# EDGAR Filing Document

**Accession Number:** 0001537806
**File Stem:** 0001140361-23-012642
**Filing Date:** 2023-3
**Character Count:** 1066326
**Document Hash:** 6a82bbc3cdd75b61356f66be078cce71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-012642.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001140361-23-012642

**CONFORMED SUBMISSION TYPE**: POS AM

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230320

**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]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS AM
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265682
- **FILM NUMBER:** 23747675

**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]
- **IRS NUMBER:** 207458816
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS AM
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265682-01
- **FILM NUMBER:** 23747676

**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 March 20, 2023

#### Registration Nos. 333-265682 and 333-265682-01

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549 <br>

------

Post-Effective Amendment No. 1

to

### 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>333-265682</u> <u>0001537805</u> <br> (State or other jurisdiction of 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>333-265682-01</u> <u>0001537806</u> <br> (State or other jurisdiction of 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)*

** 

<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)*

------

#### <br>

#### Copy to:

#### <br>

---

| | |
|:---|:---|
| **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 |

---

------

**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.**

Explanatory Note <br>

This Post-Effective Amendment No. 1 to the Registration Statement on Form SF-3 (File Nos. 333-265682 and 333-265682-01) is being filed in order for Mercedes-Benz Vehicle Trust, which is the successor by merger to Daimler Trust, to expressly adopt this Registration Statement and sets forth revisions to reflect changes made in connection with or resulting from the merger. By its execution of this Post-Effective Amendment No. 1, Mercedes-Benz Vehicle Trust expressly adopts this Registration Statement as its own registration statement for all purposes of the Securities Act of 1933 and the Securities Exchange Act of 1934.

------

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.

#### SUBJECT TO COMPLETION

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

#### PROSPECTUS

![](image01.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>** |
| **[$][●]<sup>(2)</sup>** | **Benchmark + [●]%** | **Class A-2B Asset Backed Notes<sup>(3) (4)</sup>]** |
| **$[●]<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 the Notes to be issued is $___________, the aggregate initial principal amount of the classes of Notes will be as set forth in the above table. If the aggregate principal amount of the Notes to be issued is $__________, the aggregate initial principal amount of the classes of Notes will be $__________ of the Class A-1 Notes, $___________ aggregate amount of the Class A-2A Notes and the Class A-2B Notes, $______________ of the Class A-3 Notes, [and] $_______________ of the Class A-4 Notes [and $____________ of the Class B Notes].]] |

---

---

| | |
|:---|:---|
| [(3) | The aggregate principal amount of the Class A-2A and Class A-2B Notes will be $_________ 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.] |

---

---

| | |
|:---|:---|
| [(4) | The Class A-2B notes will accrue interest at a floating rate based on a benchmark, which will initially be [insert floating rate benchmark]. The benchmark and the applicable spread may change under certain circumstances. For more information about how the interest rate based on [the applicable benchmark] is determined and the circumstances under which the benchmark and the applicable spread may change, see *"Description of the Notes—Payments of Interest."*] |

---

[The Class A-[_] Notes are not offered hereby and will 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: If floating rate notes are offered, the applicable prospectus will disclose the terms of the specific index that will be used to determine interest payments for the floating rate class(es).]**

**[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>

------

---

| | |
|:---|:---|
| **Mercedes-Benz Trust Leasing LLC**<br> *Depositor*<br> (CIK: 0001537805) | **Mercedes-Benz Financial Services USA LLC**<br> *Sponsor, Servicer and Administrator*<br> (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** | **Net Proceeds**<br> **to the Depositor**<sup>(1)</sup> | **Net Proceeds**<br> **to the Depositor**<sup>(1)</sup> |
| 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 [and smart automobile] 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 22 of this prospectus.**

**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 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**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>Page</u><br>|
| [Summary of Transaction](#SummaryofTransaction)  | 7<br>|
| [Transaction Credit Enhancement Diagram](#TransactionCreditEnhancem)  | 8<br>|
| [Summary of Monthly Deposits to and Withdrawals from Accounts\*](#SummaryofMonthlyDepositst)  | 9<br>|
| [Transaction Documents Diagram](#TransactionDocumentsDiagr)  | 10<br>|
| [Summary of Terms](#SummaryofTerms)  | 11  |
| [Summary of Risk Factors](#SummaryofRiskFactors)  | 22  |
| [Risk Factors](#RiskFactors)  | 24  |
| &nbsp;&nbsp;&nbsp; [Risks Relating to the Characteristics of the Notes and Transaction Structure](#RisksRelatingtotheCharact)  | 24<br>|
| &nbsp;&nbsp;&nbsp; [Risks Relating to the Leases and Leased Vehicles](#RisksRelatingtotheLeasesa)  | 30<br>|
| &nbsp;&nbsp;&nbsp; [Risks Relating to MBFS USA](#RisksRelatingtoMBFSUSA)  | 33  |
| &nbsp;&nbsp;&nbsp; [Legal and Regulatory Risks](#LegalandRegulatoryRisks)  | 35  |
| &nbsp;&nbsp;&nbsp; [General Risks](#GeneralRisks)  | 40<br>|
| [Overview of the Transaction](#OverviewoftheTransaction)  | 42  |
| [Use of Proceeds](#UseofProceeds)  | 42  |
| [The Issuer](#TheIssuer)  | 43  |
| &nbsp;&nbsp;&nbsp; [Limited Purpose and Limited Assets](#LimitedPurposeandLimitedA)  | 43  |
| &nbsp;&nbsp;&nbsp; [Capitalization of the Issuer](#CapitalizationoftheIssuer)  | 44  |
| &nbsp;&nbsp;&nbsp; [Property of the Issuer](#PropertyoftheIssuer)  | 44  |
| &nbsp;&nbsp;&nbsp; [Restrictions on Merger and Consolidation](#RestrictionsonMergerandCo)  | 45  |
| &nbsp;&nbsp;&nbsp; [Other Negative Covenants](#OtherNegativeCovenants)  | 46  |
| &nbsp;&nbsp;&nbsp; [Annual Compliance Statement](#AnnualComplianceStatement)  | 46  |
| [The Depositor](#TheDepositor)  | 46  |
| [The Trustees](#TheTrustees)  | 47  |
| &nbsp;&nbsp;&nbsp; [The Owner Trustee](#TheOwnerTrustee)  | 47  |
| &nbsp;&nbsp;&nbsp; [The Indenture Trustee](#TheIndentureTrustee)  | 49  |
| [The Asset Representations Reviewer](#TheAssetRepresentationsRe)  | 51  |
| [The Titling Trust](#TheTitlingTrust)  | 53  |
| &nbsp;&nbsp;&nbsp; [General](#General)  | 53  |
| &nbsp;&nbsp;&nbsp; [Merger with Daimler Trust](#MergerwithDaimlerTrust)  | 53  |
| &nbsp;&nbsp;&nbsp; [Purpose of the Titling Trust](#PurposeoftheTitlingTrust)  | 53  |
| &nbsp;&nbsp;&nbsp; [Specified Interest, Revolving Facility Pool, Reference Pool and Exchange Note](#SpecifiedInterestRevolvin)  | 54  |
| &nbsp;&nbsp;&nbsp; [Limited Powers of Titling Trust](#LimitedPowersofTitlingTru)  | 54  |
| &nbsp;&nbsp;&nbsp; [The Initial Beneficiary](#TheInitialBeneficiary)  | 55  |
| &nbsp;&nbsp;&nbsp; [The Titling Trustee and the Titling Trust Administrator](#TheTitlingTrusteeandtheTi)  | 56  |
| &nbsp;&nbsp;&nbsp; [The Collateral Agent and the Administrative Agent](#TheCollateralAgentandtheA)  | 57  |
| &nbsp;&nbsp;&nbsp; [Titling of Leased Vehicles](#TitlingofLeasedVehicles)  | 58  |
| [MBFS USA](#MBFSUSA)  | 58  |
| &nbsp;&nbsp;&nbsp; [General](#Gener)  | 58  |
| &nbsp;&nbsp;&nbsp; [Underwriting](#Underwriting)  | 60  |
| &nbsp;&nbsp;&nbsp; [Determination of Residual Values](#DeterminationofResidualVa)  | 62  |
| &nbsp;&nbsp;&nbsp; [Insurance](#Insurance)  | 62  |
| &nbsp;&nbsp;&nbsp; [Contingent and Excess Liability Insurance](#ContingentandExcessLiabil)  | 62  |
| &nbsp;&nbsp;&nbsp; [Servicing Responsibilities](#ServicingResponsibilities)  | 63  |
| &nbsp;&nbsp;&nbsp; [Collection Procedures](#CollectionProcedures)  | 63  |
| &nbsp;&nbsp;&nbsp; [Repossessions](#Repossessions)  | 64  |
| &nbsp;&nbsp;&nbsp; [Charge-offs and Deficiencies](#Charge-offsandDeficiencie)  | 64  |

---

---

| | |
|:---|:---|
|  | <u>Page</u> |
| &nbsp;&nbsp;&nbsp; [Leased Vehicle Maintenance and Excess Wear and Tear](#LeasedVehicleMaintenancea)  | 65  |
| &nbsp;&nbsp;&nbsp; [Extensions and Pull-Ahead Programs](#ExtensionsandPull-AheadPr)  | 65  |
| &nbsp;&nbsp;&nbsp; [Remarketing](#Remarketing)  | 65  |
| &nbsp;&nbsp;&nbsp; [Certified Pre-Owned Program](#CertifiedPre-OwnedProgram)  | 66  |
| &nbsp;&nbsp;&nbsp; [Securitization Program](#SecuritizationProgram)  | 67  |
| &nbsp;&nbsp;&nbsp; [Delinquency, Repossession and Loss Information](#DelinquencyRepossessionan)  | 67  |
| &nbsp;&nbsp;&nbsp; [Repurchase History](#RepurchaseHistory)  | 70  |
| [Affiliations and Related Transactions](#AffiliationsandRelatedTra)  | 71  |
| [The Exchange Note](#TheExchangeNote)  | 71  |
| &nbsp;&nbsp;&nbsp; [General](#Gene)  | 71  |
| &nbsp;&nbsp;&nbsp; [Payments on the Exchange Note](#PaymentsontheExchangeNote)  | 72  |
| &nbsp;&nbsp;&nbsp; [Transfers of the Exchange Note](#TransfersoftheExchangeNot)  | 72  |
| &nbsp;&nbsp;&nbsp; [Exchange Note Default](#ExchangeNoteDefault)  | 73  |
| [The Leases](#TheLeases)  | 74  |
| &nbsp;&nbsp;&nbsp; [General](#Gen)  | 74  |
| &nbsp;&nbsp;&nbsp; [Pool Underwriting](#PoolUnderwriting)  | 76  |
| &nbsp;&nbsp;&nbsp; [Selection of the Leases](#SelectionoftheLeases)  | 76  |
| &nbsp;&nbsp;&nbsp; [Initial Asset-Level Data](#InitialAsset-LevelData)  | 78  |
| &nbsp;&nbsp;&nbsp; [Characteristics of the Leases](#CharacteristicsoftheLease)  | 78  |
| &nbsp;&nbsp;&nbsp; [Review of Reference Pool Assets](#ReviewofReferencePoolAsse)  | 85  |
| &nbsp;&nbsp;&nbsp; [Representations and Warranties](#RepresentationsandWarrant)  | 86  |
| &nbsp;&nbsp;&nbsp; [Modifications](#Modifications)  | 87  |
| &nbsp;&nbsp;&nbsp; [MBFS USA Must Repurchase Certain Leases](#MBFSUSAMustRepurchaseCert)  | 87  |
| &nbsp;&nbsp;&nbsp; [Residual Values](#ResidualValues)  | 88  |
| &nbsp;&nbsp;&nbsp; [Calculation of the Securitization Value of the Leases](#CalculationoftheSecuritiz)  | 88  |
| &nbsp;&nbsp;&nbsp; [Static Pools](#StaticPools)  | 88 |
| &nbsp;&nbsp;&nbsp; [Asset Representations Review](#AssetRepresentationsRevie)  | 89  |
| &nbsp;&nbsp;&nbsp; [Dispute Resolution for Repurchase Requests](#DisputeResolutionforRepur)  | 91  |
| [Maturity and Prepayment Considerations](#MaturityandPrepaymentCons)  | 92  |
| [Weighted Average Lives of the Notes](#WeightedAverageLivesofthe)  | 93  |
| [Description of the Notes](#DescriptionoftheNotes)  | 98  |
| &nbsp;&nbsp;&nbsp; [Note Registration](#NoteRegistration)  | 98  |
| &nbsp;&nbsp;&nbsp; [Payments of Interest](#PaymentsofInterest)  | 98  |
| &nbsp;&nbsp;&nbsp; [Payments of Principal](#PaymentsofPrincipal)  | 100  |
| &nbsp;&nbsp;&nbsp; [Priority of Distributions Will Change if the Notes Are Accelerated Following an Event of Default](#PriorityofDistributionsWi)  | 101  |
| &nbsp;&nbsp;&nbsp; [Credit Enhancement](#CreditEnhancement)  | 101  |
| &nbsp;&nbsp;&nbsp; [Voting](#Voting)  | 103  |
| &nbsp;&nbsp;&nbsp; [Optional Purchase of the Exchange Note](#OptionalPurchaseoftheExch)  | 103  |
| &nbsp;&nbsp;&nbsp; [Notes Owned by the Issuer, the Depositor, the Servicer and their Affiliates](#NotesOwnedbytheIssuertheD)  | 104  |
| &nbsp;&nbsp;&nbsp; [Note Factors and Trading Information](#NoteFactorsandTradingInfo)  | 104  |
| &nbsp;&nbsp;&nbsp; [Events of Default](#EventsofDefault)  | 105  |
| &nbsp;&nbsp;&nbsp; [Rights Upon an Event of Default](#RightsUponanEventofDefaul)  | 105  |
| &nbsp;&nbsp;&nbsp; [Notices](#Notices)  | 107  |
| &nbsp;&nbsp;&nbsp; [Governing Law](#GoverningLaw)  | 107 |

---

------

---

| | |
|:---|:---|
|  | <u>Page</u> |
| &nbsp;&nbsp;&nbsp; [Noteholder Communication](#NoteholderCommunication)  | 107  |
| &nbsp;&nbsp;&nbsp; [Book-Entry Registration](#Book-EntryRegistration)  | 108  |
| &nbsp;&nbsp;&nbsp; [Definitive Notes](#DefinitiveNotes)  | 109  |
| [Application of Available Funds](#ApplicationofAvailableFun)  | 110  |
| &nbsp;&nbsp;&nbsp; [Sources of Funds for Distributions](#SourcesofFundsforDistribu)  | 110  |
| &nbsp;&nbsp;&nbsp; [Priority of Payments](#PriorityofPayments)  | 112  |
| &nbsp;&nbsp;&nbsp; [Fees and Expenses of the Issuer](#FeesandExpensesoftheIssue)  | 113  |
| [Description of the Transaction Documents](#DescriptionoftheTransacti)  | 114  |
| &nbsp;&nbsp;&nbsp; [Transfer, Assignment and Pledge of the Exchange Note](#TransferAssignmentandPled)  | 115  |
| &nbsp;&nbsp;&nbsp; [The Trust Agreement and the Certificates](#TheTrustAgreementandtheCe)  | 116  |
| &nbsp;&nbsp;&nbsp; [Accounts](#Accounts)  | 116  |
| &nbsp;&nbsp;&nbsp; [Servicing](#Servicing)  | 116  |
| &nbsp;&nbsp;&nbsp; [Custody of Lease Documents and Certificates of Title](#CustodyofLeaseDocumentsan)  | 117  |
| &nbsp;&nbsp;&nbsp; [Insurance on the Leased Vehicles](#InsuranceontheLeasedVehic)  | 117  |
| &nbsp;&nbsp;&nbsp; [Collections](#Collections)  | 118  |
| &nbsp;&nbsp;&nbsp; [Servicer Advances](#ServicerAdvances)  | 118  |
| &nbsp;&nbsp;&nbsp; [Sales or Other Disposition of Leased Vehicles](#SalesorOtherDispositionof)  | 118  |
| &nbsp;&nbsp;&nbsp; [Realization Upon Charged-off Leases](#RealizationUponCharged-of)  | 119  |
| &nbsp;&nbsp;&nbsp; [Servicing Compensation](#ServicingCompensation)  | 119  |
| &nbsp;&nbsp;&nbsp; [Statements to Noteholders](#StatementstoNoteholders)  | 120  |
| &nbsp;&nbsp;&nbsp; [Annual Compliance Reports](#AnnualComplianceReports)  | 121  |
| &nbsp;&nbsp;&nbsp; [Reports to be Filed with the SEC](#ReportstobeFiledwiththeSE)  | 122  |
| &nbsp;&nbsp;&nbsp; [Optional Purchase](#OptionalPurchase)  | 122  |
| &nbsp;&nbsp;&nbsp; [Certain Matters Regarding the Servicer](#CertainMattersRegardingth)  | 122  |
| &nbsp;&nbsp;&nbsp; [Servicer Defaults](#ServicerDefaults)  | 123  |
| &nbsp;&nbsp;&nbsp; [Rights Upon Servicer Default](#RightsUponServicerDefault)  | 124  |
| &nbsp;&nbsp;&nbsp; [Removal of Servicer](#RemovalofServicer)  | 124  |
| &nbsp;&nbsp;&nbsp; [Amendments](#Amendments)  | 125  |
| &nbsp;&nbsp;&nbsp; [Termination](#Termination)  | 127  |
| &nbsp;&nbsp;&nbsp; [Residual Interest; Issuance of Additional Securities](#ResidualInterestIssuanceo)  | 128  |
| &nbsp;&nbsp;&nbsp; [Administration Agreement](#AdministrationAgreement)  | 129  |
| [Legal Proceedings](#LegalProceedings)  | 129  |
| [Certain Legal Aspects of the Titling Trust and the Exchange Note](#CertainLegalAspectsoftheT)  | 129  |
| &nbsp;&nbsp;&nbsp; [The Titling Trust](#TheTitlingTr)  | 129  |
| &nbsp;&nbsp;&nbsp; [Structural Considerations](#StructuralConsiderations)  | 130  |

---

---

| | |
|:---|:---|
|  | <u>Page</u> |
| &nbsp;&nbsp;&nbsp; [Allocation of Titling Trust Liabilities](#AllocationofTitlingTrustL)  | 130  |
| &nbsp;&nbsp;&nbsp; [Insolvency-Related Matters](#Insolvency-RelatedMatters)  | 131  |
| &nbsp;&nbsp;&nbsp; [The Dodd-Frank Act](#TheDodd-FrankAct)  | 133  |
|  [Certain Legal Aspects of the Leases and the Leased Vehicles](#CertainLegalAspectsoftheL)  | 135  |
| &nbsp;&nbsp;&nbsp; [Security Interests](#SecurityInterests)  | 135  |
| &nbsp;&nbsp;&nbsp; [ERISA Liens](#ERISALiens)  | 136  |
| &nbsp;&nbsp;&nbsp; [Limitations on Collateral Agent's and Indenture Trustee's Lien](#LimitationsonCollateralAg)  | 136  |
| &nbsp;&nbsp;&nbsp; [Vicarious Tort Liability](#VicariousTortLiability)  | 136  |
| &nbsp;&nbsp;&nbsp; [Repossession of Leased Vehicles](#RepossessionofLeasedVehic)  | 137  |
| &nbsp;&nbsp;&nbsp; [Deficiency Judgments](#DeficiencyJudgments)  | 138  |
| &nbsp;&nbsp;&nbsp; [Consumer Protection Laws](#ConsumerProtectionLaws)  | 138  |
| &nbsp;&nbsp;&nbsp; [Other Limitations](#OtherLimitations)  | 139  |
| [Credit Risk Retention](#CreditRiskRetention)  | 140  |
| [Material Federal Income Tax Consequences](#MaterialFederalIncomeTaxC)  | 144  |
| &nbsp;&nbsp;&nbsp; [Tax Characterization of the Issuer](#TaxCharacterizationoftheI)  | 145  |
| &nbsp;&nbsp;&nbsp; [Tax Consequences to Holders of the Notes](#TaxConsequencestoHolderso)  | 145  |
| [Certain State Tax Consequences](#CertainStateTaxConsequenc)  | 149  |
| [Certain ERISA Considerations](#CertainERISAConsideration)  | 149  |
| &nbsp;&nbsp;&nbsp; [Special Considerations Applicable to Insurance Company General Accounts](#SpecialConsiderationsAppl)  | 151  |
| [Ratings](#Ratings)  | 151  |
| [Underwriting](#Underwrit)  | 152  |
| &nbsp;&nbsp;&nbsp; [Stabilization Transactions, Short Sales and Penalty Bids](#StabilizationTransactions)  | 153  |
| &nbsp;&nbsp;&nbsp; [EU and UK Securitization Rules](#EUandUKSecuritizationRule)  | 153  |
| &nbsp;&nbsp;&nbsp; [EEA/UK Selling Restrictions](#EEAUKSellingRestrictions)  | 154  |
| &nbsp;&nbsp;&nbsp; [Certain Investment Company Act Considerations](#CertainInvestmentCompanyA)  | 154  |
| &nbsp;&nbsp;&nbsp; [Certain Legal Investment Considerations](#CertainLegalInvestmentCon)  | 154  |
| [Legal Opinions](#LegalOpinions)  | 154  |
| [Glossary of Terms](#GlossaryofTerms)  | 155  |
|  [Appendix A – Static Pool Information for Prior Securitizations](#APPENDIXA)  | A-1  |
|  [Appendix B – Assumed Cashflows](#AppendixB)  | B-1  |
|  [Annex I – Global Clearance, Settlement and Tax Documentation Procedures](#ANNEXI)  | A-I-1  |

---

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#### Reading This Prospectus
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** in this prospectus to locate the referenced sections. Capitalized terms used in this prospectus are defined in the *"Glossary of Terms."*

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
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 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 of this prospectus.

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 via the Indenture Trustee's internet website. See *"Description of the Transaction Documents—Statements to Noteholders."*

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

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#### 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."*

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.

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#### Summary of Transaction
*This chart provides only a simplified overview of the structure of this securitization transaction and the credit enhancement available for the Notes. A further description is provided herein.<br>* <br> ![](image03.jpg)

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&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.

&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 at [●]% 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 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 [increase
 overcollateralization until the Target Overcollateralization Amount is reached][maintain overcollateralization at the Target Overcollateralization Amount], as further described under *"Description of the Notes — Credit Enhancement — Excess Spread."* 

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#### 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.<br>* <br> ![](image04.jpg)

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[[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 ___%].]]

&nbsp;&nbsp;&nbsp;&nbsp;(1) On the Closing Date, the Reserve Fund will be funded at [●]% 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 [increase
 overcollateralization until the Target Overcollateralization Amount is reached][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.

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#### Summary of Monthly Deposits to and Withdrawals from Accounts\*

#### <br>
![](image05.jpg)

\* This chart provides only a simplified overview of the monthly flow of funds. A further description is provided herein.

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#### 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.

![](image06.jpg) <br>

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#### 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 [and smart automobile] 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 (formerly known as Daimler 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, Farmington Hills, Suite 100, 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 [and smart] 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.

[Mercedes-Benz Vehicle Trust is the successor by merger to Daimler Trust, effective January 31, 2023. Prior to the merger, Daimler Trust functioned as the titling trust for motor vehicle lease securitization transactions sponsored by Mercedes-Benz Financial Services USA LLC.]

*Titling Trustee*

BNY Mellon Trust of Delaware, a Delaware banking corporation.

*Initial Beneficiary*

Mercedes-Benz Trust Holdings LLC (formerly known as Daimler Trust Holdings LLC), a Delaware limited liability company.

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*Titling Trust Administrator*

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

*Collateral Agent*

Collateral Title Co. (formerly known as Daimler Title Co.), a Delaware corporation.

*Administrative Agent*

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

*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> | $___________ | _.___% |
| [A-2B<sup>(1)</sup> | $___________ | Benchmark + _.___%] |
| A-3 | $___________ | _.___% |
| A-4<sup>[]</sup> | $___________ | _.___% |
| B | $___________ | _.___% |

---

---

| | |
|:---|:---|
| [[ | If the aggregate principal amount of the notes to be issued is $_____________, the aggregate initial principal amount of the classes of notes will be as set forth in the above table. If the aggregate principal amount of the notes to be issued is $_______________, the aggregate initial principal amount of the classes of 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].]] |

---

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| | |
|:---|:---|
| [<sup>(1)</sup> | The allocation of the principal amount between the class A-2A and class A-2B notes will be determined on or before the day of pricing.] |

---

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

[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 and the class A-2B notes have equal rights to payments of principal and interest, which will be made on pro rata basis.]

[[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 [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.

*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.

#### 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).

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*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
The interest rate for each class of notes (other than the [class A-2B] notes) will be a fixed rate, as set forth on the cover of this prospectus.

[The interest rate for the [class A-2B] notes will be a floating rate equal to [insert floating rate benchmark] plus the applicable spread set forth on the cover page of this prospectus. However, the benchmark and the applicable spread may change under certain circumstances. For more information about how the interest rate based on [the applicable benchmark] is determined and the circumstances under which the benchmark and the applicable spread may change, *see "Description of the Notes—Payments of Interest"* in this prospectus.]

*Class A-1 Notes [and Class A-2B Notes][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.

*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 [__]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 [__]th day of the current calendar month (assuming each month has 30 days).

#### Interest Payments
On each payment date, to the extent that funds are available, the noteholders of each class 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 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."*

#### 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:

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&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 class A notes, to the distribution account, for payment ratably to the holders of the 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 [●]% 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;

&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;]

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

#### 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.

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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 $[●].

The application of funds as described in clause (6) of *"Priority of Distributions"* is designed to [increase over time][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 equal to [●]% 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 $[●] [[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.

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:

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&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.

*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:

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&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 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."*

*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;

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&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 Book [ _] ([_______] edition) provided by Automotive Lease Guide in [_____ ____] and (3) the expected wholesale value of the leased vehicle at the lease maturity date based on a residual value estimate provided by Automotive Lease Guide 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 [and smart automobile] dealers have 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 maturity date of the exchange note will be [_________], 20[__].

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."*

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*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.

[*Purchase of Leases for Servicer Actions*

If the servicer (1) materially impairs a lease, (2) makes certain specific modifications, including if it grants payment extensions resulting in the maturity date of the lease being later than the final scheduled payment date of the latest maturing class of notes or (3) modifies the lease balance or the contract rate of the lease or rewrites or reschedules the lease to increase the number of originally scheduled payment due dates of the lease, it will be required to repurchase from the reference pool the related lease and leased vehicle.]

*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."*

*Servicer Advances*

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.]

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#### 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 plan 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 plan 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.

#### 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.

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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 23. 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.

<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.

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

<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 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> • &nbsp;&nbsp;&nbsp;&nbsp;[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 classes 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 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.**

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<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.

<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

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| | |
|:---|:---|
| **The notes are not suitable**<br> **investments for all investors** | <br>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** <br> **your notes and/or obtaining** <br> **your desired price** | <br>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. 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. Any 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 the 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. [The COVID-19 pandemic has caused disruptions and volatility in global financial markets. The continuation of COVID-19 pandemic (in addition to or in combination with other future events) could result in a similar lack of liquidity in the secondary market in the future.] 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** | <br>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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| **Prepayments, including** <br> **prepayments on the leases, may**<br> **adversely affect the average life** <br> **of, and rate of return on, your**<br> **notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>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;•&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;•&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<br>&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>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. |
| **[The issuer will issue floating**<br> **rate notes, but the issuer will** <br> **not enter into any interest rate**<br> **swaps and you may suffer losses**<br> **on your notes if interest rates**<br> **rise** | <br>The leases allocated to the issuer on the closing date will provide for level monthly payments and the exchange note will bear interest at a fixed rate, while the floating rate notes will bear interest at a floating rate based on [Benchmark] plus an applicable spread. Interest rates have generally been at historically low levels in recent years and economic or other conditions could cause short term interest rates including [Benchmark] to rise materially after the issuance of the notes. Even though the issuer will issue floating rate notes, it will not enter into any interest rate swaps or interest rate caps in connection with the issuance of the notes, which could mitigate this interest rate risk. |

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|  | The issuer will make payments on the floating rate notes out of its generally available funds and not from funds that are dedicated solely to the floating rate notes. Therefore, if the floating rate payable by the issuer increases 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 will not have sufficient funds to make payments on the notes, not just the holders of the floating rate notes. If the issuer does not have sufficient funds to make payments on the notes, you would experience delays or reductions in the interest and principal payments on your notes.] |
| **[[Insert applicable benchmark** <br> **rate] is a relatively new** <br> **reference rate that may be more**<br> **volatile than other benchmark** <br> **or market rates [and its** <br> **composition and characteristics**<br> **are not the same as LIBOR]** | <br>Very limited market precedent exists for securities that use [insert applicable benchmark] as the interest rate [and the method for calculating an interest rate based upon [insert applicable benchmark] in those precedents varies]. [Insert applicable Benchmark] is a relatively new [market rate][index] that is still under development and may ultimately not be widely used as a benchmark rate.]<br>The composition and characteristics of [insert applicable benchmark] are not the same as those of LIBOR. [Insert description of differences between benchmark rate and LIBOR.] As a result, there can be no assurance that [insert applicable benchmark] 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>In addition, if [insert applicable benchmark] does not prove to be widely used as a benchmark in securities that are similar or comparable to the Class A-2B notes, the return on and value of the class A-2B notes and the trading price of the class A-2B notes may be lower than those of securities that are linked to rates that are more widely used. Similarly, market terms for floating-rate debt securities linked to the return on and value of the class A-2B notes may evolve over time, and trading prices of the class A-2B notes may be lower than those of later-issued [insert applicable benchmark rate]-based debt securities as a result. Investors in the class A-2B notes may not be able to sell the class A-2B notes at all or may not be able to sell the class A-2B notes at prices that will provide them with a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased pricing volatility and market risk.]<br>[In addition, the benchmark and the applicable spread may change under certain circumstances. For more information about the circumstances under which the benchmark and the applicable spread may change, see *"Description of the Notes—Payments of Interest"* in this prospectus.] |

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| **The occurrence of a benchmark** <br> **transition event could adversely**<br> **affect the market value of the**<br> **floating rate notes and/or limit <br> your ability to resell these notes**<br>| <br>[The issuer will issue class A-2B notes as floating rate notes that will accrue interest based on a benchmark. The benchmark will initially be [insert applicable benchmark], although it may be changed following the occurrence of a benchmark transition event and its related benchmark replacement date. The benchmark transition events generally include the making of public statements or publication of information by the administrator of the benchmark, its regulatory supervisor or certain other governmental authorities that the benchmark will no longer be provided or is no longer representative of underlying market or economic reality. However, we cannot provide any assurances that these events will be sufficient to trigger a change in the benchmark at all times when the then-current benchmark is no longer representative of market interest rates, or that these events will align with similar events in the market generally or in other parts of the financial markets, such as the derivatives market. <br>In order to compensate for any differences in the benchmark, a benchmark replacement adjustment will be included in any benchmark replacement. However, we cannot provide any assurances that any benchmark replacement adjustment will be sufficient to produce the economic equivalent of the then-current benchmark, either at the benchmark replacement date or over the life of the floating rate notes. As a result, we cannot provide any assurances that the characteristics of any benchmark replacement will be similar to the then-current benchmark that it is replacing, or that any benchmark replacement will produce the economic equivalent of the then-current benchmark that it is replacing.<br>In addition, the issuer will have discretion in certain elements of the benchmark replacement process, including determining if a benchmark transition event and its related benchmark replacement date has occurred, determining which benchmark replacement is available, selecting a benchmark replacement, determining the benchmark replacement adjustment and making benchmark replacement conforming changes. The 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.] |
| **[The allocation of the principal** <br> **amount of the class A-2 notes is** <br> **unknown** | <br>The allocation of the principal amount of the class A-2 notes between the class A-2A notes and the class A-2B notes 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 small principal amount compared to the other.] |

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| **Amounts on deposit in the** <br> **reserve fund will be limited and** <br> **subject to depletion** | <br>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**<br> **increase as expected** | <br>The overcollateralization [is expected to increase to the target overcollateralization amount as excess spread] is used to pay principal of the notes in an amount greater than the decrease in the aggregate securitization value of the leases in the reference pool from the amortization of the leases and related leased vehicles. 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.<br>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**<br> **notes will not constitute an** <br> **event of default until**<br> **maturity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | <br>The amount of principal required to be paid to noteholders 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**<br> **the assets of the issuer may not** <br> **be sufficient to pay your notes**<br> **in full** | <br>If so directed by the holders of the requisite percentage of the notes, 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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| **Withdrawal or downgrade of** <br> **the initial ratings of the**<br> **[offered] notes, or the issuance** <br> **of unsolicited ratings, will affect**<br> **the prices for the [offered] notes**<br> **upon resale, and the payment of** <br> **rating agency fees by the** <br> **sponsor or the issuer may** <br> **present a conflict of interest** | <br>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.<br>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. |

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| **Retention of notes could** <br> **adversely affect the market** <br> **value of your notes and/or limit** <br> **your ability to resell your notes** | <br>The depositor or one of 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. |

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

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| **The residual value of leased** <br> **vehicles may be adversely** <br> **affected by discount pricing** <br> **incentives, marketing incentive**<br> **programs[, the COVID-19<br> pandemic] and other factors** | <br>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.<br>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 and 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.<br>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. |

