<PAGE>

                                                                     EXHIBIT 4.8

================================================================================

                         CENTRAL ORIGINATING LEASE TRUST

                                  SECURED NOTES

                             COLT 2005-SN1 INDENTURE

                           DATED AS OF APRIL 28, 2005

                         CENTRAL ORIGINATING LEASE TRUST

                                       AND

                                 CITIBANK, N.A.,

                            AS COLT INDENTURE TRUSTEE

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                        PAGE
<S>                                                                                                     <C>
ARTICLE I          DEFINITIONS AND INCORPORATION BY REFERENCE......................................       3

  SECTION 1.1         Definitions; Rules of Construction...........................................       3
  SECTION 1.2         Incorporation by Reference of Trust Indenture Act............................       3

ARTICLE II         THE SECURED NOTES...............................................................       4

  SECTION 2.1         Form.........................................................................       4
  SECTION 2.2         Execution, Authentication and Delivery.......................................       4
  SECTION 2.3         Registration; Registration of Transfer and Exchange of COLT 2005-SN1
                      Secured Notes................................................................       5
  SECTION 2.4         Mutilated, Destroyed, Lost or Stolen COLT 2005-SN1 Secured Notes.............       7
  SECTION 2.5         Payment of Principal and Interest............................................       8
  SECTION 2.6         Persons Deemed Secured Noteholders...........................................       9
  SECTION 2.7         Cancellation of COLT 2005-SN1 Secured Notes..................................       9
  SECTION 2.8         Release of COLT 2005-SN1 Trust Estate........................................       9
  SECTION 2.9         Seller and CARI as COLT 2005-SN1 Secured Noteholders.........................      10
  SECTION 2.10        Tax Treatment................................................................      10

ARTICLE III        COVENANTS.......................................................................      10

  SECTION 3.1         Payment of Principal and Interest and Other Amounts..........................      10
  SECTION 3.2         Maintenance of Agency Office.................................................      10
  SECTION 3.3         Money for Payments to Be Held in Trust.......................................      11
  SECTION 3.4         Existence....................................................................      12
  SECTION 3.5         Protection of COLT 2005-SN1 Trust Estate; Acknowledgment of Pledge...........      12
  SECTION 3.6         Opinions as to COLT 2005-SN1 Collateral......................................      13
  SECTION 3.7         Performance of Obligations; Servicing of Series 2005-SN1 Lease Assets........      14
  SECTION 3.8         Negative Covenants...........................................................      15
  SECTION 3.9         Annual Statement as to Compliance............................................      16
  SECTION 3.10        Consolidation, Merger, Etc., of Trust; Disposition of Trust Assets...........      16
  SECTION 3.11        Successor or Transferee......................................................      18
  SECTION 3.12        No Other Business............................................................      18
  SECTION 3.13        No Borrowing.................................................................      18
  SECTION 3.14        Guarantees, Loans, Advances and Other Liabilities............................      18
  SECTION 3.15        Servicer's Obligations.......................................................      19
  SECTION 3.16        Capital Expenditures.........................................................      19
  SECTION 3.17        Restricted Payments..........................................................      19
  SECTION 3.18        Notice of Events of Default..................................................      19
  SECTION 3.19        Further Instruments and Acts.................................................      19
  SECTION 3.20        COLT Indenture Trustee's Assignment of Administrative Lease Assets
                      and Warranty Lease Assets and Sale or Other Distribution of the
                      Related Vehicles.............................................................      20
</TABLE>

                                       i
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                        PAGE
<S>                                                                                                     <C>
  SECTION 3.21        Representations and Warranties by COLT to the COLT Indenture Trustee.........      20
  SECTION 3.22        Maintenance of Separate Records for Each Series..............................      21

ARTICLE IV         SATISFACTION AND DISCHARGE......................................................      21

  SECTION 4.1         Satisfaction and Discharge of COLT Indenture.................................      21
  SECTION 4.2         Application of Trust Money...................................................      22
  SECTION 4.3         Repayment of Monies Held by Paying Agent.....................................      22
  SECTION 4.4         Duration of Position of COLT Indenture Trustee...............................      23

ARTICLE V          DEFAULT AND REMEDIES............................................................      23

  SECTION 5.1         Events of Default............................................................      23
  SECTION 5.2         Acceleration of Maturity; Rescission and Annulment...........................      24
  SECTION 5.3         Collection of Indebtedness and Suits for Enforcement by COLT
                      Indenture Trustee............................................................      25
  SECTION 5.4         Remedies; Priorities.........................................................      27
  SECTION 5.5         Optional Preservation of the Series 2005-SN1 Lease Assets....................      28
  SECTION 5.6         Limitation of Suits..........................................................      28
  SECTION 5.7         Unconditional Rights of the COLT 2005-SN1 Secured Noteholders to
                      Receive Principal and Interest...............................................      29
  SECTION 5.8         Restoration of Rights and Remedies...........................................      29
  SECTION 5.9         Rights and Remedies Cumulative...............................................      30
  SECTION 5.10        Delay or Omission, Not a Waiver..............................................      30
  SECTION 5.11        Control by the COLT 2005-SN1 Secured Noteholders.............................      30
  SECTION 5.12        Waiver of Past Defaults......................................................      31
  SECTION 5.13        Undertaking for Costs........................................................      31
  SECTION 5.14        Waiver of Stay or Extension Laws.............................................      32
  SECTION 5.15        Action on COLT 2005-SN1 Secured Notes........................................      32
  SECTION 5.16        Performance and Enforcement of Certain Obligations...........................      32

ARTICLE VI         THE COLT INDENTURE TRUSTEE......................................................      33

  SECTION 6.1         Duties of COLT Indenture Trustee.............................................      33
  SECTION 6.2         Rights of COLT Indenture Trustee.............................................      34
  SECTION 6.3         COLT Indenture Trustee May Own COLT 2005-SN1 Secured Notes...................      35
  SECTION 6.4         COLT Indenture Trustee's Disclaimer..........................................      35
  SECTION 6.5         Notice of Default............................................................      35
  SECTION 6.6         Reports by COLT Indenture Trustee to the COLT 2005-SN1 Secured
                      Noteholders..................................................................      36
  SECTION 6.7         Compensation; Indemnity......................................................      36
  SECTION 6.8         Replacement of COLT Indenture Trustee........................................      36
  SECTION 6.9         Merger or Consolidation of COLT Indenture Trustee............................      37
  SECTION 6.10        Appointment of Co-COLT Indenture Trustee or Separate COLT Indenture
                      Trustee......................................................................      38
</TABLE>

                                       ii
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                        PAGE
<S>                                                                                                     <C>
  SECTION 6.11        Eligibility; Disqualification................................................      39
  SECTION 6.12        Preferential Collection of Claims Against COLT...............................      39
  SECTION 6.13        Representations and Warranties of COLT Indenture Trustee.....................      39
  SECTION 6.14        COLT Indenture Trustee May Enforce Claims Without Possession of COLT
                      2005-SN1 Secured Notes.......................................................      40
  SECTION 6.15        Suit for Enforcement.........................................................      40
  SECTION 6.16        Rights of COLT 2005-SN1 Secured Noteholders to Direct COLT Indenture
                      Trustee......................................................................      41

ARTICLE VII        COLT 2005-SN1 SECURED NOTEHOLDERS' LISTS AND REPORTS............................      41

  SECTION 7.1         COLT to Furnish COLT Indenture Trustee Names and Addresses of COLT
                      2005-SN1 Secured Noteholders.................................................      41
  SECTION 7.2         Preservation of Information, Communications to COLT 2005-SN1
                      Secured Noteholders..........................................................      41
  SECTION 7.3         Reports by COLT..............................................................      42
  SECTION 7.4         Reports by Trustee...........................................................      42

ARTICLE VIII       ACCOUNTS, DISBURSEMENTS AND RELEASES............................................      42

  SECTION 8.1         Collection of Money..........................................................      42
  SECTION 8.2         Designated Accounts; Allocations; Payments...................................      43
  SECTION 8.3         General Provisions Regarding Designated Accounts.............................      43
  SECTION 8.4         Release of the COLT 2005-SN1 Trust Estate....................................      44
  SECTION 8.5         Opinion of Counsel...........................................................      44

ARTICLE IX         SUPPLEMENTAL INDENTURES.........................................................      45

  SECTION 9.1         Supplemental Indentures Without Consent of COLT 2005-SN1 Secured
                      Noteholders..................................................................      45
  SECTION 9.2         Supplemental Indentures with Consent of COLT 2005-SN1 Secured
                      Noteholders..................................................................      46
  SECTION 9.3         Execution of Supplemental Indentures.........................................      47
  SECTION 9.4         Effect of Supplemental Indenture.............................................      48
  SECTION 9.5         Conformity with Trust Indenture Act..........................................      48
  SECTION 9.6         Reference in COLT 2005-SN1 Secured Notes to Supplemental Indentures..........      48

ARTICLE X          REDEMPTION OF COLT 2005-SN1 SECURED NOTES.......................................      48

  SECTION 10.1        Redemption...................................................................      48
  SECTION 10.2        COLT 2005-SN1 Secured Notes Payable on Redemption Date.......................      49

ARTICLE XI         MISCELLANEOUS...................................................................      49

  SECTION 11.1        Compliance Certificates and Opinions, Etc....................................      49
  SECTION 11.2        Form of Documents Delivered to COLT Indenture Trustee........................      51
  SECTION 11.3        Acts of COLT 2005-SN1 Secured Noteholders....................................      51
</TABLE>

                                      iii
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                        PAGE
<S>                                                                                                     <C>
  SECTION 11.4        Notices, Etc., to COLT Indenture Trustee, COLT and Rating Agencies...........      52
  SECTION 11.5        Notices to COLT 2005-SN1 Secured Noteholders; Waiver.........................      52
  SECTION 11.6        Alternate Payment and Notice Provisions......................................      53
  SECTION 11.7        Conflict with Trust Indenture Act............................................      53
  SECTION 11.8        Effect of Headings and Table of Contents.....................................      54
  SECTION 11.9        Successors and Assigns.......................................................      54
  SECTION 11.10       Severability.................................................................      54
  SECTION 11.11       Benefits of COLT Indenture...................................................      54
  SECTION 11.12       Legal Holidays...............................................................      54
  SECTION 11.13       GOVERNING LAW................................................................      54
  SECTION 11.14       Counterparts.................................................................      55
  SECTION 11.15       Recording of COLT Indenture..................................................      55
  SECTION 11.16       No Recourse..................................................................      55
  SECTION 11.17       No Petition..................................................................      56
  SECTION 11.18       Inspection...................................................................      56
  SECTION 11.19       Indemnification by and Reimbursement of the Servicer.........................      56
  SECTION 11.20       Series Liabilities...........................................................      56
  SECTION 11.21       Subordination................................................................      57
</TABLE>

EXHIBIT A FORM OF COLT 2005-SN1 SECURED NOTE

                                       iv
<PAGE>

            COLT 2005-SN1 INDENTURE, dated as of April 28, 2005 (this "COLT
Indenture"), between CENTRAL ORIGINATING LEASE TRUST, a Delaware statutory trust
("COLT"), and CITIBANK, N.A., a national banking association, 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 2005-SN1
Secured Notes:

                                 GRANTING CLAUSE

            COLT hereby Grants to the COLT Indenture Trustee, for the equal and
ratable benefit of each Holder of a COLT 2005-SN1 Secured Note, a security
interest in, and its transfer, assignment and conveyance of, without recourse,
the following:

            (i)   all right, title and interest of COLT in, to and under the
Series 2005-SN1 Leases listed on the Series 2005-SN1 Lease Assets Schedule
attached as Schedule A to the COLT Sale and Contribution Agreement and all
beneficial interest in the Vehicles related to the Series 2005-SN1 Lease Assets
under the VAULT Trust Agreement, and all monies due thereunder on and after the
Cutoff Date and with respect to the Vehicles, to the extent permitted by law,
all accessions thereto;

            (ii)  the interest of COLT in any proceeds from claims on any
physical damage, credit life, credit disability or other insurance policies
covering the related Vehicles or Lessees;

            (iii) the interest of COLT in any proceeds from recourse against
Dealers on the Series 2005-SN1 Lease Assets;

            (iv)  all right, title and interest of COLT in, to and under the
COLT 2005-SN1 Lease Assets Assignment;

            (v)   all right, title and interest of COLT in, to and under the
VAULT Trust Agreement (solely with respect to the Vehicles related to Series
2005-SN1 Lease Assets);

            (vi)  all right, title and interest of COLT in, to and under the
COLT Servicing Agreement and any other COLT 2005-SN1 Basic Document;

            (vii) all right, title and interest of COLT in, to and under the
funds on deposit from time to time in the Designated Accounts, including all
Designated Account Property; and

            (viii) the present and future claims, demands, causes and choses in
action in respect of any or all the foregoing and all payments on or under and
all proceeds of every kind and nature whatsoever in respect of any or all the
foregoing, including all proceeds of the conversion of any or all of the
foregoing, voluntary or involuntary, into cash or other liquid property, all
cash proceeds, accounts, accounts receivable, notes, drafts, acceptances,
chattel paper, checks, deposit accounts, insurance proceeds, investment
property, payment intangibles, general intangibles, condemnation awards, rights
to payment of any and every kind and other forms of obligations and receivables,
instruments and other property which at any time constitute

                                        1
<PAGE>

all or part of or are included in the proceeds of any of the foregoing
(collectively, and together with the Direct COLT Pledge, the "COLT 2005-SN1
Collateral").

            In addition, to the extent that, notwithstanding the terms of the
VAULT Trust Agreement and the Statutory Trust Act, COLT is deemed to hold a
direct ownership interest in the legal title to any Vehicle related to the
Series 2005-SN1 Lease Assets (and not merely a beneficial interest in VAULT
representing an interest in the legal title to such Vehicle), COLT hereby
grants, equally and ratably, to each COLT 2005-SN1 Secured Noteholder a security
interest in all of COLT's rights in such Vehicle, to secure its obligations
under the COLT Indenture (the assets pledged under such security interest, the
"Direct COLT Pledge"). The Direct COLT Pledge shall constitute part of the COLT
2005-SN1 Collateral for all purposes hereunder, and each COLT 2005-SN1 Secured
Noteholder, by its acceptance thereof, hereby appoints the COLT Indenture
Trustee as its agent to act with respect to the Direct COLT Pledge as it is
required to act with respect to the remainder of the COLT 2005-SN1 Collateral in
accordance with this COLT Indenture.

            The foregoing Grant has been made and will continue to be made in
trust to secure the payment of principal of and interest on, and any other
amounts owing in respect of, the COLT 2005-SN1 Secured Notes, equally and
ratably without prejudice, priority or distinction among the Holders of the COLT
2005-SN1 Secured Notes and to secure compliance with the provisions of this COLT
Indenture, all as provided in this COLT Indenture. This COLT Indenture
constitutes a security agreement under the UCC.

            The foregoing Grant includes all rights, powers and options (but
none of the obligations, if any) of COLT under any agreement or instrument
included in the COLT 2005-SN1 Collateral, including the immediate and continuing
right to claim for, collect, receive and give receipt for principal and interest
payments in respect of the Series 2005-SN1 Lease Assets included in the COLT
2005-SN1 Collateral and all other monies payable under the COLT 2005-SN1
Collateral, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of COLT or otherwise and generally to do and receive
anything that COLT is or may be entitled to do or receive under or with respect
to the COLT 2005-SN1 Collateral.

            Furthermore, on the Series 2005-SN1 Closing Date, VAULT shall grant
a security interest in the Pledged Collateral to each COLT 2005-SN1 Secured
Noteholder, to the extent set forth in the VAULT Security Agreement. The Pledged
Collateral shall constitute part of the COLT 2005-SN1 Trust Estate for all
purposes hereunder, and each COLT 2005-SN1 Secured Noteholder, by its acceptance
thereof, hereby appoints the COLT Indenture Trustee as its agent to act with
respect to the Pledged Collateral as it is required to act with respect to the
remainder of the COLT 2005-SN1 Trust Estate in accordance with this COLT
Indenture.

            The Holders of the COLT 2005-SN1 Secured Notes shall enjoy solely
the security of the COLT 2005-SN1 Trust Estate and shall have no recourse to the
assets included in the Series Portfolio securing any other Series of Secured
Notes or any other assets of COLT.

                                        2
<PAGE>

            The COLT Indenture Trustee, as indenture trustee on behalf of each
Holder of the COLT 2005-SN1 Secured Notes, acknowledges such Grant and accepts
the trusts under this COLT Indenture in accordance with the provisions of this
COLT Indenture.

                                   ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

            SECTION 1.1 Definitions; Rules of Construction. Capitalized terms
used in this COLT Indenture but not defined herein are defined in and shall have
the meanings assigned to them in the COLT Series Definitions set forth in Part I
of Exhibit A to the COLT Servicing Agreement, or if not defined therein, shall
have the meanings assigned to them in the COLT Program Definitions set forth in
Part I of Exhibit I to the Third Amended and Restated Declaration of Trust,
dated as of March 25, 2004 (as amended, modified or supplemented from time to
time, the "Declaration"), by Deutsche Bank Trust Company Delaware, as COLT Owner
Trustee, and acknowledged, accepted and agreed by Central Originating Lease, LLC
("COLT, LLC"), as Residual Certificateholder, and General Motors Acceptance
Corporation ("GMAC"). All references herein to Articles, Sections, subsections
and exhibits are to Articles, Sections, subsections and exhibits of this COLT
Indenture unless otherwise specified. All terms defined in this COLT Indenture
shall have the defined meanings when used in any certificate, notice, COLT
2005-SN1 Secured Note or other document made or delivered pursuant hereto unless
otherwise defined therein. The rules of construction set forth in Part II of
Exhibit A to the COLT Servicing Agreement shall be applicable to this COLT
Indenture.

            SECTION 1.2 Incorporation by Reference of Trust Indenture Act.
Whenever this COLT Indenture refers to a provision of the TIA, such provision is
incorporated by reference in and made a part of this COLT Indenture. The
following TIA terms used in this COLT Indenture have the following meanings:

      "Commission" means the Securities and Exchange Commission;

      "indenture securities" means the COLT 2005-SN1 Secured Notes;

      "indenture security holder" means a COLT 2005-SN1 Secured Noteholder;

      "indenture to be qualified" means this COLT Indenture;

      "indenture trustee" means the COLT Indenture Trustee;

      "obligor" on the indenture securities means COLT and any other obligor on
the indenture securities.

      All other TIA terms used in this COLT Indenture that are defined by the
TIA, defined by reference to another statute or defined by a Commission rule
have the respective meanings assigned to them by such definitions.

                                        3
<PAGE>

                                   ARTICLE II
                                THE SECURED NOTES

            SECTION 2.1 Form.

            (a)   Each COLT 2005-SN1 Secured Note, together, in each case, with
the COLT Indenture Trustee's certificate of authentication, shall be
substantially in the form set forth in Exhibit A, in each case with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this COLT Indenture, and each such COLT 2005-SN1
Secured Note may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may, consistently herewith, be
determined to be appropriate by the officers executing such COLT 2005-SN1
Secured Notes, as evidenced by their execution of the COLT 2005-SN1 Secured
Notes, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock
exchange on which such COLT 2005-SN1 Secured Notes may be listed or to conform
to usage. Any portion of the text of any COLT 2005-SN1 Secured Note may be set
forth on the reverse thereof, with an appropriate reference thereto on the face
of the COLT 2005-SN1 Secured Note. The COLT 2005-SN1 Secured Notes shall be
secured by the COLT 2005-SN1 Trust Estate as set forth in this COLT Indenture.

            (b)   The COLT 2005-SN1 Secured Notes shall be typewritten, printed,
lithographed or engraved or produced by any combination of these methods (with
or without steel engraved borders), all as determined by the officers executing
such COLT 2005-SN1 Secured Notes, as evidenced by their execution of such COLT
2005-SN1 Secured Notes.

            (c)   Each COLT 2005-SN1 Secured Note shall relate to and identify
the Series 2005-SN1 Lease Assets originated in a particular state (as evidenced
by the certificates of title issued for such Series 2005-SN1 Lease Assets and
reflected on the Seller's system), and shall be issued in the initial Secured
Note Principal Balance set forth on the face thereof, which shall be equal to
98.50% of the sum of the Initial ABS Values of the Series 2005-SN1 Lease Assets
of such COLT 2005-SN1 Secured Note (with respect to each COLT 2005-SN1 Secured
Note, the "Initial Secured Note Principal Balance").

            (d)   The terms of the COLT 2005-SN1 Secured Notes as provided for
in Exhibit A are part of the terms of this COLT Indenture.

            SECTION 2.2 Execution, Authentication and Delivery.

            (a)   Each COLT 2005-SN1 Secured Note shall be dated the date of its
authentication and shall be issuable as a registered COLT 2005-SN1 Secured Note.

            (b)   The COLT 2005-SN1 Secured Notes shall be executed on behalf of
COLT by any of its Authorized Officers. The signature of any such Authorized
Officer on the COLT 2005-SN1 Secured Notes may be manual or facsimile.

            (c)   COLT 2005-SN1 Secured Notes bearing the manual or facsimile
signature of individuals who were at any time Authorized Officers of COLT shall
bind COLT, notwithstanding that such individuals or any of them have ceased to
hold such office prior to the

                                        4
<PAGE>

authentication and delivery of such COLT 2005-SN1 Secured Notes or did not hold
such office at the date of such COLT 2005-SN1 Secured Notes.

            (d)   The COLT Indenture Trustee, in exchange for the Grant of the
COLT 2005-SN1 Collateral, simultaneously with the Grant to the COLT Indenture
Trustee of the COLT 2005-SN1 Collateral, and the constructive delivery to the
COLT Indenture Trustee of the Series 2005-SN1 Lease Assets and the other
components and assets of the COLT 2005-SN1 Collateral, shall cause to be
authenticated and delivered to or upon the order of COLT, a COLT 2005-SN1
Secured Note for each state in which any Series 2005-SN1 Lease Asset was
originated.

