at the time such obligation or security was delivered to the Titling Trustee or the Titling Trustee or the Security Trustee became the related Entitlement Holder, such entity did not have notice of any adverse claim with respect thereto within the meaning of Section 8-105 of the UCC.

"<u>Personally Identifiable Information</u>" or "<u>PII</u>" has the meaning set forth in the Asset Representations Review Agreement.

"<u>Predecessor Note</u>" means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

"<u>Principal Distribution Amount</u>" means, for any Payment Date, to the extent of funds available for payment, the sum of the Priority Principal Distribution Amount and the Regular Principal Distribution Amount, not to exceed the outstanding Note Balance.

"<u>Priority Principal Distribution Amount</u>" means, with respect to any Payment Date, an amount not less than zero, equal to (i) the Outstanding Amount of the Notes as of the preceding Payment Date (after giving effect to any principal payments made on the Notes on such preceding Payment Date) or, in the case of the first Payment Date, the Initial Note Balance, minus (ii) the 20[__]-[_] Aggregate Securitization Value at the end of the related Collection Period; provided, however, that the Priority Principal Distribution Amount on and after the Final Scheduled Payment Date of any Class of the Notes will not be less than the amount that is necessary to reduce the Note Balance of that Class of Notes to zero.

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"<u>Provided Information</u>" means, with respect to (i) the Indenture Trustee, the Servicing Criteria Assessment provided under Section 7.05 of the 20[__]-[_] Exchange Note Supplement by or on behalf of the Indenture Trustee, and (ii) the Servicer, the information provided pursuant to Sections 6.03 and 6.04 of the 20[__]-[_] Servicing Supplement by or on behalf of the Servicer.

"<u>Rating Agency</u>" means [each of [●] and] [●]; provided, however, that if either of [●] or [●] ceases to exist, Rating Agency shall mean any nationally recognized statistical rating organization or other comparable Person designated by the Issuer to replace such Person, written notice of which designation shall have been given to the Transferor, the Servicer and the Trustees.

"<u>Rating Agency Condition</u>" means, with respect to any action, and each Rating Agency, either (i) written confirmation by that Rating Agency that such action will not cause such Rating Agency to qualify, reduce or withdraw any of its then-current ratings assigned to the Notes or (ii) that such Rating Agency has been given at least ten days' prior written notice of such action and such Rating Agency has not issued any written notice that such action would cause such Rating Agency to qualify, reduce or withdraw any of its then-current ratings assigned to the Notes.

"<u>Reallocation Request</u>" means a request by a Requesting Party to the Servicer to purchase and reallocate a 20[__]-[_] Lease and related 20[__]-[_] Vehicle due to an alleged breach of a representation and warranty set forth in Section 3.03 of the Servicing Supplement.

"<u>Record Date</u>" means, with respect to a Payment Date or Redemption Date, the close of business on the day immediately preceding such Payment Date or Redemption Date; provided, however, that if Definitive Notes have been issued pursuant to the Indenture, Record Date shall mean, with respect to the 20[__]-[_] ABS Notes and any Payment Date or Redemption Date, the last day of the preceding Collection Period.

"<u>Redemption Date</u>" means, with respect to the redemption of the 20[__]-[_] ABS Notes pursuant to Section 10.01 of the Indenture, the Payment Date specified by the Servicer pursuant to such Section.

"<u>Reference Time</u>" shall mean, if the Benchmark is not SOFR, the time determined by the Administrator after giving effect to the Benchmark Replacement Conforming Changes.

"<u>Registered Holder</u>" means the Person in whose name a Note is registered on the Note Register on the applicable Record Date.

"<u>Registered Pledgee</u>" means, with respect to the 20[__]-[_] Exchange Note, the Person listed in the Exchange Note Register as the registered pledgee of the 20[__]-[_] Exchange Note.

"<u>Regular Principal Distribution Amount</u>" means, with respect to any Payment Date, an amount not less than zero, equal to (i) the excess, if any, of (a) the Outstanding Amount of the Notes as of the preceding Payment Date (after giving effect to any principal payments made on the Notes on such preceding Payment Date) or, in the case of the first Payment Date, the Initial Note Balance, minus (b) the 20[__]-[_] Aggregate Securitization Value as of the last day of the related Collection Period minus the Target Overcollateralization Amount minus (ii) the Priority Principal Distribution Amount, if any, with respect to such Payment Date.

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"<u>Regulation AB</u>" means subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, subject to such clarification and interpretation as has been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

"<u>Regulation RR</u>" means Regulation RR under the Exchange Act.

"<u>Relevant Governmental Body</u>" shall mean the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.

"<u>Reportable Event</u>" means any event required to be reported on Form 8-K, including each event specified on Part IV of Schedule B of the 20[__]-[_] Exchange Note Supplement (i) for which such Person is the responsible party and (ii) of which such Person (or in the case of the Indenture Trustee, as Responsible Officer of such Person) has actual knowledge.

"<u>Representatives</u>" means [●], [●] and [●], each in its capacity as representative of the underwriters named in the Underwriting Agreement.

"<u>Repurchase Payment</u>" means, with respect to a 20[__]-[_] Lease and the related 20[__]-[_] Vehicle required to be purchased by the Servicer pursuant to Section 3.05(a) of the 20[__]-[_] Servicing Supplement, the Outstanding Balance of such 20[__]-[_] Lease plus any accrued but unpaid interest thereon.

**"<u>Requesting Party</u>" means the Issuer, the Owner Trustee, the Indenture Trustee (acting at the direction of the Noteholders or Note Owners in accordance with Section 3.11(a) of the 20[__]-[_] Servicing Supplement), any Noteholder or a Note Owner who provides to the requested party a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note, in each case reasonably satisfactory to the requested party.**

"<u>Required Rating</u>" means, with respect to any entity, that the short-term credit rating or the short-term issuer rating of such entity is rated "[●]" by [●] and "[●]" by [●].

"<u>Required Reserve Amount</u>" means, (i) [●]% of the 20[__]-[_] Cutoff Date Aggregate Securitization Value) or (ii) on any Payment Date occurring on or after the date on which the Outstanding Amount of the Notes has been reduced to zero, zero; provided that the Required Reserve Amount may not be greater than the Note Balance of the Notes.

"<u>Reserve Initial Deposit</u>" means, with respect to the 20[__]-[_] Reserve Account, [●]% of the 20[__]-[_] Cutoff Date Aggregate Securitization Value).

"<u>Responsible Officer</u>" means any officer of the Indenture Trustee within the Corporate Trust Office, including any Vice President, Assistant Vice President, Assistant Treasurer or Assistant Secretary or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above-designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject, in each case having direct responsibility for the administration of the Indenture.

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"<u>Review</u>" has the meaning stated in the Asset Representations Review Agreement.

"<u>Review Assets</u>" has the meaning stated in the Asset Representations Review Agreement and Section 3.10(c) of the Servicing Supplement.

"<u>Review Notice</u>" has the meaning stated in the Asset Representations Review Agreement.

"<u>Review Report</u>" has the meaning stated in the Asset Representations Review Agreement.

"<u>Sarbanes-Oxley Act</u>" means the Sarbanes-Oxley Act of 2002.

"<u>Sarbanes-Oxley Certification</u>" means the certification concerning the Issuer, to be signed by an officer of the Servicer or the Transferor and submitted to the Commission pursuant to the Sarbanes-Oxley Act.

"<u>Schedule of 20[__]-[_] Reference Pool Assets</u>" means the Schedule of 20[__]-[_] Reference Pool Assets appearing as Exhibit B to the 20[__]-[_] Exchange Note Supplement and Exhibit A to the 20[__]-[_] Servicing Supplement.

"<u>Scheduled Securitization Value</u>" means, with respect to any 20[__]-[_] Lease and any Collection Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if such 20[__]-[_] Lease is not covered by clauses (ii) and (iii) below, as of the close of business on the last day of such Collection Period, the sum of the present values of (a) all scheduled remaining Base Monthly Payments due under that 20[__]-[_] Lease and (b) the Base Residual Value, in each case discounted by using the related Securitization Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if such 20[__]-[_] Lease became a Defaulted Lease during or prior to such Collection Period, zero; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; if such 20[__]-[_] Lease became a Liquidated Lease, Extended Lease or a 20[__]-[_] Lease purchased by the Servicer pursuant to Section 3.05(a) of the 20[__]-[_] Servicing Supplement prior to such Collection Period, zero.

"<u>Second-Tier Assets</u>" has the meaning specified in Section 2.01(a) of the Second-Tier Sale Agreement.

"<u>Second-Tier Sale Agreement</u>" means the Second-Tier Sale Agreement, dated as of [______ __], 20[__], between the Transferor, as seller, and the Issuer, as purchaser.

"<u>Securities</u>" means the 20[__]-[_] ABS Notes and the Certificates.

A1-25

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"<u>Securities Act</u>" means the Securities Act of 1933, 15 U.S.C. 77a et seq., and any regulations promulgated thereunder.

"<u>Securities Intermediary</u>" has the meaning specified in Section 1.01 of the ABS Control Agreement.

"<u>Securitization Rate</u>" means, for any 20[__]-[_] Lease and the related 20[__]-[_] Vehicle, the greater of (i) the Contract Rate set forth in the related lease agreement and (ii) [●]%.

"<u>Securitization Transaction</u>" means any transaction involving a sale or other transfer of Leases and Leased Vehicles directly or indirectly to an issuing entity in connection with the issuance of publicly offered or privately placed rated or unrated asset-backed securities.

"<u>Securitization Value</u>" means, with respect to any 20[__]-[_] Lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for each 20[__]-[_] Lease as of the 20[__]-[_] Cutoff Date, the sum of the present values of (a) all remaining Base Monthly Payments due under that 20[__]-[_] Lease and (b) the Base Residual Value, in each case discounted by using the related Securitization Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for each 20[__]-[_] Lease that was not or did not become a Defaulted Lease or a Liquidated Lease as of the last day of any Collection Period, the Securitization Value of such 20[__]-[_] Lease as of the 20[__]-[_] Cutoff Date, less the principal portion of all payments made in respect of such 20[__]-[_] Lease since the 20[__]-[_] Cutoff Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; for which the related 20[__]-[_] Vehicle was repurchased by the Servicer during or prior to the Collection Period before its Maturity Date occurred, zero; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; that became a Liquidated Lease or a Defaulted Lease during or prior to the Collection Period before its Maturity Date occurred, zero.

"<u>Securityholder</u>" means any Noteholder or Certificateholder, as applicable.

"<u>Servicer Event of Default</u>" means any of the Exchange Note Servicer Events of Default set forth in Section 7.01(a) of the 20[__]-[_] Servicing Supplement.

"<u>Servicing Criteria</u>" means the "servicing criteria" set forth in Item 1122(d) of Regulation AB.

"<u>Servicing Criteria Assessment</u>" means a report of the Indenture Trustee's assessment of compliance with the Servicing Criteria pursuant to Section 7.05 of the 20[__]-[_] Exchange Note Supplement during the immediately preceding calendar year, as set forth under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

"<u>Servicing Supplement</u>" means the 20[__]-[_] Servicing Supplement.

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"<u>Similar Law</u>" means any federal, State or local law that imposes requirements similar to Title I of ERISA or Section 4975 of the Code.

"<u>SOFR</u>" means, with respect to any day, the secured overnight financing rate published for such day by the FRBNY, as the administrator of the benchmark, (or a successor administrator) on the FRBNY's Website.

"<u>SOFR Adjustment Conforming Changes</u>" shall mean, with respect to any SOFR Rate, any technical, administrative or operational changes (including changes to the Interest Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Administrator (on behalf of the Issuer) decides, from time to time, may be appropriate to adjust such SOFR Rate in a manner substantially consistent with or conforming to market practice (or, if the Administrator (on behalf of the Issuer) decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator (on behalf of the Issuer) determines that no market practice exists, in such other manner as the Administrator (on behalf of the Issuer) determines is reasonably necessary).

"<u>SOFR Adjustment Date</u>" shall mean the second U.S. Government Securities Business Day before the first day of such Interest Period.

