Mercedes-Benz Auto Lease Trust 2026-B filed a Current Report on Form 8-K on October 22, 2026, to disclose the establishment of control over its collateral accounts. The filing indicates that the Issuer, Mercedes-Benz Trust Leasing LLC, and the Titling Trust have executed a series of agreements effective October 1, 2026, to facilitate the issuance of Asset Backed Notes.
The primary agreement detailed in the filing is the 2026-B Collateral Account Control Agreement. This document establishes a security interest in segregated accounts held with U.S. Bank National Association, acting as the Securities Intermediary. Specifically, the agreement covers the 2026-B Reserve Account and the 2026-B Distribution Account, which are used to secure the obligations of the Titling Trust and the Initial Secured Party.
Under the terms of the agreement, the Securities Intermediary is required to treat the Assignee-Secured Party as entitled to exercise the rights comprising any financial asset credited to these accounts. The agreement also stipulates that the security interest of the Assignee-Secured Party is a first priority interest perfected by "control" pursuant to the Uniform Commercial Code. Furthermore, the agreement includes provisions for the transfer of rights back to the Initial Secured Party upon the release of the lien of the Indenture.