            (e)   No COLT 2005-SN1 Secured Notes shall be entitled to any
benefit under this COLT Indenture or be valid or obligatory for any purpose,
unless there appears on such COLT 2005-SN1 Secured Note a certificate of
authentication substantially in the form set forth in Exhibit A executed by the
COLT Indenture Trustee by the manual signature of one of its Authorized
Officers, and such certificate upon any COLT 2005-SN1 Secured Note shall be
conclusive evidence, and the only evidence, that such COLT 2005-SN1 Secured Note
has been duly authenticated and delivered hereunder.

            SECTION 2.3 Registration; Registration of Transfer and Exchange of
COLT 2005-SN1 Secured Notes.

            (a)   COLT shall cause to be kept the Secured Note Register,
comprising separate registers for each of the COLT 2005-SN1 Secured Notes, in
which, subject to such reasonable regulations as COLT may prescribe, COLT shall
provide for the registration of the COLT 2005-SN1 Secured Notes and the
registration of transfers and exchanges of the COLT 2005-SN1 Secured Notes. The
COLT Indenture Trustee shall initially be the Secured Note Registrar for the
purpose of registering the COLT 2005-SN1 Secured Notes and transfers or
exchanges of the COLT 2005-SN1 Secured Notes as herein provided. Upon any
resignation of any Secured Note Registrar, COLT shall promptly appoint a
successor Secured Note Registrar or, if it elects not to make such an
appointment, assume the duties of the Secured Note Registrar.

            (b)   If a Person other than the COLT Indenture Trustee is appointed
by COLT as Secured Note Registrar, COLT will give the COLT Indenture Trustee
prompt written notice of the appointment of such Secured Note Registrar and of
the location, and any change in the location, of the Secured Note Register. The
COLT Indenture Trustee shall have the right to inspect the Secured Note Register
at all reasonable times and to obtain copies thereof. The COLT Indenture Trustee
shall have the right to rely upon a certificate executed on behalf of the
Secured Note Registrar by a Responsible Officer thereof as to the names and
addresses of the COLT 2005-SN1 Secured Noteholders and the Secured Note
Principal Balances and number of such COLT 2005-SN1 Secured Notes.

            (c)   Upon surrender for registration of transfer of any COLT
2005-SN1 Secured Note at the Corporate Trust Office of the COLT Indenture
Trustee or Agency Office of COLT (and following the delivery, in the former
case, of such COLT 2005-SN1 Secured Notes to COLT by the COLT Indenture
Trustee), COLT shall execute, the COLT Indenture Trustee shall authenticate and
the COLT 2005-SN1 Secured Noteholder shall obtain from the COLT Indenture
Trustee, in the name of the designated transferee or transferees, one or more
new

                                        5
<PAGE>

COLT 2005-SN1 Secured Notes in any authorized denominations, of a like Secured
Note Principal Balance.

            (d)   At the option of the COLT 2005-SN1 Secured Noteholder, COLT
2005-SN1 Secured Notes may be exchanged for other COLT 2005-SN1 Secured Notes in
any authorized denominations, of a like Secured Note Principal Balance, upon
surrender of such COLT 2005-SN1 Secured Notes to be exchanged at the Corporate
Trust Office of the COLT Indenture Trustee or the Agency Office of COLT (and
following the delivery of such COLT 2005-SN1 Secured Notes to COLT by the COLT
Indenture Trustee), COLT shall execute, and the COLT Indenture Trustee shall
authenticate and the COLT 2005-SN1 Secured Noteholder shall obtain from the COLT
Indenture Trustee, such COLT 2005-SN1 Secured Notes which the COLT 2005-SN1
Secured Noteholder making the exchange is entitled to receive.

            (e)   All COLT 2005-SN1 Secured Notes issued upon any registration
of transfer or exchange of other COLT 2005-SN1 Secured Notes shall be the valid
obligations of COLT, evidencing the same debt, and entitled to the same benefits
under this COLT Indenture, as the COLT 2005-SN1 Secured Notes surrendered upon
such registration of transfer or exchange.

            (f)   Every COLT 2005-SN1 Secured Note presented or surrendered for
registration of transfer or exchange shall be duly endorsed by, or be
accompanied by a written instrument of transfer in form satisfactory to the COLT
Indenture Trustee and the Secured Note Registrar, duly executed by the Holder
thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by a commercial bank or trust company located, or having a
correspondent located, in the City of New York or the city in which the
Corporate Trust Office of the COLT Indenture Trustee is located, or by a member
firm of a national securities exchange, and such other documents as the COLT
Indenture Trustee may require.

            (g)   No service charge shall be made to a Holder for any
registration of transfer or exchange of COLT 2005-SN1 Secured Notes, but COLT or
the COLT Indenture Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of COLT 2005-SN1 Secured Notes, other than
exchanges pursuant to Section 9.6 not involving any transfer.

            (h)   By acquiring a COLT 2005-SN1 Secured Note, each purchaser and
transferee shall be deemed to represent and warrant that either (a) it is not
acquiring the COLT 2005-SN1 Secured Note with the plan assets of a Benefit Plan
or (b) the acquisition, holding and disposition of the COLT 2005-SN1 Secured
Note will not give rise to a non-exempt prohibited transaction under Section
406(a) of ERISA or Section 4975 of the Code.

            (i)   The preceding provisions of this Section 2.3 notwithstanding,
COLT shall not be required to transfer or make exchanges, and the Secured Note
Registrar need not register transfers or exchanges, of (i) COLT 2005 SN1 Secured
Notes that have been selected for redemption pursuant to Article X, if
applicable; or (ii) COLT 2005-SN1 Secured Notes that are due for final payment
within 15 days of submission to the Corporate Trust Office or the Agency Office.

                                        6
<PAGE>

            SECTION 2.4 Mutilated, Destroyed, Lost or Stolen COLT 2005-SN1
Secured Notes.

            (a)   If (i) any mutilated COLT 2005-SN1 Secured Note is surrendered
to the COLT Indenture Trustee, or the COLT Indenture Trustee receives evidence
to its satisfaction of the destruction, loss or theft of any COLT 2005-SN1
Secured Note, and (ii) there is delivered to COLT and the COLT Indenture Trustee
such security or indemnity as may be required by each such Person to hold each
such Person harmless, then, in the absence of notice to COLT, the Secured Note
Registrar or the COLT Indenture Trustee that such COLT 2005-SN1 Secured Note has
been acquired by a bona fide purchaser, COLT shall execute and upon COLT's
request the COLT Indenture Trustee shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen COLT 2005-SN1
Secured Note, a replacement COLT 2005-SN1 Secured Note of a like Secured Note
Principal Balance; provided, however, that if any such destroyed, lost or stolen
COLT 2005-SN1 Secured Note, but not a mutilated COLT 2005-SN1 Secured Note,
shall have become or within seven days shall be due and payable, or shall have
been called for redemption, instead of issuing a replacement COLT 2005-SN1
Secured Note, COLT may make payment to the Holder of such destroyed, lost or
stolen COLT 2005-SN1 Secured Note when so due or payable or upon the Redemption
Date, if applicable, without surrender thereof.

            (b)   If, after the delivery of a replacement COLT 2005-SN1 Secured
Note or payment in respect of a destroyed, lost or stolen COLT 2005-SN1 Secured
Note pursuant to Section 2.4(a), a bona fide purchaser of the original COLT
2005-SN1 Secured Note in lieu of which such replacement COLT 2005-SN1 Secured
Note was issued presents for payment such original COLT 2005-SN1 Secured Note,
COLT and the COLT Indenture Trustee shall be entitled to recover such
replacement COLT 2005-SN1 Secured Note (or such payment) from (i) any Person to
whom it was delivered, (ii) the Person taking such replacement COLT 2005-SN1
Secured Note from the Person to whom such replacement COLT 2005-SN1 Secured Note
was delivered; or (iii) any assignee of such Person, except a bona fide
purchaser, and COLT and the COLT Indenture Trustee shall be entitled to recover
upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by COLT or the COLT Indenture Trustee in
connection therewith.

            (c)   In connection with the issuance of any replacement COLT
2005-SN1 Secured Note under this Section 2.4, COLT may require the payment by
the Holder of such COLT 2005-SN1 Secured Note of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other reasonable expenses (including all fees and expenses of the COLT Indenture
Trustee) connected therewith.

            (d)   Any duplicate COLT 2005-SN1 Secured Note issued pursuant to
this Section 2.4 in replacement for any mutilated, destroyed, lost or stolen
COLT 2005-SN1 Secured Note shall constitute an original additional contractual
obligation of COLT, whether or not the mutilated, destroyed, lost or stolen COLT
2005-SN1 Secured Note shall be found at any time or be enforced by any Person,
and shall be entitled to all the benefits of this COLT Indenture equally and
proportionately with any and all other COLT 2005-SN1 Secured Notes duly issued
hereunder.

                                        7
<PAGE>

            (e)   The provisions of this Section 2.4 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen COLT 2005-SN1
Secured Notes.

            SECTION 2.5 Payment of Principal and Interest.

            (a)   Each COLT 2005-SN1 Secured Note shall accrue interest from and
including the Series 2005-SN1 Closing Date on the Secured Note Principal Balance
of such COLT 2005-SN1 Secured Note, until but excluding the date on which the
Secured Note Principal Balance of such COLT 2005-SN1 Secured Note is reduced to
zero. Interest shall accrue on each COLT 2005-SN1 Secured Note at the COLT
2005-SN1 Secured Note Rate. On each Payment Date, each COLT 2005-SN1 Secured
Note shall be paid interest in an amount equal to the Secured Note Interest
Distributable Amount payable to such COLT 2005-SN1 Secured Note in accordance
with Section 3.03(c)(ii) of the COLT Servicing Agreement on such Payment Date.
Any instalment of interest payable on the COLT 2005-SN1 Notes shall be
punctually paid or duly provided for with funds set aside in the COLT Collection
Account on the applicable Payment Date and shall be paid to the Person in whose
name such COLT 2005-SN1 Secured Note is registered in the Secured Note Register
on the applicable Record Date, by wire transfer in immediately available funds
to the account or accounts designated in writing by such Holder to the COLT
Indenture Trustee on or prior to the related Record Date.

            (b)   To the extent of funds available therefor, the outstanding
principal amount of each COLT 2005-SN1 Secured Note shall be paid in instalments
on each Payment Date, in the amounts and in accordance with the priorities set
forth in Section 3.03(c)(iii) of the COLT Servicing Agreement. The outstanding
principal amount of the COLT 2005-SN1 Secured Notes shall be due and payable in
full on the Final Maturity Date. All principal payments on the COLT 2005-SN1
Secured Notes shall be made pro rata to the COLT 2005-SN1 Secured Noteholders,
as provided in Section 3.03(c)(iii) of the COLT Servicing Agreement. Any
instalment of principal payable on any COLT 2005-SN1 Secured Note shall be
punctually paid or duly provided for with funds set aside in the COLT Collection
Account established with respect to the Series 2005-SN1 Lease Assets on the
applicable Payment Date and shall be paid to the Person in whose name such COLT
2005-SN1 Secured Note is registered in the Secured Note Register on the
applicable Record Date by wire transfer in immediately available funds to the
account or accounts designated by such Holder on or prior to the related Record
Date, except for the Redemption Price for the COLT 2005 SN1 Secured Notes
redeemed pursuant to Section 10.1, which shall be payable as provided herein.
The funds represented by any such wire transfers in respect of interest or
principal returned undelivered shall be held in accordance with Section 3.3.

            (c)   From and after the occurrence of an Event of Default and a
declaration in accordance with Section 5.2(a) that the COLT 2005-SN1 Secured
Notes have become immediately due and payable, until such time as all Events of
Default have been cured or waived as provided in Section 5.2(b), all interest
and principal payments shall be allocated pro rata among the Holders of all of
the COLT 2005-SN1 Secured Notes on the basis of the Secured Note Principal
Balances of COLT 2005-SN1 Secured Notes held by such Holders.

            (d)   With respect to any Payment Date on which the final instalment
of principal and interest on a COLT 2005-SN1 Secured Note is to be paid, the
COLT Indenture

                                        8
<PAGE>

Trustee on behalf of COLT shall notify each COLT 2005-SN1 Secured Noteholders of
record as of the Record Date for such Payment Date of the fact that the final
instalment of principal and interest on such COLT 2005-SN1 Secured Note is to be
paid on such Payment Date. With respect to any COLT 2005-SN1 Secured Notes, such
notice shall be sent not later than three Business Days after such Record Date
in accordance with Section 11.5(a), and shall specify that such final instalment
shall be payable only upon presentation and surrender of such COLT 2005-SN1
Secured Note and shall specify the place where such COLT 2005-SN1 Secured Note
may be presented and surrendered for payment of such instalment and the manner
in which such payment shall be made.

            (e)   All distributions of principal and interest on the COLT
2005-SN1 Secured Notes and the CARAT Collection Account Shortfall Amount shall
be made by the COLT Indenture Trustee from the COLT Collection Account solely
pursuant to the calculations and written direction of the Servicer in accordance
with Section 3.03(a) of the COLT Servicing Agreement.

            SECTION 2.6 Persons Deemed Secured Noteholders. Prior to due
presentment for registration of transfer of any COLT 2005-SN1 Secured Note,
COLT, the COLT Indenture Trustee and any agent of COLT or the COLT Indenture
Trustee shall treat the Person in whose name any COLT 2005-SN1 Secured Note is
registered in the Secured Note Register (as of the day of determination) as the
COLT 2005-SN1 Secured Noteholder for the purpose of receiving payments of
principal of and interest on such COLT 2005-SN1 Secured Note and for all other
purposes whatsoever, whether or not such COLT 2005-SN1 Secured Note be overdue,
and neither COLT, the COLT Indenture Trustee nor any agent of COLT or the COLT
Indenture Trustee shall be affected by notice to the contrary.

            SECTION 2.7 Cancellation of COLT 2005-SN1 Secured Notes. All COLT
2005-SN1 Secured Notes surrendered for payment, redemption, exchange or
registration of transfer shall, if surrendered to any Person other than the COLT
Indenture Trustee, be delivered to the COLT Indenture Trustee and shall be
promptly canceled by the COLT Indenture Trustee. COLT may at any time deliver to
the COLT Indenture Trustee for cancellation any COLT 2005-SN1 Secured Notes
previously authenticated and delivered hereunder which the Issuer may have
acquired in any manner whatsoever, and all COLT 2005-SN1 Secured Notes so
delivered shall be promptly canceled by the COLT Indenture Trustee. No COLT
2005-SN1 Secured Notes shall be authenticated in lieu of or in exchange for any
COLT 2005-SN1 Secured Notes canceled as provided in this Section 2.7, except as
expressly permitted by this COLT Indenture. All canceled COLT 2005-SN1 Secured
Notes may be held or disposed of by the COLT Indenture Trustee in accordance
with its standard retention or disposal policy as in effect at the time unless
COLT shall direct by a COLT Order that they be destroyed or returned to it;
provided, however, that such COLT Order is timely and the COLT 2005-SN1 Secured
Notes have not been previously disposed of by the COLT Indenture Trustee. The
COLT Indenture Trustee shall certify to COLT upon request that surrendered COLT
2005-SN1 Secured Notes have been duly canceled and retained or destroyed, as the
case may be.

            SECTION 2.8 Release of COLT 2005-SN1 Trust Estate. The COLT
Indenture Trustee shall release property from the lien of this COLT Indenture
and the VAULT Security Agreement, other than as permitted by Sections 3.20, 8.4
and 11.1, only upon receipt of

                                        9
<PAGE>

a COLT Request accompanied by an Officers' Certificate, an Opinion of Counsel
(to the extent required by the TIA) and Independent Certificates in accordance
with TIA Sections 314(c) and 314(d)(1).

            SECTION 2.9 Seller and CARI as COLT 2005-SN1 Secured Noteholders.
Each of the Seller and CARI, in their individual or any other capacity, may
become the owner or pledgee of COLT 2005-SN1 Secured Notes and may otherwise
deal with COLT or its affiliates with the same rights it would have if it were
not the Seller or, with respect to CARI, an Affiliate of the Seller.

            SECTION 2.10 Tax Treatment. COLT and the COLT Indenture Trustee, by
entering into this COLT Indenture, and the COLT 2005-SN1 Secured Noteholders, by
acquiring any COLT 2005-SN1 Secured Note or interest therein, (i) express their
intention that the COLT 2005-SN1 Secured Notes qualify under applicable tax law
as indebtedness secured by the COLT 2005-SN1 Trust Estate and (ii) unless
otherwise required by appropriate taxing authorities, agree to treat the COLT
2005-SN1 Secured Notes as indebtedness secured by the COLT 2005-SN1 Trust Estate
for the purpose of federal income taxes, state and local income and franchise
taxes, any applicable single business tax, including the Michigan single
business tax and any other taxes imposed upon, measured by or based upon gross
or net income.

                                   ARTICLE III
                                    COVENANTS

            SECTION 3.1 Payment of Principal and Interest and Other Amounts.
COLT shall duly and punctually pay the principal of and interest on the COLT
2005-SN1 Secured Notes and the CARAT Collection Account Shortfall Amount in
accordance with the terms of the COLT 2005-SN1 Basic Documents. On each Payment
Date and on the Redemption Date (if applicable), COLT shall cause amounts on
deposit in the COLT Collection Account to be paid to the COLT 2005-SN1 Secured
Noteholders in accordance with Sections 2.5 and 8.2 and with Section 3.03 of the
COLT Servicing Agreement, less amounts properly withheld under the Code by any
Person from a payment to any COLT 2005-SN1 Secured Noteholder of interest and/or
principal. Any amounts so withheld shall be considered as having been paid by
COLT to such COLT 2005-SN1 Secured Noteholder for all purposes of this COLT
Indenture.

            SECTION 3.2 Maintenance of Agency Office. As long as any of the COLT
2005-SN1 Secured Notes remains outstanding, COLT shall maintain in the Borough
of Manhattan, the City of New York, an office (the "Agency Office"), being an
office or agency where COLT 2005-SN1 Secured Notes may be surrendered to COLT
for registration of transfer or exchange, and where notices and demands to or
upon COLT in respect of the COLT 2005-SN1 Secured Notes and this COLT Indenture
may be served. COLT hereby initially appoints the COLT Indenture Trustee to
serve as its agent for the foregoing purposes. COLT shall give prompt written
notice to the COLT Indenture Trustee of the location, and of any change in the
location, of the Agency Office. If at any time COLT shall fail to maintain any
such office or agency or shall fail to furnish the COLT Indenture Trustee with
the address thereof, such surrenders, notices and demands may be made or served
at the Corporate Trust Office of the COLT Indenture Trustee, and COLT hereby
appoints the COLT Indenture Trustee as its agent to receive all such surrenders,
notices and demands.

                                       10
<PAGE>

            SECTION 3.3 Money for Payments to Be Held in Trust.

            (a)   As provided in Section 8.2(a) and (b), all payments of amounts
due and payable with respect to any COLT 2005-SN1 Secured Notes that are to be
made from amounts withdrawn from the COLT Collection Account pursuant to Section
3.03 of the COLT Servicing Agreement shall be made on behalf of COLT by the COLT
Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from
the COLT Collection Account for payments of such COLT 2005-SN1 Secured Notes
shall be paid over to COLT except as provided in this Section 3.3.

            (b)   On or before the Redemption Date, COLT shall cause the
Servicer to deposit into the COLT Collection Account, pursuant to Section 6.01
of the COLT Servicing Agreement, the Optional Purchase Price. On or before each
Payment Date, COLT shall deposit or cause to be deposited in the COLT Collection
Account, pursuant to Section 3.03(b) of the COLT Servicing Agreement, an
aggregate sum sufficient to pay the amounts then becoming due with respect to
the COLT 2005-SN1 Secured Notes and the CARAT Collection Account Shortfall
Amount, such sum to be held in trust for the benefit of the Persons entitled
thereto.

            (c)   COLT shall cause each Paying Agent other than the COLT
Indenture Trustee to execute and deliver to the COLT Indenture Trustee an
instrument in which such Paying Agent shall agree with the COLT Indenture
Trustee (and if the Servicer acts as Paying Agent, it hereby so agrees), subject
to the provisions of this Section 3.3, that such Paying Agent shall:

                  (i)   hold all sums held by it for the payment of amounts due
      with respect to the COLT 2005-SN1 Secured Notes in trust for the benefit
      of the Persons entitled thereto until such sums shall be paid to such
      Persons or otherwise disposed of as herein provided and pay such sums to
      such Persons as herein provided;

                  (ii)  give the COLT Indenture Trustee notice of any default by
      COLT (or any other obligor upon the COLT 2005-SN1 Secured Notes) of which
      it has actual knowledge in the making of any payment required to be made
      with respect to the COLT 2005-SN1 Secured Notes;

                  (iii) at any time during the continuance of any such default,
      upon the written request of the COLT Indenture Trustee, forthwith pay to
      the COLT Indenture Trustee all sums so held in trust by such Paying Agent;

                  (iv)  immediately resign as a Paying Agent and forthwith pay
      to the COLT Indenture Trustee all sums held by it in trust for the payment
      of the COLT 2005-SN1 Secured Notes if at any time it ceases to meet the
      standards required to be met by a Paying Agent in effect at the time of
      determination; and

                  (v)   comply with all requirements of the Code with respect to
      the withholding from any payments made by it on the COLT 2005-SN1 Secured
      Notes of any applicable withholding taxes imposed thereon and with respect
      to any applicable reporting requirements in connection therewith.

                                       11
<PAGE>

            (d)   COLT may at any time, for the purpose of obtaining the
satisfaction and discharge of this COLT Indenture or for any other purpose, by a
COLT Order direct any Paying Agent to pay to the COLT Indenture Trustee all sums
held in trust by such Paying Agent, such sums to be held by COLT Indenture
Trustee upon the same trusts as those upon which the sums were held by such
Paying Agent; and upon such payment by any Paying Agent to the COLT Indenture
Trustee, such Paying Agent shall be released from all further liability with
respect to such money.

