State of Delaware
|
333-229783-05
|
38-7236293
|
(State or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
36455 Corporate Drive
Farmington Hills, Michigan
|
48331
|
|
(Address of principal executive offices)
|
(Zip Code)
|
N/A
|
(Former name or former address, if changed since last report.)
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
Not applicable
|
Not applicable
|
Not applicable
|
4.1 |
Indenture, dated as of January 1, 2021, between the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”).
|
4.2 |
Amended and Restated Trust Agreement, dated as of January 1, 2021, between Daimler Trust Leasing and Wilmington Trust, National Association, as owner trustee.
|
4.4 |
2021-A Exchange Note Supplement, dated as of January 1, 2021, among Daimler Trust, as borrower, U.S. Bank Trust National Association, as administrative agent, Daimler Title Co., as collateral agent, MBFS USA, as lender and as servicer, and
the Indenture Trustee.
|
10.1 |
First-Tier Sale Agreement, dated as of January 1, 2021, between MBFS USA, as seller, and Daimler Trust Leasing, as purchaser.
|
10.2 |
Second-Tier Sale Agreement, dated as of January 1, 2021, between Daimler Trust Leasing, as seller, and the Issuer, as purchaser.
|
10.4 |
2021-A Servicing Supplement, dated as of January 1, 2021, among MBFS USA, as servicer and as lender, Daimler Trust, as titling trust, and Daimler Title Co., as collateral agent.
|
10.5 |
Asset Representations Review Agreement, dated as of January 1, 2021, among the Issuer, MBFS USA, as administrator and as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer.
|
99.2 |
2021-A Collateral Account Control Agreement, dated as of January 1, 2021, between the Issuer, as initial secured party, and U.S. Bank National Association, as assignee-secured party and as securities intermediary.
|
99.3 |
Titling Trust Account Control Agreement, dated as of January 1, 2021, between Daimler Trust, as initial secured party, and U.S. Bank National Association, as assignee-secured party and as securities intermediary.
|
99.4 |
2021-A Administration Agreement, dated as of January 1, 2021, among the Issuer, MBFS USA, as administrator, and the Indenture Trustee.
|
DAIMLER TRUST LEASING LLC, as Depositor
|
||
By:
|
/s/ Steven C. Poling
|
|
Steven C. Poling
|
||
Assistant Secretary
|
TIA
Section
|
Indenture
Section
|
|
310 |
(a)(1)
|
6.11
|
(a)(2)
|
6.11
|
|
(a)(3)
|
6.10; 6.11
|
|
(a)(4)
|
N.A.**
|
|
(a)(5)
|
6.11
|
|
(b)
|
6.08; 6.11
|
|
(c)
|
N.A.
|
|
311 |
(a)
|
6.12
|
(b)
|
6.12
|
|
(c)
|
N.A.
|
|
312 |
(a)
|
7.01
|
(b)
|
7.01
|
|
(c)
|
7.01
|
|
313 |
(a)
|
7.04
|
(b)(1)
|
7.04
|
|
(b)(2)
|
7.04
|
|
(c)
|
7.04; 11.05
|
|
(d)
|
7.04
|
|
314 |
(a)
|
3.09; 7.03
|
(b)
|
3.06; 11.15
|
|
(c)(1)
|
11.01
|
|
(c)(2)
|
11.01
|
|
(c)(3)
|
11.01
|
|
(d)
|
11.01
|
|
(e)
|
11.01
|
|
(f)
|
11.01
|
|
315 |
(a)
|
6.01
|
(b)
|
6.05; 11.01
|
|
(c)
|
6.01
|
|
(d)
|
6.01
|
|
(e)
|
5.13
|
|
316 |
(a)
|
1.01
|
(a)(1)(A)
|
5.11
|
|
(a)(1)(B)
|
5.12
|
|
(a)(2)
|
N.A.
|
|
(b)
|
5.07
|
|
(c)
|
N.A.
|
|
317 |
(a)(1)
|
5.03
|
(a)(2)
|
5.03
|
|
(b)
|
3.03
|
|
318 |
(a)
|
11.07
|
* |
This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.
|
**
|
N.A. means Not Applicable.
|
Page | |
ARTICLE ONE
|
|
DEFINITIONS
|
|
Section 1.01. Capitalized Terms; Rules of Usage
|
3
|
Section 1.02. Incorporation by Reference of Trust Indenture Act
|
4
|
ARTICLE TWO
|
|
THE NOTES
|
|
Section 2.01. Form
|
5
|
Section 2.02. Execution, Authentication and Delivery
|
5
|
Section 2.03. Temporary Notes
|
6
|
Section 2.04. Tax Treatment
|
6
|
Section 2.05. Registration; Registration of Transfer and Exchange
|
6
|
Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes
|
8
|
Section 2.07. Persons Deemed Owner
|
9
|
Section 2.08. Payment of Principal and Interest
|
9
|
Section 2.09. Cancellation
|
10
|
Section 2.10. Book-Entry Notes
|
10
|
Section 2.11. Notices to Clearing Agency
|
11
|
Section 2.12. Definitive Notes
|
11
|
Section 2.13. Release of Collateral
|
11
|
Section 2.14. [Reserved]
|
12
|
Section 2.15. Authenticating Agents
|
12
|
Section 2.16. FATCA
|
12
|
ARTICLE THREE
|
|
COVENANTS AND REPRESENTATIONS
|
|
Section 3.01. Payment of Principal and Interest
|
13
|
Section 3.02. Maintenance of Office or Agency
|
13
|
Section 3.03. Money for Payments to be Held in Trust
|
13
|
Section 3.04. Existence
|
14
|
Section 3.05. Protection of the Trust Estate
|
15
|
Section 3.06. Opinions as to Trust Estate
|
15
|
Section 3.07. Performance of Obligations; Servicing of 2021-A Leases and 2021-A Vehicles
|
16
|
Section 3.08. Negative Covenants
|
18
|
Section 3.09. Issuer May Consolidate, etc., Only on Certain Terms
|
18
|
Section 3.10. Successor or Transferee
|
20
|
Page |
|
Section 3.11. Servicer’s Obligations
|
20
|
Section 3.12. Guarantees, Loans, Advances and Other Liabilities
|
20
|
Section 3.13. Capital Expenditures
|
20 |
Section 3.14. Removal of Administrator
|
21
|
Section 3.15. Restricted Payments
|
21
|
Section 3.16. Notice of Events of Default
|
21
|
Section 3.17. Further Instruments and Acts
|
21
|
Section 3.18. Delivery of 2021-A Exchange Note
|
21
|
Section 3.19. Compliance With Laws
|
21
|
Section 3.20. Annual Statement as to Compliance
|
21
|
Section 3.21. Representations
|
22
|
ARTICLE FOUR
|
|
SATISFACTION AND DISCHARGE
|
|
Section 4.01. Satisfaction and Discharge of Indenture
|
23 |
Section 4.02. Satisfaction, Discharge and Defeasance of the Notes
|
24 |
Section 4.03. Application of Trust Money
|
25 |
Section 4.04. Repayment of Monies Held by Note Paying Agent
|
25 |
ARTICLE FIVE
|
|
EVENTS OF DEFAULT; REMEDIES
|
|
Section 5.01. Events of Default
|
26 |
Section 5.02. Acceleration of Maturity; Rescission and Annulment
|
27 |
Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
|
27
|
Section 5.04. Remedies; Priorities
|
29
|
Section 5.05. Optional Preservation of the Trust Estate
|
31 |
Section 5.06. Limitation of Suits
|
31 |
Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest
|
32 |
Section 5.08. Restoration of Rights and Remedies
|
32 |
Section 5.09. Rights and Remedies Cumulative
|
32 |
Section 5.10. Delay or Omission Not a Waiver
|
32 |
Section 5.11. Control by Noteholders of the Majority Noteholders
|
33 |
Section 5.12. Waiver of Past Defaults
|
33 |
Section 5.13. Undertaking for Costs
|
34
|
Section 5.14. Waiver of Stay or Extension Laws
|
34 |
Section 5.15. Action on Notes
|
34 |
Section 5.16. Performance and Enforcement of Certain Obligations
|
34 |
Section 5.17. Sale of Trust Estate
|
35 |
Page |
|
ARTICLE SIX
|
|
THE INDENTURE TRUSTEE
|
|
Section 6.01. Duties of Indenture Trustee
|
36 |
Section 6.02. Rights of Indenture Trustee
|
37 |
Section 6.03. Individual Rights of Indenture Trustee
|
39 |
Section 6.04. Indenture Trustee’s Disclaimer
|
39 |
Section 6.05. Notice of Defaults and Repurchase Requests
|
39 |
Section 6.06. Reports by Indenture Trustee to Holders
|
40 |
Section 6.07. Compensation and Indemnity
|
40 |
Section 6.08. Replacement of Indenture Trustee
|
41 |
Section 6.09. Successor Indenture Trustee by Merger
|
42 |
Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee
|
43
|
Section 6.11. Eligibility; Disqualification
|
44 |
Section 6.12. Preferential Collection of Claims Against Issuer
|
44 |
Section 6.13. Issuer as Holder of the 2021-A Exchange Note
|
44 |
Section 6.14. Representations and Warranties of Indenture Trustee
|
44 |
Section 6.15. Furnishing of Monthly Investor Reports and Other Documents
|
45 |
Section 6.16. Encryption
|
45 |
ARTICLE SEVEN
|
|
NOTEHOLDER COMMUNICATIONS AND REPORTS
|
|
Section 7.01. Noteholder List and Noteholder Communications
|
46 |
Section 7.02. Noteholder Demand for Asset Representations Review
|
47 |
Section 7.03. Reports by Issuer
|
48 |
Section 7.04. Reports by Indenture Trustee
|
48 |
ARTICLE EIGHT
|
|
DISBURSEMENTS AND RELEASES
|
|
Section 8.01. Collection of Money
|
50 |
Section 8.02. Monthly Investor Report
|
50 |
Section 8.03. Disbursement of Funds
|
50 |
Section 8.04. 2021-A Bank Accounts; General Provisions Regarding 2021-A Bank Accounts.