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 [The global economic volatility resulting from the COVID-19 pandemic may also adversely affect the resale value for returned leased vehicles or restrict the ability of dealers to accept return of leased vehicles. Disruptions caused by the COVID-19 pandemic decreased consumer demand for vehicles and could, alone or in combination with other factors such as the possible liquidation of rental car fleets, result in declines in pre-owned vehicle prices. Stay-at-home orders and similar measures enacted to combat the spread of COVID-19 disrupted dealer and auction activity in many locations and the reimposition or continuation of such measures could impair the servicer's ability to liquidate leased vehicles, which may reduce the resale value for returned leased vehicles and cause substantial delays in leased vehicle liquidations. In addition, federal, state and local laws, regulations, executive orders and other guidance could preclude or delay the servicer from selling returned or repossessed leased vehicles, delaying and possibly reducing recoveries on such vehicles.] <br> 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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 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. [Adverse impacts from the COVID-19 pandemic in those states where there is a concentration of leases could worsen the effects of the pandemic on the reference pool assets and the notes.] 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. <br> *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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#### Risks Relating to MBFS USA

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| **Paying the servicer a fee based** <br> **on a percentage of the**<br> **securitization value of the leases** <br> **may result in difficulties in** <br> **obtaining a successor servicer** | <br>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** <br> **may result in delays and**<br> **reductions in payments on your** <br> **notes** | <br>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** <br> **additional costs or a diminution**<br> **in servicing performance, any** <br> **of which may have an adverse** <br> **effect on your notes** | <br>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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|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&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** <br> **MBFS USA, its affiliates or**<br> **third party servicers to whom**<br> **MBFS USA outsources its**<br> **activities may affect the timing** <br> **of payments or have other** <br> **adverse effects on your notes** | <br>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 and smart automobiles, and ultimately the amount realized on any Mercedes-Benz or smart leased vehicle, including the leased vehicles allocated to the reference pool. |
| **[Legal Proceedings]** | [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.] |

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| **Proceeds of the liquidation of** <br>**the assets of the issuer may not** <br> **be sufficient to pay your notes**<br> **in full** | <br>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. |
| **Legal and Regulatory Risks** |  |
| **The bankruptcy of MBFS USA** <br> **or the depositor could result in**<br> **losses or delays in payments on** <br> **your notes and could delay the** <br> **appointment of a successor**<br> **servicer** | <br>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; 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** <br> **leases and the leased vehicles**<br> **could be superior to the issuer's**<br> **interest, which may result in**<br> **delayed or reduced payment on** <br> **your notes** | <br>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**<br> **titling trust assets, you could**<br> **suffer a loss on your**<br> **investment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | <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>Because the collateral agent in connection with the exchange note has a prior perfected security interest in the leases and leased vehicles (other than for leased vehicles in Kansas, Maryland, Maryland, Missouri, Nebraska, Nevada and South Dakota), these liens would not, however, 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** <br> **debtor relief laws may impede** <br> **collection efforts or alter the**<br> **timing and amount of** <br> **collections, which may result in** <br> **acceleration of or reduction in**<br> **payment on your notes** | <br>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** <br> **consumer protection laws may** <br> **be unenforceable, which may**<br> **result in losses on your**<br> **investment** | <br>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** <br> **result in a loss&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | <br>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** <br> **be reduced by application of the Servicemembers Civil Relief Act** | <br>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**<br> **reform could have an adverse**<br> **effect on the sponsor, the**<br> **depositor or the issuer** | <br>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. In 2015, the CFPB issued a final rule expanding its authority to larger participants in the automobile financing market, including MBFS USA and, as a result, 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 or CFPB 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 Dodd-Frank Act and its implementing regulations, or the imposition of additional regulations including 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>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>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) or laws, regulations, executive orders or other guidance in response to the COVID-19 pandemic could have a significant impact on the servicer or the issuer and could adversely affect the timing and amount of payments on your notes.<br>

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#### General Risks

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| **[Adverse events arising from** <br> **the coronavirus pandemic could**<br> **result in payment delays and** <br> **losses on the notes** | <br>The COVID-19 pandemic resulted in significant volatility and reductions in economic growth worldwide. Moreover, further adverse developments relating to the COVID-19 pandemic, especially if restrictive measures are reimposed in the event of a continuing or additional waves of infections and new variants, could not only affect sales of Mercedes-Benz vehicles and smart cars in the United States, but could also more significantly affect production, the procurement market and the supply chain<br>In response to the COVID-19 pandemic, certain governmental authorities, including United States federal, state or local governments, implemented or proposed regulations, executive orders or other guidance or take other actions, to permit lessees to forego making scheduled payments for some period of time or require modification to the leases and some states enacted executive orders to preclude creditors from exercising certain rights or taking certain actions with respect to the motor vehicles retail lease contracts, including repossession or liquidation of vehicles. For example, many physical vehicle auction sites were required to temporarily close as a result of the COVID-19 pandemic, and the auction prices for used vehicles decreased. While the auction market has experienced a recovery from a volume and pricing perspective, at present, the market and the ability to conduct auction sales could be adversely effected by the continuation of the COVID-19 pandemic. As a result, if leased vehicles are repossessed while the auction market is not fully functioning, the sale or disposition proceeds may be lower than expected. Accordingly, the foregoing actions, proposals and effects, if enacted, expanded or continued for an extended period of time, could negatively affect cashflows on the notes.<br>Beginning in March 2020, MBFS USA took steps to assist customers who were adversely affected by the COVID-19 pandemic in accordance with the guidance issued by various regulators and its servicing policies. MBFS USA saw large increases during this period in lessee requests for payment relief and conducted outreach and other activities to assist lessees with deferral and extension requests and to assist and provide awareness to lessees generally. MBFS USA also temporarily suspended late charges for all customers and ceased repossession activity for a number of months starting in March 2020. While all states have returned to normalized collection activities, MBFS USA continues to monitor state collection requirements and could reinstate or implement a range of the above steps or take further actions to extend or modify the payment terms on the leases in its serviced portfolio should future conditions related to COVID-19 or other developments so warrant. MBFS USA cannot predict whether further actions may be required due to the uncertainties surrounding the COVID-19 pandemic.<br>Moreover, in addition to the foregoing, a continuation or resurgence of the COVID-19 pandemic may also have the effect of heightening many of the other risks in this section, including those relating to lease performance, residual value performance, geographic concentration of the lessees, regulatory risks, credit ratings and secondary market liquidity of the notes.] |

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| **Financial market disruptions** <br> **and economic developments** <br> **may adversely affect the** <br> **performance and market value**<br> **of your notes** | <br>[The COVID-19 pandemic resulted in disruptions in global financial markets that have reduced liquidity and created uncertainty regarding future market performance and viability.] 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. Such events, or the occurrence of future events having widespread market impacts, could adversely affect the market value of your notes and/or limit your ability to resell your notes.<br>Furthermore, events in the global financial markets, including downgrades of sovereign debt, devaluation of currencies by foreign governments, global health pandemics such as the COVID-19 pandemic, and slowing economic growth in the past have caused (and in the future may cause again) a significant reduction in liquidity in the secondary market for asset-backed securities, which could adversely affect the market value of the notes and limit the ability of an investor to sell its notes. Geopolitical conditions and other market events, including disruptive trade policies, disruption of operations as a result of systemic political or economic instability, adverse changes to tax laws and regulations, social unrest, outbreak of war or expansion of hostilities (such as continued or escalated hostilities between Russia and Ukraine), health epidemics and other outbreaks, climate-related risk, and acts of terrorism, could each adversely affect the market value of the notes and limit the ability of an investor to sell its notes. |

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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<br>| &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; __________.__ |

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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; __________.__ |
| 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; __________.__ |

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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);

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<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.

#### 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 (formerly known as Daimler 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

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

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

#### 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.

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

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[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 activities of Mercedes-Benz Vehicle Trust from the time of its formation until the effectiveness of the merger were limited to making filings, obtaining authorizations to transact business and similar actions in States where, in the judgment of the Servicer, such actions were advisable in order for Mercedes-Benz Vehicle Trust to have the requisite authority to act as Titling Trust upon the effectiveness of the merger. 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.

#### Merger with Daimler Trust
Mercedes-Benz Vehicle Trust, as the Titling Trust, is the successor by merger to Daimler Trust. Pursuant to the terms of the Merger Agreement, Daimler Trust was merged into Mercedes-Benz Vehicle Trust effective on January 31, 2023, with Mercedes-Benz Vehicle Trust continuing as the surviving entity. Under the terms of the merger, Mercedes-Benz Vehicle Trust succeeded to all of the rights, privileges, immunities, powers, franchises, assets and properties of Daimler Trust and assumed liability for all of the debts, liabilities, obligations and duties of Daimler Trust. Without limiting the foregoing, Mercedes-Benz Vehicle Trust expressly assumed all of Daimler Trust's obligations under each Other Exchange Note that was outstanding at the effective time of the merger, became a party to all outstanding agreements to which Daimler Trust was a party, including the Collateral Agency Agreement and the Basic Servicing Agreement, as successor to Daimler Trust, and assumed title to all of the lease assets of Daimler Trust including each Other Reference Pool that was outstanding at the effective time.

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 launch of Daimler Truck Holdings AG as an independent company in 2021 and the renaming of Daimler AG as Mercedes-Benz Group AG in 2022. *See "MBFS USA—General."*

#### 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 Leasing LLC (formerly known as Daimler 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 Bellevue Corporate Center, 301 Bellevue Parkway, 3rd Floor, 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 misconduct, bad faith or 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. (formerly known as Daimler Title Co.) is the Collateral Agent under the Collateral Agency Agreement. Its principal offices are located at 190 South LaSalle Street, Chicago, IL 60603. The change of name of the Collateral Agent from "Daimler Title Co." to "Collateral Title Co." became effective on February 1, 2023.

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.

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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.

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 [Kansas, Maryland, Missouri, Nebraska, Nevada and South Dakota] reflect a first lien recorded in favor of the Collateral Agent. This lien exists to assure delivery of the certificates of title for the Leased Vehicle to the Servicer and to perfect the security interest in and to the Leased Vehicles and other 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 (i) the Sponsor of the securitization in which the Notes are offered, (ii) responsible for structuring the securitization and selecting the underwriters, rating agencies, trustees and the Asset Representations Reviewer, (iii) the Servicer of the Leases and the related Leased Vehicles, (iv) the Administrator for the Issuer and (v) 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. Mercedes-Benz Group AG and its predecessor have owned at least one U.S. financial services subsidiary since 1982. MBFS USA was formed for that purpose in 2007 as 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.

In December 2021, in connection with Daimler AG's launch of Daimler Truck Holdings AG as an independent company, MBFS USA spun-off its commercial vehicle financing business into a separate financial services company that became an indirect subsidiary of Daimler Truck Holdings AG. On February 1, 2022, Daimler AG renamed itself Mercedes-Benz Group AG to underline its strategic focus on the automotive business.

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MBFS USA conducts at least one of the following lines of business in most States and Puerto Rico: indirect automobile and commercial vehicle installment sales contracts, installment lending and lease financing. MBFS USA purchases both retail and/or commercial installment sales contracts and leases from Mercedes-Benz retail dealers. Leases are purchased by the Titling Trust from dealers in accordance with the underwriting standards described under *"—Underwriting."* MBFS USA provides direct installment sales contract and installment loan financing to finance the purchase by lessees of leased vehicles in accordance with the same underwriting standards. 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[__].

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.

[Beginning in March 2020, MBFS USA took steps to assist customers who were adversely affected by the COVID-19 pandemic in accordance with the guidance issued by various regulators and its servicing policies. MBFS USA saw large increases during this period in lessee requests for payment relief and conducted outreach and other activities to assist lessees with deferral and extension requests and to assist and provide awareness to lessees generally. MBFS USA also temporarily suspended late charges for all customers and ceased repossession activity for a number of months starting in March 2020. While all states have returned to normalized collection activities, MBFS USA continues to monitor state collection requirements and could reinstate or implement a range of the above steps or take further actions to extend or modify the payment terms on the leases in its serviced portfolio should future conditions related to COVID-19 or other developments so warrant.]

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 or smart automobiles.

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 affiliate, 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.

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#### 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 predetermined credit score cutoffs, 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 (or guarantor, if the applicant is a business), each of whom is jointly and severally liable for the debt. 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.

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 can reduce the tier and as a result, reduce the assigned lease rate.

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 and extended service contracts and dealer markups.

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 approval criteria because of incomplete or inconsistent information 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, 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.

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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. 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.

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.) to determine creditworthiness.

Once a credit application has been received, the system automatically returns a response acknowledging receipt. The system processes the information and returns a credit decision of approval, conditionally approved or declined. If a decision to decline or to condition the application is made, the weaknesses of the credit application are discussed with the dealer. Dealers have the ability to restructure the credit application to meet the conditions. The credit application is then resubmitted for credit evaluation. If the final credit application is declined or the applicant does not accept 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 delivers the applicable documentation to MBFS USA's vendor in Memphis, Tennessee or Wilmington, Ohio for processing. The file presented by the dealer is imaged and stored offsite for ten years after contract termination, after being held by the vendor for 45 days 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.

Lease contracts may be entered into in the form of paper contracts or electronic contracts, also known as "eContracts." In the event that a customer is party to an eContract, the aforementioned process is followed. An electronic contract is digitally created within the dealers' management system (DMS). The eContract and ancillary documents are then presented to the customer on an iPad or similar device where the dealer obtains the customers 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 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 according to industry standard. If the review results are unsatisfactory, the authoritative copy and all ancillary documents will be returned to the dealer's portion of the vault.

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#### 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.

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 other coverages required by State law and physical damage insurance on the Leased Vehicle. 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 in an amount at least equal to the amount required by applicable State law, 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 vehicle liability and physical damage 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 for the benefit of, among others, the Titling Trust, 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 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 comprehensive and collision insurance. 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 and no third-party reimbursement for that damage was available, investors in the Notes could incur a loss on their investment.

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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.

Normally 19 days before a payment is due, lessees not paying via direct debit are mailed 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, on a volume basis the most important of which include Auto Pay, 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 eight and as late as 20 days 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> • Mail Tracking System – Electronic notification from the U.S. Post Office when a customer places a MBFS USA remittance in the U.S. mail;

<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 or alternatively the deferred payment can be spread over the remaining life of the lease. Deferrals are granted on an individual basis and the deferral has to bring the account current. Deferrals are reported and monitored closely by MBFS USA.

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.

#### 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. Upon repossession of the vehicle, any required legal notices are sent. 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 to the account. After the net sale proceeds are applied, the amount of any loss on the lease contract is established.

#### Charge-offs and Deficiencies
MBFS USA's policy generally requires that a lease contract be charged-off by the 127th day of delinquency, 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.

Any deficiencies remaining after repossession and sale of the related leased vehicle or after full charge-off of the related lease contract are pursued by MBFS USA to the extent practicable and legally permitted. Lessees are contacted, and when warranted by circumstances, MBFS USA (or an external agent acting on its behalf) establishes repayment schedules that are monitored until the deficiencies are either paid in full, a settlement agreement is reached, or collection becomes impractical to pursue.

For a number of months commencing in March 2020, in response to the COVID-19 pandemic, MBFS USA curtailed charging-off accounts by the 127th day of delinquency, particularly those affected by the temporary cessation in repossession activity taken in response to the pandemic.

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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 utilizes the credit card test (the lessee is charged for 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 4 months or greater require confirmation of a purchase order on a new vehicle; extension may be granted up to 3 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.

Extensions of any type must generally 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 its 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.

#### 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.

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*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.

*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 franchise dealers as well as independent dealers.

Repossessed vehicles are also sold at live auctions, both physical and online, once applicable State regulations are met. Net proceeds from the sale are applied to the account.

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 currently uses 10 full-time 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.

#### Certified Pre-Owned Program
MB USA established a Certified Pre-Owned Vehicle Program to create customer and dealer demand for pre-owned Mercedes-Benz and smart vehicles and enhance the value of Mercedes-Benz and smart vehicles. A Certified Pre-Owned vehicle is a Mercedes-Benz or smart vehicle that is fewer than six model years old, has fewer than 75,000 miles and has been inspected by a Mercedes-Benz or smart dealer and passed a multi-point vehicle inspection. Customer benefits from purchasing a Certified Pre-Owned Mercedes-Benz vehicle include a limited warranty up to 100,000 total miles, a seven day or 500 mile exchange privilege, roadside assistance and a Carfax vehicle history report. Each Certified Pre-Owned smart vehicle includes a limited warranty of one year and up to 100,000 miles with the option to buy one additional year and up to 120,000 miles or two additional years and up to 135,000 miles, a seven day or 500 mile exchange privilege and a Carfax vehicle history report.

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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.

#### 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 2011, 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[ ] | 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 | [●] | [●]% | [●] | [●]% |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At [_________], | At [_________], | At [_________], | At [_________], | At [_________], | At [_________], | At [_________], | At [_________], | At [_________], | 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** | **%** | **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 | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% | [●] | [●]% |

---

------

<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> 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[ ] |
|  Lease Contracts Outstanding ($)<sup>(2)</sup> | $[●] |
|  Average Lease Contracts Outstanding ($)<sup>(3)</sup> | $[●] |
|  Number of Lease Contracts Outstanding | [●] |
|  Average Number of Lease Contracts Outstanding<sup>(3)</sup> | [●] |
|  Number of Repossessions Sold<sup>(4)</sup> | [●] |
|  Number of Repossessions Sold as a Percentage of the Average Number of Lease Contracts Outstanding<sup>(7)</sup> | [●]% |
|  Charge-offs ($)<sup>(5)</sup> | $[●] |
|  Recoveries ($)<sup>(6)</sup> | $[●] |
|  Net Losses ($) | $[●] |
|  Net Losses as a Percentage of Average Dollar Amount of Lease Contracts Outstanding<sup>(7)</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, |
|  | 20[ ] | 20[ ] | 20[ ] | 20[ ] | 20[ ] |
|  Lease Contracts Outstanding ($)<sup>(2)</sup> | $[●] | $[●] | $[●] | $[●] | $[●] |
|  Average Lease Contracts Outstanding ($)<sup>(3)</sup> | $[●] | $[●] | $[●] | $[●] | $[●] |
|  Number of Lease Contracts Outstanding | [●] | [●] | [●] | [●] | [●] |
|  Average Number of Lease Contracts Outstanding<sup>(3)</sup> | [●] | [●] | [●] | [●] | [●] |
|  Number of Repossessions<br> Sold<sup>(4)</sup> | [●] | [●] | [●] | [●] | [●] |
|  Number of Repossessions Sold as a Percentage of the Average Number of Lease Contracts Outstanding | [●]% | [●]% | [●]% | [●]% | [●]% |
|  Charge-offs ($)<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** [ ] |
|  | 20[ ] |
| Total Number of Vehicles Terminated<sup>(2)</sup><br>| [●] |
| Number of Vehicles Returned to MBFS USA<sup>(2)</sup><br>| [●] |
| Vehicles Returned to MBFS USA Ratio<br>| [●]% |
| 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> | [●]% |

---

---

| | |
|:---|:---|
|  | **For the Year Ended December 31,**  |
|  | 20[ ] |
| Total Number of Vehicles Terminated<sup>(2)</sup> | [●] |
| 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 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[, and especially because of the outbreak of the COVID-19 pandemic,] 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>|
|  Mercedes-Benz Auto Lease Trust 201_-_<br> [CIK#] |  |  |  | # $% | # $% | # $% | # $% | # $% | # $% |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust 201_-_<br> [CIK#] |  |  |  | # $% | # $% | # $% | # $% | # $% | # $% |
| &nbsp;&nbsp;&nbsp; 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 3, 2023. The report can be accessed on the SEC's website (www.sec.gov) using MBFS USA's CIK number.

#### 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.

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:

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• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to the Issuer, in its capacity as owner of the Exchange Note, the Exchange Note Interest Payment Amount;

<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>

#### 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.

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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—Merger with Daimler Trust,"* is "Daimler Trust") or the Titling Trustee on behalf of the Titling Trust.

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

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 does not include other amounts payable by the lessee, such as late charges, returned check fees, taxes and similar items (all of which may be retained by the Servicer as supplemental servicing fees), that is allocated between a principal and an interest portion. The initial Outstanding Balance of a Lease equals the adjusted capitalized cost set forth in the Lease. The adjusted capitalized cost of a Lease represents the initial value of the related Leased 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). The initial Outstanding Balance amortizes over the term of the Lease to an amount equal to the Contract Residual Value.

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 under such Lease.

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At the scheduled end of the lease term, under the Lease the lessee has two options:

• the lessee can purchase the Leased Vehicle for the Maturity Date Purchase Option Amount; or

• the lessee can return the Leased Vehicle to the lessor and pay an amount equal to (1) any turn-in fee specified in the Lease, (2) any amounts assessed by the Servicer as a result of excessive wear and tear, excess mileage, official fees and taxes, citations or fines and (3) any unpaid amounts that are due or past due under the 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. A lessee has the right to request an early termination provided that the lessee is not in default under the Lease. 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 for an amount equal to (1) the Maturity Date Purchase Option Amount, plus (2) the monthly payment amount times the number of monthly payments not yet due with respect to related Lease, minus (3) unearned rent charges calculated under the scheduled actuarial method under the Lease.

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 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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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;

• determine the lessee's "early termination liability," which is generally the sum of (1) any turn-in fee specified in the Lease, (2) any due and unpaid payments under the Lease, (3) any fees and taxes related to the early termination, (4) any positive amount determined by subtracting the Leased Vehicle's then fair market wholesale value from the Outstanding Balance of the Lease and (5) any early termination fee specified in the Lease; or

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

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.

#### 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;

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

• 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** | **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 represent 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** | **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<br>| [●] | 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 represent Leases that were delinquent once but never exceeded 60 days past due. ]]

As of the Cutoff Date, none of the Leases in the Reference Pool was subject to a deferral. [[If the Initial Note Balance is $[●], [a]]] [A]pproximately [●]% of the total number of Leases, comprising [●]% of the Cutoff Date Aggregate Securitization Value, have received payment deferrals of up to 3 months [as part of the MBFS USA response to the effects of the COVID-19 pandemic]. [[If the Initial Note Balance is $[●], approximately [●]% of the total number of Leases, comprising [●]% of the Cutoff Date Aggregate Securitization Value, have received payment deferrals of up to 3 months [as part of the MBFS USA response to the effects of the COVID-19 pandemic.] ]] For each of the Leases that was granted a deferral, as of the Cutoff Date, at least one monthly payment had been made since the deferral period ended. Other than as described above in this paragraph,] as of the Cutoff Date, none of the Leases has been extended or modified.

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#### 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." Such 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 the Form ABS-EE.

#### 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) | [●] months |
|  Original Term Range | [●] to [●] months |
|  Weighted Average Remaining Term<sup>(2)</sup> (months) | [●] months |
|  Remaining Term Range | [●] to [●] months |
|  Weighted Average FICO<sup>®</sup> Score<sup>(2)</sup> (months) | [●] |
|  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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#### [[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) | [●] months |
|  Original Term Range | [●] to [●] months |
|  Weighted Average Remaining Term<sup>(2)</sup> (months) | [●] months |
|  Remaining Term Range | [●] to [●] months |
|  Weighted Average FICO<sup>®</sup> Score<sup>(2)</sup> (months) | [●] |
|  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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#### Distribution of the 20[__]-[_] Leases by Original Term to Maturity

#### as of the Cutoff Date

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

#### <br>

**---

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

#### <br>

**---

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

---

**

------

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

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

#### as of the Cutoff Date

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

#### <br>

**---

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

---

**

------

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

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

#### as of the Cutoff Date

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

#### <br>

**---

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

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

#### as of the Cutoff Date

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

#### <br>

**---

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

---

**

<br> ------

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

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[*Table of Contents*](#TableofContents)

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

#### as of the Cutoff Date

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

#### <br>

**---

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

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[*Table of Contents*](#TableofContents)

#### 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 [Kansas, Maryland, Missouri, Nebraska, Nevada and South Dakota]);

<br> • 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]]

*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 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];

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• [[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.

------

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#### 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 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Weighted Average<br> Life to Maturity (years)<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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)

#### 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-4 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<br>| 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
|  [_____, 201_] |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Weighted Average<br> Life to Maturity (years)<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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.

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[*Table of Contents*](#TableofContents)

#### 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% |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_]<br>|  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
|  [_____, 201_] |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Life <br> to Maturity (years)<sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Life <br> 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.

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#### 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.]

*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; and

<br> • 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 divided by 360.

• *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. 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.

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*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 (to the extent lawful).

*Priority of Interest Payments*. The Issuer will pay interest on the 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.]

*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.]

[In connection with the implementation of a benchmark replacement, 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 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.

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.

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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].

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.

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[*Table of Contents*](#TableofContents)

*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 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>

#### 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 priority of distributions 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 defaults on the leases or residual value losses exceed the available credit enhancement."*

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[*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;&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;&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 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 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.

*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.

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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."*]

#### 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."*

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#### 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

<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.

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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;

<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].

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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;

<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.

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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.

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.

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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.

#### 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.

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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.

#### 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:

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![](image07.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:

<br> ![](image08.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 Class A Notes, the Interest Distributable Amount for the Class A Notes, to pay interest due on each class of Class A Notes outstanding on that Payment Date, ratably for each 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:

![](image09.jpg)

#### <br>

#### 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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| | | |
|:---|:---|:---|
| <br> **Recipient**<br>| <br> **Source**<br>| <br> **Amount**<br>|
| 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>Provides for the issuance and terms of the Exchange Notes |

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| | | |
|:---|:---|:---|
| **Document** | **Parties** | **Primary Purposes** |
| Servicing Agreement | Servicer, Lender, Titling Trust and Collateral Agent | Provides for the servicing of the Leases and the related Leased Vehicles<br>|
| 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<br>|
| 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<br>|
| 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<br>|
| 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<br>|
| Second-Tier Sale Agreement | Depositor and Issuer | Provides for the sale, transfer and assignment of the Exchange Note from the Depositor to the Issuer<br>|
| 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"*<br> ** <br>|

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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);

<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.

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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 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>

<sup>(5)</sup> the amount of the distribution allocable to draws from the Reserve Fund;<br>

<sup>(6)</sup> the outstanding principal amount of the Exchange Note at the end of the related Collection Period;<br>

<sup>(7)</sup> any overcollateralization amount;<br>

<br> (8) 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>(9)</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>(10)</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>(11)</sup> previously due and unpaid interest payments on each class of Notes and the change in these amounts from the preceding statement;<br>

<sup>(12)</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>(13)</sup> the aggregate amount of Repurchase Payments in respect of the related Collection Period;<br>

<br> (14) the balance of the Reserve Fund, if any, on that date, after giving effect to payments on that date; and

<sup>(15)</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.

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."*

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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

• *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.

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#### 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:

<br> • 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.

#### 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.

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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.

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."*

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#### 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.

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, (2) cause the Notes to be characterized other than as indebtedness for United States federal income tax purposes and (3) cause the Notes to be deemed to have been exchanged pursuant to Treasury Regulations Section 1.1001-3 (or a successor provision).

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*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, (2) cause the Notes to be characterized other than as indebtedness for United States federal income tax purposes and (3) cause the Notes issued by such Issuer to be deemed to have been exchanged pursuant to Treasury Regulations Section 1.1001-3 (or a successor provision).

[*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*."]

#### 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."*

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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.

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#### 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.]

[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.

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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.

#### 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 [Kansas, Maryland, Missouri, Nebraska, Nevada and South Dakota]) 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.

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#### 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.

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.

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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 insolvency 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.

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#### 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.

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.

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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:

<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.

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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.

#### 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 [Kansas, Maryland, Missouri, Nebraska, Nevada and South Dakota] where liens are not placed on the titles for administrative reasons).

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#### 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."*

#### 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.

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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.

Furthermore, the Titling Trust maintains insurance, and MBFS USA is a named insured under the Titling Trust's applicable insurance policies. 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.

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#### 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.

#### 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. The rule became effective on August 31, 2015. 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.

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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.

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.

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#### 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 ___% 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. If the percentage of each class of Notes and the residual interest retained by the Depositor on the Closing Date is materially different than ___%, MBFS USA will include the retained percentage in the first investor report.

By retaining the "eligible vertical interest," the Depositor will be a Noteholder of ___% of each class of Notes and will be entitled to receive ___% of all payments of interest and principal made on each class of Notes and, if any class of Notes incurs losses, will bear ___% 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 [●]% 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.

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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 | $[●] | [●]% |
|  Class A-2 Notes | $[●] | [●]% |
|  Class A-3 Notes | $[●] | [●]% |
|  Class A-4 Notes | $[●] | [●]% |
|  Certificates | $[●] | [●]% |
| &nbsp;&nbsp;&nbsp; Total | $[●] | 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;

<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 [offered] 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). The interest rates in the table below reflect the final pricing of the Notes:

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| | |
|:---|:---|
| Class | Interest Rate |
| Class A-1 | [●]% |
| Class A-2 | [●]% |
| Class A-3 | [●]% |
| Class A-4 | [●]% |

---

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:

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• cash flows on the Certificates are discounted at [●%];

<br> • interest accrues on the Notes at the rates described above;

<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[__]];

• the fair value calculation assumes the principal amounts of the Notes are the same as set forth on the cover page of this prospectus;

<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 0.50% of the Cutoff Date Aggregate Securitization Value, occur each month at the following rates:

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 [●]%

 [●]%

 [●]%

 [●]%

 [●]%

 [●]%

 [●]%

 [●]%

 [●]%

 [●]%

 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

• *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.

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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 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 Noteholders 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:

<br> • Assuming compliance with all of the provisions of the applicable Transaction Documents, for United States federal income tax purposes:

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<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 offered 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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*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.

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.

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*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 of 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.

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.

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*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 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 a "disqualified person" under the Internal Revenue Code with respect to the Plan. Certain governmental plans, although not subject to Section 406 of ERISA or Section 4975 of the Internal Revenue Code, may be subject to a Similar Law that imposes similar requirements. A violation of these "prohibited transaction" rules may generate excise tax and other liabilities under ERISA and the Internal Revenue Code for these parties in interests or disqualified persons or for the fiduciaries of such Plans.

Certain transactions involving the Issuer might be deemed to constitute prohibited transactions under ERISA and the Internal Revenue Code with respect to a Plan that acquired 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 plan assets of a Plan for the purposes of ERISA and the Internal Revenue Code only if the Plan acquired an "equity interest" in the Issuer and none of the exceptions to plan assets 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 [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 interest therein by a Plan or a governmental plan that is subject to Similar Law is prohibited.

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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 or on behalf 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 purchase 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 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. Plan fiduciaries must determine whether the acquisition and holding of [offered] Notes and the operations of the Issuer would result in prohibited transactions.

A fiduciary of a Plan must determine that the purchase of a[n] [offered] Note is consistent with its fiduciary duties under ERISA, will be based on the particular investment needs of the Plan and does not result in a nonexempt prohibited transaction as defined in Section 406 of ERISA or Section 4975 of the Internal Revenue Code. Moreover, any person considering an investment in the [offered] Notes on behalf of or with 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:

<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, and certain church plans, as defined in Section 3(33) of ERISA, are not subject to ERISA requirements but may be subject to Similar Laws. A governmental or church plan which 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 a governmental or church plan considering a purchase of [offered] Notes should consult its legal advisors to confirm that the acquisition and holding of the security will not result in a violation of any applicable Similar Law.

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A fiduciary of a Plan considering the purchase of [offered] Notes should consult its tax and/or legal advisors regarding 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.

#### 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. Under Section 401(c), 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 effect of the general account regulations on the purchase. The general account regulations should not, however, adversely affect the applicability of PTCE 95-60.

By acquiring a[n] [offered] Note (or 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 acquiring the [offered] Note (or interest therein) with the assets of a Plan or other employee benefit plan or arrangement that is subject to Similar Law; or (ii) the acquisition and holding of the [offered] Note (or 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. [No Plan or other employee benefit plan or arrangement that is subject to Similar Law may acquire the Class [__] Notes.]

**None of the Issuer, the Servicer, the Administrator, any underwriter or any of their respective affiliates, agents or employees will act as a fiduciary to any Plan with respect to the Plan's decision to invest in the [offered] Notes. Prospective Plan investors should consult with their legal advisors concerning the impact 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 applicable exemption prior to making an investment in the [offered] Notes. Each Plan Fiduciary 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.**

#### 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.

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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** |
| [_____________] <br>| $[●] | $[●] | $[●] | $[●] | $[●] |
|  [_____________]<br>| [●] | [●] | [●] | [●] | [●] |
| [_____________] <br>| [●] | [●] | [●] | [●] | [●] |
| [_____________]<br>| [●] | [●] | [●] | [●] | [●] |
| [_____________] | [●] | [●] | [●] | [●] | [●] |
| &nbsp;&nbsp;&nbsp; Total<br>| $[●] | $[●] | $[●] | $[●] | $[●] |

---

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.

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 | [●]% | [●]% |
| Class A-2 Notes | [●]% | [●]% |
| Class A-3 Notes | [●]% | [●]% |
| Class A-4 Notes | [●]% | [●]% |
| Class B Notes | [●]% | [●]% |

---

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<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. The underwriters expect to make 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.

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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.

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 and UK Securitization Rules
[None of MBFS USA, the Depositor, the Issuer or any other party to the transaction described in this prospectus is required, or intends, to retain an 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 Securitization Rules or the UK Securitization Rules. In particular, no such person undertakes to take any action for purposes of, or in connection with, compliance by any Noteholder with any applicable requirement of the EU Securitization Rules or the UK Securitization Rules. In addition, the arrangements described under "Credit Risk Retention" have not been structured with the objective of ensuring compliance by any Noteholder or any other person with any applicable requirement of the EU Securitization Rules or the UK Securitization Rules.

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Consequently, the [offered] Notes may not be a suitable investment for any person required to comply with the EU Securitization Rules or the UK Securitization 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 Notes. Prospective investors and Noteholders are responsible for analyzing their own legal and regulatory position, and are encouraged (where relevant) to consult their own legal, accounting and other advisors and/or any relevant regulator or other authority regarding the suitability of the [offered] Notes for investment, and, in particular, the scope and applicability of the EU Securitization Rules and the UK Securitization Rules, the information as to such matters included in this prospectus and their compliance with any applicable requirement under the EU Securitization Rules or the UK Securitization Rules.]

