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                                                                     EXHIBIT 4.8

                         CENTRAL ORIGINATING LEASE TRUST

                                  SECURED NOTES

                            COLT 200__ - __INDENTURE

                             DATED AS OF _____, 200_

                         CENTRAL ORIGINATING LEASE TRUST

                                       AND

                               _________________ ,

                            AS COLT INDENTURE TRUSTEE

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                                TABLE OF CONTENTS

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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      [RESERVED].......................................................................................    5
   SECTION 2.4      Registration; Registration of Transfer and Exchange of COLT 200__-__ Secured Notes...............    5
   SECTION 2.5      Mutilated, Destroyed, Lost or Stolen COLT 200_-__ Secured Notes..................................    6
   SECTION 2.6      Payment of Principal and Interest................................................................    8
   SECTION 2.7      [RESERVED].......................................................................................    9
   SECTION 2.8      Persons Deemed Secured Noteholders...............................................................    9
   SECTION 2.9      Cancellation of COLT 200 - Secured Notes.........................................................    9
   SECTION 2.10     Release of COLT 200 - Trust Estate...............................................................   10
   SECTION 2.11     Seller and CARI as COLT 200 - Secured Noteholders................................................   10
   SECTION 2.12     Tax Treatment....................................................................................   10

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

   SECTION 3.1      Payment of Principal and Interest and Other Amounts..............................................   10
   SECTION 3.2      Money for Payments To Be Held in Trust...........................................................   10
   SECTION 3.3      Existence........................................................................................   12
   SECTION 3.4      Protection of COLT 200 - Trust Estate; Acknowledgment of Pledge..................................   12
   SECTION 3.5      Opinions as to COLT 200 - Collateral.............................................................   13
   SECTION 3.6      Performance of Obligations; Servicing of Series 200 - Lease Assets...............................   14
   SECTION 3.7      Negative Covenants...............................................................................   14
   SECTION 3.8      Annual Statement as to Compliance................................................................   15
   SECTION 3.9      Consolidation, Merger, etc., of Trust; Disposition of Trust Assets...............................   16
   SECTION 3.10     Successor or Transferee..........................................................................   18
   SECTION 3.11     No Other Business................................................................................   18
   SECTION 3.12     No Borrowing.....................................................................................   18
   SECTION 3.13     Guarantees, Loans, Advances and Other Liabilities................................................   18
   SECTION 3.14     Servicer's Obligations...........................................................................   18
   SECTION 3.15     Capital Expenditures.............................................................................   19
   SECTION 3.16     Restricted Payments..............................................................................   19
   SECTION 3.17     Notice of Events of Default......................................................................   19
   SECTION 3.18     Further Instruments and Acts.....................................................................   19
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   SECTION 3.19     COLT Indenture Trustee's Assignment of Administrative Lease Assets and Warranty
                    Lease Assets  and Sale or other Distribution of the Related Vehicles.............................   19
   SECTION 3.20     Representations and Warranties by COLT to the COLT Indenture Trustee.............................   20
   SECTION 3.21     Maintenance of Separate Records for each Series..................................................   20

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...................................................   22

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...................   24
   SECTION 5.4      Remedies; Priorities.............................................................................   27
   SECTION 5.5      Optional Preservation of the Series 200 - Lease Assets...........................................   28
   SECTION 5.6      Limitation of Suits..............................................................................   28
   SECTION 5.7      Unconditional Rights of the COLT 200 - Secured Noteholders To Receive Principal and Interest.....   29
   SECTION 5.8      Restoration of Rights and Remedies...............................................................   29
   SECTION 5.9      Rights and Remedies Cumulative...................................................................   29
   SECTION 5.10     Delay or Omission Not a Waiver...................................................................   30
   SECTION 5.11     Control by the COLT 200__-___ Secured Noteholders................................................   30
   SECTION 5.12     Waiver of Past Defaults..........................................................................   30
   SECTION 5.13     Undertaking for Costs............................................................................   31
   SECTION 5.14     Waiver of Stay or Extension Laws.................................................................   31
   SECTION 5.15     Action on Secured Notes..........................................................................   31
   SECTION 5.16     Performance and Enforcement of Certain Obligations...............................................   32

ARTICLE VI THE COLT INDENTURE TRUSTEE................................................................................   32

   SECTION 6.1      Duties of COLT Indenture Trustee.................................................................   32
   SECTION 6.2      Rights of COLT Indenture Trustee.................................................................   33
   SECTION 6.3      COLT Indenture Trustee May Own COLT 200 -    Secured Notes.......................................   34
   SECTION 6.4      COLT Indenture Trustee's Disclaimer..............................................................   34
   SECTION 6.5      Notice of Default................................................................................   35
   SECTION 6.6      Reports by COLT Indenture Trustee to the COLT 200__-___ Secured Noteholders......................   35
   SECTION 6.7      Compensation; Indemnity..........................................................................   35
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   SECTION 6.8      Replacement of COLT Indenture Trustee............................................................   35
   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......................   37
   SECTION 6.11     Eligibility; Disqualification....................................................................   38
   SECTION 6.12     Preferential Collection of Claims Against COLT...................................................   38
   SECTION 6.13     Representations and Warranties of COLT Indenture Trustee.........................................   39
   SECTION 6.14     COLT Indenture Trustee May Enforce Claims Without Possession of COLT 200 - Secured Notes.........   39
   SECTION 6.15     Suit for Enforcement.............................................................................   40
   SECTION 6.16     Rights of COLT 200__-___ Secured Noteholders to Direct COLT Indenture Trustee....................   40

ARTICLE VII COLT 200 - SECURED NOTEHOLDERS' LISTS AND REPORTS........................................................   40

   SECTION 7.1      COLT To Furnish COLT Indenture Trustee Names and Addresses of COLT 200 - Secured Noteholders.....   40
   SECTION 7.2      Preservation of Information, Communications to Secured Noteholders...............................   41
   SECTION 7.3      Reports by COLT..................................................................................   41
   SECTION 7.4      Reports by Trustee...............................................................................   41

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

   SECTION 8.1      Collection of Money..............................................................................   42
   SECTION 8.2      Designated Accounts; Allocations; Payments.......................................................   42
   SECTION 8.3      General Provisions Regarding Designated Accounts.................................................   42
   SECTION 8.4      Release of the COLT 200 -    Trust Estate........................................................   43
   SECTION 8.5      Opinion of Counsel...............................................................................   44

ARTICLE IX SUPPLEMENTAL INDENTURES.................................................................... ..............   44

   SECTION 9.1      Supplemental Indentures Without Consent of COLT 200 - Secured Noteholders........................   44
   SECTION 9.2      Supplemental Indentures With Consent of COLT 200 - Secured Noteholders...........................   45
   SECTION 9.3      Execution of Supplemental Indentures.............................................................   47
   SECTION 9.4      Effect of Supplemental Indenture.................................................................   47
   SECTION 9.5      Conformity with Trust Indenture Act..............................................................   47
   SECTION 9.6      Reference in COLT 200 - Secured Notes to Supplemental Indentures.................................   47

ARTICLE X REDEMPTION OF SECURED NOTES................................................................................   48

   SECTION 10.1     Redemption.......................................................................................   48
   SECTION 10.2     Form of Redemption Notice........................................................................   48
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   SECTION 10.3     COLT 200 - Secured Notes Payable on Redemption Date..............................................   48

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

   SECTION 11.1     Compliance Certificates and Opinions, etc........................................................   49
   SECTION 11.2     Form of Documents Delivered to COLT Indenture Trustee............................................   50
   SECTION 11.3     Acts of COLT 200 -    Secured Noteholders........................................................   51
   SECTION 11.4     Notices, etc., to COLT Indenture Trustee, COLT and Rating Agencies...............................   52
   SECTION 11.5     Notices to 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.........................................................   53
   SECTION 11.9     Successors and Assigns...........................................................................   53
   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.....................................................................................   54
   SECTION 11.15    Recording of COLT Indenture......................................................................   54
   SECTION 11.16    No Recourse......................................................................................   55
   SECTION 11.17    No Petition......................................................................................   55
   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....................................................................................   56
</TABLE>

EXHIBIT A-1 INFORMATION FOR EACH COLT 200 - SECURED NOTE
EXHIBIT A-2 FORM OF COLT 200 - SECURED NOTE

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<PAGE>

            COLT 200 - INDENTURE, dated as of , 200 (this "COLT Indenture"),
between CENTRAL ORIGINATING LEASE TRUST, a Delaware statutory trust ("COLT"),
and , , as indenture trustee (as COLT Indenture Trustee and not in its
individual capacity, the "COLT Indenture Trustee").