|
52 |
Section 8.05. Release of Trust Estate
|
54 |
ARTICLE NINE
|
|
SUPPLEMENTAL INDENTURES
|
|
Section 9.01. Supplemental Indentures Without Consent of Noteholders
|
56 |
Page |
|
Section 9.02. Supplemental Indentures With Consent of Noteholders
|
57 |
Section 9.03. Execution of Supplemental Indentures
|
59 |
Section 9.04. Effect of Supplemental Indenture
|
59 |
Section 9.05. Conformity with Trust Indenture Act
|
59 |
Section 9.06. Reference in Notes to Supplemental Indentures
|
59 |
ARTICLE TEN
|
|
REDEMPTION OF NOTES
|
|
Section 10.01. Redemption
|
60 |
Section 10.02. Form of Redemption Notice
|
60 |
Section 10.03. Notes Payable on Redemption Date
|
61 |
ARTICLE ELEVEN
|
|
MISCELLANEOUS
|
|
Section 11.01. Compliance Certificates and Opinions, etc.
|
62 |
Section 11.02. Form of Documents Delivered to Indenture Trustee
|
63 |
Section 11.03. Acts of Noteholders
|
64 |
Section 11.04. Notices
|
65 |
Section 11.05. Notices to Noteholders; Waiver
|
65 |
Section 11.06. Conflict with Trust Indenture Act
|
66 |
Section 11.07. Alternate Payment and Notice Provisions
|
66 |
Section 11.08. Effect of Headings and Table of Contents
|
66 |
Section 11.09. Successors and Assigns
|
66 |
Section 11.10. Severability
|
66 |
Section 11.11. Benefits of Indenture
|
66 |
Section 11.12. Legal Holidays
|
66 |
Section 11.13. GOVERNING LAW
|
67 |
Section 11.14. WAIVER OF JURY TRIAL
|
67 |
Section 11.15. Counterparts; Electronic Signature
|
67 |
Section 11.16. Recording of Indenture
|
68 |
Section 11.17. Issuer Obligation
|
68 |
Section 11.18. No Petition
|
68 |
Section 11.19. No Recourse
|
68 |
Section 11.20. Inspection
|
69 |
Section 11.21. Subordination
|
70 |
Section 11.22. Termination of Collateral Agent’s Lien
|
70 |
Section 11.23. Each Exchange Note Separate; Assignees of Exchange Note
|
71 |
Page |
|||
EXHIBITS
|
|||
Exhibit A
|
–
|
Form of Notes
|
A-1
|
Exhibit B
|
–
|
Form of Repurchase Request
|
B-1
|
Exhibit C
|
–
|
Perfection Representations, Warranties and Covenants
|
C-1
|
|
MERCEDES-BENZ AUTO LEASE TRUST 2021-A
|
|
|
|
|
|
By: |
WILMINGTON TRUST, NATIONAL ASSOCIATION,
not in its individual capacity but solely as Owner Trustee
|
|
|
|
|
By: | /s/ Matthew Hollis |
Name: Matthew Hollis | ||
Title: Banking Officer |
||
|
|
|
|
U.S. BANK NATIONAL ASSOCIATION,
not in its individual capacity but solely as Indenture Trustee
|
|
|
|
|
By: | /s/ Eric Ott |
|
|
Name: Eric Ott | |
|
|
Title: Vice President |
REGISTERED | $___________ |
No. R-______
|
CUSIP NO. ___________ |
Date: January __, 2021 |
MERCEDES-BENZ AUTO LEASE TRUST 2021-A
|
|
|
|
|
|
By: |
WILMINGTON TRUST, NATIONAL ASSOCIATION,
not in its individual capacity but solely as Owner Trustee
|
|
|
|
|
By: | |
Authorized Signatory |
Date: January __, 2021 |
U.S. BANK NATIONAL ASSOCIATION,
not in its individual capacity but solely as Indenture Trustee
|
|
|
|
|
|
By: | |
Authorized Signatory |
Dated: | * |
Signature Guaranteed:
|
*
|
* |
NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. Such signature
must be guaranteed by an “eligible guarantor institution” meeting the require-ments of the Note Registrar.
|
Transaction
|
Lease
|
Activity During Period1
|
||
Date of Reputed
Demand2 |
Party Making Reputed
Demand
|
Date of Withdrawal of
Reputed Demand |
||
MBALT 2021-A
|
||||
1. |
The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the 2021-A Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens and is enforceable as such as
against creditors of and purchasers from the Issuer.
|
2. |
The 2021-A Exchange Note constitutes a “general intangible”, “instrument”, “certificated security” or “tangible chattel paper”, within the meaning of the applicable UCC. The 2021-A Bank Accounts and all subaccounts thereof constitute
either “deposit accounts” or “securities accounts” within the meaning of the applicable UCC. The 2021-A Leases constitute “tangible chattel paper” or “electronic chattel paper” within the meaning of the applicable UCC.
|
3. |
All of the 2021-A Collateral that constitutes securities entitlements (other than the 2021-A Exchange Note to the extent the 2021-A Exchange Note constitutes a certificated security) has been or will have been credited to one of the 2021-A
Bank Accounts. The securities intermediary for each 2021-A Account has agreed to treat all assets credited to the 2021-A Accounts as “financial assets” within the meaning of the applicable UCC.
|
4. |
The Issuer owns and has good and marketable title to the 2021-A Collateral free and clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in
the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been
established, but only so long as foreclosure with respect to such a Lien is not imminent and the use and value of the property to which the Lien attaches is not impaired during the pendency of such proceeding.
|
5. |
The Issuer has received all consents and approvals to the grant of the security interest in the 2021-A Collateral under the Indenture to the Indenture Trustee required by the terms of the 2021-A Collateral to the extent that it constitutes
an instrument or a payment intangible.
|
6. |
The Issuer has received all consents and approvals required by the terms of the 2021-A Collateral, to the extent that it constitutes a securities entitlement, certificated security or uncertificated security, to the transfer to the
Indenture Trustee of its interest and rights in the 2021-A Collateral under the Indenture.
|
7. |
The Issuer has caused or will have caused, within ten days after the 2021-A Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the security interest in the 2021-A Collateral granted to the Indenture Trustee under the Indenture.
|
8. |
With respect to 2021-A Collateral that constitutes an instrument or tangible chattel paper, either:
|
a. |
all original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee;
|
b. |
such instruments or tangible chattel paper are in the possession of a custodian and the Indenture Trustee has received a written acknowledgment from such custodian that such custodian is holding such instruments or tangible chattel paper
solely on behalf and for the benefit of the Indenture Trustee; or
|
c. |
a custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment from such custodian that such custodian is acting solely as agent of the Indenture Trustee.
|
9. |
The Issuer has not communicated an authoritative copy of any 2021-A Lease that constitutes electronic chattel paper to any Person other than the custodian.
|
10. |
With respect to the 2021-A Bank Accounts and all subaccounts thereof that constitute deposit accounts, either:
|
a. |
the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition
of the funds in the 2021-A Bank Accounts without further consent by the Issuer; or
|
b. |
the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of the 2021-A Bank Accounts.
|
11. |
With respect to 2021-A Collateral or 2021-A Bank Accounts or subaccounts thereof that constitute securities accounts or securities entitlements, either:
|
a. |
the Issuer has caused or will have caused, within ten days after the 2021-A Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the security interest granted in the 2021-A Collateral to the Indenture Trustee;
|
b. |
the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the 2021-A Bank Accounts
without further consent by the Issuer; or
|
c. |
the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the person having a security entitlement against the securities intermediary in the 2021-A Bank Accounts.
|
12. |
With respect to 2021-A Collateral that constitutes certificated securities (other than securities entitlements), all original executed copies of each security certificate that constitutes or evidences the 2021-A Collateral have been
delivered to the Indenture Trustee, and each such security certificate either (i) is in bearer form, (ii) has been endorsed by an effective endorsement to the Indenture Trustee or in blank or (iii) has been registered in the name of the
Indenture Trustee.
|
13. |
Other than the transfer of any 2021-A Collateral from Mercedes-Benz Financial Services USA LLC to Daimler Trust Leasing LLC under the First-Tier Sale Agreement, the transfer of any 2021-A Collateral from Daimler Trust Leasing LLC to the
Issuer under the Second-Tier Sale Agreement, and the security interest in the 2021-A Collateral granted to the Indenture Trustee under the Indenture, none of Mercedes-Benz Financial Services USA LLC, Daimler Trust Leasing LLC or the Issuer
has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the 2021-A Collateral or the 2021-A Accounts or any subaccount thereof.
|
14. |
The Issuer has not authorized the filing of, nor is aware of, any financing statements against the Issuer that include a description of collateral covering the 2021-A Collateral or the 2021-A Bank Accounts or any subaccount thereof other
than any financing statement relating to any security interest granted pursuant to the 2021-A Basic Documents or that has been terminated.
|
15. |
No instrument or tangible chattel paper that constitutes or evidences the 2021-A Collateral has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.
|
16. |
Neither the 2021-A Bank Accounts nor any subaccounts thereof are in the name of any person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any 2021-A Bank Account to comply
with entitlement orders of any person other than the Indenture Trustee.
|
Page
|
||
ARTICLE ONE
|
||
DEFINITIONS
|
||
Section 1.01.