#### EEA/UK 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.* 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, in the case of the first Payment Date, from and including the Closing 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 the Automotive Lease Guide.

*"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 Automotive Lease Guide 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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*"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 amended and restated servicing agreement, dated as of March 1, 2009, 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 $___________aggregate principal amount of the Issuer's Class A-2[A] ____%Asset Backed Notes.

["*Class A-2B Notes*" means the $___________aggregate principal amount of the Issuer's Class A-2B [Benchmark] + ____%Asset Backed Notes.]

*"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 amended and restated collateral agency agreement, dated as of March 1, 2009, among the Titling Trust, the Administrative Agent, the Collateral Agent and the Lender, as amended from time to time.

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*"Collateral Agent"* means Collateral Title Co. (formerly known as Daimler 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.]

*"Cutoff Date"* means the close of business on [_____________], 20[__].

*"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 (formerly known as Daimler 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.

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*"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 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 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 that is also the Indenture Trustee.

*"Eligible Investments"* means:

<br> • direct obligations of, and obligations fully guaranteed as to timely payment by, the United States or its agencies;

<br> • demand deposits, time deposits, certificates of deposit or bankers' acceptances of certain depository institutions or trust companies having a rating in the highest rating category (excluding any "+" signs associated with such rating) from each Rating Agency;

<br> • commercial paper having, at the time of such investment, a rating in the highest rating category (excluding any "+" signs associated with such rating) from each Rating Agency;

• investments in money market funds having the highest rating from each Rating Agency (or, if [●] is a Rating Agency and if not rated by [●], 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

• repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States or its agencies, in either case entered into with a depository institution or trust company having a rating in the highest rating category (excluding any "+" signs associated with such rating) from each Rating Agency.

*"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.]

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["*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 the Insurance Distribution Directive, 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 Securitization Rules*" means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017, as amended, together with all relevant implementing regulations, and all regulatory and/or implementing technical standards applicable in relation thereto, and any relevant guidance and directions published in relation thereto by any relevant regulatory authority or by the European Commission.]

["*EUWA*" means the European Union (Withdrawal) Act 2018, as amended.]

["*EU Securitization Rules*" means Regulation (EU) 2017/2402 (together with certain related measures).]

*"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.

*"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.

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*"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.

*"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 (formerly known as Daimler 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.

*"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.

*"Insurance Distribution Directive"* means Directive (EU) 2016/97, as amended*.*

*["Interest Carryover Shortfall Amount"* means, with respect to any Payment Date and a class of 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.]

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*["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 new Mercedes-Benz passenger cars and sport utility vehicles [and smart automobiles] 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.

*"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.

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*"MBFS USA"* means Mercedes-Benz Financial Services USA LLC, a Delaware limited liability company, and its successors.

*"MB USA"* means Mercedes-Benz USA, LLC, a Delaware limited liability company, and its successors.

*["Member State"* means a country that is a member of the EEA.]

"*Merger Agreement*" means the Merger Agreement, dated as of January 31, 2023, among Daimler Trust, as target trust, Mercedes-Benz Vehicle Trust, as surviving trust, the Titling Trustee and the Initial Beneficiary.

"*Merger Effective Time*" means 11:00 p.m. eastern time on January 31, 2023, the effective time set forth in the Merger Agreement.

*["MiFID II"* means Directive 2014/65/EU, as amended.]

*"Monthly Interest Distributable Amount"* means, with respect to any Payment Date and any 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).

*"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.

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*"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.

*"PRIIPS Regulation"* means Regulation (EU) No 1286/2014, as amended.

*"Prohibited Transactions"* means the transactions restricted under the Prohibited Transaction provisions of ERISA and Section 4975 of the Internal Revenue Code.

*["Prospectus Directive"* means Directive 2003/71/EC (as amended or superseded).]

*"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."*

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*"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 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."*

*"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;

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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) [●]%.

*"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."*

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*"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 or local law that imposes requirements similar to Title I of ERISA or Section 4975 of the Internal Revenue Code.

"*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].

*"Titling Trust"* means Mercedes-Benz Vehicle Trust, a Delaware statutory trust (as successor by merger to Daimler Trust with respect to all outstanding agreements, instruments and obligations to which Daimler Trust was a party as of the Merger Effective Time, as set forth in the Merger Agreement), and its successors.

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

*"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, in each case 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.

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*"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.]

["*UK Securitization Rules*" means Regulation (EU) 2017/2402 as it forms part of the domestic law of the United Kingdom by virtue of the EUWA, and as amended (including by the Securitisation (Amendment) (EU Exit) Regulations 2019), together with all relevant technical standards applicable in relation thereto, and any relevant guidance relating thereto.]

*"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.

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#### APPENDIX A

#### <br>

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

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#### Distribution of the Leases by Original Term to Maturity

#### (As of the Cutoff Date)

---

| | | |
|:---|:---|:---|
| **Original 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>** |
|  xx – xx | % | % |
|  xx – xx |  |  |
|  xx – xx |  |  |
|  xx – xx |  |  |
| &nbsp;&nbsp;&nbsp; **Total:** | 100.00% | $100.00% |

---

------

<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>** |
| xx – xx | % | % |
| xx – xx |  |  |
| xx – xx |  |  |
| xx – xx |  |  |
| xx – xx |  |  |
| &nbsp;&nbsp;&nbsp; **Total:** | 100.00% | $100.00% |

---

------

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

------

[*Table of Contents*](#TableofContents)

#### Distribution of the Leased Vehicles by State Representing More than 5% of the Aggregate Securitization Value

#### (As of the Cutoff Date)

---

| | | | |
|:---|:---|:---|:---|
| State | **Number of** <br> **Leases** | **Percentage of**<br>**Total Number** <br> **of Leases** | **Percentage of Aggregate**<br> **Securitization Value as of** <br> **the Cutoff Date** |
|  |  | % | % |
| &nbsp;&nbsp;&nbsp; **Total:**<br>|  | % | $% |

---

#### 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)

#### 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.

![](image02.jpg)

------

<sup>(1)</sup> Prepayment assumption based on 100% prepayment speed.

------

[*Table of Contents*](#TableofContents)

#### MBALT 20[__]-[_]

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Date** | **Planned Pool <br> Amortization<br> based on 100%<br> Prepayment<br> Assumption ($)**<br>| **Pool <br> Factor <br>** <br>| **Actual<br> Amortization ($) <br>** <br>|
| 0 |  |  |  |  |
| 1 |  |  |  |  |
| 2 |  |  |  |  |
| 3 |  |  |  |  |
| 4 |  |  |  |  |
| 5 |  |  |  |  |
| 6 |  |  |  |  |
| 7 |  |  |  |  |
| 8 |  |  |  |  |
| 9 |  |  |  |  |
| 10 |  |  |  |  |

---

------

[*Table of Contents*](#TableofContents)

#### 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**<br>| **Proportion of**<br> **Prepayment**<br> **Assumption**<br> **Realized**<br>|
| 0 |  |  |  |
| 1 |  | % | % |
| 2 |  | % | % |
| 3 |  | % | % |
| 4 |  | % | % |
| 5 |  | % | % |
| 6 |  | % | % |
| 7 |  | % | % |
| 8 |  | % | % |
| 9 |  | % | % |
| 10 |  | % | % |

---

------

[*Table of Contents*](#TableofContents)

#### 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% |  |  |  |  |  |  |
| 2% |  |  |  |  |  |  |
| 3% |  |  |  |  |  |  |
| 4% |  |  |  |  |  |  |
| 5% |  |  |  |  |  |  |
| 6% |  |  |  |  |  |  |
| 7% |  |  |  |  |  |  |
| 8% |  |  |  |  |  |  |
| 9% |  |  |  |  |  |  |
| 10% |  |  |  |  |  |  |

---

------

[*Table of Contents*](#TableofContents)

(continued from prior page)

---

| | |
|:---|:---|
| [120+] Days Delinquent ($) | **Number of**<br> **Leases**<br>|
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |
|  | % |

---

------

[*Table of Contents*](#TableofContents)

#### 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% |  |  |  |  |  |
| 2% |  |  |  |  |  |
| 3% |  |  |  |  |  |
| 4% |  |  |  |  |  |
| 5% |  |  |  |  |  |
| 6% |  |  |  |  |  |
| 7% |  |  |  |  |  |
| 8% |  |  |  |  |  |
| 9% |  |  |  |  |  |
| 10% |  |  |  |  |  |

---

------

[*Table of Contents*](#TableofContents)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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% |  |  |  |  |  |
| 2% |  |  |  |  |  |
| 3% |  |  |  |  |  |
| 4% |  |  |  |  |  |
| 5% |  |  |  |  |  |
| 6% |  |  |  |  |  |
| 7% |  |  |  |  |  |
| 8% |  |  |  |  |  |
| 9% |  |  |  |  |  |
| 10% |  |  |  |  |  |

---

#### 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)

#### Appendix B

#### <br>

#### 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)

---

| | | | |
|:---|:---|:---|:---|
| 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)

#### 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

------

[*Table of Contents*](#TableofContents)

*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

------

[*Table of Contents*](#TableofContents)

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

#### Mercedes-Benz Trust Leasing LLC
*Depositor*

#### Mercedes-Benz Financial Services USA LLC
*Sponsor, Servicer and Administrator*

#### <br>
**$**[●]

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

#### $__________ _____% Class A-1 Asset Backed Notes

#### $__________ _____% Class A-2[A] Asset Backed Notes

#### [$__________ [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[__]

------

#### PART II. INFORMATION NOT REQUIRED IN PROSPECTUS

---

| | |
|:---|:---|
| **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.

---

| | |
|:---|:---|
|  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; Total | $1100000 |

---

------

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts are estimated on a per take down basis.

---

| | |
|:---|:---|
| **ITEM 13.** | **Indemnification of Directors and Officers.** |

---

---

| | |
|:---|:---|
| ***ITEM 13.1.*** | ***Mercedes-Benz Trust Leasing LLC*** |

---

Section 18-108 of the Delaware Limited Liability Company Act provides as follows:

&nbsp;&nbsp;&nbsp;&nbsp; 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.

---

| | |
|:---|:---|
| ***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.

------

&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 the 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.

---

| | |
|:---|:---|
| **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.

---

| | |
|:---|:---|
| **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) &nbsp;&nbsp;&nbsp;&nbsp; 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.

------

&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].

------

&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.

------

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 Post-Effective Amendment No. 1 to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Farmington Hills, State of Michigan on March 20, 2023.

---

| | |
|:---|:---|
| MERCEDES-BENZ TRUST LEASING LLC | MERCEDES-BENZ TRUST LEASING LLC |
| (Registrant) | (Registrant) |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Steven C. Poling |
|  | Name: Steven C. Poling |
|  | Title: Assistant Secretary |

---

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 1 to the 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:

---

| | | |
|:---|:---|:---|
| Signature  | Title  | Date  |
| /s/ Brian T. Stevens\* <br>| President and Manager <br> (principal executive officer, principal <br> financial and accounting officer)  | March 20, 2023  |
| Brian T. Stevens  | President and Manager <br> (principal executive officer, principal <br> financial and accounting officer)  | March 20, 2023  |
|  | President and Manager <br> (principal executive officer, principal <br> financial and accounting officer)  | March 20, 2023  |
| /s/ Bernard J. Angelo\* <br>| Manager  | March 20, 2023  |
| Bernard J. Angelo  | Manager  | March 20, 2023  |
| /s/ Kevin P. Burns\* <br>| Manager  | March 20, 2023  |
| Kevin P. Burns  | Manager  | March 20, 2023  |
| /s/ Christopher Trainor\* <br>| Manager  | March 20, 2023  |
| Christopher Trainor  | Manager  | March 20, 2023  |
| /s/ Michelle D. Spreitzer\* <br>| Manager  | March 20, 2023  |
| Michelle D. Spreitzer  | Manager  | March 20, 2023  |

---

---

| | |
|:---|:---|
| \*By:  | &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/ Steven C. Poling  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steven C. Poling |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attorney-in-fact |

---

------

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 Post-Effective Amendment No. 1 to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Farmington Hills, State of Michigan on March 20, 2023.

---

| | |
|:---|:---|
| MERCEDES-BENZ VEHICLE TRUST | MERCEDES-BENZ VEHICLE TRUST |
| (Registrant) | (Registrant) |
| By: | MERCEDES-BENZ TRUST HOLDINGS LLC, |
|  | as Initial Beneficiary |
| By: | /s/ Steven C. Poling |

---

<br> Name: <br> Steven C. Poling <br>Title: <br> Assistant Secretary

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 1 to the 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:

---

| | | |
|:---|:---|:---|
| Signature  | Title  | Date  |
| /s/ Brian T. Stevens\* <br>| President and Manager <br> (principal executive officer, principal <br> financial and accounting officer)  | March 20, 2023  |
| Brian T. Stevens  | President and Manager <br> (principal executive officer, principal <br> financial and accounting officer)  | March 20, 2023  |
|  | President and Manager <br> (principal executive officer, principal <br> financial and accounting officer)  | March 20, 2023  |
| /s/ Bernard J. Angelo\* <br>| Manager  | March 20, 2023  |
| Bernard J. Angelo  | Manager  | March 20, 2023  |
| /s/ Kevin P. Burns\* <br>| Manager  | March 20, 2023  |
| Kevin P. Burns  | Manager  | March 20, 2023  |
| /s/ Christopher Trainor\* <br>| Manager  | March 20, 2023  |
| Christopher Trainor  | Manager  | March 20, 2023  |
| /s/ Michelle D. Spreitzer\* <br>| Manager  | March 20, 2023  |
| Michelle D. Spreitzer  | Manager  | March 20, 2023  |

---

---

| | |
|:---|:---|
| \*By:  | &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/ Steven C. Poling  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steven C. Poling |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attorney-in-fact |

---

------

EXHIBIT INDEX

---

| | |
|:---|:---|
|  **<u>Exhibits</u>**  | **Description**  |
| [1.1](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex1-1.htm) | Form of Underwriting Agreement\*  |
| [2.1](brhc10049769_ex2-1.htm)  | Agreement of Merger among Daimler Trust, Mercedes-Benz Vehicle Trust, as the surviving trust, the Titling Trustee, and Mercedes-Benz Trust Holdings LLC\*\*  |
| [2.2](brhc10049769_ex2-2.htm)  | Assumption Agreement of Mercedes-Benz Vehicle Trust among Mercedes-Benz Vehicle Trust, Mercedes-Benz Trust Holdings LLC and Mercedes-Benz Financial Services USA LLC\*\*  |
| [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\*\*\*  |
| [3.5](brhc10049769_ex3-5.htm)  | Amended and Restated Trust Agreement of Mercedes-Benz Vehicle Trust\*\*  |
| [4.1](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex4-1.htm) | Form of Indenture between the Issuer and the Indenture Trustee (including forms of Notes)\*  |
| [4.2](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex4-2.htm) | Form of Trust Agreement for each Issuer\*  |
| [4.3](https://www.sec.gov/Archives/edgar/data/1537805/000090514812000534/efc12-180_ex43.htm) | Amended and Restated Collateral Agency Agreement among the Administrative Agent, the Collateral Agent, the Titling Trust, the Lender and the Servicer\*\*\*  |
| [4.4](brhc10049769_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](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex5-1.htm) | Opinion of Sidley Austin LLP with respect to legality\*  |
| [5.2](brhc10049769_ex5-2.htm) | Opinion Richards, Layton & Finger. P.A. with respect to legality\*\*  |
| [8.1](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex8-1.htm) | Opinion of Sidley Austin LLP with respect to federal income tax matters\*  |
| [10.1](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex10-1.htm) | Form of First-Tier Sale Agreement between the Seller and Depositor\*  |
| [10.2](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex10-2.htm) | Form of Second-Tier Sale Agreement between the Depositor and the Issuer\*  |
| [10.3](https://www.sec.gov/Archives/edgar/data/1537805/000090514812000534/efc12-180_ex103.htm) | Amended and Restated Servicing Agreement among the Servicer, the Lender, the Titling Trust and the Collateral Agent\*\*\*  |
| [10.4](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex10-4.htm) | Form of Servicing Supplement among the Servicer, the Lender, the Titling Trust and the Collateral Agent\*  |
| [23.1](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex5-1.htm) | Consent of Sidley Austin LLP (included as part of Exhibit 5.1)  |
| [23.2](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex8-1.htm) | Consent of Sidley Austin LLP (included as part of Exhibit 8.1)  |
| [23.3](brhc10049769_ex5-2.htm) | Consent of Richards, Layton & Finger. P.A. (included as part of Exhibit 5.2)  |
| [24.1](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_sf3.htm#SIGNATURES1) | Powers of Attorney with respect to signatories for Mercedes-Benz Trust Leasing LLC\*  |
| [24.2](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_sf3.htm#SIGNATURES2) | Powers of Attorney with respect to signatories for Mercedes-Benz Trust Holdings LLC, as initial beneficiary of the Titling Trust\*  |
| 25.1  | Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939\*\*\*\*  |
| [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/1537805/000090514812000534/efc12-180_ex991.htm) | 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](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex99-2.htm) | Form of Collateral Account Control Agreement between the Issuer and the Indenture Trustee\*  |
| [99.3](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex99-3.htm) | Form of Titling Trust Account Control Agreement between the Issuer and the Indenture Trustee\*  |
| [99.4](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex99-4.htm) | Form of Administration Agreement among the Issuer, the Administrator and the Indenture Trustee\*  |
| 102.1  | Asset data file\*\*\*\*\*  |
| 103.1  | Asset related documents\*\*\*\*\*  |
| [107.1](https://www.sec.gov/Archives/edgar/data/1537805/000114036122023446/brhc10038838_ex107-1.htm) | Filing Fee Table\*  |

---

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

------

\* Previously filed.

\*\* Filed herewith.

\*\*\* Incorporated by reference to the correspondingly numbered exhibit to the Registration Statement on Form S-3, nos. 333-178761 and 333-178761-01 filed by registrants (or their predecessor entities).

\*\*\*\* 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.

------

## Exhibit 2.1

------

**Exhibit 2.1**<br>

EXECUTION COPY

#### AGREEMENT OF MERGER
THIS AGREEMENT OF MERGER, dated as of January 31, 2023 (this "Agreement"), is by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MERCEDES-BENZ VEHICLE TRUST, a Delaware statutory trust (the "Surviving Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DAIMLER TRUST, a Delaware statutory trust (the "Target Trust" and collectively with the Surviving Trust, the "Trusts" and each a "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Trustee of each of the Trusts (in each such capacity, the "Trustee"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MERCEDES-BENZ TRUST HOLDINGS LLC, as initial beneficiary of each of the Trusts (in each such capacity, the "Initial Beneficiary") and as beneficial owner of the Target Trust interests specified in Section 1.02(c).

WITNESSETH:

WHEREAS, the Target Trust was formed on June 18, 2007 as a statutory trust under the Delaware Statutory Trust Act (Chapter 38 of Title 12 of the Delaware Code) (the "Act") and is governed by a Second Amended And Restated Trust Agreement, dated as of April 1, 2008 (as amended, supplemented or otherwise modified to date, the "Target Trust Agreement"), among the Initial Beneficiary, the Trustee and Mercedes-Benz Financial Services USA LLC ("MBFS USA"), as Titling Trust Administrator;

WHEREAS, the Target Trust Agreement provides for the creation from time to time of one or more "specified interests" to which certain assets of the Target Trust are allocated, and in accordance therewith the Initial Beneficiary is the holder of specified interests known as the "Daimler Retail Specified Interest" and the "Daimler Commercial Specified Interest";

WHEREAS, the Surviving Trust was formed on March 15, 2022 as a statutory trust under the Act and is governed by a Trust Agreement dated as of March 15, 2022, between the Initial Beneficiary and the Trustee (together with the Target Trust Agreement, the "Existing Trust Agreements");

WHEREAS, upon effectiveness of this Agreement, an Amended and Restated Trust Agreement, dated as of January 31, 2023 (in the form attached hereto as Exhibit 1, the "Surviving Trust Agreement"), is being entered into among the Initial Beneficiary, the Trustee and MBFS USA, as Titling Trust Administrator;

WHEREAS, the Surviving Trust Agreement provides for the creation from time to time of one or more "specified interests" to which certain assets of the Surviving Trust are being and will be allocated, and in accordance therewith the Initial Beneficiary will be the holder of specified interests known as the "Mercedes-Benz Retail Specified Interest" and the "Mercedes-Benz Commercial Specified Interest";

------

WHEREAS, capitalized terms used but not otherwise defined herein have the meanings set forth in the Target Trust Agreement (or if so specified, in the Surviving Trust Agreement); <br>

NOW THEREFORE, the parties hereto hereby agree as follows:

#### ARTICLE I

#### THE MERGER
Section 1.01. <u>The Merger</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; Effective at 11:00 p.m. Eastern Time on January 31, 2023 (the "Effective Time"), the Target Trust shall be merged with and into the Surviving Trust, whereupon the separate existence of the Target Trust shall cease, and the Surviving Trust shall be the surviving entity of such merger (the "Merger").

&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 Trustee is hereby authorized and directed to execute and the Surviving Trust shall file the certificate of merger substantially in the form of Exhibit 2 hereto (the "Certificate of Merger") with the Secretary of State of the State of Delaware and make all other filings or recordings required by Delaware law in connection with the Merger.

Section 1.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Approvals</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 Trustee, in its respective capacities as the sole trustee of each Trust, there being no other trustees, by execution of this Agreement, hereby approves this Agreement and the consummation of the Merger.

&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 Initial Beneficiary, in its capacity as a beneficial owner of each Trust, by execution of this Agreement, hereby approves this Agreement and the consummation of the Merger.

&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 Initial Beneficiary, in its capacity as Holder and owner of the Daimler Retail Specified Interest and the Daimler Commercial Specified Interest, each issued under the Target Trust Agreement (and in such capacity a beneficial owner of the Target Trust), by execution of this Agreement, hereby approves this Agreement and the consummation of the Merger.

Section 1.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Compliance with Trust Agreement</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 Initial Beneficiary and each Trust hereby agrees, confirms, represents and warrants that the Merger complies with Section 2.11(a)(v) of the Target Trust Agreement, including that:

(i) the Surviving Trust (A) is a statutory trust organized and existing under the laws of the State of Delaware, (B) expressly assumes all of the Target Trust's obligations under the Target Trust Agreement, all Titling Trust Notes and all Titling Trust Note Indentures and (C) is governed under the Surviving Trust Agreement which contains provisions substantially identical to Section 2.3 and Section 2.11 of the Target Trust Agreement;

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<br> (ii) the Rating Agencies and the trustees with respect to all outstanding Securities of the Target Trust have received at least 5 days' prior notice of the Merger;

<br> (iii) the Merger does not conflict with the Certificate of Trust of Target Trust and

(iv) immediately after giving effect to the Merger, no default or event of default by or relating to the Target Trust will have occurred and be continuing under any material agreement to which the Titling Trust is a party, including any Titling Trust Note Indenture, or any agreement or other document pursuant to which any Titling Trust Note or Security has been issued.

&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 Initial Beneficiary further represents and warrants that each Titling Trust Note, Titling Trust Indenture and other Security of the Target Trust that is outstanding as of the Effective Date is set forth in Schedule 1 to this Agreement.

#### ARTICLE II

#### THE SURVIVING TRUST
Section 2.01.&nbsp;&nbsp;&nbsp;&nbsp; <u>Certificate of Trust; Governing Instrument and Amendment</u>. The certificate of trust of the Surviving Trust and the Surviving Trust Agreement shall be the certificate of trust and governing instrument of the Surviving Trust. The name of the Surviving Trust shall be "Mercedes-Benz Vehicle Trust". An executed copy of this Agreement will be maintained on file at the principal place of business of the Surviving Trust. The address of such principal place of business on the date hereof shall be: 14372 Heritage Parkway, Fort Worth, Texas 76177. A copy of this Agreement will be furnished by the Surviving Trust, on request and without cost, to any beneficial owner of the Surviving Trust or the Target Trust.

Section 2.02.&nbsp;&nbsp;&nbsp;&nbsp; <u>Certificates</u>. The Initial Beneficiary has delivered to the Trustee all Certificates issued by the Target Trust and outstanding as of the Effective Time (the "Existing Certificates"). At the Effective Time, the Daimler Retail Specified Interest and Daimler Commercial Specified Interest are terminated and such Existing Certificates are deemed cancelled. The Trustee is authorized and directed to mark such Existing Certificates as cancelled. Pursuant to the Surviving Trust Agreement, the Surviving Trust shall issue to the Initial Beneficiary beneficial ownership interests and Certificates (as defined in the Surviving Trust Agreement) representing (i) the "Mercedes-Benz Retail Specified Interest" to which are allocated all assets allocated at the Effective Time to the Daimler Retail Specified Interest and (ii) the "Mercedes-Benz Commercial Specified Interest" to which are allocated all assets allocated at the Effective Time to the Daimler Retail Specified Interest. <br>

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**ARTICLE III**

#### TRANSFER AND CONVEYANCE OF ASSETS AND ASSUMPTION OF LIABILITIES
Section 3.01.&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfer, Conveyance and Assumption</u>. At the Effective Time, the Surviving Trust shall continue in existence, and without further transfer, succeed to and possess all of the rights, privileges, immunities, powers and franchises of the Target Trust and all of the assets and property of whatever kind and character of the Target Trust, each and all of which shall fully vest in the Surviving Trust without further act or deed. At the Effective Time and at all times thereafter, without further act or deed, (i) the Surviving Trust shall be liable for all of the debts, liabilities, obligations and duties of the Target Trust each and all of which shall become debts, liabilities, obligations and duties of the Surviving Trust, (ii) the Surviving Trust expressly assumes all of the Target Trust's obligations under the Target Trust Agreement, all Titling Trust Notes, all Titling Trust Note Indentures and (iii) any claim, judgment, order, lien, proceeding, ruling or other action or determination against the Target Trust may be enforced against the Surviving Trust.

Section 3.02.&nbsp;&nbsp;&nbsp;&nbsp; <u>Assumption Agreement; Assurances</u>. The Surviving Trust and the other parties hereto shall execute the Assumption Agreement of Mercedes-Benz Vehicle Trust, dated the date hereof, and any other agreements, instruments and other documents as may be reasonably requested by one or more of the other parties hereto to effectuate the foregoing.

#### ARTICLE IV

#### TERMINATION
Section 4.01.&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination</u>. This Agreement may be terminated and the Merger may be abandoned at any time prior to the Effective 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by mutual written consent of the Trusts;

&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; by written notice to the other parties hereto, by the Initial Beneficiary or the 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by either Trust, if there shall be any law or regulation that makes consummation of the Merger illegal or otherwise prohibited, or if any judgment, injunction, order or decree enjoining the Merger is entered and such judgment, injunction, order or decree shall become final and non-appealable.

Section 4.02.&nbsp;&nbsp;&nbsp;&nbsp; <u>Effect of Termination</u>. If this Agreement is terminated pursuant to Section 4.01, this Agreement shall become void and of no effect as to the Trusts with no liability on the part of any party hereto.

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#### ARTICLE V

#### MISCELLANEOUS
Section 5.01.&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendments; No Waivers</u>. Any provision of this Agreement may, subject to applicable law, be amended or waived prior to the Effective Time if, and only if, such amendment or waiver is in writing and signed by the parties hereto. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

Section 5.02.&nbsp;&nbsp;&nbsp;&nbsp; <u>Integration</u>. This Agreement represents the entire agreement among the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings between the parties, whether written or oral.

Section 5.03.&nbsp;&nbsp;&nbsp;&nbsp; <u>No Third-Party Beneficiaries</u>. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

Section 5.04.&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

Section 5.05.&nbsp;&nbsp;&nbsp;&nbsp; <u>Successors and Assigns</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other parties hereto.

Section 5.06.&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than those of the State of Delaware.

Section 5.07.&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts; Effectiveness</u>. This Agreement may be executed in two or more counterparts, each of which shall be an original, but all such counterparts shall together constitute one and the same agreement. The words "executed," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including "pdf", "tif" or "jpg") and other electronic signatures (including execution via DocuSign and AdobeSign). The use of electronic signatures and electronic records (including any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law. This Agreement shall become effective when each party hereto shall have received the counterpart hereof signed by the other parties hereto.

------

Section 5.08.&nbsp;&nbsp;&nbsp;&nbsp; <u>Trustee Authorization</u>. The Trustee is hereby instructed to execute this Agreement as Trustee and on behalf of each of the Trust and the Certificate of Merger. The Initial Beneficiary hereby waives any notice period that may be required in the Existing Trust Agreements and certifies to the Trustee that the actions contemplated in this Agreement comply with the terms of the Existing Trust Agreements and that all conditions precedent to such action have been satisfied.

[Signature pages follow]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

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| | |
|:---|:---|
| MERCEDES-BENZ VEHICLE TRUST, as the <br> Surviving Trust | MERCEDES-BENZ VEHICLE TRUST, as the <br> Surviving Trust |
| By: BNY MELLON TRUST OF DELAWARE, not <br> in its individual capacity but solely as Trustee of the <br> Surviving Trust | By: BNY MELLON TRUST OF DELAWARE, not <br> in its individual capacity but solely as Trustee of the <br> Surviving Trust |
| By: | /s/ Kevin J. Randle |
| Name: Kevin J. Randle | Name: Kevin J. Randle |
| Title: Vice President | Title: Vice President |
| BNY MELLON TRUST OF DELAWARE, not in <br> its individual capacity but solely as Trustee of the <br> Surviving Trust | BNY MELLON TRUST OF DELAWARE, not in <br> its individual capacity but solely as Trustee of the <br> Surviving Trust |
| By: | /s/ Kevin J. Randle |
| Name: Kevin J. Randle | Name: Kevin J. Randle |
| Title: Vice President | Title: Vice President |

---

[Signature Page to Agreement of Merger]

------

---

| | |
|:---|:---|
| DAIMLER TRUST, as Target Trust | DAIMLER TRUST, as Target Trust |
| By: BNY MELLON TRUST OF DELAWARE, not <br> in its individual capacity but solely as Trustee of the <br> Target Trust | By: BNY MELLON TRUST OF DELAWARE, not <br> in its individual capacity but solely as Trustee of the <br> Target Trust |
| By: | /s/ Kevin J. Randle |
| Name: Kevin J. Randle | Name: Kevin J. Randle |
| Title: Vice President | Title: Vice President |
| BNY MELLON TRUST OF DELAWARE, not in <br> its individual capacity but solely as Trustee of the <br> Target Trust | BNY MELLON TRUST OF DELAWARE, not in <br> its individual capacity but solely as Trustee of the <br> Target Trust |
| By: | /s/ Kevin J. Randle |
| Name: Kevin J. Randle | Name: Kevin J. Randle |
| Title: Vice President | Title: Vice President |

---

[Signature Page to Agreement of Merger]

------

---

| | |
|:---|:---|
| MERCEDES-BENZ TRUST HOLDINGS LLC, as <br> Initial Beneficiary of the Target Trust | MERCEDES-BENZ TRUST HOLDINGS LLC, as <br> Initial Beneficiary of the Target Trust |
| By: | /s/ Christopher Trainor |
| Name: Christopher Trainor | Name: Christopher Trainor |
| Title: Vice President  | Title: Vice President  |
| MERCEDES-BENZ TRUST HOLDINGS LLC, as <br> Initial Beneficiary of the Surviving Trust | MERCEDES-BENZ TRUST HOLDINGS LLC, as <br> Initial Beneficiary of the Surviving Trust |
| By: | /s/ Christopher Trainor |
| Name: Christopher Trainor | Name: Christopher Trainor |
| Title: Vice President  | Title: Vice President  |

---

[Signature Page to Agreement of Merger]

------

---

| | |
|:---|:---|
| MERCEDES-BENZ TRUST HOLDINGS LLC, as <br> Holder of the Daimler Retail Specified Interest, the <br> Daimler Commercial Specified Interest, the <br> Mercedes-Benz Retail Specified Interest and the <br> Mercedes-Benz Commercial Specified Interest | MERCEDES-BENZ TRUST HOLDINGS LLC, as <br> Holder of the Daimler Retail Specified Interest, the <br> Daimler Commercial Specified Interest, the <br> Mercedes-Benz Retail Specified Interest and the <br> Mercedes-Benz Commercial Specified Interest |
| By: | /s/ Christopher Trainor |
| Name: Christopher Trainor | Name: Christopher Trainor |
| Title: Vice President  | Title: Vice President  |

---

[Signature Page to Agreement of Merger]

------

#### EXHIBIT 1
[Surviving Trust Agreement]

[Provided Separately]<br>

------

<u>EXHIBIT 2</u>

#### CERTIFICATE OF MERGER
of

DAIMLER TRUST

into

MERCEDES-BENZ VEHICLE TRUST

The undersigned, with respect to Mercedes-Benz Vehicle Trust, a statutory trust formed and existing under and by virtue of the Delaware Statutory Trust Act, 12 Del. C. §3801, *et seq*. (the "Act"),

DOES HEREBY CERTIFY:

FIRST: The name and jurisdiction of formation or organization of each constituent entity which is to merge is:

Name: Daimler Trust (the "Target Trust")

Jurisdiction of formation: Delaware

Type of person: statutory trust

Name: Mercedes-Benz Vehicle Trust (the "Surviving Trust")

Jurisdiction of formation: Delaware

Type of person: statutory trust.

SECOND: An Agreement of Merger has been approved and executed by the Target Trust and the Surviving Trust.

THIRD: Mercedes-Benz Vehicle Trust is the surviving statutory trust.

FOURTH: The merger of the Target Trust into the Surviving Trust shall be effective January 31, 2023 at 11:00 p.m.