            (e)   Subject to applicable laws with respect to escheat of funds,
any distribution to any COLT 2005-SN1 Secured Noteholder returned to the COLT
Indenture Trustee or any Paying Agent for any reason, held by the COLT Indenture
Trustee or such Paying Agent in trust for the payment of any amount due with
respect to any COLT 2005-SN1 Secured Note and remaining unclaimed for one year
after such amount has become due and payable shall be discharged from such trust
and be paid to COLT by the COLT Indenture Trustee or such Paying Agent to COLT
upon receipt of a COLT Request; and such COLT 2005-SN1 Secured Noteholder shall
thereafter, as an unsecured general creditor, look only to COLT for payment
thereof (but only to the extent of the amounts so paid to COLT), and all
liability of the COLT Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon cease; provided, however, that the COLT
Indenture Trustee or such Paying Agent, before being required to make any such
payment, may at the expense of COLT cause to be published once, in a newspaper
published in the English language, customarily published on each Business Day
and of general circulation in the City of New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining shall be paid to COLT. The COLT Indenture Trustee may
also adopt and employ, at the expense of COLT, any other reasonable means of
notification of such payment (including mailing notice of such repayment of any
COLT 2005-SN1 Secured Noteholder whose right to or interest in monies due and
payable but not claimed is determinable from the records of the Secured Note
Registrar, at the last address of record for each COLT 2005-SN1 Secured
Noteholder).

            SECTION 3.4 Existence. COLT shall keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of
Delaware (unless it becomes, or any successor trust hereunder is or becomes,
organized under the laws of any other State or of the United States of America,
in which case COLT shall keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and shall obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this COLT Indenture, the COLT 2005-SN1 Secured Notes, the COLT
2005-SN1 Collateral and each other instrument or agreement included in the COLT
2005-SN1 Trust Estate.

            SECTION 3.5 Protection of COLT 2005-SN1 Trust Estate; Acknowledgment
of Pledge.

            (a)   COLT shall from time to time execute and deliver all such
supplements and amendments hereto and authorize or execute, as applicable, and
deliver all such financing statements, continuation statements, instruments of
further assurance and other instruments, and shall take such other action
necessary or advisable to:

                                       12
<PAGE>

                  (i)   maintain or preserve the lien and security interest (and
      the priority thereof) of this COLT Indenture or carry out more effectively
      the purposes hereof, including by making the necessary filings of
      financing statements or amendments thereto within sixty days after the
      occurrence of any of the following and by promptly notifying the COLT
      Indenture Trustee in writing of any such filings: (A) any change in COLT's
      true legal name or any of its trade names, (B) any change in COLT's
      jurisdiction of organization, (C) any merger or consolidation or other
      change in COLT's identity or organizational structure or jurisdiction in
      which COLT is located for purposes of the UCC and (D) any other change or
      occurrence that would make any financing statement or amendment thereto
      seriously misleading within the meaning of Section 9-506 of the UCC;

                  (ii)  perfect, publish notice of or protect the validity of
      any Grant made or to be made by this COLT Indenture and the priority
      thereof;

                  (iii) enforce the rights of the COLT Indenture Trustee and the
      COLT 2005-SN1 Secured Noteholders in the COLT 2005-SN1 Trust Estate; or

                  (iv)  preserve and defend title to the COLT 2005-SN1 Trust
      Estate and the rights of the COLT Indenture Trustee and the COLT 2005-SN1
      Secured Noteholders in such COLT 2005-SN1 Trust Estate against the claims
      of all Persons and parties;

and COLT hereby designates the COLT Indenture Trustee its agent and
attorney-in-fact to authorize and/or execute any financing statement,
continuation statement or other instrument required pursuant to this Section
3.5.

            (b)   COLT hereby authorizes the COLT Indenture Trustee to file all
financing statements naming COLT as debtor that are necessary or advisable to
perfect, make effective or continue the lien and security interest of this COLT
Indenture and the VAULT Security Agreement with respect to the COLT 2005-SN1
Trust Estate, and authorizes the COLT Indenture Trustee to take any such action
without its signature.

            SECTION 3.6 Opinions as to COLT 2005-SN1 Collateral.

            (a)   On the Series 2005-SN1 Closing Date, COLT shall furnish to the
COLT Indenture Trustee and each COLT 2005-SN1 Secured Noteholder an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording and filing of this COLT Indenture, any
indentures supplemental hereto and any other requisite documents, and with
respect to the authorization, execution and filing of any financing statements
and continuation statements as are necessary to perfect and make effective the
lien and security interest of this COLT Indenture in the related COLT 2005-SN1
Collateral and reciting the details of such action, or stating that, in the
opinion of such counsel, no such action is necessary to make such lien and
security interest effective.

            (b)   On or before March 15 in each calendar year, beginning March
15, 2006, COLT shall furnish to the COLT Indenture Trustee and each COLT
2005-SN1 Secured Noteholder an Opinion of Counsel either stating that, in the
opinion of such counsel, such action has been taken with respect to the
recording, filing, re-recording and refiling of this COLT

                                       13
<PAGE>

Indenture, any indentures supplemental hereto and any other requisite documents
and with respect to the authorization, execution and filing of any financing
statements and continuation statements as is necessary to maintain the lien and
security interest created by this COLT Indenture and reciting the details of
such action or stating that in the opinion of such counsel no such action is
necessary to maintain the lien and security interest created by this COLT
Indenture. Such Opinion of Counsel shall also describe the recording, filing,
re-recording and refiling of this COLT Indenture, any indentures supplemental
hereto and any other requisite documents and the authorization and filing of any
financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the lien and security interest created by
this COLT Indenture until March 15 in the following calendar year.

            SECTION 3.7 Performance of Obligations; Servicing of Series 2005-SN1
Lease Assets.

            (a)   COLT shall not take any action and shall use its reasonable
efforts not to permit any action to be taken by others that would release any
Person from any of such Person's material covenants or obligations under any
instrument or agreement included in the COLT 2005-SN1 Trust Estate or that would
result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or
agreement, except as otherwise expressly provided in this COLT Indenture, any
other COLT 2005-SN1 Basic Document or such other instrument or agreement.

            (b)   COLT may contract with other Persons to assist it in
performing its duties under this COLT Indenture, and any performance of such
duties by a Person identified to the COLT Indenture Trustee in the COLT 2005-SN1
Basic Documents or an Officer's Certificate of COLT shall be deemed to be action
taken by COLT. Initially, COLT has contracted with the Servicer to assist COLT
in performing its duties under this COLT Indenture.

            (c)   COLT shall punctually perform and observe all of its
obligations and agreements contained in this COLT Indenture, any other COLT
2005-SN1 Basic Documents and in the instruments and agreements included in the
COLT 2005-SN1 Trust Estate, including filing or causing to be filed all UCC
financing statements and continuation statements required to be filed under the
terms of this COLT Indenture and any other COLT 2005-SN1 Basic Document in
accordance with and within the time periods provided for herein or therein.

            (d)   If COLT shall have knowledge of the occurrence of a Servicer
Default under the COLT Servicing Agreement, COLT shall promptly (and in any
event within five Business Days) notify the COLT Indenture Trustee, the COLT
2005-SN1 Secured Noteholders and the Rating Agencies in writing thereof, and
shall specify in such notice the response or action, if any, COLT has taken or
is taking with respect to such default. If any such Servicer Default shall arise
from the failure of the Servicer to perform any of its duties or obligations
under the COLT Servicing Agreement with respect to the Series 2005-SN1 Lease
Assets, COLT and the COLT Indenture Trustee shall take all reasonable steps
available to them pursuant to such COLT Servicing Agreement to remedy such
failure.

            (e)   Without derogating from the absolute nature of the assignment
granted under this COLT Indenture with respect to the COLT 2005-SN1 Collateral
and under the

                                       14
<PAGE>

VAULT Security Agreement with respect to the Pledged Collateral or the rights of
the COLT Indenture Trustee and the COLT 2005-SN1 Secured Noteholders hereunder
or under the VAULT Security Agreement, COLT agrees that it shall not, without
the prior written consent of the COLT Indenture Trustee and the COLT 2005-SN1
Secured Noteholders, amend, modify, waive, supplement, terminate or surrender,
or agree to any amendment, modification, supplement, termination, waiver or
surrender of, the terms of any assets included in the COLT 2005-SN1 Trust Estate
or any of COLT 2005-SN1 Basic Documents, or waive timely performance or
observance by any party under any of the COLT 2005-SN1 Basic Documents.

            SECTION 3.8 Negative Covenants. So long as any COLT 2005-SN1 Secured
Notes are Outstanding, COLT shall not:

            (a)   sell, transfer, exchange or otherwise dispose of any of the
properties or assets included in the COLT 2005-SN1 Trust Estate, except COLT may
cause the Servicer to: (i) collect, liquidate, sell or otherwise dispose of
COLT's interest in the Series 2005-SN1 Lease Assets (including any Warranty
Lease Assets, Administrative Lease Assets, and Liquidating Lease Assets, and any
related Vehicles); (ii) make cash payments out of the Designated Accounts and
Payment Ahead Servicing Account; and (iii) take other actions, in each case as
permitted by the COLT 2005-SN1 Basic Documents;

            (b)   claim any credit on, or make any deduction from the principal
and interest payable in respect of COLT 2005-SN1 Secured Notes (other than
amounts withheld from such payments under the Code or applicable state law) or
assert any claim against any present or former COLT 2005-SN1 Secured Noteholder
by reason of the payment of the taxes levied or assessed upon any part of the
COLT 2005-SN1 Trust Estate;

            (c)   voluntarily commence any insolvency, readjustment of debt,
marshaling of assets and liabilities or other proceeding, or apply for an order
by a court or agency or supervisory authority for the winding-up or liquidation
of its affairs or any other event specified in Section 5.1(f); or

            (d)   either (i) permit the validity or effectiveness of this COLT
Indenture or any other COLT 2005-SN1 Basic Documents to be impaired, or permit
the lien of this COLT Indenture in the related COLT 2005-SN1 Collateral or the
lien of the VAULT Security Agreement in the Pledged Collateral to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be
released from any covenants or obligations with respect to the COLT 2005-SN1
Secured Notes under this COLT Indenture except as may be expressly permitted
hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage
or other encumbrance (other than the lien of this COLT Indenture in the COLT
2005-SN1 Collateral and the lien of the VAULT Security Agreement in the Pledged
Collateral) to be created on or extend to or otherwise arise upon or burden the
COLT 2005-SN1 Trust Estate or any part thereof or any interest therein or the
proceeds thereof (other than tax liens, mechanics' liens and other liens that
arise by operation of law or as otherwise contemplated by the COLT 2005-SN1
Basic Documents) or (iii) permit the lien of this COLT Indenture not to
constitute a valid first priority security interest in the COLT 2005-SN1
Collateral or the lien of the VAULT Security Agreement not to constitute a valid
first priority security interest in the Pledged Collateral (in each case, other
than with respect to any such tax, mechanics' or other lien).

                                       15
<PAGE>

            SECTION 3.9 Annual Statement as to Compliance. Until the COLT
2005-SN1 Secured Notes have been paid in full, COLT shall deliver to the COLT
Indenture Trustee and the COLT 2005-SN1 Secured Noteholders, on or before March
15 of each year, beginning March 15, 2006, an Officer's Certificate signed by an
Authorized Officer of COLT, dated as of December 31 of the preceding year,
stating that:

            (a)   a review of the activities of COLT during the preceding
12-month period (or, with respect to the first such Officer's Certificate, such
period as shall have elapsed since the Series 2005-SN1 Closing Date) and of
COLT's performance under this COLT Indenture has been made under such Authorized
Officer's supervision; and

            (b)   to the best of such Authorized Officer's knowledge, based on
such review, COLT has fulfilled all of its obligations under this COLT Indenture
throughout such period, or, if there has been a default in the fulfillment of
any such obligation, specifying each such default known to such Authorized
Officer and the nature and status thereof.

            SECTION 3.10 Consolidation, Merger, Etc., of Trust; Disposition of
Trust Assets.

            (a)   COLT shall not consolidate or merge with or into any other
Person, unless:

                  (i)   the Person (if other than COLT) formed by or surviving
      such consolidation or merger shall be a Person organized and existing
      under the laws of the United States of America or any State or the
      District of Columbia, and shall expressly assume, by an indenture
      supplemental hereto, executed and delivered to the COLT Indenture Trustee,
      in form satisfactory to the COLT Indenture Trustee, the due and timely
      payment of the principal of and interest on all COLT 2005-SN1 Secured
      Notes and the performance or observance of every agreement and covenant of
      this COLT Indenture on the part of COLT to be performed or observed, all
      as provided herein;

                  (ii)  immediately after giving effect to such merger or
      consolidation, no Default or Event of Default shall have occurred and be
      continuing;

                  (iii) the Approval Condition shall have been satisfied with
      respect to such transaction and such Person;

                  (iv)  any action as is necessary to maintain the lien and
      security interest created by this COLT Indenture in the COLT 2005-SN1
      Collateral shall have been taken; and

                  (v)   COLT shall have delivered to the COLT Indenture Trustee
      an Officer's Certificate and an Opinion of Counsel addressed to COLT and
      the COLT Indenture Trustee, each stating:

                  (A)   that such consolidation or merger and such supplemental
      indenture comply with this Section 3.10;

                                       16
<PAGE>

                  (B)   that such consolidation or merger and such supplemental
      indenture shall have no material adverse tax consequences to COLT or any
      COLT 2005-SN1 Secured Noteholder; and

                  (C)   that all conditions precedent herein provided for in
      this Section 3.10 have been complied with, which shall include any filing
      required by the Exchange Act.

            (b)   Except as otherwise expressly permitted by this COLT Indenture
or any other COLT 2005-SN1 Basic Documents, COLT shall not sell, convey,
exchange, transfer or otherwise dispose of any of the properties or assets
included in the COLT 2005-SN1 Trust Estate to any Person, unless:

                  (i)   the Person that acquires such properties or assets of
      COLT (A) shall be a United States citizen or a Person organized and
      existing under the laws of the United States of America or any State or
      the District of Columbia and (B) by an indenture supplemental hereto,
      executed and delivered to the COLT Indenture Trustee, in form satisfactory
      to the COLT Indenture Trustee:

                        (1)   expressly assumes the due and punctual payment of
            the principal of and interest on all COLT 2005-SN1 Secured Notes,
            and the performance or observance of every agreement and covenant of
            this COLT Indenture on the part of COLT to be performed or observed,
            all as provided herein;

                        (2)   expressly agrees that all right, title and
            interest so sold, conveyed, exchanged, transferred or otherwise
            disposed of shall be subject and subordinate to the rights of COLT
            2005-SN1 Secured Noteholders;

                        (3)   unless otherwise provided in such supplemental
            indenture, expressly agrees to indemnify, defend and hold harmless
            COLT against and from any loss, liability or expense arising under
            or related to this COLT Indenture and the COLT 2005-SN1 Secured
            Notes; and

                        (4)   expressly agrees that such Person (or if a group
            of Persons, then one specified Person) shall make all filings with
            the Commission (and any other appropriate Person) required by the
            Exchange Act in connection with the COLT 2005-SN1 Secured Notes;

                  (ii)  immediately after giving effect to such transaction, no
      Default or Event of Default shall have occurred and be continuing;

                  (iii) the Approval Condition shall have been satisfied with
      respect to such transaction and such Person for the COLT 2005-SN1 Secured
      Notes;

                  (iv)  any action as is necessary to maintain the lien and
      security interest created by this COLT Indenture in the COLT 2005-SN1
      Collateral shall have been taken; and

                                       17
<PAGE>

                  (v)   COLT shall have delivered to the COLT Indenture Trustee
      an Officer's Certificate and an Opinion of Counsel addressed to COLT, each
      stating that:

                  (A)   such sale, conveyance, exchange, transfer or disposition
      and such supplemental indenture comply with this Section 3.10;

                  (B)   such sale, conveyance, exchange, transfer or disposition
      and such supplemental indenture have no material adverse tax consequence
      to COLT or to any COLT 2005-SN1 Secured Noteholder; and

                  (C)   that all conditions precedent herein provided for in
      this Section 3.10 have been complied with, which shall include any filing
      required by the Exchange Act.

            SECTION 3.11 Successor or Transferee.

            (a)   Upon any consolidation or merger of COLT in accordance with
Section 3.10(a), the Person formed by or surviving such consolidation or merger
(if other than COLT) shall succeed to, and be substituted for, and may exercise
every right and power of, COLT under this COLT Indenture and the other COLT
2005-SN1 Basic Documents with the same effect as if such Person had been named
as COLT herein.

            (b)   Upon a conveyance or transfer of all or substantially all the
assets and properties included in the COLT 2005-SN1 Collateral pursuant to
Section 3.10(b), COLT shall be released from every covenant and agreement of
this COLT Indenture and the other COLT 2005-SN1 Basic Documents to be observed
or performed on the part of COLT with respect to the COLT 2005-SN1 Secured Notes
immediately upon the delivery of written notice to the COLT Indenture Trustee
from the Person acquiring such assets and properties stating that COLT is to be
so released.

            SECTION 3.12 No Other Business. COLT shall not engage in any
business or activity other than acquiring, holding and managing the COLT
2005-SN1 Trust Estate and the proceeds therefrom in the manner contemplated by
the COLT 2005-SN1 Basic Documents, issuing COLT 2005-SN1 Secured Notes and the
COLT 2005-SN1 Certificate, making payments on COLT 2005-SN1 Secured Notes and
the COLT 2005-SN1 Certificate and such other activities that are necessary,
suitable or convenient to accomplish the foregoing or are incidental thereto or
are otherwise described or set forth in Section 2.3 of the Declaration.

            SECTION 3.13 No Borrowing. COLT shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness for money borrowed other than indebtedness for money borrowed in
respect of the COLT 2005-SN1 Secured Notes, money borrowed in respect of any
other Series of Secured Notes or otherwise in accordance with the COLT 2005-SN1
Basic Documents including Section 2.3 of the Declaration.

            SECTION 3.14 Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by this COLT Indenture or the other COLT 2005-SN1 Basic
Documents, COLT shall not make any loan or advance or credit to, or guarantee
(directly or indirectly or by an instrument having the effect of assuring
another's payment or performance on any obligation or

                                       18
<PAGE>

capability of so doing or otherwise), endorse or otherwise become contingently
liable, directly or indirectly, in connection with the obligations, stocks or
dividends of, or own, purchase, repurchase or acquire (or agree contingently to
do so) any stock, obligations, assets or securities of, or any other interest
in, or make any capital contribution to, any other Person.

            SECTION 3.15 Servicer's Obligations. COLT shall use its best efforts
to cause the Servicer to comply with its obligations under Sections 2.15 and
2.16 of the COLT Servicing Agreement.

            SECTION 3.16 Capital Expenditures. COLT shall not make any
expenditure (whether by long-term or operating lease or otherwise) for capital
assets (either real, personal or intangible property) other than the purchase of
the Series 2005-SN1 Lease Assets and other related property and rights from time
to time pursuant to the COLT Sale and Contribution Agreement.

            SECTION 3.17 Restricted Payments. Except for payments of principal
or interest on the COLT 2005-SN1 Secured Notes or payment on the CARAT
Collection Account Shortfall Amount, so long as any COLT 2005-SN1 Secured Notes
are Outstanding, COLT shall not, directly or indirectly:

            (a)   pay any dividend or make any distribution from collections
received on the COLT 2005-SN1 Trust Estate (by reduction of capital or
otherwise), whether in cash, property, securities or a combination thereof, to
the COLT Owner Trustee or the Series 2005-SN1 Certificateholder or otherwise, in
each case with respect to any ownership or equity interest or similar security
in or of the Series 2005-SN1 Portfolio or to the Servicer;

            (b)   redeem, purchase, retire or otherwise acquire for value any
such ownership or equity interest or similar security of the Series 2005-SN1
Portfolio; or

            (c)   set aside or otherwise segregate any amounts for any such
purpose;

provided, however, that COLT may make, or cause to be made (x) distributions to
the Servicer, the COLT Indenture Trustee, the COLT Owner Trustee and the Series
2005-SN1 Certificateholder as permitted by, and to the extent funds are
available for such purpose under, the COLT 2005-SN1 Basic Documents and (y)
distributions from any other Series Portfolio in accordance with the transaction
documents related to such other Series Portfolio. COLT shall not, directly or
indirectly, make payments to or distributions from the COLT Collection Account
except in accordance with the COLT 2005-SN1 Basic Documents.

            SECTION 3.18 Notice of Events of Default. COLT agrees to give the
COLT Indenture Trustee, each COLT 2005-SN1 Secured Noteholder and the Rating
Agencies prompt written notice of each Event of Default, each Servicer Default
under the COLT Servicing Agreement, each default on the part of the Servicer of
its obligations under the COLT 2005-SN1 Basic Documents and each default on the
part of the Seller of its obligations under the COLT Sale and Contribution
Agreement.

            SECTION 3.19 Further Instruments and Acts. Upon request of the COLTF
Indenture Trustee, COLT shall execute and deliver such further instruments and
do such further

                                       19
<PAGE>

acts as may be reasonably necessary or proper to carry out more effectively the
purpose of this COLT Indenture.

            SECTION 3.20 COLT Indenture Trustee's Assignment of Administrative
Lease Assets and Warranty Lease Assets and Sale or Other Distribution of the
Related Vehicles. Upon receipt of the Administrative Purchase Payment with
respect to any Administrative Lease Asset or the Warranty Payment with respect
to any Warranty Lease Asset, in each case into the COLT Collection Account, the
COLT Indenture Trustee shall assign, without recourse, representation or
warranty, (x) such Warranty Lease Asset to the Seller under the COLT Sale and
Contribution Agreement, or (y) such Administrative Lease Asset to the Servicer
under the COLT Servicing Agreement, as the case may be, all the COLT Indenture
Trustee's right, title and interest in and to such purchased Series 2005-SN1
Lease Asset, all monies due thereon, the security interest in the related
Vehicle and any and all proceeds, rights and remedies relating thereto, such
assignment being an assignment outright and not for security; and the Seller or
the Servicer, as applicable, shall thereupon own such Series 2005-SN1 Lease
Asset, and all such security and documents, free of any further obligation to
the COLT Indenture Trustee, the COLT 2005-SN1 Secured Noteholders or the COLT
2005-SN1 Certificateholder with respect thereto. In addition, the Servicer shall
have the right to sell or otherwise dispose of the Vehicles related to the
Series 2005-SN1 Lease Assets in accordance with the COLT Servicing Agreement.
Upon the sale or other disposition of any such Vehicle by the Servicer, the lien
of the COLT Indenture Trustee shall be automatically released upon the
Servicer's receipt of the proceeds of any such sale or liquidation.