|
Capitalized Terms; Rules of Usage
|
1
|
ARTICLE TWO
|
||
ORGANIZATION
|
||
Section 2.01.
|
Name
|
2
|
Section 2.02.
|
Office
|
2
|
Section 2.03.
|
Purposes and Powers
|
2
|
Section 2.04.
|
Appointment of Owner Trustee
|
3
|
Section 2.05.
|
Initial Capital Contribution of Owner Trust Estate
|
3
|
Section 2.06.
|
Declaration of Trust
|
4
|
Section 2.07.
|
Liability of Certificateholders
|
4
|
Section 2.08.
|
Title to Owner Trust Estate
|
4
|
Section 2.09.
|
Situs of Issuer
|
4
|
Section 2.10.
|
Representations and Warranties of the Transferor
|
4
|
Section 2.11.
|
Financing Statements
|
5
|
ARTICLE THREE
|
||
CERTIFICATES AND TRANSFER OF INTERESTS
|
||
Section 3.01.
|
Initial Ownership
|
6
|
Section 3.02.
|
The Certificates
|
6
|
Section 3.03.
|
Authentication and Delivery of the Certificates
|
7
|
Section 3.04.
|
Registration, Transfer and Exchange of the Certificates
|
7
|
Section 3.05.
|
Mutilated, Destroyed, Lost or Stolen Certificates
|
9
|
Section 3.06.
|
Persons Deemed Certificateholders
|
10
|
Section 3.07.
|
Access to List of Certificateholders’ Names and Addresses
|
10
|
Section 3.08.
|
Maintenance of Office or Agency
|
10
|
Section 3.09.
|
No Legal Title to Owner Trust Estate in Certificateholders
|
10
|
Section 3.10.
|
No Recourse
|
11
|
Section 3.11.
|
Appointment of Paying Agent
|
11
|
Section 3.12.
|
Certificates Nonassessable and Fully Paid
|
11
|
ARTICLE FOUR
|
||
ACTIONS BY OWNER TRUSTEE
|
||
Section 4.01.
|
Prior Notice to Certificateholders with Respect to Certain Matters
|
12
|
Section 4.02.
|
Action by Certificateholder with Respect to Certain Matters
|
12
|
Section 4.03.
|
Action by Certificateholders with Respect to Bankruptcy
|
13
|
Section 4.04.
|
Restrictions on Certificateholders’ Power
|
13
|
Section 4.05.
|
Majority Control
|
13
|
Section 4.06.
|
Certain Litigation Matters
|
13
|
|
||
ARTICLE FIVE
|
||
APPLICATION OF ISSUER FUNDS; CERTAIN DUTIES
|
||
Section 5.01.
|
Application of Issuer Funds
|
13
|
Section 5.02.
|
Method of Payment
|
14
|
Section 5.03.
|
No Segregation of Monies; No Interest
|
14
|
Section 5.04.
|
Accounting and Reports to Owners, IRS and Others
|
14
|
ARTICLE SIX
|
||
AUTHORITY AND DUTIES OF OWNER TRUSTEE
|
||
Section 6.01.
|
General Authority
|
15
|
Section 6.02.
|
General Duties
|
15
|
Section 6.03.
|
Action Upon Instruction
|
16
|
Section 6.04.
|
No Duties Except as Specified in this Agreement or in Instructions
|
17
|
Section 6.05.
|
No Action Except Under Specified Documents or Instructions
|
17
|
Section 6.06.
|
Restrictions
|
17
|
Section 6.07.
|
Issuance of Notes
|
17
|
ARTICLE SEVEN
|
||
CONCERNING THE OWNER TRUSTEE
|
||
Section 7.01.
|
Acceptance of Trusts and Duties
|
18
|
Section 7.02.
|
Furnishing of Documents
|
21
|
Section 7.03.
|
Representations and Warranties
|
21
|
Section 7.04.
|
Reliance; Advice of Counsel
|
22
|
Section 7.05.
|
Not Acting in Individual Capacity
|
23
|
Section 7.06.
|
Owner Trustee Not Liable for 2021-A Basic Documents or Certificates
|
23
|
Section 7.07.
|
Owner Trustee May Own Securities
|
23
|
Section 7.08.
|
Applicable Anti-Money Laundering Law
|
23
|
|
||
ARTICLE EIGHT
|
||
COMPENSATION OF OWNER TRUSTEE
|
||
Section 8.01.
|
Owner Trustee’s Fees and Expenses
|
24
|
Section 8.02.
|
Indemnification
|
24
|
Section 8.03.
|
Payments to Owner Trustee
|
24
|
ARTICLE NINE
|
||
TERMINATION OF TRUST AGREEMENT
|
||
Section 9.01.
|
Termination of Trust Agreement
|
24
|
ARTICLE TEN
|
||
SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
|
||
Section 10.01.
|
Eligibility Requirements for Owner Trustee
|
26
|
Section 10.02.
|
Resignation or Removal of Owner Trustee
|
26
|
Section 10.03.
|
Successor Owner Trustee
|
27
|
Section 10.04.
|
Merger or Consolidation of Owner Trustee
|
27
|
Section 10.05.
|
Appointment of Co-Trustee or Separate Trustee
|
28
|
ARTICLE ELEVEN
|
||
REGULATION AB
|
||
Section 11.01.
|
Intent of the Parties; Reasonableness
|
29
|
Section 11.02.
|
Representations and Warranties
|
30
|
Section 11.03.
|
Information to be Provided by the Owner Trustee
|
30
|
ARTICLE TWELVE
|
||
TAX MATTERS
|
||
Section 12.01.
|
Tax Accounting Characterization
|
31
|
Section 12.02.
|
Signature on Returns; Partnership Representative
|
32
|
Section 12.03.
|
Tax Reporting
|
32
|
ARTICLE THIRTEEN
|
||
MISCELLANEOUS
|
||
Section 13.01.
|
Amendments
|
32
|
Section 13.02.
|
Limitations on Rights of Others
|
34
|
Section 13.03.
|
Notices
|
34
|
Section 13.04.
|
Severability
|
34
|
Section 13.05.
|
Counterparts; Electronic Signatures
|
34
|
Section 13.06.
|
Successors and Assigns
|
35
|
Section 13.07.
|
No Petition
|
35
|
Section 13.08.
|
Table of Contents and Headings
|
35
|
Section 13.09.
|
GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL
|
35
|
EXHIBITS
|
||
Exhibit A –
|
Certificate of Trust of Mercedes-Benz Auto Lease Trust 2021-A |
A‑1
|
Exhibit B –
|
Form of Certificate |
B‑1
|
DAIMLER TRUST LEASING LLC,
|
|
as Transferor
|
|
By:
|
/s/ Christopher Trainor |
||
Name: |
Christopher Trainor
|
||
Title: | Vice President |
WILMINGTON TRUST, NATIONAL
ASSOCIATION, as Owner Trustee
|
|
By:
|
/s/ Matthew Hollis | ||
Name: | Matthew Hollis | ||
Title: | Banking Officer |
WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
|
|
By:
|
||
Name:
|
||
Title:
|
REGISTERED
|
NO. R-1 |
Dated: January __, 2021
|
MERCEDES-BENZ AUTO LEASE TRUST 2021-A,
|
By: WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
|
|
|
By:
|
|
Name:
|
||
|
Title:
|
Dated: January __, 2021
|
MERCEDES-BENZ AUTO LEASE TRUST 2021-A,
|
By: WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
|
|
By:
|
||
Name:
|
||
Title:
|
SOCIAL SECURITY NUMBER
|
OR OTHER IDENTIFICATION
|
NUMBER OF ASSIGNEE: ________________
|
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
|
|
(name and address of assignee)
|
Dated:
|
|
|
|
Page | ||
ARTICLE ONE
|
||
USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE
|
||
Section 1.01.
|
Capitalized Terms; Rules of Usage
|
2
|
ARTICLE TWO
|
||
THE 2021-A EXCHANGE NOTE
|
||
Section 2.01.
|
Creation and Designation
|
3
|
Section 2.02.
|
Issuance of the 2021-A Exchange Note; Registered Pledge
|
3
|
Section 2.03.
|
2021-A Exchange Note Representations and Warranties
|
4
|
Section 2.04.
|
2021-A Exchange Note Interest Payments
|
4
|
Section 2.05.
|
2021-A Exchange Note Principal Payments
|
5
|
Section 2.06.
|
2021-A Reserve Account
|
5
|
Section 2.07.
|
Additional Representations and Warranties
|
5
|
ARTICLE THREE
|
||
THE 2021-A REFERENCE POOL
|
||
Section 3.01.
|
The 2021-A Reference Pool
|
6
|
ARTICLE FOUR
|
||
EXCHANGE NOTE DEFAULTS AND REMEDIES
|
||
Section 4.01.
|
2021-A Exchange Note Defaults
|
7
|
Section 4.02.
|
Exchange Note Remedies
|
7
|
ARTICLE FIVE
|
||
APPLICATION OF COLLECTIONS ON THE 2021-A REFERENCE POOL
|
||
Section 5.01.
|
Application of 2021-A Reference Pool Collections Prior to Facility Default and Exchange Note Default
|
8
|
Section 5.02.
|
Application of 2021-A Reference Pool Collections Following a Liquidation
|
8
|
ARTICLE SIX
|
||
SECURITY INTEREST
|
||
Section 6.01.
|
Security Interest
|
9
|
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.
|
2021-A Exchange Noteholders Entitled to Benefits of this 2021-A 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
|
Section 8.06.
|
Severability
|
16
|
Section 8.07.
|
Counterparts; Electronic Signatures
|
16
|
Section 8.08.
|
Table of Contents and Headings
|
16 |
Section 8.09.