FIFTH: The executed Agreement of Merger is on file at the principal place of business of the Surviving Trust. The address of such principal place of business is:

14372 Heritage Parkway

Fort Worth, TX 76177

SIXTH: A copy of the Agreement of Merger will be furnished by the Surviving Trust, on request and without cost, to any beneficial owner of the Surviving Trust or the Target Trust.

------

IN WITNESS WHEREOF, the undersigned has caused this Certificate of Merger to be duly executed.

---

| |
|:---|
| BNY Mellon Trust of Delaware, not in <br> its individual capacity but solely as Trustee |
| By: |
| Name: |
| Title: |

---

------

#### SCHEDULE 1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Titling Trust Notes

Revolving Facility Balance under the Revolving Facility provided under the Collateral Agency Agreement

2017-1 Exchange Note issued pursuant to the 2017-1 Exchange Note Supplement

2020-B Exchange Note issued pursuant to the 2020-B Exchange Note Supplement

2021-A Exchange Note issued pursuant to the 2021-A Exchange Note Supplement

2021-B Exchange Note issued pursuant to the 2021-B Exchange Note Supplement

<br> 2. Titling Trust Indentures

Amended and Restated Collateral Agency Agreement, dated as of March 1, 2009 (as amended, restated, supplemented or otherwise modified from time to time to date, the "Collateral Agency Agreement"), among Daimler Trust, as Borrower, U.S. Bank Trust National Association, as Administrative Agent, Daimler Title Co. (to be known as of February 1, 2023 as Collateral Title Co.), as Collateral Agent, Mercedes-Benz Financial Services USA LLC, as Lender and Servicer

2017-1 Exchange Note Supplement, dated as of July 27, 2017

2020-B Exchange Note Supplement, dated as of September 1, 2020

2021-A Exchange Note Supplement, dated as of January 1, 2021

2021-B Exchange Note Supplement, dated as of June 1, 2021

each Exchange Note Supplement (as amended, restated, supplemented or otherwise modified from time to time to date) supplements the Collateral Agency Agreement and is among the parties to the Collateral Agency Agreement and U.S. Bank Trust National Association (as successor to U.S. Bank National Association), as Indenture Trustee

<br> 3. Securities

Daimler Retail Specified Interest

Daimler Commercial Specified Interest

Titling Trust Notes listed under 1 above.

SALFT - Floating Rate Variable Funding Asset Backed Notes

Mercedes-Benz Auto Lease Trust 2020-B, Class A-3, Class A-4

Mercedes-Benz Auto Lease Trust 2021-A, Class A-3, Class A-4

Mercedes-Benz Auto Lease Trust 2021-B, Class A-2, Class A-3, Class A-4

------

## Exhibit 2.2

------

**Exhibit 2.2**<br>

EXECUTION COPY

ASSUMPTION AGREEMENT OF MERCEDES-BENZ VEHICLE TRUST

This Assumption Agreement of Mercedes-Benz Vehicle Trust (this "Assumption Agreement"), dated as of January 31, 2023, is entered into by and among MERCEDES-BENZ VEHICLE TRUST, a Delaware statutory trust ("MBVT"), MERCEDES-BENZ TRUST HOLDINGS LLC (formerly known as, "Daimler Trust Holdings LLC"), a Delaware limited lability company ("Holdings") and MERCEDES-BENZ FINANCIAL SERVICES USA LLC, a Delaware limited liability company ("MBFS USA"), and is accepted by each of the other parties set forth on the signature pages hereto.

WHEREAS, MBVT is the successor by merger (the "Merger") to Daimler Trust, a Delaware statutory trust ("DT") pursuant to the Agreement of Merger, dated as of January 31, 2023 (the "Merger Agreement"), among the MBVT, DT, BNY Mellon Trust of Delaware ("BNYM") as trustee for each of MBVT and DT (in such capacities, the "MBVT Trustee" and "DT Trustee", respectively, and collectively, the "Titling Trustee") and Holdings, as initial beneficiary of each of MBVT and DT (in such capacities, the "MBVT Initial Beneficiary" and "DT Initial Beneficiary", respectively, and collectively, the "Initial Beneficiary") and as beneficial owner of the Target Trust interests specified in the Merger Agreement;

WHEREAS, under the Merger Agreement, effective at 11:00 p.m. Eastern Time on January 31, 2023 (the "Effective Time"), MBVT succeeds to and possess all of the rights, privileges, immunities, powers and franchises of DT and all of the assets and property of whatever kind and character of DT, each and all of which shall fully vest in MBVT, and in that connection MBVT wishes to execute this Assumption Agreement to expressly assume all obligations of DT under each outstanding agreement, instrument and undertaking of any kind that DT is party to or bound by as of the Effective Time, including the Amended and Restated Collateral Agency Agreement, dated as of March 1, 2009 (the "Basic Collateral Agency Agreement" and as amended and supplemented to date, including by each Exchange Note Supplement thereto, the "Collateral Agency Agreement"), among DT, as borrower (in such capacity, but subject to the terms of this Assumption Agreement, the "Borrower"), 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"), and DAIMLER TITLE CO. (which commencing on February 1, 2023 will be known as "Collateral Title Co."), a Delaware corporation, as collateral agent (the "Collateral Agent");

WHEREAS, (i) DT was formed on June 18, 2007 and was governed by the Second Amended and Restated Trust Agreement, dated as of April 1, 2008 (as amended, supplemented or otherwise modified to date, the "DT Trust Agreement"), among the DT Initial Beneficiary, the DT Trustee and MBFS USA, as titling trust administrator (in such capacity, the "DT Titling Trust Administrator") and (ii) MBVT was formed on March 15, 2022 and is governed by an Amended and Restated Trust Agreement, dated as of January 31, 2023 (as amended, supplemented or otherwise modified to date, the "MBVT Trust Agreement"), among the MBVT Initial Beneficiary, the MBVT Trustee and MBFS USA, as titling trust administrator (in such capacity, the "MBVT Titling Trust Administrator" and, collectively with its capacity as DT Titling Trust Administrator, the "Titling Trust Administrator");

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NOW THEREFORE, in consideration of the mutual promises and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby agreed as follows:

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Defined Terms and Rules of Construction</u>. Capitalized terms used and not defined herein shall have the meanings set forth in the Collateral Agency Agreement unless otherwise specified herein. The Collateral Agency Agreement also contains rules of construction and usage which shall be applicable herein. In addition, as used herein "Titling Trust Obligations" means each agreement, instrument or undertaking of any kind that DT was party to as of the Effective Time (before giving effect to the Merger), including all outstanding Exchange Notes and Exchange Note Supplements, and also including the agreements listed on Exhibit 1 hereto as "Additional Titling Trust Agreements".

Section 2.&nbsp;&nbsp;&nbsp;&nbsp; <u>MBVT Assumption</u>. Effective as of the Effective Time, MBVT hereby acquires, accepts and assumes, all of the rights, benefits, obligations, duties, responsibilities and liabilities of DT under the Collateral Agency Agreement, all Titling Trust Notes (as defined in the DT Trust Agreement and as further listed on Exhibit 1 hereto), all Titling Trust Note Indentures (as defined in the DT Trust Agreement and as further listed on Exhibit 1 hereto) and all other Titling Trust Obligations and any and all obligations under the DT Trust Agreement, including (i) the due and punctual payment of the principal of and interest on each outstanding Exchange Note, including the payment of principal of, and interest on, the Exchange Note Balance of each Exchange Note, (ii) the due and punctual payment of the principal of and interest on the Revolving Facility including the payment of principal of, and interest on, the Revolving Facility Balance, (iii) the performance and observance of each and every agreement and covenant of the Collateral Agency Agreement (including each Exchange Note Supplement) to be performed or observed by DT (as Borrower and, if applicable in any other capacity), all as provided in the Collateral Agency Agreement and (iv) the performance and observance of each and every agreement and covenant of each other Titling Trust Obligation to be performed or observed by DT (in any capacity), all as provided under each such Titling Trust Obligation. In furtherance of and not in any way limiting the foregoing, MBVT agrees to be bound under and by the terms of each Titling Trust Obligation as a direct party thereto, in the same manner and to the same effect as DT has been bound thereunder prior and up to the Effective Time.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Listing of Titling Trust Obligations</u>. Each of the Initial Beneficiary, the Servicer and the Titling Trust Administrator jointly and severally represents and warrants that Exhibit 1 hereto lists all outstanding Titling Trust Notes, Titling Trust Indentures, Exchange Notes, and Exchange Note Supplements as of the Effective Time and, under "Additional Titling Trust Agreements," lists all other agreements to which DT is party as of the Effective Time that relate to the outstanding Titling Trust Notes, Titling Trust Indentures, Exchange Notes, and Exchange Note Supplements and the transactions contemplated thereby.

Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Acceptance by Parties</u>. To the extent required under the applicable Titling Trust Obligations, each signatory hereto hereby acknowledges and accepts this Assumption Agreement with respect to the Titling Trust Obligations to which it is a party. The execution and delivery of this Assumption Agreement by MBVT will function as the execution and delivery to the other parties thereto (or in the case of the Titling Trust Notes, to the holder and each pledgee thereof) of a counterpart signature page thereto.

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MBFS USA acknowledges and agrees that, upon giving effect to the Merger, it will act as Servicer under the Servicing Agreement with respect to the Mercedes-Benz Retail Specified Interest, as defined in and designated under the MBVT Trust Agreement, and that all references in the Collateral Agency Agreement, the Servicing Agreement and the other Additional Titling Trust Agreements to the Daimler Retail Specified Interest shall, commencing at the Effective Time, refer to the Mercedes-Benz Retail Specified Interest.

Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties of MBVT</u>. MBVT hereby makes each of the representations and warranties set forth in Sections 5.12 and 5.13 of the Basic Collateral Agency Agreement and Sections 2.03 and 2.07 of each Exchange Note Supplement on which the other parties to each such agreement are each deemed to have relied to the same extent and with the same effect and survival as the representations and warranties made under each such Section by DT as Borrower, except that such representations and warranties by MBVT are made and speak as of the Effective Time except to the extent otherwise expressly stated therein.

Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Additional Representations and Warranties</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBFS USA, as Titling Trust Administrator and Servicer, hereby represents and warrants that, in accordance with Section 5.07 of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; MBVT (A) is organized and existing under the laws of Delaware and (B) has assumed, by this Assumption Agreement, (1) the due and punctual payment of principal of, and interest on, the Revolving Facility Balance and the Exchange Note Balance and (2) compliance by the Borrower with the provisions of the Collateral Agency Agreement and the performance or observance of every agreement and covenant of the Collateral Agency Agreement to be performed or observed by the Borrower, all as provided in 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; immediately after giving effect to the Merger Agreement and this Assumption Agreement, no Potential Facility Default, Facility Default, Potential Exchange Note Default or Exchange Note Default will 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower has received an Opinion of Counsel (and has delivered copies of such Opinion of Counsel to the Administrative Agent) substantially to the effect that the Merger Agreement will not cause (A) any Exchange Note to be deemed sold or exchanged for purposes of Section 1001 of the Code and (B) the Borrower to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; any action that is necessary to maintain the security interest granted under the Collateral Agency Agreement has been taken upon the filing in the office of the Secretary of State of the State of Delaware of the UCC Financing Statement attached hereto as Exhibit 2;

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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;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Merger complies with Section 5.07 of the Collateral Agency Agreement and all conditions precedent provided for in the Collateral Agency Agreement relating to the Merger have been complied with (including, upon the filing of a report on Form 8-K in the form set forth as Exhibit 3 (which the Servicer will cause to be timely filed), any filing required by the Securities Exchange Act of 1934) and the Borrower has delivered to the Administrative Agent an Officer's Certificate of MBFS USA and an Opinion of Counsel, each to that 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBFS USA, as Titling Trust Administrator, hereby further represents and warrants that, in accordance with Section 2.11(a)(v) of the DT 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; pursuant to this Assumption Agreement, MBVT has assumed all of DT's obligations under the DT Trust Agreement, and all Titling Trust Notes and all Titling Trust Note Indentures (as defined in the DT 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 MBVT Trust Agreement contains provisions substantially identical to Section 2.3 and Section 2.11 of the DT 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 rating agencies and the trustees with respect to the outstanding Securities (as complete listing of which is set forth on Exhibit 1) have received at least 5 days' prior notice of the Merger,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Merger does not conflict with the Certificate of Trust of DT Trust; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; immediately after giving effect to the Merger no default or event of default by or relating to the Titling Trust will have occurred and be continuing under any material agreement to which the Titling Trust is a party, including any Titling Trust Note Indenture, or any agreement or other document pursuant to which any Titling Trust Note or Security has been issued

Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Effectiveness</u>. This Assumption Agreement shall become effective at the Effective Time simultaneously with the Merger.

Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>. THIS ASSUMPTION 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 SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

Section 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendment</u>. This Assumption Agreement may be amended by an instrument in writing signed by all parties hereto and in accordance with the terms and conditions of the applicable Basic Document.

Section 10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. This Assumption Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall 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 11.&nbsp;&nbsp;&nbsp;&nbsp; <u>Limitation on Liability</u>. It is expressly understood and agreed by the parties that (a) this Assumption Agreement is executed and delivered by BNYM, not individually or personally, but solely as trustee, in the exercise of the powers and authority conferred and vested in it, pursuant to the Titling Trust Agreement, (b) 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, (c) 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, (d) BNYM has made no investigation as to the accuracy or completeness of any representations or warranties made by the Titling Trust in this Assumption Agreement and (e) 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 Issuer under this Assumption Agreement or any other related documents.

[remainder of this page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto have executed this Assumption Agreement as of the date first above written.

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| | |
|:---|:---|
| MERCEDES-BENZ VEHICLE TRUST | MERCEDES-BENZ VEHICLE TRUST |
| By: BNY MELLON TRUST OF<br> DELAWARE, not in its individual capacity <br> but solely as Trustee | By: BNY MELLON TRUST OF<br> DELAWARE, not in its individual capacity <br> but solely as Trustee |
| By: | /s/ Kevin J. Randle |
|  | Name: Kevin J. Randle |
|  | Title: Vice President |

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Signature Pages to MBVT Assumption

------

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| | |
|:---|:---|
| MERCEDES-BENZ TRUST HOLDINGS LLC, as<br> Initial Beneficiary of Mercedes-Benz Vehicle Trust | MERCEDES-BENZ TRUST HOLDINGS LLC, as<br> Initial Beneficiary of Mercedes-Benz Vehicle Trust |
|  By: | /s/ Christopher Trainor |
|  Name: Christopher Trainor | Name: Christopher Trainor |
|  Title: Vice President  | Title: Vice President  |

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Signature Pages to MBVT Assumption

------

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| | |
|:---|:---|
| MERCEDES-BENZ FINANCIAL <br> SERVICES USA LLC | MERCEDES-BENZ FINANCIAL <br> SERVICES USA LLC |
| By: | /s/ Christopher Trainor |
|  | Name: Christopher Trainor |
|  | Title: Vice President  |
| By: | /s/ Steven C. Poling |
|  | Name: Steven C. Poling<br>|
|  | Title: Assistant Secretary<br>|

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Signature Pages to MBVT Assumption

------

---

| | |
|:---|:---|
| Acknowledged and Accepted: | Acknowledged and Accepted: |
| U.S. BANK TRUST NATIONAL <br> ASSOCIATION, not in its individual <br> capacity, but solely as Administrative Agent | U.S. BANK TRUST NATIONAL <br> ASSOCIATION, not in its individual <br> capacity, but solely as Administrative Agent |
| By: | /s/ Juan S. Hernandez |
|  | Name: Juan S. Hernandez |
|  | Title: Vice President<br>|
| DAIMLER TITLE CO., as Collateral Agent | DAIMLER TITLE CO., as Collateral Agent |
| By: | /s/ Juan S. Hernandez |
| Name: Juan S. Hernandez | Name: Juan S. Hernandez |
| Title: Vice President | Title: Vice President |

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Signature Pages to MBVT Assumption

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EXHIBIT 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. TITLING TRUST OBLIGATIONS as of the Effective Time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Titling Trust Notes

See Section 1. of Schedule 1 to the Merger Agreement which lists all Titling Trust Notes as of the Effective Time and is incorporated herein by reference

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Titling Trust Indentures

See Section 2. of Schedule 1 to the Merger Agreement which lists all Titling Trust Indentures as of the Effective Time and is incorporated herein by reference

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exchange Notes

See each Exchange Note listed in Section 1. of Schedule 1 to the Merger Agreement which is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Exchange Note Supplements

See each the Exchange Note Supplement listed in Section 2. of Schedule 1 to the Merger Agreement which is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Securities

See Section 3. of Schedule 1 to the Merger Agreement which lists all Securities as of the Effective Time and is incorporated herein by reference

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Additional Titling Trust Agreements

Amended and Restated Servicing Agreement, dated as of March 1, 2009

2017-1 Servicing Supplement, dated as of July 27, 2017

2020-B Servicing Supplement, dated as of September 1, 2020

2021-A Servicing Supplement, dated as of January 1, 2021

2021-B Servicing Supplement, dated as of June 1, 2021

each such agreement (as amended, restated, supplemented or otherwise modified from time to time to date), is among the following parties: Daimler Trust (succeeded by MBVT as of the Effective Time), Mercedes-Benz Financial Services USA LLC, as Servicer and Lender, and Daimler Title Co. (which commencing on February 1, 2023 will be known as "Collateral Title Co."), as Collateral Agent

Titling Trust Control Agreement, dated as of July 27, 2017

2020-B Titling Trust Control Agreement, dated as of September 1, 2020

2021-A Titling Trust Control Agreement, dated as of January 1, 2021

2021-B Titling Trust Control Agreement, dated as of June 1, 2021

each such agreement (as amended, restated, supplemented or otherwise modified from time to time to date), is among Daimler Trust (succeeded by MBVT as of the Effective Time), as Initial Secured Party and the Assignee-Secured Party and Securities Intermediary set forth therein

Intercreditor Agreement, dated as of August 1, 2007, among Daimler Trust (succeeded by MBVT as of the Effective Time), MBFS USA, as Titling Trust Administrator and as an interest holder, the Initial Beneficiary, and the other Persons from time to time becoming party to such agreement in the manner specified therein

E-1-1

------

Exhibit 2

UCC Financing Statement

[As filed with the Delaware Secretary of State]<br>

E-2-1

------

Exhibit 3

Form 8-K

[As filed with the Securities and Exchange Commission]<br>

E-3-1

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## Exhibit 3.5

------

EXECUTION COPY

**** 

<br> **Exhibit 3.5**<br>

**** 

<br> AMENDED AND RESTATED

TRUST AGREEMENT

of

MERCEDES-BENZ VEHICLE TRUST

a Delaware statutory trust

dated as of January 31, 2023

among

MERCEDES-BENZ FINANCIAL SERVICES USA LLC

as Titling Trust Administrator,

MERCEDES-BENZ TRUST HOLDINGS LLC,

as Initial Beneficiary

and

BNY MELLON TRUST OF DELAWARE,

as Trustee

------

<u>**TABLE OF CONTENTS**</u>

 <br> <u> </u><u> </u>

---

| | | |
|:---|:---|:---|
|  |  | <u>Page</u> |
|  | ARTICLE ONE |  |
|  | USAGE AND DEFINITIONS |  |
| Section 1.1. | Definitions | 1 |
| Section 1.2. | Usage | 10 |
|  | ARTICLE TWO |  |
|  | ORGANIZATION OF THE TRUST |  |
| Section 2.1. | Name | 12 |
| Section 2.2. | Office | 12 |
| Section 2.3. | Purposes and Powers | 12 |
| Section 2.4. | Banking Activities | 13 |
| Section 2.5. | Appointment of the Trustee | 14 |
| Section 2.6. | Contribution and Conveyance of Titling Trust Assets | 14 |
| Section 2.7. | Declaration of Trust | 14 |
| Section 2.8. | Representations and Warranties of MBFS USA as Titling Trust Administrator | 14 |
| Section 2.9. | Tax Reporting and Characterization | 16 |
| Section 2.10. | Execution of Documents | 16 |
| Section 2.11. | Conduct of Operations | 16 |
| Section 2.12. | No State Law Partnership | 19 |
| Section 2.13. | Titling of Vehicles | 20 |
| Section 2.14. | Enforcement of Leases | 20 |
| Section 2.15. | Liability to Third Parties | 20 |
| Section 2.16. | No Personal Liability of any Holder | 20 |
| Section 2.17. | Limited Liability and Bankruptcy Remoteness | 21 |
| Section 2.18. | Term | 21 |
|  | ARTICLE THREE |  |
| MANAGEMENT OF THE TITLING TRUST; THE BOARD OF MANAGERS; OFFICERS | MANAGEMENT OF THE TITLING TRUST; THE BOARD OF MANAGERS; OFFICERS | MANAGEMENT OF THE TITLING TRUST; THE BOARD OF MANAGERS; OFFICERS |
| Section 3.1. | General Management of the Titling Trust | 22 |
| Section 3.2. | Restrictions on the Power of the Trustee | 22 |
| Section 3.3. | Duties and Obligations of the Trustee and the Titling Trust Administrator | 22 |

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i

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| | | |
|:---|:---|:---|
| Page | Page | Page |
| ARTICLE FOUR | ARTICLE FOUR | ARTICLE FOUR |
| SPECIFIED INTERESTS | SPECIFIED INTERESTS | SPECIFIED INTERESTS |
| Section 4.1. | Designation of the Specified Interests | 24 |
| Section 4.2. | Capital Contributions | 25 |
| Section 4.3. | Allocation of Specified Assets; Servicing Agreements | 26 |
| Section 4.4. | Titling Trust Accounts | 30 |
| Section 4.5. | Titling Trust Notes | 30 |
| ARTICLE FIVE | ARTICLE FIVE | ARTICLE FIVE |
| THE CERTIFICATES | THE CERTIFICATES | THE CERTIFICATES |
| Section 5.1. | Delivery and Form | 31 |
| Section 5.2. | Mutilated, Destroyed, Lost or Stolen Certificates | 32 |
| Section 5.3. | Persons Deemed Holders | 32 |
| Section 5.4. | Registration of Transfer and Exchange of Certificates | 32 |
| Section 5.5. | Maintenance of Office or Agency | 33 |
| Section 5.6. | Cooperation with Servicers | 33 |
| Section 5.7. | Registered Pledge | 34 |
| ARTICLE SIX | ARTICLE SIX | ARTICLE SIX |
| ACCOUNTING AND REPORTS TO HOLDERS | ACCOUNTING AND REPORTS TO HOLDERS | ACCOUNTING AND REPORTS TO HOLDERS |
| Section 6.1. | Accounting and Reports to Holders, the Internal Revenue Service and Others | 35 |
| ARTICLE SEVEN | ARTICLE SEVEN | ARTICLE SEVEN |
| THE TITLING TRUST ADMINISTRATOR AND THE TRUSTEE | THE TITLING TRUST ADMINISTRATOR AND THE TRUSTEE | THE TITLING TRUST ADMINISTRATOR AND THE TRUSTEE |
| Section 7.1. | Appointment of the Titling Trust Administrator; Duties of the Titling Trust Administrator and the Trustee | 36 |
| Section 7.2. | Authorization of the Titling Trust Administrator and the Trustee | 37 |
| Section 7.3. | Acceptance of Duties; Limitation of Liability | 37 |
| Section 7.4. | Action upon Instruction by Holders | 41 |
| Section 7.5. | Furnishing of Documents | 41 |
| Section 7.6. | Representations and Warranties of the Trustee | 41 |
| Section 7.7. | Reliance; Advice of Counsel | 42 |
| Section 7.8. | Compensation and Indemnity | 43 |
| Section 7.9. | Resignation or Removal of Titling Trust Administrator or the Trustee | 43 |
| Section 7.10. | Merger or Consolidation of Titling Trust Administrator or the Trustee | 45 |
| Section 7.11. | Eligibility Requirements for the Trustee | 45 |
| Section 7.12. | Appointment of Co-Trustee or Separate Trustee | 46 |

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ii

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---

| | | |
|:---|:---|:---|
|  |  | Page |
| Section 7.13. | Limitation on Liability of Trustee | 47 |
| Section 7.14. | Place of Business | 47 |
| Section 7.15. | Electronic Means | 47 |
| ARTICLE EIGHT | ARTICLE EIGHT | ARTICLE EIGHT |
| TERMINATION OF TRUST AGREEMENT | TERMINATION OF TRUST AGREEMENT | TERMINATION OF TRUST AGREEMENT |
| Section 8.1. | Termination of Trust Agreement | 48<br>|
| ARTICLE NINE | ARTICLE NINE | ARTICLE NINE |
| AMENDMENTS | AMENDMENTS | AMENDMENTS |
| Section 9.1. | Amendments | 49 |
| ARTICLE TEN | ARTICLE TEN | ARTICLE TEN |
| LIABILITIES; INDEMNIFICATION | LIABILITIES; INDEMNIFICATION | LIABILITIES; INDEMNIFICATION |
| Section 10.1. | Liabilities; Indemnification | 50 |
| Section 10.2. | Indemnification of the Trustee | 51 |
| ARTICLE ELEVEN | ARTICLE ELEVEN | ARTICLE ELEVEN |
| MISCELLANEOUS | MISCELLANEOUS | MISCELLANEOUS |
| Section 11.1. | No Legal Title to Titling Trust Assets; Direction of the Titling Trust Administrator | 52 |
| Section 11.2. | Limitations on Rights of Others | 52 |
| Section 11.3. | Notices | 52 |
| Section 11.4. | GOVERNING LAW | 53 |
| Section 11.5. | Severability; Conflict with Delaware Statutory Trust Act | 53 |
| Section 11.6. | Counterparts; Electronic Signatures | 54 |
| Section 11.7. | Headings | 54 |
| Section 11.8. | Successors and Assigns | 54 |
| Section 11.9. | No Recourse | 54 |
| Section 11.10. | No Petition | 54 |
| Section 11.11. | Confidential Information | 55 |
| Section 11.12. | Patriot Act | 55 |
| Section 11.13. | OFAC Certification and Covenants | 56<br>|
| Section 11.14. | Entire Agreement | 56<br>|

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iii

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Page |
| EXHIBITS |  |  |  |
| Exhibit A | – | Form of Titling Trust Specification Notice | A-1 |
| Exhibit B | – | Form of Certificate | B-1 |
| Exhibit C | – | Form of Notice of Registered Pledge | C-1 |
| Exhibit D | – | Form of Certificate of Trust | D-1 |

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iv

------

AMENDED AND RESTATED TRUST AGREEMENT, dated as of January 31, 2023 and effective as of 11:01 p.m. Eastern Time (the "<u>Agreement</u>"), of MERCEDES-BENZ VEHICLE TRUST, a Delaware statutory trust (the "<u>Titling Trust</u>"), among MERCEDES-BENZ FINANCIAL SERVICES USA LLC, a Delaware limited liability company ("<u>MBFS USA</u>"), as titling trust administrator (in such capacity, the "<u>Titling Trust Administrator</u>"), MERCEDES-BENZ TRUST HOLDINGS LLC, a Delaware limited liability company ("<u>Holdings</u>"), as initial beneficiary (in such capacity, the "<u>Initial Beneficiary</u>"), and BNY MELLON TRUST OF DELAWARE, a Delaware banking corporation ("BNYMTD"), as trustee (solely in such capacity, and not individually, the "<u>Trustee</u>").

RECITALS

WHEREAS, the parties hereto entered into a Trust Agreement, dated as of March 15, 2022 (the "<u>Original Trust Agreement</u>"), and filed the Certificate of Trust with the Secretary of State of the State of Delaware pursuant to which the Mercedes-Benz Vehicle Trust was formed;

WHEREAS, in accordance with the Agreement of Merger, dated as of January 31, 2023 (the "<u>Merger Agreement</u>"), between the Titling Trust and Daimler Trust, a Delaware statutory trust ("<u>Daimler Trust</u>"), Daimler Trust has merged with and into the Titling Trust with the Titling Trust as the surviving entity; 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

USAGE AND DEFINITIONS

Section 1.1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitions</u>. Capitalized terms used in this Agreement are defined below.

"<u>Addition Date</u>" means, with respect to any Specified Asset, the date as of which such Specified Asset is acquired by the Titling Trust for allocation to a previously designated Revolving Specified Interest pursuant to <u>Section 4.3(d)</u>.

"<u>Addition Notice</u>" means a notice provided to the Titling Trust Administrator pursuant to <u>Section 4.3(d)</u>.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. For the purposes of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

------

"<u>Amended and Restated Intercreditor Agreement</u>" means the Amended and Restated Intercreditor Agreement, among (i) MBFS USA, as Titling Trust Administrator and as an interest holder, (ii) the Titling Trust (as successor to Daimler Trust), (iii) the Initial Beneficiary, as initial multiple-use SPV and as an interest holder and (iv) the other Persons from time to time becoming party to such agreement in the manner specified therein, to be executed after the date hereof, as the same has been and may be amended, modified or supplemented from time to time.

"<u>Applicable Law</u>" means all applicable laws, ordinances, judgments, decrees, injunctions, writs and orders of any Governmental Authority and rules, regulations, orders, interpretations, licenses and permits of any Governmental Authority.

"<u>Assignment Date</u>" means, with respect to any Specified Asset allocated to any Specified Interest, the date as of which such Specified Asset is assigned or otherwise transferred from the Titling Trust pursuant to <u>Section 4.3(e)</u>.

"<u>Assignment Notice</u>" means a notice provided to the Titling Trust Administrator pursuant to <u>Section 4.3(e)</u>.

"<u>Authorized Officer</u>":

(i) with respect to the Trustee, means any officer in the Corporate Trust Office of the Trustee, including any president, vice president, assistant vice president, treasurer, assistant treasurer, secretary, 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;

(ii) with respect to the Initial Beneficiary or the Titling Trust Administrator, means any president, vice president, assistant vice president, treasurer, assistant treasurer, secretary, assistant secretary or any other officer of such Person customarily performing functions similar to those performed by any of the above designated; and

<br> (iii) with respect to the Titling Trust, means any officer of the Trustee or the Titling Trust Administrator specified in clause (i) or (ii), respectively, above.

"<u>Bank</u>" has the meaning set forth in <u>Section 2.4(d)</u>.

"<u>Bankruptcy Code</u>" means the United States Bankruptcy Code, as set forth in Title 11 of the United States Code.

"<u>Beneficial Interest</u>" has the meaning specified in <u>Section 4.3(c)</u>.

"<u>Business Day</u>" means any day other than (i) a Saturday or a Sunday, or (ii) a day on which the New York Stock Exchange or Federal Reserve is closed, or (iii) a day on which banks in the States of New York or Delaware (or such other states in which the principal offices of the Titling Trust Administrator, Holdings or Corporate Trust Office of the Trustee are subsequently located, as specified in writing by such part to the other parties hereto) as required, or authorized by law, to close.

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"<u>Certificate</u>" has the meaning specified in <u>Section 4.1(a)</u>.

"<u>Certificate of Title</u>" means a certificate of title or other similar evidence of ownership of a Vehicle issued in paper form by the relevant governmental department or agency in the jurisdiction in which the Vehicle is registered, or a record maintained by such governmental department or agency in the form of information stored in electronic media. However, if a certificate of title or other similar evidence of ownership in paper form or such record stored on electronic media has not been issued or is not being maintained, the application (or copy thereof) for the certificate of title or other similar evidence of ownership will constitute the "Certificate of Title."

"<u>Certificate of Trust</u>" means the certificate of trust attached as <u>Exhibit D</u>.

"<u>Certificate Register</u>" means the register maintained pursuant to <u>Section 5.4(a)</u>.

"<u>Class</u>" has the meaning specified in <u>Section 4.3(b)(iii)</u>.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Collateral Agency Agreement</u>" means the Amended and Restated Collateral Agency Agreement, dated as of March 1, 2009, among the Titling Trust (as successor to Daimler Trust), MBFS USA, as lender and as servicer, U.S. Bank Trust National Association, as administrative agent, and Collateral Title Co. (formerly known (prior to February 1, 2023) as Daimler Title Co.), as collateral agent, until such time as amended and restated by the Second Amended and Restated Collateral Agency Agreement, and thereafter shall mean the Second Amended and Restated Collateral Agency Agreement.

"<u>Collection Period</u>" means, with respect to any Specified Interest, except as otherwise provided in the related Servicing Agreement, a calendar month.

"<u>Collections</u>" means, with respect to any Specified Interest, except as otherwise provided in the related Servicing Agreement, all amounts received in respect of the related Specified Assets, including all amounts collected from related Lessees on the Units, including any payments received under terminal rental adjustment clauses and all amounts received with respect to the sale or other disposition of the related Vehicles.

"<u>Commercial Servicing Agreement</u>" means the Servicing Agreement, dated as of November 30, 2021, among the Titling Trust (as successor to Daimler Trust), MBFS USA, as client, and Daimler Truck Financial Services USA LLC, as servicer, as the same has been and may be amended, modified or supplemented from time to time.

------

"<u>Corporate Trust Office</u>" means, with respect to the Trustee, the office of the Trustee at which its corporate trust business is administered, which as of the date of this Agreement is located at:

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| |
|:---|
| BNY Mellon Trust of Delaware |
| Attention: Corporate Trust Administration |
| 301 Bellevue Parkway, 3rd Floor |
| Wilmington, Delaware 19809 |
| AIM #19A-0307 |

---

or at such other address as the Trustee may designate by notice to the Titling Trust Administrator, the Initial Beneficiary and the Holders.

"<u>Daimler Trust</u>" has the has the meaning specified in the Recitals.

"<u>Daimler Trust Agreement</u>" means the Second Amended and Restated Trust Agreement, dated as of April 1, 2008, among MBFS USA, Daimler Trust Holdings LLC and BNY Mellon Trust of Delaware, as amended up to January 31, 2023.