            Each party agrees as follows for the benefit of the other parties
and for the equal and ratable benefit of the Holders of the COLT 200 - Secured
Notes:

                                 GRANTING CLAUSE

            COLT hereby Grants to the COLT Indenture Trustee, for the equal and
ratable benefit of each Holder of a COLT 200 - Secured Note, a security interest
in, and its transfer, assignment and conveyance of, without recourse, the
following:

            (i) all right, title and interest of COLT in, to and under the
Series 200 - Leases listed on the Series 200 - 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 200 - 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 200 - Lease Assets;

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

            (v) all right, title and interest of COLT in, to and under the VAULT
Trust Agreement and the COLT 200 - Basic Documents (solely with respect to the
Vehicles related to Series 200 - Lease Assets);

            (vi) all right, title and interest of COLT in, to and under the COLT
Servicing Agreement and any other COLT 200 - 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

<PAGE>

forms of obligations and receivables, instruments and other property which at
any time constitute 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 200
- 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 200 - 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 200 - 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
200 - Collateral for all purposes hereunder, and each COLT 200 - 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 200 - 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 200 - Secured Notes, equally and ratably
without prejudice, priority or distinction among the Holders of the COLT 200 -
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 200 - 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 200 - Lease Assets included in the COLT 200 -
Collateral and all other monies payable under the COLT 200 - 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 200 -
Collateral.

            Furthermore, on the Series 200 - Closing Date, VAULT shall grant a
security interest in the Pledged Collateral to each COLT 200 - Secured
Noteholder, to the extent set forth in the VAULT Security Agreement. The Pledged
Collateral shall constitute part of the COLT 200 - Trust Estate for all purposes
hereunder, and each COLT 200 - 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 200 - Trust Estate in accordance with this COLT Indenture.

            The Holders of the COLT 200 - Secured Notes shall enjoy solely the
security of the COLT 200 - 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 200 - 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 (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 200 - 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 200__-__ Secured Notes;

      "indenture security holder" means a COLT 200__-__ 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 200 - 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-2, 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 200 - 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 200 - Secured Notes, as
evidenced by their execution of the COLT 200 - 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
200 - Secured Notes may be listed or to conform to usage. Any portion of the
text of any COLT 200 - Secured Note may be set forth on the reverse thereof,
with an appropriate reference thereto on the face of the COLT 200 - Secured
Note. The COLT 200 - Secured Notes shall be secured by the COLT 200 - Trust
Estate as set forth in this COLT Indenture.

            (b) The COLT 200 - 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 200 - Secured Notes, as evidenced by their execution of such COLT 200
- Secured Notes.

            (c) Each COLT 200 - Secured Note shall identify the Series 200 -
Lease Assets related to such COLT 200 - Secured Note and shall be issued in the
initial Note Principal Balance set forth on the face thereof, which shall be
equal to [99]% of the Initial ABS Value of the related Series 200 - Lease Assets
identified on Schedule I thereto (with respect to each COLT 200 - Secured Note,
the "Initial Note Principal Balance").

            (d) The terms of the COLT 200 - 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 200__-__ Secured Note shall be dated the date of its
authentication and shall be issuable as a registered COLT 200__-__ Secured Note.

            (b) The COLT 200__-__ 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 200__-__ Secured Notes may be manual or facsimile.

            (c) COLT 200__-__ 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 authentication and delivery of such COLT 200__-__
Secured Notes or did not hold such office at the date of such COLT 200__-__
Secured Notes.

                                       4
<PAGE>

            (d) The COLT Indenture Trustee, in exchange for the Grant of the
COLT 200__-__ Collateral, simultaneously with the Grant to the COLT Indenture
Trustee of the COLT 200_ - Collateral, and the constructive delivery to the COLT
Indenture Trustee of the Series 200_ - Lease Assets and the other components and
assets of the COLT 200_ - Collateral, shall cause to be authenticated and
delivered to or upon the order of COLT, COLT 200_ - Secured Notes for original
issue.

            (e) No COLT 200__-__ 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 200__-__ Secured Note a certificate of authentication
substantially in the form set forth in Exhibit A-2 executed by the COLT
Indenture Trustee by the manual signature of one of its Authorized Officers, and
such certificate upon any COLT 200__-__ Secured Note shall be conclusive
evidence, and the only evidence, that such COLT 200__-__ Secured Note has been
duly authenticated and delivered hereunder.

            SECTION 2.3 [RESERVED]

            SECTION 2.4 Registration; Registration of Transfer and Exchange of
COLT 200__-__ Secured Notes.

            (a) COLT shall cause to be kept the Secured Note Register,
comprising separate registers for each of the COLT 200__-___ Secured Notes, in
which, subject to such reasonable regulations as COLT may prescribe, COLT shall
provide for the registration of the COLT 200_-__ Secured Notes and the
registration of transfers and exchanges of the COLT 200_-__ Secured Notes. The
COLT Indenture Trustee shall initially be the Secured Note Registrar for the
purpose of registering the COLT 200_-__ Secured Notes and transfers or exchanges
of the COLT 200__-__ 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 200__-__ Secured Noteholders and the Note Principal
Balances and number of such COLT 200__-__ Secured Notes.

            (c) Upon surrender for registration of transfer of any COLT 200__-__
Secured Note at the Corporate Trust Office of the COLT Indenture Trustee (and
following the delivery, in the former case, of such COLT 200__-__ Secured Notes
to COLT by the COLT Indenture Trustee), COLT shall execute, the COLT Indenture
Trustee shall authenticate and the COLT 200__-__ Secured Noteholder shall obtain
from the COLT Indenture Trustee, in the name of the designated transferee or
transferees, one or more new COLT 200__-__ Secured Notes in any authorized
denominations, of a like aggregate principal amount.

                                       5
<PAGE>

            (d) At the option of the COLT 200__-__ Secured Noteholder, COLT
200__-__ Secured Notes may be exchanged for other COLT 200__-__ Secured Notes in
any authorized denominations, of a like Note Principal Balance, upon surrender
of such COLT 200__-__ Secured Notes to be exchanged at the Corporate Trust
Office of the COLT Indenture Trustee (and following the delivery of such COLT
200__-__ Secured Notes to COLT by the COLT Indenture Trustee), COLT shall
execute, and the COLT Indenture Trustee shall authenticate and the COLT 200__-__
Secured Noteholder shall obtain from the COLT Indenture Trustee, such COLT
200__-__ Secured Notes which the COLT 200__-__ Secured Noteholder making the
exchange is entitled to receive.

            (e) All COLT 200__-__ Secured Notes issued upon any registration of
transfer or exchange of other COLT 200__-__ 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 200__-__ Secured Notes surrendered upon
such registration of transfer or exchange.

            (f) Every COLT 200__-__ 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 _________ 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 200__-__ 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 200__-__ Secured Notes, other than
exchanges pursuant to Section 9.6 not involving any transfer.

            (h) By acquiring a COLT 200__-__ Secured Note, each purchaser and
transferee shall be deemed to represent and warrant that either (a) it is not
acquiring the COLT 200__-__ Secured Note with the plan assets of a Benefit Plan
or (b) the acquisition and holding of the COLT 200__-__ Secured Note will not
give rise to a non-exempt prohibited transaction under Section 406(a) of ERISA
of Section 4975 of the Code.

            (i) The preceding provisions of this Section 2.4 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 200__-__ Secured
Notes that have been selected for redemption pursuant to Article X, if
applicable; or (ii) COLT 200__-__ Secured Notes that are due for final repayment
within 15 days of submission to the Corporate Trust Office.

            SECTION 2.5 Mutilated, Destroyed, Lost or Stolen COLT 200_-__
Secured Notes.