            If in any enforcement suit or legal proceeding it is held that the
Servicer under the COLT Servicing Agreement may not enforce a Series 2005-SN1
Lease Asset included in the COLT 2005-SN1 Collateral on the ground that it is
not a real party in interest or a holder entitled to enforce the Series 2005-SN1
Lease Asset, the COLT Indenture Trustee shall, at the Servicer's expense and
written direction (which may be by electronic mail or other electronic
transmission), take such steps as the Servicer deems necessary to enforce such
Series 2005-SN1 Lease Asset, including bringing suit in the COLT Indenture
Trustee's name or the names of the COLT 2005-SN1 Secured Noteholders and/or the
COLT 2005-SN1 Certificateholder.

            SECTION 3.21 Representations and Warranties by COLT to the COLT
Indenture Trustee. COLT hereby represents and warrants to the COLT Indenture
Trustee as follows as of the Series 2005-SN1 Closing Date:

            (a)   Good Title. No interest in any Series 2005-SN1 Lease Asset has
been sold, transferred, assigned or pledged by COLT to any Person other than the
COLT Indenture Trustee as of the Series 2005-SN1 Closing Date (except that GMAC,
as initial holder of the COLT 2005-SN1 Secured Notes, has been named as the
lienholder and VAULT has been named the legal titleholder on the certificates of
title of the related Vehicles); immediately prior to the conveyance of such
Series 2005-SN1 Lease Assets pursuant to this COLT Indenture, COLT had good and
marketable title thereto, free of any Lien; and, upon execution and delivery of
this COLT Indenture, the COLT Indenture Trustee shall have all of the right,
title and interest of COLT in, to and under the Series 2005-SN1 Lease Assets,
free of any Lien; and

                                       20
<PAGE>

            (b)   All Filings Made. All filings (including UCC filings) and
notations necessary in any jurisdiction to give the COLT Indenture Trustee (or,
with respect to the Direct COLT Pledge, each COLT 2005-SN1 Secured Noteholder) a
first priority perfected security interest in the COLT 2005-SN1 Collateral have
been made.

            SECTION 3.22 Maintenance of Separate Records for Each Series. So
long as any COLT 2005-SN1 Secured Note remains Outstanding and pursuant to
Section 3.2(a) of the Declaration, COLT shall maintain separate and distinct
records with respect to the Series 2005-SN1 Lease Assets and the remainder of
the Series 2005-SN1 Portfolio and the Series 2005-SN1 Lease Assets and the
remainder of the Series 2005-SN1 Portfolio shall be held and accounted for
separately from any other Trust Assets allocated to any other Series Portfolio
or the Residual Interest.

                                   ARTICLE IV
                           SATISFACTION AND DISCHARGE

            SECTION 4.1 Satisfaction and Discharge of COLT Indenture. This COLT
Indenture shall cease to be of further effect except as to: (i) rights of
registration of transfer and exchange; (ii) substitution of mutilated,
destroyed, lost or stolen COLT 2005-SN1 Secured Notes; (iii) rights of COLT
2005-SN1 Secured Noteholders to receive payments of principal thereof and
interest thereon; (iv) Sections 3.3, 3.4, 3.5, 3.6, 3.10, 3.12, 3.13, 3.18, and
3.20; (v) the rights, obligations and immunities of the COLT Indenture Trustee
hereunder (including the rights of the COLT Indenture Trustee under Section 6.7
and the obligations of the COLT Indenture Trustee under Sections 4.2 and 4.4);
and (vi) the rights of COLT 2005-SN1 Secured Noteholders as beneficiaries hereof
with respect to the property so deposited with the COLT Indenture Trustee
payable to all or any of them, and the COLT Indenture Trustee, on demand of and
at the expense of COLT, shall execute proper instruments acknowledging
satisfaction and discharge of this COLT Indenture with respect to the COLT
2005-SN1 Secured Notes, if:

            (a)   either:

                  (i)   all COLT 2005-SN1 Secured Notes theretofore
      authenticated and delivered (other than (A) COLT 2005-SN1 Secured Notes
      that have been destroyed, lost or stolen and that have been replaced or
      paid as provided in Section 2.4 and (B) COLT 2005-SN1 Secured Notes for
      whose payment money has theretofore been deposited in trust or segregated
      and held in trust by COLT and thereafter repaid to COLT or discharged from
      such trust, as provided in Section 3.3) have been delivered to the COLT
      Indenture Trustee for cancellation; or

                  (ii)  all COLT 2005-SN1 Secured Notes not theretofore
      delivered to the COLT Indenture Trustee for cancellation:

                  (A)   have become due and payable,

                  (B)   will be due and payable on their respective Final
      Maturity Dates within one year, or

                                       21
<PAGE>

                  (C)   are to be called for redemption within one year under
      arrangements satisfactory to the COLT Indenture Trustee for the giving of
      notice of redemption by the COLT Indenture Trustee in the name, and at the
      expense, of COLT or such COLT 2005 SN1 Secured Notes have been redeemed in
      accordance with Section 10.1,

      and COLT, in the case of clause (A), (B) or (C) of subsection 4.1(a)(ii)
      above, has irrevocably deposited or caused to be irrevocably deposited
      with the COLT Indenture Trustee cash or direct obligations of or
      obligations guaranteed by the United States of America (which will mature
      prior to the date such amounts are payable), in trust for such purpose, in
      an amount sufficient to pay and discharge the entire unpaid principal and
      accrued interest on such COLT 2005-SN1 Secured Notes not theretofore
      delivered to the COLT Indenture Trustee for cancellation when due on the
      Final Maturity Date for such COLT 2005-SN1 Secured Notes or the Redemption
      Date for such COLT 2005 SN1 Secured Notes (if such COLT 2005 SN1 Secured
      Notes have been called for redemption pursuant to Section 10.1), as the
      case may be;

            (b)   COLT has paid or caused to be paid all amounts and has
performed all obligations which COLT may owe to the COLT Indenture Trustee
personally or to the COLT Indenture Trustee for the benefit of the COLT 2005-SN1
Secured Noteholders under this COLT Indenture and any other COLT 2005-SN1 Basic
Documents; and

            (c)   COLT has delivered to the COLT Indenture Trustee and to the
COLT 2005-SN1 Secured Noteholders an Officer's Certificate of COLT, an Opinion
of Counsel and (if required by the TIA or the COLT Indenture Trustee) an
Independent Certificate from a firm of certified public accountants, each
meeting the applicable requirements of Section 11.1(a) and each stating that all
conditions precedent herein provided for relating to the satisfaction and
discharge of this COLT Indenture have been complied with.

            SECTION 4.2 Application of Trust Money. All monies deposited with
the COLT Indenture Trustee pursuant to Section 4.1 shall be held in trust and
applied by it, in accordance with the provisions of the COLT 2005-SN1 Secured
Notes and this COLT Indenture and the applicable provisions of the COLT
Servicing Agreement, to the payment, either directly or through any Paying
Agent, as the COLT Indenture Trustee may determine, to the Holders of the
particular COLT 2005-SN1 Secured Notes for the payment or redemption of which
such monies have been deposited with the COLT Indenture Trustee, of all sums due
and to become due in accordance with this COLT Indenture and any other COLT
2005-SN1 Basic Documents; but such monies need not be segregated from other
funds except to the extent required herein, in the COLT Servicing Agreement or
by applicable law.

            SECTION 4.3 Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this COLT Indenture with respect to the
COLT 2005-SN1 Secured Notes, all monies then held by any Paying Agent other than
the COLT Indenture Trustee under the provisions of this COLT Indenture with
respect to all such COLT 2005-SN1 Secured Notes shall, upon demand of COLT, be
paid to the COLT Indenture Trustee to be held and applied according to Section
3.3 and thereupon such Paying Agent shall be released from all further liability
with respect to such monies.

                                       22
<PAGE>

            SECTION 4.4 Duration of Position of COLT Indenture Trustee.
Notwithstanding the earlier payment in full of all principal and interest due to
all COLT 2005-SN1 Secured Noteholders under the terms of the COLT 2005-SN1
Secured Notes and the cancellation of such COLT 2005-SN1 Secured Notes pursuant
to Section 4.1, the COLT Indenture Trustee shall continue to act in the capacity
as COLT Indenture Trustee hereunder for the benefit of the COLT 2005-SN1
Certificateholder and the COLT Indenture Trustee, and for the benefit of such
COLT 2005-SN1 Certificateholder, shall comply with its obligations under the
COLT Servicing Agreement, as appropriate, until such time as all distributions
due to the Holder of the Series 2005-SN1 Certificate have been paid in full.

                                   ARTICLE V
                              DEFAULT AND REMEDIES

            SECTION 5.1 Events of Default. For the purposes of this COLT
Indenture, "Event of Default" wherever used herein, means any one of the
following events:

            (a)   failure to pay the full Secured Note Interest Distributable
Amount on any COLT 2005-SN1 Secured Note on any Payment Date, and such default
shall continue unremedied for a period of five days; or

            (b)   except as set forth in Section 5.1(c), failure to pay any
principal of any COLT 2005-SN1 Secured Note as and when the same becomes due and
payable, and such default continues unremedied for a period of 30 days after
there shall have been given, by registered or certified mail, to the Servicer by
the COLT Indenture Trustee or to the Servicer and the COLT Indenture Trustee by
the Holders of not less than 25% of the Outstanding Amount of the COLT 2005-SN1
Secured Notes, a written notice specifying such default and demanding that it be
remedied and stating that such notice is a "Notice of Default" hereunder; or

            (c)   failure to pay in full the Secured Note Principal Balance of
any COLT 2005-SN1 Secured Notes by the Final Maturity Date; or

            (d)   default in the observance or performance in any material
respect of any covenant or agreement of COLT made in this COLT Indenture (other
than a covenant or agreement a default in the observance or performance of which
is specifically dealt with elsewhere in this Section 5.1) which failure
materially and adversely affects the rights of the COLT 2005-SN1 Secured
Noteholders, and such default shall continue or not be cured for a period of 30
days (x) after there shall have been given, by registered or certified mail, to
COLT, the Seller (or the Servicer, as applicable) by the COLT Indenture Trustee
or to COLT, the Seller (or the Servicer, as applicable) and the COLT Indenture
Trustee by the Holders of at least 25% of the Outstanding Amount of the COLT
2005-SN1 Secured Notes, a written notice specifying such default, demanding that
it be remedied and stating that such notice is a "Notice of Default" hereunder;
or

            (e)   the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of COLT or any substantial part of the
COLT 2005-SN1 Trust Estate in an involuntary case under any applicable federal
or state bankruptcy, insolvency or other similar law now or hereafter in effect,
or appointing a receiver, liquidator, assignee, custodian, trustee,

                                       23
<PAGE>

sequestrator or similar official of COLT or for any substantial part of the COLT
2005-SN1 Trust Estate, or ordering the winding-up or liquidation of COLT's
affairs, and such decree or order shall remain unstayed and in effect for a
period of 90 consecutive days; or

            (f)   the commencement by COLT of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or the consent of COLT to the entry of an order for relief
in an involuntary case under any such law, or the consent by COLT to the
appointment or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of COLT or for any substantial part of
the COLT 2005-SN1 Trust Estate, or the making by COLT of any general assignment
for the benefit of creditors, or the failure by COLT generally to pay its debts
as such debts become due, or the taking of action by COLT in furtherance of any
of the foregoing.

COLT shall deliver to the COLT Indenture Trustee and the COLT 2005-SN1 Secured
Noteholders promptly (and in any event within five Business Days) after learning
of the occurrence thereof, written notice in the form of an Officer's
Certificate of any event which with the giving of notice and the lapse of time
would become an Event of Default under Section 5.1(d), its status and what
action COLT is taking or proposes to take with respect thereto.

            SECTION 5.2 Acceleration of Maturity; Rescission and Annulment.

            (a)   If an Event of Default should occur and be continuing, then
and in every such case, unless the principal amount of the COLT 2005-SN1 Secured
Notes shall have already become due and payable, either the COLT Indenture
Trustee or the holders of COLT 2005-SN1 Secured Notes representing not less than
a majority of the Outstanding Amount of the COLT 2005-SN1 Secured Notes may
declare all the COLT 2005-SN1 Secured Notes to be immediately due and payable,
by a notice in writing to COLT and to the COLT Indenture Trustee if given by the
COLT 2005-SN1 Secured Noteholders setting forth the Event of Default or Events
of Default, and upon any such declaration the unpaid principal amount of the
COLT 2005-SN1 Secured Notes, together with accrued and unpaid interest thereon
through the date of acceleration, shall become immediately due and payable.

            (b)   At any time after such declaration of acceleration of maturity
of the COLT 2005-SN1 Secured Notes has been made and before a judgment or decree
for payment of the money due thereunder has been obtained by the COLT Indenture
Trustee as hereinafter provided in this Article V, the holders of COLT 2005-SN1
Secured Notes representing not less than a majority of the Outstanding Amount of
the COLT 2005-SN1 Secured Notes, by written notice to COLT and the COLT
Indenture Trustee, may waive all Defaults set forth in the notice delivered
pursuant to Section 5.2(a) and rescind and annul such declaration and its
consequences; provided, however, that no such rescission and annulment shall
extend to or affect any subsequent Event of Default or impair any right
consequent thereto; and provided, further, that if the COLT Indenture Trustee or
the COLT 2005-SN1 Secured Noteholders shall have proceeded to enforce any right
under this COLT Indenture and such Proceedings shall have been discontinued or
abandoned because of such rescission and annulment or for any other reason, or
such Proceedings shall have been determined adversely to the COLT Indenture
Trustee or the COLT 2005-SN1 Secured Noteholders, then and in every such case,
the COLT Indenture Trustee, COLT and the COLT 2005-SN1 Secured Noteholders, as
the case may be, shall be

                                       24
<PAGE>

restored to their respective former positions and rights hereunder, and all
rights, remedies and powers of the COLT Indenture Trustee, COLT and the COLT
2005-SN1 Secured Noteholders, as the case may be, shall continue as though no
such Proceedings had been commenced.

            SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by
COLT Indenture Trustee.

            (a)   COLT covenants that if an Event of Default occurs and such
Event of Default has not been waived pursuant to Section 5.12, then COLT shall,
upon demand of the COLT Indenture Trustee, pay to the COLT Indenture Trustee,
for the ratable benefit of the COLT 2005-SN1 Secured Noteholders in accordance
with their respective Secured Note Principal Balances, the entire amount then
due and payable on the COLT 2005-SN1 Secured Notes for principal and interest,
with interest upon the overdue principal and overdue interest at the COLT
2005-SN1 Secured Note Rate and any CARAT Collection Account Shortfall Amount and
in addition thereto such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the COLT Indenture Trustee and its
agents and counsel.

            (b)   If COLT shall fail forthwith to pay such amounts upon such
demand, the COLT Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and
unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same against COLT or other obligor upon the COLT 2005-SN1 Secured
Notes and collect in the manner provided by law out of the property of the COLT
2005-SN1 Trust Estate, the monies adjudged or decreed to be payable.

            (c)   If an Event of Default occurs and is continuing, the COLT
Indenture Trustee may, as more particularly provided in Section 5.4, in its
discretion, proceed to protect and enforce its rights and the rights of the COLT
2005-SN1 Secured Noteholders, by such appropriate Proceedings as the COLT
Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this COLT Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the COLT
Indenture Trustee by this COLT Indenture or by applicable law.

            (d)   If there shall be pending, relative to COLT or any other
obligor upon the COLT 2005-SN1 Secured Notes or any Person having or claiming an
ownership interest in the COLT 2005-SN1 Trust Estate, Proceedings under Title 11
of the United States Code or any other applicable federal or state bankruptcy,
insolvency or similar law, or if a receiver, assignee or trustee in bankruptcy
or reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of COLT or its property or such obligor or
Person, or in case of any other comparable judicial Proceedings relative to COLT
or other obligor upon the COLT 2005-SN1 Secured Notes, or to the creditors or
property of COLT or such other obligor, the COLT Indenture Trustee, irrespective
of whether the principal of any COLT 2005-SN1 Secured Notes shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective
of whether the COLT Indenture Trustee shall have made any demand pursuant to the
provisions of this Section 5.3, shall be entitled and empowered, by intervention
in such Proceedings or otherwise:

                                       25
<PAGE>

            (i)   to file and prove a claim or claims for the whole amount of
principal and interest and all other amounts owing and unpaid in respect of the
COLT 2005-SN1 Secured Notes, and any CARAT Collection Account Shortfall Amount
and to file such other papers or documents as may be necessary or advisable in
order to have the claims of the COLT Indenture Trustee (including any claim for
reasonable compensation to the COLT Indenture Trustee and each predecessor
trustee, and their respective agents, attorneys and counsel, and for
reimbursement of all expenses and liabilities incurred, and all advances made,
by the COLT Indenture Trustee and each predecessor trustee, except as a result
of negligence or bad faith) and of the COLT 2005-SN1 Secured Noteholders allowed
in such Proceedings;

            (ii)  unless prohibited by applicable law and regulations, to vote
on behalf of the Holders of the COLT 2005-SN1 Secured Notes in any election of a
trustee, a standby trustee or Person performing similar functions in any such
Proceedings;

            (iii) to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute all amounts received with
respect to the claims of the COLT 2005-SN1 Secured Noteholders and of the COLT
Indenture Trustee on their behalf; and

            (iv)  to file such proofs of claim and other papers or documents as
may be necessary or advisable in order to have the claims of the COLT Indenture
Trustee or the COLT 2005-SN1 Secured Noteholders allowed in any judicial
proceedings relative to COLT, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such COLT 2005-SN1 Secured
Noteholders to make payments to the COLT Indenture Trustee for application in
accordance with the priorities set forth in the COLT 2005-SN1 Basic Documents,
and, if the COLT Indenture Trustee shall consent to the making of payments
directly to such COLT 2005-SN1 Secured Noteholders, to pay to the COLT Indenture
Trustee such amounts as shall be sufficient to cover reasonable compensation to
the COLT Indenture Trustee, each predecessor trustee and their respective
agents, attorneys and counsel, and all other expenses and liabilities incurred,
and all advances made, by the COLT Indenture Trustee and each predecessor
trustee except as a result of negligence or bad faith.

            (e)   Nothing herein contained shall be deemed to authorize the COLT
Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any COLT 2005-SN1 Secured Noteholder any plan of reorganization,
arrangement, adjustment or composition affecting the COLT 2005-SN1 Secured Notes
or the rights of any Holder thereof or to authorize the COLT Indenture Trustee
to vote in respect of the claim of any COLT 2005-SN1 Secured Noteholder in any
such proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.

            (f)   All rights of action and of asserting claims under this COLT
Indenture, or under any of the COLT 2005-SN1 Secured Notes may be enforced by
the COLT Indenture Trustee without the possession of any of the COLT 2005-SN1
Secured Notes or the production thereof in any trial or other Proceedings
relative thereto, and any such Proceedings instituted by the COLT Indenture
Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment, subject to the payment of the expenses, disbursements and

                                       26
<PAGE>

compensation of the COLT Indenture Trustee, each predecessor COLT Indenture
Trustee and their respective agents and attorneys, shall be for the benefit of
the COLT 2005-SN1 Secured Noteholders in accordance with the priorities set
forth in the COLT 2005-SN1 Basic Documents.

            (g)   In any Proceedings brought by the COLT Indenture Trustee (and
also any Proceedings involving the interpretation of any provision of this COLT
Indenture to which the COLT Indenture Trustee shall be a party), the COLT
Indenture Trustee shall be held to represent all the COLT 2005-SN1 Secured
Noteholders, and it shall not be necessary to make any the COLT 2005-SN1 Secured
Noteholders a party to any such Proceedings.

            SECTION 5.4 Remedies; Priorities.