"<u>Daimler Commercial Specified Interest</u>" means the interest designated as such and issued under the Daimler Trust Agreement and evidenced by the "Daimler Commercial Specified Interest Certificate" dated February 19, 2009.

"<u>Daimler Retail Specified Interest</u>" means the interest designated as such and issued under the Daimler Trust Agreement and evidenced by the "Daimler Retail Specified Interest Certificate" dated February 19, 2009.

"<u>Daimler Trust Note Indenture</u>" means each "Titling Trust Note Indenture" as defined in the Daimler Trust Agreement that is outstanding at the Effective Time.

"<u>Daimler Trust Note</u>" means each "Titling Trust Note" as defined in the Daimler Trust Agreement that is outstanding at the Effective Time.

"<u>Dealer</u>" means a dealer who in the ordinary course of business leases motor vehicles to Lessees.

"<u>Delaware Statutory Trust Act</u>" means Chapter 38 of Title 12 of the Delaware Code, 12 Delaware Code § 3801 et seq.

"<u>Effective Time</u>" means 11:01 p.m. Eastern Time on January 31, 2023.

"<u>Enhancement</u>" means, with respect to any Specified Interest, any reserve fund, overcollateralization, residual value guaranty, residual value insurance policy, financial guarantee insurance policy, letter of credit, guaranteed investment contract, cash collateral account, cash collateral guaranty, interest rate swap, cap, hedge or protection agreement, credit default swap or any other similar contract or agreement for the benefit of the holders of the related Securities.

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"<u>Fixed Specified Interest</u>" has the meaning specified in <u>Section 4.3(b)(ii)</u>.

"<u>G-L-B Act</u>" has the meaning specified in <u>Section 11.11(a)</u>.

"<u>Governmental Authority</u>" means the United States of America, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

"<u>Holder</u>" means each holder of a Certificate, as indicated in the Certificate Register.

"<u>Indemnified Person</u>" has the meaning specified in <u>Section 10.1(a)</u> or <u>Section 10.2(a)</u>, as applicable.

"<u>Information Recipients</u>" has the meaning specified in <u>Section 11.11(a)</u>.

"<u>Initial Beneficiary</u>" has the meaning specified in the Preamble.

"<u>Insolvency Event</u>" means, with respect to any Person:

<br> (i) the making of a general assignment for the benefit of creditors;

<br> (ii) the filing of a voluntary petition in bankruptcy;

<br> (iii) being adjudged as bankrupt or insolvent, or having had entered against such Person an order for relief in any bankruptcy or insolvency proceeding;

<br> (iv) the filing by such Person of a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation;

<br> (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 (viii) below;

<br> (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;

<br> (vii) the failure by such Person generally to pay its debts as such debts become due;

(viii) the failure to obtain dismissal within 60 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 of such Person or of such Person's assets or any substantial portion of such Person's assets; and

<br> (ix) the taking of action by such Person in furtherance of any of the foregoing.

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"<u>Intercreditor Agreement</u>" means the Intercreditor Agreement, dated as of August 1, 2007, among (i) MBFS USA, as Titling Trust Administrator and as an interest holder, (ii) the Titling Trust (as successor to Daimler Trust), (iii) the Initial Beneficiary, as initial multiple-use SPV and as an interest holder and (iv) the other Persons from time to time becoming party to such agreement in the manner specified therein, until such time as amended and restated by the Amended and Restated Intercreditor Agreement, and thereafter shall mean the Amended and Restated Intercreditor Agreement.

"<u>Lease</u>" means any lease agreement for motor vehicles as to which the Titling Trust is the lessor, either directly or by assignment. In the case of a master lease, the term "<u>Lease</u>" shall include all schedules thereto or, if the provisions of such master lease are incorporated into such schedules, the term "<u>Lease</u>" shall include a schedule together with the incorporated provisions of the master lease.

"<u>Lease Files</u>" means, with respect to each Lease, the following documents (which may be photocopies or in electronic format unless otherwise indicated):

<br> (i) the original of the Lease (or an electronic copy of such Lease that satisfies section 9-105 of the UCC) that is clearly marked to show the Titling Trust as the owner of such Lease;

<br> (ii) the original credit application fully executed by the Lessee or a photocopy or electronic facsimile thereof;

<br> (iii) the original Certificate of Title and all related documents evidencing the ownership of the related Vehicle or Vehicles; and

<br> (iv) any and all other documents that the Servicer with respect to the Specified Interest to which such Lease is allocated retains on file relating to the Lease, or the related Vehicle or Vehicles or Lessee.

"<u>Lessee</u>" means the lessee of one or more Vehicles or any Person who is obligated to make payments on the related Lease.

"<u>Liabilities</u>" has the meaning specified in <u>Section 10.1(a)</u>.

"<u>Lien</u>" means a security interest, lien, charge, pledge, equity, or encumbrance of any kind other than tax liens, mechanics' liens and any liens that attach to a Lease or Vehicle by operation of law.

"<u>MBFS USA</u>" has the meaning specified in the Preamble.

"<u>Mercedes-Benz Commercial Specified Interest</u>" has the meaning specified in <u>Section 4.1(i)</u>.

"<u>Mercedes-Benz Retail Specified Interest</u>" has the meaning specified in <u>Section 4.1(h)</u>.

"<u>Merger Agreement</u>" has the meaning specified in the Recitals.

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"<u>Notice of Registered Pledge</u>" has the meaning specified in <u>Section 5.4(e)</u>.

"<u>Opinion of Counsel</u>" means a written opinion of legal counsel, which counsel may be an employee of MBFS USA or an Affiliate or may provide legal services to MBFS USA or an Affiliate.

"<u>Original Trust Agreement</u>" has the meaning specified in the Recitals.

"<u>Permitted Transactions</u>" means the activities described in <u>Section 2.3</u> and <u>Section 2.4</u>.

"<u>Person</u>" means any legal person, including any corporation, estate, natural person, firm, joint venture, joint stock company, limited liability company, limited liability partnership, partnership (limited or general), trust, business trust, unincorporated organization, association, enterprise, government, any department or agency of any government or any other entity of whatever nature.

"<u>Rating Agency</u>" means each nationally recognized statistical rating organization that has been requested by any Holder or its agent to rate any class of Securities.

"<u>Rating Agency Condition</u>" means, with respect to any action and each Rating Agency with respect to a class of Securities, 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 such class of Securities 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 such class of Securities.

"<u>Reallocation Date</u>" means, with respect to any Specified Asset allocated to any Specified Interest, the date as of which such Specified Asset is reallocated to another Specified Interest pursuant to <u>Section 4.3(f)</u>.

"<u>Reallocation Notice</u>" means a notice provided to the Titling Trust Administrator pursuant to <u>Section 4.3(f)</u>.

"<u>Registered Pledge</u>" has the meaning specified in <u>Section 5.4(e)</u>.

"<u>Registered Pledgee</u>" means, with respect to any Certificate, the Person who is listed in the Certificate Register as the registered pledgee of such Certificate.

"<u>Responsible Officer</u>" means, when used with respect to the Trustee, any officer in the corporate trust office of the Trustee with direct responsibility for the administration of the Trust, including any president, vice president, assistant vice president, trust officer, secretary, assistant secretary or any other officer thereof customarily performing functions similar to those performed by the individuals who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of his or her knowledge of or familiarity with the particular subject.

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"<u>Retail Servicing Agreement</u>" means the Amended and Restated Servicing Agreement, dated as of March 1, 2009, among the Titling Trust (as successor to Daimler Trust), MBFS USA, as lender and as servicer, U.S. Bank Trust National Association, as administrative agent, and Collateral Title Co. (formerly known (prior to February 1, 2023) as Daimler Title Co.), as collateral agent, until such time as amended and restated by the Second Amended and Restated Servicing Agreement, and thereafter shall mean the Second Amended and Restated Servicing Agreement, pursuant to which Titling Trust Assets allocated to the Mercedes-Benz Retail Specified Interest (formerly the Daimler Retail Specified Interest) are serviced.

"<u>Revolving Specified Interest</u>" has the meaning specified in <u>Section 4.3(b)(ii)</u>.

"<u>Schedule of Leases and Vehicles</u>" has the meaning specified in <u>Section 4.3(b)(vi)</u>.

"<u>Second Amended and Restated Collateral Agency Agreement</u>" means the Second Amended and Restated Collateral Agency Agreement, among the Titling Trust, MBFS USA, as lender and as servicer, U.S. Bank Trust National Association, as administrative agent, and Collateral Title Co., as collateral agent, to be executed after the date hereof, as the same has been and may be amended, modified or supplemented from time to time.

"<u>Second Amended and Restated Retail Servicing Agreement</u>" means the Second Amended and Restated Servicing Agreement, among the Titling Trust (as successor to Daimler Trust), MBFS USA, as lender and as servicer, U.S. Bank Trust National Association, as administrative agent, and Collateral Title Co. (formerly known (prior to February 1, 2023) as Daimler Title Co.), as collateral agent, to be executed after the date hereof, as the same has been and may be amended, modified or supplemented from time to time.

"<u>Security</u>" means, with respect to any Specified Interest, any Certificate, any Titling Trust Note and any other security the payments on which are derived in any material part from amounts received with respect to the related Specified Assets.

"<u>Series</u>" has the meaning specified in <u>Section 4.1(a)</u>.

"<u>Series Cutoff Date</u>" has the meaning specified in <u>Section 4.3(b)(v)</u>.

"<u>Series Issue Date</u>" has the meaning specified in <u>Section 4.3(b)(i)</u>.

"<u>Servicer</u>" has the meaning specified in <u>Section 4.3(a)</u>.

"<u>Servicing Agreement</u>" has the meaning specified in <u>Section 4.3(a)</u>.

"<u>Specified Asset Amount</u>" has, with respect to any Specified Interest, the meaning set forth in the related Servicing Agreement. Unless otherwise specified in the related Servicing Agreement, the Specified Asset Amount with respect to each Specified Interest will be based on the aggregate lease balances of the Specified Assets allocated thereto (which may be calculated based on a simple interest, actuarial, straight-line or other commercially reasonable method specified in the related Servicing Agreement).

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"<u>Specified Asset Percentage</u>" means, as of any date with respect to any Specified Interest, the percentage equivalent of a fraction, (i) the numerator of which is the Specified Asset Amount of such Specified Interest and (ii) the denominator of which is the aggregate Specified Asset Amounts of all Specified Interests.

"<u>Specified Asset Titling Trust Administrator Fee</u>" means, with respect to any Collection Period and any Specified Interest, an amount equal to the product of the Specified Asset Percentage of such Specified Interest as of the last day of the preceding Collection Period and the sum of (i) the monthly fees of the Titling Trust Administrator determined pursuant to the first sentence of <u>Section 7.8</u> plus (ii) the expenses of the Titling Trust Administrator determined pursuant to the second sentence of <u>Section 7.8</u>.

"<u>Specified Asset Trustee Fee</u>" means, with respect to any Collection Period and any Specified Interest, an amount equal to the product of the Specified Asset Percentage of such Specified Interest as of the last day of the preceding Collection Period and the sum of (i) the monthly fees of the Trustee determined pursuant to the first sentence of <u>Section 7.8</u> plus (ii) the expenses of the Trustee determined pursuant to the second sentence of <u>Section 7.8</u>.

"<u>Specified Assets</u>" has the meaning specified in <u>Section 4.1(a)</u>.

"<u>Specified Interest</u>" has the meaning specified in <u>Section 4.1(a)</u>.

"<u>Specified Lease</u>" means, with respect to any Specified Interest, a Lease identified (i) in the Schedule of Leases and Vehicles attached to a Titling Trust Specification Notice with respect to such Specified Interest, (ii) in an Addition Notice as having been added to such Specified Interest, or (iii) in a Reallocation Notice as having been reallocated to such Specified Interest. However, a Lease will no longer be a Specified Lease with respect to any Specified Interest as of the date on which (i) such Lease has been transferred from the Titling Trust pursuant to <u>Section 4.3(e)</u> or (ii) such Lease has been reallocated to another Specified Interest pursuant to <u>Section 4.3(f)</u>.

"<u>Specified Vehicle</u>" means, with respect to any Specified Interest, a Vehicle identified (i) in the Schedule of Leases and Vehicles attached to a Titling Trust Specification Notice with respect to such Specified Interest, (ii) in an Addition Notice as having been added to such Specified Interest, or (iii) in a Reallocation Notice as having been reallocated to such Specified Interest. However, a Vehicle will no longer be a Specified Vehicle with respect to any Specified Interest as of the date on which (i) such Vehicle has been transferred from the Titling Trust pursuant to <u>Section 4.3(e)</u> or (ii) such Vehicle has been reallocated to another Specified Interest pursuant to <u>Section 4.3(f)</u>.

"<u>Titling Trust</u>" has the meaning set forth in the Preamble.

"<u>Titling Trust Account</u>" has the meaning set forth in <u>Section 2.4(a)</u>.

"<u>Titling Trust Administrator</u>" has the meaning specified in the Preamble.

"<u>Titling Trust Assets</u>" means the Leases, Vehicles, all proceeds of the foregoing and all other assets held by the Titling Trust.

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"<u>Titling Trust Note</u>" means, with respect to any Titling Trust Note Specified Interest, a promissory note or other debt obligation of the Titling Trust, acting solely with respect to such Specified Interest, which may be secured by the related Specified Assets.

"<u>Titling Trust Note Indenture</u>" means, with respect to any Titling Trust Note, the indenture, deed of trust, pooling and servicing agreement, revolving credit agreement or similar agreement or document pursuant to which such Titling Trust Note is issued (which may, for avoidance of doubt, include a single indenture or other document entered into with respect to more than one Specified Interest or series of Titling Trust Notes).

"<u>Titling Trust Note Specified Interest</u>" has the meaning specified in <u>Section 4.3(b)</u>.

"<u>Titling Trust Noteholder</u>" means a registered holder of a Titling Trust Note, under the terms of the related Titling Trust Note Indenture.

"<u>Titling Trust Specification Notice</u>" has the meaning specified in <u>Section 4.3(b)</u>.

"<u>Transaction Documents</u>" means this Agreement, the Certificates, the Collateral Agency Agreement, the Intercreditor Agreement, any Servicing Agreement or supplement thereto, any Titling Trust Specification Notice, any Titling Trust Note Indenture or supplement thereto, any Titling Trust Note, and any Titling Trust Account control agreement, each as may be amended, supplemented or modified from time to time.

"<u>Treasury Regulations</u>" means the regulations promulgated by the U.S. Department of Treasury pursuant to the Code.

"<u>Trustee</u>" has the meaning specified in the Preamble.

"<u>Undertaking</u>" means, with respect to any Series, an agreement, contract or other written obligation of the Holder of such Series, the payments under which are in any material part derived from or collateralized by Collections on the related Specified Assets.

"<u>Vehicle</u>" means any motor vehicle, together with all attached items or accessories, that is subject to a Lease.

Section 1.2.&nbsp;&nbsp;&nbsp;&nbsp; <u>Usage</u>. The following rules of construction and usage are applicable to this Agreement and to any certificate or other document made or delivered pursuant to 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;(a)&nbsp;&nbsp;&nbsp;&nbsp; All terms used in any certificate or other document made or delivered pursuant to this Agreement are defined in 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; Accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document, to the extent not defined, have the respective meanings given to them under U.S. generally accepted accounting principles as in effect on the date of this Agreement. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under U.S. generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate or other document will control.

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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) References in this Agreement to "Article," "Section," "Exhibit," "Schedule" or another subdivision or to an attachment are, unless otherwise specified, to an article, section, exhibit, schedule or other subdivision of or an attachment to this Agreement, 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; The definitions contained in this Agreement 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) Any agreement or statute defined or referred to in this Agreement means such agreement or statute as from time to time amended, modified, restated, 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.

&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; 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; References to deposits, transfers and payments of any amounts refer to deposits, transfers or payments of such amounts in immediately available funds.

&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; Except where "not less than zero" or similar language is indicated, amounts determined by reference to a mathematical formula may be positive or negative.

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ARTICLE Two

ORGANIZATION OF THE TRUST

Section 2.1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Name</u>. The trust continued hereby (the "<u>Titling Trust</u>") is known as "Mercedes-Benz Vehicle Trust," in which name the Trustee and Trust Administrator may conduct the activities of the Titling Trust and make and execute contracts and other instruments on behalf of the Titling Trust and the Titling Trust may sue and be sued.

Section 2.2.&nbsp;&nbsp;&nbsp;&nbsp; <u>Office</u>. The office of the Titling Trust will be in care of the Trustee at its Corporate Trust Office, or at such other address in the State of Delaware as the Trustee may designate by notice to the Initial Beneficiary and the Servicer.

Section 2.3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Purposes and Powers</u>. The nature of the activities or purpose to be conducted or promoted by the Titling Trust is to, and the Titling Trust shall have the power and authority and is hereby authorized to, engage exclusively in the following activities, in each case in accordance with the terms 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;(a)&nbsp;&nbsp;&nbsp;&nbsp; holding title to Leases, Vehicles and other Titling Trust Assets for the benefit of the Holders of the related Certificates, all in accordance with the terms of this Agreement and the Servicing Agreements;

&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; at the direction of the Initial Beneficiary or a Holder, issuing Certificates representing a separate series of beneficial interest in the Titling Trust and the related Titling Trust Assets in accordance with the terms of this Agreement and the related Titling Trust Specification Notice;

&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 the direction of the Holders of any Series relating to a Titling Trust Note Specified Interest, issuing one or more Titling Trust Notes with respect to such Specified Interest, entering into the related Titling Trust Note Indenture and pledging any or all of the related Specified Assets to secure such Titling Trust 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;(d) executing, delivering and performing its obligations under agreements, instruments or other documents to which it is to be a party, including the Transaction 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;(e)&nbsp;&nbsp;&nbsp;&nbsp; assigning or otherwise transferring title to Leases, Vehicles and Titling Trust Assets to, or to the order of, the related Holders;

&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; borrowing on a revolving basis or otherwise from MBFS USA or any Servicer to finance the purchase of Leases and related 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;(g) entering into agreements and transactions relating to, or in furtherance of, any Enhancement;

&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) entering into and performing its obligations under the Intercreditor 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;(i) taking any other action in connection with the qualification, licensing or authorization of the Titling Trust to engage in activities in any 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;(j)&nbsp;&nbsp;&nbsp;&nbsp; merging with Daimler Trust as the surviving entity under the Merger Agreement and continuing the business of Daimler Trust in all respects consistent with the foregoing powers and 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;(k)&nbsp;&nbsp;&nbsp;&nbsp; engaging in such other activities as may be necessary, convenient or advisable in connection with holding title to such Vehicles and other Titling Trust Assets, the management of the Titling Trust Assets, the making of distributions to the Holders of Certificates and the making of payments to any Titling Trust Noteholders; 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;(l)&nbsp;&nbsp;&nbsp;&nbsp; engaging in any activity and exercising any powers permitted to statutory trusts under the laws of the State of Delaware that are related or incidental to the foregoing and necessary, convenient or advisable to accomplish the foregoing.

The Titling Trust expressly assumes all of Daimler Trust's obligations under the Daimler Trust Agreement and all Daimler Trust Notes and all Daimler Trust Note Indentures. The parties hereto agree to the terms of the Merger Agreement.

Section 2.4. <u>Banking Activities</u>. Without limiting the generality of <u>Section 2.3</u>, the Initial Beneficiary or the Titling Trust Administrator is authorized to act on behalf of the Titling Trust and in its name:

&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; to establish bank accounts on behalf of the Titling Trust (each, a "<u>Titling Trust Account</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; to sign checks, drafts, instruments, bills of exchange, acceptances and/or other orders for the payment of money from any Titling Trust 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; to endorse checks, instruments, evidences of indebtedness, and orders payable, owned or held by the Titling 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;(d) to accept drafts, acceptances, instruments and/or other evidences of indebtedness payable at or through the bank at which any Titling Trust Account is maintained (each, a "<u>Bank</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;(e)&nbsp;&nbsp;&nbsp;&nbsp; to waive presentment, demand, protest and notice of protest or dishonor of any check(s), instrument(s), draft(s), acceptance(s), or other evidences of indebtedness made, drawn or endorsed by the Titling 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;(f)&nbsp;&nbsp;&nbsp;&nbsp; otherwise to deal with each Bank in connection with the foregoing activities on behalf of the Titling 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;(g)&nbsp;&nbsp;&nbsp;&nbsp; to enter into one or more agreements with the Bank, which will be deemed to govern the Titling Trust Accounts established at such Bank;

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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; to authorize the purchase, on behalf of the Titling Trust, of CDs, bonds, notes, commercial paper, money market funds, and other similar savings or investment instruments from each Bank;

&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 obtain, on behalf of the Titling Trust, other related services from any Bank, such as the rental of safe deposit boxes from such Bank, obtaining of night depository services, routine cash management services, and the like, which will be governed by night depository agreement(s), safe deposit box lease agreement, and any other such agreement(s) contained on the application or signature cards pertaining to any such services offered to the Titling Trust by such Bank, as amended from time to 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;(j)&nbsp;&nbsp;&nbsp;&nbsp; to sign and execute signature cards, applications and forms as any Bank will deem appropriate, from time to time, in connection with the opening and maintaining of Titling Trust Accounts at such Bank and/or obtaining any of the aforementioned additional related services; 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;(k)&nbsp;&nbsp;&nbsp;&nbsp; to execute applications for the issuance of any savings or investment instrument in the name of the Titling Trust.

Section 2.5. <u>Appointment of the Trustee</u>. The Initial Beneficiary hereby confirms the appointment of the Trustee as trustee of the Titling Trust, effective as of the date of this Agreement, to have all the respective rights, powers and duties set forth with respect to the Trustee in this Agreement.

Section 2.6.&nbsp;&nbsp;&nbsp;&nbsp; <u>Contribution and Conveyance of Titling Trust Assets</u>. As of January 31, 2023, the Initial Beneficiary contributed to the Trust the amount of $1,000. The Titling Trust Administrator acknowledges receipt on behalf of the Trust from the Initial Beneficiary, as of such date, of the foregoing contribution, which constitutes the initial Titling Trust Assets and will be deposited in a Titling Trust Account.

Section 2.7.&nbsp;&nbsp;&nbsp;&nbsp; <u>Declaration of Trust</u>. The Trustee will hold the Titling Trust Assets to the extent provided to it in trust upon and subject to the conditions set forth in this Agreement for the use and benefit of the Initial Beneficiary and any other beneficiaries, subject to the obligations of the Titling Trust under the Basic Documents. It is the intention of the parties that the Titling Trust constitutes a statutory trust under the Delaware Statutory Trust Act and that this Agreement constitutes the governing instrument of such statutory trust. Effective as of the date of this Agreement, the Trustee will have the rights, powers and duties set forth in this Agreement and the rights and powers set forth in the Delaware Statutory Trust Act with respect to accomplishing the purposes of the Trust. The Certificate of Trust has been filed with the Secretary of State of the State of Delaware and is attached as <u>Exhibit D</u>.

Section 2.8.&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties of MBFS USA as Titling Trust Administrator</u>. MBFS USA, as Titling Trust Administrator, represents and warrants to the 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; <u>Organization and Good Standing</u>. MBFS USA 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.

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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) <u>Due Qualification</u>. MBFS USA 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 qualifications, unless the failure to obtain such qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the ability of MBFS USA to perform its obligations under this Agreement or the other 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>Power and Authority; Authorization; Execution and Delivery; Binding Obligation</u>. MBFS USA has the power and authority to execute, deliver and perform its obligations under this Agreement and each other Basic Document to which it is a party. MBFS USA has duly authorized the execution and delivery of this Agreement and each other Basic Document to which it is a party by all necessary corporate action. This Agreement and each other Basic Document to which it is a party has been duly executed and delivered by MBFS USA. This Agreement and each other Basic Document to which it is a party constitutes a legal, valid and binding obligation of MBFS USA, enforceable against MBFS USA 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; <u>No Violation</u>. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Agreement and of other Basic Documents to which MBFS USA is a party 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 or any indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument to which MBFS USA is a party or by which MBFS USA is bound (in each case material to MBFS USA and its subsidiaries considered as a whole), (ii) result in the creation or imposition of any Lien (material to MBFS USA and its subsidiaries considered as a whole) upon any of its properties pursuant to any such agreement or instrument (other than as contemplated by this Agreement or the other Basic Documents to which it a party) or (iii) violate or contravene any law or, to the knowledge of MBFS USA, any order, rule or regulation applicable to MBFS USA of any court or any Governmental Authority having jurisdiction over MBFS USA or its properties, the failure to comply with which would reasonably be expected to have a material adverse effect upon the ability of MBFS USA to perform its obligations under this Agreement or any other Basic Document 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;(e)&nbsp;&nbsp;&nbsp;&nbsp; <u>No Proceedings</u>. There are no proceedings pending, or, to the knowledge of MBFS USA, threatened, and to the knowledge of MBFS USA there are no investigations pending or threatened, against or affecting MBFS USA 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, (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect upon the ability of MBFS USA to perform its obligations under this Agreement or any other Basic Document to which it is a party or (iv) seeking adversely to affect the tax characterization specified in <u>Section 2.9</u>.

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Section 2.9. <u>Tax Reporting and Characterization</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 Initial Beneficiary and the Holders of each Series each agrees that for U.S. federal, state and local income and franchise tax purposes it will (i) treat its interest in the related Specified Interest as a direct ownership interest in the related Specified Assets and (ii) not treat the Titling Trust, this Agreement or the arrangement among the Initial Beneficiary and the Holders of any Series as creating a co-ownership of any assets or as creating a separate entity (such as a partnership). Each party agrees that it will not take any action (including filing any tax return) that is inconsistent with this <u>Section 2.9(a)</u> unless required to do so by the relevant tax authority.

&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; None of the Holders, the Registered Pledgees, the Titling Trust Noteholders or the parties to this Agreement 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 Treas. Reg. § 301.7701-3.

Section 2.10. <u>Execution of Documents</u>. The Initial Beneficiary is authorized and empowered to execute and deliver, on behalf of the Titling Trust, as attorney-in-fact or otherwise, any and all documents, agreements and other instruments, including any registration statement to be filed with the Securities and Exchange Commission or otherwise, on behalf of the Titling Trust. The Initial Beneficiary is authorized and empowered to prepare for filing in connection with such registration statement, balance sheets, income statements and any other financial statements for the Titling Trust.

Section 2.11. <u>Conduct of Operations</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; Notwithstanding any other provision of this Agreement and any provision of Applicable Law that otherwise so empowers the Titling Trust, the Titling Trust may not, without consent of the Holders and notice to the Trustee, do any 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;(i)&nbsp;&nbsp;&nbsp;&nbsp; engage in any activity other than a Permitted Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) create, incur or assume any indebtedness, other than pursuant to any Titling Trust Notes, any Enhancement or any transactions entered into in connection therewith, in each case in accordance with 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;(iii) become or remain liable, directly or contingently, in connection with any indebtedness or other liability of the Initial Beneficiary or any of its Affiliates or, except in connection with a Permitted Transaction, any other Person, whether by assumption, guarantee, endorsement (other than endorsements of negotiable instruments for deposit or collection in the ordinary course of business), agreement to purchase or purchase, agreement to supply or advance funds, or otherwise;

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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; make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate other than in connection with Permitted Transactions; provided, however, that the Titling Trust will not be prohibited under this clause (a)(iv) from causing a distribution of cash to its Initial Beneficiary or to any Holder or from making payments with respect to any Titling Trust Notes or any Enhancement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) enter into any transaction of merger or consolidation with or into any other entity, or convey its properties and assets substantially as an entirety to any entity, other than with respect to a Permitted Transaction, unless (A) the entity (if other than the Titling Trust) formed as a result of or surviving such consolidation or merger, or which acquires the properties and assets of the Titling Trust (i) is organized and existing under the laws of the State of Delaware, (ii) expressly assumes all of the Titling Trust's obligations under this Agreement, all Titling Trust Notes and all Titling Trust Note Indentures and (iii) is governed under a charter document containing provisions substantially identical to <u>Section 2.3</u> and <u>Section 2.11</u>; (B) the Rating Agencies and the trustees with respect to any Securities will have received at least 5 days' prior notice of any such merger, consolidation or sale of assets; (C) such merger, consolidation or sale of assets will not conflict with the Certificate of Trust; and (D) immediately after giving effect to such merger, consolidation or sale of assets, no default or event of default by or relating to the Titling Trust will have occurred and be continuing under any material agreement to which the Titling Trust is a party, including any Titling Trust Note Indenture, or any agreement or other document pursuant to which any Titling Trust Note or Security has been issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 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 Note, any Titling Trust Note Indenture or any other any documents relating to a Permitted Transaction; 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;(vii) amend, modify, alter, change or repeal any provision of <u>Section 2.3</u> or <u>2.11</u>; except that the Initial Beneficiary reserves the right to amend, alter, change or repeal any provision contained in the Certificate of Trust or this Agreement in a manner now or hereafter prescribed or authorized by the Delaware Statutory Trust Act, and all rights conferred upon the Initial Beneficiary in this Agreement are granted subject to this reservation.

&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 Titling Trust will at all times (and the Titling Trust Administrator shall cause the Titling Trust 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; maintain its existence as a statutory trust and remain in good standing under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; observe all procedures required by this Agreement and such others, if any, as may be from time to time required by the Delaware Statutory Trust Act;

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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) ensure that (x) the activities and affairs of the Titling Trust are at all times managed by or under the direction of the Trustee or the Titling Trust Administrator, (y) the Trust has duly authorized all actions requiring such authorization and (z) when required by Applicable Law or by this Agreement, the Titling Trust has obtained the proper authorization for action from its Initial Beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; maintain the Titling Trust's books, financial statements, accounting records and other documents and records separate from those of the Initial Beneficiary, any Affiliate of the Initial Beneficiary or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; not commingle the Titling Trust Assets with those of the Initial Beneficiary or any Affiliate of the Initial Beneficiary (other than in connection with the Permitted Transactions or in connection with the performance by MBFS USA of its obligations as Servicer or as custodian with respect to any Specified 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; not hold itself out as being liable for the debts of any other Person, except in connection with the Permitted Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) maintain its bank accounts, books of account and payroll (if any) separate from those of its Affiliates, the Holders, the Initial Beneficiary or any of the Initial Beneficiary's Affiliates or any other Person; and ensure that its funds and other assets will at all times be readily distinguishable from the funds and other assets of its Affiliates, the Holders, the Initial Beneficiary and any of the Initial Beneficiary's Affiliates or any other Person (other than in connection with the performance of any Servicer or custodian of its obligations with respect to any Specified 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) act solely in its own name and through its own managers and agents so as not to mislead others as to its identity or the identity of any Affiliate and correct any known misunderstanding regarding its separate identity, and conduct all oral and written communications of the Titling Trust, including letters, invoices, contracts, statements and applications solely in the name of the Titling 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp; separately manage its liabilities from those of the Initial Beneficiary or any Affiliate thereof and pay its own liabilities, including all administrative expenses, from its own separate assets, except that (A) the Initial Beneficiary, the Titling Trust Administrator, any Holder, any Servicer or any Affiliate of any of them may pay certain of the organizational costs of the Titling Trust, and the Titling Trust will reimburse the Initial Beneficiary, the Titling Trust Administrator, such Holder, such Servicer or such Affiliate, as the case may be, for its allocable portion of shared expenses paid by such Person, and (B) the Initial Beneficiary, the Titling Trust Administrator, any Holder, any Servicer or any Affiliate of any of them may pay fees and expenses and indemnify parties as provided in this Agreement, any Servicing Agreement or any other agreement entered into in connection with the issuance of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; at all times maintain an arm's length relationship with any Affiliates;

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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;(xi) take such actions as are necessary to ensure that the Trustee may not at any time serve as a trustee in bankruptcy for the Titling Trust or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) not issue, or permit the issuance of, any Security or enter into, or permit to be entered into, any Undertaking or any Enhancement, unless such Security, Undertaking or Enhancement contains the provisions described in <u>Section 4.1(e)</u>, <u>(f)</u> and <u>(g)</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;(xiii) operate in such a manner that it would not be substantively consolidated for purpose of applicable bankruptcy laws with any other 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) not form any subsidiary; 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;(xv) maintain adequate capital in light of its contemplated operations.

&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 Titling Trust Administrator will cause the Titling Trust to abide by all formalities, including the maintenance of current minute books, and to prepare financial statements in a manner that indicates the separate existence of the Titling Trust and its assets and liabilities. To the extent permitted by law, until one year and one day (or, if longer, any applicable preference period) after all Securities are paid in full, the Titling Trust Administrator will make decisions with respect to the activities and operations of the Titling Trust independent of, and not dictated by, the Initial Beneficiary or any Affiliate thereof (without limiting the right of the Initial Beneficiary to exercise its rights in such capacity under this Agreement and 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;(d) Notwithstanding any provision in this Agreement to the contrary, the Initial Beneficiary in its own capacity (i) may pay fees and expenses of and indemnify trustees relating to the issuance of any Securities and (ii) may indemnify any underwriter, placement agent, initial purchaser for resale, surety provider or other Enhancement provider or other Person performing similar functions in connection with the issuance of any Securities.

&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 Titling Trust, by or through the Trustee or the Titling Trust Administrator, may enter into and perform all documents, agreements, certificates, or financing statements relating to the Permitted Transactions, all without any further act, vote or approval of any other Person notwithstanding any other provision of this Agreement and to the extent allowed by the Delaware Statutory Trust Act or Applicable Law. The foregoing authorization is not a restriction on the powers of the Trustee or the Titling Trust Administrator to enter into other agreements on behalf of the Titling Trust.

Section 2.12. <u>No State Law Partnership</u>. The Holders intend that the Titling Trust will not be a partnership (including a general partnership or a limited partnership) or joint venture, and that neither any Holder nor the Trustee will be a partner of or joint venturer with any Holder or the Trustee with respect to the activities of the Titling Trust for any purposes, and this Agreement will not be construed to suggest otherwise.

