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 COLT 2007-SN1 Certificateholder and each COLT 2007-SN1 Secured Noteholder that Series 2007-SN1 is a separate series of COLT as provided in Section 3806(b)(2) of the Statutory Trust Act. As such, separate and distinct records shall be maintained for Series 2007-SN1 Lease Assets and the Trust Assets associated with Series 2007-SN1 shall be held and accounted for separately from the other assets of COLT or any other Series. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Series 2007-SN1 Lease Assets, including the COLT Series 2007-SN1 Secured Notes, shall be enforceable against the Series 2007-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, all persons claiming through the Servicer, the COLT 2007-SN1 Certificateholder Seller and each COLT 2007-SN1 Secured Noteholder any other Interested Party that Series 2007-SN1 is a separate series of COLT as provided in Section 3806(b)(2) of the Statutory Trust Act. As such, separate and distinct records shall be maintained for Series 2007-SN1 Lease Assets and the Trust Assets associated with Series 2007-SN1 Lease Assets shall be held and accounted for separately from the other assets of COLT or any other Series. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Series 2007-SN1 Lease Assets, including the COLT Series 2007-SN1 Secured NotesNotes 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 2007-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, all persons claiming through the Servicer, the COLT 2007-SN1 Certificateholder and each COLT 2007-SN1 Secured Noteholder Custodian that Series 2007-SN1 is a separate series of COLT as provided in Section 3806(b)(2) of the Statutory Trust Act. As such, separate and distinct records shall be maintained for Series 2007-SN1 Lease Assets and the Trust Assets associated with Series 2007-SN1 Lease Assets shall be held and accounted for separately from the other assets of COLT or any other Series. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Series 2007-SN1 Lease Assets, including the COLT Series 2007-SN1 Secured NotesNotes and the obligations of COLT to the Seller and any other Interested Party under this Agreement, shall be enforceable against the Series 2007-SN1 Lease Assets only, and not against COLT generally or the assets securing any other Series of Secured NotesPortfolio.

Series Liabilities. It is expressly understood and agreed by the Servicer, all persons claiming through the Servicer, the COLT 20072005-SN1 Certificateholder and each COLT 20072005-SN1 Secured Noteholder that Series 2007-SN1 COLT is a separate series of COLT as provided in Section 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 20072005-SN1 Lease Assets and the Trust Assets associated with Series 20072005-SN1 Lease Assets shall be held and accounted for separately from the other assets of COLT or any other SeriesCOLT. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Series 20072005-SN1 Lease Assets, including the COLT Series 20072005-SN1 Secured Notes, shall be enforceable against the Series 20072005-SN1 Lease Assets only, and not against COLT generally or the assets securing any other Series of Secured Notes.