"<u>SOFR Determination Time</u>" means 3:00 p.m. (New York time) on the U.S. Government Securities Business Day, at which time Compounded SOFR is published on the FRBNY's Website.

"<u>SOFR Rate</u>" shall mean the rate that will be obtained by the Note Paying Agent for each Interest Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not the SOFR Rate, the Reference Time) and, except as provided in the Indenture following a determination by the Administrator (on behalf of the Issuer) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-2B Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, that, the Administrator (on behalf of the Issuer) will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.

"<u>Standard & Poor's</u>" means S&P Global Ratings.

"<u>Successor Servicer</u>" means any entity appointed as a successor to the Servicer pursuant the 20[__]-[_] Servicing Agreement.

"<u>Target Overcollateralization Amount</u>" means, with respect to any Payment Date, [●]% of the 20[__]-[_] Cutoff Date Aggregate Securitization Value.

"<u>Test Fail</u>" has the meaning stated in the Asset Representations Review Agreement.

"<u>Titling Trust</u>" means Mercedes-Benz Vehicle Trust, a Delaware statutory trust, established pursuant to the Titling Trust Agreement.

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"<u>Titling Trust Administrator</u>" means MBFS USA, in its capacity as Titling Trust Administrator under the Titling Trust Agreement.

"<u>Titling Trust Agreement</u>" means the amended and restated titling trust agreement, dated as of January 31, 2023, among the Titling Trust Administrator, the Initial Beneficiary and the Titling Trustee.

"<u>Titling Trust Control Agreement</u>" means the Titling Trust Account Control Agreement, dated as of [______ __], 20[__], among the Titling Trust, the Indenture Trustee and [●], in its capacity as a securities intermediary.

"<u>Titling Trustee</u>" means BNY Mellon Trust of Delaware, in its capacity as trustee under the Titling Trust Agreement.

"<u>Transferor</u>" means Mercedes-Benz Trust Leasing LLC, a Delaware limited liability company.

"<u>Transition Costs</u>" means the reasonable costs and expenses (including reasonable attorneys' fees but excluding overhead) incurred or payable by the Successor Servicer in connection with the transfer of servicing (whether due to termination, resignation or otherwise), including allowable compensation of employees and overhead costs incurred or payable in connection with the transfer of the Lease Files or any amendment to the 20[__]-[_] Servicing Agreement required in connection with the transfer of servicing.

"<u>Trust Agreement</u>" means the Amended and Restated Trust Agreement, dated as of [______ __], 20[__], between the Transferor and the Owner Trustee.

"<u>Trust Estate</u>" has the meaning specified in the Indenture.

"<u>Trust Indenture Act</u>" or "<u>TIA</u>" means the Trust Indenture Act of 1939 as in force on the Closing Date, unless otherwise specifically provided in the Indenture.

"<u>Trustees</u>" means the Indenture Trustee and the Owner Trustee.

"<u>Unadjusted Benchmark Replacement</u>" shall mean the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

"<u>Underwriting Agreement</u>" means the Underwriting Agreement, dated [______ __], 20[__], among the Transferor, MBFS USA and the Representatives.

"<u>United States</u>" or "<u>U.S.</u>" means the United States of America.

"<u>U.S. Bank Trust</u>" means U.S. Bank Trust National Association.

"<u>U.S. Government Securities Business Day</u>" means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

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## Exhibit 99.2

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EXHIBIT 99.2

MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_],

as Initial Secured Party,

[●],

as Assignee-Secured Party,

and

[●],

as Securities Intermediary

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20[__]-[_] COLLATERAL ACCOUNT

CONTROL AGREEMENT

Dated as of [_______ _], 20[__]

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | <u>Page</u> |
| ARTICLE ONE | ARTICLE ONE | ARTICLE ONE |
| USAGE AND DEFINITIONS | USAGE AND DEFINITIONS | USAGE AND DEFINITIONS |
| Section 1.01. | Capitalized Terms; Rules of Usage | 2 |
| ARTICLE TWO | ARTICLE TWO | ARTICLE TWO |
| ESTABLISHMENT OF CONTROL OVER 20[__]-[_] COLLATERAL ACCOUNTS | ESTABLISHMENT OF CONTROL OVER 20[__]-[_] COLLATERAL ACCOUNTS | ESTABLISHMENT OF CONTROL OVER 20[__]-[_] COLLATERAL ACCOUNTS |
| Section 2.01. | Establishment of 20[__]-[_] Collateral Accounts | 3 |
| Section 2.02. | "Financial Assets" Election | 3 |
| Section 2.03. | Entitlement Orders | 3 |
| Section 2.04. | Subordination of Lien; Waiver of Set-Off | 3 |
| Section 2.05. | Notice of Adverse Claims | 4 |
| ARTICLE THREE | ARTICLE THREE | ARTICLE THREE |
| REPRESENTATIONS, WARRANTIES AND COVENANTS | REPRESENTATIONS, WARRANTIES AND COVENANTS | REPRESENTATIONS, WARRANTIES AND COVENANTS |

---

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| | | |
|:---|:---|:---|
|  OF THE SECURITIES INTERMEDIARY | OF THE SECURITIES INTERMEDIARY | OF THE SECURITIES INTERMEDIARY |
|  Section 3.01. | Representations, Warranties and Covenants of the Securities Intermediary | 5 |
|  Section 3.02. | Additional Representations and Warranties | 6 |

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| | | |
|:---|:---|:---|
|  ARTICLE FOUR | ARTICLE FOUR | ARTICLE FOUR |
|  MISCELLANEOUS SECTION | MISCELLANEOUS SECTION | MISCELLANEOUS SECTION |
|  Section 4.01. | **GOVERNING LAW** | 7 |
|  Section 4.02. | **WAIVER OF JURY TRIAL** | 7 |
|  Section 4.03. | Conflict with Other Agreements | 7 |
|  Section 4.04. | Amendments | 8 |
|  Section 4.05. | Successors and Assigns | 8 |
|  Section 4.06. | Notices | 8 |
|  Section 4.07. | Termination | 9 |
|  Section 4.08. | No Petition | 9 |
|  Section 4.09. | Counterparts; Electronic Signatures | 9 |
|  Section 4.10. | **Table of Contents** and Headings | 10 |
|  Section 4.11. | Limitation of Liability | 10 |

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i

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This 20[__]-[_] COLLATERAL ACCOUNT CONTROL AGREEMENT, dated as of [_______ _], 20[__] (as amended, restated, modified or otherwise supplemented, this "Agreement"), is among MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_] (the "Issuer"), as initial secured party (the "Initial Secured Party"), [●], as indenture trustee (in such capacity, the "Indenture Trustee"), as secured party (in such capacity, the "Assignee-Secured Party"), and [●], as securities intermediary (the "Securities Intermediary").

RECITALS

WHEREAS, pursuant to a 20[__]-[_] Servicing Supplement, dated as of [_______ _], 20[__] (the "20[__]-[_] Servicing Supplement"), to the Second Amended and Restated Servicing Agreement, dated as of May 1, 2023 (the "Servicing Agreement"), each among Mercedes-Benz Financial Services USA LLC, as servicer (in such capacity, the "Servicer") and as lender (in such capacity, the "Lender"), Collateral Title Co., as collateral agent (the "Collateral Agent"), and Mercedes-Benz Vehicle Trust, a Delaware statutory trust (the "Titling Trust"), each of the 20[__]-[_] Distribution Account and the 20[__]-[_] Reserve Account (as such terms are hereinafter defined) have been created in the name of the Assignee-Secured Party;

WHEREAS, pursuant to an Indenture, dated as of [_______ _], 20[__] (the "Indenture"), between the Issuer and the Indenture Trustee, the Issuer has granted to the Assignee-Secured Party a security interest in each of the segregated account with account number [●], established with the Securities Intermediary and designated as the 20[__]-[_] Reserve Account (the "20[__]-[_] Reserve Account"), segregated account with account number [●], established with the Securities Intermediary and designated as the 20[__]-[_] Distribution Account (the "20[__]-[_] Distribution Account" and, together with the 20[__]-[_] Reserve Account and any successor accounts or sub-accounts thereof, collectively, the "20[__]-[_] Collateral Accounts" and, individually, a "20[__]-[_] Collateral Account"), related Security Entitlements (as defined herein) and the financial assets and other investment property from time to time included therein to secure payment of the obligations of the Titling Trust (and the Initial Secured Party under the Basic Collateral Agency Agreement (as defined herein) and the 20[__]-[_] Exchange Note Supplement (as defined herein), as applicable;

WHEREAS, pursuant to the Indenture, on the date on which the lien of the Indenture (as defined herein) is released, rights with respect to each 20[__]-[_] Collateral Account shall be transferred back to the Initial Secured Party; and

WHEREAS, the parties hereto desire (i) that the security interest of the Assignee-Secured Party be a first priority security interest perfected by "control" pursuant to Articles Eight and Nine of the Uniform Commercial Code and (ii) to make provision for the perfection in a similar manner of the Initial Secured Party's security interest following release of the Lien of the Indenture.

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

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ARTICLE ONE

USAGE AND DEFINITIONS

Section 1.01. <u>Capitalized Terms; Rules of Usage</u>. Capitalized terms used in this Agreement that are not otherwise defined shall have the meanings ascribed thereto in Appendix 1 to the 20[__]-[_] Servicing Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement, which Appendices are hereby incorporated into and made a part of this Agreement. Appendix 1 also contains rules as to usage applicable to this Agreement. Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Agreement:

"<u>20[__]-[_] Collateral Accounts</u>" has the meaning set forth in the preamble.

"<u>20[__]-[_] Exchange Note Supplement</u>" means the 20[__]-[_] Exchange Note Supplement, dated as of [_______ _], 20[__], among the Titling Trust, as Borrower, the Administrative Agent, the Collateral Agent, the Lender, the Servicer and the Indenture Trustee.

"<u>Administrative Agent</u>" means U.S. Bank Trust National Association, a national banking association.

"<u>Assignee-Secured Party</u>" has the meaning set forth in the preamble.

"<u>Basic Collateral Agency Agreement</u>" means the Amended and Restated Collateral Agency Agreement, dated as of March 1, 2009, among the Titling Trust, the Administrative Agent, the Collateral Agent, the Lender and the Servicer.

"<u>Entitlement Holder</u>" means, with respect to any financial asset, a Person identified in the records of the Securities Intermediary as the Person having a Security Entitlement against the Securities Intermediary with respect to such financial asset.

"<u>Entitlement Order</u>" means a notification directing the Securities Intermediary to transfer or redeem a financial asset.

"<u>Financial Asset</u>" has the meaning set forth in Section 8-102(a)(9) of the UCC.

"<u>Initial Secured Party</u>" has the meaning set forth in the preamble.

"<u>Securities Intermediary</u>" has the meaning set forth in the preamble.

"<u>Security Entitlement</u>" means the rights and property interest of an Entitlement Holder with respect to a Financial Asset, as specified in Part 5 of Article 8 of the UCC.

"<u>UCC</u>" means the Uniform Commercial Code as in effect in the State of New York.

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ARTICLE TWO <br>

ESTABLISHMENT OF CONTROL OVER 20[__]-[_] COLLATERAL ACCOUNTS

Section 2.01. <u>Establishment of 20[__]-[_] Collateral Accounts</u>. The Securities Intermediary hereby confirms that (i) the Indenture Trustee, on behalf of the Servicer, has established each 20[__]-[_] Collateral Account with the Securities Intermediary, (ii) each 20[__]-[_] Collateral Account is an account to which Financial Assets are or may be credited, (iii) the Securities Intermediary shall, subject to the terms of this Agreement and the Indenture, treat the Assignee-Secured Party as entitled to exercise the rights that comprise any Financial Asset credited to any 20[__]-[_] Collateral Account, (iv) all property delivered to the Securities Intermediary by or on behalf of the Assignee-Secured Party or the Initial Secured Party for deposit to any 20[__]-[_] Collateral Account will promptly be credited to the related 20[__]-[_] Collateral Account and (v) all securities or other property underlying any Financial Assets credited to any 20[__]-[_] Collateral Account shall be registered in the name of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any 20[__]-[_] Collateral Account be registered in the name of the Transferor or the Initial Secured Party, payable to the order of the Transferor or the Initial Secured Party or specially endorsed to the Transferor or the Initial Secured Party except to the extent the foregoing have been specially endorsed to the Securities Intermediary or in blank.