|
No Petition
|
16
|
Section 8.10.
|
No Recourse
|
16
|
EXHIBITS
|
||
Exhibit A –
|
Form of 2021-A Exchange Note
|
A-1
|
Exhibit B –
|
Schedule of 2021-A Reference Pool Assets
|
B-1
|
SCHEDULES
|
||
Schedule A –
|
Item 1119 Parties
|
SA-1
|
Schedule B –
|
Disclosure Items
|
SB-1
|
Schedule C –
|
Article Nine Security Interest Representations And Warranties
|
SC-1
|
DAIMLER TRUST
|
||
By:
|
BNY MELLON TRUST OF DELAWARE (f/k/a BNYM (Delaware)) (f/k/a The Bank of New York (Delaware)), not in its individual capacity but solely as Titling Trustee
|
|
By:
|
/s/ Kristine K. Gullo |
|
|
Name: Kristine K. Gullo
|
|
|
Title: Vice President
|
|
MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as Lender
|
||
By:
|
/s/ Christopher Trainor | |
|
Name: Christopher Trainor
|
|
|
Title: Vice President
|
|
MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as Servicer
|
||
By:
|
/s/ Christopher Trainor | |
|
Name: Christopher Trainor
|
|
|
Title: Vice President
|
DAIMLER TITLE CO.,
|
||
as Collateral Agent
|
||
By:
|
/s/ Melissa Rosal |
|
|
Name: Melissa Rosal
|
|
|
Title: President
|
U.S. BANK NATIONAL ASSOCIATION,
|
||
as Indenture Trustee
|
||
By:
|
/s/ Eric Ott |
|
|
Name: Eric Ott
|
|
|
Title: Vice President
|
U.S. BANK TRUST NATIONAL ASSOCIATION, as Administrative Agent
|
||
By:
|
/s/ Eric Ott | |
|
Name: Eric Ott
|
|
|
Title: Vice President
|
Registered $ | |
No. |
Date: January __, 2021
|
DAIMLER TRUST
|
|
By:
|
BNY MELLON TRUST OF DELAWARE
|
|
|
(f/k/a BNYM (Delaware)) (f/k/a The Bank of New York (Delaware)), not in its individual capacity but solely as Titling Trustee | |
By:
|
||
|
Name:
|
|
|
Title:
|
Date: January __, 2021
|
|
U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Administrative Agent
|
By:
|
||
Authorized Officer
|
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
Administrator
|
||
Any information required by Item 1121(a) and (b) which is NOT included on the Monthly Investor Report
|
Depositor
|
||
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
Servicer |
||
Item 2: Legal Proceedings
• 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:
|
|||
• Issuing Entity (Trust Fund)
|
Depositor
|
||
• Sponsor
|
Sponsor or Depositor
|
||
• Depositor
|
Depositor
|
||
• Indenture Trustee
|
Indenture Trustee
|
||
• Administrator
|
Administrator
|
||
• Servicer
|
Servicer
|
||
• Owner Trustee
|
Owner Trustee
|
||
• Titling Trust
|
Depositor
|
||
• Any 1108(a)(2) Servicer (other than the Servicer or Administrator)
|
Depositor
|
||
• Any other party contemplated by 1100(d)(1)
|
Depositor
|
FORM 10-D DISCLOSURE ITEMS
|
Item on Form 10-D
|
Responsible Party
|
||
Item 3: Sale of Securities and Use of Proceeds
Information from Item 2(a) of Part II of Form 10-Q
With respect to any sale of securities by the sponsor, depositor 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.
|
Depositor
|
||
Item 4: Defaults Upon Senior Securities
Information from Item 3 of Part II of Form 10-Q
Report the occurrence of any Event of Default (after expiration of any grace period and provision of any required notice)
|
Administrator
|
||
Item 5: Submission of Matters to a Vote of Security Holders
Information from Item 4 of Part II of Form 10-Q
|
Administrator
Indenture Trustee
|
||
Item 6: Significant Obligors of Pool Assets
|
Depositor
|
||
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
Servicer |
||
Item 8: Significant Enhancement Provider Information
|
N/A
|
||
Item 9: Other Information
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
|
Depositor
|
||
FORM 10-K DISCLOSURE ITEMS
|
|
Item on Form 10-K
|
Responsible Party
|
||
Item 1B: Unresolved Staff Comments
|
Depositor
|
||
Item 9B: Other Information
|
Any party responsible for disclosure items on Form 8-K
|
||
Item 15: Exhibits, Financial Statement Schedules
|
Depositor
|
||
Additional Item:
Disclosure per Item 1117 of Reg AB
|
(i) All parties to the Sale and Servicing Agreement (as to themselves), (ii) the Depositor as to the issuing entity, (iii) the Depositor as to the sponsor, any 1106(b) originator, any 1100(d)(1) party
|
||
Additional Item:
Disclosure per Item 1119 of Reg AB
|
(i) All parties to the Sale and Servicing Agreement (as to themselves), (ii) the Depositor as to the sponsor, originator, significant obligor, enhancement or support provider
|
||
Additional Item:
Disclosure per Item 1112(b) of Reg AB
|
Depositor/ Servicer
|
||
Additional Item:
Disclosure per Items 1114(b) and 1115(b) of Reg AB
|
Depositor
|
||
FORM 8-K DISCLOSURE (REPORTABLE EVENTS)
|
Item on Form 8-K
|
Responsible Party
|
||
Item 1.01- Entry into a Material Definitive Agreement
Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party.
Examples: servicing agreement, custodial agreement.
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
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 depositor is not a party.
Examples: servicing agreement, custodial agreement.
|
All parties as to themselves
|
||
Item 1.03- Bankruptcy or Receivership
Disclosure is required regarding the bankruptcy or receivership, with respect to any of the following:
|
Depositor
|
||
• Sponsor (Seller)
|
Depositor/Sponsor (Seller)
|
||
• Depositor
|
Depositor
|
||
• Servicer
|
Servicer
|
||
• Affiliated Servicer
|
Servicer
|
||
• Other Servicer servicing 20% or more of the pool assets at the time of the report
|
Servicer
|
||
• Other material servicers
|
Servicer
|
||
• Indenture Trustee
|
Indenture Trustee
|
||
• Administrator
|
Administrator
|
||
• Significant Obligor
|
Depositor
|
||
• Credit Enhancer (10% or more)
|
Depositor
|
||
• Derivative Counterparty
|
Depositor
|
||
• 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
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.
Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.
|
Depositor
Servicer
Administrator
|
||
FORM 8-K DISCLOSURE (REPORTABLE EVENTS)
|
|||
Item on Form 8-K
|
Responsible Party
|
||
Item 3.03- Material Modification to Rights of Security Holders
Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the Pooling and Servicing Agreement.
|
Administrator
Indenture Trustee
Depositor
|
||
Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year
Disclosure is required of any amendment “to the governing documents of the issuing entity”.
|
Depositor
|
||
Item 6.01- ABS Informational and Computational Material
|
Depositor
|
||
Item 6.02- Change of Servicer or Administrator
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.
|
A change of both – Depositor
A change of Servicer or Administrator - Servicer/Administrator/Depositor/
|
||
Reg AB disclosure about any new servicer or Servicer is also required.
|
Servicer/Depositor
|
||
Reg AB disclosure about any new Indenture Trustee is also required.
|
New Indenture Trustee
|
||
Item 6.03- Change in Credit Enhancement or External Support
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.
|
Depositor
|
||
Item 6.04- Failure to Make a Required Distribution
|
Servicer
Indenture Trustee
|
||
Item 6.05- Securities Act Updating Disclosure
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.
|
Depositor
|
||
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.
|
Depositor
|
||
Item 7.01- Reg FD Disclosure
|
Depositor
|
||
FORM 8-K DISCLOSURE (REPORTABLE EVENTS)
|
|||
Item on Form 8-K
|
Responsible Party
|
||
Item 8.01- Other Events
Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to certificateholders.
|
Depositor
|
||
Item 9.01- Financial Statements and Exhibits
|
Responsible party, as applicable, for reporting/disclosing the financial statement or exhibit
|
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.
|
2. |
The Nonvehicle Collateral constitutes “tangible chattel paper”, “electronic chattel paper”, “accounts,” “instruments” or “general intangibles,” within the meaning of the applicable UCC.
|
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.
|
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.
|
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.”
|
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.
|
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.
|
Page
|
||
ARTICLE ONE
|
||
USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE
|
||
Section 1.01.
|
Capitalized Terms; Rules of Usage
|
1
|
ARTICLE TWO
|
||
SALE OF THE FIRST-TIER ASSETS
|
||
Section 2.01.
|
Sale of the First-Tier Assets
|
3
|
Section 2.02.
|
Closing; Further Assignments
|
3
|
Section 2.03.
|
Intent; Savings Clause
|
3
|
ARTICLE THREE
|
||
REPRESENTATIONS AND WARRANTIES
|
||
Section 3.01.
|
Representations and Warranties of the Purchaser
|
4
|
Section 3.02.
|
Representations and Warranties of the Seller
|
5
|
Section 3.03.
|
Survival of Representations and Warranties
|
7
|
ARTICLE FOUR
|
||
CONDITIONS
|
||
Section 4.01.
|
Conditions to Obligation of the Purchaser
|
8
|
Section 4.02.
|
Conditions to Obligation of the Seller
|
8
|
Section 4.03.
|
Deemed Satisfaction of Conditions
|
8
|
ARTICLE FIVE
|
||
COVENANTS OF THE SELLER
|
||
Section 5.01.
|
Protection of Right, Title and Interest to the First-Tier Assets
|
9
|
Section 5.02.
|
Other Liens or Interests
|
10
|
Section 5.03.