                                       6
<PAGE>

            (a) If (i) any mutilated COLT 200_-__ 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 200__-__ Secured
Note, and (ii) there is delivered to the COLT Indenture Trustee such security or
indemnity as may be required by it to hold COLT and the COLT Indenture Trustee
harmless, then, in the absence of notice to COLT, the Secured Note Registrar or
the COLT Indenture Trustee that such COLT 200__-__ 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 200__-__ Secured
Note, a replacement COLT 200__-__ Secured Note; provided, however, that if any
such destroyed, lost or stolen COLT 200__-__ Secured Note, but not a mutilated
COLT 200__-__ 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 200__-__ Secured Note, COLT may make payment to the Holder of
such destroyed, lost or stolen COLT 200__-__ 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 200__-__ Secured
Note or payment in respect of a destroyed, lost or stolen COLT 200__-__ Secured
Note pursuant to subsection (a), a bona fide purchaser of the original COLT
200__-__ Secured Note in lieu of which such replacement COLT 200__-__ Secured
Note was issued presents for payment such original COLT 200__-__ Secured Note,
COLT and the COLT Indenture Trustee shall be entitled to recover such
replacement COLT 200__-__ Secured Note (or such payment) from (i) any Person to
whom it was delivered, (ii) the Person taking such replacement COLT 200__-__
Secured Note from the Person to whom such replacement COLT 200__-__ 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 200__-__
Secured Note under this Section 2.5, COLT may require the payment by the Holder
of such COLT 200__-__ 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 200__-__ Secured Note issued pursuant to this
Section 2.5 in replacement for any mutilated, destroyed, lost or stolen COLT
200__-__ Secured Note shall constitute an original additional contractual
obligation of COLT, whether or not the mutilated, destroyed, lost or stolen COLT
200__-__ 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 200__ ___ Secured Notes duly issued
hereunder.

            (e) The provisions of this Section 2.5 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 200__-__
Secured Notes.

                                       7
<PAGE>

            SECTION 2.6 Payment of Principal and Interest.

            (a) Each COLT 200 - Secured Note shall accrue interest from and
including the Series 200 - Closing Date on the Note Principal Balance of such
COLT 200 - Secured Note, until but excluding the date on which the Note
Principal Balance of such COLT 200 - Secured Note is reduced to zero. Interest
shall accrue on each COLT 200 - Secured Note at the COLT 200 - Secured Note
Rate. On each Payment Date, each COLT 200 - Secured Note shall be paid interest
in an amount equal to the Secured Note Interest Distributable Amount payable to
such COLT 200 - 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 200 - 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 200 - 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, principal 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)(iv) of the COLT Servicing Agreement.
The principal of the COLT 200__-__ Secured Notes shall be due and payable in
full on the Final Maturity Date. All principal payments on the COLT 200__-__
Secured Notes shall be made pro rata to the COLT 200__-__ Secured Noteholders,
as provided in Section 3.03(c)(iv) of the COLT Servicing Agreement. Any
instalment of principal payable on any COLT 200__-__ 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 200__-__ Lease Assets on the
applicable Payment Date and shall be paid to the Person in whose name such COLT
200__-__ 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 200__-___ 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 3.2.

            (c) From and after the occurrence of an Event of Default and a
declaration in accordance with Section 5.2(a) that the COLT 200__-__ 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 principal
payments shall be allocated pro rata among the Holders of all of the COLT
200__-__ Secured Notes on the basis of the respective aggregate unpaid principal
balances of COLT 200__-__ Secured Notes held by such Holders.

            (d) With respect to any Payment Date on which the final installment
of principal and interest on a class of COLT 200__-__ Secured Notes is to be
paid, the COLT Indenture Trustee on behalf of COLT shall notify each COLT
200__-__ Secured Noteholders of record of such class as of the Record Date for
such Payment Date of the fact that the final installment of principal of and
interest on such COLT 200__-__ Secured Note is to be paid on such Payment Date.
With respect to any such class of COLT 200__-__ Secured Notes, such

                                       8
<PAGE>

notice shall be sent (i) on such Record Date by facsimile, if Book Entry Notes
are outstanding; or (ii) not later than three Business Days after such Record
Date in accordance with Section 11.5(a), and shall specify that such final
installment shall be payable only upon presentation and surrender of such COLT
200__-__ Secured Note and shall specify the place where such COLT 200__-__
Secured Note may be presented and surrendered for payment of such installment
and the manner in which such payment shall be made. Notices in connection with
redemptions of COLT 200__-__ Secured Notes shall be mailed to COLT 200__-__
Secured Noteholders as provided in Section 10.2. Within sixty days of the
payment in full pursuant to this Section 2.6 or cancellation pursuant to Section
2.9 of all of the COLT 200__-__ Secured Notes, the COLT Indenture Trustee shall
provide the COLT 200__-___ Secured Noteholders with written notice stating that
all such COLT 200__-__ Secured Notes have been paid in full or cancelled.

            (e) All payments of principal and interest on the COLT 200_-_
Secured Notes shall be made by the COLT Indenture Trustee pursuant to the
calculations and written direction of the Servicer in accordance with Section
3.03(a) of the COLT Servicing Agreement.

            SECTION 2.7 [RESERVED]

            SECTION 2.8 Persons Deemed Secured Noteholders. Prior to due
presentment for registration of transfer of any COLT 200 - 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 200 - Secured Note is registered
in the Secured Note Register (as of the day of determination) as the COLT 200 -
Secured Noteholder for the purpose of receiving payments of principal of and
interest on such COLT 200 - Secured Note and for all other purposes whatsoever,
whether or not such COLT 200 - 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 2.9 Cancellation of COLT 200 - Secured Notes. All COLT
200__-___ 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 200__-__ Secured Notes
previously authenticated and delivered hereunder which the Issuer may have
acquired in any manner whatsoever, and all COLT 200__-__ Secured Notes so
delivered shall be promptly canceled by the COLT Indenture Trustee. No COLT
200__-__ Secured Notes shall be authenticated in lieu of or in exchange for any
COLT 200__-__ Secured Notes canceled as provided in this Section 2.9, except as
expressly permitted by this COLT Indenture. All canceled COLT 200__-__ 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 that they be destroyed or returned to it; provided, however,
that such direction is timely and the COLT 200__-__ Secured Notes have not been
previously disposed of by the COLT Indenture Trustee. The COLT Indenture Trustee
shall certify to the Issuer upon request that surrendered COLT 200__-__ Secured
Notes have been duly canceled and retained or destroyed, as the case may be.

                                       9
<PAGE>

            SECTION 2.10 Release of COLT 200 - 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 3.19, 8.4 and
11.1, only upon receipt of a Trust 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 2.11 Seller and CARI as COLT 200 - Secured Noteholders. Each
of the Seller and CARI, in their individual or any other capacity, may become
the owner or pledgee of COLT 200 - 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 2.12 Tax Treatment. COLT and the COLT Indenture Trustee, by
entering into this COLT Indenture, and the COLT 200 - Secured Noteholders, by
acquiring any COLT 200 - Secured Note or interest therein, (i) express their
intention that the COLT 200 - Secured Notes qualify under applicable tax law as
indebtedness secured by the COLT 200 - Trust Estate and (ii) unless otherwise
required by appropriate taxing authorities, agree to treat the COLT 200 -
Secured Notes as indebtedness secured by the COLT 200 - Trust Estate for the
purpose of federal income, 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 200
- Secured Notes, in accordance with the terms of the COLT 200 - 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
200 - Secured Noteholders in accordance with Sections 2.6 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 200 - Secured Noteholder
of interest and/or principal. Any amounts so withheld shall be considered as
having been paid by COLT to such COLT 200 - Secured Noteholder for all purposes
of this COLT Indenture.

            SECTION 3.2 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 200 - Secured Notes that are to be made
from amounts withdrawn from the COLT Collection Account pursuant to Section
8.2(c) 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 200 - Secured Notes shall be paid over to COLT
except as provided in this Section 3.2.