Section 2.02. <u>"Financial Assets" Election</u>. The Securities Intermediary hereby agrees that each item of property (whether investment property, financial asset, security, instrument or cash) credited to any 20[__]-[_] Collateral Account shall be treated as a "Financial Asset" as set forth in Section 8-102(a)(9) of the UCC.

Section 2.03. <u>Entitlement Orders</u>. If at any time the Securities Intermediary shall receive any Entitlement Order from the Assignee-Secured Party with respect to any 20[__]-[_] Collateral Account, the Securities Intermediary shall comply with such Entitlement Order without further consent by the Transferor, the Initial Secured Party or any other Person. If at any time the Assignee-Secured Party notifies the Securities Intermediary in writing that the Lien of the Indenture has been released and all Issuer Obligations have been paid, the Securities Intermediary shall thereafter comply with Entitlement Orders with respect to each 20[__]-[_] Collateral Account from the Initial Secured Party without further consent by the Assignee-Secured Party or any other Person. Notwithstanding anything to the contrary contained herein, if at any time the Securities Intermediary receives conflicting orders or instructions from the Assignee-Secured Party and the Initial Secured Party, the Securities Intermediary will follow the orders or instructions of the Assignee-Secured Party and not the Initial Secured Party.

Section 2.04. <u>Subordination of Lien; Waiver of Set-Off</u>. In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a security interest in any 20[__]-[_] Collateral Account or any Security Entitlement credited thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate to the security interests of the Assignee-Secured Party and the Initial Secured Party. The Financial Assets and other items deposited to any 20[__]-[_] Collateral Account will not be subject to deduction, set-off, banker's lien or any other right in favor of any Person or entity other than the Assignee-Secured Party and, subject to the provisions hereof, the Initial Secured Party. Notwithstanding the foregoing, the Securities Intermediary may set off against amounts on deposit in any 20[__]-[_] Collateral Account (i) all amounts due to it in respect of its customary fees and expenses for the routine maintenance and operation of such 20[__]-[_] Collateral Account and (ii) the face amount of any checks which have been credited to such 20[__]-[_] Collateral Account but are subsequently returned unpaid because of uncollected or insufficient funds.

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Section 2.05. <u>Notice of Adverse Claims</u>. Except for the claims and interests of the Initial Secured Party and the Assignee-Secured Party in each 20[__]-[_] Collateral Account, the Securities Intermediary does not know of any claim to, or interest in, any 20[__]-[_] Collateral Account or in any Financial Asset credited to any 20[__]-[_] Collateral Account. If any Person asserts any Lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any 20[__]-[_] Collateral Account or in any Financial Asset within any 20[__]-[_] Collateral Account, the Securities Intermediary will promptly notify the Assignee-Secured Party, the Initial Secured Party and the Transferor thereof.

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ARTICLE THREE <br>

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SECURITIES INTERMEDIARY

Section 3.01. <u>Representations, Warranties and Covenants of the Securities Intermediary</u>. The Securities Intermediary hereby represents and warrants to, and covenants for the benefit of, the Assignee-Secured Party and the Initial Secured Party, that as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Each 20[__]-[_] Collateral Account has been established as set forth in Section 2.01(i) and will be maintained in the manner set forth herein until termination of this Agreement. The Securities Intermediary shall not change the name or account number of any 20[__]-[_] Collateral Account without the prior written consent of the Assignee-Secured Party (or, after receipt of notice pursuant to Section 2.03 that the Lien of the Indenture has been released and all Issuer Obligations have been paid, the Initial Secured Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; No Financial Asset carried in any 20[__]-[_] Collateral Account is or will be registered in the name of the Transferor or the Initial Secured Party, payable to the order of the Transferor or the Initial Secured Party, or specially endorsed to the Transferor or the Initial Secured Party, except to the extent such Financial Asset has been endorsed to the Securities Intermediary or in blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; This Agreement is the valid and legally binding obligation of the Securities Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; The Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement pursuant to which it agrees to comply with Entitlement Orders of the Transferor or any other Person other than the Assignee-Secured Party or the Initial Secured Party, in each case to the extent provided in Section 2.03, with respect to each 20[__]-[_] Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; The Securities Intermediary has not entered into any other agreement with the Transferor, the Assignee-Secured Party or the Initial Secured Party purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders as set forth in Section 2.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are no other agreements entered into between the Securities Intermediary and the Initial Secured Party with respect to any 20[__]-[_] Collateral Account other than the 20[__]-[_] Servicing Supplement, the 20[__]-[_] Exchange Note Supplement or the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; The Securities Intermediary in the ordinary course of its business maintains "securities accounts" (as defined in Section 8-501 of the UCC) for others and is acting in that capacity hereunder.

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Section 3.02. <u>Additional Representations and Warranties</u>. The Securities Intermediary makes the following additional representations and warranties to the Initial Secured Party and the Assignee-Secured Party, that as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Securities Intermediary has been duly organized and is validly existing as a national banking association under the laws of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The Securities Intermediary has the power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by the Securities Intermediary and constitutes the legal, valid and binding obligation of the Securities Intermediary, enforceable against the Securities Intermediary in accordance with its terms, except as such enforceability may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors' rights and by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Agreement will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under its charter documents or by-laws, any material indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument under which the Securities Intermediary is a party or by which the Securities Intermediary is bound, (ii) result in the creation or imposition of any Lien upon any of the Securities Intermediary's properties pursuant to the terms of any such agreement or instrument (other than Liens contemplated by this Agreement) or (iii) violate or contravene any law or, to the Securities Intermediary's knowledge, any order rule or regulation applicable to the Securities Intermediary of any Governmental Authority having jurisdiction over the Securities Intermediary or its properties, the failure to comply with which would reasonably be expected to have a material adverse effect on the Securities Intermediary's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; There are no Proceedings pending, or, to the Securities Intermediary's knowledge, threatened, and to the Securities Intermediary's knowledge there are no investigations pending or threatened, against or affecting the Securities Intermediary or its property before any Governmental Authority (i) asserting the invalidity or unenforceability of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the ability of the Securities Intermediary to perform its obligations under this Agreement.

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ARTICLE FOUR

MISCELLANEOUS SECTION

#### Section 4.01. GOVERNING LAW .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Regardless of any provision in any other agreement, for purposes of the UCC including Sections 8-110(b) and 9-304(b) thereof, the Securities Intermediary's jurisdiction (within the meaning of Section 8-110 of the UCC) is the State of New York. Each party to this Agreement submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all Proceedings arising out of or relating to this Agreement or the transactions contemplated by the 20[__]-[_] Basic Documents. Each party to this Agreement irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such Proceeding brought in such a court and any claim that any such Proceeding brought in such a court has been brought in an inconvenient forum.

**Section 4.02. <u>WAIVER OF JURY TRIAL</u>. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER 20[__]-[_] BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY SUCH OTHER 20[__]-[_] BASIC DOCUMENT.**

Section 4.03. <u>Conflict with Other Agreements</u>. There are no other agreements entered into between the Securities Intermediary in such capacity and the Initial Secured Party with respect to any 20[__]-[_] Collateral Account. In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into with respect to any 20[__]-[_] Collateral Account, the terms of this Agreement shall prevail.

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Section 4.04. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be amended, supplemented or otherwise modified from time to time by a writing executed by the parties hereto, without the consent of any Securityholder, to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or to add, change or eliminate any other provision with respect to matters or questions arising under this Agreement that are not inconsistent with the provisions of this Agreement; provided, that (i) the Initial Secured Party shall have delivered to the Indenture Trustee an Opinion of Counsel or an Officer's Certificate of the Issuer to the effect that such action will not materially adversely affect the interests of any Noteholders or (ii) the Rating Agency Condition shall have been satisfied with respect to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each amendment, supplement or other modification of this Agreement other than those provided for in clause (a) requires the consent of the Majority Noteholders (or if the Notes are no longer Outstanding, Holders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interests); provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the 20[__]-[_] Leases and 20[__]-[_] Vehicles or distributions that are required to be made for the benefit of the Securityholders, change the Interest Rate applicable to any class of Notes or the Required Reserve Amount, without the consent of all holders of Notes then Outstanding or (ii) reduce the percentage of the Note Balance of the Outstanding Notes the consent of the Holders of which is required for any amendment to this Agreement without the consent of the Holders of all Outstanding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly after the execution of any such amendment, the Initial Secured Party shall furnish written notification of the substance of such amendment to the Owner Trustee, the Indenture Trustee and the Rating Agencies.

Section 4.05. <u>Successors and Assigns</u>. All covenants and agreements in this Agreement shall be binding upon, and inure to the benefit of, the parties hereto, the Noteholders and their successors and assigns. Any request, notice, direction, consent, waiver or other instrument or action by the parties hereto shall bind their respective successors and assigns.

Section 4.06. <u>Notices</u>. All demands, notices and communications hereunder shall be in writing and shall be delivered, e-mailed or mailed, postage prepaid, hand delivery, prepaid courier service or by telecopier, and addressed in each case as follows, if to (i) the Initial Secured Party, c/o [_____________________] Attention: [_____________________] E-mail: ____________________], (ii) the Assignee-Secured Party, [_____________________] Attention: [_____________________] E-mail: ____________________], (iii) the Securities Intermediary, [_____________________] Attention: [_____________________] E-mail: ____________________], or (iv) as to any of such parties, at such other address as shall be designated by such party in a written notice to the other parties.

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Section 4.07. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The rights and powers granted herein to the Assignee-Secured Party have been granted in order to perfect its security interest in each 20[__]-[_] Collateral Account, are powers coupled with an interest and will neither be affected by the bankruptcy of the Initial Secured Party nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall continue in effect with respect to each 20[__]-[_] Collateral Account until the Assignee-Secured Party and the Initial Secured Party (or, after the Securities Intermediary has been notified of the release of the Lien of the Indenture pursuant to Section 2.03 and all Issuer Obligations have been paid, only the Initial Secured Party) have notified the Securities Intermediary in writing that their respective security interests under the Indenture and the Trust Agreement have been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The rights and powers granted herein to the Initial Secured Party have been granted in order to perfect its security interest in each 20[__]-[_] Collateral Account following the release of the Lien of the Indenture, are powers coupled with an interest and will neither be affected by the bankruptcy of the Initial Secured Party nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall continue in effect with respect to each 20[__]-[_] Collateral Account until the Assignee-Secured Party and the Initial Secured Party (or, after the Securities Intermediary has been notified of the release of the Lien of the Indenture pursuant to Section 2.03 and all Issuer Obligations have been paid, only the Initial Secured Party) have notified the Securities Intermediary in writing that their respective security interests under the Indenture and the Trust Agreement have been terminated.

Section 4.08. <u>No Petition</u>. Each of the parties hereto covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all Exchange Notes, Notes and other Securities it will not institute against, or join any Person in instituting against the Initial Beneficiary, the Titling Trust, the Transferor, the Issuer or the 20[__]-[_] Exchange Noteholder any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations relating to the 20[__]-[_] Exchange Note, any Notes, this Agreement or any other 20[__]-[_] Basic Document and agrees that it will not cooperate with or encourage others to institute any such Proceeding.

Section 4.09. <u>Counterparts; Electronic Signatures</u>. This Agreement may be executed in any number of counterparts, each of which counterparts will be an original, and all of which counterparts will together constitute one and the same instrument. Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act.

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Section 4.10. <u>**Table of Contents** and Headings</u>. The **Table of Contents** and the various headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of any provision of this Agreement.