|
Indemnification
|
10
|
ARTICLE SIX
|
||
MISCELLANEOUS PROVISIONS
|
||
Section 6.01.
|
Obligations of the Seller
|
12
|
Section 6.02.
|
Amendment
|
12
|
Page
|
||
Section 6.03.
|
Waivers
|
12
|
Section 6.04.
|
Costs and Expenses
|
13
|
Section 6.05.
|
Notices
|
13
|
Section 6.06.
|
Severability
|
13
|
Section 6.07.
|
Counterparts; Electronic Signatures
|
13
|
Section 6.08.
|
Successors and Assigns
|
14
|
Section 6.09.
|
No Petition
|
14
|
Section 6.10.
|
Table of Contents and Headings
|
14
|
Section 6.11.
|
GOVERNING LAW; SUBMISSION TO JURISDICTION
|
14
|
Section 6.12.
|
WAIVER OF JURY TRIAL
|
15
|
Section 6.13.
|
Limited Recourse
|
15
|
Section 6.14.
|
Each Exchange Note Separate; Assignees of Exchange Note
|
15
|
EXHIBITS
|
||
Exhibit A –
|
Perfection Representations, Warranties and Covenants
|
A-1
|
(i) |
In the case of the Seller:
|
(ii) |
In the case of the Purchaser:
|
MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as Seller
|
||
By:
|
/s/ Christopher Trainor | |
Name: Christopher Trainor
|
||
Title: Vice President
|
||
DAIMLER TRUST LEASING LLC,
|
||
as Purchaser
|
||
By:
|
/s/ Christopher Trainor | |
Name: Christopher Trainor
|
||
Title: Vice President
|
1. |
The First-Tier Sale Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the 2021-A Exchange Note in favor of the Purchaser, which security interest is prior to all other Liens and is
enforceable as such as against creditors of and purchasers from the Seller.
|
2. |
The 2021-A Exchange Note constitutes a “general intangible”, “instrument”, “certificated security”, or “tangible chattel paper”, within the meaning of the applicable UCC.
|
3. |
The Seller owns and has good and marketable title to the 2021-A Exchange Note free and clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred
in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been
established, but only so long as foreclosure with respect to such a Lien is not imminent and the use and value of the property to which the Lien attaches is not impaired during the pendency of such proceeding.
|
4. |
The Seller has received all consents and approvals to the sale of the 2021-A Exchange Note under the First-Tier Sale Agreement to the Purchaser required by the terms of the 2021-A Exchange Note to the extent that it constitutes an
instrument or a payment intangible.
|
5. |
The Seller has received all consents and approvals required by the terms of the 2021-A Exchange Note, to the extent that it constitutes a securities entitlement, certificated security or uncertificated security, to the transfer to the
Purchaser of its interest and rights in the 2021-A Exchange Note under the First-Tier Sale Agreement.
|
6. |
The Seller has caused or will have caused, within ten days after the 2021-A Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the sale of the 2021-A Exchange Note from the Seller to the Purchaser and the security interest in the 2021-A Exchange Note granted under the First-Tier Sale Agreement.
|
7. |
To the extent that the 2021-A Exchange Note constitutes an instrument or tangible chattel paper, all original executed copies of each such instrument or tangible chattel paper have been delivered to the Purchaser.
|
8. |
Other than the transfer of the 2021-A Exchange Note from the Seller to the Purchaser under the First-Tier Sale Agreement and from the Purchaser to the Issuer under the Second-Tier Sale Agreement and the security interest granted to the
Indenture Trustee pursuant to the Indenture, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the 2021-A Exchange Note.
|
9. |
The Seller has not authorized the filing of, nor is aware of, any financing statements against the Seller that include a description of collateral covering the 2021-A Exchange Note other than any financing statement relating to any
security interest granted pursuant to the 2021-A Basic Documents or that has been terminated.
|
10. |
No instrument or tangible chattel paper that constitutes or evidences the 2021-A Exchange Note has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.
|
Page
|
|
ARTICLE ONE
|
|
USAGE, DEFINITIONS AND INCORPORATION BY REFERENCE
|
|
Section 1.01. Capitalized Terms; Rules of Usage
|
2
|
ARTICLE TWO
|
|
SALE OF THE SECOND-TIER ASSETS
|
|
Section 2.01. Sale of the Second-Tier Assets
|
3
|
Section 2.02. Closing; Further Assignments
|
3
|
Section 2.03. Intent; Savings Clause
|
3
|
ARTICLE THREE
|
|
REPRESENTATIONS AND WARRANTIES
|
|
Section 3.01. Representations and Warranties of the Purchaser
|
4
|
Section 3.02. Representations and Warranties of the Seller
|
5
|
Section 3.03. Survival of Representations and Warranties
|
7
|
ARTICLE FOUR
|
|
CONDITIONS
|
|
Section 4.01. Conditions to Obligation of the Purchaser
|
8
|
Section 4.02. Conditions to Obligation of the Seller
|
8
|
Section 4.03. Deemed Satisfaction of Conditions
|
8
|
ARTICLE FIVE
|
|
COVENANTS OF THE SELLER
|
|
Section 5.01. Protection of Right, Title and Interest to the Second-Tier Assets
|
9
|
Section 5.02. Other Liens or Interests
|
10
|
Section 5.03. Indemnification
|
10
|
Section 5.04. Reserve Initial Deposit
|
11
|
Page |
|
ARTICLE SIX
|
|
MISCELLANEOUS PROVISIONS
|
|
Section 6.01. Obligations of the Seller
|
12
|
Section 6.02. Amendment
|
12
|
Section 6.03. Waivers
|
12
|
Section 6.04. Costs and Expenses
|
13
|
Section 6.05. Notices
|
13
|
Section 6.06. Severability
|
13
|
Section 6.07. Counterparts; Electronic Signatures
|
13
|
Section 6.08. Successors and Assigns
|
14
|
Section 6.09. No Petition
|
14
|
Section 6.10. Table of Contents and Headings
|
14
|
Section 6.11. GOVERNING LAW; SUBMISSION TO JURISDICTION
|
14
|
Section 6.12. WAIVER OF JURY TRIAL
|
15
|
Section 6.13. Limited Recourse
|
15
|
Section 6.14. Subordination
|
15
|
Section 6.15. Issuer Obligation
|
15
|
Section 6.16. Each Exchange Note Separate; Assignees of Exchange Note
|
16
|
EXHIBITS
|
||
Exhibit A – Perfection Representations, Warranties and Covenants
|
A-1
|
DAIMLER TRUST LEASING LLC,
|
||
as Seller
|
||
By:
|
/s/ Christopher Trainor | |
Name: Christopher Trainor
|
||
Title: Vice President
|
||
MERCEDES-BENZ AUTO LEASE
|
||
TRUST 2021-A, as Purchaser
|
||
By:
|
WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
|
|
By:
|
/s/ Matthew Hollis | |
Name: Matthew Hollis
|
||
Title: Banking Officer
|
1. |
The Second-Tier Sale Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the 2021-A Exchange Note in favor of the Purchaser, which security interest is prior to all other Liens and is
enforceable as such as against creditors of and purchasers from the Seller.
|
2. |
The 2021-A Exchange Note constitutes a “general intangible”, “instrument,” “certificated security”, or “tangible chattel paper”, within the meaning of the applicable UCC.
|
3. |
The Seller owns and has good and marketable title to the 2021-A Exchange Note free and clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred
in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been
established, but only so long as foreclosure with respect to such a Lien is not imminent and the use and value of the property to which the Lien attaches is not impaired during the pendency of such proceeding.
|
4. |
The Seller has received all consents and approvals to the sale of the 2021-A Exchange Note under the Second-Tier Sale Agreement to the Purchaser required by the terms of the 2021-A Exchange Note to the extent that it constitutes an
instrument or a payment intangible.
|
5. |
The Seller has received all consents and approvals required by the terms of the 2021-A Exchange Note, to the extent that it constitutes a securities entitlement, certificated security or uncertificated security, to the transfer to the
Purchaser of its interest and rights in the 2021-A Exchange Note under the Second-Tier Sale Agreement.
|
6. |
The Seller has caused or will have caused, within ten days after the 2021-A Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the sale of the 2021-A Exchange Note from the Seller to the Purchaser and the security interest in the 2021-A Exchange Note granted under the Second-Tier Sale Agreement.
|
7. |
To the extent that the 2021-A Exchange Note constitutes an instrument or tangible chattel paper, all original executed copies of each such instrument or tangible chattel paper have been delivered to the Purchaser.
|
8. |
Other than the transfer of the 2021-A Exchange Note from Mercedes-Benz Financial Services USA LLC to the Seller under the First-Tier Sale Agreement and from the Seller to the Purchaser under the Second-Tier Sale Agreement and the
security interest granted to the Indenture Trustee pursuant to the Indenture, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the 2021-A Exchange Note.
|
9. |
The Seller has not authorized the filing of, nor is aware of, any financing statements against the Seller that include a description of collateral covering the 2021-A Exchange Note other than any financing statement relating to any
security interest granted pursuant to the 2021-A Basic Documents or that has been terminated.
|
10. |
No instrument or tangible chattel paper that constitutes or evidences the 2021-A Exchange Note has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.
|
TABLE OF CONTENTS
|
|
Page
|
|
ARTICLE ONE
|
|
USAGE AND DEFINITIONS
|
|
Section 1.01. Capitalized Terms; Rules of Usage.
|
2
|
ARTICLE TWO
|
|
DESIGNATION
|
|
Section 2.01. Designation
|
3
|
ARTICLE THREE
|
|
THE SERVICER
|
|
Section 3.01. Appointment of Servicer.