            (a)   If an Event of Default shall have occurred and be continuing
and the COLT 2005-SN1 Secured Notes have been accelerated under Section 5.2(a),
the COLT Indenture Trustee may do one or more of the following (subject to
Sections 5.3 and 5.5):

                  (i)   institute Proceedings in its own name and as trustee of
      an express trust for the collection of all amounts then due and payable on
      such COLT 2005-SN1 Secured Notes, under this COLT Indenture with respect
      thereto, whether by declaration of acceleration or otherwise, enforce any
      judgment obtained, and collect from the COLT 2005-SN1 Trust Estate and any
      other obligor upon such COLT 2005-SN1 Secured Notes monies adjudged due;

                  (ii)  institute Proceedings from time to time for the complete
      or partial foreclosure of this COLT Indenture with respect to the COLT
      2005-SN1 Collateral and of the VAULT Security Agreement with respect to
      the Pledged Collateral;

                  (iii) exercise any remedies of a secured party under the UCC
      and take any other appropriate action to protect and enforce the rights
      and remedies of the COLT Indenture Trustee and the COLT 2005-SN1 Secured
      Noteholders; and

                  (iv)  sell the COLT 2005-SN1 Trust Estate, or any portion
      thereof or rights or interest therein, at one or more public or private
      sales called and conducted in any manner permitted by law or elect to have
      COLT maintain possession of the COLT 2005-SN1 Trust Estate, including the
      Series 2005-SN1 Lease Assets included therein, and continue to apply
      collections on such Series 2005-SN1 Lease Assets as if there had been no
      declaration of acceleration; provided, however, that the COLT Indenture
      Trustee may not sell or otherwise liquidate the COLT 2005-SN1 Trust Estate
      following an Event of Default and acceleration of the COLT 2005-SN1
      Secured Notes, except as is set forth in Section 3.20, unless (i)(A) the
      Holders of all of the aggregate Outstanding Amount of the COLT 2005-SN1
      Secured Notes consent thereto, (B) the proceeds of such sale or
      liquidation distributable to the Holders of the COLT 2005-SN1 Secured
      Notes are sufficient to discharge in full the principal of and the accrued
      interest on the COLT 2005-SN1 Secured Notes as of the date of such sale or
      liquidation or (C) (x) there has been an Event of Default under Section
      5.1(a), (b) or (c) or otherwise arising from a failure to make a required
      payment of principal on the COLT 2005-SN1 Secured Notes, (y) the COLT
      Indenture Trustee determines that the COLT 2005-SN1 Trust Estate will not

                                       27
<PAGE>

      continue to provide sufficient funds for the payment of principal of and
      interest on the COLT 2005-SN1 Secured Notes as and when they would have
      become due if the COLT 2005-SN1 Secured Notes had not been declared due
      and payable and (z) the COLT Indenture Trustee obtains the consent of the
      Holders of all of the aggregate Outstanding Amount of the COLT 2005-SN1
      Secured Notes, and (ii) 10 days' prior written notice of sale or
      liquidation has been given to the Rating Agencies. In determining such
      sufficiency or insufficiency with respect to clauses (B) and (C), the COLT
      Indenture Trustee may, but need not, obtain and rely upon an opinion of an
      Independent investment banking or accounting firm of national reputation
      as to the feasibility of such proposed action and as to the sufficiency of
      the COLT 2005-SN1 Trust Estate for such purpose.

            (b)   If the COLT Indenture Trustee collects any money or property
pursuant to this Article V, it shall pay out the money or property in the
following order:

                  FIRST: to the COLT Indenture Trustee for amounts due under
      Section 6.7 and then to the COLT Owner Trustee for amounts due to the COLT
      Owner Trustee (not including amounts due for payments to the Series
      2005-SN1 Certificateholder) under Section 6.9 of the Declaration; and

                  SECOND: to the COLT Collection Account for distribution in the
      following priority: (i) payment in full of the accrued and unpaid interest
      on the COLT 2005-SN1 Secured Notes; (ii) payment in full of unpaid
      principal balance of the COLT 2005-SN1 Secured Notes; (iii) to the CARAT
      Collection Account towards payment in full of any CARAT Collection Account
      Shortfall Amount and (iv) the remainder shall be distributed in accordance
      with the instructions of the COLT 2005-SN1 Certificateholder.

            SECTION 5.5 Optional Preservation of the Series 2005-SN1 Lease
Assets. If the COLT 2005-SN1 Secured Notes have been declared to be due and
payable under Section 5.2 following an Event of Default and such declaration and
its consequences have not been rescinded and annulled in accordance with Section
5.2(b), the COLT Indenture Trustee may, but need not, elect to take and maintain
possession of the COLT 2005-SN1 Trust Estate. It is the desire of the parties
hereto and the COLT 2005-SN1 Secured Noteholders that there be at all times
sufficient funds for the payment of principal of and interest on the COLT
2005-SN1 Secured Notes, and the COLT Indenture Trustee shall take such desire
into account when determining whether or not to take and maintain possession of
the COLT 2005-SN1 Trust Estate. In determining whether to take and maintain
possession of the COLT 2005-SN1 Trust Estate, the COLT Indenture Trustee may,
but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the COLT 2005-SN1 Trust Estate for
such purpose.

            SECTION 5.6 Limitation of Suits. No Holder of any COLT 2005-SN1
Secured Note shall have any right to institute any Proceeding, judicial or
otherwise, with respect to this COLT Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless:

            (a)   such Holder has previously given written notice to the COLT
Indenture Trustee of a continuing Event of Default;

                                       28
<PAGE>

            (b)   the Holders of not less than 25% of the Outstanding Amount of
the COLT 2005-SN1 Secured Notes have made written request to the COLT Indenture
Trustee to institute such Proceeding in respect of such Event of Default in its
own name as COLT Indenture Trustee hereunder;

            (c)   such Holder or Holders have offered to the COLT Indenture
Trustee reasonable indemnity against the costs, expenses and liabilities to be
incurred in complying with such request;

            (d)   the COLT Indenture Trustee for 60 days after the earlier of
(x) its receipt of such notice, request and offer of indemnity and (y) any
similar notice, request and offer of indemnity to the CARAT Indenture Trustee
under Section 5.6 of the CARAT Indenture, has failed to institute such
Proceedings; and

            (e)   no direction inconsistent with such written request has been
given to the COLT Indenture Trustee during such 60-day period by the Holders of
a majority of the Outstanding Amount of the COLT 2005-SN1 Secured Notes;

it being understood and intended that no one or more Holders of the COLT
2005-SN1 Secured Notes shall have any right in any manner whatever by virtue of,
or by availing of, any provision of this COLT Indenture to affect, disturb or
prejudice the rights of any other Holders of the COLT 2005-SN1 Secured Notes or
to obtain or to seek to obtain priority or preference over any other Holders of
the COLT 2005-SN1 Secured Notes or to enforce any right under this COLT
Indenture, except in the manner herein provided and for the equal, ratable (on
the basis of the respective aggregate amount of principal and interest,
respectively, due and unpaid on the COLT 2005-SN1 Secured Note held by such COLT
2005-SN1 Secured Noteholder) and common benefit of all Holders of the COLT
2005-SN1 Secured Notes. For the protection and enforcement of the provisions of
this Section 5.6, each and every COLT 2005-SN1 Secured Noteholder shall be
entitled to such relief as can be given either at law or in equity.

            If the COLT Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of the
COLT 2005-SN1 Secured Notes, each representing less than a majority of the
Outstanding Amount of the COLT 2005-SN1 Secured Notes, the COLT Indenture
Trustee shall take the action requested by the group representing the higher
percentage of the Outstanding Amount of the COLT 2005-SN1 Secured Notes.

            SECTION 5.7 Unconditional Rights of the COLT 2005-SN1 Secured
Noteholders to Receive Principal and Interest. Notwithstanding any other
provisions in this COLT Indenture, the Holder of any COLT 2005-SN1 Secured Note
shall have the right, which is absolute and unconditional, to receive payment of
the principal of and interest on such COLT 2005-SN1 Secured Note on or after the
respective due dates thereof expressed in such COLT 2005-SN1 Secured Note or in
this COLT Indenture and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such
Holder.

            SECTION 5.8 Restoration of Rights and Remedies. If the COLT
Indenture Trustee or any COLT 2005-SN1 Secured Noteholder has instituted any
Proceeding to enforce any right or remedy under this COLT Indenture and such
Proceeding has been discontinued or

                                       29
<PAGE>

abandoned for any reason or has been determined adversely to the COLT Indenture
Trustee or to such COLT 2005-SN1 Secured Noteholder, then and in every such case
COLT, the COLT Indenture Trustee and the COLT 2005-SN1 Secured Noteholders
shall, subject to any determination in such Proceeding, be restored severally to
their respective former positions hereunder, and thereafter all rights and
remedies of the COLT Indenture Trustee and the COLT 2005-SN1 Secured Noteholders
shall continue as though no such Proceeding had been instituted.

            SECTION 5.9 Rights and Remedies Cumulative. No right or remedy
herein conferred upon or reserved to the COLT Indenture Trustee or to the COLT
2005-SN1 Secured Noteholders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

            SECTION 5.10 Delay or Omission, Not a Waiver. No delay or omission
of the COLT Indenture Trustee or any Holder of any COLT 2005-SN1 Secured Note to
exercise any right or remedy accruing upon any Default or Event of Default shall
impair any such right or remedy or constitute a waiver of any such Default or
Event of Default or an acquiescence therein. Every right and remedy given by
this Article V or by law to the COLT Indenture Trustee or to the COLT 2005-SN1
Secured Noteholders may be exercised from time to time, and as often as may be
deemed expedient, by the COLT Indenture Trustee or by the COLT 2005-SN1 Secured
Noteholders, as the case may be.

            SECTION 5.11 Control by the COLT 2005-SN1 Secured Noteholders. The
Holders of a majority of the Outstanding Amount of the COLT 2005-SN1 Secured
Notes shall, subject to provision being made for indemnification against costs,
expenses and liabilities in a form satisfactory to the COLT Indenture Trustee,
have the right to direct the time, method and place of conducting any Proceeding
for any remedy available to the COLT Indenture Trustee with respect to the COLT
2005-SN1 Secured Notes or exercising any trust or power conferred on the COLT
Indenture Trustee; provided, however, that:

            (a)   such direction shall not be in conflict with any rule of law
or with this COLT Indenture;

            (b)   subject to the express terms of Section 5.4, any direction to
the COLT Indenture Trustee to sell or liquidate the COLT 2005-SN1 Trust Estate
shall be by the Holders of COLT 2005-SN1 Secured Notes representing not less
than 100% of the Outstanding Amount of the COLT 2005-SN1 Secured Notes;

            (c)   if the conditions set forth in Section 5.5 have been satisfied
and the COLT Indenture Trustee elects to retain the COLT 2005-SN1 Trust Estate
pursuant to Section 5.5, then any direction to the COLT Indenture Trustee by
Holders of COLT 2005-SN1 Secured Notes representing less than 100% of the
Outstanding Amount of the COLT 2005-SN1 Secured Notes to sell or liquidate the
COLT 2005-SN1 Trust Estate shall be of no force and effect; and

                                       30
<PAGE>

            (d)   the COLT Indenture Trustee may take any other action deemed
proper by the COLT Indenture Trustee that is not inconsistent with such
direction;

provided, however, that, subject to Section 6.1, the COLT Indenture Trustee need
not take any action that it determines might cause it to incur any liability
with respect to which the COLT Indenture Trustee shall have reasonable grounds
to believe that adequate indemnity against such liability is not assured to it
or might materially adversely affect the rights of the COLT 2005-SN1 Secured
Noteholders not consenting to such action.

            SECTION 5.12 Waiver of Past Defaults.

            (a)   Prior to the declaration of the acceleration of the maturity
of the COLT 2005-SN1 Secured Notes as provided in Section 5.2, the Holders of
not less than a majority of the Outstanding Amount of the COLT 2005-SN1 Secured
Notes may waive any past Default or Event of Default and its consequences except
a Default or Event of Default (i) in the payment of principal of or interest on
any of the COLT 2005-SN1 Secured Notes or (ii) in respect of a covenant or
provision hereof that cannot be modified or amended without the consent of the
Holder of each such COLT 2005-SN1 Secured Note. In the case of any such waiver,
COLT, the COLT Indenture Trustee and the COLT 2005-SN1 Secured Noteholders shall
be restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereto.

            (b)   Upon any such waiver, such Default or Event of Default shall
cease to exist and be deemed to have been cured and not to have occurred (and
any Event of Default arising from any such Default shall be deemed to have been
cured and not to have occurred) for every purpose of this COLT Indenture; but no
such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereto.

            SECTION 5.13 Undertaking for Costs. All parties to this COLT
Indenture agree, and each Holder of any COLT 2005-SN1 Secured Note by such
Holder's acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any Proceeding for the enforcement of any right or
remedy under this COLT Indenture, or in any Proceeding against the COLT
Indenture Trustee for any action taken, suffered or omitted by it as COLT
Indenture Trustee, the filing by any party litigant in such Proceeding of an
undertaking to pay the costs of such Proceeding, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees and
expenses, against any party litigant in such Proceeding, having due regard to
the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section 5.13, shall not apply to:

            (a)   any Proceeding instituted by the COLT Indenture Trustee;

            (b)   any Proceeding instituted by any COLT 2005-SN1 Secured
Noteholder or group of COLT 2005-SN1 Secured Noteholders holding in the
aggregate more than 10% of the Outstanding Amount of the COLT 2005-SN1 Secured
Notes; or

            (c)   any Proceeding instituted by any COLT 2005-SN1 Secured
Noteholder for the enforcement of the payment of principal of or interest on any
COLT 2005-SN1 Secured Note

                                       31
<PAGE>

on or after the respective due dates expressed in such COLT 2005-SN1 Secured
Note and in this COLT Indenture (or, in the case of redemption, on or after the
Redemption Date).

            SECTION 5.14 Waiver of Stay or Extension Laws. COLT covenants (to
the extent that it may lawfully do so) that it shall not at any time insist
upon, or plead or in any manner whatsoever, claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this
COLT Indenture. COLT (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it shall not
hinder, delay or impede the execution of any power herein granted to the COLT
Indenture Trustee, but shall suffer and permit the execution of every such power
as though no such law had been enacted.

            SECTION 5.15 Action on COLT 2005-SN1 Secured Notes. The COLT
Indenture Trustee's right to seek and recover judgment on the COLT 2005-SN1
Secured Notes or under this COLT Indenture shall not be affected by the seeking,
obtaining or application of any other relief under or with respect to this COLT
Indenture. Neither the lien of this COLT Indenture in the COLT 2005-SN1
Collateral or the lien of the VAULT Security Agreement in the Pledged Collateral
nor any rights or remedies of the COLT Indenture Trustee or the COLT 2005-SN1
Secured Noteholders shall be impaired by the recovery of any judgment by the
COLT Indenture Trustee against COLT or by the levy of any execution under such
judgment upon any portion of the COLT 2005-SN1 Trust Estate or upon any of the
assets of COLT. Any money or property collected by the COLT Indenture Trustee
shall be applied in accordance with Section 5.4(b).

            SECTION 5.16 Performance and Enforcement of Certain Obligations.

            (a)   Promptly following a request from the COLT Indenture Trustee
to do so and at the Servicer's expense, COLT agrees to take all such lawful
action as the COLT Indenture Trustee may request to compel or secure the
performance and observance by the Seller and the Servicer of their respective
obligations to COLT under or in connection with the COLT 2005-SN1 Basic
Documents in accordance with the terms thereof, and to exercise any and all
rights, remedies, powers and privileges lawfully available to COLT under or in
connection with the COLT 2005-SN1 Basic Documents to the extent and in the
manner directed by the COLT Indenture Trustee, including the transmission of
notices of default on the part of the Seller or the Servicer thereunder and the
institution of legal or administrative actions or proceedings to compel or
secure performance by the Seller or the Servicer of each of their obligations
under the COLT 2005-SN1 Basic Documents.

            (b)   If an Event of Default has occurred and is continuing, the
COLT Indenture Trustee may, and, at the direction (which direction shall be in
writing or by telephone (confirmed in writing promptly thereafter)) of the
Holders of 66-2/3% of the Outstanding Amount of the COLT 2005-SN1 Secured Notes
shall, exercise all rights, remedies, powers, privileges and claims of COLT
against the Seller or the Servicer under or in connection with the COLT 2005-SN1
Basic Documents, including the right or power to take any action to compel or
secure performance or observance by the Seller or the Servicer of each of their
obligations to COLT thereunder and to give any consent, request, notice,
direction, approval, extension or waiver

                                       32
<PAGE>

under the COLT 2005-SN1 Basic Documents, and any right of COLT to take such
action shall be suspended.

                                   ARTICLE VI
                           THE COLT INDENTURE TRUSTEE

            SECTION 6.1 Duties of COLT Indenture Trustee.

            (a)   If an Event of Default has occurred and is continuing, the
COLT Indenture Trustee shall exercise the rights and powers vested in it by this
COLT Indenture and use the same degree of care and skill in their exercise as a
prudent person would exercise or use under the circumstances in the conduct of
such person's own affairs.

            (b)   Except during the continuance of an Event of Default, the COLT
Indenture Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this COLT Indenture and the COLT Servicing Agreement
and no implied covenants or obligations shall be read into this COLT Indenture
or the COLT Servicing Agreement against the COLT Indenture Trustee; and

            (c)   In the absence of bad faith on its part, the COLT Indenture
Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions
furnished to the COLT Indenture Trustee and conforming to the requirements of
this COLT Indenture; provided, however, that the COLT Indenture Trustee shall
examine the certificates and opinions to determine whether or not they conform
to the requirements of this COLT Indenture.

            (d)   The COLT Indenture Trustee may not be relieved from liability
for its own negligent action, its own negligent failure to act or its own
willful misconduct or bad faith, except that:

                  (i)   this Section 6.1(d) does not limit the effect of Section
      6.1(b);

                  (ii)  the COLT Indenture Trustee shall not be liable for any
      error of judgment made in good faith by a Responsible Officer unless it is
      proved that the COLT Indenture Trustee was negligent in ascertaining the
      pertinent facts; and

                  (iii) the COLT Indenture Trustee shall not be liable with
      respect to any action it takes or omits to take in good faith in
      accordance with a direction received by it pursuant to any provision of
      this COLT Indenture or any other COLT 2005-SN1 Basic Document.

            (e)   The COLT Indenture Trustee shall not be liable for interest on
any money received by it except as the COLT Indenture Trustee may agree in
writing with COLT.

            (f)   Money held in trust by the COLT Indenture Trustee need not be
segregated from other funds except to the extent required by law or the terms of
this COLT Indenture, the COLT Servicing Agreement or the other COLT 2005-SN1
Basic Documents.

                                       33
<PAGE>

            (g)   No provision of this COLT Indenture or any other COLT 2005-SN1
Basic Document shall require the COLT Indenture Trustee to expend or risk its
own funds or otherwise incur financial liability in the performance of any of
its duties hereunder or in the exercise of any of its rights or powers, if it
shall have reasonable grounds to believe that repayments of such funds or
adequate indemnity against such risk or liability is not reasonably assured to
it.

            (h)   Every provision of this COLT Indenture and each other COLT
2005-SN1 Basic Document relating to the COLT Indenture Trustee shall be subject
to the provisions of this Section 6.1 and to the provisions of the TIA.

            (i)   The COLT Indenture Trustee shall have no liability or
responsibility for the acts or omissions of any other party to any of the COLT
2005-SN1 Basic Documents.

            (j)   In no event shall the COLT Indenture Transfer be liable for
any damages in the nature of special, indirect or consequential damages, however
styled, including lost profits, even if the COLT Indenture Trustee has been
advised of the likelihood of such loss or damage.

            SECTION 6.2 Rights of COLT Indenture Trustee.

            (a)   The COLT Indenture Trustee may conclusively rely on any
document believed by it to be genuine and to have been signed or presented by
the proper Person. The COLT Indenture Trustee need not investigate any fact or
matter stated in the document.

            (b)   Before the COLT Indenture Trustee acts or refrains from
acting, it may require an Officer's Certificate or an Opinion of Counsel. The
COLT Indenture Trustee shall not be liable for any action it takes or omits to
take in good faith in reliance on such Officer's Certificate or Opinion of
Counsel.

            (c)   The COLT Indenture Trustee may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys or a custodian or nominee, and the COLT Indenture
Trustee shall not be responsible for any misconduct or negligence on the part
of, or for the supervision of, any such agent, attorney, custodian or nominee
appointed with due care by it hereunder.

            (d)   The COLT Indenture Trustee shall not be liable for any action
it takes or omits to take in good faith which it believes to be authorized or
within its rights or powers; provided, however, that the COLT Indenture
Trustee's conduct does not constitute willful misconduct, negligence or bad
faith.

            (e)   The COLT Indenture Trustee may consult with counsel, and the
advice or opinion of counsel with respect to legal matters relating to this COLT
Indenture and the COLT 2005-SN1 Secured Notes shall be full and complete
authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the
advice or opinion of such counsel.

            (f)   The COLT Indenture Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this COLT Indenture at the
request or direction of any of the Holders pursuant to this COLT Indenture,
unless such Holders shall have offered to the

                                       34
<PAGE>

COLT Indenture Trustee security or indemnity satisfactory to the COLT Indenture
Trustee against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction.

            (g)   The COLT Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the COLT Indenture Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit.

            (h)   The COLT Indenture Trustee shall not be deemed to have notice
of any Default, Event of Default or Servicer Default unless a Responsible
Officer of the COLT Indenture Trustee has actual knowledge thereof or unless
written notice of any event which is in fact such a default is received by the
COLT Indenture Trustee at the Corporate Trust Office of the COLT Indenture
Trustee, and such notice references the COLT 2005-SN1 Secured Notes and this
COLT Indenture.

            (i)   The rights, privileges, protections, immunities and benefits
given to the COLT Indenture Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the COLT Indenture
Trustee in each of its capacities hereunder.

            SECTION 6.3 COLT Indenture Trustee May Own COLT 2005-SN1 Secured
Notes. The COLT Indenture Trustee in its individual or any other capacity may
become the owner or pledgee of COLT 2005-SN1 Secured Notes and the Secured Notes
of any other Series and may otherwise deal with COLT, the Servicer or any of
their respective Affiliates with the same rights it would have if it were not
COLT Indenture Trustee; provided, however, that the COLT Indenture Trustee shall
comply with Sections 6.10 and 6.11. Any Paying Agent, Secured Note Registrar,
co-registrar or co-paying agent may do the same with like rights.

            SECTION 6.4 COLT Indenture Trustee's Disclaimer. The COLT Indenture
Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of any COLT 2005-SN1 Basic Document, including this COLT
Indenture or the COLT 2005-SN1 Secured Notes, it shall not be accountable for
COLT's use of the proceeds from the COLT 2005-SN1 Secured Notes, and it shall
not be responsible for any statement of COLT in the COLT Indenture or in any
document issued in connection with the sale of any COLT 2005-SN1 Secured Notes
or in the COLT 2005-SN1 Secured Notes other than the COLT Indenture Trustee's
certificate of authentication.

            SECTION 6.5 Notice of Default. If a Default occurs and is continuing
and if it is known to a Responsible Officer of the COLT Indenture Trustee, the
COLT Indenture Trustee shall mail to each COLT 2005-SN1 Secured Noteholder
notice of the Default within 90 days after it occurs. Except in the case of a
Default in payment of principal or of interest on any COLT 2005-SN1 Secured
Note, the COLT Indenture Trustee may withhold the notice if and so long as it in
good faith determines that withholding the notice is in the interest of the COLT
2005-SN1 Secured Noteholders.