Section 4.11. <u>Limitation of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by [●] not individually or personally but solely as Owner Trustee of the Initial Secured Party, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Initial Secured Party is made and intended not as personal representations, undertakings and agreements by [●] but is made and intended for the purpose of binding on the Initial Secured Party, (iii) nothing herein contained shall be construed as creating any liability with respect to [●] individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (iv) [●] has not verified and has made no investigation as to the accuracy or completeness of any of the representations or warranties made by the Initial Secured Party in this Agreement and (v) under no circumstances shall [●] be personally liable for the payment of any indebtedness or expenses of the Initial Secured Party or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Initial Secured Party under this Agreement or the other related documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The rights, privileges, protections and indemnities afforded to the Indenture Trustee under the Indenture shall apply equally to the Securities Intermediary and Assignee-Secured Party hereunder.

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IN WITNESS WHEREOF, the parties hereto have caused this 20[__]-[_] Collateral Account Control Agreement to be duly executed by their respective officers duly authorized as of the day and year first above written.

By: [●] not in its individual capacity, but solely as Owner Trustee

By: 

 Name:

 Title:

By: 

 Name:

 Title:

By: 

 Name:

 Title:

20[__]-[_] Collateral Account Control Agreement

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## Exhibit 99.3

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EXHIBIT 99.3

MERCEDES-BENZ VEHICLE TRUST,

as Initial Secured Party,

[●],

as Assignee-Secured Party,

and

[●],

as Securities Intermediary

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TITLING TRUST ACCOUNT

CONTROL AGREEMENT

Dated as of [_______ _], 20[__]

------

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | <u>Page</u> |
| ARTICLE ONE | ARTICLE ONE |
| USAGE AND DEFINITIONS | USAGE AND DEFINITIONS |
| Section 1.01. Capitalized Terms; Rules of Usage | 2 |
| ARTICLE TWO | ARTICLE TWO |
| ESTABLISHMENT OF CONTROL OVER THE 20[__]-[_] | ESTABLISHMENT OF CONTROL OVER THE 20[__]-[_] |
| EXCHANGE NOTE COLLECTION ACCOUNT | EXCHANGE NOTE COLLECTION ACCOUNT |
| Section 2.01. Establishment of the 20[__]-[_] Exchange Note Collection Account | 3 |
| Section 2.02. Grant of Security Interest | 3 |
| Section 2.03. "Financial Assets" Election | 4 |
| Section 2.04. Entitlement Orders | 4 |
| Section 2.05. Subordination of Lien; Waiver of Set-Off | 4 |
| Section 2.06. Notice of Adverse Claims | 5<br>|
| ARTICLE THREE | ARTICLE THREE |
| REPRESENTATIONS, WARRANTIES AND COVENANTS | REPRESENTATIONS, WARRANTIES AND COVENANTS |
| Section 3.01. Representations, Warranties and Covenants of the Securities Intermediary | 6 |
| Section 3.02. Additional Representations and Warranties | 6<br>|
| ARTICLE FOUR | ARTICLE FOUR |
| MISCELLANEOUS | MISCELLANEOUS |
| Section 4.01. **GOVERNING LAW** | 8 |
| Section 4.02. **WAIVER OF JURY TRIAL** | 8 |
| Section 4.03. Conflict with Other Agreements | 8 |
| Section 4.04. Amendments | 9 |
| Section 4.05. Successors and Assigns | 9 |
| Section 4.06. Notices | 9 |
| Section 4.07. Termination | 10 |
| Section 4.08. No Petition | 10 |
| Section 4.09. Counterparts; Electronic Signatures | 10 |
| Section 4.10. **Table of Contents** and Headings | 11 |
| Section 4.11. No Recourse | 11 |

---

ii

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This TITLING TRUST CONTROL AGREEMENT, dated as of [_______ _], 20[__] (as amended, restated, modified or otherwise supplemented, this "Agreement"), is among MERCEDES-BENZ VEHICLE TRUST (the "Titling Trust"), as initial secured party (the "Initial Secured Party"), [●] ("[●]"), as indenture trustee (in such capacity, the "Indenture Trustee") and as secured party (in such capacity, the "Assignee-Secured Party"), and [●], as securities intermediary (the "Securities Intermediary").

RECITALS

WHEREAS, pursuant to the Second Amended and Restated Servicing Agreement, dated as of May 1, 2023 (the "Servicing Agreement"), and the 20[__]-[_] Servicing Supplement, dated as of [_______ _], 20[__] (the "20[__]-[_] Servicing Supplement"), each among Mercedes-Benz Financial Services USA LLC, as servicer (in such capacity, the "Servicer") and as lender (in such capacity, the "Lender"), Collateral Title Co., as collateral agent (the "Collateral Agent"), and the Titling Trust, a segregated account, established with the Securities Intermediary, with account number [●], designated as the 20[__]-[_] Exchange Note Collection Account (the "20[__]-[_] Exchange Note Collection Account") has been created;

WHEREAS, the Initial Secured Party desires to grant to the Assignee-Secured Party a security interest in the 20[__]-[_] Exchange Note Collection Account, all related Security Entitlements (as defined herein) and the financial assets and other investment property from time to time included therein to secure payment of the obligations of the Initial Secured Party and Mercedes-Benz Auto Lease Trust 20[__]-[_] under the Basic Collateral Agency Agreement (as defined herein) and the 20[__]-[_] Exchange Note Supplement (as defined herein), as applicable;

WHEREAS, pursuant to the 20[__]-[_] Servicing Supplement, on the date on which the lien of the Indenture is released, rights with respect to the 20[__]-[_] Exchange Note Collection Account shall be transferred to the Collateral Agent;

WHEREAS, pursuant to the 20[__]-[_] Servicing Supplement, on the date on which the 20[__]-[_] Exchange Note is paid in full, rights with respect to the 20[__]-[_] Exchange Note Collection Account shall be transferred back to the Initial Secured Party; and

WHEREAS, the parties hereto desire (i) that the security interest of the Assignee-Secured Party be a first priority security interest perfected by "control" pursuant to Articles Eight and Nine of the Uniform Commercial Code and (ii) to make provision for the perfection in a similar manner of the Initial Secured Party's security interest following release of the Lien of the Indenture and payment in full of the 20[__]-[_] Exchange Note.

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

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ARTICLE ONE

USAGE AND DEFINITIONS

Section 1.01. <u>Capitalized Terms; Rules of Usage</u>. Capitalized terms used in this Agreement that are not otherwise defined shall have the meanings ascribed thereto in Appendix 1 to the 20[__]-[_] Servicing Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement, which Appendices are hereby incorporated into and made a part of this Agreement. Appendix 1 also contains rules as to usage applicable to this Agreement. Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Agreement:

"<u>20[__]-[_] Exchange Note Supplement</u>" means the 20[__]-[_] Exchange Note Supplement, dated [_______ _], 20[__], among the Titling Trust, the Administrative Agent, the Collateral Agent, the Lender, the Servicer and the Indenture Trustee.

"<u>Administrative Agent</u>" means U.S. Bank Trust National Association, a national banking association.

"<u>Assignee-Secured Party</u>" has the meaning set forth in the preamble.

"<u>Basic Collateral Agency Agreement</u>" means the Second Amended and Restated Collateral Agency Agreement, dated as of May 1, 2023, among the Titling Trust, the Administrative Agent, the Collateral Agent, the Lender and the Servicer.

"<u>Entitlement Holder</u>" means, with respect to any financial asset, a Person identified in the records of the Securities Intermediary as the Person having a Security Entitlement against the Securities Intermediary with respect to such financial asset.

"<u>Entitlement Order</u>" means a notification directing the Securities Intermediary to transfer or redeem a financial asset.

"<u>Financial Asset</u>" has the meaning set forth in Section 8-102(a)(9) of the UCC.

"<u>Initial Secured Party</u>" has the meaning set forth in the preamble.

"<u>Securities Intermediary</u>" has the meaning set forth in the preamble.

"<u>Security Entitlement</u>" means the rights and property interest of an Entitlement Holder with respect to a Financial Asset, as specified in Part 5 of Article 8 of the UCC.

"<u>UCC</u>" means the Uniform Commercial Code as in effect in the State of New York.

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ARTICLE TWO

ESTABLISHMENT OF CONTROL OVER THE 20[__]-[_]

EXCHANGE NOTE COLLECTION ACCOUNT

Section 2.01. <u>Establishment of the 20[__]-[_] Exchange Note Collection Account</u>. The Securities Intermediary hereby confirms that (i) the Indenture Trustee, on behalf of the Servicer, has established the 20[__]-[_] Exchange Note Collection Account with the Securities Intermediary, (ii) the 20[__]-[_] Exchange Note Collection Account is an account to which Financial Assets are or may be credited, (iii) the Securities Intermediary shall, subject to the terms of this Agreement and the Indenture, treat the Assignee-Secured Party as entitled to exercise the rights that comprise any Financial Asset credited to the 20[__]-[_] Exchange Note Collection Account, (iv) all property delivered to the Securities Intermediary by or on behalf of the Assignee-Secured Party or the Initial Secured Party for deposit to the 20[__]-[_] Exchange Note Collection Account will promptly be credited to the 20[__]-[_] Exchange Note Collection Account and (v) all securities or other property underlying any Financial Assets credited to the 20[__]-[_] Exchange Note Collection Account shall be registered in the name of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to the 20[__]-[_] Exchange Note Collection Account be registered in the name of the Initial Secured Party, payable to the order of the Initial Secured Party or specially endorsed to the Initial Secured Party except to the extent the foregoing have been specially endorsed to the Securities Intermediary or in blank.

Section 2.02. <u>Grant of Security Interest</u>. The Initial Secured Party Grants to the Indenture Trustee on the 20[__]-[_] Closing Date, as Indenture Trustee for the benefit of the 20[__]-[_] Secured Parties, all of the Initial Secured Party's right, title and interest in, to and under, whether now owned or existing or hereafter acquired or arising in, the 20[__]-[_] Exchange Note Collection Account. The Grant of the 20[__]-[_] Exchange Note Collection Account includes all rights, powers and options (but none of the obligations) of the Initial Secured Party as holder of the 20[__]-[_] Exchange Note Collection Account, including the immediate and continuing right to claim for, collect, receive and give receipt for all monies included in the 20[__]-[_] Exchange Note Collection Account, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Initial Secured Party or otherwise, and generally to do and receive anything that any Initial Secured Party is or may be entitled to do or receive under the 20[__]-[_] Exchange Note Collection Account or with respect to the 20[__]-[_] Exchange Note Collection Account.

The foregoing Grant is made in trust to secure (i) the payment of principal of and interest on, and any other amounts owing in respect of, the 20[__]-[_] Exchange Note as provided in the 20[__]-[_] Exchange Note Supplement and (ii) compliance by the Initial Secured Party with the provisions of the 20[__]-[_] Exchange Note Supplement for the benefit of the 20[__]-[_] Secured Parties.

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The Indenture Trustee acknowledges such Grant, accepts the trusts under this Agreement and agrees to perform the duties required in this Agreement and the 20[__]-[_] Exchange Note Supplement.

The Initial Secured Party hereby authorizes the Indenture Trustee to file a Record or Records (as such term is defined in the applicable UCC), including financing statements or continuation statements, and amendments thereto, in all jurisdictions and with all filing offices as are necessary or advisable to perfect, and continue the perfection of, the security interest Granted to the Indenture Trustee; provided, that the Indenture Trustee will have no obligation to make any such filings. Such financing statements may describe the 20[__]-[_] Exchange Note Collection Account in any manner as the Indenture Trustee may determine is necessary, advisable or prudent to ensure the perfection of the security interest Granted to the Indenture Trustee under this Agreement; provided, that the Indenture Trustee will have no obligation to make any such determination.

Section 2.03. <u>"Financial Assets" Election</u>. The Securities Intermediary hereby agrees that each item of property (whether investment property, financial asset, security, instrument or cash) credited to the 20[__]-[_] Exchange Note Collection Account shall be treated as a "Financial Asset" set forth in Section 8-102(a)(9) of the UCC.