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Section 2.13. <u>Titling of Vehicles</u>. Except as otherwise agreed or directed by the Holders of 100% of the related Certificates and the holders of 100% of any related Titling Trust Notes, Securities and Undertakings, the Servicing Agreement with respect to each Specified Interest will provide that the related Servicer will cause the Certificate of Title for each Vehicle assigned to the Titling Trust for allocation to such Specified Interest to be issued in the name "Mercedes-Benz Vehicle Trust" or in such substantially similar words as the relevant Governmental Authority will accept, with the address of MBFS USA, its agent or the related Lessee, as the relevant Governmental Authority requires or allows, as the address of the recorded owner of the Vehicle.

Section 2.14. <u>Enforcement of Leases</u>. If in any enforcement suit or legal proceeding with respect to a Lease it is held that the Servicer with respect to the applicable Specified Interest may not enforce the Lease on the ground that it is not a real party in interest or a Holder entitled to enforce the Lease, the Titling Trust and the Holders of the related Series, at such Servicer's expense and direction, will take steps to enforce the Lease, including bringing suit in its name or the name of the applicable Holders.

Section 2.15. <u>Liability to Third Parties</u>. Except as otherwise expressly provided by the Delaware Statutory Trust Act or in this Agreement (including <u>Section 10.1</u>), none of the Initial Beneficiary, the Titling Trust Administrator, the Trustee, any Holder, or any officer or Affiliate of any such Person (other than the Titling Trust), will be liable for the debts, obligations or liabilities of the Titling Trust (whether arising in contract, tort or otherwise), including, under a judgment, decree or order of a court, by reason of being the Initial Beneficiary, the Titling Trust Administrator, the Trustee, a Holder, or an officer or Affiliate of any such Person.

Section 2.16. <u>No Personal Liability of any Holder</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) The Initial Beneficiary and the Holders will have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the General Corporation Law of the State of Delaware.

&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; None of the Initial Beneficiary, the Titling Trust Administrator, the Trustee, any Holder, any officer, director, employee, trustee or manager of any of the foregoing, will be subject in such capacity to any personal liability whatsoever to any Person in connection with the assets or the affairs of the Titling Trust; and, subject to the provisions of <u>Article X</u> and any provision for indemnification set forth in the related Servicing Agreements, all such Persons will look solely to the assets of the Titling Trust for satisfaction of claims of any nature arising in connection with the affairs of the Titling Trust. However, such protection from personal liability will apply to the fullest extent permitted by Applicable Law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Titling Trust to provide greater or broader indemnification rights than such law permitted the Titling Trust to provide prior to such amendment).

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Section 2.17. <u>Limited Liability and Bankruptcy Remoteness</u>. Without limiting the generality of <u>Section 2.11</u>, the Titling Trust will be operated in such a manner as the Titling Trust Administrator deems reasonable and necessary or appropriate to preserve (a) the limited liability of the Holders and the Initial Beneficiary and their respective Affiliates, (b) the separateness of the Titling Trust from the respective businesses of the Holders and the Initial Beneficiary and their respective Affiliates and (c) until the expiration of the period of one year and one day (or, if longer, any applicable preference period) after the payment in full of all distributions to all Holders, Registered Pledgees and Titling Trust Noteholders, the bankruptcy-remote status of the Titling Trust.

Section 2.18. <u>Term</u>. Unless terminated in accordance with this Agreement and the Delaware Statutory Trust Act, the Titling Trust will have a perpetual existence.

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ARTICLE THREE

MANAGEMENT OF THE TITLING TRUST; THE BOARD OF MANAGERS; OFFICERS

Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp; <u>General Management of the Titling Trust</u>. The activities, properties and affairs of the Titling Trust will be managed by the Trustee (solely to the extent expressly set forth herein) and the Titling Trust Administrator. Without limiting the generality of the foregoing, the Trustee and the Titling Trust Administrator will have the power to appoint and direct agents of the Titling Trust, to grant general or limited authority to officers, employees and agents of the Titling Trust, and to make, execute and deliver contracts and other instruments and documents in the name and on behalf of the Titling Trust, subject to and in accordance with this Agreement.

Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp; <u>Restrictions on the Power of the Trustee</u>. The Trustee will not have the authority 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; cause the Titling Trust to do any acts in violation of or in breach of any agreement entered into by the Titling 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;(b) take any action in contravention of the Delaware Statutory Trust Act, the Certificate of Trust or 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; to the fullest extent permitted by Applicable Law, take any action that would make it impossible to carry on the ordinary activities of the Titling 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;(d)&nbsp;&nbsp;&nbsp;&nbsp; knowingly perform any act that would subject the Initial Beneficiary or any Holder to loss of limited liability in any jurisdiction; 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; except as permitted under Section 9.1, take any action to amend or modify the Certificate of Trust or this Agreement.

Section 3.3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Duties and Obligations of the Trustee and the Titling Trust Administrator</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) As long as any Security or Undertaking is outstanding, the Titling Trust Administrator will take all action that may be necessary or appropriate for the continuation of the Titling Trust's valid existence as a statutory trust under the laws of the State of Delaware (and each other jurisdiction in which such existence is necessary to protect the limited liability of the Initial Beneficiary, the Holders, any Registered Pledgees or any Titling Trust Noteholders or to enable the Titling Trust to engage in the activities in which it is engaged).

&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) Each of the Trustee and the Titling Trust Administrator will use its best efforts, in the conduct of the Titling Trust's activities and business, to put all Persons with whom the Titling Trust deals on notice that MBFS USA, the Initial Beneficiary, the Holders, the Titling Trust Noteholders and the Registered Pledgees are not liable for the Titling Trust's obligations and all agreements to which the Titling Trust is a party will include a statement to the effect that the Titling Trust is a statutory trust formed under the Delaware Statutory Trust Act. However, the failure to include such a statement in an agreement to which the Titling Trust is a party will not affect the Titling Trust's power and authority or authorization to enter into such 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; The Titling Trust Administrator will prepare or cause to be prepared and will file or cause to be filed on or before the due date (or any extension thereof) any federal, state or local tax returns required to be filed by the Titling Trust, and the Trustee will cooperate with all such activities. The Titling Trust Administrator will cause the Titling Trust to pay any taxes payable by the Titling Trust. However, the Titling Trust Administrator will not be required to cause the Titling Trust to pay any tax so long as the Titling Trust is contesting in good faith and by appropriate legal proceedings the validity, applicability or amount of such tax and such contest does not materially endanger any right or interest of the Titling 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;(d) The Titling Trust Administrator will, from time to time, submit, or cause to be submitted, to any appropriate state securities administrator all documents, papers, statistics and reports required to be filed with or submitted to such state securities administrator, and the Trustee will cooperate with all such 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;(e) The Titling Trust Administrator will use commercially reasonable efforts to cause, and the Trustee will cooperate in causing, the Titling Trust to be qualified to engage in investment activities in connection with Permitted Transactions, or be registered under any applicable assumed or fictitious name statute or similar law in any state in which the Titling Trust then makes investments or transacts business, if such qualification or registration is necessary or desirable in order to protect the limited liability of the Initial Beneficiary or to permit the Titling Trust lawfully to own or make investments or transact business.

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ARTICLE Four

SPECIFIED INTERESTS

Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Designation of the Specified Interests</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) The Initial Beneficiary may direct the Titling Trust Administrator from time to time to designate a separate series of Beneficial Interests of the Titling Trust, each of which will be a separate series of beneficial interest within the Titling Trust within the meaning of Section 3806(b) of the Delaware Statutory Trust Act (each, a "<u>Specified Interest</u>", and the Titling Trust Assets allocated thereto, "<u>Specified Assets</u>"). In connection with the designation of a Specified Interest by the Holders of any Series pursuant to this Section 4.1(a), the Titling Trust will issue to, or to the order of, such Holders one or more certificates, that at any time will collectively represent the entire Beneficial Interest in the assets allocated to such newly-created Specified Interest at such time (each such certificate, a "<u>Certificate</u>" and all of the Certificates issued in connection with a Specified Interest, a "<u>Series</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) The designation of each Specified Interest, the number of Certificates with respect to such Specified Interest and the identity of the related Holders will be set forth in the Titling Trust Specification Notice delivered to the Titling Trust Administrator by the Initial Beneficiary pursuant to <u>Section 4.3(b)</u>. The terms of the Beneficial Interest in the Specified Assets allocated to such Specified Interest will be as set forth in such Titling Trust Specification Notice and in the related Servicing Agreement, if any.

&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; All Leases, Vehicles and proceeds of the foregoing will be allocated to Specified Interests, and no Titling Trust Asset may at any time be allocated to more than one Specified Interest (without limiting the right of more than one Specified Interest to be a beneficiary of, or named as the loss payee or additional insured with respect to, any insurance policy).

&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; In accordance with Section 3806(b) of the Delaware Statutory Trust Act, the Titling Trust Administrator, acting on behalf of the Titling Trust and the Holders of the Certificates, will maintain separate and distinct records for the Specified Assets allocated to each Specified Interest. The Specified Assets allocated to each Specified Interest will be accounted for separately from the Specified Assets allocated to each other Specified Interest. Except to the extent required by Applicable Law or specified in this Agreement, the debts, liabilities and obligations incurred, contracted for or otherwise existing with respect to the Specified Assets allocated to any Specified Interest will be enforceable against such Specified Assets only, and not against the Titling Trust generally or the Specified Assets allocated to any other Specified Interest and none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Titling Trust generally or the Specified Assets of any other Specified Interest will be enforceable against the Specified Assets allocated to such Specified Interest.

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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; Each Security, each Undertaking and each document entered into in connection with any Enhancement will include a recitation limiting the obligation represented by such Security, Undertaking or Enhancement to the Series in connection with which the Security, Undertaking or Enhancement was issued or entered into. Each Security, each Undertaking and each document entered into in connection with any Enhancement will also include an acknowledgment and agreement by the holder thereof or the parties thereto, as the case may be, to the effect that if an Insolvency Event occurs with respect to the Titling Trust, any claim that such holder or party may seek to enforce at any time against the Titling Trust or the Specified Assets of any Series other than the Series in connection with which such Security, Undertaking or Enhancement was issued or entered into will be subordinate to the payment in full, including post-petition interest, of the claims of the holders of, or parties to, any Securities, Undertaking, or Enhancement related to such other Series. In addition, each Certificate will include a recitation of the foregoing limitation with respect to any related Security, Undertaking or Enhancement.

&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 Security, each Undertaking and each document entered into in connection with any Enhancement will include a recitation that each holder of or party to such Security, Undertaking or Enhancement 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 such holder or party, as the case may be, may have at any time against the Titling Trust or against any Series other than the Series in connection with which such Security, Undertaking or Enhancement was issued or entered into.

&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 Security, each Undertaking and each document entered into in connection with any Enhancement will include a recitation that each holder of or party to such Security, Undertaking or Enhancement will not file or join in filing any bankruptcy petition against the Titling Trust prior to the end of the period that is one year and one day after payment (or, if longer, any applicable preference period) in full of all distributions to all Holders, Registered Pledgees and Titling Trust Noteholders and agree they will not cooperate with or encourage others to file a bankruptcy petition against the Titling Trust during the same 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;(h)&nbsp;&nbsp;&nbsp;&nbsp; The Initial Beneficiary hereby directs the issuance at the Effective Time of a Specified Interest to be known as the "<u>Mercedes-Benz Retail Specified Interest</u>" as to which the Specified Assets as of the Effective Time will consist of all assets previously allocated to the Daimler Retail Specified Interest issued under the Daimler Trust Agreement, all as further specified in the Titling Trust Specification Notice related 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;(i)&nbsp;&nbsp;&nbsp;&nbsp; The Initial Beneficiary hereby further directs the issuance at the Effective Time of a Specified Interest to be known as the "<u>Mercedes-Benz Commercial Specified Interest</u>" as to which the Specified Assets as of the Effective Time will consist of all assets previously allocated to the Daimler Commercial Specified Interest issued under the Daimler Trust Agreement, all as further specified in the Titling Trust Specification Notice related thereto.

Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp; <u>Capital Contributions</u>. The Holders of any Series may make capital contributions to the Titling Trust. Any such capital contributions will be allocated to the related Specified Interest. If the Holders of Certificates relating to any Series make capital contributions to the Titling Trust, except as otherwise specified in the related Certificates, Titling Trust Specification Notice or Servicing Agreement, each such Holder will make capital contributions in an amount such that after giving effect to the capital contributions of all Holders of such Series, the ratio of each Holder's investment in the related Specified Interest remains unchanged.

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Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Allocation of Specified Assets; Servicing Agreements</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; <u>Holders Responsible for Servicing Specified Assets</u>. The Holders of each Series, by accepting their respective Certificates, will be deemed to have acknowledged and agreed that the Holders of such Series will administer, manage and control the Specified Assets allocated to the related Specified Interest. The Holders of each Series shall either (i) engage one or more third party servicers to administer, manage and control the Specified Assets allocated to the related Specified Interest (each, a "<u>Servicer</u>") or (ii) consent to or approve the appointment of MBFS USA as Servicer pursuant to servicing agreements or supplements related thereto. The terms and conditions under which any Servicer will perform its duties will be set forth in an agreement appointing such Servicer (together with any related supplements, each a "<u>Servicing Agreement</u>"). Except as otherwise provided in a Servicing Agreement, MBFS USA shall be the Servicer for the Specified Assets allocated to each Specified Interest, and at the Effective Time (1) the Titling Trust Assets allocated to the Mercedes-Benz Retail Specified Interest will continue to be serviced under the Retail Servicing Agreement and the (2) the Titling Trust Assets allocated to the Mercedes-Benz Commercial Specified Interest will continue to be serviced under the Commercial Servicing Agreement, in each case with no change in terms to either such agreement. The Titling Trust will be a party to or execute an acknowledgment and acceptance of each Servicing Agreement and of the appointment of the Servicer. The Holders of any Series may assign to the related Servicer any or all of the rights of the Holders under this Agreement and the related Certificates, including the rights granted to such Holders under <u>Section 4.3(c)</u>, to be exercised in connection with the Servicer's performance of its duties under the related Servicing Agreement, and the Titling Trust consents to such assignment. Each Servicing Agreement will set forth the duties and responsibilities of the related Servicer, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 standards the Servicer will be required to use to service and administer the related Specified Assets and maintain the accounts, records and computer systems pertaining to the related Specified 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the type, required coverages and principal terms of the insurance policies, if any, that the Servicer will maintain with respect to the related Specified Assets; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the appointment of a custodian of the Lease Files with respect to the related Specified 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Designation of Specified Interests</u>. At least one business day prior to the creation of any Specified Interest (or on the date hereof for any Specified Interest created on the date hereof), the Initial Beneficiary will deliver to the Titling Trust Administrator a notice executed by the Initial Beneficiary, setting forth the terms of such Specified Interest and the related Series (each, a "<u>Titling Trust Specification Notice</u>"), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 date that the related Series will be issued (the "<u>Series Issue Date</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;(ii) that (A) additional Leases and Vehicles may be allocated to the Specified Interest (any such Specified Interest, a "<u>Revolving Specified Interest</u>") or (B) no additional Leases and Vehicles may be allocated to the Specified Interest (any such Specified Interest, a "<u>Fixed Specified Interest</u>");

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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; that the Certificates of the related Series will collectively represent the entire Beneficial Interest in the related Specified Assets and (1) will be issued in more than one class (each, a "<u>Class</u>") having different rights with respect to the related Specified Assets and specifying the terms of each such Class or (2) will be issued only in a single 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Persons to whom the Certificates of such Series initially will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 first date as of which Collections on the related Specified Assets will be allocated to such Specified Interest (the "<u>Series Cutoff Date</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;(vi) a schedule listing the Leases and Vehicles to be initially allocated to such Specified Interest (a "<u>Schedule of Leases and Vehicles</u>"); 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;(vii) that (A) Titling Trust Notes may be issued by the Titling Trust with respect to such Specified Interest (if so specified, such Specified Interest a "<u>Titling Trust Note Specified Interest</u>") or (B) Titling Trust Notes may not be issued by the Titling Trust with respect to such Specified Interest.

On the Series Issue Date, the Titling Trust will issue the related Certificates to the Persons named in the Titling Trust Specification Notice. The Titling Trust Administrator will provide notice of each such issuance to the Trustee, and the Trustee will record such issuance in the Certificate Register. Each Titling Trust Specification Notice will be substantially in the form of <u>Exhibit A</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) <u>Rights of Holders With Respect to Specified Interests</u>. The Holders of each Series, with respect to the related Specified Interest (collectively, the "<u>Beneficial Interest</u>"), subject to the rights of (A) any related Registered Pledgee and (B) any related Titling Trust Noteholders and to the terms of the related Servicing Agreement and any other document to which the related Specified Assets are subject, will have, in accordance with <u>Section 4.3(a)</u>, the exclusive right to administer, manage, and control the related Specified Assets. In this regard, the Servicing Agreement and any other document to which the related Specified Assets are subject may designate the parties with the exclusive right to administer, manage, and control the related Specified Assets, including the right to, at any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; direct the Titling Trust to assign or otherwise transfer any related Specified Leases, Specified Vehicles or other Specified Assets to, or to the order of the Persons identified therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; receive or direct the application of all Collections on the related Specified 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) designate, remove and direct the actions of the related Servicer and specify the terms of the related Servicing Agreement in accordance with <u>Section 4.3(a)</u>;

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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) direct the Titling Trust to accept assignments of title to Leases and Vehicles (or instruct the related Servicer, as their agent, to so direct the Titling Trust) for allocation to such Specified Interest (if designated as a Revolving Specified Interest) in accordance with <u>Section 4.3(d)</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;(v) direct the Titling Trust to reallocate any related Specified Leases, Specified Vehicles or other; Specified Assets to a different Specified Interest in accordance with <u>Section 4.3(f)</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;(vi)&nbsp;&nbsp;&nbsp;&nbsp; in the case of a Titling Trust Note Specified Interest, direct the Titling Trust to issue Titling Trust Notes with respect to the related Specified Interest and pledge any or all of the related Specified Assets to secure such Titling Trust Notes, subject to and in accordance with the terms of this Agreement and the related Titling Trust Specification Notice; 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;(vii) provide directions to the Titling Trust Administrator, the Titling Trust, the Trustee or the related Servicer with respect to the related Specified Interest pursuant to <u>Section 7.4(a)</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;(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>Subsequent Addition of Specified Assets to Revolving Specified Interests</u>. The Holders of the Series relating to any Revolving Specified Interest will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with <u>Section 4.3(h)</u> any Leases, Vehicles or other assets that have been acquired or are to be acquired by the Titling Trust for allocation to such Revolving Specified Interest, and provide to the Titling Trust Administrator the following information with respect to any such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; the Revolving Specified Interest to which Leases, Vehicles or other assets have been or are to be allocated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Addition 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the date as of which Collections on such assets will be allocated to such Revolving Specified Interest.

Effective as of the Addition Date set forth in any Addition Notice, the Leases, Vehicles or other assets identified therein will be Specified Assets allocated to the Specified Interest set forth in the Addition Notice. Notwithstanding the foregoing, if the Titling Trust Specification Notice related to a Revolving Specified Interest specifies that Leases, Vehicles and Units having specifically identified characteristics shall be automatically allocated to such Specified Interest upon the acquisition thereof by the Titling Trust, then no separate Addition Notices will be required in respect of any Leases, Vehicles or Units acquired by the Titling Trust with such specifically identified characteristics.

&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>Assignment and Transfer of Specified Assets from the Titling Trust</u>. The Holders of the Series relating to any Specified Interest will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with <u>Section 4.3(h)</u> any related Specified Assets that have been or are to be assigned or otherwise transferred from the Titling Trust, and provide to the Titling Trust Administrator the following information with respect to such Specified Assets:

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp; the Specified Interest from which the Specified Assets have been or are to be assigned or otherwise transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Assignment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the date as of which Collections on such Specified Assets will cease to be allocated to such Specified Interest.

Effective as of the Assignment Date set forth in any Assignment Notice, the Specified Assets identified therein will cease to be Titling Trust Assets. The effectiveness of an Assignment Notice that is delivered with respect to any Specified Interest will be subject to the rights of any Titling Trust Noteholders or Registered Pledgees with respect to such Specified 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;(f) <u>Reallocation of Specified Assets from one Specified Interest to Another</u>. The Holders of the Series relating to any Specified Interest will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with <u>Section 4.3(h)</u> any related Specified Assets that have been or are to be reallocated to another existing Specified Interest, and provide to the Titling Trust Administrator the following information with respect to such Specified 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; the Specified Interest from which the Specified Assets have been or are to be reallocated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Specified Interest to which the Specified Assets have been or are to be reallocated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Reallocation 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the date as of which Collections on such Specified Assets will be allocated to the Specified Interest to which such Specified Assets have been or are to be reallocated.

Effective as of the Reallocation Date set forth in any Reallocation Notice, the Leases, Vehicles or other assets identified therein will be reallocated to the Specified Interest set forth in the Reallocation Notice. The effectiveness of a Reallocation Notice that is delivered with respect to any Specified Interest will be subject to the rights of any Titling Trust Noteholders or Registered Pledgees with respect to such Specified 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;(g)&nbsp;&nbsp;&nbsp;&nbsp; <u>Identification of Assets</u>. In identifying Leases, Vehicles and other assets to be allocated, acquired, assigned, transferred or reallocated pursuant to <u>Section 4.3(b)</u>, <u>(d)</u>, <u>(e)</u> or <u>(f)</u>, Holders will identify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; Leases by account number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; Vehicles by vehicle identification number; 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) any other Titling Trust Assets by such description in such form that will permit the Titling Trust (or the Servicers or the Titling Trust Administrator on its behalf) to identify such Titling Trust Assets separately from any other 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;(h)&nbsp;&nbsp;&nbsp;&nbsp; <u>Reporting to Titling Trust Administrator</u>. The Holders (or the related Servicer on their behalf) will report to the Titling Trust Administrator with respect to assets acquired, assigned, transferred, or reallocated pursuant to <u>Section 4.3(d)</u>, <u>(e)</u> and <u>(f)</u> at such times, in such manner and in such form as may be agreed to from time to time by such Holders (or the related Servicer on their behalf) and the Titling Trust Administrator, which may include any electronic means.

&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>Certain Rights and Duties of the Titling Trust Administrator With Respect to Specified Interests and Specified Assets</u>. In accordance with procedures set forth in the related Servicing Agreement, each Servicer (or, if no Servicer has been appointed with respect to a Specified Interest, the Holders of the related Series) will provide information with respect to the related Specified Assets to the Titling Trust Administrator in detail sufficient to permit the Titling Trust Administrator to maintain on an ongoing basis adequate records with respect to the investments of the Holders in the Titling Trust and to provide the Holders with any information required pursuant to this Agreement. The Titling Trust Administrator has no responsibility for determining, monitoring or verifying the value or quality of any assets contributed to or held by the Titling Trust. The Titling Trust Administrator, upon receipt of all certificates, statements, opinions, reports, documents, orders, other instruments or property furnished to the Titling Trust Administrator that are required to be furnished pursuant to this Agreement, will examine them to determine whether they are on their face in the form required by this Agreement. If any such item is found on its face not to conform to the requirements of this Agreement in a material manner, the Titling Trust Administrator will take such action as it deems appropriate to have the item corrected by the related Servicer, and if the item is not corrected to the Titling Trust Administrator's reasonable satisfaction by the related Servicer, the Titling Trust Administrator will provide notice thereof to the Trustee and to the applicable Holders. The Titling Trust Administrator will make all books and records maintained by the Titling Trust Administrator with respect to the Titling Trust and the Titling Trust Assets available to the Trustee for inspection, but only upon reasonable notice and during the normal business hours of the respective offices of the Titling Trust Administrator.

Section 4.4.&nbsp;&nbsp;&nbsp;&nbsp; <u>Titling Trust Accounts</u>. If so specified in the Servicing Agreement with respect to any Specified Interest, the Titling Trust Administrator will, in the manner so specified, establish and maintain in the name of the Titling Trust, or in such other name that identifies the Titling Trust as the holder of the account, one or more separate deposit accounts or securities accounts for the benefit of the Holders of the related Series. Any such account will be under the sole dominion and control of the related Holders, subject to the rights of any related Registered Pledgees or any related Titling Trust Noteholders, except to the extent otherwise specified in such Servicing Agreement.

Section 4.5. <u>Titling Trust Notes</u>. The Titling Trust may issue Titling Trust Notes with respect to (and only with respect to) any Titling Trust Note Specified Interest. If so specified in the Titling Trust Note Indenture with respect to any Titling Trust Notes or in the Titling Trust Specification Notice with respect to the related Specified Interest, the related Titling Trust Noteholders may designate an indenture trustee or other third party to exercise the rights of such Titling Trust Noteholders under this Agreement. If no such third party is designated, unless otherwise specified in the related Titling Trust Specification Notice, the rights of the Titling Trust Noteholders may be exercised only with the consent of 100% of such holders.

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ARTICLE Five

THE CERTIFICATES

Section 5.1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Delivery and Form</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) Each Certificate will be substantially in the form set forth in <u>Exhibit B</u>, subject to modifications as required by this Agreement or the related Titling Trust Specification Notice. Each Certificate will be executed by manual, facsimile or other electronic signature by an Authorized Officer of the Trustee. Each Certificate bearing the manual, facsimile or other electronic signatures of individuals who were authorized to sign on behalf of the Trustee at the time when such signatures were affixed will be a valid and binding representation of interests in the Titling Trust notwithstanding that any or all of such individuals will have ceased to be so authorized prior to or did not hold such offices at the date of delivery of such Certificate or thereafter.

&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; Certificates may be typewritten or produced by any other method, all as determined by the Trustee, as evidenced by the Trustee's execution of such 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;(c) In the case of Certificates issued in connection with the issuance of Securities (other than the Certificates issued in respect of the Mercedes-Benz Retail Specified Interest and the Mercedes-Benz Commercial Specified Interest<u>)</u>, the Certificates will be issued only upon delivery of an Opinion of Counsel addressed to the Titling Trust Administrator, the Trustee and the Titling Trust that (i) such issuance and the transactions entered into in connection therewith (including transfers of such Certificates permitted by the documents executed in connection with such transactions) will not cause the Titling Trust to be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes and (ii) the issuance of such Certificates will not cause the Securities, if any, issued in connection with any previously issued Certificates to not be characterized as debt for Federal income tax purposes (provided such Securities had previously been characterized as debt for Federal income tax purposes in accordance with an opinion of Federal tax 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;(d) Notwithstanding any other part of this Agreement, no Person may acquire any Certificate or be admitted as a Holder unless and each Holder by acceptance of a Certificate certifies 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;(i)&nbsp;&nbsp;&nbsp;&nbsp; such Person is not acquiring its interest in the Titling Trust through an "established securities market" within the meaning of section 7704(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 giving effect to such acquisition, there are no more than 95 beneficial owners of the Titling Trust as determined by Section 1.7704-1(h) of the Treasury Regulations; 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) such Person either (A) is not (or, if it is disregarded as an entity separate from its owner within the meaning of Treasury Regulations Section 301.7701-3(a), its owner is not), for U.S. federal income tax purposes, a partnership, grantor trust, or S Corporation (as defined in the Code) (any such entity, a "<u>Pass-Through Entity</u>") or (B) is a Pass-Through Entity, but (x) after giving effect to such transaction less than 50 percent of the value of each beneficial ownership interest in such Pass-Through Entity is attributable to such entity's interest in the Titling Trust or (y) adequate provisions are in place that restrict any transfer of beneficial interests in such Pass-Through Entity or the actions of such Pass-Through Entity in such a manner to prevent any increase in the number of beneficial owners of the Pass-Through Entity for purposes of Section 1.7704-1(h) of the Treasury Regulations without the consent of the Titling Trust (as confirmed by an Opinion of Counsel).

Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp; <u>Mutilated, Destroyed, Lost or Stolen Certificates</u>. If (i) any mutilated Certificate is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Trustee such security or indemnity as may be required by it to indemnify and hold it harmless, then the Trustee will execute on behalf of the Titling Trust and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a replacement Certificate of the same Class and proportionate interest in the Titling Trust, the related Specified Interest and the Specified Assets allocated thereto. Such substitute Certificate will constitute for all purposes a substitute for the original Certificate and the original Certificate will be deemed canceled and the books and records of the Trustee will indicate such cancellation. Any replacement Certificate will be delivered to the Holder of the applicable Series. However, if there is a Registered Pledgee of such Certificate, then a replacement Certificate will be delivered to the Registered Pledgee if the Notice of Registered Pledge so provides.

Section 5.3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Persons Deemed Holders</u>. Prior to due presentation of a Certificate for registration of transfer, the Trustee will regard the Person in whose name such Certificate is registered as the Holder for all purposes. The Holder of any Certificate may covenant or enter into agreements with other Persons with respect to the exercise of any or all of its rights as Holder of such Certificate and, subject to <u>Section 5.4(e)</u>, upon receipt of notification of such arrangements by the Trustee (with a copy to the Titling Trust Administrator), such Persons will be treated as Holders in accordance with and to the extent provided in such agreement.

Section 5.4.&nbsp;&nbsp;&nbsp;&nbsp; <u>Registration of Transfer and Exchange of Certificates</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 Trustee will keep or cause to be kept, at the office or agency maintained pursuant to <u>Section 5.5</u>, a Certificate Register that, subject to such reasonable regulations as it may prescribe, the Trustee will provide for the registration of Certificates and of transfers and exchanges of Certificates. The Trustee will not register any transfer, sale, assignment, hypothecation, pledge or other conveyance of any Certificate unless the request for such transfer, sale, assignment, hypothecation, pledge or other conveyance is accompanied by either (i) in the case of a conveyance that constitutes a Registered Pledge, a Notice of Registered Pledge and the other documentation required under <u>Sections 5.4(e)</u> and <u>5.7</u> or (ii) in the case of any other conveyance of a Certificate subject to a Registered Pledge, evidence that the related Registered Pledgees have consented to such conveyance.

&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) Upon surrender for registration of transfer of any Certificate to the Trustee at its Corporate Trust Office and subject to compliance with the terms hereof, an Authorized Officer of the Trustee will execute and deliver, in the name of the designated transferee or transferees, one or more new Certificates in a like aggregate amount.

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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; Every Certificate presented or surrendered for registration of transfer or exchange will be accompanied by an instrument of transfer or exchange in form satisfactory to the Trustee duly executed by the Holder, including, with respect to any Certificate subject to a Registered Pledge, the documentation described in <u>Section 5.4(a)(ii)</u>. Each Certificate surrendered for registration of transfer and exchange will be canceled and subsequently disposed of by the 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;(d)&nbsp;&nbsp;&nbsp;&nbsp; No service charge will be made for any registration of transfer or exchange of Certificates, but the Trustee may require payment of a sum sufficient to cover any expense, tax or governmental charge that may be imposed in connection with any transfer or exchange of 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; Except to the extent specified in this Agreement or in the related Servicing Agreement, Certificates may be assigned, pledged or otherwise transferred. However, the Certificates may be assigned, pledged or otherwise transferred only upon delivery of an Opinion of Counsel addressed to the Titling Trust Administrator, the Trustee and the Titling Trust that such assignment, pledge or transfer will not cause the Titling Trust to be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes. Any attempted assignment, pledge, or other transfer in violation of this Section 5.4(e) will be void from the beginning. In addition, each assignee, pledgee or other transferee must, prior to or contemporaneously with any such assignment, pledge or other transfer, execute an agreement containing a non-petition covenant substantially similar to that set forth in <u>Section 11.8</u> and deliver to the Titling Trust Administrator, the Trustee and the Initial Beneficiary an executed copy of such agreement. In addition to the foregoing, in the case of a pledge of a Certificate, the Holder will deliver to the Trustee (with a copy to the Titling Trust Administrator) a notice of registered pledge substantially in the form of <u>Exhibit C</u> (a "<u>Notice of Registered Pledge</u>"), an executed copy of the related security agreement and any agreements governing the exercise by the pledgee of the rights of a Holder with respect to the applicable Certificate (any such pledge, a "<u>Registered Pledge</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;(f)&nbsp;&nbsp;&nbsp;&nbsp; The Trustee will deliver, or cause to be delivered, a copy of this Agreement to each Person that becomes a Holder or Registered Pledgee.

Section 5.5. <u>Maintenance of Office or Agency</u>. The Trustee will maintain an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Trustee in respect of the Certificates and this Agreement may be served. The Trustee initially designates its Corporate Trust Office as its office for such purposes. The Trustee will give prompt notice to the Initial Beneficiary, the Holders and any Registered Pledgees of any change in the location of such office.

Section 5.6.&nbsp;&nbsp;&nbsp;&nbsp; <u>Cooperation with Servicers</u>. The Titling Trust will furnish each Servicer with any powers of attorney and such other documents as have been prepared by such Servicer for execution by the Titling Trust as are necessary or appropriate to enable such Servicer to carry out its duties under the applicable Servicing Agreement.

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Section 5.7. <u>Registered Pledge</u> . Each Notice of Registered Pledge will be executed by the Holder of the subject Certificate and each Registered Pledgee of such Certificate and will set forth the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name of the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name and address of the Registered Pledgee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Series and Class, if applicable, of the Certificate subject to the Registered Pledge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; any rights of the Holder under this Agreement and the applicable Certificate that the Holder has agreed may be exercised by the Registered Pledgee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if there is more than one Registered Pledgee of a Certificate, a brief statement of the relative rights of each Registered Pledgee in such Certificate; 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; any additional information required by the Titling Trust Administrator or the Trustee.