                                       35
<PAGE>

            SECTION 6.6 Reports by COLT Indenture Trustee to the COLT 2005-SN1
Secured Noteholders. To the extent any COLT 2005-SN1 Secured Noteholder does not
receive such information or documents directly, the COLT Indenture Trustee shall
deliver to each such COLT 2005-SN1 Secured Noteholder, as applicable, the
information and documents set forth in Article VII, and, in addition, all such
information with respect to the COLT 2005-SN1 Secured Notes as may be required
to enable such Holder to prepare its federal and state income tax returns.

            SECTION 6.7 Compensation; Indemnity.

            (a) COLT shall cause the Servicer to pay to the COLT Indenture
Trustee from time to time such compensation for its services as is set forth in
the COLT Servicing Agreement. The COLT Indenture Trustee's compensation shall
not be limited by any law on compensation of a trustee of an express trust. COLT
shall cause the Servicer pursuant to the COLT Servicing Agreement to reimburse
the COLT Indenture Trustee for all reasonable out-of-pocket expenses incurred or
made by it, including costs of collection, in addition to the compensation for
its services. Such expenses shall include the reasonable compensation and
expenses, disbursements and advances of the COLT Indenture Trustee's agents,
external counsel, accountants and experts. COLT shall cause the Servicer to
indemnify the COLT Indenture Trustee in accordance with the COLT Servicing
Agreement.

            (b) COLT's obligations to the COLT Indenture Trustee pursuant to
Section 6.7(a) shall survive the discharge of this COLT Indenture. When the COLT
Indenture Trustee incurs expenses after the occurrence of a Default specified in
Section 5.1(e) or (f), the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable
federal or state bankruptcy, insolvency or similar law.

            SECTION 6.8 Replacement of COLT Indenture Trustee.

            (a) The COLT Indenture Trustee may at any time give notice of its
intent to resign by so notifying COLT and the COLT 2005-SN1 Secured Noteholders;
provided, however, that no such resignation shall become effective and the COLT
Indenture Trustee shall not resign prior to the time set forth in Section
6.8(c). The Holders of a majority of the Outstanding Amount of the COLT 2005-SN1
Secured Notes may remove the COLT Indenture Trustee by so notifying the COLT
Indenture Trustee and may appoint a successor COLT Indenture Trustee. Such
resignation or removal shall become effective in accordance with Section 6.8(c).
COLT shall remove the COLT Indenture Trustee if:

                  (i) the COLT Indenture Trustee fails to comply with Section
      6.11;

                  (ii) the COLT Indenture Trustee is adjudged bankrupt or
      insolvent;

                  (iii) a receiver or other public officer takes charge of the
      COLT Indenture Trustee or its property; or

                  (iv) the COLT Indenture Trustee otherwise becomes incapable of
      acting.

                                       36
<PAGE>

            (b) If the COLT Indenture Trustee gives notice of its intent to
resign or is removed or if a vacancy exists in the office of COLT Indenture
Trustee for any reason (the COLT Indenture Trustee in such event being referred
to herein as the retiring COLT Indenture Trustee), COLT shall promptly appoint
and designate a successor COLT Indenture Trustee.

            (c) A successor COLT Indenture Trustee shall deliver a written
acceptance of its appointment and designation to the retiring COLT Indenture
Trustee and to COLT. Thereupon the resignation or removal of the retiring COLT
Indenture Trustee shall become effective, and the successor COLT Indenture
Trustee shall have all the rights, powers and duties of the COLT Indenture
Trustee under this COLT Indenture. The successor COLT Indenture Trustee shall
mail a notice of its succession to the COLT 2005-SN1 Secured Noteholders. The
retiring COLT Indenture Trustee shall promptly transfer all property held by it
as COLT Indenture Trustee to the successor COLT Indenture Trustee.

            (d) If a successor COLT Indenture Trustee does not take office
within 60 days after the retiring COLT Indenture Trustee gives notice of its
intent to resign or is removed, the retiring COLT Indenture Trustee, COLT or the
Holders of a majority of the Outstanding Amount of the COLT 2005-SN1 Secured
Notes may petition any court of competent jurisdiction for the appointment and
designation of a successor COLT Indenture Trustee.

            (e) If the COLT Indenture Trustee fails to comply with Section 6.11,
any COLT 2005-SN1 Secured Noteholder may petition any court of competent
jurisdiction for the removal of the COLT Indenture Trustee and the appointment
of a successor COLT Indenture Trustee.

            (f) Notwithstanding the replacement of the COLT Indenture Trustee
pursuant to this Section 6.8, COLT's obligations under Section 6.7 and the
Servicer's corresponding obligations under the COLT Servicing Agreement shall
continue for the benefit of the retiring COLT Indenture Trustee.

            SECTION 6.9 Merger or Consolidation of COLT Indenture Trustee.

            (a) Any corporation into which the COLT Indenture Trustee may be
merged or with which it may be consolidated, or any corporation resulting from
any merger or consolidation to which the COLT Indenture Trustee shall be a
party, or any corporation succeeding to the corporate trust business of the COLT
Indenture Trustee, shall be the successor of the COLT Indenture Trustee under
this COLT Indenture; provided, however, that such corporation shall be eligible
under the provisions of Section 6.11, without the execution or filing of any
instrument or any further act on the part of any of the parties to this COLT
Indenture.

            (b) If at the time such successor or successors by merger or
consolidation to the COLT Indenture Trustee shall succeed to the trusts created
by this COLT Indenture, any of the COLT 2005-SN1 Secured Notes shall have been
authenticated but not delivered, any such successor to the COLT Indenture
Trustee may adopt the certificate of authentication of any predecessor trustee,
and deliver such COLT 2005-SN1 Secured Notes so authenticated; and in case at
that time any of the COLT 2005-SN1 Secured Notes shall not have been
authenticated, any successor to the COLT Indenture Trustee may authenticate such
COLT 2005-SN1 Secured

                                       37
<PAGE>

Notes either in the name of any predecessor hereunder or in the name of the
successor to the COLT Indenture Trustee. In all such cases such certificate of
authentication shall have the same full force as is provided anywhere in the
COLT 2005-SN1 Secured Notes or herein with respect to the certificate of
authentication of the COLT Indenture Trustee.

            SECTION 6.10 Appointment of Co-COLT Indenture Trustee or Separate
COLT Indenture Trustee.

            (a) Notwithstanding any other provisions of this COLT Indenture, at
any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the COLT 2005-SN1 Trust Estate may at the time be located,
the COLT Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, jointly with the COLT Indenture Trustee, or separate indenture
trustees, of all or any part of the COLT 2005-SN1 Trust Estate and to vest in
such Person or Persons, in such capacity and for the benefit of the COLT
2005-SN1 Secured Noteholders, such title to the COLT 2005-SN1 Trust Estate, or
any part hereof, and, subject to the other provisions of this Section 6.10, such
powers, duties, obligations, rights and trusts as the COLT Indenture Trustee may
consider necessary or desirable. No co-indenture trustee or separate indenture
trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 6.11 and no notice to COLT 2005-SN1 Secured
Noteholders of the appointment of any co-indenture trustee or separate indenture
trustee shall be required under Section 6.8.

            (b) Every separate indenture trustee and co-indenture trustee shall,
to the extent permitted by law, be appointed and act subject to the following
provisions and conditions:

                  (i) all rights, powers, duties and obligations conferred or
      imposed upon the COLT Indenture Trustee shall be conferred or imposed upon
      and exercised or performed by the COLT Indenture Trustee and such separate
      trustee or co-trustee jointly (it being understood that such separate
      indenture trustee or co-indenture trustee is not authorized to act
      separately without the COLT Indenture Trustee joining in such act), except
      to the extent that under any law of any jurisdiction in which any
      particular act or acts are to be performed the COLT Indenture Trustee
      shall be incompetent or unqualified to perform such act or acts, in which
      event such rights, powers, duties and obligations (including the holding
      of title to the COLT 2005-SN1 Trust Estate or any portion thereof in any
      such jurisdiction) shall be exercised and performed singly by such
      separate trustee or co-trustee, but solely at the direction of the COLT
      Indenture Trustee;

                  (ii) no co-indenture trustee or separate indenture trustee
      hereunder shall be personally liable by reason of any act or omission of
      any other co-indenture trustee or separate indenture trustee hereunder;
      and

                  (iii) the COLT Indenture Trustee may at any time accept the
      resignation of or remove any separate indenture trustee or co-indenture
      trustee.

            (c) Any notice, request or other writing given to the COLT Indenture
Trustee shall be deemed to have been given to each of the then separate
indenture trustees and co-indenture trustees, as effectively as if given to each
of them. Every instrument appointing any

                                       38
<PAGE>

separate trustee or co-trustee shall refer to this COLT Indenture and the
conditions of this Article VI. Each separate indenture trustee and co-indenture
trustee, upon its acceptance of the trusts conferred, shall be vested with the
estates or property specified in its instrument of appointment, either jointly
with the COLT Indenture Trustee or separately, as may be provided therein,
subject to all the provisions of this COLT Indenture, specifically including
every provision of this COLT Indenture relating to the conduct of, affecting the
liability of, or affording protection to, the COLT Indenture Trustee. Every such
instrument shall be filed with the COLT Indenture Trustee.

            (d) Any separate indenture trustee or co-indenture trustee may at
any time appoint the COLT Indenture Trustee as its agent or attorney-in-fact
with full power and authority, to the extent not prohibited by law, to do any
lawful act under or in respect of this COLT Indenture on its behalf and in its
name. If any separate indenture trustee or co-indenture trustee shall die,
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
COLT Indenture Trustee, to the extent permitted by law, without the appointment
of a new or successor co-indenture trustee or successor indenture trustee.

            SECTION 6.11 Eligibility; Disqualification. The COLT Indenture
Trustee shall at all times satisfy the requirements of TIA Section 310(a). The
COLT Indenture Trustee shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of condition
and (unless waived by Moody's, if Moody's is rating the COLT 2005-SN1 Secured
Notes) it shall have a long term unsecured debt rating of Baa3 or better by
Moody's. The COLT Indenture Trustee shall comply with TIA Section 310(b);
provided, however, that there shall be excluded from the operation of TIA
Section 310(b)(1) any indenture or indentures under which other securities of
COLT are outstanding if the requirements for such exclusion set forth in TIA
Section 310(b)(1) are met.

            SECTION 6.12 Preferential Collection of Claims Against COLT. The
COLT Indenture Trustee shall comply with TIA Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b). A trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated
therein.

            SECTION 6.13 Representations and Warranties of COLT Indenture
Trustee. The COLT Indenture Trustee represents and warrants as of the Series
2005-SN1 Closing Date that:

            (a) the COLT Indenture Trustee (i) is a national banking association
duly organized, validly existing and in good standing under the laws of the
United States of America and (ii) satisfies the eligibility requirements set
forth in Section 6.11;

            (b) the COLT Indenture Trustee has full power, authority and legal
right to execute, deliver and perform this COLT Indenture and any other COLT
2005-SN1 Basic Document to which it is a party, and has taken all necessary
action to authorize the execution, delivery and performance by it of this COLT
Indenture and any other COLT 2005-SN1 Basic Document to which it is a party;

                                       39
<PAGE>

            (c) the execution, delivery and performance by the COLT Indenture
Trustee of this COLT Indenture and any other COLT 2005-SN1 Basic Document to
which it is a party (i) shall not violate any provision of any law or regulation
governing the banking and trust powers of the COLT Indenture Trustee or any
order, writ, judgment or decree of any court, arbitrator, or Governmental
Authority applicable to the COLT Indenture Trustee or any of its assets, (ii)
shall not violate any provision of the corporate charter or by-laws of the COLT
Indenture Trustee and (iii) shall not violate any provision of, or constitute,
with or without notice or lapse of time, a default under, or result in the
creation or imposition of any lien on any properties included in the COLT
2005-SN1 Trust Estate pursuant to the provisions of any mortgage, indenture,
contract, agreement or other undertaking to which it is a party, which
violation, default or lien could reasonably be expected to have a materially
adverse effect on the COLT Indenture Trustee's performance or ability to perform
its duties under this COLT Indenture and any other COLT 2005-SN1 Basic Document
to which it is a party or on the transactions contemplated hereunder and
thereunder;

            (d) the execution, delivery and performance by the COLT Indenture
Trustee of this COLT Indenture and any other COLT 2005-SN1 Basic Document to
which it is a party shall not require the authorization, consent or approval of,
the giving of notice to, the filing or registration with, or the taking of any
other action in respect of, any Governmental Authority or agency regulating the
banking and corporate trust activities of the COLT Indenture Trustee; and

            (e) this COLT Indenture and any other COLT 2005-SN1 Basic Document
to which it is a party have been duly executed and delivered by the COLT
Indenture Trustee and constitutes the legal, valid and binding agreement of the
COLT Indenture Trustee, enforceable in accordance with their terms.

            SECTION 6.14 COLT Indenture Trustee May Enforce Claims Without
Possession of COLT 2005-SN1 Secured Notes. All rights of action and claims under
this COLT Indenture or the COLT 2005-SN1 Secured Notes may be prosecuted and
enforced by the COLT Indenture Trustee without the possession of any of the COLT
2005-SN1 Secured Notes or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the COLT Indenture Trustee shall
be brought in its own name as COLT Indenture Trustee. Any recovery of judgment
shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the COLT Indenture Trustee, its agents and
counsel, be for the ratable benefit of the COLT 2005-SN1 Secured Noteholders in
respect of which such judgment has been obtained.

            SECTION 6.15 Suit for Enforcement. If an Event of Default shall
occur and be continuing, the COLT Indenture Trustee, in its discretion may,
subject to the provisions of Section 6.1, proceed to protect and enforce its
rights and the rights of the COLT 2005-SN1 Secured Noteholders under this COLT
Indenture by a Proceeding whether for the specific performance of any covenant
or agreement contained in this COLT Indenture or in aid of the execution of any
power granted in this COLT Indenture or for the enforcement of any other legal,
equitable or other remedy as the COLT Indenture Trustee, being advised by
counsel, shall deem necessary to protect and enforce any of the rights of the
COLT Indenture Trustee or the COLT 2005-SN1 Secured Noteholders.

                                       40
<PAGE>

            SECTION 6.16 Rights of COLT 2005-SN1 Secured Noteholders to Direct
COLT Indenture Trustee. The Holders of not less than a majority of the
Outstanding Amount of the COLT 2005-SN1 Secured Notes, shall have the right to
direct the time, method and place of conducting any Proceeding for any remedy
available to the COLT Indenture Trustee or exercising any trust or power
conferred on the COLT Indenture Trustee; provided, however, that subject to
Section 6.1, the COLT Indenture Trustee shall have the right to decline to
follow any such direction if the COLT Indenture Trustee being advised by counsel
determines that the action so directed may not lawfully be taken, or if the COLT
Indenture Trustee in good faith shall, by a Responsible Officer, determine that
the proceedings so directed would be illegal or subject it to personal
liability; and provided, further, that nothing in this COLT Indenture shall
impair the right of the COLT Indenture Trustee to take any action deemed proper
by the COLT Indenture Trustee and which is not inconsistent with such direction
by the COLT 2005-SN1 Secured Noteholders.

                                  ARTICLE VII
              COLT 2005-SN1 SECURED NOTEHOLDERS' LISTS AND REPORTS

            SECTION 7.1 COLT to Furnish COLT Indenture Trustee Names and
Addresses of COLT 2005-SN1 Secured Noteholders. COLT shall furnish or cause to
be furnished by the Servicer to the COLT Indenture Trustee (a) not more than
five days before each Payment Date, a list, in such form as the COLT Indenture
Trustee may reasonably require, of the names and addresses of the Holders of
COLT 2005-SN1 Secured Notes as of the close of business on the related Record
Date, and (b) at such other times as the COLT Indenture Trustee may request in
writing, within 14 days after receipt by COLT of any such request, a list of
similar form and content as of a date not more than 10 days prior to the time
such list is furnished; provided, however, that so long as the COLT Indenture
Trustee is the Secured Note Registrar, no such list shall be required to be
furnished.

            SECTION 7.2 Preservation of Information, Communications to COLT
2005-SN1 Secured Noteholders.

            (a) The COLT Indenture Trustee shall preserve, in as current a form
as is reasonably practicable, the names and addresses of the Holders of COLT
2005-SN1 Secured Notes contained in the most recent list furnished to the COLT
Indenture Trustee as provided in Section 7.1 and the names and addresses of
Holders of COLT 2005-SN1 Secured Notes received by the COLT Indenture Trustee in
its capacity as Secured Note Registrar. The COLT Indenture Trustee may destroy
any list furnished to it as provided in such Section 7.1 upon receipt of a new
list so furnished.

            (b) COLT 2005-SN1 Secured Noteholders may communicate pursuant to
TIA Section 312(b) with other COLT 2005-SN1 Secured Noteholders with respect to
their rights under this COLT Indenture or under the COLT 2005-SN1 Secured Notes.

            (c) COLT, the COLT Indenture Trustee and the Secured Note Registrar
shall have the protection of TIA Section 312(c).

                                       41
<PAGE>

            SECTION 7.3 Reports by COLT

            (a) COLT shall:

                  (i) file with the COLT Indenture Trustee within 15 days after
      COLT is required to file the same with the Commission, copies of the
      annual reports and of the information, documents and other reports (or
      copies of such portions of any of the foregoing as the Commission may from
      time to time by rules and regulations prescribe) which COLT may be
      required to file with the Commission pursuant to Section 13 or 15(d) of
      the Exchange Act;

                  (ii) file with the COLT Indenture Trustee and the Commission
      in accordance with rules and regulations prescribed from time to time by
      the Commission such additional information, documents and reports with
      respect to compliance by COLT with the conditions and covenants of this
      COLT Indenture as may be required from time to time by such rules and
      regulations; and

                  (iii) supply to the COLT Indenture Trustee (and the COLT
      Indenture Trustee shall transmit by mail to all COLT 2005-SN1 Secured
      Noteholders described in TIA Section 313(c)) such summaries of any
      information, documents and reports required to be filed by the Issuer
      pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required
      by rules and regulations prescribed from time to time by the Commission.

            (b) Unless COLT otherwise determines, the fiscal year of COLT shall
end on December 31 of such year.

            SECTION 7.4 Reports by Trustee. If required by TIA Section
313(a),within 60 days after each August 15, beginning with August 15, 2005, the
COLT Indenture Trustee shall mail to each COLT 2005-SN1 Secured Noteholder as
required by TIA Section 313(c) a brief report dated as of such date that
complies with TIA Section 313(a). The COLT Indenture Trustee also shall comply
with TIA Section 313(b). A copy of any report delivered pursuant to this Section
7.4(a) shall, at the time of its mailing to COLT 2005-SN1 Secured Noteholders,
be filed by the COLT Indenture Trustee with the Commission and each stock
exchange, if any, on which the COLT 2005-SN1 Secured Notes are listed. COLT
shall notify the COLT Indenture Trustee if and when the COLT 2005-SN1 Secured
Notes are listed on any stock exchange.

                                  ARTICLE VIII
                      ACCOUNTS, DISBURSEMENTS AND RELEASES

            SECTION 8.1 Collection of Money. Except as otherwise expressly
provided herein, the COLT Indenture Trustee may demand payment or delivery of,
and shall receive and collect, directly and without intervention or assistance
of any fiscal agent or other intermediary, all money and other property payable
to or receivable by the COLT Indenture Trustee pursuant to this COLT Indenture
and the COLT 2005-SN1 Basic Documents. The COLT Indenture Trustee shall apply
all such money received by it with respect to the COLT 2005-SN1 Trust Estate as
provided in this COLT Indenture, the COLT Servicing Agreement and any other COLT
2005-SN1 Basic Document to which it is a party. Except as otherwise expressly
provided in this COLT Indenture, if any default occurs in the making of any
payment or performance under any

                                       42
<PAGE>

agreement or instrument that is part of the COLT 2005-SN1 Trust Estate, the COLT
Indenture Trustee may take such action as may be appropriate to enforce such
payment or performance, including the institution and prosecution of appropriate
Proceedings. Any such action shall be without prejudice to any right to claim an
Event of Default under this COLT Indenture and any right to proceed thereafter
as provided in Article V.

            SECTION 8.2 Designated Accounts; Allocations; Payments.

            (a) On or prior to the Series 2005-SN1 Closing Date, COLT shall
cause the Servicer to establish and maintain, in the name of the COLT Indenture
Trustee, for the benefit of the COLT 2005-SN1 Secured Noteholders, the
Designated Accounts in accordance with the COLT Servicing Agreement.

            (b) On or before each Payment Date, (i) amounts shall be deposited
in the COLT Collection Account as provided in Section 3.03(a) and (b) of the
COLT Servicing Agreement and (ii) the Aggregate Secured Note Interest
Distributable Amount for such Payment Date, the Secured Note Principal
Distributable Amount for such Payment Date and all other amounts payable on such
Payment Date pursuant to Section 3.03(c) of the COLT Servicing Agreement, shall
be transferred from the COLT Collection Account to the COLT 2005-SN1 Secured
Noteholders and the CARAT Collection Account, as applicable, as and to the
extent provided in Section 3.03(c) of the COLT Servicing Agreement.

            SECTION 8.3 General Provisions Regarding Designated Accounts.

            (a) So long as no Default or Event of Default shall have occurred
and be continuing, all or a portion of the funds in the Designated Accounts
shall be invested in Eligible Investments and reinvested by the COLT Indenture
Trustee upon a COLT Order, subject to the provisions of the COLT Servicing
Agreement. COLT shall not direct the COLT Indenture Trustee to make any
investment of any funds or to sell any investment held in any of the Designated
Accounts unless the security interest granted and perfected in such account
shall continue to be perfected in such investment or the proceeds of such sale,
in either case without any further action by any Person, and, in connection with
any direction to the COLT Indenture Trustee to make any such investment or sale,
if requested by the COLT Indenture Trustee, COLT shall deliver to the COLT
Indenture Trustee an Opinion of Counsel acceptable to the COLT Indenture
Trustee, to such effect.