            (b) On or before each Payment Date or the Redemption Date (if
applicable), COLT shall deposit or cause to be deposited in the COLT Collection
Account, pursuant to

                                       10
<PAGE>

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 200 - Secured Notes,
such sums 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 3.2, that such Paying Agent shall:

                  (i) hold all sums held by it for the payment of amounts due
      with respect to the COLT 200 - 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 200 - Secured Notes) of which it
      has actual knowledge in the making of any payment required to be made with
      respect to the COLT 200 - 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 200 - 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 200 - Secured
      Notes of any applicable withholding taxes imposed thereon and with respect
      to any applicable reporting requirements in connection therewith.

            (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
Trust 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 the Servicer
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 200 - 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 200 - 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 by the COLT Indenture Trustee or such Paying Agent to

                                       11
<PAGE>

COLT upon receipt of a Trust Request; and such COLT 200 - 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 Servicer may adopt and
employ, at the expense of COLT, any other reasonable means of notification of
such repayment (including, but not limited to, mailing notice of such repayment
of any COLT 200 - 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 200 - Secured
Noteholder).

            SECTION 3.3 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 200 - Secured Notes, the COLT
200 - Collateral and each other instrument or agreement included in the COLT 200
- Trust Estate.

            SECTION 3.4 Protection of COLT 200 - 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:

                  (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 in writing
      the COLT Indenture Trustee 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 and (D) any other
      change or occurrence that would make any financing statement or amendment
      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 by this COLT Indenture and the priority thereof;

                                       12
<PAGE>

                  (iii) enforce the rights of the COLT Indenture Trustee and the
      COLT 200 - Secured Noteholders in the COLT 200 - Trust Estate; or

                  (iv) preserve and defend title to the COLT 200 - Trust Estate
      and the rights of the COLT Indenture Trustee and the COLT 200 - Secured
      Noteholders in such COLT 200 - 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 or execute any financing statement, continuation
statement or other instrument required pursuant to this Section 3.4.

            (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 200 - Trust
Estate, and authorizes the COLT Indenture Trustee to take any such action
without its signature.

            SECTION 3.5 Opinions as to COLT 200 - Collateral.

            (a) On the Series 200 - Closing Date, COLT shall furnish to the COLT
Indenture Trustee and each COLT 200 - 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 200 - 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,
2005, COLT shall furnish to the COLT Indenture Trustee and each COLT 200__-___
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 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 execution 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.

                                       13
<PAGE>

            SECTION 3.6 Performance of Obligations; Servicing of Series 200 -
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 200 - 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 200 - 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 200 - Basic
Documents or an Officers' 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 200 - Basic
Documents and in the instruments and agreements included in the COLT 200 - 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 200 - Basic Documents 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 notify (and in
any event within five Business Days) the COLT Indenture Trustee, the COLT 200 -
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 200 - 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 200 - Collateral and
under the VAULT Security Agreement with respect to the Pledged Collateral or the
rights of the COLT Indenture Trustee and the COLT 200__-___ 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
200__-___ 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 200 - Trust
Estate or any of COLT 200 - Basic Documents, or waive timely performance or
observance by any party under any of the COLT 200 - Basic Documents.

            SECTION 3.7 Negative Covenants. So long as any COLT 200 - Secured
Notes are Outstanding, COLT shall not:

                                       14
<PAGE>

            (a) sell, transfer, exchange or otherwise dispose of any of the
properties or assets included in the COLT 200 - Trust Estate, except COLT may
cause the Servicer to: (i) collect, liquidate, sell or otherwise dispose of
COLT's interest in the Series 200 - 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
contemplated by the COLT 200 - Basic Documents;

            (b) claim any credit on, or make any deduction from the principal or
interest payable in respect of COLT 200 - Secured Notes (other than amounts
properly withheld from such payments under the Code or applicable state law) or
assert any claim against any present or former COLT 200 - Secured Noteholder by
reason of the payment of the taxes levied or assessed upon any part of the COLT
200 - 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 200 - Basic Documents to which it is a party to be
impaired, or permit the lien of this COLT Indenture in the related COLT 200 -
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 200 - 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 200 - 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 200 - 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 200 - Basic Documents) or (iii) permit the lien of this COLT Indenture
not to constitute a valid first priority security interest in the COLT 200 -
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).

            SECTION 3.8 Annual Statement as to Compliance. Until the COLT 200 -
Secured Notes have been paid in full, COLT shall deliver to the COLT Indenture
Trustee and the COLT 200__-___ Secured Noteholders, on or before March 15 of
each year, beginning March 15, 2005, 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 such 12-month period
(or, with respect to the first such Officer's Certificate, such period as shall
have elapsed since the Series 200 - Closing Date) and of COLT's performance
under this COLT Indenture has been made under such Authorized Officer's
supervision; and

                                       15
<PAGE>

            (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 3.9 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 200 - 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 under any Series of Secured
      Notes 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 200 -
      Collateral shall have been taken; and

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

                  (A) that such consolidation or merger and such supplemental
      indenture comply with this Section 3.9;

                  (B) that such consolidation or merger and such supplemental
      indenture shall have no material adverse tax consequences to COLT or any
      COLT 200 - Secured Noteholder; and

                  (C) that all conditions precedent herein provided for in this
      Section 3.9 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 200 - Basic Documents, COLT shall not sell, convey, exchange,
transfer or

                                       16
<PAGE>

otherwise dispose of any of the properties or assets included in the COLT 200 -
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 200 - 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 200 - 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 200__-___ 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 200__-__ Secured Notes;

                  (ii) immediately after giving effect to such transaction, no
      Default or Event of Default with respect to the COLT 200 - Secured Notes
      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 200 - Secured
      Notes;

                  (iv) any action as is necessary to maintain the lien and
      security interest created by this COLT Indenture in the COLT 200 -
      Collateral shall have been taken; and

                  (v) COLT shall have delivered to the COLT Indenture Trustee 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 3.9;

                  (B) such sale, conveyance, exchange, transfer or disposition
      and such supplemental indenture have no material adverse tax consequence
      to COLT or to any COLT 200 - Secured Noteholder; and

                                       17
<PAGE>

                  (C) that all conditions precedent herein provided for in this
      Section 3.9 have been complied with, which shall include any filing
      required by the Exchange Act.

            SECTION 3.10 Successor or Transferee.

            (a) Upon any consolidation or merger of COLT in accordance with
Section 3.9(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 200
- Basic Documents with the same effect as if such Person had been named as COLT
herein.

            (b) Upon a conveyance or transfer of all the assets and properties
included in the COLT 200 - Collateral pursuant to Section 3.9(b), COLT shall be
released from every covenant and agreement of this COLT Indenture to be observed
or performed on the part of COLT with respect to the COLT 200 - 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 3.11 No Other Business. COLT shall not engage in any
business or activity other than acquiring, holding and managing the COLT 200 -
Trust Estate and the proceeds therefrom in the manner contemplated by the COLT
200 - Basic Documents, issuing COLT 200 - Secured Notes and the COLT 200 -
Certificate, making payments on COLT 200 - Secured Notes and the COLT 200 -
Certificate and such other activities that are necessary, suitable or convenient
to accomplish the foregoing or are incidental thereto or are otherwise described
in as set forth in Section 2.3 of the Declaration.

            SECTION 3.12 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 200 - Secured Notes, money borrowed in respect of any other
Series of Secured Notes or otherwise in accordance with the COLT 200 - Basic
Documents.

            SECTION 3.13 Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by this COLT Indenture or the other COLT 200 - 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 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 3.14 Servicer's Obligations. COLT shall use its best efforts
to cause the Servicer to comply with its obligations under Sections 2.16, 2.17
and 2.18 of the COLT Servicing Agreement.

            SECTION 3.15 Capital Expenditures. COLT shall not make any
expenditure (whether by long-term or operating lease or otherwise) for capital
assets (either real, personal or

                                       18
<PAGE>

intangible property) other than the purchase of the Series 200 - Lease Assets
and other related property and rights from time to time pursuant to the COLT
Sale and Contribution Agreement.