Section 2.04. <u>Entitlement Orders</u>. If at any time the Securities Intermediary shall receive any Entitlement Order from the Assignee-Secured Party with respect to the 20[__]-[_] Exchange Note Collection Account, the Securities Intermediary shall comply with such Entitlement Order without further consent by the Initial Secured Party or any other Person. If at any time the Assignee-Secured Party notifies the Securities Intermediary in writing that the Lien of the Indenture has been released and the 20[__]-[_] Exchange Note has been paid in full, the Securities Intermediary shall thereafter comply with Entitlement Orders with respect to the 20[__]-[_] Exchange Note Collection Account from the Initial Secured Party without further consent by any other Person. Notwithstanding anything to the contrary contained herein, if at any time the Securities Intermediary receives conflicting orders or instructions from the Assignee-Secured Party and the Initial Secured Party, the Securities Intermediary will follow the orders or instructions of the Assignee-Secured Party and not the Initial Secured Party.

Section 2.05. <u>Subordination of Lien; Waiver of Set-Off</u>. In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a security interest in the 20[__]-[_] Exchange Note Collection Account or any Security Entitlement credited thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate to the security interests of the Assignee-Secured Party and the Initial Secured Party. The Financial Assets and other items deposited to the 20[__]-[_] Exchange Note Collection Account will not be subject to deduction, set-off, banker's lien or any other right in favor of any Person or entity other than the Assignee-Secured Party and, subject to the provisions hereof, the Initial Secured Party. Notwithstanding the foregoing, the Securities Intermediary may set off against amounts on deposit in the 20[__]-[_] Exchange Note Collection Account (i) all amounts due to it in respect of its customary fees and expenses for the routine maintenance and operation of the 20[__]-[_] Exchange Note Collection Account, and (ii) the face amount of any checks which have been credited to the 20[__]-[_] Exchange Note Collection Account but are subsequently returned unpaid because of uncollected or insufficient funds.

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Section 2.06. <u>Notice of Adverse Claims</u>. Except for the claims and interests of the Initial Secured Party and the Assignee-Secured Party in the 20[__]-[_] Exchange Note Collection Account, the Securities Intermediary does not know of any claim to, or interest in, the 20[__]-[_] Exchange Note Collection Account or in any Financial Asset credited to the 20[__]-[_] Exchange Note Collection Account. If any Person asserts any Lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the 20[__]-[_] Exchange Note Collection Account or in any Financial Asset within the 20[__]-[_] Exchange Note Collection Account, the Securities Intermediary will promptly notify the Assignee-Secured Party and the Initial Secured Party thereof.

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ARTICLE THREE

REPRESENTATIONS, WARRANTIES AND COVENANTS

Section 3.01. <u>Representations, Warranties and Covenants of the Securities Intermediary</u>. The Securities Intermediary hereby represents and warrants to, and covenants for the benefit of, the Assignee-Secured Party and the Initial Secured Party, that as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The 20[__]-[_] Exchange Note Collection Account has been established as set forth in Section 2.01(i) and will be maintained in the manner set forth herein until termination of this Agreement. The Securities Intermediary shall not change the name or account number of the 20[__]-[_] Exchange Note Collection Account without the prior written consent of the Assignee-Secured Party (or, after receipt of notice pursuant to Section 2.04 that the Lien of the Indenture has been released and the 20[__]-[_] Exchange Note has been paid in full, the Initial Secured Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Financial Asset carried in the 20[__]-[_] Exchange Note Collection Account is or will be registered in the name of the Initial Secured Party, payable to the order of the Initial Secured Party, or specially endorsed to the Initial Secured Party, except to the extent such Financial Asset has been endorsed to the Securities Intermediary or in blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement is the valid and legally binding obligation of the Securities Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement pursuant to which it agrees to comply with Entitlement Orders of any Person other than the Assignee-Secured Party or the Initial Secured Party, in each case to the extent provided in Section 2.04, with respect to the 20[__]-[_] Exchange Note Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities Intermediary has not entered into any other agreement with the Assignee-Secured Party or the Initial Secured Party purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders as set forth in Section 2.04.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are no other agreements entered into between the Securities Intermediary and the Initial Secured Party with respect to the 20[__]-[_] Exchange Note Collection Account other than the Servicing Agreement, the 20[__]-[_] Servicing Supplement, the 20[__]-[_] Exchange Note Supplement or the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities Intermediary in the ordinary course of its business maintains "securities accounts" (as defined in Section 8-501 of the UCC) for others and is acting in that capacity hereunder.

Section 3.02. <u>Additional Representations and Warranties</u>. The Securities Intermediary makes the following additional representations and warranties to the Initial Secured Party and the Assignee-Secured Party, that as of the Closing Date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities Intermediary has been duly organized and is validly existing as a [●] under the laws of [●].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities Intermediary has the power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by the Securities Intermediary and constitutes the legal, valid and binding obligation of the Securities Intermediary, enforceable against the Securities Intermediary in accordance with its terms, except as such enforceability may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors' rights and by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Agreement will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under its charter documents or by-laws, any material indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument under which the Securities Intermediary is a party or by which the Securities Intermediary is bound, (ii) result in the creation or imposition of any Lien upon any of the Securities Intermediary's properties pursuant to the terms of any such agreement or instrument (other than Liens contemplated by this Agreement) or (iii) violate or contravene any law or, to the Securities Intermediary's knowledge, any order rule or regulation applicable to the Securities Intermediary of any Governmental Authority having jurisdiction over the Securities Intermediary or its properties, the failure to comply with which would reasonably be expected to have a material adverse effect on the Securities Intermediary's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are no Proceedings pending, or, to the Securities Intermediary's knowledge, threatened, and to the Securities Intermediary's knowledge there are no investigations pending or threatened, against or affecting the Securities Intermediary or its property before any Governmental Authority (i) asserting the invalidity or unenforceability of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the ability of the Securities Intermediary to perform its obligations under this Agreement.

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ARTICLE FOUR

MISCELLANEOUS

Section 4.01. **<u>GOVERNING LAW</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regardless of any provision in any other agreement, for purposes of the UCC including Sections 8-110(b) and 9-304(b) thereof, the Security Intermediary's jurisdiction (within the meaning of Section 8-110 of the UCC) is the State of New York and the laws of the State of New York are applicable to all issues specified in Article 2(1) of "The Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary", ratified Sept. 28, 2016, S. Treaty Doc. No. 112-6 (2012) (the "Hague Convention"). Each party to this Agreement submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State court sitting in New York, New York for purposes of all Proceedings arising out of or relating to this Agreement or the transactions contemplated by the 20[__]-[_] Basic Documents. Each party to this Agreement irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such Proceeding brought in such a court and any claim that any such Proceeding brought in such a court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Section 4.01 amends and supersedes any contrary provision in all documents or agreements relating to the establishment or opening of the 20[__]-[_] Exchange Note Collection Account.

**Section 4.02. <u>WAIVER OF JURY TRIAL</u>. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER 20[__]-[_] BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY SUCH OTHER 20[__]-[_] BASIC DOCUMENT.**

Section 4.03. <u>Conflict with Other Agreements</u>. There are no other agreements entered into between the Securities Intermediary in such capacity and the Initial Secured Party with respect to the 20[__]-[_] Exchange Note Collection Account. In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into with respect to the 20[__]-[_] Exchange Note Collection Account, the terms of this Agreement shall prevail.

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Section 4.04. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be amended, supplemented or otherwise modified from time to time by a writing executed by the parties hereto, without the consent of any Securityholder, to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or to add, change or eliminate any other provision with respect to matters or questions arising under this Agreement that are not inconsistent with the provisions of this Agreement; provided, that (i) the Initial Secured Party shall have delivered to the Indenture Trustee an Opinion of Counsel or an Officer's Certificate of the Issuer to the effect that such action will not materially adversely affect the interests of any Noteholders or (ii) the Rating Agency Condition shall have been satisfied with respect to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each amendment, supplement or other modification of this Agreement other than those provided for in Section 4.04(a) requires the consent of the Majority Noteholders (or if the Notes are no longer Outstanding, Holders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interests); provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the 20[__]-[_] Leases and 20[__]-[_] Vehicles or distributions that are required to be made for the benefit of the Securityholders, change the Interest Rate applicable to any class of Notes or the Required Reserve Amount, without the consent of all holders of Notes then Outstanding or (ii) reduce the percentage of the Note Balance of the Outstanding Notes the consent of the Holders of which is required for any amendment to this Agreement without the consent of the Holders of all Outstanding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly after the execution of any such amendment, the Initial Secured Party shall furnish written notification of the substance of such amendment to the Owner Trustee, the Indenture Trustee and the Rating Agencies.

Section 4.05. <u>Successors and Assigns</u>. All covenants and agreements in this Agreement shall be binding upon, and inure to the benefit of, the parties hereto, the Noteholders and their successors and assigns. Any request, notice, direction, consent, waiver or other instrument or action by the parties hereto shall bind their respective successors and assigns.

Section 4.06. <u>Notices</u>. All demands, notices and communications hereunder shall be in writing and shall be delivered, e-mailed or mailed, postage prepaid, hand delivery, prepaid courier service or by telecopier, and addressed in each case as follows, if to (i) the Initial Secured Party, c/o BNY Mellon Trust of Delaware, 103 Bellevue Parkway, Wilmington, Delaware 19809, Attention: Corporate Trust Administration, (ii) the Assignee-Secured Party, [_____________________] Attention: [_____________________] E-mail: ____________________], (iii) the Securities Intermediary, [_____________________] Attention: [_____________________] E-mail: ____________________] or (iv) as to any of such parties, at such other address as shall be designated by such party in a written notice to the other parties.

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Section 4.07. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The rights and powers granted herein to the Assignee-Secured Party have been granted in order to perfect its security interest in the 20[__]-[_] Exchange Note Collection Account, are powers coupled with an interest and will neither be affected by the bankruptcy of the Initial Secured Party nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall continue in effect with respect to the 20[__]-[_] Exchange Note Collection Account until the Assignee-Secured Party and the Initial Secured Party (or, after the Securities Intermediary has been notified of the release of the Lien of the Indenture pursuant to Section 2.04, only the Initial Secured Party) have notified the Securities Intermediary in writing that their respective security interests under the Indenture and the Trust Agreement have been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The rights and powers granted herein to the Initial Secured Party have been granted in order to perfect its security interest in the 20[__]-[_] Exchange Note Collection Account following the release of the Lien of the Indenture and payment in full of the 20[__]-[_] Exchange Note, are powers coupled with an interest and will neither be affected by the bankruptcy of the Initial Secured Party nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall continue in effect with respect to the 20[__]-[_] Exchange Note Collection Account until the Assignee-Secured Party and the Initial Secured Party (or, after the Securities Intermediary has been notified of the release of the Lien of the Indenture and payment in full of the 20[__]-[_] Exchange Note pursuant to Section 2.04, only the Initial Secured Party) have notified the Securities Intermediary in writing that their respective security interests hereunder and under the Indenture and the Trust Agreement have been terminated.

Section 4.08. <u>No Petition</u>. Each of the parties hereto covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all Exchange Notes, Notes and other Securities it will not institute against, or join any Person in instituting against the Initial Beneficiary, the Titling Trust, the Transferor, the Issuer or the 20[__]-[_] Exchange Noteholder any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations relating to the 20[__]-[_] Exchange Note, any 20[__]-[_] Notes, this Agreement or any other 20[__]-[_] Basic Document and agrees that it will not cooperate with or encourage others to institute any such Proceeding.

Section 4.09. <u>Counterparts; Electronic Signatures</u>. This Agreement may be executed in any number of counterparts, each of which counterparts will be an original, and all of which counterparts will together constitute one and the same instrument. Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act.

------

Section 4.10. <u>**Table of Contents** and Headings</u>. The **Table of Contents** and the various headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of any provision of this Agreement.

Section 4.11. <u>No Recourse</u>. It is expressly understood and agreed by the parties that (i) this document is executed and delivered by BNYM, not individually or personally, but solely as Titling Trustee, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Titling Trust is made and intended not as personal representations, undertakings and agreements by BNYM but is made and intended for the purpose for binding only the Titling Trust, (iii) nothing herein contained shall be construed as creating any liability on BNYM, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto and (iv) under no circumstances shall BNYM be personally liable for the payment of any indebtedness or expenses of the Titling Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Titling Trust under this document or any other related documents.