            (b) Subject to Section 6.1(c), the COLT Indenture Trustee shall not
in any way be held liable by reason of any insufficiency in any of the
Designated Accounts resulting from any loss on any Eligible Investment included
therein except for losses attributable to the COLT Indenture Trustee's failure
to make payments on such Eligible Investments issued by the COLT Indenture
Trustee, in its commercial capacity as principal obligor and not as trustee, in
accordance with their terms.

            (c) If (i) COLT shall have failed to give written investment
directions for any funds on deposit in the Designated Accounts to the COLT
Indenture Trustee by 11:00 A.M., New York City time (or such other time as may
be agreed by COLT and the COLT Indenture Trustee) on any Business Day or (ii) a
Default or Event of Default shall have occurred and be

                                       43
<PAGE>

continuing with respect to the COLT 2005-SN1 Secured Notes but the COLT 2005-SN1
Secured Notes shall not have been declared due and payable pursuant to Section
5.2, or (iii) if the COLT 2005-SN1 Secured Notes shall have been declared due
and payable following an Event of Default, but amounts collected or receivable
from the COLT 2005-SN1 Trust Estate are being applied in accordance with Section
5.5 as if there had not been such a declaration, then the COLT Indenture Trustee
shall, to the fullest extent practicable, invest and reinvest funds in the
Designated Accounts in "Citi Institutional Liquid Reserves, Fund #349."

            SECTION 8.4 Release of the COLT 2005-SN1 Trust Estate.

            (a) Subject to the payment of its fees and expenses pursuant to
Section 6.7, the COLT Indenture Trustee may, and when required by the provisions
of this COLT Indenture shall, execute instruments to release property from the
lien of this COLT Indenture, or convey the COLT Indenture Trustee's interest in
the same, in a manner and under circumstances that are consistent with the
provisions of this COLT Indenture. No party relying upon an instrument executed
by the COLT Indenture Trustee as provided in this Article VIII, shall be bound
to ascertain the COLT Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
monies.

            (b) The COLT Indenture Trustee shall, at such time as there are no
COLT 2005-SN1 Secured Notes Outstanding and all sums due to the COLT Indenture
Trustee pursuant to Section 6.7 and any CARAT Collection Account Shortfall
Amount pursuant to Section 3.03(c) of the COLT Servicing Agreement have been
paid, notify COLT thereof in writing and upon receipt of a COLT Request, release
any remaining portion of the COLT 2005-SN1 Trust Estate that secured the COLT
2005-SN1 Secured Notes from the lien of this COLT Indenture and release to COLT
or any other Person entitled thereto any funds then on deposit in the Designated
Accounts. The COLT Indenture Trustee shall release property from the lien of
this COLT Indenture pursuant to this Section 8.4(b) only upon receipt by it of a
COLT Request, an Officer's Certificate and an Opinion of Counsel and (if
required by the TIA) Independent Certificate in accordance with TIA Sections
314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1.

            SECTION 8.5 Opinion of Counsel. The COLT Indenture Trustee shall
receive at least seven days' notice when requested by COLT to take any action
pursuant to Section 8.4, accompanied by copies of any instruments involved, and
the COLT Indenture Trustee shall also require as a condition to such action, an
Opinion of Counsel, in form and substance satisfactory to the COLT Indenture
Trustee, stating the legal effect of any such action, outlining the steps
required to complete the same, and concluding that all conditions precedent to
the taking of such action have been complied with and such action shall not
materially and adversely impair the security for the COLT 2005-SN1 Secured Notes
or the rights of the COLT 2005-SN1 Secured Noteholders in contravention of the
provisions of this COLT Indenture; provided, however, that such Opinion of
Counsel shall not be required to express an opinion as to the fair value of the
COLT 2005-SN1 Trust Estate. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the COLT Indenture Trustee pursuant to the
provisions of this COLT Indenture in connection with any such action.

                                       44
<PAGE>

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

            SECTION 9.1 Supplemental Indentures Without Consent of COLT 2005-SN1
Secured Noteholders.

            (a) Without the consent of the Holders of any COLT 2005-SN1 Secured
Notes but with prior notice to the Rating Agencies, COLT and the COLT Indenture
Trustee, when authorized by a COLT Order, at any time and from time to time, may
enter into one or more indentures supplemental hereto (which shall conform to
the provisions of the Trust Indenture Act as in force at the date of the
execution thereof), in form satisfactory to the COLT Indenture Trustee, for any
of the following purposes:

                  (i) to correct or amplify the description of any property at
      any time subject to the lien of this COLT Indenture, or better to assure,
      convey and confirm unto the COLT Indenture Trustee any property subject or
      required to be subjected to the lien of this COLT Indenture, or to subject
      additional property to the lien of this COLT Indenture;

                  (ii) to evidence the succession, in compliance with Section
      3.11 and the applicable provisions hereof, of another Person to COLT, and
      the assumption by any such successor of the covenants of COLT contained
      herein and in the COLT 2005-SN1 Secured Notes;

                  (iii) to add to the covenants of COLT for the benefit of the
      COLT 2005-SN1 Secured Noteholders or to surrender any right or power
      herein conferred upon COLT;

                  (iv) to convey, transfer, assign, mortgage or pledge any
      property to or with the COLT Indenture Trustee;

                  (v) to cure any ambiguity or to correct or supplement any
      provision herein or in any supplemental indenture which may be
      inconsistent with any other provision herein or in any supplemental
      indenture or in any COLT 2005-SN1 Basic Document;

                  (vi) to evidence and provide for the acceptance of the
      appointment hereunder by a successor or additional indenture trustee with
      respect to the COLT 2005-SN1 Secured Notes and the COLT Indenture and to
      add to or change any of the provisions of this COLT Indenture as shall be
      necessary to facilitate the administration of the trust hereunder by more
      than one indenture trustee, pursuant to the requirements of Article VI; or

                  (vii) to modify, eliminate or add to the provisions of this
      COLT Indenture to such extent as shall be necessary to effect the
      qualification of this COLT Indenture under the TIA or under any similar
      federal statute hereafter enacted and to add to this COLT Indenture such
      other provisions as may be expressly required by the TIA, and the COLT
      Indenture Trustee is hereby authorized to join in the execution of any
      such

                                       45
<PAGE>

      supplemental indenture and to make any further appropriate agreements and
      stipulations that may be therein contained.

            (b) COLT and the COLT Indenture Trustee, when authorized by a COLT
Order, may, also without the consent of any of the COLT 2005-SN1 Secured
Noteholders but with prior notice to the Rating Agencies, at any time and from
time to time enter into one or more indentures supplemental hereto for the
purpose of adding any provisions to, changing in any manner, or eliminating any
of the provisions of, this COLT Indenture or modifying in any manner the rights
of the COLT 2005-SN1 Secured Noteholders under this COLT Indenture; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any COLT 2005-SN1
Secured Noteholder unless such COLT 2005-SN1 Secured Noteholders' consent is
obtained.

            SECTION 9.2 Supplemental Indentures with Consent of COLT 2005-SN1
Secured Noteholders.

            (a) COLT and the COLT Indenture Trustee, when authorized by a COLT
Order, also may, with prior notice to the Rating Agencies and with the written
consent of the Holders of not less than a majority of the Outstanding Amount of
COLT 2005-SN1 Secured Notes, by Act of such Holders delivered to COLT and the
COLT Indenture Trustee, enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to, changing in any manner, or
eliminating any of the provisions of, this COLT Indenture or modifying in any
manner the rights of the COLT 2005-SN1 Secured Noteholders under this COLT
Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding COLT 2005-SN1 Secured Note
affected thereby:

                  (i) change the due date of any instalment of principal of or
      interest on any COLT 2005-SN1 Secured Note, or reduce the principal amount
      thereof, the interest rate applicable thereto, change any place of payment
      where, or the coin or currency in which, any COLT 2005-SN1 Secured Note or
      any interest thereon is payable, or impair the right to institute suit for
      the enforcement of the provisions of this COLT Indenture requiring the
      application of funds available therefor, as provided in Article V, to the
      payment of any such amount due on the COLT 2005-SN1 Secured Notes on or
      after the respective due dates thereof;

                  (ii) reduce the percentage of the Outstanding Amount of the
      COLT 2005-SN1 Secured Notes, the consent of the Holders of which is
      required for any such supplemental indenture or the consent of the Holders
      of which is required for any waiver of compliance with certain provisions
      of this COLT Indenture or certain defaults hereunder and their
      consequences as provided for in this COLT Indenture;

                  (iii) modify or alter the provisions of the proviso to the
      definition of the term "Outstanding";

                  (iv) reduce the percentage of the Outstanding Amount of the
      COLT 2005-SN1 Secured Notes required to direct the COLT Indenture Trustee
      to sell or liquidate the COLT 2005-SN1 Trust Estate pursuant to Section
      5.4 if the proceeds of

                                       46
<PAGE>

      such sale would be insufficient to pay the principal amount of and accrued
      but unpaid interest on the Outstanding COLT 2005-SN1 Secured Notes;

                  (v) modify any provision of this Section 9.2 to decrease the
      required minimum percentage of the Outstanding Amount of the COLT 2005-SN1
      Secured Notes necessary to approve any amendments to any provisions of
      this COLT Indenture or any of the COLT 2005-SN1 Basic Documents;

                  (vi) modify any of the provisions of this COLT Indenture in
      such manner as to affect the calculation of the amount of any payment of
      interest or principal due on any COLT 2005-SN1 Secured Notes on any
      Payment Date (including the calculation of any of the individual
      components of such calculation), or modify or alter the provisions of this
      COLT Indenture regarding the voting of COLT 2005-SN1 Secured Notes held by
      COLT, the Seller or any Affiliate of either of them; or

                  (vii) permit the creation of any Lien ranking prior to or on a
      parity with the Lien of this COLT Indenture with respect to any part of
      the COLT 2005-SN1 Collateral or of the VAULT Security Agreement with
      respect to any part of the Pledged Collateral or, except as otherwise
      permitted or contemplated herein, terminate the Lien of this COLT
      Indenture on any property at any time subject hereto or deprive the Holder
      of any COLT 2005-SN1 Secured Note of the security afforded by the lien of
      this COLT Indenture.

            (b) The COLT Indenture Trustee may in its discretion determine
whether or not any COLT 2005-SN1 Secured Notes would be affected (such that the
consent of each Secured Noteholder would be required) by any supplemental
indenture proposed pursuant to this Section 9.2 and any such determination shall
be conclusive and binding upon the Holders of all COLT 2005-SN1 Secured Notes,
whether authenticated and delivered thereunder before or after the date upon
which such supplemental indenture becomes effective. The COLT Indenture Trustee
shall not be liable for any such determination made in good faith.

            (c) It shall be sufficient if an Act of COLT 2005-SN1 Secured
Noteholders approves the substance, but not the form, of any proposed
supplemental indenture.

            (d) Promptly after the execution by COLT and the COLT Indenture
Trustee of any supplemental indenture pursuant to this Section 9.2, the COLT
Indenture Trustee shall mail to the COLT 2005-SN1 Secured Noteholders to which
such amendment or supplemental indenture relates a notice setting forth in
general terms the substance of such supplemental indenture. Any failure of the
COLT Indenture Trustee to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture.

            SECTION 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by any supplemental indenture permitted
by this Article IX or the modifications thereby of the trusts created by this
COLT Indenture, the COLT Indenture Trustee shall be entitled to receive, and
subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Article IX. The COLT Indenture Trustee may, but

                                       47
<PAGE>

shall not be obligated to, enter into any such supplemental indenture that
affects the COLT Indenture Trustee's own rights, duties, liabilities or
immunities under this COLT Indenture or otherwise.

            SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this COLT
Indenture shall be and be deemed to be modified and amended in accordance
therewith with respect to the Secured Notes affected thereby, and the respective
rights, limitations of rights, obligations, duties, liabilities and immunities
under this COLT Indenture of the COLT Indenture Trustee, COLT and the COLT
2005-SN1 Secured Noteholders shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this COLT Indenture for any
and all purposes.

            SECTION 9.5 Conformity with Trust Indenture Act. Every amendment of
this COLT Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the TIA as then in effect so
long as this COLT Indenture shall then be qualified under the TIA.

            SECTION 9.6 Reference in COLT 2005-SN1 Secured Notes to Supplemental
Indentures. COLT 2005-SN1 Secured Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article IX may, and if
required by the COLT Indenture Trustee shall, bear a notation in form approved
by the COLT Indenture Trustee as to any matter provided for in such supplemental
indenture. If COLT or the COLT Indenture Trustee shall so determine, new COLT
2005-SN1 Secured Notes so modified as to conform, in the opinion of the COLT
Indenture Trustee and COLT, to any such supplemental indenture may be prepared
and executed by COLT and authenticated and delivered by the COLT Indenture
Trustee in exchange for Outstanding COLT 2005-SN1 Secured Notes of a like
Secured Note Principal Balance.

                                   ARTICLE X
                    REDEMPTION OF COLT 2005-sn1 SECURED NOTES

            SECTION 10.1 Redemption. The COLT 2005-SN1 Secured Notes are subject
to redemption in whole, but not in part, upon the exercise by the Servicer of
its option to purchase the Series 2005-SN1 Lease Assets pursuant to Section 6.01
of the COLT Servicing Agreement. The date on which such redemption shall occur
is the Optional Purchase Date identified by the Servicer in its notice of
exercise of such purchase option (the "Redemption Date"). The purchase price for
the COLT 2005-SN1 Secured Notes shall be equal to the applicable Redemption
Price. The Servicer shall furnish the COLT Indenture Trustee and the COLT
2005-SN1 Secured Noteholders notice of such optional repurchase pursuant to
Section 6.0 of the COLT Servicing Agreement and of the redemption of the COLT
2005-SN1 Secured Notes, which notice shall identify the place where the COLT
2005-SN1 Secured Notes are to be surrendered for payment of the Redemption
Price. The COLT Indenture Trustee (based on such notice) shall withdraw from the
COLT Collection Account and pay to the COLT 2005-SN1 Secured Noteholders on the
Redemption Date, the aggregate Redemption Price of the COLT 2005-SN1 Secured
Notes.

                                       48
<PAGE>

            SECTION 10.2 COLT 2005-SN1 Secured Notes Payable on Redemption Date.
The COLT 2005-SN1 Secured Notes shall, following notice of redemption as
required by Section 6.1 of the COLT Servicing Agreement, on the Redemption Date
cease to be Outstanding for purposes of this COLT Indenture and shall thereafter
represent only the right to receive the applicable Redemption Price and (unless
COLT shall default in the payment of such Redemption Price) no interest shall
accrue on such Redemption Price for any period after the date to which accrued
interest is calculated for purposes of calculating such Redemption Price.

                                   ARTICLE XI
                                  MISCELLANEOUS

            SECTION 11.1 Compliance Certificates and Opinions, Etc.

            (a) Upon any application or request by COLT to the COLT Indenture
Trustee to take any action under any provision of this COLT Indenture, COLT
shall furnish to the COLT Indenture Trustee: (i) an Officer's Certificate
stating that all conditions precedent, if any, provided for in this COLT
Indenture relating to the proposed action have been complied with, (ii) an
Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with and (iii) (if required by
the TIA) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of this Section 11.1, except that, in the
case of any such application or request as to which the furnishing of such
documents is specifically required by any provision of this COLT Indenture, no
additional certificate or opinion need be furnished. Every certificate or
opinion with respect to compliance with a condition or covenant provided for in
this COLT Indenture shall include:

                  (i) a statement that each signatory of such certificate or
      opinion has read or has caused to be read such covenant or condition and
      the definitions herein relating thereto;

                  (ii) a brief statement as to the nature and scope of the
      examination or investigation upon which the statements or opinions
      contained in such certificate or opinion are based;

                  (iii) a statement that, in the judgment of each such
      signatory, such signatory has made such examination or investigation as is
      necessary to enable such signatory to express an informed opinion as to
      whether or not such covenant or condition has been complied with; and

                  (iv) a statement as to whether, in the opinion of each such
      signatory, such condition or covenant has been complied with.

            (b)   (i)   Prior to the deposit with the COLT Indenture Trustee of
any COLT 2005-SN1 Trust Estate or other property or securities that is to be
made the basis for the release of any property or securities subject to the lien
of this COLT Indenture, COLT shall, in addition to any obligation imposed in
Section 11.1(a) or elsewhere in this COLT Indenture, furnish to the COLT
Indenture Trustee an Officer's Certificate certifying or stating the opinion of
each Person signing such certificate as to the fair value (within 90 days of
such deposit) to COLT of the COLT 2005-SN1 Trust Estate or other property or
securities to be so deposited.

                                       49
<PAGE>

                  (ii) Whenever COLT is required to furnish to the COLT
      Indenture Trustee an Officers' Certificate certifying or stating the
      opinion of any signer thereof as to the matters described in clause (b)(i)
      above, COLT shall also deliver to the COLT Indenture Trustee an
      Independent Certificate as to the same matters, if the fair value to COLT
      of the securities to be so deposited and of all other such securities made
      the basis of any such withdrawal or release since the commencement of the
      then current fiscal year of COLT, as set forth in the certificates
      delivered pursuant to clause (b)(i) above and this clause (b)(ii), is 10%
      or more of the Outstanding Amount of the COLT 2005-SN1 Secured Notes, but
      such a certificate need not be furnished with respect to any securities so
      deposited, if the fair value thereof to COLT as set forth in the related
      Officers' Certificate is less than $25,000 or less than one percent of the
      Outstanding Amount of the COLT 2005-SN1 Secured Notes.

                  (iii) Other than with respect to the release of any
      Administrative Lease Assets, Warranty Lease Assets, Liquidating Lease
      Asset or the sale or other disposition of any related Vehicle in
      accordance with the COLT Servicing Agreement, whenever any property or
      securities are to be released from the lien of this COLT Indenture, COLT
      shall also furnish to the COLT Indenture Trustee an Officer's Certificate
      certifying or stating the opinion of each Person signing such certificate
      as to the fair value (within 90 days of such release) of the property or
      securities proposed to be released and stating that in the opinion of such
      Person the proposed release will not impair the security under this COLT
      Indenture in contravention of the provisions hereof.

                  (iv) Whenever COLT is required to furnish to the COLT
      Indenture Trustee an Officer's Certificate certifying or stating the
      opinion of any signatory thereof as to the matters described in clause
      (b)(iii) above, COLT shall also furnish to the COLT Indenture Trustee an
      Independent Certificate as to the same matters if the fair value of the
      property or securities and of all other property, other than
      Administrative Lease Assets, Warranty Lease Assets, Liquidating Lease
      Asset or the sale of any other Vehicle in accordance with the COLT
      Servicing Agreement, or securities released from the lien of this COLT
      Indenture since the commencement of the then current calendar year, as set
      forth in the certificates required by clause (b)(iii) above and this
      clause (b)(iv), equals 10% or more of the Outstanding Amount of the COLT
      2005-SN1 Secured Notes, but such certificate need not be furnished in the
      case of any release of property or securities if the fair value thereof as
      set forth in the related Officer's Certificate is less than $25,000 or
      less than one percent of the Outstanding Amount of the COLT 2005-SN1
      Secured Notes.

                  (v) Notwithstanding Section 2.10 or any other provision of
      this Section 11.1, COLT may (A) collect, liquidate, sell or otherwise
      dispose of Series 2005-SN1 Lease Assets proceeds of both as and to the
      extent permitted or required by the COLT 2005-SN1 Basic Documents, (B)
      make cash payments out of any Designated Accounts as and to the extent
      permitted or required by the COLT 2005-SN1 Basic Documents and (C) take
      any other action not inconsistent with the TIA.

                                       50
<PAGE>

                  SECTION 11.2 Form of Documents Delivered to COLT Indenture
      Trustee.

            (a) In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

            (b) Any certificate or opinion of an Authorized Officer of COLT may
be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or
Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of
the Servicer, the Seller or COLT, stating that the information with respect to
such factual matters is in the possession of the Servicer, the Seller or COLT,
unless such counsel knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to such matters
are erroneous.

            (c) Where any Person is required to make, give or execute two or
more applications, requests, consents, certificates, statements, opinions or
other instruments under this COLT Indenture, they may, but need not, be
consolidated and form one instrument.

            (d) Whenever in this COLT Indenture, in connection with any
application or certificate or report to the COLT Indenture Trustee, it is
provided that COLT shall deliver any document as a condition of the granting of
such application, or as evidence of COLT's compliance with any term hereof, it
is intended that the truth and accuracy, at the time of the granting of such
application or at the effective date of such certificate or report (as the case
may be), of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of COLT to have such application granted or to
the sufficiency of such certificate or report. The foregoing shall not, however,
be construed to affect the COLT Indenture Trustee's right to rely upon the truth
and accuracy of any statement or opinion contained in any such document as
provided in Article VI.

            SECTION 11.3 Acts of COLT 2005-SN1 Secured Noteholders.

            (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this COLT Indenture to be given or taken by
COLT 2005-SN1 Secured Noteholders may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such COLT 2005-SN1
Secured Noteholders in person or by agents duly appointed in writing and shall
be subject to Section 5.11; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the COLT Indenture Trustee, and, where it is hereby expressly
required, to COLT. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the COLT 2005-SN1 Secured Noteholders, as applicable, signing such instrument or
instruments. Proof of execution of any such instrument or

                                       51
<PAGE>

of a writing appointing any such agent shall be sufficient for any purpose of
this COLT Indenture and (subject to Section 6.1) conclusive in favor of the COLT
Indenture Trustee and COLT, if made in the manner provided in this Section 11.3.

            (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved in any manner that the COLT Indenture
Trustee deems sufficient.

            (c) The ownership of COLT 2005-SN1 Secured Notes shall be proved by
the Secured Note Register.

            (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any COLT 2005-SN1 Secured Notes shall
bind the Holder of every COLT 2005-SN1 Secured Note issued upon the registration
thereof or in exchange therefor or in lieu thereof, in respect of anything done,
omitted or suffered to be done by the COLT Indenture Trustee or COLT in reliance
thereon, whether or not notation of such action is made upon such COLT 2005-SN1
Secured Note.