            SECTION 3.16 Restricted Payments. Except for payments of principal
or interest on or redemption of the COLT 200 - Secured Notes, so long as any
COLT 200__-___ Secured Notes are outstanding, COLT shall not, directly or
indirectly:

            (a) pay any dividend or make any distribution from collections
received on the COLT 200 - 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 200__-___ Certificateholder or otherwise, in each
case with respect to any ownership or equity interest or similar security in or
of the related Series Portfolio of COLT or to the Servicer;

            (b) redeem, purchase, retire or otherwise acquire for value any such
ownership or equity interest or similar security; or

            (c) set aside or otherwise segregate any amounts for any such
purpose; provided, however, that COLT may make, or cause to be made,
distributions from collections received on the COLT 200 - Trust Estate to the
Servicer, the COLT Indenture Trustee, the COLT Owner Trustee and the Series 200
- Certificateholder as permitted by, and to the extent funds are available for
such purpose under, the COLT 200 - Basic Documents. COLT shall not, directly or
indirectly, make payments to or distributions from the COLT Collection Account
except in accordance with the COLT 200 - Basic Documents.

            SECTION 3.17 Notice of Events of Default. COLT agrees to give the
COLT Indenture Trustee, each COLT 200 - 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 200__-___ Basic Documents and each default on the
part of the Seller of its obligations under the COLT Sale and Contribution
Agreement.

            SECTION 3.18 Further Instruments and Acts. Upon request of the COLT
Indenture Trustee, COLT shall execute and deliver such further instruments and
do such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this COLT Indenture.

            SECTION 3.19 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 repurchased Series 200 -
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

                                       19
<PAGE>

Servicer, as applicable, shall thereupon own such Series 200 - Lease Asset, and
all such security and documents, free of any further obligation to the COLT
Indenture Trustee, the COLT 200 - Secured Noteholders or the COLT 200 -
Certificateholder with respect thereto. In addition, the Servicer shall have the
right to sell or otherwise dispose of the Vehicles related to the Series 200 -
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 200 - Lease
Asset included in the COLT 200 - Collateral on the ground that it is not a real
party in interest or a holder entitled to enforce the Series 200 - 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 200 -
Lease Asset, including bringing suit in the COLT Indenture Trustee's name or the
names of the COLT 200 - Secured Noteholders and/or the COLT 200 -
Certificateholder.

            SECTION 3.20 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 200 - Closing Date:

            (a) Good Title. No interest in any Series 200 - Lease Asset has been
sold, transferred, assigned or pledged by COLT to any Person other than the COLT
Indenture Trustee as of the Series 200 - Closing Date (except that GMAC, as
initial holder of the COLT 200 - 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 200 -
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 200 - Lease Assets, free of any
Lien; and

            (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 200 - Secured Noteholder) a
first priority perfected security interest in the COLT 200 - Collateral have
been made.

            SECTION 3.21 Maintenance of Separate Records for each Series. So
long as any COLT 200 - 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 200 - Lease Assets and the remainder of the Series
200 - Portfolio and the Series 200 - Lease Assets and the remainder of the
Series 200 - Portfolio shall be held and accounted for separately from any other
Trust Assets allocated to any other Series Portfolio or the Residual Interest.

                                       20
<PAGE>

                                   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 200__-__ Secured Notes; (iii) rights of COLT 200
- Secured Noteholders to receive payments of principal thereof and interest
thereon; (iv) Sections 3.2, 3.3, 3.4, 3.7, 3.9, 3.11, 3.12, 3.17, and 3.19; (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 200 - 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 200 - Secured Notes,
if:

            (a) either:

                  (i) all COLT 200 - Secured Notes theretofore authenticated and
      delivered (other than (A) COLT 200 - Secured Notes that have been
      destroyed, lost or stolen and that have been replaced or paid as provided
      in Section 2.5 and (B) COLT 200__-__ 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 3.2) have been delivered to the COLT Indenture Trustee
      for cancellation; or

                  (ii) all COLT 200 - 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

                  (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 200 - Secured Notes have been redeemed in
      accordance with Section 10.1,

      and COLT, in the case of (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 200 - Secured Notes not theretofore delivered to the
      COLT Indenture Trustee for cancellation when due on the Final Maturity
      Date for such COLT 200 - Secured Notes or the Redemption Date for such
      COLT 200 - Secured Notes (if such

                                       21
<PAGE>

      COLT 200 - 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 200 - Secured
Noteholders under this COLT Indenture and any other COLT 200 - Basic Documents;
and

            (c) COLT has delivered to the COLT Indenture Trustee and to the COLT
200__-___ 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 200 - 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 200
- 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 200 - 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, 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 200 - 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.

            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 200 - Secured Noteholders under the terms of the COLT 200 - Secured
Notes and the cancellation of such COLT 200 - Secured Notes pursuant to Section
4.1, the COLT Indenture Trustee shall continue to act in the capacity as COLT
Indenture Trustee hereunder to the benefit of the COLT 200 - Certificateholder
and the COLT Indenture Trustee, for the benefit of the such COLT 200 -
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 200 - Certificate have been paid in full.

                                       22
<PAGE>

                                    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 200 - 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 200 - 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, 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 200__-__ 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 outstanding unpaid principal balance
of any COLT 200 - 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 200__-___ 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 and GMAC
(or the Servicer, as applicable) by the COLT Indenture Trustee or to the Issuer
and 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 200__-__
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 200 - 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, sequestrator or
similar official of COLT or for any substantial part of the COLT 200 -
Collateral, 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

                                       23
<PAGE>

COLT 200 - Collateral, 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 200__-___ 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 200 - Secured Notes
shall have already become due and payable, either the COLT Indenture Trustee or
the holders of 200__-___ Secured Notes representing not less than a majority of
the Outstanding Amount of the COLT 200_-___ Secured Notes may declare all the
COLT 200 - 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 2000_-___
Secured Noteholders setting forth the Event of Default or Events of Default, and
upon any such declaration the unpaid principal amount of the COLT 200 - 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 200 - 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 200__-___
Secured Notes representing not less than a majority of the Outstanding Amount of
the COLT 200_-___ 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 200__-___ 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 200__-___ Secured Noteholders, then and in every such case,
the COLT Indenture Trustee, COLT and the COLT 200__-___ Secured Noteholders, as
the case may be, shall be restored to their respective former positions and
rights hereunder, and all rights, remedies and powers of the COLT Indenture
Trustee, COLT and the COLT 200 - 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

                                       24
<PAGE>

COLT Indenture Trustee, pay to the COLT Indenture Trustee, for the ratable
benefit of the COLT 200 - Secured Noteholders in accordance with their
respective Note Principal Balances, the entire amount then due and payable on
the COLT 200 - Secured Notes for principal and interest, with interest upon the
overdue principal and overdue interest at the COLT 200 - Secured Note Rate 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 200 - Secured Notes
and collect in the manner provided by law out of the property of the COLT 200 -
Trust Estate, the monies adjudged or decreed to be payable.

            (c) If an Event of Default occurs and is continuing, the COLT
Indenture Trustee, as more particularly provided in Section 5.4, in its
discretion, proceed to protect and enforce its rights and the rights of the COLT
200 - 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 other obligor
upon the COLT 200 - Secured Notes or any Person having or claiming an ownership
interest in the COLT 200 - 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 in case of any
other comparable judicial Proceedings relative to COLT or other obligor upon the
COLT 200 - Secured Notes, or to the creditors or property of COLT or such
obligor, the COLT Indenture Trustee, irrespective of whether the principal of
any COLT 200 - 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:

            (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 200 - Secured Notes, 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 200 - Secured
Noteholders allowed in such Proceedings;

                                       25
<PAGE>

            (ii) unless prohibited by applicable law and regulations, to vote on
behalf of the Holders of the COLT 200 - 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 200 - 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 200 - 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 200 - Secured
Noteholders to make payments to the COLT Indenture Trustee for application in
accordance with the priorities set forth in the COLT 200 - Basic Documents, and,
if the COLT Indenture Trustee shall consent to the making of payments directly
to such COLT 200 - 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 200 - Secured Noteholder any plan of reorganization,
arrangement, adjustment or composition affecting the COLT 200 - 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 200__-___ 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 200 - Secured Notes may be enforced by the
COLT Indenture Trustee without the possession of any of the COLT 200 - 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 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 200 -
Secured Noteholders in accordance with the priorities set forth in the COLT 200
- 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 200 - Secured
Noteholders, and it shall not be necessary to make any the COLT 200 - Secured
Noteholder a party to any such Proceedings.

                                       26
<PAGE>

            SECTION 5.4 Remedies; Priorities.