------

IN WITNESS WHEREOF, the parties hereto have caused this Titling Trust Account Control Agreement to be duly executed by their respective officers duly authorized as of the day and year first above written.

---

| | |
|:---|:---|
| MERCEDES-BENZ VEHICLE TRUST, | MERCEDES-BENZ VEHICLE TRUST, |
|  | as Initial Secured Party |
| By: | BNY MELLON TRUST OF DELAWARE, not in its individual capacity, but solely as Titling Trustee |
| By: |  |
|  | Name: |
|  | Title: |
|  [●], not in its individual capacity but solely as Indenture Trustee and Assignee-Secured Party | [●], not in its individual capacity but solely as Indenture Trustee and Assignee-Secured Party |
| By: |  |
|  | Name: |
|  | Title: |
| [●], not in its individual capacity but solely as Securities Intermediary | [●], not in its individual capacity but solely as Securities Intermediary |
| By: |  |
|  | Name: |
|  | Title: |

---

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## Exhibit 99.4

------

EXHIBIT 99.4

MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_],

as Issuer,

MERCEDES-BENZ FINANCIAL SERVICES USA LLC,

as Administrator,

and

[●],

as Indenture Trustee

------

20[__]-[_] ADMINISTRATION AGREEMENT

Dated as of [_______ _], 20[__] <br>

------

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | <u>Page</u> |
|  Section 1.01. | Capitalized Terms; Rules of Usage | 1 |
|  Section 1.02. | Duties of the Administrator | 1 |
|  Section 1.03. | Records | 7 |
|  Section 1.04. | Compensation | 7 |
|  Section 1.05. | Additional Information to be Furnished to the Issuer | 7 |
|  Section 1.06. | Independence of the Administrator | 7 |
|  Section 1.07. | No Joint Venture | 7 |
|  Section 1.08. | Other Activities of Administrator | 8 |
|  Section 1.09. | Term of Agreement; Resignation and Removal of Administrator | 8 |
|  Section 1.10. | Action Upon Termination, Resignation or Removal | 9 |
|  Section 1.11. | Notices | 9 |
|  Section 1.12. | Amendments | 9 |
|  Section 1.13. | Successors and Assigns | 10 |
|  Section 1.14. | **GOVERNING LAW** | 10 |
|  Section 1.15. | **WAIVER OF JURY TRIAL** | 11 |
|  Section 1.16. | Headings | 11 |
|  Section 1.17. | Counterparts; Electronic Signatures | 11 |
|  Section 1.18. | Severability | 11 |
|  Section 1.19. | Limitation of Liability of Owner Trustee and Indenture Trustee | 11 |
|  Section 1.20. | Third-Party Beneficiaries | 12 |
|  Section 1.21. | No Petition | 12 |
|  Section 1.22. | Representations and Warranties of the Administrator | 12 |

---

EXHIBITS

Exhibit A – Power of Attorney Pursuant to Section 1.02(c) of Administration Agreement A-1

i

------

This 20[__]-[_] ADMINISTRATION AGREEMENT, dated as of [_______ _], 20[__] (as amended, restated, supplemented or otherwise modified, this "Agreement"), is among MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_], as issuer (the "Issuer"), MERCEDES-BENZ FINANCIAL SERVICES USA LLC ("MBFS USA"), as administrator (the "Administrator"), and [●], as indenture trustee (the "Indenture Trustee").

WHEREAS, the Issuer is governed pursuant to an Amended and Restated Trust Agreement, dated as of [_______ _], 20[__], between the Transferor and [●], as owner trustee; and

WHEREAS, the parties hereto desire to enter into this Agreement to provide for, among other things, the providing of certain services by the Administrator to and on behalf of the Issuer.

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1.01.<u> </u><u>Capitalized Terms; Rules of Usage</u>. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix 1 to the 20[__]-[_] Servicing Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement, which Appendices are hereby incorporated into and made a part of this Agreement. Appendix 1 also contains rules as to usage applicable to this Agreement. Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Agreement:

"<u>20[__]-[_] Servicing Supplement</u>" means the 20[__]-[_] Servicing Supplement, dated as of [_______ _], 20[__], to the Basic Servicing Agreement, among MBFS USA, as servicer and lender, Mercedes-Benz Vehicle Trust, as titling trust, and Collateral Title Co., as collateral agent.

"<u>Basic Collateral Agency Agreement</u>" means the Second Amended and Restated Collateral Agency Agreement, dated as of May 1, 2023, among Mercedes-Benz Vehicle Trust, as borrower, U.S. Bank Trust National Association, as administrative agent, Collateral Title Co., as collateral agent, and MBFS USA, as lender and as servicer.

"<u>Basic Servicing Agreement</u>" means the Second Amended and Restated Servicing Agreement, dated as of May 1, 2023, among MBFS USA, as lender and as servicer, Mercedes-Benz Vehicle Trust, as titling trust, and Collateral Title Co., as collateral agent.

Section 1.02. <u>Duties of the Administrator</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Administrator agrees to perform all its duties as Administrator and the duties of the Issuer and the Owner Trustee under the 20[__]-[_] Basic Documents. In addition, the Administrator shall consult with the Owner Trustee regarding the duties of the Issuer or the Owner Trustee under the 20[__]-[_] Basic Documents. The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the respective duties of the Issuer and the Owner Trustee under the 20[__]-[_] Basic Documents. Further, on behalf of the Issuer, the Administrator shall perform the duties and obligations related to a transition from the then-current Benchmark, including but not limited to the determination of a Benchmark Transition Event and its related Benchmark Replacement Date and any SOFR Adjustment Conforming Changes or Benchmark Replacement Conforming Changes pursuant to the terms of the Indenture. The Administrator shall perform such calculations (including any calculations related to a transition from the then-current Benchmark pursuant to the terms of the Indenture), and shall prepare for execution by the Issuer, or shall cause the preparation by other appropriate Persons of, all such documents, reports, notices, filings, instruments, certificates and opinions that it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the 20[__]-[_] Basic Documents, and at the request of the Owner Trustee shall take all appropriate action that the Issuer or the Owner Trustee are required to take pursuant to the 20[__]-[_] Basic Documents. In furtherance of the foregoing, the Administrator shall take (or, in the case of the immediately preceding sentence, cause to be taken) all appropriate action that the Issuer or the Owner Trustee is required to take pursuant to the Indenture including such of the foregoing as are required with respect to the following matters under the Indenture (references are to Sections of the Indenture):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the preparation of or obtaining of the documents and instruments required for execution and authentication of the Notes and delivery of the same to the Indenture Trustee (Section 2.02);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the duty to cause the Note Register to be kept and to give the Indenture Trustee notice of any appointment of a new Note Registrar and the location, or change in location, of the Note Register (Section 2.05);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the determination of whether the requirements of UCC Section 8-401 are met (Section 2.05(b));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; the preparation of an Issuer Order requesting the Indenture Trustee to authenticate and deliver replacement Notes in lieu of mutilated, destroyed, lost or stolen Notes (Section 2.06);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the duty to cause the Indenture Trustee to release property from the Lien of the Indenture (Section 2.13);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; the direction of the Indenture Trustee to appoint one or more Authenticating Agents (Section 2.15);