|
4
|
Section 3.02. Servicer Representations and Warranties.
|
4
|
Section 3.03. 2021-A Lease and 2021-A Vehicle Representations and Warranties
|
5
|
Section 3.04. Liability of the Servicer; Indemnities.
|
5
|
Section 3.05. Purchase Upon Breach.
|
6
|
Section 3.06. Collection of Payments
|
7
|
Section 3.07. Servicer May Own 2021-A Exchange Note and 2021-A ABS Notes
|
7
|
Section 3.08. Fees and Expenses.
|
7
|
Section 3.09. Termination
|
8
|
Section 3.10. Asset Representations Review
|
8
|
Section 3.11. Dispute Resolution
|
9
|
ARTICLE FOUR
|
|
ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS
|
|
Section 4.01. 2021-A Bank Accounts.
|
12
|
Section 4.02. Remittances.
|
13
|
ARTICLE FIVE
|
|
TERMINATION
|
|
Section 5.01. Optional Termination.
|
14
|
Page |
|
ARTICLE SIX
|
|
REPORTS AND NOTICES
|
|
Section 6.01. Monthly Reports.
|
15
|
Section 6.02. Notices and Certificates Under the Basic Servicing Agreement
|
15
|
Section 6.03. Annual Officer’s Certificate.
|
15
|
Section 6.04. Annual Independent Public Accountants’ Attestation.
|
16
|
Section 6.05. Statements to Securityholders
|
16
|
ARTICLE SEVEN
|
|
SERVICER EVENTS OF DEFAULT
|
|
Section 7.01. Servicer Events of Default.
|
17
|
ARTICLE EIGHT
|
|
MISCELLANEOUS
|
|
Section 8.01. Amendments.
|
20
|
Section 8.02. Successors and Assigns
|
20
|
Section 8.03. Third-Party Beneficiaries
|
21
|
Section 8.04. No Petition
|
21
|
Section 8.05. GOVERNING LAW; SUBMISSION TO JURISDICTION.
|
21
|
Section 8.06. WAIVER OF JURY TRIAL
|
21
|
Section 8.07. Severability
|
21
|
Section 8.08. Counterparts; Electronic Signatures
|
22
|
Section 8.09. Table of Contents and Headings
|
22
|
Section 8.10. Conflict with Basic Servicing Agreement
|
22
|
Section 8.11. No Recourse
|
22
|
Section 8.12. Each Exchange Note Separate; Assignees of Exchange Note
|
23
|
EXHIBITS
|
|
Exhibit A – 2021-A Reference Pool Asset Schedule
|
A-1
|
Exhibit B – 2021-A Lease and 2021-A Vehicle Representations and Warranties
|
B-1
|
Exhibit C – Form of Monthly Investor Report
|
C-1
|
Exhibit D – Form of Performance Certification
|
D-1
|
Exhibit E – Servicing Criteria to be Addressed in Assessment Of Compliance
|
E-1
|
Appendix 1 – Usage and Definitions
|
A1-1
|
MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as Servicer
|
||
By:
|
/s/ Christopher Trainor | |
Name: Christopher Trainor
|
||
Title: Vice President
|
||
MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as Lender
|
||
By:
|
/s/ Christopher Trainor | |
Name: Christopher Trainor
|
||
Title: Vice President
|
||
DAIMLER TRUST,
|
||
as Titling Trust
|
||
By:
|
BNY MELLON TRUST OF DELAWARE (f/k/a BNYM (Delaware))
|
|
(f/k/a The Bank of New York (Delaware)),
|
||
not in its individual capacity but solely as Titling Trustee
|
||
By:
|
/s/ Kristine K. Gullo | |
Name: Kristine K. Gullo
|
||
Title: Vice President
|
||
DAIMLER TITLE CO.,
|
||
as Collateral Agent
|
||
By:
|
/s/ Melissa Rosal | |
Name: Melissa Rosal
|
||
Title: President
|
|
|
|
Collection Period Ended | DD-Mon-YYYY |
Amounts in USD |
Dates
|
|||||
Collection Period No.
|
#
|
|
|||
Collection Period (from... to)
|
DD-Mon-YYYY
|
DD-Mon-YYYY
|
|
||
Determination Date
|
DD-Mon-YYYY
|
|
|||
Record Date
|
DD-Mon-YYYY
|
|
|||
Payment Date
|
DD-Mon-YYYY
|
|
|||
Interest Period of the Class A-1 Notes (from... to)
|
DD-Mon-YYYY
|
DD-Mon-YYYY
|
Actual/360 Days
|
#
|
|
Interest Period of the Class A-2, A-3 and A-4 Notes (from... to)
|
DD-Mon-YYYY
|
DD-Mon-YYYY
|
30/360 Days
|
#
|
Summary
|
||||||
Initial
Balance
|
Beginning
Balance
|
Ending
Balance
|
Principal
Payment
|
Principal
per $1000
Face
Amount
|
Note Factor
|
|
Class A-1 Notes
|
|
|||||
Class A-2 Notes
|
|
|||||
Class A-3 Notes
|
|
|||||
Class A-4 Notes
|
|
|||||
Total Note Balance
|
$
|
$
|
$
|
$
|
||
Overcollateralization
|
|
|||||
Total Securitization Value
|
$
|
$
|
$
|
|
||
present value of lease payments
|
$
|
$
|
$
|
|||
present value of Base Residual Value
|
$
|
$
|
$
|
|
Amount
|
Percentage
|
|
Initial Overcollateralization Amount
|
$
|
%
|
Target Overcollateralization Amount
|
$
|
%
|
Current Overcollateralization Amount
|
$
|
%
|
Interest Rate
|
Interest
Payment
|
Interest per
$1000 Face
Amount
|
Interest &
Principal
Payment
|
Interest &
Principal
Payment per
$1000 Face
Amount
|
|
Class A-1 Notes
|
%
|
$
|
$
|
||
Class A-2 Notes
|
%
|
$
|
$
|
||
Class A-3 Notes
|
%
|
$
|
$
|
||
Class A-4 Notes
|
%
|
$
|
$
|
||
Total
|
$
|
$
|
|||
Total
|
$
|
$
|
Initial Balance
|
Beginning Balance
|
Ending Balance
|
|
Exchange Note Balance
|
$
|
$
|
$
|
2021-A Available Collections
|
|
Lease Payments Received
|
$
|
Net Sales Proceeds-early terminations (including Defaulted Leases)
|
$
|
Net Sales Proceeds-scheduled terminations
|
$
|
Excess wear and tear included in Net Sales Proceeds
|
$
|
Excess mileage included in Net Sales Proceeds
|
$
|
Repurchase Payments
|
$
|
Advances made by the Servicer
|
$
|
Investment Earnings
|
$
|
Total Available Funds
|
$
|
Distribution on the Exchange Note
|
|
(1) Total Servicing Fee and Nonrecoverable Servicer Advances
|
$
|
(2) Exchange Note Interest Distributable Amount (____%)
|
$
|
(3) Exchange Note Principal Distributable Amount
|
$
|
(4) Any amounts by which the sum payable pursuant to Section 8.03(a)(i) through (vii) of the Indenture (or, if applicable, pursuant to Section 5.04(b)(i)through (vii) of the Indenture)
exceed the sum of the Exchange Note Interest Distributable Amount and the Exchange Note Principal Distributable Amount
|
$
|
(5) Remaining Funds Payable
|
$
|
Total Distribution
|
$
|
Available Funds ABS Notes
|
|
Total Exchange Note Payments
|
$
|
Reserve Account Draw Amount
|
$
|
Total Available Funds
|
$
|
ABS Note Distributions
|
|
(1) Total Trustee Fees and any Asset Representations Reviewer fees (max $250,000 p.a.)