            (a) If an Event of Default shall have occurred and be continuing and
the COLT 200 - Secured Notes have been accelerated under Section 5.2(a), the
COLT Indenture Trustee may do one or more of the following (subject to Section
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 200 - 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 200 - Trust Estate and any
      other obligor upon such COLT 200 - 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 200
      - 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 200 - Secured
      Noteholders; and

                  (iv) sell the COLT 200 - 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 200 - Trust Estate, including the Series
      200 - Lease Assets included therein, and continue to apply collections on
      such Series 200 - 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 200 - Trust Estate following an Event
      of Default and acceleration of the COLT 200 - Secured Notes, except as is
      set forth in Section 3.19, unless (i)(A) the Holders of all of the
      aggregate Outstanding Amount of the COLT 200__-___ Secured Notes consent
      thereto, (B) the proceeds of such sale or liquidation distributable to the
      Holders of the COLT 200 - Secured Notes are sufficient to discharge in
      full the principal of and the accrued interest on the COLT 200 - 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 200 -
      Secured Notes, (y) the COLT Indenture Trustee determines that the COLT 200
      - Trust Estate will not continue to provide sufficient funds for the
      payment of principal of and interest on the COLT 200 - Secured Notes as
      and when they would have become due if the COLT 200 - Secured Notes had
      not been declared due and payable and (z) the COLT Indenture Trustee
      obtains the consent of each Holder of a COLT 200 - Secured Note, 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 200 - Trust Estate
      for such purpose.

                                       27
<PAGE>

            (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 200 - 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 200 - Secured Notes; (ii) payment in
            full of unpaid principal balance of the Colt 200 - Secured Notes;
            and (iii) the remainder shall be distributed in accordance with the
            instructions of the COLT 200 - Certificateholder.

            SECTION 5.5 Optional Preservation of the Series 200 - Lease Assets.
If the COLT 200 - 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 take and maintain possession of the COLT
200 - Trust Estate. It is the desire of the parties hereto and the COLT 200 -
Secured Noteholders that there be at all times sufficient funds for the payment
of principal of and interest on the COLT 200 - 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 200 - Trust Estate. In
determining whether to take and maintain possession of the COLT 200 - 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 200 - Trust Estate for such purpose.

            SECTION 5.6 Limitation of Suits. No Holder of any COLT 200 - 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;

            (b) the Holders of not less than 25% of the Outstanding Amount of
the COLT 200 - 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

                                       28
<PAGE>

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
the COLT 200_-__ Secured Notes.

it being understood and intended that no one or more Holders of the COLT 200 -
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 200 - Secured Notes or to
obtain or to seek to obtain priority or preference over any other Holders of the
COLT 200 - 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 200 - Secured Note held by such COLT 200 - Secured Noteholder
and common benefit of all Holders of the COLT 200 - Secured Notes. For the
protection and enforcement of the provisions of this Section 5.6, each and every
COLT 200 - 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 200 - Secured Notes, each representing less than a majority of the
Outstanding Amount of the COLT 200 - 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 200 - Secured Notes.

            SECTION 5.7 Unconditional Rights of the COLT 200 - Secured
Noteholders To Receive Principal and Interest. Notwithstanding any other
provisions in this COLT Indenture, the Holder of any COLT 200 - Secured Note
shall have the right, which is absolute and unconditional, to receive payment of
the principal of and interest on such COLT 200 - Secured Note on or after the
respective due dates thereof expressed in such COLT 200__-___ Secured Note or in
this COLT Indenture (or, in the case of redemption, if applicable, on or after
the Redemption Date) or the other COLT 200 - Basic Documents 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 200 - Secured Noteholder has instituted any
Proceeding to enforce any right or remedy under this COLT Indenture and such
Proceeding has been discontinued or abandoned for any reason or has been
determined adversely to the COLT Indenture Trustee or to such COLT 200 - Secured
Noteholder, then and in every such case COLT, the COLT Indenture Trustee and the
COLT 200 - 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 200 - 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, to the COLT 200
- Secured

                                       29
<PAGE>

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 200 - 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 200 -
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 200 - Secured
Noteholders, as the case may be.

            SECTION 5.11 Control by the COLT 200__-___ Secured Noteholders. The
Holders of a majority of the Outstanding Amount of the COLT 200__-___ 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
200 - 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 200 - Trust Estate
shall be by the Holders of COLT 200 - Secured Notes representing not less than
100% of the Outstanding Amount of the COLT 200 - Secured Notes; and

            (c) 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 or
which might materially adversely affect the rights of the COLT 200 - 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 200 - Secured Notes as provided in Section 5.2, the Holders of not less
than a majority of the Outstanding Amount of the COLT 200__-___ Secured Notes
may waive any past Default or Event of Default and its consequences except a
Default (i) in the payment of principal of or interest on any of the COLT 200 -
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 200 -
Secured Note. In the case of any such waiver, COLT, the COLT Indenture Trustee
and the COLT 200 - Secured Noteholders shall be restored to their former
positions and rights

                                       30
<PAGE>

hereunder, respectively; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereto.

            (b) Upon any such waiver, such 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 200 - 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 200 - Secured Noteholder
or group of COLT 200 - Secured Noteholders holding in the aggregate more than
10% of the Outstanding Amount of the COLT 200 - Secured Notes; or

            (c) any Proceeding instituted by any COLT 200 - Secured Noteholder
for the enforcement of the payment of principal of or interest on any COLT 200 -
Secured Note on or after the respective due dates expressed in such COLT 200 -
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 Secured Notes. The COLT Indenture Trustee's
right to seek and recover judgment on the COLT 200 - 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 200 - 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 200 - Secured Noteholders shall be

                                       31
<PAGE>

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 200 - Trust Estate. 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 200 - 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 200 -
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 200 - 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 200 - 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 200 -
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 under the COLT 200 - 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

                                       32
<PAGE>

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 Section 5.11.

            (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 200 - Basic
Documents.

            (g) No provision of this COLT Indenture 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 relating to the COLT
Indenture Trustee shall be subject to the provisions of this Section 6.1.

            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 shall not be bound to make any investigation
into 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

                                       33
<PAGE>

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 200 - 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 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 or Event of 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 200 - 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 200 - Secured Notes.
The COLT Indenture Trustee in its individual or any other capacity may become
the owner or pledgee of COLT 200 - 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

                                       34
<PAGE>

this COLT Indenture or the COLT 200 - Secured Notes, it shall not be accountable
for COLT's use of the proceeds from the COLT 200 - 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 200 - Secured Notes or
in the COLT 200 - 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 200 - 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 200__-__ Secured Note, the
COLT Indenture Trustee may withhold the notice if and so long as a committee of
its Responsible Officers in good faith determines that withholding the notice is
in the interest of the COLT 200__-__ Secured Noteholders.

            SECTION 6.6 Reports by COLT Indenture Trustee to the COLT 200__-___
Secured Noteholders. To the extent the any COLT 200 - Secured Noteholder does
not receive such information or documents directly, the COLT Indenture Trustee
shall deliver to each such COLT 200 - Secured Noteholder, as applicable, the
information and documents set forth in Article VII, and, in addition, all such
information with respect to the COLT 200 - 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(d) or (e), 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 200__-___ 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

                                       35
<PAGE>

Outstanding Amount of the COLT 200__-___ 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.

            (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 200 - 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 200__-___ 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 200 - 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.

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<PAGE>

            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 200 - 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 200 - Secured Notes so authenticated; and in case at that
time any of the COLT 200 - Secured Notes shall not have been authenticated, any
successor to the COLT Indenture Trustee may authenticate such COLT 200 - Secured
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 200 - 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 200 - 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 200 - Trust Estate and to vest in such
Person or Persons, in such capacity and for the benefit of the COLT 200 -
Secured Noteholders, such title to the COLT 200 - 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 200 - 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),

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<PAGE>

      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 200 - 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 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
$____________ 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 200_-_
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

                                       38
<PAGE>

TIA Section 311(b). A trustee who has resigned or been removed shall be subject
to TIA Section 311(a) to the extent indicated.

