Series Liabilities. It is expressly understood and agreed by the Servicer, and all persons claiming through the Servicer, that the Trust Assets that are allocated to the Lending Facility Pool are intended to support only the Lending Facility and that the Trust Assets that are allocated to each Designated Pool are intended to support only the related Exchange Note and that the related Secured Parties have expressly agreed to such allocations in the Credit and Security Agreement and the respective Exchange Note Supplements. As such, separate and distinct records shall be maintained by the Servicer for the Lending Facility Pool and each Designated Pool and the Trust Assets associated with the Lending Facility Pool and each Designated Pool shall be held and accounted for separately from any other assets of the Titling Trust. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Lending Facility and each Exchange Note shall be enforceable against the Lending Facility Pool or the related Designated Pool only, and not against the Trust Assets generally or the assets of any other Designated Pool.
Series Liabilities. (a) The 2024-1A SUBI is a separate series of the North Carolina Trust as provided in Section 3806(b)(2) of the Delaware Statutory Trust Statute, (b)(i) claims incurred, contracted for or otherwise existing with respect to the 2024-1A SUBI or the 2024-1A SUBI Assets, including claims hereunder, shall be enforceable against the 2024-1A SUBI Assets only, and not against any UTI Assets or any SUBI assets other than the 2024-1A SUBI Assets (such other assets, “Other SUBI Assets”) and (ii) claims incurred, contracted for or otherwise existing with respect to any other SUBI, the UTI or any other North Carolina Trust Assets shall be enforceable against the North Carolina Trust Assets with respect to such other SUBI or the UTI or such other North Carolina Trust Assets only and not against 2024-1A SUBI Assets, (c) except to the extent required by law or specified in the North Carolina Trust Agreement, (i) North Carolina Trust Assets with respect to any other SUBI or with respect to the UTI shall not be subject to claims arising from or with respect to the 2024-1A SUBI, (ii) no creditor or holder of a claim relating to the 2024-1A SUBI Assets shall be entitled to maintain any action against or recover any UTI Assets or any Other SUBI Assets, and (iii) no creditor or holder of a claim relating to any other SUBI, the UTI or any other North Carolina Trust Assets shall be entitled to maintain any action against or recover any 2024-1A SUBI Assets, and (d) any purchaser, assignee or pledgee of an interest in the 2024-1A SUBI, the 2024-1A SUBI Certificate, any other SUBI, any other SUBI certificate, the UTI or the UTI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the North Carolina Trust a non-petition covenant substantially similar to that set forth in Section 6.9 of the North Carolina Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of the UTI or the UTI Certificate and any other SUBI or other SUBI certificate to release all claims to the UTI Assets and any Other SUBI Assets and in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the UTI Assets and any Other SUBI Assets.
Series Liabilities. It is expressly understood and agreed by the Seller and the other ACOLT Interested Parties that Series 2012-SN1 is a separate series of ACOLT as provided in Section 3806(b)(2) of the Statutory Trust Act. As such, separate and distinct records shall be maintained for Series 2012-SN1 and the Lease Assets shall be held and accounted for separately from the other assets of ACOLT or any other series of ACOLT. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to Series 2012-SN1, including the Secured Notes and the obligations of ACOLT to the Seller and any of the other ACOLT Interested Parties under this Sale and Contribution Agreement, shall be enforceable against the Lease Assets only, and not against ACOLT generally or the assets of any other series of ACOLT.
Series Liabilities. It is expressly understood and agreed by the Servicer, all persons claiming through the Servicer, the ACOLT Certificateholder and each Secured Noteholder that Series 2015-SN1 is a separate series of ACOLT as provided in Section 3806(b)(2) of the Statutory Trust Act. As such, separate and distinct records shall be maintained for Lease Assets and the Trust Assets associated with the Lease Assets shall be held and accounted for separately from the other assets of ACOLT or any other Series. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Lease Assets, including the Secured Notes, shall be enforceable against the Lease Assets only, and not against ACOLT generally or the assets securing any other Series of secured notes or the Residual Trust Assets.