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ARTICLE Six

ACCOUNTING AND REPORTS TO HOLDERS

Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Accounting and Reports to Holders, the Internal Revenue Service and Others</u>. The Initial Beneficiary will (a) maintain (or cause to be maintained) the books of the Titling Trust on a calendar year basis on the accrual method of accounting, (b) deliver to each Holder and Registered Pledgee such information as may be required by the Code and applicable Treasury Regulations or otherwise, including such information as may be required to enable each Holder and Registered Pledgee to prepare its U.S. federal income tax returns, (c) file (or cause to be filed) any tax returns relating to the Titling Trust and make (or cause to be made) such elections as may be required or appropriate under any Applicable Law, and (d) cause such tax returns to be signed in the manner required by Applicable Law.

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ARTICLE Seven

THE TITLING TRUST ADMINISTRATOR AND THE TRUSTEE

Section 7.1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Appointment of the Titling Trust Administrator; Duties of the Titling Trust Administrator and the Trustee</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; <u>Appointment of the Titling Trust Administrator</u>. The Initial Beneficiary appoints MBFS USA as Titling Trust Administrator and MBFS USA hereby accepts such appointment. Each Holder of a Certificate, by acceptance thereof, will be deemed to have consented to the appointment of MBFS USA as Titling Trust Administrator.

&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>Duties of the Titling Trust Administrator and the Trustee</u>. The Titling Trust Administrator and the Trustee will each perform such duties, and only such duties, as are specifically set forth in this Agreement. The Trustee shall have no duty or obligation to manage, control, use, make any payment in respect of, register, record, sell, dispose of or otherwise deal with any of the Titling Trust Assets, or otherwise to take or refrain from taking any action as Trustee or on behalf of the Trust whatsoever under or in connection with this Agreement or the Transaction Documents except as (i) expressly provided by the terms hereof or (ii) to the extent not so provided, as expressly provided in written instructions received pursuant to <u>Section 7.4</u> hereof; and no implied duties (including fiduciary duties existing at law or in equity) or obligations shall be read into this Agreement or any other Transaction Document against the Trustee, which implied duties or obligations are hereby eliminated. The permissive right of the Trustee to perform any discretionary act or exercise any privilege enumerated herein shall not be construed as a duty. The Trustee shall not in any instance have any duty to inspect any of the Titling Trust Assets or any records pertaining thereto. The Trustee shall have no responsibility for preparing or filing, or the correctness of, any financing or continuation statement 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 to prepare or file any Securities Exchange Commission filing (including any filings required under the Sarbanes-Oxley Act) for the Trust or to record this Agreement or any other Transaction 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;(c) <u>Reliance on Certificates and Opinions</u>. In the absence of gross negligence or willful misconduct on its part, the Titling Trust Administrator and the Trustee may conclusively rely upon certificates or opinions furnished to the Titling Trust Administrator or the Trustee, as the case may be, and conforming to the requirements of this Agreement in determining the truth of the statements and the correctness of the opinions contained therein. However, the immediately preceding sentence will not apply unless the Titling Trust Administrator or the Trustee, as the case may be, have examined such certificates or opinions 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;(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>No Duty to Segregate Funds; No Liability for Interest</u>. Subject to <u>Section 4.3</u>, the Titling Trust Administrator is not required to segregate funds received under this Agreement in any manner except to the extent required by Applicable Law and the related Servicing Agreement and may deposit such funds under such general conditions as may be prescribed by Applicable Law. The Titling Trust Administrator will not be liable for any interest on any such funds.

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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>Limitation on Direction by Holders</u>. A Holder will not direct the Titling Trust Administrator or the Trustee to take any action 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;(i)&nbsp;&nbsp;&nbsp;&nbsp; is inconsistent with any of the Permitted Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; would result in the Titling Trust's becoming an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes or that is otherwise inconsistent with the intended tax characterization of the Titling Trust and the Titling Trust Assets as set forth in <u>Section 2.9</u>; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp; is otherwise inconsistent with any provision of this Agreement or Applicable Law.

Section 7.2. <u>Authorization of the Titling Trust Administrator and the Trustee</u>. The Titling Trust Administrator and the Trustee are authorized and directed to execute and deliver (i) this Agreement and (ii) each (x) Transaction Document (including any amendment of a Transaction Document at the request of the Titling Trust Administrator), (y) certificate or other document attached as an exhibit to or contemplated by this Agreement and (z) other agreement or document to which the Titling Trust is to be a party in such form as the Initial Beneficiary may approve.

Section 7.3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Acceptance of Duties; 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) Except as otherwise provided in this <u>Article VII</u>, the Titling Trust Administrator acts solely as Titling Trust Administrator under this Agreement and not in its individual capacity, and the Trustee acts solely as trustee under this Agreement and not in its individual capacity, and all Persons having any claim against the Titling Trust Administrator or the Trustee by reason of the transactions contemplated by this Agreement will be entitled to payment or satisfaction thereof only in the manner and to the extent set forth in <u>Section 7.8</u>. The Titling Trust Administrator and the Trustee agree to perform their respective duties under this Agreement but only upon the terms of this Agreement. Each of the Titling Trust Administrator and the Trustee also agrees to disburse all moneys received by it constituting part of the Titling Trust Assets upon the terms 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;(b)&nbsp;&nbsp;&nbsp;&nbsp; Neither the Titling Trust Administrator nor the Trustee will be liable or accountable under this Agreement under any circumstances, except that neither the Titling Trust Administrator nor the Trustee will be relieved from liability (i) for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct or (ii) to the extent that the loss or damage giving rise to such liability results from the failure of any representation or warranty contained in <u>Section 2.8</u> (in the case of the Titling Trust Administrator) or <u>Section 7.6</u> (in the case of the Trustee) to be true and correct in all material respects as of the date as of which such representation or warranty was made (provided, that the exceptions specified in clauses (i) and (ii) do not limit any other part of this <u>Article VII</u>). In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; neither the Titling Trust Administrator nor the Trustee will be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of any Holder delivered pursuant to <u>Section 7.4</u> with respect to such Holder's Specified Interest;

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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;(ii)&nbsp;&nbsp;&nbsp;&nbsp; neither the Titling Trust Administrator nor the Trustee will be liable for any error of judgment made in good faith by an Authorized Officer of such Person unless it is proved that the Titling Trust Administrator or the Trustee was grossly negligent in ascertaining the pertinent facts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Titling Trust Administrator will 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 <u>Section 7.4</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;(iv) under no circumstance shall the Trustee (including in its individual capacity) be liable for any representation, warranty, covenant, or obligation or indebtedness of the Titling Trust hereunder or under the Transaction Documents or any other agreement, document or certificate contemplated by the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Trustee shall not be deemed to have actual or constructive knowledge of publicly available information or information contained in distribution reports or other reports delivered under the Transaction 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in no event shall the Trustee be liable for forces beyond its control including strikes, work stoppages, acts of war or terrorism, insurrection, revolution, epidemics or pandemics, nuclear or natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the Trustee shall not be deemed to have actual knowledge of any fact or event, including any event of default, unless a Responsible Officer of the Trustee has received written notice of such fact or event. The delivery of reports, information and documents to the Trustee shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Titling Trust's, the Titling Trust Administrator's, the Holders' or any other Person's compliance with any covenants in the Transaction Documents nor shall the Trustee have any duty to monitor or investigate to determine whether any such fact or event 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Trustee shall neither be responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instrument, or document, other than this Agreement or other documents to which it or BNYMTD is a party (under any role), and shall have no duty to inquire as to the performance or nonperformance of any provision, whether or not an original or a copy of such agreement has been provided to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) in no event shall the Trustee be responsible or liable for any special, indirect, incidental, consequential or punitive damages (including lost profits) with respect to any matter whatsoever arising out of this Trust Agreement, and in no event will the Trustee be liable for any amount in excess of the value of the Titling Trust Assets;

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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;(x)&nbsp;&nbsp;&nbsp;&nbsp; the Trustee shall not be liable for any action taken or omitted to be taken, or the default or misconduct, of the Initial Beneficiary, any Registered Pledgee, the Holders or the Titling Trust Administrator under any Transaction Document or otherwise and the Trustee shall have no obligation or liability to perform, monitor or supervise the performance of any the obligations of the Initial Beneficiary, any Registered Pledgee, the Holders or the Titling Trust Administrator under this Agreement or any other Transaction Document, or under any other document contemplated hereby or thereby, which are to be performed by the Initial Beneficiary, any Registered Pledgee, the Holders, the Titling Trust Administrator or any other Person under such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) in the event that any of the Titling Trust Assets shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Titling Trust Assets, the Trustee is hereby expressly authorized, in its sole discretion, to respond as it deems appropriate or to comply with all writs, orders or decrees so entered or issued, or which it is advised by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction, subject to compliance with applicable confidentiality agreements. In the event that the Trustee obeys or complies with any such writ, order or decree it shall not be liable to any of the Parties or to any other person, firm or corporation, should, by reason of such compliance notwithstanding, such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated; 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;(xii) if any conflict, disagreement or dispute arises between, among, or involving any of the parties hereto concerning the meaning or validity of any provision hereunder or concerning any other matter relating to this Agreement, or the Trustee is in doubt as to the action to be taken hereunder, the Trustee may, at its option, after sending written notice of the same to transaction parties, refuse to act until such time as it (a) receives a final non-appealable order of a court of competent jurisdiction directing delivery of the Titling Trust Assets or other appropriate resolution (b) receives a written instruction, executed by each of the parties involved in such disagreement or dispute, in a form reasonably acceptable to the Trustee, directing delivery of the Titling Trust Assets or other appropriate resolution. The Trustee will be entitled to act on any such written instruction or final, non-appealable order of a court of competent jurisdiction without further question, inquiry or consent. The Trustee may file an interpleader action in a state or federal court, and upon the filing thereof, Trustee will be relieved of all liability as to the Titling Trust Assets and will be entitled to recover reasonable and documented out-of-pocket attorneys' fees, expenses and other costs incurred in commencing and maintaining any such interpleader 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; No provision of this Agreement will require the Titling Trust Administrator or the Trustee to expend or risk personal funds or otherwise incur any financial liability in the performance of any of its rights or powers under this Agreement or the other Transaction Documents, if the Titling Trust Administrator or the Trustee will 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, and none of the provisions contained herein or therein shall in any event require the Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Titling Trust Administrator hereunder or under any other Transaction 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;(d) Neither the Titling Trust Administrator nor the Trustee will be responsible for or in respect of, and makes no representation as to the validity or sufficiency of, any provision of this Agreement or for the due execution hereof by the Initial Beneficiary or for the form, character, genuineness, sufficiency, value or validity of any of the Titling Trust Assets or for or in respect of the validity or sufficiency of the Certificates or any related documents, and neither the Titling Trust Administrator nor the Trustee will in any event assume or incur any liability, duty or obligation to any Holder, other than as expressly provided for herein; 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; Neither the Titling Trust Administrator nor the Trustee will be under any 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 this Agreement, at the request, order or direction of any Holder, unless such Holder has offered to the Titling Trust Administrator or the Trustee, as the case may be, security or indemnity satisfactory to it against the fees, costs, expenses and liabilities that may be incurred by the Titling Trust Administrator or the Trustee, as the case may be, therein or thereby. The right of the Titling Trust Administrator and the Trustee to perform any discretionary act enumerated in this Agreement will not be construed as a duty, and neither the Titling Trust Administrator nor the Trustee will be answerable for other than its gross negligence 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;(f) Notwithstanding anything contained herein to the contrary, the 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 consent or approval or authorization or order of, or the giving of notice to, or the registration with, or the taking of any other action in or required by, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (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 Trustee, or (iii) subject the 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 Trustee contemplated hereby. The Trustee shall be entitled to obtain the advice of counsel (which advice shall be a reimbursable trust expense) to determine whether any action required to be taken pursuant to this Agreement or any other Transaction Document results in the consequences described in clauses (i), (ii) and (iii) of the preceding sentence. In the event that said counsel advises the Trustee that such action will result in such consequences, the Trustee, in conjunction with the related Holder or Registered Pledgee will appoint an additional trustee pursuant to Section 7.12 hereof to proceed with such 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;(g)&nbsp;&nbsp;&nbsp;&nbsp; It shall be the Titling Trust Administrator's duty and responsibility, and not the Trustee's duty or responsibility, to cause the Titling Trust 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 Titling Trust, its assets or the conduct of its business.

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Section 7.4.&nbsp;&nbsp;&nbsp;&nbsp; <u>Action upon Instruction by Holders</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 Holders of any Series, subject to the rights of the related Registered Pledgee, if any, may direct the Titling Trust Administrator, the Titling Trust, the Trustee or the Servicer with respect to the related Specified Interest to take action or refrain from taking action with respect to the related Specified Assets except to the extent that such action or inaction would conflict with any other provision of this Agreement or any document to which the related Titling Trust Assets are subject. Such direction may be exercised at any time by written instructions signed by the Holders holding a 100% beneficial interest in such Specified 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;(b)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, and in accordance with <u>Section 7.3(d)</u>, neither the Titling Trust Administrator nor the Trustee will be required to take any action or refrain from taking action under this Agreement if the Titling Trust Administrator or the Trustee, as the case may be, has reasonably determined, or has been advised by counsel, that such action is likely to result in liability on the part of the Titling Trust Administrator or the Trustee, as the case may be, or is contrary to the terms hereof or is otherwise contrary to Applicable 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;(c) Whenever the Titling Trust Administrator or the Trustee is unable to decide between alternative courses of action permitted or required by this Agreement, or is unsure as to the application, intent, interpretation or meaning of any provision of this Agreement, the Titling Trust Administrator or the Trustee may request an Opinion of Counsel as to such application, intent, interpretation or meaning, or may give notice (in a form appropriate under the circumstances) to the Holders requesting instruction as to the course of action to be adopted, and, to the extent the Titling Trust Administrator or the Trustee acts in good faith in accordance with such Opinion of Counsel or any such instruction received from such Holders, as the case may be, neither the Titling Trust Administrator nor the Trustee will be liable on account of such action to any Person. If the Titling Trust Administrator or the Trustee, as applicable, does not receive an Opinion of Counsel or appropriate instructions within 10 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 will be under no duty to, take or refrain from taking such action that is consistent, in its view, with this Agreement, and as it deems to be in the best interests of the Holders, and neither the Titling Trust Administrator nor the Trustee will have liability to any Person for any such action or inaction.

Section 7.5. <u>Furnishing of Documents</u>. The Titling Trust Administrator will furnish to the Holders, promptly upon receipt of a request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Titling Trust Administrator by the Servicer or others.

Section 7.6.&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties of the Trustee</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 Trustee represents and warrants to the Initial Beneficiary and the Holders that:

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp; it is a Delaware banking corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; it has full corporate power, authority and legal right to execute, deliver and perform this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it 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;(iii) the execution, delivery and performance by it of this Agreement (i) does not violate any provision of any law or regulation governing the banking and trust powers of the Trustee or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to the Trustee or any of its assets, (ii) does not violate any provision of the corporate charter or by-laws of the Trustee, and (iii) does not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any Lien on any properties of the Trustee pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, violation, default or Lien would reasonably be expected to have a materially adverse effect on the Trustee's performance or ability to perform its duties under this Agreement or on the transactions contemplated in 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;(iv) the execution, delivery and performance by the Trustee of this Agreement does not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any Governmental Authority; 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;(v)&nbsp;&nbsp;&nbsp;&nbsp; this Agreement has been duly executed and delivered by the Trustee and constitutes the legal, valid and binding agreement of the Trustee, enforceable in accordance with its terms, except as 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.

Section 7.7.&nbsp;&nbsp;&nbsp;&nbsp; <u>Reliance; Advice of Counsel</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) Neither the Titling Trust Administrator nor the Trustee will incur personal liability to any Person 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 and neither the Titling Trust Administrator nor the Trustee is required to investigate any fact or matter in any such document. The Trustee may accept a copy of a resolution of the board of directors, a written consent of managers or members or other governing body of any Person, as conclusive evidence that such resolution or consent has been duly adopted by such body and that the same is in full force and effect. If the method of the determination of any fact or matter is not specifically prescribed herein, the Titling Trust Administrator or the Trustee may for all purposes hereof rely on a certificate, signed by the Initial Beneficiary, or 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 will constitute full protection to the Titling Trust Administrator and the Trustee, as the case may be, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its duties and obligations under this Agreement, the Titling Trust Administrator and the Trustee: (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and neither the Titling Trust Administrator nor the Trustee will be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees will have been selected by the Titling Trust Administrator or the Trustee, as the case may be, with due care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with due care and employed by it at the expense of the Titling Trust. Neither the Titling Trust Administrator nor the Trustee will be liable for anything done, suffered or omitted in good faith by it in accordance with any advice of such counsel, accountants or other such skilled professionals and not contrary to this Agreement.

Section 7.8.&nbsp;&nbsp;&nbsp;&nbsp; <u>Compensation and Indemnity</u>. The Titling Trust Administrator and the Trustee will receive as compensation for its services under this Agreement such reasonable fees as are separately agreed upon between the Initial Beneficiary and the Titling Trust Administrator or the Trustee, as the case may be. The Titling Trust Administrator and the Trustee will be entitled to be reimbursed by the Initial Beneficiary for its reasonable expenses under this Agreement, including the reasonable compensation, expenses and disbursements of such agents, custodians, nominees, representatives, experts and counsel as the Titling Trust Administrator or the Trustee may employ in connection with the exercise and performance of its rights and its duties under this Agreement. However, pursuant to the terms of the Servicing Agreement entered into in connection with the issuance of any Series, the related Holders (or the related Servicer or another Person if so specified therein) will pay the Specified Asset Titling Trust Administrator Fee and the Specified Asset Trustee Fee in the manner and at the times set forth therein.

Section 7.9.&nbsp;&nbsp;&nbsp;&nbsp; <u>Resignation or Removal of Titling Trust Administrator or the Trustee</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 Titling Trust Administrator may not resign without the consent of the Initial Beneficiary unless the Titling Trust Administrator ceases to be eligible in accordance with the provisions of <u>Section 7.11</u> or the Titling Trust Administrator is incapable of acting or it is illegal for the Titling Trust Administrator or the Trustee to act. The Trustee may resign upon thirty days' notice to the Titling Trust Administrator.

&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 Initial Beneficiary may remove the Titling Trust Administrator or the Trustee (and will remove the Titling Trust Administrator or the Trustee in the case of the occurrence of an event described in clause (iv) and will remove the Trustee in the case of the occurrence of an event described in clause (i)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; if the Trustee ceases to be eligible in accordance with the provisions of <u>Section 7.11</u> and fails to resign after a request therefor by the Initial Beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; if the Titling Trust Administrator or the Trustee is adjudged bankrupt or insolvent;

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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; if a receiver or other public officer is appointed or takes charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation or if an Insolvency Event occurs with respect to the Titling Trust Administrator or the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; if the Titling Trust Administrator or the Trustee otherwise is incapable of acting or it is illegal for the Titling Trust Administrator or the Trustee to act; 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;(v)&nbsp;&nbsp;&nbsp;&nbsp; at its discretion.

&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) If the Titling Trust Administrator or the Trustee is removed or if a vacancy exists in the office of Titling Trust Administrator or the Trustee for any reason, the Initial Beneficiary will promptly appoint a successor Titling Trust Administrator or successor Trustee by written instrument (one copy will be delivered to the outgoing Titling Trust Administrator or Trustee so removed, one copy to the successor Titling Trust Administrator or successor Trustee, as the case may be, and one copy to each Rating Agency then rating any Securities). Any successor Trustee must satisfy the requirements of <u>Section 7.11</u>. All costs associated with the resignation or removal of the Titling Trust Administrator or the Trustee and the appointment of a successor will be borne by the Holders of the Certificates based on their respective Specified Asset Percentages of such costs. However, if the Initial Beneficiary (i) consents to the resignation of the Titling Trust Administrator or the Trustee pursuant to <u>Section 7.9(a)</u> or (ii) removes the Titling Trust Administrator or the Trustee pursuant to <u>Section 7.9(b)(v)</u>, all such costs will be borne exclusively by the Initial Beneficiary.

&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; Any resignation or removal of the Titling Trust Administrator or the Trustee and appointment of a successor Titling Trust Administrator or Trustee pursuant to any of the provisions of this <u>Section 7.9</u> will not become effective until an acceptance of appointment is delivered by the successor Titling Trust Administrator or Trustee, as the case may be, upon which the successor Titling Trust Administrator or Trustee, as the case may be, must 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 Titling Trust Administrator or Trustee, as the case may be, and payment of all fees, and expenses and indemnities owed to the outgoing Titling Trust Administrator or Trustee, as the case may be. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of notice of resignation, the resigning Trustee or the Initial Beneficiary may petition any court of competent jurisdiction for the appointment of a successor 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;(e)&nbsp;&nbsp;&nbsp;&nbsp; At the expense of the Titling Trust, the predecessor Titling Trust Administrator or Trustee, as the case may be, will, upon payment of their fees, expenses and indemnities, deliver to the successor Titling Trust Administrator or Trustee, as the case may be, all books, records, accounts, documents, statements and monies held by it under this Agreement. The predecessor Titling Trust Administrator or Trustee, as the case may be, will execute and deliver such instruments and do such other things as may reasonably be required to fully and certainly vest and confirm in the successor Titling Trust Administrator or Trustee, as the case may be, all such rights, powers, duties and obligations. The predecessor Titling Trust Administrator or Trustee, as the case may be, will cooperate with the successor Titling Trust Administrator or Trustee, as the case may be, to ensure that the successor Titling Trust Administrator or Trustee, as the case may be, has all books, records, accounts, documents, statements and monies held by it under this Agreement and any other relevant information relating to the Titling Trust Assets.

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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; Upon the acceptance by a successor Titling Trust Administrator or Trustee, as the case may be, of its appointment pursuant to this <u>Section 7.9</u>, the Initial Beneficiary will mail notice of such appointment to each Holder or Registered Pledgee of a Certificate. If the Initial Beneficiary fails to mail such notice within 10 days after the successor Titling Trust Administrator or Trustee, as the case may be, has accepted its appointment under this Agreement, the successor Titling Trust Administrator or Trustee, as the case may be, will cause such notice to be mailed at the expense of the Initial Beneficiary.

Section 7.10. <u>Merger or Consolidation of Titling Trust Administrator or the Trustee</u>. Any Person that may be merged, converted or consolidated with the Titling Trust Administrator or the Trustee, as the case may be, or any Person resulting from any merger, conversion or consolidation to which the Titling Trust Administrator or the Trustee, as the case may be, is a party, or any Person succeeding to all or substantially all of the lease financing business or the corporate trust business of the Titling Trust Administrator or the Trustee, respectively, will be deemed the successor of the Titling Trust Administrator or the Trustee, as the case may be, under this Agreement, in the case of the Trustee, so long as such Person satisfies the requirements of <u>Section 7.11</u>, and without the execution or filing of any instrument or any further act on the part of any of the parties hereto.

Upon the happening of any of the events described in <u>Section 7.9</u> and/or the foregoing paragraph of this <u>Section 7.10</u>, the successor Trustee shall, if necessary, cause an amendment to the Certificate of Trust to be filed with the Secretary of State of the State of Delaware, in accordance with the provisions of Section 3810 of the Delaware Statutory Trust Act.

Section 7.11. <u>Eligibility Requirements for the Trustee</u>. The Trustee will at all times satisfy each of the following requirements or be a wholly owned subsidiary of an entity that satisfies each of the following requirements:

&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; be a corporation or a banking association organized under the laws of the United States or any state 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;(b)&nbsp;&nbsp;&nbsp;&nbsp; be authorized to exercise corporate trust powers;

&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; have its principal place of business in the State of Delaware and meet the requirements of the Delaware Statutory Trust 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;(d)&nbsp;&nbsp;&nbsp;&nbsp; have a combined capital and surplus of not less than $50,000,000.

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Section 7.12. <u>Appointment of Co-Trustee or Separate Trustee</u>.

Notwithstanding any other provisions of this Agreement, at any time, including for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Titling Trust Assets may at the time be located, the Titling Trust Administrator shall have the power and shall execute and deliver all instruments to appoint one or more Persons selected by the Titling Trust Administrator to act as co-trustee or as separate trustee or separate trustees, of all or any part of such Titling Trust Assets, and to vest in such Person, in such capacity, such title to the Titling Trust Assets or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations and rights as the Titling Trust Administrator may consider necessary or desirable. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor Trustee pursuant to <u>Section 7.11</u> and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to <u>Section 11.3</u>.

Each 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;(a)&nbsp;&nbsp;&nbsp;&nbsp; all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred upon and exercised or performed by the Trustee and such co-trustee jointly (it being understood that such co-trustee is not authorized to act separately without the 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 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 Titling Trust Assets or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such co-trustee, but solely at the direction of the Titling Trust Administrator;

&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; all rights, power, duties and obligations conferred or imposed upon the Trustee shall be conferred upon and exercised or performed by any separate trustee as and to the extent permitted by the document appointing such separate 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;(c) no separate trustee or co-trustee hereunder 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;(d)&nbsp;&nbsp;&nbsp;&nbsp; the Titling Trust Administrator or the Trustee (at the direction of the Titling Trust Administrator or otherwise) 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 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 its appointment as such, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the 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 Trustee. Each such instrument shall be held by the Titling Trust Administrator and a copy thereof given to the Trustee.

Any separate trustee or co-trustee may at any time appoint the 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 the Titling Trust 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 and remedies shall vest in and may be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee or separate trustee.

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Section 7.13. Limitation on Liability of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp; Except with respect to the representations and warranties set forth in Section 7.6, in no event shall BNYMTD, in its individual capacity, have any liability for the representations, warranties, covenants, agreements or other obligations of the Titling Trust hereunder or under any other Transaction Document, as to all of which recourse shall be had solely to 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;(b) For all purposes of this Agreement, in the performance of any duties or obligations of the Titling Trust hereunder, the Trustee shall be subject to, and entitled to the benefits of, the terms of Article VII.

Section 7.14. <u>Place of Business</u>. At all times, either the Trustee or a co-trustee hereunder shall be a resident of, or have a principal place of business in, the State of Delaware.

Section 7.15. <u>Electronic Means</u>. The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions ("Instructions") given pursuant to this Titling Trust Agreement and related Transaction Documents and delivered using electronic means ("Electronic Means"); provided, however, that Titling Trust Administrator, the Initial Beneficiary and each Holder, as applicable, shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (for purposes of this Section 7.15 only, "Authorized Officers") and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Titling Trust Administrator, Initial Beneficiary or the Holder, as applicable, whenever a person is to be added or deleted from the listing. If the Titling Trust Administrator, Initial Beneficiary or Holder, as applicable, elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee's understanding of such Instructions shall be deemed controlling. The Titling Trust Administrator and Initial Beneficiary understand and agree, and each Holder shall be deemed to agree, that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Titling Trust Administrator, Initial Beneficiary and each Holder shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Titling Trust Administrator, Initial Beneficiary, the Holders and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Titling Trust Administrator, the Initial Beneficiary and/or the Holders, as applicable. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee's reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Titling Trust Administrator and Initial Beneficiary agree, and the Holders shall be deemed to agree: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Titling Trust Administrator, the Initial Beneficiary and/or the Holders, as applicable; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures.

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ARTICLE Eight

TERMINATION OF TRUST AGREEMENT

Section 8.1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination of Trust Agreement</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 Titling Trust will dissolve upon the final distribution by the Titling Trust Administrator of all moneys or other property constituting Titling Trust Assets.

Any Specified Interest may be terminated upon receipt by the Titling Trust Administrator of direction to such effect signed by the Holders of all of the related Certificates, with the consent of the Registered Pledgee, if any, and subject to the rights of any Titling Trust Noteholders. Upon any such termination of a Specified Interest, the Titling Trust Administrator will distribute to the Holders of the Certificates related to the terminating Specified Interest, subject to the rights of any Registered Pledgees and of any Titling Trust Noteholders, all related Specified Assets, including title to the related Specified Vehicles, by causing the Certificates of Title with respect thereto to be reregistered in the name of, or at the direction of, such Holders.

The Titling Trust may also dissolve at the direction of the Initial Beneficiary so long as no Securities or Undertakings are outstanding.

Neither this Agreement nor the Titling Trust will terminate upon the occurrence of an Insolvency Event with respect to any Holder and the Titling Trust will continue following the occurrence of an Insolvency Event with respect to any Holder, in each case, subject to the first paragraph of this <u>Section 8.1(a)</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) Upon the dissolution of the Titling Trust, the Titling Trust Administrator will (i) windup the assets and liabilities of the Trust in accordance with the Delaware Act and (ii) distribute to each Holder of a Certificate its interest in the related Specified Assets by causing the Certificates of Title to be reregistered in the name of, or at the direction of, each such Holder.

&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) Upon written direction (and, if so requested by the Trustee, confirmation by the Titling Trust Administrator of the completion of dissolution and windup of the Trust in accordance with the Delaware Statutory Trust Act), and at the expense of the Titling Trust Administrator, the Trustee shall execute and file a certificate of cancellation of the Certificate of Trust and upon the effectiveness of such filing the Trust and this Agreement shall terminate (other than provisions which expressly survive termination).

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ARTICLE Nine

AMENDMENTS

Section 9.1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendments</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; This Agreement and the Certificate of Trust may be amended by the parties hereto without the consent of any Holder of any Certificate at any time. Any such amendment will (x) as evidenced by an Opinion of Counsel or an Officer's Certificate of the Initial Beneficiary, not materially and adversely affect the interests of any Holder (unless each such Holder has consented thereto), (y) be subject to the Rating Agency Condition if applicable for any class of Securities then outstanding and (z) as evidenced by an Opinion of Counsel, not cause the Titling Trust to be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax 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;(b)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding <u>Section 9.1(a)</u>, this Agreement may be amended at any time by the parties hereto without the consent of the Holder of any Certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 correct or amplify the description of any Specified Asset, or better to assure, convey and confirm unto the Titling Trust any Specified Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; to convey, transfer, assign, mortgage or pledge any additional Specified Assets to the Titling 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp; to cure any ambiguity or mistake, to correct or supplement any provision in this Agreement or in any supplemental agreement that may be inconsistent with any other provision in this Agreement or in any supplemental agreement or to make any other provisions with respect to matters or questions arising under this Agreement or under any supplemental agreement which will not be inconsistent with the provisions 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;(iv) to evidence the acceptance of the appointment under this Agreement of a successor trustee and to add to or change any of the provisions of this Agreement as will be necessary to facilitate the administration of the trusts 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;(v)&nbsp;&nbsp;&nbsp;&nbsp; to reflect the Trust (rather than Daimler Trust) as the party to any Transaction Document; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp; to the extent reasonably necessary to assure that none of the Titling Trust or any transferee of any Certificate will be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.

The Initial Beneficiary will deliver a copy of such amendment to each Rating Agency then rating any Securities.

Prior to the execution of any amendment to this Agreement, any Transaction Document or the Certificate of Trust, the Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Trustee may, but shall not be obligated to, enter into any such amendment which affects the Trustee's own rights, duties or immunities under this Agreement or otherwise.

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ARTICLE Ten

LIABILITIES; INDEMNIFICATION

Section 10.1. <u>Liabilities; Indemnification</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; <u>Indemnification by Holders for all Liabilities</u>. Each Holder of a Certificate (but not any Registered Pledgee or Titling Trust Noteholder) will be liable to third parties and will indemnify, defend and hold harmless the Titling Trust Administrator and the Trustee (including in its individual capacity), including their respective officers, directors, shareholders, employees and agents (each, with respect to this <u>Section 10.1</u>, an "<u>Indemnified Person</u>" and, collectively, the "<u>Indemnified Persons</u>") for all liabilities, obligations, losses, claims, damages, actions and suits, expenses and any and all costs, expenses and disbursements (including legal fees, costs and expenses, including, without limitation, any legal fees, costs and expenses incurred in connection with any enforcement (including any action, claim or suit) brought by the Titling Trust Administrator, the Trustee or any other Indemnified Person for any indemnification or other obligation of the Holders) of any kind and nature whatsoever ("<u>Liabilities</u>") incurred in connection with the Titling Trust, this Agreement, the Transaction Documents, the related Specified Assets, including any Liabilities arising out of or incurred in connection with such Persons' acceptance or performance of the duties contained in this Agreement other than, in each case, Liabilities incurred solely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; by reason of such Person's willful malfeasance or gross negligence; 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) by reason of such Person's breach of its representations and warranties set forth in 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) <u>Holders' Liability Limited to Related Specified Interest</u>. No Holder of a Certificate and none of the related Specified Assets will be subject to Liabilities arising from or with respect to the Indemnified Persons or the Specified Assets relating to any other Specified 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification by Holders for State and Local Taxes</u>. Without limiting the generality of <u>Section 10.1(a)</u>, the Holders of each Series will defend and hold harmless the Indemnified Persons against all state and local taxes assessed on such Persons resulting from the location of the related Specified 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;(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>Specified Assets Not Subject to Liabilities</u>. No claim for indemnification pursuant to this <u>Section 10.1</u> will be payable from any Titling Trust Assets, including any Specified Assets, and neither the Titling Trust Administrator, nor any other Indemnified Person, will have any recourse against the assets of the Titling Trust, including any Specified Assets, with respect to any indemnification claim that any such Person may have against the Titling Trust or any Holder, Registered Pledgee, Servicer or Affiliate of any of the foregoing.

&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>Indemnification Procedures; Defense of Claims</u>. The Indemnified Persons will promptly notify the Initial Beneficiary and the Holders of each Series of any claim for which such Indemnified Persons may seek indemnity. Failure by the Indemnified Persons to so notify such Holders will not relieve such Holder or Holders of its obligations under this Agreement. Any claim against the Indemnified Persons will be defended by such Holders and the Indemnified Persons will be entitled to separate counsel, the fees and expenses of which will be paid by such Holders.