            SECTION 11.4 Notices, Etc., to COLT Indenture Trustee, COLT and
Rating Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of COLT 2005-SN1 Secured Noteholders or other documents provided
or permitted by this COLT Indenture to be made upon, given or furnished to or
filed with:

            (a) the COLT Indenture Trustee by any COLT 2005-SN1 Secured
Noteholder or by COLT shall be made, given, furnished or filed in writing to or
with the COLT Indenture Trustee at its Corporate Trust Office, or

            (b) COLT by the COLT Indenture Trustee or by any COLT 2005-SN1
Secured Noteholder shall be sufficient for every purpose hereunder if in writing
and either sent by electronic facsimile transmission (with hard copy to follow
via first class mail) or mailed, by certified mail, return receipt requested, or
by overnight mail to COLT and the COLT Owner Trustee each at the address
specified in Part III of Exhibit I to the Declaration.

            COLT shall promptly transmit any notice received by it from the COLT
2005-SN1 Secured Noteholders to the COLT Indenture Trustee and the COLT
Indenture Trustee shall likewise promptly transmit any notice received by it
from the COLT 2005-SN1 Secured Noteholders to COLT.

            (c) Notices required to be given to the Rating Agencies by COLT, the
COLT Indenture Trustee or the COLT Owner Trustee shall be delivered as specified
in Part III to Exhibit A to the COLT Servicing Agreement.

            SECTION 11.5 Notices to COLT 2005-SN1 Secured Noteholders; Waiver.

            (a) Where this COLT Indenture provides for notice to the COLT
2005-SN1 Secured Noteholders of any condition or event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if it is in
writing and mailed, first-class, postage prepaid to each COLT 2005-SN1 Secured
Noteholder affected by such event, at such Person's address as it appears on the
Secured Note Register, not later than the latest date, and not earlier than the

                                       52
<PAGE>

earliest date, prescribed for the giving of such notice. If notice to COLT
2005-SN1 Secured Noteholders is given by mail, neither the failure to mail such
notice nor any defect in any notice so mailed to any particular COLT 2005-SN1
Secured Noteholder shall affect the sufficiency of such notice with respect to
other 2005-SN1 Secured Noteholders, and any notice that is mailed in the manner
herein provided shall conclusively be presumed to have been duly given
regardless of whether such notice is in fact actually received.

            (b) Where this COLT Indenture provides for notice in any manner,
such notice may be waived in writing by any Person entitled to receive such
notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by COLT 2005-SN1 Secured
Noteholders shall be filed with the COLT Indenture Trustee but such filing shall
not be a condition precedent to the validity of any action taken in reliance
upon such a waiver.

            (c) In case, by reason of the suspension of regular mail service as
a result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event of COLT 2005-SN1 Secured Noteholders when such
notice is required to be given pursuant to any provision of this COLT Indenture,
then any manner of giving such notice as shall be satisfactory to the COLT
Indenture Trustee shall be deemed to be a sufficient giving of such notice.

            (d) Where this COLT Indenture provides for notice to the Rating
Agencies, failure to give such notice shall not affect any other rights or
obligations created hereunder, and shall not under any circumstance constitute
an Event of Default.

            SECTION 11.6 Alternate Payment and Notice Provisions.

            Notwithstanding any provision of this COLT Indenture or any of the
COLT 2005-SN1 Secured Notes to the contrary, COLT may enter into any agreement
with any Holder of a COLT 2005-SN1 Secured Note providing for a method of
payment, or notice by the COLT Indenture Trustee or any Paying Agent to such
Holder, that is different from the methods provided for in this COLT Indenture
for such payments or notices. COLT shall furnish to the COLT Indenture Trustee a
copy of each such agreement and the COLT Indenture Trustee shall cause payments
to be made and notices to be given in accordance with such agreements at the
expense of COLT.

            SECTION 11.7 Conflict with Trust Indenture Act.

            (a) If any provision hereof limits, qualifies or conflicts with
another provision hereof that is required to be included in this COLT Indenture
by any of the provisions of the TIA, such required provision shall control.

            (b) The provisions of TIA Sections 310 through 317 that impose
duties on any Person (including the provisions automatically deemed included
herein unless expressly excluded by this COLT Indenture) are a part of and
govern this COLT Indenture, whether or not physically contained herein.

                                       53
<PAGE>

            SECTION 11.8 Effect of Headings and Table of Contents.

            The Article and Section headings herein and the Table of Contents
are for convenience only and shall not affect the construction hereof.

            SECTION 11.9 Successors and Assigns.

            (a) All covenants and agreements in this COLT Indenture and the COLT
2005-SN1 Secured Notes by COLT shall bind its successors and assigns, whether so
expressed or not.

            (b) All covenants and agreements of the COLT Indenture Trustee in
this COLT Indenture shall bind its successors and assigns, whether so expressed
or not.

            SECTION 11.10 Severability.

            In case any provision in this COLT Indenture or in the COLT 2005-SN1
Secured Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

            SECTION 11.11 Benefits of COLT Indenture.

            Nothing in this COLT Indenture or in the COLT 2005-SN1 Secured
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and to the extent expressly provided
herein, the COLT 2005-SN1 Secured Noteholders and any other Person with an
ownership interest in any part of the COLT 2005-SN1 Trust Estate, any benefit or
any legal or equitable right, remedy or claim under this COLT Indenture.

            SECTION 11.12 Legal Holidays.

            If the date on which any payment is due shall not be a Business Day,
then (notwithstanding any other provision of the COLT 2005-SN1 Secured Notes or
this COLT Indenture) payment need not be made on such date, but may be made on
the next succeeding Business Day with the same force and effect as if made on
the date on which nominally due, and no interest shall accrue for the period
from and after any such nominal date.

            SECTION 11.13 GOVERNING LAW.

            THIS COLT INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (EXCEPT
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS COLT INDENTURE SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                       54
<PAGE>

            SECTION 11.14 Counterparts.

            This COLT Indenture may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

            SECTION 11.15 Recording of COLT Indenture.

            If this COLT Indenture is subject to recording in any appropriate
public recording offices, such recording is to be effected by COLT and at its
expense accompanied by an Opinion of Counsel (which may be counsel to the COLT
Indenture Trustee or any other counsel reasonably acceptable to the COLT
Indenture Trustee) to the effect that such recording is necessary either for the
protection of the Secured Noteholders or any other Person secured hereunder or
for the enforcement of any right or remedy granted to the COLT Indenture Trustee
under this COLT Indenture.

            SECTION 11.16 No Recourse.

            (a) Each COLT 2005-SN1 Secured Noteholder agrees by acceptance of a
COLT 2005-SN1 Secured Note (or interest therein) that no recourse may be taken,
directly or indirectly, with respect to the obligations of COLT, the COLT Owner
Trustee or the COLT Indenture Trustee on the COLT 2005-SN1 Secured Notes or
under this COLT Indenture or any certificate or other writing delivered in
connection herewith or therewith, against:

                  (i) the COLT Indenture Trustee or the COLT Owner Trustee in
      its individual capacity;

                  (ii) any owner of a beneficial interest in COLT;

                  (iii) any partner, owner, beneficiary, agent, officer,
      director or employee of the COLT Indenture Trustee or the COLT Owner
      Trustee in its individual capacity, any holder of a beneficial interest in
      COLT, the COLT Owner Trustee or the COLT Indenture Trustee or of any
      successor or assign of the COLT Indenture Trustee or the COLT Owner
      Trustee in its individual capacity (or any of their successors or
      assigns), except as any such Person may have expressly agreed (it being
      understood that the COLT Indenture Trustee and the COLT Owner Trustee have
      no such obligation in their individual capacity) and except that any such
      partner, owner or beneficiary shall be fully liable, to the extent
      provided by applicable law, for any unpaid consideration for stock, unpaid
      capital contribution or failure to pay any instalment or call owing to
      such entity. For all purposes of this COLT Indenture, in the performance
      of any duties or obligations of COLT hereunder, the COLT Owner Trustee
      shall be subject to, and entitled to the benefits of, the terms and
      provisions of Articles IV, V and VI of the Declaration; or

                  (iv) COLT or any portion of the assets of COLT other than with
      respect to the COLT 2005-SN1 Trust Estate.

            (b) Except as expressly provided in the COLT 2005-SN1 Basic
Documents, neither the Seller, the Servicer, the COLT Indenture Trustee nor the
COLT Owner Trustee in

                                       55
<PAGE>

their respective individual capacities, any owner of a beneficial interest in
COLT, nor any of their respective partners, owners, beneficiaries, agents,
officers, directors, employees or successors or assigns, shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in the COLT 2005-SN1
Secured Notes or this COLT Indenture.

            SECTION 11.17 No Petition.

            Each of the COLT Indenture Trustee by entering this COLT Indenture
and each Holder of a COLT 2005-SN1 Secured Note, by its acceptance thereof,
hereby covenants and agrees that prior to the date which is one year and one day
after the payment in full of all COLT 2005-SN1 Secured Notes, it shall not
institute against, or join any other Person in instituting against, COLT any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other similar proceeding under the laws of the United States or any state of
the United States. This Section 11.17 shall survive the termination of this COLT
Indenture.

            SECTION 11.18 Inspection.

            COLT agrees that, on reasonable prior notice, it shall permit any
representative of the COLT Indenture Trustee, during COLT's normal business
hours, to examine all the books of account, records, reports and other papers of
COLT, to make copies and extracts therefrom, to cause such books to be audited
by Independent certified public accountants, and to discuss COLT's affairs,
finances and accounts with COLT's officers, employees and Independent certified
public accountants, all at such reasonable times and as often as may be
reasonably requested. The COLT Indenture Trustee shall and shall cause its
representatives to hold in confidence all such information except to the extent
disclosure may be required by law (and all reasonable applications for
confidential treatment are unavailing) and except to the extent that the COLT
Indenture Trustee may reasonably determine that such disclosure is consistent
with its obligations hereunder.

            SECTION 11.19 Indemnification by and Reimbursement of the Servicer.
The COLT Indenture Trustee acknowledges and agrees to reimburse (i) the Servicer
and its directors, officers, employees and agents in accordance with the COLT
Servicing Agreement and (ii) the Seller and its directors, officers, employees
and agents in accordance with the COLT Servicing Agreement. The COLT Indenture
Trustee further acknowledges and accepts the conditions and limitations with
respect to the Servicer's obligation to indemnify, defend and hold the COLT
Indenture Trustee harmless as set forth in the COLT Servicing Agreement for any
Series.

            SECTION 11.20 Series Liabilities. It is expressly understood and
agreed by each COLT 2005-SN1 Secured Noteholder, by its acceptance of its COLT
2005-SN1 Secured Note, 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 each Series Portfolio and the COLT 2005-SN1 Trust Estate
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 each Series of Secured Notes, shall be
enforceable against the related

                                       56
<PAGE>

Series Portfolio of COLT only, and not against the assets of COLT generally or
any other Series Portfolio securing any other Series of Secured Notes.

            SECTION 11.21 Subordination. COLT and each Holder of a COLT 2005-SN1
Secured Note, by accepting its COLT 2005-SN1 Secured Note, acknowledges and
agrees that such COLT 2005-SN1 Secured Note represents indebtedness of COLT and
does not represent an interest in any other assets of COLT allocated to any
other Series Portfolio (including by virtue of any deficiency claim in respect
of obligations not paid or otherwise satisfied from the COLT 2005-SN1 Trust
Estate and proceeds thereof). In furtherance of and not in derogation of the
foregoing, to the extent COLT enters into other securitization transactions,
including in connection with the issuance of other Series of Secured Notes, each
of COLT and each COLT 2005-SN1 Secured Noteholder, by accepting its COLT
2005-SN1 Secured Note, acknowledges and agrees that it shall have no right,
title or interest in or to any assets (or interests therein) (other than the
COLT 2005-SN1 Trust Estate) conveyed or purported to be conveyed or pledged by
COLT to another Person or Persons in connection therewith (whether by way of a
sale, capital contribution or by virtue of the granting of a lien) ("Other
Assets"). To the extent that, notwithstanding the agreements and provisions
contained in the preceding sentences of this subsection, COLT or any COLT
2005-SN1 Secured Noteholder either (a) asserts an interest or claim to, or
benefit from, Other Assets, whether asserted against or through the COLT
Indenture Trustee or any other Person, or (b) is deemed to have any such
interest, claim or benefit in or from Other Assets, whether by operation of law,
legal process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the federal Bankruptcy Code or any
successor provision having similar effect under the Bankruptcy Code), and
whether deemed asserted against or through the COLT Indenture Trustee or any
other Person, then COLT and each COLT 2005-SN1 Secured Noteholder, by accepting
its COLT 2005-SN1 Secured Note, further acknowledges and agrees that any such
interest, claim or benefit in or from Other Assets is and shall be expressly
subordinated to the indefeasible payment in full of all obligations and
liabilities of COLT which, under the terms of the relevant documents relating to
the securitization of such Other Assets, are entitled to be paid from, entitled
to the benefits of, or otherwise secured by such Other Assets (whether or not
any such entitlement or security interest is legally perfected or otherwise
entitled to a priority of distribution or application under applicable law,
including insolvency laws, and whether asserted against the COLT 2005-SN1
Secured Noteholder), including the payment of post-petition interest on such
other obligations and liabilities. This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code. Each COLT 2005-SN1 Secured Noteholder further acknowledges and agrees that
no adequate remedy at law exists for a breach of this Section 11.21 and the
terms of this Section 11.21 may be enforced by an action for specific
performance. The provisions of this Section 11.21 shall be for the third party
benefit of those entitled to rely thereon and shall survive the termination of
this COLT Indenture.

                                       57
<PAGE>

            IN WITNESS WHEREOF, COLT and the COLT Indenture Trustee have caused
this COLT Indenture to be duly executed by their respective officers, thereunto
duly authorized, all as of the day and year first above written.

                               CENTRAL ORIGINATING LEASE TRUST

                               By: DEUTSCHE BANK TRUST COMPANY DELAWARE,
                               not in its individual capacity but solely as COLT
                               Owner Trustee

                               By: /s/ Eva Aryeetey
                               Name: Eva Aryeetey
                               Title: Attorney-in-Fact

                               CITIBANK, N.A., as COLT Indenture Trustee

                               By:/s/ Kristen Driscoll
                               Name: Kristen Driscoll
                               Title: Vice President

                                                       COLT 2005 - SN1 Indenture

                                      S-1
<PAGE>

                                                                EXHIBIT A TO THE
                                                         COLT 2005-SN1 INDENTURE

                      FORM OF COLT 2005-SN1 SECURED NOTE

                  Date of Issuance:                       ______________________
                  Initial Secured Note Principal Balance: $_____________________
                  Secured Note Rate:                      __________ % per annum
                  State of Lease Origination:             ______________________


                  Aggregate Initial ABS Value of All
                    Related Series 2005-SN1 Lease Assets: ______________________

      Central Originating Lease Trust, a Delaware statutory trust ("COLT"), for
value received, hereby promises to pay on each Payment Date to CITIBANK, N.A.,
not in its individual capacity but solely as COLT Indenture Trustee, as pledgee
of CAPITAL AUTO RECEIVABLES ASSET TRUST 2005-SN1, the sum of (x) the Secured
Note Interest Distributable Amount due on such COLT 2005-SN1 Secured Note on
such Payment Date, plus (y) the holder of this COLT 2005-SN1 Secured Note's
portion of the aggregate amount payable on such Payment Date in respect of
principal on the COLT 2005-SN1 Secured Notes pursuant to Sections 2.5(b) and 3.1
of the COLT Indenture (as defined below) pro rata based on the Secured Note
Principal Balance of each such COLT 2005-SN1 Secured Note. The principal of this
COLT 2005-SN1 Secured Note shall be due and payable in full on the Final
Maturity Date, unless an optional redemption of the COLT 2005 SN1 Secured Notes
has occurred pursuant to Section 10.1 of the COLT Indenture in which case such
unpaid principal shall be due on the Redemption Date.

      Pursuant to the COLT Indenture, dated as of April 28, 2005 (as amended,
modified or otherwise supplemented from time to time, the "COLT Indenture"),
between COLT and Citibank, N.A., a national banking association, as COLT
indenture trustee (in its capacity as COLT indenture trustee and not its
individual capacity, the "COLT Indenture Trustee"), COLT grants (x) to the COLT
Indenture Trustee on behalf of the COLT 2005-SN1 Secured Noteholders a security
interest in the COLT 2005-SN1 Collateral (other than the Direct COLT Pledge) to
the extent set forth therein, and (y) to each COLT 2005-SN1 Secured Noteholder,
to the extent that, notwithstanding the terms of the VAULT Trust Agreement and
the Statutory Trust Act, COLT is deemed to hold a direct ownership interest in
the legal title to any Vehicle related to the Series 2005-SN1 Lease Assets (and
not merely a beneficial interest in VAULT representing an interest in the legal
title to such Vehicle), a security interest in all of COLT's rights in such
Vehicle. In addition, pursuant to the VAULT Pledge and Security Agreement, dated
as of April 28, 2005, by Vehicle Asset Universal Leasing Trust ("VAULT") and
acknowledged and agreed by COLT, General Motors Acceptance Corporation, Capital
Auto Receivables, Inc., and Capital Auto Receivables Asset Trust 2005-SN1, VAULT
pledges to each COLT 2005-SN1 Secured Noteholder a security interest in all of
VAULT's legal title to the Vehicles related to the Series 2005-SN1 Lease Assets
to the extent set forth therein.

      The sole source for payment of this COLT 2005-SN1 Secured Note and all
other COLT 2005-SN1 Secured Notes is limited to the COLT 2005-SN1 Trust Estate
and such other funds as COLT may from time to time pledge to secure the payment
of the COLT 2005-SN1 Secured

                                       A-4
<PAGE>

Notes; it being understood that any other assets of COLT included in any other
Series Portfolio or the Residual Interest shall not be available to make
payments on the COLT 2005-SN1 Secured Notes.

      Capitalized terms not otherwise defined herein shall have the meanings set
forth in the COLT Indenture.

                                      A-4
<PAGE>

      This COLT 2005-SN1 Secured Note is a valid and binding obligation of COLT.

                               CENTRAL ORIGINATING LEASE TRUST

                               By: Deutsche Bank Trust Company Delaware,
                                   not in its individual capacity, but solely as
                                   COLT Owner Trustee

                                   By:__________________________________________
                                   Name:
                                   Title:
                                   Dated: _____________, 2005

                                      A-4
<PAGE>

             COLT INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the COLT 2005-SN1 Secured Notes designed above and referred to in
the within-mentioned COLT Indenture.

                      CITIBANK, N.A., not in its individual capacity but solely
                      as COLT Indenture Trustee

                      By: ______________________________________
                      Name:
                      Title:

                                      A-4
<PAGE>

      Payment hereunder shall be made to the holder of this COLT 2005-SN1
Secured Note in accordance with the COLT Indenture and the COLT Servicing
Agreement.

      Each COLT 2005-SN1 Noteholder or Note Owner will be deemed to represent
and warrant that either (A) it is not (i) an "employee benefit plan" (as defined
in Section 3(3) of the United States Employee Retirement Income Security Act of
1974, as amended ("ERISA"), that is subject to the provisions of Title I of
ERISA, (ii) a "plan" as described in Section 4975(e)(1) of the Internal Revenue
Code of 1974, as amended (the "Code") or (iii) an entity whose underlying assets
include plan assets by reason of a plan's investment in the entity or (B) the
purchase, holding and disposition of the COLT 2005-SN1 Note will not result in a
non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975
of the Code.

      Pursuant to Section 11.17 of the COLT Indenture, the COLT Indenture
Trustee and each holder of this COLT 2005-SN1 Secured Note, by its acceptance of
this COLT 2005-SN1 Secured Note, covenants and agrees that it shall not, prior
to the date which is one year and one day after the payment in full of all COLT
2005-SN1 Secured Notes issued by COLT, acquiesce, petition or otherwise invoke
or cause COLT to invoke the process of any court or governmental authority for
the purpose of commencing or sustaining a case against COLT under any federal or
state bankruptcy, insolvency, reorganization or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of COLT or any substantial part of its property, or ordering
the winding up or liquidation of the affairs of COLT.

      The obligations of COLT under this COLT 2005-SN1 Secured Note shall be
non-recourse to COLT and any other asset of COLT or any COLT 2005-SN1
Certificateholder except to the extent described herein.

      This COLT 2005-SN1 Secured Note shall be effective when executed,
authenticated and delivered in accordance with the COLT Indenture.

      THIS COLT 2005-SN1 SECURED NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (EXCEPT
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE HEREOF UNDER THIS COLT 2005-SN1 SECURED
NOTE SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

      COLT agrees, and by acquiring this COLT 2005-SN1 Secured Note or interest
therein the holder of this COLT 2005-SN1 Secured Note or interest therein
agrees, to treat this COLT 2005-SN1 Secured Note as indebtedness for federal
income tax, state and local income and franchise tax, Michigan single business
tax, and any other taxes imposed upon, measured by or based upon gross or net
income.

      It is expressly understood and agreed by the holder of this COLT 2005-SN1
Secured Note that (a) the COLT Indenture and this COLT 2005-SN1 Secured Note are
executed and delivered by Deutsche Bank Trust Company Delaware, not individually
or personally but solely

                                      A-4
<PAGE>

as COLT Owner Trustee, (b) each of the representations, undertakings and
agreements herein and therein made on the part of COLT is made and intended not
as a personal representation, undertaking or agreement by Deutsche Bank Trust
Company Delaware but is made and intended for the purpose of binding only COLT,
and (c) under no circumstances shall Deutsche Bank Trust Company Delaware be
personally liable for the payment of any indebtedness or expenses of COLT or be
liable for the breach or failure of any obligation, representation, warranty or
covenant made or undertaken by COLT under the COLT Indenture and this COLT
2005-SN1 Secured Note.

                                      A-4