|
$
|
(2) Interest Distributable Amount Class A Notes
|
$
|
(3) Priority Principal Distribution Amount
|
$
|
(4) To Reserve Fund to reach the Reserve Fund Required Amount
|
$
|
(5) Regular Principal Distribution Amount
|
$
|
(6) Additional Servicing Fee and Transition Costs
|
$
|
(7) Total Trustee Fees and any Asset Representations Reviewer fees [not previously paid under (1)]
|
$
|
(8) Excess Collections to Certificateholders
|
$
|
Total Distribution
|
Distribution Detail
|
|||
Amount
Due
|
Amount
Paid
|
Shortfall
|
|
Total Servicing Fee
|
|||
Total Trustee Fee
|
|||
Monthly Interest Distributable Amount
|
|||
thereof on Class A-1 Notes
|
|||
thereof on Class A-2 Notes
|
|||
thereof on Class A-3 Notes
|
|||
thereof on Class A-4 Notes
|
|||
Interest Carryover Shortfall Amount
|
|||
thereof on Class A-1 Notes
|
|||
thereof on Class A-2 Notes
|
|||
thereof on Class A-3 Notes
|
|||
thereof on Class A-4 Notes
|
|||
Interest Distributable Amount Class A Notes
|
|||
Priority Principal Distribution Amount
|
|||
Regular Principal Distribution Amount
|
|||
Principal Distribution Amount
|
Reserve Fund and Investment Earnings
|
|
Reserve Fund
|
|
Reserve Fund Required Amount
|
|
Reserve Fund Amount - Beginning Balance
|
|
plus top up Reserve Fund up to the Required Amount
|
|
plus Net Investment Earnings for the Collection Period
|
|
minus Net Investment Earnings
|
|
minus Reserve Fund Draw Amount
|
|
Reserve Fund Amount - Ending Balance
|
|
Reserve Fund Deficiency
|
|
Investment Earnings
|
|
Net Investment Earnings on the Reserve Fund
|
|
Net Investment Earnings on the Exchange Note
|
|
Collection Account
|
|
Investment Earnings for the Collection Period
|
Notice to Investors
|
||
Pool Statistics
|
||
Pool Data
|
||
Amount
|
Number of Leases
|
|
Cutoff Date Securitization Value
|
||
Securitization Value beginning of Collection Period
|
||
Principal portion of lease payments
|
||
Terminations- Early
|
||
Terminations- Scheduled
|
||
Repurchase Payment (excluding interest)
|
||
Gross Losses
|
||
Securitization Value end of Collection Period
|
Pool Factor
|
%
|
|
As of Cutoff Date
|
Current
|
|
Weighted Average Securitization Rate
|
||
Weighted Average Remaining Term (months)
|
||
Weighted Average Seasoning (months)
|
||
Aggregate Base Residual Value
|
||
Cumulative Turn-in Ratio
|
||
Proportion of base prepayment assumption realized life to date
|
||
Actual lifetime prepayment speed
|
Delinquency Profile
|
|||
Delinquency Profile*
|
Amount **
|
Number of Leases
|
Percentage
|
Current
|
|||
31-60 Days Delinquent
|
|||
61-90 Days Delinquent
|
|||
91-120 Days Delinquent
|
|||
Total
|
Loss Statistics
|
||||
Credit Loss
|
Current
Amount
|
Cumulative
Number of
Leases
|
Amount
|
Number of
Leases
|
Securitization Value of Defaulted Leases, Beg of Collection Period
|
||||
Liquidation Proceeds
|
||||
Recoveries
|
||||
Principal Net Credit Loss / (Gain)
|
||||
Net Credit Loss / (Gain) as % of Average Securitization Value (annualized):
|
||||
Current Collection Period
|
||||
Prior Collection Period
|
||||
Second Prior Collection Period
|
||||
Third Prior Collection Period
|
||||
Four Month Average
|
||||
Cumulative Net Credit Loss / (Gain) as % of Cutoff Date Securitization Value
|
||||
Average Net Credit Loss / (Gain)
|
Residual Loss
|
Current
Amount
|
Cumulative
Number of
Leases
|
Amount
|
Number of
Leases
|
Securitization Value of Liquidated Leases, Beg of Collection Period
|
||||
Sales Proceeds and Other Payments Received
|
||||
Residual Loss / (Gain)
|
||||
Residual Loss / (Gain) as % of Average Securitization Value (annualized):
|
||||
Current Collection Period
|
||||
Prior Collection Period
|
||||
Second Prior Collection Period
|
||||
Third Prior Collection Period
|
||||
Four Month Average
|
||||
Cumulative Residual Loss / (Gain) as % of Cutoff Date Securitization Value
|
||||
Average Residual Loss / (Gain)
|
MERCEDES-BENZ FINANCIAL SERVICES USA LLC
|
||
By:
|
||
Name:
|
||
Title:
|
Reference
|
Criteria
|
Applicable Servicing
Criteria
|
Responsible
Party
|
General Servicing Considerations
|
|||
1122(d)(1)(i)
|
Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.
|
Servicer
|
|
1122(d)(1)(ii)
|
If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.
|
Servicer
|
|
1122(d)(1)(iii)
|
Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.
|
N/A
|
|
1122(d)(1)(iv)
|
A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the
transaction agreements.
|
||
1122(d)(1)(v)
|
Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.
|
Servicer
|
|
Cash Collection and Administration
|
|||
1122(d)(2)(i)
|
Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.
|
Servicer
|
|
1122(d)(2)(ii)
|
Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
|
N/A for obligor disbursements
|
Servicer
|
1122(d)(2)(iii)
|
Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.
|
Servicer
|
|
1122(d)(2)(iv)
|
The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction
agreements.
|
Servicer
|
Reference
|
Criteria
|
Applicable Servicing
Criteria
|
Responsible
Party
|
1122(d)(2)(v)
|
Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.
|
Indenture Trustee
|
|
1122(d)(2)(vi)
|
Unissued checks are safeguarded so as to prevent unauthorized access.
|
N/A
|
|
1122(d)(2)(vii)
|
Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared
within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.
|
Servicer
Indenture Trustee
|
|
Investor Remittances and Reporting
|
|||
1122(d)(3)(i)
|
Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with
timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and
regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.
|
Servicer
|
|
1122(d)(3)(ii)
|
Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.
|
Servicer
Indenture Trustee
|
|
1122(d)(3)(iii)
|
Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.
|
Servicer
Indenture Trustee
|
|
1122(d)(3)(iv)
|
Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.
|
Servicer Indenture Trustee
|
Reference
|
Criteria
|
Applicable Servicing
Criteria
|
Responsible
Party
|
Pool Asset Administration
|
|||
1122(d)(4)(i)
|
Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.
|
Servicer
|
|
1122(d)(4)(ii)
|
Pool assets and related documents are safeguarded as required by the transaction agreements
|
Servicer
|
|
1122(d)(4)(iii)
|
Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.
|
Servicer
|
|
1122(d)(4)(iv)
|
Payments on pool assets, including any payoffs, made in accordance with the related pool assets documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days
specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.
|
Servicer
|
|
1122(d)(4)(v)
|
The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.
|
Servicer
|
|
1122(d)(4)(vi)
|
Changes with respect to the terms or status of an obligor’s pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with usual customary procedures.
|
Servicer
|
|
1122(d)(4)(vii)
|
Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with usual customary
procedures.
|
Servicer
|
|
1122(d)(4)(viii)
|
Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in
the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness
or unemployment).
|
Servicer
|
|
1122(d)(4)(ix)
|
Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.
|
N/A
|
Reference
|
Criteria
|
Applicable Servicing
Criteria
|
Responsible
Party
|
1122(d)(4)(x)
|
Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the
transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment
of the related pool assets, or such other number of days specified in the transaction agreements.
|
N/A
|
|
1122(d)(4)(xi)
|
Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has
been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.
|
N/A
|
|
1122(d)(4)(xii)
|
Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.
|
N/A
|
|
1122(d)(4)(xiii)
|
Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.
|
N/A
|
|
1122(d)(4)(xiv)
|
Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.
|
Servicer
|
|
1122(d)(4)(xv)
|
Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.
|
N/A
|
By:
|
||
Name:
|
||
Title:
|
TABLE OF CONTENTS
|
||
Page
|
||
ARTICLE ONE
|
||
USAGE AND DEFINITIONS
|
||
Section 1.01.
|
Capitalized Terms; Rules of Usage
|
1
|
ARTICLE TWO
|
||
ENGAGEMENT; ACCEPTANCE
|
||
Section 2.01.
|
Engagement; Acceptance
|
4
|
Section 2.02.
|
Confirmation of Status
|
4
|
ARTICLE THREE
|
||
ASSET REPRESENTATIONS REVIEW PROCESS
|
||
Section 3.01.
|
Review Notices and Identification of Review Assets
|
4
|
Section 3.02.
|
Review Materials
|
4
|
Section 3.03.
|
Performance of Reviews
|
5
|
Section 3.04.
|
Review Report
|
5
|
Section 3.05.
|
Review Representatives
|
6
|
Section 3.06.
|
Dispute Resolution
|
6
|
Section 3.07.
|
Limitations on Review Obligations
|
6
|
ARTICLE FOUR
|
||
ASSET REPRESENTATIONS REVIEWER
|
||
Section 4.01.
|
Representations and Warranties of the Asset Representations Reviewer
|
7
|
Section 4.02.
|
Covenants
|
8
|
Section 4.03.
|
Fees and Expenses
|
8
|
Section 4.04.
|
Limitation on Liability
|
10
|
Section 4.05.
|
Indemnification by Asset Representations Reviewer
|
10
|
Section 4.06.
|
Indemnification of Asset Representations Reviewer
|
10
|
Section 4.07.
|
Inspections of Asset Representations Reviewer
|
11
|
Section 4.08.
|
Delegation of Obligations
|
11
|
Section 4.09.
|
Confidential Information
|
11
|
Section 4.10.
|
Personally Identifiable Information
|
12
|
Page | ||
ARTICLE FIVE
|
||
REMOVAL, RESIGNATION
|
||
Section 5.01.
|
Eligibility of the Asset Representations Reviewer
|
14
|
Section 5.02.
|
Resignation and Removal of Asset Representations Reviewer
|
14
|
Section 5.03.
|
Successor Asset Representations Reviewer
|
15
|
Section 5.04.
|
Merger, Consolidation or Succession
|
16
|
ARTICLE SIX
|
||
OTHER AGREEMENTS
|
||
Section 6.01.
|
Independence of the Asset Representations Reviewer
|
16
|
Section 6.02.
|
No Petition
|
16
|
Section 6.03.
|
Limitation of Liability of Owner Trustee
|
16
|
Section 6.04.
|
Termination of Agreement
|
17
|
ARTICLE SEVEN
|
||
MISCELLANEOUS PROVISIONS
|
||
Section 7.01.
|
Amendments
|
17
|
Section 7.02.
|
Assignment; Benefit of Agreement; Third Party Beneficiaries
|
17
|
Section 7.03.
|
Notices
|
18
|
Section 7.04.
|
GOVERNING LAW
|
18
|
Section 7.05.
|
WAIVER OF JURY TRIAL
|
19
|
Section 7.06.
|
No Waiver; Remedies
|
19
|
Section 7.07.
|
Severability
|
19
|
Section 7.08.
|
Table of Contents and Headings
|
19
|
Section 7.09.