the determination of the SOFR Rate (to the extent not otherwise obtained by the Note Paying Agent pursuant to the Indenture) or other then-current Benchmark, and all other determinations relating to a Benchmark Transition Event and its related Benchmark Replacement Date, making SOFR Adjustment Conforming Changes and, in connection with the implementation of a Benchmark Replacement, Benchmark Replacement Conforming Changes, from time to time (Section 2.16);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp; the maintenance of an office for registration of transfer or exchange of Notes, and where notices and demands to or upon the Issuer in respect of the Notes and the Indenture may be served (Section 3.02);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp; the duty to cause newly appointed Note Paying Agents, if any, to execute and deliver to the Indenture Trustee the instrument specified in the Indenture regarding funds held in trust (Section 3.03);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp; the direction to the Indenture Trustee to deposit monies, subject to Section 1.02(d), with Note Paying Agents, if any, other than the Indenture Trustee (Section 3.03);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the obtaining and preservation of the Issuer's qualifications to do business (Section 3.04);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp; the preparation of all supplements and amendments to the Indenture and the preparation and filing of all financing statements, continuation statements, instruments of further assurance and other instruments and the taking of such other actions as are necessary or advisable to protect the Trust Estate (Section 3.05);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp; the delivery of the Opinion of Counsel on the 20[__]-[_] Closing Date (and the annual delivery of Opinions of Counsel as to the Trust Estate) (Section 3.06);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp; the identification to the Indenture Trustee in an Officer's Certificate of any Person with whom the Issuer has contracted to perform its duties under the Indenture, if other than the Servicer or Administrator (Section 3.07(b));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp; the prompt written notification of the Indenture Trustee and the Rating Agencies of each Event of Default under the Indenture and Exchange Note Servicer Event of Default under the 20[__]-[_] Servicing Agreement and, if such Exchange Note Servicer Event of Default arises from the failure of the Servicer to perform any of its duties or obligations under the 20[__]-[_] Servicing Agreement with respect to the 20[__]-[_] Collateral, the taking of all reasonable steps available to remedy such failure (Sections 3.07(d), 3.16 and 5.01);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp; the delivery of any Officer's Certificate and the Opinion of Counsel in connection with any consolidation or merger of the Issuer or any conveyance or transfer of any of the Issuer's assets (Section 3.09);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp; the monitoring of the Issuer's obligations as to the satisfaction and discharge of the Indenture and the preparation and obtaining of documents and instruments required for the release of the Issuer from its obligations under the Indenture (Section 4.01);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp; the preparation of any written instruments required to confirm more fully the authority of any co-trustee or separate trustee and any written instruments necessary in connection with the resignation or removal of the Indenture Trustee or any co-trustee or separate trustee and the appointment of a successor Indenture Trustee (Sections 6.08 and 6.10);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the furnishing of the Indenture Trustee with the names and addresses of Noteholders during any period when the Indenture Trustee is not the Note Registrar (Section 7.01);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;&nbsp;&nbsp; the duty to cause the Servicer to deliver the Monthly Investor Report (Section 8.02);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp; the preparation of an Issuer Request for the release of the Trust Estate (Section 8.05(c));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)&nbsp;&nbsp;&nbsp;&nbsp; the preparation of Issuer Orders and the obtaining of Opinions of Counsel and Officer's Certificates with respect to the execution of supplemental indentures and the mailing of notices as required by the Indenture with respect to such supplemental indentures (Sections 9.01 and 9.02);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)&nbsp;&nbsp;&nbsp;&nbsp; the preparation and execution of new Notes conforming to any supplemental indenture (Section 9.06);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) the duty to cause the deposit of an amount equal to the Note Redemption Price into the 20[__]-[_] Exchange Note Collection Account upon redemption of Notes (Section 10.01);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) the duty to notify each Noteholder of redemption of the Notes or to cause the Indenture Trustee to provide such notification (Section 10.02);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)&nbsp;&nbsp;&nbsp;&nbsp; the preparation and delivery of all Officer's Certificates and Opinions of Counsel with respect to any requests by the Issuer to the Indenture Trustee to take any action under the Indenture (Section 11.01(a)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) the preparation and delivery of Officer's Certificates for the release of property from the Lien of the Indenture (Section 11.01(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrator shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; pay the Owner Trustee from time to time reasonable compensation for all services rendered by the Owner Trustee under the Trust Agreement (which compensation shall not be limited by any provision of law in regard to the compensation for a trustee of an express trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; except as otherwise expressly provided in the Trust Agreement, reimburse the Owner Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Owner Trustee in accordance with any provision of the Trust Agreement (including reasonable compensation, expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; in accordance with Section 6.07 of the Indenture, pay the Indenture Trustee from time to time reasonable compensation for its services pursuant to a fee agreement between the Administrator and the Indenture Trustee and reimburse the Indenture Trustee for all reasonable out-of-pocket expenses (including extraordinary out-of-pocket expenses), disbursements and advances incurred or made by it, including costs of collection, in addition to the compensation for its services; such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee's agents, counsel, accountants and experts; the Administrator shall indemnify and hold harmless the Indenture Trustee and its officers, directors, employees, representatives and agents against any and all loss, liability, tax (other than taxes based on the income of the Indenture Trustee) or expense (including attorneys' fees and the fees of agents and experts) of whatever kind or nature regardless of their merit directly or indirectly incurred by it or them without willful misconduct, negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by the Indenture, including the reasonable costs and expenses of defending themselves against any claim, loss, expense or liability in connection with the exercise or performance of any of their powers or duties under the Indenture or under any of the other 20[__]-[_] Basic Documents or in connection with any proceedings brought by the Indenture Trustee to enforce the indemnification obligations of the Issuer under the Indenture or under any of the other 20[__]-[_] Basic Documents; the Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity; failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder; the Administrator shall defend any such claim, and the Indenture Trustee may have separate counsel, and the Administrator shall pay the fees and expenses of such counsel; and neither the Issuer nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee's own willful misconduct, negligence or bad faith; the provisions of this Section 1.02(b)(iii) shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the duties set forth in Sections 1.02(a) and (b), the Administrator shall (i) execute on behalf of the Issuer or the Owner Trustee and (ii) perform such calculations and shall prepare or shall cause the preparation by other appropriate Persons of all such documents, notices, reports, filings, instruments, certificates and opinions that the Issuer or the Owner Trustee are required to prepare, file or deliver pursuant to the 20[__]-[_] Basic Documents, and at the request of the Owner Trustee shall take all appropriate action that the Issuer or the Owner Trustee are required to take pursuant to the 20[__]-[_] Basic Documents. In furtherance thereof, the Owner Trustee shall, on behalf of itself and of the Issuer, execute and deliver to the Administrator and to each successor Administrator appointed pursuant to the terms hereof, one or more powers of attorney substantially in the form of Exhibit A, appointing the Administrator the attorney-in-fact of the Owner Trustee and the Issuer for the purpose of executing on behalf of the Owner Trustee and the Issuer all such documents, reports, filings, instruments, certificates and opinions. Subject to Section 1.06, and in accordance with the directions of the Owner Trustee, the Administrator shall administer, perform or supervise the performance of such other activities in connection with the 20[__]-[_] Collateral (including the 20[__]-[_] Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of the Administrator.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything in this Agreement or the other 20[__]-[_] Basic Documents to the contrary, the Administrator shall be responsible for promptly notifying the Owner Trustee in the event that any withholding tax is imposed on the Issuer's payments (or allocations of income) to a Certificateholder as contemplated in Section 5.01(d) of the Trust Agreement. Any such notice shall specify the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything in this Agreement or the other 20[__]-[_] Basic Documents to the contrary, the Administrator shall be responsible for performance of the duties of the Owner Trustee set forth in Section 9.01(a) of the Trust Agreement with respect to notifying the Certificateholder of the final distribution of all monies or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the 20[__]-[_] Servicing Supplement and Article Five of the Trust Agreement and Section 5.04(a) of the Trust Agreement with respect to accounting and reports to the Certificateholder; provided, however, that the Owner Trustee shall retain responsibility for the distribution of the documentation necessary to enable the Certificateholder to prepare its federal and State income tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrator shall satisfy its obligations with respect to Sections 1.02(d) and (e) by retaining, at the expense of the Issuer, payable by the Administrator, accountants acceptable to the Owner Trustee, which shall perform the obligations of the Administrator thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrator shall perform any duties expressly required to be performed by the Administrator under the Trust Agreement or any other 20[__]-[_] Basic Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Administrator's opinion, no less favorable to the Issuer than would be available from unaffiliated parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless within a reasonable time before the taking of such action, the Administrator shall have notified the Owner Trustee of the proposed action and the Owner Trustee shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, "non-ministerial matters" shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amendment, change, modification, waiver of or any supplement to the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer (other than in connection with the collection of payments on the 20[__]-[_] Leases or 20[__]-[_] Vehicles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the amendment, change, modification or waiver of any 20[__]-[_] Basic Document;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; the appointment of successor Note Registrars, successor Note Paying Agents and successor Indenture Trustees pursuant to the Indenture or the appointment of successor Administrators or successor Servicers, or the consent to the assignment by the Note Registrar, any Paying Agent or the Indenture Trustee of its obligations under the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the appointment of a successor Owner Trustee pursuant to the Trust Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; the removal of the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (i) make any payments to the Noteholders under the 20[__]-[_] Basic Documents, (ii) sell the Trust Estate pursuant to Section 5.04(a) of the Indenture or (iii) take any other action that the Issuer directs the Administrator not to take on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent any notice must be delivered to the Rating Agencies by the Issuer, the Owner Trustee, the Titling Trustee or the Indenture Trustee under the 20[__]-[_] Basic Documents, such notice will be delivered to the Administrator and the Administrator will deliver such notice to the Rating Agencies. If MBFS USA is no longer the Administrator, the Administrator shall provide any Rating Agency notices under this Section 1.02 to the Transferor, who shall provide such notices to the Rating Agencies within the required time periods.

Section 1.03. <u>Records</u>. The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection by the Issuer and the Transferor at any time during normal business hours.

Section 1.04. <u>Compensation</u>. As compensation for the performance of the Administrator's obligations under this Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to an annual payment of compensation which shall be solely an obligation of the Servicer.

Section 1.05. <u>Additional Information to be Furnished to the Issuer</u>. The Administrator shall furnish to the Issuer from time to time such additional information regarding the 20[__]-[_] Collateral as the Issuer shall reasonably request.

Section 1.06. <u>Independence of the Administrator</u>. For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee.

Section 1.07. <u>No Joint Venture</u>. Nothing contained in this Agreement (i) shall constitute the Administrator and either of the Issuer or the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

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Section 1.08. <u>Other Activities of Administrator</u>. Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other Person or entity, even though such person or entity may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee.

Section 1.09. <u>Term of Agreement; Resignation and Removal of Administrator</u>. This Agreement shall continue in force until the dissolution of the Issuer, upon which event this Agreement shall automatically terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to Sections 1.09(d) and 1.09(e), the Administrator may resign its duties hereunder by providing the Issuer with at least 60 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Subject to Sections 1.09(d) and 1.09(e), the Issuer may remove the Administrator without cause by providing the Administrator with at least 60 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Subject to Sections 1.09(d) and 1.09(e), at the sole option of the Issuer, the Administrator may be removed immediately upon written notice of termination from the Issuer to the Administrator if any of the following events shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Administrator shall default in the performance of any of its duties under this Agreement and, after notice of such default, shall not cure such default within ten Business Days (or, if such default cannot be cured in such time, shall not within ten Business Days provide such assurance of cure as shall be reasonably satisfactory to the Issuer); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an Insolvency Event occurs with respect to the Administrator.

The Administrator agrees that if any Insolvency Event occurs with respect to it, it shall give written notice thereof to the Issuer and the Indenture Trustee within seven Business Days after the occurrence of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No resignation or removal of the Administrator pursuant to this Section shall be effective until (i) a successor Administrator shall have been appointed by the Issuer and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Administrator is bound hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The appointment of any successor Administrator shall be effective after the Transferor provides prior written notice to each Rating Agency with respect to the proposed appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to Sections 1.09(d) and 1.09(e), the Administrator acknowledges that upon the appointment of a Successor Servicer pursuant to the 20[__]-[_] Servicing Supplement, the Administrator shall immediately resign and such Successor Servicer shall automatically become the Administrator under this Agreement.

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Section 1.10. <u>Action Upon Termination, Resignation or Removal</u>. Promptly upon the effective date of termination of this Agreement pursuant to the first sentence of Section 1.09 or the resignation or removal of the Administrator pursuant to Section 1.09, the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the date of such termination, resignation or removal. The Administrator shall forthwith upon such termination pursuant to the first sentence of Section 1.09 deliver to the Issuer all property and documents of or relating to the Trust Estate then in the custody of the Administrator. In the event of the resignation or removal of the Administrator pursuant to Section 1.09, the Administrator shall cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator.

Section 1.11. <u>Notices</u>. All demands, notices and communications hereunder shall be in writing and shall be delivered, e-mailed or mailed, postage prepaid, hand delivery, prepaid courier service or by telecopier, and addressed in each case as follows: (i) if to the Issuer or the Administrator, at 35555 W. Twelve Mile Road, Suite 100, Farmington Hills, Michigan 48331, Attention: Steven C. Poling (e-mail: steven.c.poling@________.com), (ii) if to the Owner Trustee, at [_____________________] Attention: [_____________________] E-mail: ____________________], (iii) if to the Indenture Trustee, at [_____________________] Attention: [_____________________] E-mail: ____________________]; or (iv) at such other address as shall be designated by any of the foregoing in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder.

Section 1.12. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be amended, supplemented or otherwise modified from time to time by a writing executed by the parties hereto, without the consent of any Securityholder, to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or to add, change or eliminate any other provision with respect to matters or questions arising under this Agreement that are not inconsistent with the provisions of this Agreement; provided, that, (i) the Administrator shall have delivered to the Indenture Trustee an Opinion of Counsel or an Officer's Certificate of the Issuer to the effect that such action will not materially adversely affect the interests of any Noteholders or (ii) the Rating Agency Condition shall have been satisfied with respect to such amendment. Any amendment or supplement affecting the rights or obligations of the Owner Trustee shall require the written consent of the Owner Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each amendment, supplement or other modification of this Agreement other than those provided for in Section 1.12(a) requires the consent of the Majority Noteholders (or if the Notes are no longer Outstanding, Holders of Certificates evidencing not less than a majority of the aggregate Certificate Percentage Interests); provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the 20[__]-[_] Leases and 20[__]-[_] Vehicles or distributions that are required to be made for the benefit of the Securityholders, change the Interest Rate applicable to any class of Notes or the Required Reserve Amount for the 20[__]-[_] Reserve Account, without the consent of all holders of Notes then Outstanding or (ii) reduce the percentage of the Note Balance of the Outstanding Notes the consent of the Holders of which is required for any amendment to this Agreement without the consent of the Holders of all Outstanding Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any amendment, supplement or modification of this Agreement which affects the Owner Trustee shall require the Owner Trustee's written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; Promptly after the execution of any such amendment, the Administrator shall provide written notice thereof to the Owner Trustee and the Rating Agencies.

Section 1.13. <u>Successors and Assigns</u>. This Agreement may not be assigned by the Administrator unless such assignment is previously consented to in writing by the Issuer and the Owner Trustee, and subject to the satisfaction of the Rating Agency Condition in respect thereof. An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuer or the Owner Trustee to a corporation or other organization that is a successor (by merger, consolidation or purchase of assets) to the Administrator; provided, that such successor entity executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an agreement, in form and substance reasonably satisfactory to the Owner Trustee and the Indenture Trustee, in which such successor entity agrees to be bound hereunder by the terms of said assignment in the same manner as the Administrator is bound hereunder. Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties hereto.

Section 1.14. **<u>GOVERNING LAW</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each party to this Agreement submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all Proceedings arising out of or relating to this Agreement or the transactions contemplated by the 20[__]-[_] Basic Documents. Each party to this Agreement irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such Proceeding brought in such a court and any claim that any such Proceeding brought in such a court has been brought in an inconvenient forum.

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**Section 1.15. <u>WAIVER OF JURY TRIAL</u>. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER 20[__]-[_] BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY SUCH OTHER 20[__]-[_] BASIC DOCUMENT.**

Section 1.16. <u>Headings</u>. The headings of the various Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

Section 1.17. <u>Counterparts; Electronic Signatures</u>. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act.

Section 1.18. <u>Severability</u>. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement, and such invalidity shall in no way affect the validity or enforceability of the other covenants, agreements, provisions or terms of this Agreement.

Section 1.19. <u>Limitation of Liability of Owner Trustee and Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by the Owner Trustee, not individually or personally but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on the Owner Trustee, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) the Owner Trustee has not verified and has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement and (v) under no circumstances shall the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything contained herein to the contrary, this Agreement has been executed by [●], as Indenture Trustee, and in no event shall [●] have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer.