Series Liabilities. It is expressly understood and agreed by the Servicer, and all persons claiming through the Servicer, that the Trust is a series trust pursuant to Sections 3804 and 3806(b)(2) of the Business Trust Statute. As such, separate and distinct records shall be maintained for the UTI Portfolio and each SUBI Portfolio and the Trust Assets associated with the UTI Portfolio and each SUBI Portfolio shall be held and accounted for separately from the other assets of the Trust. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the UTI and each SUBI shall be enforceable against the UTI Portfolio or the related SUBI Portfolio only, and not against the Trust Assets generally or the assets of any other SUBI Portfolio.
Series Liabilities. It is expressly understood and agreed by the Seller and any other Interested Party that COLT is a series trust pursuant to Sections 3804 and 3806(b)(2) of the Statutory Trust Act. As such, separate and distinct records shall be maintained for Series 2005-SN1 Lease Assets and the Series 2005-SN1 Lease Assets shall be held and accounted for separately from the other assets of COLT. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Series 2005-SN1 Lease Assets, including the COLT 2005-SN1 Secured Notes and the obligations of COLT to the Seller and any other Interested Party under this COLT Sale and Contribution Agreement, shall be enforceable against the Series 2005-SN1 Lease Assets only, and not against COLT generally or the assets securing any other Series of Secured Notes.
Series Liabilities. It is expressly understood and agreed by the Servicer, and all persons claiming through the Servicer, the Trust is a series trust pursuant to Sections 3804 and 3806(b) (2) of the Delaware Business Trust Act. As such, separate and distinct records shall be maintained for the UTI Portfolio and each SUBI Portfolio and the Trust Assets associated with the UTI Portfolio and each SUBI Portfolio shall be held and accounted for separately from the other assets of the Trust. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the UTI and each SUBI shall be enforceable against the UTI Portfolio or the related SUBI Portfolio only, and not against the Trust Assets generally or the assets of any other SUBI Portfolio.
Series Liabilities. The assets belonging to each particular Series shall be charged with the liabilities of CalTRUST in respect of that Series, as with all expenses, costs, charges and reserves attributable to that Series, and any general liabilities, expenses, costs, charges or reserves of CalTRUST which are not readily identifiable as belonging to any particular Series shall be allocated and charged by the Board to and among any one or more of the Series established and designated from time to time in such manner and on such basis as the Board in its sole discretion deem fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Board shall be conclusive and binding upon the Participants of the Shares Program in all Series for all purposes.
Series Liabilities. Each party hereto represents, warrants and covenants that (a) each of the Sold SUBIs is a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Sold SUBIs or the Sold SUBI Portfolios shall be enforceable against the respective Sold SUBI Portfolios only, as applicable, and not against any other SUBI Assets or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any other SUBI, any other SUBI portfolio, the UTI or the UTI Portfolio shall be enforceable against such other SUBI portfolio or the UTI portfolio only, as applicable, and not against any other SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other than the respective Sold SUBIs) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Sold SUBIs, respectively, in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Sold SUBIs or the Sold SUBI Portfolios shall be entitled to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any other SUBI or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio or any SUBI other than the Sold SUBIs or any SUBI Assets other than the Sold SUBI Portfolios shall be entitled to maintain any action against or recover any assets allocated to the Sold SUBIs, and (e) any purchaser, assignee or pledgee of an interest in the Sold SUBIs, the Sold SUBI Certificates, any other SUBI, any other SUBI Certificate, the UTI or the UTI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to that set forth in Section 6.9 of the Origination Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any other SUBI or Sold SUBI Certificate (as defined in the Origination Trust Agreement), to release all claims to the assets of the Origination Trust allocated to the UTI and each other SUBI Portfolio and in the event t...
Series Liabilities. 56 SECTION 11.21 Subordination.................................................................................... 56 EXHIBIT A-1 INFORMATION FOR EACH COLT 200 - SECURED NOTE EXHIBIT A-2 FORM OF COLT 200 - SECURED NOTE COLT 200 - INDENTURE, dated as of , 200 (this "COLT Indenture"), between CENTRAL ORIGINATING LEASE TRUST, a Delaware statutory trust ("COLT"), and , , as indenture trustee (as COLT Indenture Trustee and not in its individual capacity, the "COLT Indenture Trustee"). Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the COLT 200 - Secured Notes: GRANTING CLAUSE COLT hereby Grants to the COLT Indenture Trustee, for the equal and ratable benefit of each Holder of a COLT 200 - Secured Note, a security interest in, and its transfer, assignment and conveyance of, without recourse, the following:
