Common use of Series Liabilities Clause in Contracts

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 Seller and the other ACOLT Interested Parties that Series 20122013-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 20122013-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 20122013-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 Seller and the other ACOLT Interested Parties that Series 20122015-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 20122015-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 20122015-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 Seller and the other ACOLT Interested Parties that Series 20122014-SN1 SN2 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 20122014-SN1 SN2 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 20122014-SN1SN2, 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 Seller and the other ACOLT Interested Parties that Series 20122014-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 20122014-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 20122014-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 Seller and the other ACOLT Interested Parties that Series 2012-SN1 20__-SN_ 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 20__-SN_ 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-SN120__-SN_, 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.