Section 1.20. <u>Third-Party Beneficiaries</u>. The Owner Trustee shall be a third-party beneficiary of this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto.

Section 1.21. <u>No Petition</u>. Each of the parties hereto covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all Exchange Notes, Notes and any other Securities, it will not institute against the Transferor, the Issuer or the Initial Beneficiary, or join in any institution against the Transferor, the Issuer or the Initial Beneficiary of any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the Notes, the 20[__]-[_] Exchange Note or any 20[__]-[_] Basic Document.

Section 1.22. <u>Representations and Warranties of the Administrator</u>. The Administrator represents and warrants to the Issuer and the Indenture Trustee as of the 20[__]-[_] Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Organization and Good Standing; Qualification</u>. The Administrator has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with the power and authority to own or lease its properties and to conduct its activities as such properties are currently owned or leased and such activities are currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Due Qualification</u>. The Administrator is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its activities requires such qualification, license or approval, unless the failure to obtain such qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Administrator's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Power and Authority; Authorization; Execution and Delivery; Binding Obligation</u>. The Administrator has the power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by the Administrator and constitutes the legal, valid and binding obligation of the Administrator, enforceable against the Administrator in accordance with its terms, except as such enforceability may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors' rights and by general equitable principles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Violation</u>. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Agreement will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under its limited liability company agreement, any material indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument under which the Administrator is a party or by which the Administrator is bound, (ii) result in the creation or imposition of any Lien upon any of the Administrator's properties pursuant to the terms of any such agreement or instrument (other than Permitted Liens or Liens contemplated by the 20[__]-[_] Basic Documents), (iii) violate the certificate of formation of the Administrator or the limited liability company agreement of the Administrator or (iv) violate or contravene any law or, to the Administrator's knowledge, any order, rule or regulation applicable to the Administrator of any Governmental Authority having jurisdiction over the Administrator or its properties, the failure to comply with which would reasonably be expected to have a material adverse effect on the Administrator's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Consent</u>. No consent, approval, authorization, or order of any court or governmental agency or body is required under federal or State law for the execution, delivery and performance by the Administrator, or compliance by it with this Agreement or the consummation of the transactions contemplated hereby, or if required has been obtained or can be obtained prior to the execution of this Agreement.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

By: [●], not in its individual capacity but solely as Owner Trustee

By: 

 Name:

 Title

By: 

 Name:

 Title:

By: 

 Name:

 Title

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EXHIBIT A

LIMITED POWER OF ATTORNEY PURSUANT TO

SECTION 1.02(c) OF ADMINISTRATION AGREEMENT

KNOW ALL MEN BY THESE PRESENTS, that [●], a [●], not in its individual capacity but solely as Owner Trustee of Mercedes-Benz Auto Lease Trust 20[__]-[_], a Delaware statutory trust (the "Issuer"), as grantor (in such capacity, the "Grantor"), does hereby appoint Mercedes-Benz Financial Services USA LLC, a Delaware limited liability company ("MBFS USA"), as grantee (the "Grantee"), as its attorney-in-fact with full power of substitution and hereby authorizes and empowers the Grantee, in the name of and on behalf of the Grantor or the Issuer, to take the following actions from time to time with respect to the duties of MBFS USA, as administrator (in such capacity, the "Administrator") under the administration agreement, dated as of [_______ _], 20[__] (the "Administration Agreement"), among the Issuer, the Administrator and [●], as indenture trustee, for the purpose of executing on behalf of the Grantor or the Issuer all such documents, reports, filings, instruments, certificates and opinions required pursuant to the 20[__]-[_] Basic Documents:

The Grantee is hereby empowered to do any and all lawful acts necessary or desirable to effect the performance of its duties as Administrator under the Administration Agreement and the Grantor hereby ratifies and confirms any and all lawful acts the Grantee shall undertake pursuant to and in conformity with this Power of Attorney; provided however, that the powers granted herein may only be executed by such Grantee if such actions are required or permitted under the terms of the Trust Agreement and no power is granted hereunder to take any action (a) in the name of [●] in its individual capacity or (b) which to its actual knowledge would be adverse to the interests of [●].

This Power of Attorney is revocable in whole or in part as to the powers herein granted upon notice by the Grantor. If not earlier revoked, this Power of Attorney shall expire completely or, if so indicated, in part, upon the earlier of the (i) termination of the amended and restated trust agreement, dated as of [_______ _], 20[__] (the "Trust Agreement"), between Mercedes-Benz Trust Leasing LLC, as depositor, and [●], as owner trustee, or (ii) termination of the Administration Agreement; provided however, that if the Grantee is found by a court of competent jurisdiction to be in violation of this Limited Power of Attorney, or to have misused the rights, powers and authority of the attorney-in-fact granted herein, Grantor may terminate this Limited Power of Attorney prior to such date of expiration by delivering written notice of revocation to the Grantee and to each Certificateholder. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Trust Agreement or, if not defined therein, in the Administration Agreement, as the case may be.

This Power of Attorney shall be created under and governed and construed under the internal laws of the State of New York.

The Grantor executes this Power of Attorney with the intent to be legally bound hereby, and with the intent that such execution shall have the full dignity afforded by the accompanying witnessing and notarization and all lesser dignity resulting from the absence of such witnessing and notarization or any combination thereof.

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It is expressly understood and agreed by the Administrator and any person relying on this Limited Power of Attorney that (a) this Power of Attorney is executed and delivered by [●], not individually or personally, but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements made in this Limited Power of Attorney on the part of the Grantor is made and intended not as personal representations, undertakings and agreements by [●], but is made and intended for the purpose of binding only the Issuer and the Grantor, (c) nothing herein contained shall be construed as creating any liability on [●], individually or personally, to perform any covenant either expressed or implied contained herein of the Issuer or the Administrator, all such liability, if any, being expressly waived by the Administrator and any person relying on this power of attorney and by any person claiming by, through or under the Administrator or such person, (d) [●] has made no investigation as to the accuracy or completeness of any representations and warranties made herein and (e) under no circumstances shall [●] be personally liable for the payment of any indebtedness or expenses of the Issuer or Administrator or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer or Administrator under this Limited Power of Attorney or any other related documents.

Notwithstanding anything herein to the contrary, this Limited Power of Attorney does not, and is not intended to, and will not be construed to, grant any authority to the Administrator to (i) expand, increase, incur, or otherwise impose any duties, liabilities or obligations of or on the Grantor, as trustee or in its individual capacity, or (ii) provide any guaranty, indemnity or property of the Grantor, as trustee or in its individual capacity, for any reason whatsoever.

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EXECUTED, as of this ____ day of [_______], 20[__].

[●], not in its individual capacity, but solely as Owner Trustee

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| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

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A-3 <br> *Power of Attorney*

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STATE OF DELAWARE } <br> } <br> COUNTY OF NEWCASTLE }

Before me, the undersigned authority, on this day personally appeared ____________, known to me to be the person whose name is subscribed to the foregoing instruments, and acknowledged to me that he/she signed the same for the purposes and considerations therein expressed.

Sworn to before me on this ____ day of [_______], 20[__].

Notary Public – State of Delaware

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A-4 <br> *Power of Attorney*

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EXECUTED, as of this ____ day of [_______], 20[__].

MERCEDES-BENZ AUTO LEASE TRUST 20[__]-[_] <br>By: [●], not in its individual capacity, but solely as Owner Trustee

 <br> By:  

Name: <br> Title:

A-5 <br> *Power of Attorney*

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STATE OF DELAWARE } <br> } <br> COUNTY OF NEWCASTLE }

Before me, the undersigned authority, on this day personally appeared ____________, known to me to be the person whose name is subscribed to the foregoing instruments, and acknowledged to me that he/she signed the same for the purposes and considerations therein expressed.

Sworn to before me on this ____ day of [_______], 20[__].

Notary Public – State of Delaware

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A-6 <br> *Power of Attorney*

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## Ex-Filing

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#### Exhibit 107.1

#### Calculation of Filing Fee Tables

#### SF-3
(Form Type)

#### Mercedes-Benz Trust Leasing LLC
(Exact Name of Registrant as Specified in its Charter)

#### Mercedes-Benz Vehicle Trust
(Exact Name of Co-registrant as Specified in its Charter)

------

#### Table 1: Newly Registered Securities and Carry Forward Securities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security** <br> **Type** | **Security Class** <br> **Title** | **Fee** <br> **Calculation** <br> **or Carry** <br> **Forward** <br> **Rule<sup>(1)</sup>** | **Proposed** <br> **Maximum** <br> **Offering** <br> **Price Per** <br> **Unit<sup>(2)</sup>** | **Carry Forward Form Type** | **Carry Forward File Number** | **Carry Forward** <br> **Initial Effective** <br> **Date** | **Filing Fee** <br> **Previously Paid In** <br> **Connection With** <br> **Unsold Securities to** <br> **be Carried Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be<br> paid | Asset-<br> Backed<br> Securities | Class [__]<br> Asset-<br> Backed<br> Notes | 457(s)<br>$<sup>(3)</sup> | 100%<br>$<sup>(3)</sup><br><sup>(3)</sup><br>$<sup>(3)</sup> |  |  |  |  |
|  | Exchange<br> Note<sup>(4)</sup> | <sup>(5)</sup> | <sup>(5)</sup> | <sup>(5)</sup> |  |  |  |  |
| Fees<br> Previously Paid |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry<br> Forward Securities |  |  |  |  |  |  |  |  |
|  | **Total Offering Amount** | **Total Offering Amount** | **Total Offering Amount** |  |  |  |  |  |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |
|  | **Net Fees Due** | **Net Fees Due** | **Net Fees Due** |  |  |  |  |  |

---

<sup>(1)</sup> Calculated in accordance with Rule 457(s) of the Securities Act of 1933.

<sup>(2)</sup> Estimated solely for the purpose of calculating the registration fee.

<sup>(3)</sup> An unspecified additional amount of securities of each identified class is being registered as may from time to time be offered at unspecified prices. The depositor is deferring payment of all of the registration fees for such additional securities in accordance with Rules 456(c) and 457(s) of the Securities Act of 1933.

<sup>(4)</sup> The Exchange Notes are not being offered to investors under this Registration Statement.

<sup>(5)</sup> Not applicable.

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#### Table 2: Fee Offset Claims and Sources

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Registrant or Filer Name** | **Form or** <br> **Filing Type** | **File Number** | **Initial**<br> **Filing**<br> **Date** | **Filing Date** | **Fee Offset**<br> **Claimed** | **Security**<br> **Type**<br> **Associated**<br> **with**<br> **Fee Offset**<br> **Claimed** | **Security** <br> **Title**<br> **Associated**<br> **with**<br> **Fee Offset Claimed** | **Unsold Securities**<br> **Associated**<br> **with** <br> **Fee Offset**<br> **Claimed** | **Unsold** <br> **Aggregate**<br> **Offering** <br> **Amount**<br> **Associated with**<br> **Fee Offset** <br> **Claimed** | **Fee Paid with**<br> **Fee Offset**<br> **Source** |
| **Rule 457(b)** | **Rule 457(b)** | **Rule 457(b)** | **Rule 457(b)** | **Rule 457(b)** | **Rule 457(b)** | **Rule 457(b)** | **Rule 457(b)** | **Rule 457(b)** | **Rule 457(b)** | **Rule 457(b)** | **Rule 457(b)** |
| Fee Offset<br> Claims |  |  |  |  |  |  |  |  |  |  |  |
| Fee Offset<br> Sources |  |  |  |  |  |  |  |  |  |  |  |
| **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset<br> Claims | Mercedes-Benz<br> Trust Leasing<br> LLC | 424(h) | 333-_____ |  |  |  | Asset-<br> Backed Securities | Mercedes-<br> Benz Auto Lease<br> Trust 20[__]-[_] | Class [__] Notes |  |  |
| Fee Offset<br> Sources | Mercedes-Benz<br> Trust Leasing<br> LLC | 424(h) | 333-_____ |  |  |  |  |  |  |  |  |

---

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