            SECTION 6.13 Representations and Warranties of COLT Indenture
Trustee. The COLT Indenture Trustee represents and warrants as of the Series 200
- 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 200
- 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 200 - Basic Document to which it is a party;

            (c) the execution, delivery and performance by the COLT Indenture
Trustee of this COLT Indenture and any other COLT 200 - 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 200 -
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 200 - 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 200 - 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 200 - 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 200 - Secured Notes. All rights of action and claims under
this COLT Indenture or the COLT 200 - Secured Notes may be prosecuted and
enforced by the COLT Indenture Trustee without the possession of any of the COLT
200 - Secured Notes or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the

                                       39
<PAGE>

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 200 - 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 200 - Secured Noteholders under this COLT
Indenture or in aid of the execution of any power granted to the COLT Indenture
Trustee by a Proceeding whether for the specific performance of any covenant or
agreement contained 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 200 - Secured Noteholders.

            SECTION 6.16 Rights of COLT 200__-___ Secured Noteholders to Direct
COLT Indenture Trustee. The Holders of not less than a majority of the
Outstanding Amount of the COLT 200 - 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 200__-___ Secured Noteholders.

                                   ARTICLE VII
                COLT 200 - SECURED NOTEHOLDERS' LISTS AND REPORTS

            SECTION 7.1 COLT To Furnish COLT Indenture Trustee Names and
Addresses of COLT 200 - 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 200 - 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.

                                       40
<PAGE>

            SECTION 7.2 Preservation of Information, Communications to 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 200
- 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 200 - 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 200 - Secured Noteholders may communicate with other COLT
200 - Secured Noteholders with respect to their rights under this COLT Indenture
or under the COLT 200 - Secured Notes.

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

            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 200__-__ 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 15th, beginning with August 15, 200__,
the COLT Indenture Trustee shall mail to each COLT 200__-__ 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

                                       41
<PAGE>

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 200__-__ Secured
Noteholders, be filed by the COLT Indenture Trustee with the Commission and each
stock exchange, if any, on which the COLT 200__-__ Secured Notes are listed.
COLT shall notify the COLT Indenture Trustee if and when the COLT 200__-__
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 200 - Basic Documents. The COLT Indenture Trustee shall apply all
such money received by it with respect to the COLT 200 - Trust Estate as
provided in this COLT Indenture, the COLT Servicing Agreement and any other COLT
200 - 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 agreement or instrument that is part of the
COLT 200 - 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 200 - 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 200 - 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 200 - Secured
Noteholders 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 Trust 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

                                       42
<PAGE>

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 as an obligor 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 (which may be by electronic mail or other electronic transmission)
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 continuing with respect to the COLT
200 - Secured Notes but the COLT 200 - Secured Notes shall not have been
declared due and payable pursuant to Section 5.2, or (iii) if the COLT 200 -
Secured Notes shall have been declared due and payable following an Event of
Default, but amounts collected or receivable from the COLT 200 - 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 Eligible
Investments selected by the COLT Indenture Trustee.

            SECTION 8.4 Release of the COLT 200 - 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 200 - Secured Notes Outstanding and all sums due to the COLT Indenture
Trustee pursuant to Section 6.7 have been paid, notify COLT thereof in writing
and upon receipt of a Trust Request, release any remaining portion of the COLT
200 - Trust Estate that secured the COLT 200 - 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 Trust Request, an Officer's
Certificate and an Opinion of

                                       43
<PAGE>

Counsel and (if required by the TIA) Independent Certificate in accordance with
Sections 3.14(c) and 3.14(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 200 - Secured Notes or
the rights of the COLT 200 - 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 200 - 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.

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

            SECTION 9.1 Supplemental Indentures Without Consent of COLT 200 -
Secured Noteholders.

            (a) Without the consent of the Holders of any COLT 200 - Secured
Notes and with prior notice to the Rating Agencies, COLT and the COLT Indenture
Trustee, when authorized by a Trust 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
      3.10 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 200 - Secured Notes;

                  (iii) to add to the covenants of COLT for the benefit of the
      COLT 200 - 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;

                                       44
<PAGE>

                  (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 200 - Basic Document;

                  (vi) to evidence and provide for the acceptance of the
      appointment hereunder by a successor trustee with respect to the COLT 200
      - 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 trusts hereunder by more than one trustee, pursuant
      to the requirements of Article VI; and

                  (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 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 Trust
Order, may, also without the consent of any of the COLT 200 - 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 200 - Secured Noteholders under this COLT Indenture; provided,
however, that such action shall not, as evidenced by an Officer's Certificate,
adversely affect in any material respect the interests of any COLT 200 - Secured
Noteholder unless such COLT 200 - Secured Noteholders' consent is obtained.

            SECTION 9.2 Supplemental Indentures With Consent of COLT 200 -
Secured Noteholders.

            (a) COLT and the COLT Indenture Trustee, when authorized by a Trust
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 200 - Secured Notes affected in any material respect thereby, 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 200 -
Secured Noteholders under this COLT Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
outstanding COLT 200 - Secured Note affected thereby:

                  (i) change the due date of any instalment of principal of or
      interest on any COLT 200 - Secured Note, or reduce the principal amount
      thereof, the interest rate applicable thereto, or the Redemption Price
      with respect thereto, change any place of payment where, or the coin or
      currency in which, any COLT 200 - Secured Note or any

                                       45
<PAGE>

      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 200 - Secured Notes on or after
      the respective due dates thereof (or, in the case of redemption, on or
      after the Redemption Date);

                  (ii) reduce the percentage of the Outstanding Amount of the
      COLT 200 - 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 200 - Secured Notes required to direct the COLT Indenture Trustee to
      sell or liquidate the COLT 200 - Trust Estate pursuant to Section 5.4 if
      the proceeds of such sale would be insufficient to pay the principal
      amount of and accrued but unpaid interest on the Outstanding COLT 200 -
      Secured Notes;

                  (v) modify any provision of this Section 9.2 to decrease the
      required minimum percentage necessary to approve any amendments to any
      provisions of this COLT Indenture;

                  (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 200 - 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 200 - 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 200 - 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 200
      - 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 200 - 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 200 - 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.

                                       46
<PAGE>

            (c) It shall be sufficient if an Act of COLT 200 - 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 200 - 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
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 200 -
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 200 - Secured Notes to Supplemental
Indentures. COLT 200 - 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
200 - 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 200 - Secured Notes.

                                       47
<PAGE>

                                    ARTICLE X
                           REDEMPTION OF SECURED NOTES

            SECTION 10.1 Redemption. The COLT 200 - 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 200 - Lease Assets pursuant to Section 6.01 of the
COLT Servicing Agreement. The date on which such redemption shall occur is the
Payment Date following 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 200 - Secured Notes shall be equal to the applicable
Redemption Price. The Seller, the Servicer or COLT shall furnish the COLT
200__-___ Secured Noteholders notice of such redemption. If the COLT 200 -
Secured Notes are to be redeemed pursuant to this Section 10.1, the Seller, the
Servicer or COLT shall furnish notice thereof to the COLT Indenture Trustee and
the COLT 200__-___ Secured Noteholders not later than 25 days prior to the
Redemption Date and the COLT 200__-___ Secured Noteholders and the COLT
Indenture Trustee (based on such notice) shall withdraw from the COLT Collection
Account and pay to the COLT 200 - Secured Noteholders on the Redemption Date,
the aggregate Redemption Price of the COLT 200 - Secured Notes, whereupon all
such COLT 200 - Secured Notes shall be due and payable on the Redemption Date.

            SECTION 10.2 Form of Redemption Notice.

            (a) Notice of redemption of the COLT 200 - Secured Notes under
Section 10.1 shall be given by the COLT Indenture Trustee by first-class mail,
postage prepaid, mailed not less than five days prior to the applicable
Redemption Date to each COLT 200 - Secured Noteholder of record at such COLT 200
- Secured Noteholder's address appearing in the Secured Note Register.

            (b) All notices of redemption shall state:

                  (i) the applicable Redemption Date; and

                  (ii) the applicable Redemption Price.

            (c) Notice of redemption of the COLT 200 - Secured Notes shall be
given by the COLT Indenture Trustee in the name and at the expense of COLT.
Failure to give notice of redemption, or any defect therein, to any Holder of
any COLT 200 - Secured Note shall not impair or affect the validity of the
redemption of any other COLT 200 - Secured Note.