|
Counterparts; Electronic Signatures
|
19
|
Schedule A – Representations and Warranties, Review Materials and Tests
|
SA-1
|
MERCEDES-BENZ AUTO LEASE TRUST 2021-A,
|
||
as Issuer
|
||
By:
|
WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee
|
|
By:
|
/s/ Matthew Hollis | |
Name: Matthew Hollis
|
||
Title: Banking Officer
|
||
MERCEDES-BENZ FINANCIAL SERVICES USA LLC,
|
||
as Servicer and Administrator
|
||
By:
|
/s/ Christopher Trainor | |
Name: Christopher Trainor
|
||
Title: Vice President
|
||
CLAYTON FIXED INCOME SERVICES LLC,
|
||
as Asset Representations Reviewer
|
||
By:
|
/s/ Kevin Miller |
|
Name: Kevin Miller
|
||
Title: Treasurer
|
- |
Lease agreement
|
- |
Lease agreement
|
- |
Title documents
|
- |
Lease agreement
|
- |
Lease agreement
|
- |
Title documents
|
- |
Lease file
|
- |
Lease agreement
|
- |
Lease agreement
|
- |
Lease agreement
|
- |
Lease agreement
|
(a) |
Name and address of Lessor
|
(b) |
Name and address of Lessee and Co-lessee (if applicable)
|
(c) |
Vehicle description
|
(d) |
Amount due at lease signing
|
(e) |
Amount of monthly payment
|
(f) |
Number of monthly payments
|
(g) |
Other charges
|
(h) |
Total of Payments
|
(a) |
Early termination
|
(b) |
Excessive wear
|
(c) |
Purchase option
|
(d) |
Insurance requirements
|
(e) |
Late charges
|
- |
Lease agreement
|
- |
Lease agreement
|
- |
Title documents
|
- |
Lease file
|
- |
Lease agreement
|
- |
Data tape
|
- |
Lease file
|
- |
Lease file
|
- |
Lease agreement
|
- |
Lease agreement
|
- |
Lease agreement
|
- |
Lease file
|
- |
Lease agreement
|
- |
Data file
|
- |
Lease file
|
- |
Data tape
|
- |
Lease file
|
- |
Lease file
|
- |
Lease file
|
- |
Lease agreement
|
|
|
Page
|
Section 1.01.
|
Capitalized Terms; Rules of Usage
|
2
|
ARTICLE TWO
|
|
ESTABLISHMENT OF CONTROL OVER 2021-A COLLATERAL ACCOUNTS
|
|
Section 2.01.
|
Establishment of 2021-A Collateral Accounts
|
3
|
Section 2.02.
|
“Financial Assets” Election
|
3
|
Section 2.03.
|
Entitlement Orders
|
3
|
Section 2.04.
|
Subordination of Lien; Waiver of Set-Off
|
4
|
Section 2.05.
|
Notice of Adverse Claims
|
4
|
ARTICLE THREE
|
||
REPRESENTATIONS, WARRANTIES AND COVENANTS
|
||
OF THE SECURITIES INTERMEDIARY | ||
Section 3.01.
|
Representations, Warranties and Covenants of the Securities Intermediary
|
5
|
Section 3.02.
|
Additional Representations and Warranties
|
6
|
ARTICLE FOUR
|
||
MISCELLANEOUS SECTION
|
||
Section 4.01.
|
GOVERNING LAW
|
7
|
Section 4.02.
|
WAIVER OF JURY TRIAL
|
7
|
Section 4.03.
|
Conflict with Other Agreements
|
7
|
Section 4.04.
|
Amendments
|
8
|
Section 4.05.
|
Successors and Assigns
|
8
|
Section 4.06.
|
Notices
|
8
|
Section 4.07.
|
Termination
|
9
|
Section 4.08.
|
No Petition
|
9
|
Section 4.09.
|
Counterparts; Electronic Signatures
|
9
|
Section 4.10.
|
Table of Contents and Headings
|
10
|
Section 4.11.
|
Limitation of Liability
|
10
|
MERCEDES-BENZ AUTO LEASE
|
||
TRUST 2021-A,
|
||
as Initial Secured Party
|
||
By:
|
WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee
|
|
By:
|
/s/ Matthew Hollis | |
Name: Matthew Hollis
|
||
Title: Banking Officer
|
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Assignee‑Secured Party
|
||
By:
|
/s/ Eric Ott |
|
Name: Eric Ott
|
||
Title: Vice President
|
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Securities Intermediary
|
||
By:
|
/s/ Eric Ott | |
Name: Eric Ott
|
||
Title: Vice President
|
Section 1.01.
|
Capitalized Terms; Rules of Usage
|
2
|
|
ARTICLE TWO
|
|
ESTABLISHMENT OF CONTROL OVER THE 2021-A EXCHANGE NOTE COLLECTION ACCOUNT
|
Section 2.01.
|
Establishment of the 2021-A Exchange Note Collection Account
|
3
|
Section 2.02.
|
Grant of Security Interest
|
3
|
Section 2.03.
|
“Financial Assets” Election
|
4
|
Section 2.04.
|
Entitlement Orders
|
4
|
Section 2.05.
|
Subordination of Lien; Waiver of Set-Off
|
4
|
Section 2.06.
|
Notice of Adverse Claims
|
5
|
|
ARTICLE THREE
|
|
REPRESENTATIONS, WARRANTIES AND COVENANTS
|
Section 3.01.
|
Representations, Warranties and Covenants of the Securities Intermediary
|
6
|
Section 3.02.
|
Additional Representations and Warranties
|
6
|
|
ARTICLE FOUR
|
|
MISCELLANEOUS
|
Section 4.01.
|
GOVERNING LAW
|
8
|
Section 4.02.
|
WAIVER OF JURY TRIAL
|
8
|
Section 4.03.
|
Conflict with Other Agreements
|
8
|
Section 4.04.
|
Amendments
|
9
|
Section 4.05.
|
Successors and Assigns
|
9
|
Section 4.06.
|
Notices
|
9
|
Section 4.07.
|
Termination
|
10
|
Section 4.08.
|
No Petition
|
10
|
Section 4.09.
|
Counterparts; Electronic Signatures
|
10
|
Section 4.10.
|
Table of Contents and Headings
|
11
|
Section 4.11.
|
No Recourse
|
11
|
DAIMLER TRUST,
|
||
as Initial Secured Party
|
||
By:
|
BNY MELLON TRUST OF DELAWARE
|
|
(f/k/a BNYM (Delaware)) (f/k/a The Bank of New York (Delaware)), not in its individual capacity, but solely as Titling Trustee
|
By:
|
/s/ Kristine K. Gullo |
|
Name: Kristine K. Gullo
|
||
Title: Vice President
|
U.S. BANK NATIONAL ASSOCIATION, not in
|
||
its individual capacity but solely as Indenture Trustee and Assignee-Secured Party
|
||
By:
|
/s/ Eric Ott | |
Name: Eric Ott
|
||
Title: Vice President
|
U.S. BANK NATIONAL ASSOCIATION, not in
|
||
its individual capacity but solely as Securities Intermediary
|
||
By:
|
/s/ Eric Ott | |
Name: Eric Ott
|
||
Title: Vice President
|
Page
|
||
Section 1.01.
|
Capitalized Terms; Rules of Usage
|
1
|
Section 1.02.
|
Duties of the Administrator
|
1
|
Section 1.03.
|
Records
|
7
|
Section 1.04.
|
Compensation
|
7
|
Section 1.05.
|
Additional Information to be Furnished to the Issuer
|
7
|
Section 1.06.
|
Independence of the Administrator
|
7
|
Section 1.07.
|
No Joint Venture
|
7
|
Section 1.08.
|
Other Activities of Administrator
|
7
|
Section 1.09.
|
Term of Agreement; Resignation and Removal of Administrator
|
8
|
Section 1.10.
|
Action Upon Termination, Resignation or Removal
|
8
|
Section 1.11.
|
Notices
|
9
|
Section 1.12.
|
Amendments
|
9
|
Section 1.13.
|
Successors and Assigns
|
10
|
Section 1.14.
|
GOVERNING LAW
|
10
|
Section 1.15.
|
WAIVER OF JURY TRIAL
|
10
|
Section 1.16.
|
Headings
|
11
|
Section 1.17.
|
Counterparts; Electronic Signatures
|
11
|
Section 1.18.
|
Severability
|
11
|
Section 1.19.
|
Limitation of Liability of Owner Trustee and Indenture Trustee
|
11
|
Section 1.20.
|
Third-Party Beneficiaries
|
12
|
Section 1.21.
|
No Petition
|
12
|
Section 1.22.
|
Representations and Warranties of the Administrator
|
12
|
Exhibit A–
|
Power of Attorney Pursuant to Section 1.02(c) of Administration Agreement
|
A-1
|
MERCEDES-BENZ AUTO LEASE TRUST 2021-A, as Issuer
|
||
By:
|
WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
|
|
By:
|
/s/ Matthew Hollis |
|
Name: Matthew Hollis
|
||
Title: Banking Officer
|
||
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
|
||
By:
|
/s/ Eric Ott | |
Name: Eric Ott
|
||
Title: Vice President
|
||
MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as Administrator
|
||
By:
|
/s/ Christopher Trainor |
|
Name: Christopher Trainor
|
||
Title: Vice President
|
WILMINGTON TRUST, NATIONAL
ASSOCIATION, not in its individual capacity, but solely as Owner Trustee
|
||
By:
|
||
Name:
|
||
Title:
|
STATE OF DELAWARE
|
}
|
}
|
|
COUNTY OF NEWCASTLE
|
}
|
|
|
MERCEDES-BENZ AUTO LEASE TRUST 2021-A
|
||
By:
|
WILMINGTON TRUST, NATIONAL
ASSOCIATION, not in its individual capacity, but solely as Owner Trustee
|
By:
|
||
Name:
|
||
Title:
|
STATE OF DELAWARE
|
}
|
}
|
|
COUNTY OF NEWCASTLE
|
}
|