Common use of Series Liabilities Clause in Contracts

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 2014-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 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, all persons claiming through the Servicer, the ACOLT Certificateholder and each Secured Noteholder that Series 20142013-SN2 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, all persons claiming through the Servicer, the ACOLT Certificateholder and each Secured Noteholder that Series 2014-SN2 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, all persons claiming through the Servicer, the ACOLT Certificateholder and each Secured Noteholder that Series 20142015-SN2 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, all persons claiming through the Servicer, the ACOLT Certificateholder and each Secured Noteholder that Series 20142012-SN2 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.