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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; <u>Survival</u>. The indemnities contained in this Section 10.1 will survive the resignation, removal or termination of any Indemnified Person or the termination of this Agreement.

Section 10.2. <u>Indemnification of the Trustee</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) The Titling Trust Administrator will indemnify, defend and hold harmless the Trustee (including in its individual capacity), and their respective officers, directors, employees and agents (each, with respect to this <u>Section 10.2</u>, an "<u>Indemnified Person</u>" and, collectively, the "<u>Indemnified Persons</u>"), from and against any and all Liabilities incurred by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; in connection with the administration of and the performance of its duties under this Agreement, including the costs and expenses of defending itself against any loss, damage, claim or liability incurred by it in connection with the exercise or performance of any of its powers or duties under this Agreement, but excluding any cost, expense, loss, damage, claim or liability (A) incurred by the Trustee through its own willful misconduct or gross negligence or (B) arising from the breach of any representation or warranty contained in <u>Section 7.6</u> 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) by reason of (A) the Titling Trust Administrator's willful misconduct or gross negligence in the performance of its duties under this Agreement or (B) the Titling Trust Administrator's reckless disregard of its 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; Promptly upon receipt by any Indemnified Person of notice of the commencement of any suit, action, claim, proceeding or governmental investigation against any such Indemnified Person, such Indemnified Person will, if a claim in respect of such suit, action, claim, proceeding or investigation is to be made against the Titling Trust Administrator under <u>Section 10.2(a)</u>, notify the Titling Trust Administrator of the commencement of such suit, action, claim, proceeding or investigation. The Titling Trust Administrator 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 Titling Trust Administrator and such Indemnified Person, which approvals will not be unreasonably withheld or delayed. After notice from the Titling Trust Administrator to the Indemnified Person of the Titling Trust Administrator's intention to assume the defense of such suit, action, claim, proceeding or investigation with counsel reasonably satisfactory to the Indemnified Person, and so long as the Titling Trust Administrator so assumes the defense of such suit, action, claim, proceeding or investigation in a manner reasonably satisfactory to the Indemnified Person, as applicable, the Titling Trust Administrator will not be liable for any legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Titling Trust Administrator and an Indemnified Person, in which case the Titling Trust Administrator will pay for the separate counsel to the Indemnified Person which is reasonably satisfactory to the Titling Trust Administrator.

&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) The indemnities contained in this <u>Section 10.2</u> will survive the resignation, removal or termination of any Indemnified Person or the termination of this Agreement.

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ARTICLE Eleven

MISCELLANEOUS

Section 11.1. <u>No Legal Title to Titling Trust Assets; Direction of the Titling Trust Administrator</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) Legal title to all Titling Trust Assets will be vested at all times in the Titling Trust. The Holders will not have legal title to any Titling Trust Assets. However, as set forth in <u>Section 4.3(c)(i)</u>, the Holders may direct the Titling Trust Administrator to deliver the related Specified Assets to such Holders or at their 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;(b)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding <u>Section 11.1(a)</u> or anything else in this Agreement to the contrary, the Titling Trust Administrator will take no action with respect to entering into, disposing of or making any payment or distribution with respect to any Leased Vehicle, Lease, Certificate of Title or insurance policy except in accordance with the procedures set forth in the applicable Servicing Agreement or as directed by the related Holders in accordance with <u>Section 7.4(a)</u>.

Section 11.2. <u>Limitations on Rights of Others</u>. This Agreement is solely for the benefit of the Titling Trust Administrator, the Trustee, each Indemnified Person, the Initial Beneficiary, each Registered Pledgee and the Holders, and nothing in this Agreement, whether express or implied, will be construed to give to any other Person any legal or equitable right, remedy or claim in the Titling Trust or the Titling Trust Assets or under or in respect of this Agreement or any covenants, conditions or provisions contained in this Agreement.

Section 11.3. <u>Notices</u>. Unless otherwise specified in this Agreement, all notices, requests, demands, consents, instructions or other communications to or from the parties to this Agreement will be in writing (which may be transmitted electronically or posted to a password-protected website, provided that recipients will be notified of any such electronic posting and receipt of such notification will be confirmed in accordance with this Section 11.3 or confirmed by telephone). Notices, requests, demands, consents, instructions and other communications will be deemed to have been given and made, (i) in the case of a letter, upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three (3) days after deposit in the mail; (ii) in the case of a facsimile, when receipt is confirmed by telephone or by reply email or reply facsimile from the recipient; (iii) in the case of an email, when receipt is confirmed by telephone or by reply email from the recipient; and (iv) in the case of an electronic posting to a password-protected website, upon printed confirmation of the recipient's access to such website, or when notification of such electronic posting is confirmed in accordance with clauses (i) through (iii) above. Unless otherwise specified in this Agreement, any such notice, request, demand, consent, instructions or other communication will be delivered or addressed as follows (or at such other address or facsimile number as any party may designate by notice to the other parties):

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to the Titling Trust Administrator, addressed to MBFS USA:

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| |
|:---|
| Mercedes-Benz Financial Services USA LLC |
| 35555 W. Twelve Mile Road, Suite 100 |
| Farmington Hills, Michigan 48331 |
| Attention: Steven C. Poling |
| Telephone: (248) 991-6632 |
| Fax: (817) 224-3587 |
| Email: steven.c.poling@mercedes-benz.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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to the Initial Beneficiary, addressed to Mercedes-Benz Trust Holdings LLC at the address specified in clause (i), above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; If to the Trustee, at the Corporate Trust Office, with a copy to:

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| |
|:---|
| The Bank of New York Mellon |
| Attn: Structured Finance ABS Administration |
| 385 Rifle Camp Road, 3rd Floor |
| Woodland Park, New Jersey 07424 |

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Any notice to be delivered to any Holder that is a permitted assignee of a Certificate will be delivered at the address provided to the Titling Trust Administrator by such Person.

Section 11.4. <u>GOVERNING LAW</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; THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, EXCEPT THAT, PURSUANT TO SECTION 3809 OF TITLE 12 OF THE DELAWARE CODE, THE DOCTRINE OF MERGER SHALL NOT BE APPLICABLE TO 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) THE HOLDERS AND EACH OF THE PARTIES TO THIS AGREEMENT 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.

Section 11.5. <u>Severability; Conflict with Delaware Statutory Trust Act</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 or terms of this Agreement and will in no way affect the validity, legality or enforceability of the other provisions of this Agreement or of the Certificates or any Securities or the rights of any Holders or holders of Securities. If there is a direct conflict between the provisions of this Agreement and any mandatory provision of the Delaware Statutory Trust Act, then the applicable provision of the Delaware Statutory Trust Act will control.

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Section 11.6. <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. This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with 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, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual 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 electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

Section 11.7. <u>Headings</u>. The headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of any provision of this Agreement.

Section 11.8. <u>Successors and Assigns</u>. All covenants and agreements contained herein are binding upon, and inure to the benefit of, the Initial Beneficiary, the Titling Trust Administrator and each Holder and their respective successors and permitted assigns. Notwithstanding the foregoing, the interests of the Initial Beneficiary hereunder will not be assigned, pledged, or otherwise transferred unless an Opinion of Counsel, delivered to the Titling Trust Administrator, is rendered that such assignment, pledge or other transfer will not cause the Titling Trust to be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes. Any attempted assignment, pledge or other transfer in violation of this <u>Section 11.8</u> will be void from the beginning. Any request, notice, direction, consent, instruction, waiver or other instrument or action by a Holder will bind the successors and assigns of such Holder.

Section 11.9. <u>No Recourse</u>. Each Holder by accepting a Certificate acknowledges that such Holder's Certificate or Certificates represent a beneficial interest in the related Specified Assets only and does not represent interests in or obligations of the Initial Beneficiary, any other Holder, the Trustee, the Titling Trust Administrator or any Affiliate thereof and no recourse may be had against such Persons or their assets, except as may be expressly set forth or contemplated in this Agreement or the Certificates.

Section 11.10. <u>No Petition</u>. The Titling Trust Administrator, the Trustee, the Initial Beneficiary, each Holder, each Registered Pledgee and each holder of a Security covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all distributions to all Holders, Registered Pledgees and holders of Securities pursuant to this Agreement and the related Certificates or Securities, as the case may be, it will not institute against, or join any Person in instituting against, the Titling Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding, under the laws of the United States or any state of the United States. Notwithstanding any other provision of this Agreement, none of the Titling Trust Administrator or the Trustee will commence a voluntary proceeding in bankruptcy relating to the Titling Trust without the unanimous prior approval of all Holders and holders of Securities and the delivery by each such Person of a certificate certifying that such Person reasonably believes that the Titling Trust is insolvent; provided, however, this <u>Section 11.10</u> shall not prevent the Trustee from filing a proof of claim in any such proceeding.

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Section 11.11. <u>Confidential 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;(a) The Trustee agrees to hold and treat all Confidential Information (defined in <u>Section 11.11(b)</u>) provided to it in connection with the transactions contemplated by this Agreement in confidence and in accordance with this <u>Section 11.11</u>, and will implement and maintain safeguards to further assure the confidentiality of such Confidential Information. Such Confidential Information will not, without the prior written consent of the Initial Beneficiary, be disclosed or used by the Trustee or its directors, officers, employees or agents (collectively, the "<u>Information Recipients</u>") other than in connection with the transactions contemplated by this Agreement, provided that such disclosure is not in violation of the Right to Financial Privacy Act of 1978, the Gramm-Leach-Bliley Act of 1999 (the "<u>G-L-B Act</u>") or other Applicable Law; provided, however, Information Recipients may provide such information to its counsel, accountants and other advisors in connection with its role as Trustee and its activities 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;(b) As used in this Agreement, "<u>Confidential Information</u>" means non-public personal information (as defined in the G-L-B Act and its enabling regulations issued by the Federal Trade Commission) regarding Lessees on the Leases that is identified as such by the Initial Beneficiary. Confidential Information will not include information that (i) is or becomes generally available to the public other than as a result of disclosure by the Trustee or any of its Information Recipients, (ii) was available to the Trustee on a non-confidential basis from a Person other than the Servicer prior to its disclosure to the Trustee, (iii) is requested to be disclosed by a Governmental Authority or related governmental, administrative, or regulatory or self-regulatory agencies having or claiming authority to regulate or oversee any aspect of the Trustee's business or that of its Affiliates or is otherwise required by Applicable Law or by legal or regulatory process to be disclosed, (iv) becomes available to the Trustee on a non-confidential basis from a Person other than the Initial Beneficiary who, to the knowledge of the Trustee, is not otherwise bound by a confidentiality agreement with the Initial Beneficiary and is not otherwise prohibited from transmitting the information to the Trustee or (v) the Initial Beneficiary provides written permission to the Trustee to release.

Section 11.12. <u>Patriot Act</u>.

Pursuant to applicable law, including 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 ("Applicable Law"), the 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 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 Law, the 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 Trustee to perform its obligations hereunder, which, at the sole option of the Trustee, may result in the Trustee's resignation in accordance with the terms hereof. In the event of any change in beneficial ownership in the Trust (or any beneficial interest in that interest, regardless of form), such change shall be 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 Trustee in order to comply with Applicable Law.

------

Section 11.13. <u>OFAC Certification 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) Each of the Initial Beneficiary and the Titling Trust Administrator covenants and represents that neither it nor any of their affiliates, subsidiaries, directors or officers are the target or subject of any sanctions enforced by the U.S. Government, (including, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC")), the United Nations Security Council, the European Union, HM Treasury, or other relevant sanctions authority (collectively "Sanctions").

&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) Each of the Initial Beneficiary and the Titling Trust Administrator covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers will use any payments made pursuant to this Agreement, (i) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person.

Section 11.14. <u>Entire Agreement</u>.

This Agreement and the exhibits hereto set forth the entire agreement and understanding of the parties related to this transaction and supersedes all prior agreements and understandings, oral or written.

[SIGNATURE PAGE FOLLOWS]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers hereunto duly authorized, as of the day and year first above written.

---

| | |
|:---|:---|
| MERCEDES-BENZ TRUST HOLDINGS LLC, as <br> Initial Beneficiary | MERCEDES-BENZ TRUST HOLDINGS LLC, as <br> Initial Beneficiary |
| By: | /s/ Steven C. Poling |
|  | Name: Steven C. Poling |
|  | Title: Assistant Secretary |

---

** 

<br> *Titling Trust Agreement*

** 

<br> ------

---

| | | |
|:---|:---|:---|
| MERCEDES-BENZ FINANCIAL SERVICES <br> USA LLC, as Titling Trust Administrator | MERCEDES-BENZ FINANCIAL SERVICES <br> USA LLC, as Titling Trust Administrator | MERCEDES-BENZ FINANCIAL SERVICES <br> USA LLC, as Titling Trust Administrator |
| By: | /s/ Christopher Trainor | /s/ Christopher Trainor |
|  | Name: | Christopher Trainor |
|  | Title: | Vice President |

---

** 

<br> *Titling Trust Agreement*

** 

<br> ------

---

| | | |
|:---|:---|:---|
| BNY MELLON TRUST OF DELAWARE, | BNY MELLON TRUST OF DELAWARE, | BNY MELLON TRUST OF DELAWARE, |
|  | as Trustee | as Trustee |
| By: | /s/ Kevin J. Randle | /s/ Kevin J. Randle |
|  | Name: | Kevin J. Randle |
|  | Title: | Vice President |

---

** 

<br> *Titling Trust Agreement*

** 

<br> ------

EXHIBIT A

[FORM OF TITLING TRUST SPECIFICATION NOTICE]

MERCEDES-BENZ VEHICLE TRUST

TITLING TRUST SPECIFICATION NOTICE

[____________]

To: Mercedes-Benz Financial Services USA LLC,

as Titling Trust Administrator of Mercedes-Benz Vehicle Trust (the "<u>Titling Trust</u>")

Re: Designation of [____________] Specified Interest

cc: BNY Mellon Trust of Delaware, as Trustee

Reference is made to the Amended and Restated Trust Agreement, dated as of January 31, 2023 (the "<u>Titling Trust Agreement</u>"), among Mercedes-Benz Financial Services USA LLC ("<u>MBFS USA</u>"), a Delaware limited liability company, as titling trust administrator (in such capacity, the "<u>Titling Trust Administrator</u>"), Mercedes-Benz Trust Holdings LLC, as initial beneficiary (in such capacity, the "<u>Initial Beneficiary</u>"), and BNY Mellon Trust of Delaware, a Delaware banking corporation, as trustee (not individually, but solely in such capacity, the "<u>Trustee</u>"). Capitalized terms used but not defined in this Titling Trust Specification Notice are defined in the Titling Trust Agreement, which also contains rules as to usage that are applicable herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to <u>Section 4.1(a)</u> of the Titling Trust Agreement, you are directed to designate a Specified Interest of the Titling Trust, to be known as the "[____________] <u>Specified Interest</u>" and to issue a Series of Certificates, to be known as the "[____________] <u>Specified Interest Certificates</u>," substantially in the form of <u>Exhibit A</u>, representing the entire Initial Beneficial Interest in the Specified Assets allocated from time to time to such Specified Interest and listed in the Schedule of [____________] Specified Interest Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; The [____________] Specified Interest will be a separate series of the Titling Trust within the meaning of Section 3806(b) of the Delaware Statutory Trust Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to <u>Section 4.3(b)(i)</u> of the Titling Trust Agreement, the Series Issue Date of the [____________] Specified Interest is [____________].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to <u>Section 4.3(b)(iv)</u> of the Titling Trust Agreement, [____________] is designated as the registered Holder of the entire Series relating to the [____________] Specified Interest as of the [____________] Series Issue Date, and you are directed to cause the Titling Trust to execute and deliver to [____________], or to its order, as of the [____________] Series Issue Date, a single Certificate, designated as [ ] Certificate No. [_____], which will represent the entire Beneficial Interest in the Specified Assets allocated to the [____________] Specified Interest at any time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; The [____________] Specified Interest will be a [Fixed Specified Interest] [Revolving Specified Interest].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; The [____________] Certificates will be issued [as a single Class][in multiple Classes].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to <u>Section 4.3(b)(v)</u> of the Titling Trust Agreement, the Series Cutoff Date for the [____________] Specified Interest will be [____________].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. &nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Section 4.3(b)(vii) of the Titling Trust Agreement, Titling Trust Notes [may] [may not] be issued with respect to the [____________] Specified Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to <u>Section 4.3(c)</u> of the Titling Trust Agreement, the Holder of this Certificate (together with the Holders of other Certificates in the [_____] Series) has certain rights with respect to the [____________] Specified Interest, including the right to receive or direct the application of all Collections on the related Specified Assets, which Collections will be assets of such Holders.

[SIGNATURE PAGE FOLLOWS]

------

IN WITNESS WHEREOF, the Initial Beneficiary has caused this [____________] Titling Trust Specification Notice to be duly executed and delivered by its officer hereunto duly authorized, as of the date first above written.

---

| | |
|:---|:---|
| MERCEDES-BENZ TRUST HOLDINGS LLC, | MERCEDES-BENZ TRUST HOLDINGS LLC, |
| as Initial Beneficiary | as Initial Beneficiary |
| By: |  |
|  | Name: |
|  | Title: |

---

------

EXHIBIT B

[Form of Certificate]

MERCEDES-BENZ VEHICLE TRUST

[____________] CERTIFICATE

No. [___]

evidencing the entire beneficial interest in the [____________] Specified Assets.

(This Certificate does not represent an interest in or obligation of Mercedes-Benz Financial Services USA LLC or BNY Mellon Trust of Delaware or any of their respective affiliates, except to the extent described below.)

(This Certificate evidences an interest in Mercedes-Benz Vehicle Trust)

THIS CERTIFIES THAT [____________] is the registered owner of a nonassessable, fully-paid, 100% beneficial interest in the [____________] Assets of Mercedes-Benz Vehicle Trust (the "<u>Titling Trust</u>").

The Titling Trust is a Delaware statutory trust governed by the Amended and Restated Trust Agreement, dated as of January 31, 2023 (the "<u>Titling Trust Agreement</u>"), among Mercedes-Benz Financial Services USA LLC ("<u>MBFS USA</u>"), a Delaware limited liability company, as titling trust administrator (in such capacity, the "<u>Titling Trust Administrator</u>"), Mercedes-Benz Trust Holdings LLC, as initial beneficiary (in such capacity, the "<u>Initial Beneficiary</u>"), and BNY Mellon Trust of Delaware, a Delaware banking corporation, as trustee (not individually, but solely in such capacity, the "<u>Trustee</u>").

This Certificate is one of a duly authorized Series of Certificates. This [____________] Certificate is issued under and is subject to the Titling Trust Agreement and the Servicing Agreement (the "<u>Servicing Agreement</u>"), dated as of [____________], 20[_____] between MBFS USA, as Servicer, and [____________], as Holder. Capitalized terms used but not defined in this Certificate are defined in the Titling Trust Agreement, or, if not defined in the Titling Trust Agreement, are defined in the Servicing Agreement, which also contains rules as to usage that are applicable herein.

Any rights of the Holder of this [____________] Certificate are limited to the related Specified Assets and the related Specified Interest (and will include the right to receive or direct the application of all Collections on the related Specified Assets pursuant to <u>Section 4.3(c)(iii)</u> of the Titling Trust Agreement). If an Insolvency Event occurs with respect to the Titling Trust, any claim that the Holder of this Certificate may seek to enforce against the Titling Trust or the Specified Assets allocated to any Specified Interest of the Titling Trust other than the Specified Interest represented by this [____________] Certificate will be subordinate to the payment in full, including post-petition interest, of the claims of the holders of any Securities related to the Specified Assets allocated to such other Specified Interests of the Titling Trust.

------

The Holder of this [____________] Certificate, by acceptance of this [____________] Certificate, covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all distributions to all Holders, Registered Pledgees and holders of Securities pursuant to the Titling Trust Agreement and the related Certificates or Securities, as the case may be, it will not institute against, or join any Person in instituting against, the Initial Beneficiary or the Titling Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding, under the laws of the United States or any state of the United States.

This [____________] Certificate may be transferred only in accordance with the Titling Trust Agreement.

**THIS [____________] CERTIFICATE WILL 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 UNDER THIS AGREEMENT WILL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

Unless this [____________] Certificate is executed by an Authorized Officer of the Trustee, this [____________] Certificate will not entitle the Holder thereof to any benefit under the Titling Trust Agreement or be valid for any purpose.

------

IN WITNESS WHEREOF, the Trustee, on behalf of the Titling Trust and not in its individual capacity, has caused this [____________] Certificate to be duly executed.

Dated: [____________]

---

| | |
|:---|:---|
| MERCEDES-BENZ VEHICLE TRUST | MERCEDES-BENZ VEHICLE TRUST |
| By: | BNY MELLON TRUST OF DELAWARE, |
|  | not in its individual capacity but solely as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

------

FOR VALUE RECEIVED, the undersigned transfers and assigns unto __________ the within [____________] Certificate, and all rights thereunder, irrevocably constituting and appointing ___________ as Attorney to transfer said [____________] Certificate on the books of the Trustee, with full power of substitution in the premises.

Dated: [____________]

By:<br>

<u> [ </u> <br> Signature Guaranteed:]

\* NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the Certificate in every particular, without alteration, enlargement or any change whatever. The Trustee may require that such signature be guaranteed by an "eligible guarantor institution" meeting the requirements of the Trustee, which requirements may include membership or participation in STAMP or such other "signature guarantee program" as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and Delaware law.

------

EXHIBIT C

[Form of Notice of Registered Pledge]

MERCEDES-BENZ VEHICLE TRUST

NOTICE OF REGISTERED PLEDGE

[_____ __], 20__

To: BNY Mellon Trust of Delaware,

as Trustee

cc: Mercedes-Benz Financial Services USA LLC

as Titling Trust Administrator

Re: Pledge of Certificates related to

[______] Series to [______]

Reference is made to the Amended and Restated Trust Agreement, dated as of January 31, 2023 (the "<u>Titling Trust Agreement</u>"), among Mercedes-Benz Financial Services USA LLC ("<u>MBFS USA</u>"), a Delaware limited liability company, as titling trust administrator (in such capacity, the "<u>Titling Trust Administrator</u>"), Mercedes-Benz Trust Holdings LLC, as initial beneficiary (in such capacity, the "<u>Initial Beneficiary</u>"), and BNY Mellon Trust of Delaware, a Delaware banking corporation, as trustee (not individually, but solely in such capacity, the "<u>Trustee</u>"). Capitalized terms used but not defined in this Titling Trust Specification Notice are defined in the Titling Trust Agreement, which also contains rules as to usage that are applicable herein.

Each of the undersigned hereby certifies, represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to <u>Sections 5.4(a)</u>, <u>(c)</u> and <u>(e)</u> and <u>Section 5.7</u> of the Titling Trust Agreement, [all of the outstanding Certificates] [Certificates Nos. [__] and [__]] related to the [______] Series[, [Class [__]] (collectively, the "<u>Pledged Certificates</u>"), [each] designated pursuant to the Titling Trust Specification Notice dated as of [______ __], 20__, a true and complete copy of which is attached as Exhibit A, have been pledged by [______] and [______], the [ ] existing registered Holders thereof (collectively, the "<u>Pledgors</u>"), to [______] and [______] (collectively, the "<u>Pledgees</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attached as Exhibits [B and C] are true and complete copies of the related security agreements and other agreements governing the exercise by the Pledgees of the Pledged Rights with respect to the Pledged Certificates: [list documents] (collectively, the "<u>Pledge Documents</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the Pledge Documents, the Pledgors have agreed that the Pledgees may exercise the following rights: [list rights] (collectively, the "<u>Pledged Rights</u>").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The pledge of the Pledged Certificates by the Pledgors to the Pledgees pursuant to the Pledge Documents, and the exercise by the Pledgees of the Pledged Rights, are each permitted by the Titling Trust Agreement, and duly authorized and enforceable by each Pledgee against each Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp; [The relative rights of the Pledgees are as follows: [specify if applicable].]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordingly, you are authorized and directed to cause the Trustee to reflect that the Pledgees have become the Registered Pledgees with respect to the Pledged Certificates, entitled to exercise the Pledged Rights with respect to the Pledged Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [The Trustee will act in accordance with any direction provided by the Registered Pledgee to the Trustee in accordance with <u>Section 7.4</u> of the Titling Trust Agreement.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; [Any replacement Certificate with respect to the Pledged Certificate will be delivered to the Registered Pledgee.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any other provision hereof, (i) with respect to the rights granted to the Pledgees hereunder, the rights of the Pledgors are subordinated to the rights of the Pledgees, and any duties (including in fiduciary duties) or liabilities of the Trustee to the Pledgors with respect to such rights shall be deemed waived, and (ii) in no event shall the Trustee be deemed to owe any fiduciary duties to the Pledgees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustee is hereby authorized to execute this Notice of Registered Pledge.

------

IN WITNESS WHEREOF, each of the undersigned has caused this Notice of Registered Pledge to be duly executed and delivered by its respective officer hereunto duly authorized, as of the date first above written.

---

| | |
|:---|:---|
| [_____________], as Pledgor | [_____________], as Pledgor |
| By: |  |
|  | Name: |
|  | [Title:] |

---

---

| | |
|:---|:---|
| [_____________], as Pledgor | [_____________], as Pledgor |
| By: |  |
|  | Name: |
|  | [Title:] |

---

---

| | |
|:---|:---|
| [_____________], as Pledgee | [_____________], as Pledgee |
| By: |  |
|  | Name: |
|  | [Title:] |

---

---

| | |
|:---|:---|
| [_____________], as Pledgee | [_____________], as Pledgee |
| By: |  |
|  | Name: |
|  | [Title:] |
| Acknowledged: | Acknowledged: |
| BNY Mellon Trust of Delaware, not in its individual capacity but solely as Trustee | BNY Mellon Trust of Delaware, not in its individual capacity but solely as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

------

Furthermore, each Pledgee covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all distributions to all Holders, Registered Pledgees and holders of Securities pursuant to the terms of the Titling Trust Agreement and the related Certificates or Securities, as the case may be, it will not institute against, or join any Person in instituting against, the Titling Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding, under the laws of the United States or any state of the United States.

---

| | |
|:---|:---|
| [____________] | [____________] |
| as Pledgee | as Pledgee |
| By: |  |
|  | Name: |

---

------

EXHIBIT D

[Certificate of Trust]

[provided separately]<br>

------

## Exhibit 4.4

------

#### Exhibit 4.4

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 |  |
|  | USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE |  |
| Section 1.01. | Capitalized Terms; Rules of Usage | 2 |
|  | ARTICLE TWO |  |
|  | 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<br>|
| Section 2.06. | 20[__]-[_] Reserve Account | 5 |
| Section 2.07. | Additional Representations and Warranties | 5 |
|  | ARTICLE THREE |  |
|  | THE 20[__]-[_] REFERENCE POOL |  |
| Section 3.01. | The 20[__]-[_] Reference Pool | 6<br>|
|  | ARTICLE FOUR |  |
|  | EXCHANGE NOTE DEFAULTS AND REMEDIES |  |
| Section 4.01. | 20[__]-[_] Exchange Note Defaults | 7<br>|
| Section 4.02. | Exchange Note Remedies | 7<br>|
|  | ARTICLE FIVE |  |
|  | 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 | 8<br>|
| Section 5.02. | Application of 20[__]-[_] Reference Pool Collections Following a Liquidation | 8<br>|
|  | ARTICLE SIX |  |
|  | SECURITY INTEREST |  |
| Section 6.01. | Security Interest | 9<br>|

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i

------

---

| | | |
|:---|:---|:---|
|  |  | <u>Page</u>  |
|  | ARTICLE SEVEN |  |
|  | EXCHANGE ACT REPORTING |  |
| Section 7.01. | Further Assurances | 10 |
| Section 7.02. | Form 10-D Filings | 10 |
| Section 7.03. | Form 8-K Filings | 10 |
| Section 7.04. | Form 10-K Filings | 11 |
| Section 7.05. | Report on Assessment of Compliance and Attestation | 11 |
| Section 7.06. | Back-up Sarbanes-Oxley Certification. | 12 |
| Section 7.07. | Representations and Warranties | 12 |
| Section 7.08. | Indemnification. | 12 |
|  | ARTICLE EIGHT |  |
|  | MISCELLANEOUS |  |
| Section 8.01. | Amendments | 14 |
| Section 8.02. | 20[__]-[_] Exchange Noteholders Entitled to Benefits of this Exchange Note Supplement | 15 |
| Section 8.03. | Tax Characterization | 15 |
| Section 8.04. | **GOVERNING LAW; SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; WAIVER OF JURY TRIAL** | 15 |
| Section 8.05. | Successors and Assigns | 16<br>|
| Section 8.06. | Severability | 16<br>|
| Section 8.07. | Counterparts; Electronic Signatures | 16<br>|
| Section 8.08. | **Table of Contents** and Headings | 16<br>|
| Section 8.09. | No Petition | 17<br>|
| Section 8.10. | No Recourse | 17<br>|
|  | EXHIBITS |  |
| Exhibit A – Form of 20[__]-[_] Exchange Note | Exhibit A – Form of 20[__]-[_] Exchange Note | A-1 |
| Exhibit B – Schedule of 20[__]-[_] Reference Pool Assets | Exhibit B – Schedule of 20[__]-[_] Reference Pool Assets | B-1 |
|  | SCHEDULES |  |
| Schedule A – Item 1119 Parties | Schedule A – Item 1119 Parties | SA-1 |
| Schedule B – Disclosure Items | Schedule B – Disclosure Items | SB-1 |
| Schedule C -- Article Nine Security Interest Representations And Warranties | 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 (formerly known as Daimler Title Co.), 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 (formerly known as Daimler Trust Holdings LLC), 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 (as successor by merger to Daimler Trust), the Collateral Agent and the Administrative Agent are parties to the Amended and Restated Collateral Agency Agreement, dated as of March 1, 2009 (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 (formerly known as Daimler 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 Amended and Restated Servicing Agreement, dated as of March 1, 2009 (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;&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.

(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.

(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.

(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

(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.

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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.

(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:

(i) there are no affiliations relating to the Indenture Trustee with respect to any Item 1119 Party;

(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

(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:

(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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(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

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. GOVERNING LAW; SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; WAIVER OF JURY TRIAL .

(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 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.

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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.

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| | |
|:---|:---|
| MERCEDES-BENZ VEHICLE TRUST | MERCEDES-BENZ VEHICLE TRUST |
| By: | BNY MELLON TRUST OF DELAWARE, not <br> in its individual capacity but solely as Titling <br> Trustee |
| By: |  |
|  | Name: |
|  | Title: |
| MERCEDES-BENZ FINANCIAL SERVICES <br> USA LLC, as Lender | MERCEDES-BENZ FINANCIAL SERVICES <br> USA LLC, as Lender |
| By: |  |
|  | Name: |
|  | Title: |
| MERCEDES-BENZ FINANCIAL SERVICES <br> USA LLC, as Servicer | MERCEDES-BENZ FINANCIAL SERVICES <br> USA LLC, as Servicer |
| By: |  |
|  | Name: |
|  | Title: |
| COLLATERAL TITLE CO., | COLLATERAL TITLE CO., |
| as Collateral Agent | as Collateral Agent |
| By: |  |
|  | Name: |
|  | Title: |

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20[__]-[_] Exchange Note Supplement

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By: <br>

 Name:

 Title:

By: <br>

 Name:

 Title:

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.

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| | |
|:---|:---|
| Registered $____________ | No. __ |

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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 Amended and Restated Collateral Agency Agreement, dated as of March 1, 2009 (the "Basic Collateral Agency Agreement"), among the Borrower (as successor by merger to Daimler Trust), 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, <br> not in its individual capacity but solely as<br>Administrative Agent | U.S. BANK TRUST NATIONAL ASSOCIATION, <br> not in its individual capacity but solely as<br>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, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Exchange Note Registrar, 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.

------

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.

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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.

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.

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers without recourse <br> <br> unto <u><br> </u>

(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:

<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 Collateral Agent)

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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 |
| 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;•&nbsp;&nbsp;&nbsp;&nbsp; Issuing Entity (Trust Fund) | Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Sponsor | Sponsor or Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Transferor | Transferor |
| &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; Servicer | Servicer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Owner Trustee | Owner Trustee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; 1110(b) Titling Trust | Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&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) <br>| Transferor |

---

------

---

| | |
|:---|:---|
| 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>*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** | Transferor |
| **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

<br> FORM 10-K DISCLOSURE ITEMS <br> <u><br> </u> <u><br> </u>

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| | |
|:---|:---|
| 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(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)

<br> FORM 8-K DISCLOSURE (REPORTABLE EVENTS)

<u><br> </u> <u><br> </u>

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| | |
|:---|:---|
| 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. | 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. | 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: | Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sponsor | Transferor/Sponsor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferor | Transferor |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;•&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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------

<br> FORM 8-K DISCLOSURE (REPORTABLE EVENTS) <br> <u><br> </u> <u><br> </u>

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| | |
|:---|:---|
| 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. | 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". | 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. |  |
| 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** | 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. | 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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------

<br> FORM 8-K DISCLOSURE (REPORTABLE EVENTS) <br> <u><br> </u> <u><br> </u>

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| | |
|:---|:---|
| 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.

SC-2<br>

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## Exhibit 5.2

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#### Exhibit 5.2

![](image10.jpg)

March 20, 2023

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 ("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> (a) 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, Daimler 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;

![](image11.jpg)

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Mercedes-Benz Trust Leasing LLC

Mercedes-Benz Vehicle Trust

March 20, 2023

&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, which was filed 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 March 20, 2023, 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

Mercedes-Benz Vehicle Trust

March 20, 2023

&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) 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 (A) would be the jurisdiction of applicable law in the absence of an effective choice of law, and (B) 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 (A) are against public policy or (B) 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

Mercedes-Benz Vehicle Trust

March 20, 2023

&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

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