            SECTION 10.3 COLT 200 - Secured Notes Payable on Redemption Date.
The COLT 200 - Secured Notes shall, following notice of redemption as required
by Section 10.2, 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.

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<PAGE>

                                   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 upon request: (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 200 - 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 Officers' 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 200 - Trust Estate or other property or securities
to be so deposited.

                  (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

                                       49
<PAGE>

      clause (b)(ii), is 10% or more of the Outstanding Amount of the COLT 200 -
      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 200 - 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
      200 - 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 200 - Secured
      Notes.

                  (v) Notwithstanding Section 2.11 or any other provision of
      this Section 11.1, COLT may (A) collect, liquidate, sell or otherwise
      dispose of Series 200 - Lease Assets proceeds of both as and to the extent
      permitted or required by the COLT 200 - Basic Documents, (B) make cash
      payments out of any Designated Accounts as and to the extent permitted or
      required by the COLT 200 - Basic Documents and (C) take any other action
      not inconsistent with the TIA.

            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.

                                       50
<PAGE>

            (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 200 - 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 200 - Secured Noteholders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such COLT 200 - 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 200
- Secured Noteholders, as applicable, signing such instrument or instruments.
Proof of execution of any such instrument or 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 200 - Secured Notes shall be proved by the
Secured Note Register.

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<PAGE>

            (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any COLT 200 - Secured Notes shall bind
the Holder of every COLT 200 - 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 200 -
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 200 - 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 200 - 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 200 - 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
Secured Noteholders to the COLT Indenture Trustee and the COLT Indenture Trustee
shall likewise promptly transmit any notice received by it from the COLT 200 -
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 Secured Noteholders; Waiver.

            (a) Where this COLT Indenture provides for notice to the COLT
200__-___ 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 200 - 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
earliest date, prescribed for the giving of such notice. If notice to COLT
200_-_ 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 200_-_
Secured Noteholder shall affect the sufficiency of such notice with respect to
other COLT 200_-_ 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

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<PAGE>

COLT 200 - 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 200 - 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 200 - Secured Notes to the contrary, COLT may enter into any agreement with
any Holder of a COLT 200 - 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.

            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
200 - 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.

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<PAGE>

            SECTION 11.10 Severability.

            In case any provision in this COLT Indenture or in the COLT 200 -
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 200 - 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 200 - Secured Noteholders and any other Person with an ownership interest
in any part of the COLT 200 - 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 200 - 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 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 PARTIES UNDER THIS COLT INDENTURE SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

            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.

                                       54
<PAGE>

            SECTION 11.16 No Recourse.

            (a) Each COLT 200 - Secured Noteholder agrees by acceptance of a
COLT 200 - 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 200 - 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, 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 its 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 200 - Trust Estate.

            (b) Except as expressly provided in the COLT 200 - Basic Documents,
neither the Seller, the Servicer, the COLT Indenture Trustee nor the COLT Owner
Trustee in 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 200 -
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 200 - 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 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.

                                       55
<PAGE>

            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 200 - Secured Noteholder, by its acceptance of its COLT 200
- Secured Note, that COLT is a series trust pursuant to Sections 3804 and
3806(b)(2) of the Statutory Trust Statute. As such, separate and distinct
records shall be maintained for each Series Portfolio and the COLT 200 - 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 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 200 -
Secured Note, by accepting its COLT 200 - Secured Note, acknowledges and agrees
that such COLT 200 - 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 200 - 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 200 - Secured Noteholder, by accepting its COLT 200 - 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 200 - 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 200 - Secured Noteholder either
(a) asserts an interest or claim to, or benefit from, Other Assets,

                                       56
<PAGE>

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
200 - Secured Noteholder, by accepting its COLT 200 - 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 200 - 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 200 - 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:_____________________________________
                                      Name:
                                      Title:

                                      _____________, as COLT Indenture Trustee

                                      By:_____________________________________
                                      Name:
                                      Title:

                                                                  COLT Indenture

<PAGE>

                                                              EXHIBIT A-1 TO THE
                                                            COLT 200 - INDENTURE

                  INFORMATION FOR EACH COLT 200 - SECURED NOTE

             [STATE OF LEASE ORIGINATION:_________________________]

[FOR EACH LEASE ASSET:]

Vehicle ID No.: _____________________

Lease:    Lease
          No.:  _____________________
          Lease
          Date: _____________________    Vehicle:     Year:_____________________
                                                      Make:_____________________
                                                     Model:_____________________
Final Maturity Date:_________________    Initial ABS Value:_____________________

                                     A-1-1
<PAGE>

                                                              EXHIBIT A-2 TO THE
                                                            COLT 200 - INDENTURE

                         FORM OF COLT 200 - SECURED NOTE

                         Date of Issuance:                     ________________
                         Note Principal Balance:               $_______________
                         Secured Note Rate:  _____% per annum
                         Initial Aggregate ABS Value:   _______________________

      Central Originating Lease Trust, a Delaware statutory trust ("COLT"), for
value received, hereby promises to pay on each Payment Date to the Holder of
this COLT 200 - Secured Note identified in the Secured Note Register on the
related Record Date, the sum of (x) the Secured Note Interest Distributable
Amount due on such COLT 200 - Secured Note on such Payment Date, plus (y) such
Secured Noteholder's portion of the aggregate amount payable on such Payment
Date in respect of principal on the COLT 200 - Secured Notes pursuant to
Sections 2.6(b) and 3.1 of the COLT Indenture (as defined below) pro rata based
on the Note Principal Balance of each such COLT 200 - Secured Note. The
principal of this COLT 200 - Secured Note shall be due and payable in full on
the Final Maturity Date, unless an optional redemption of the COLT 200 - 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 , 200 (as amended, modified or
otherwise supplemented from time to time, the "COLT Indenture"), between COLT
and , , 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 a security interest in the COLT 200 - Collateral
(other than the Direct COLT Pledge) to the extent set forth therein, and (y) to
each COLT 200 - 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 200 - 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 , 200 , 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 200 - , VAULT pledges to each COLT 200 - Secured
Noteholder a security interest in all of VAULT's legal title to the Vehicles
related to the Series 200 - Lease Assets to the extent set forth therein.

      The sole source for payment of this COLT 200 - Secured Note and all other
COLT 200 - Secured Notes is limited to the COLT 200 - Trust Estate and such
other funds as COLT may from time to time pledge to secure the payment of the
COLT 200 - Secured 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 200 - Secured Notes.

                                      A-2-1
<PAGE>

      Capitalized terms not otherwise defined herein shall have the meanings set
forth in the COLT Indenture, dated as of , 200 , between COLT and the COLT
Indenture Trustee, as such agreements may be amended, supplemented or otherwise
modified from time to time.

                                      A-2-2
<PAGE>

This COLT 200 - 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 owner trustee

                                   By: General Motors Acceptance Corporation,
                                       its Attorney-in-Fact

                                       By:___________________________________
                                            Its:_____________________________

                                       Dated: ________, 200

                                      A-2-3
<PAGE>

             COLT INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the COLT 200__-__ Secured Notes designed above and referred to in
the within-mentioned COLT Indenture.

                                   __________________________, not in its
                                   individual capacity but solely as COLT
                                   Indenture Trustee

                                   By: ______________________________________
                                       Name:
                                       Title:

                                      A-2-4
<PAGE>

                                                                EXHIBIT B TO THE
                                                            COLT 200 - INDENTURE

      Payment hereunder shall be made to the holder of this COLT 200 - Secured
Note in accordance with the COLT Indenture and the COLT Servicing Agreement.

      The COLT Indenture Trustee and each holder of this COLT 200 - Secured
Note, by its acceptance of this COLT 200 - 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 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 200 - Secured Note shall be
non-recourse to COLT and any other asset of COLT or any COLT 200 -
Certificateholder except to the extent described herein.

      This COLT 200 - Secured Note shall be effective when executed,
authenticated and delivered in accordance with the COLT Indenture.

      THIS COLT 200 - 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 200 - SECURED
NOTE SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

      COLT agrees, and by acquiring this COLT 200 - Secured Note or interest
therein the holder of this COLT 200 - Secured Note or interest therein agrees,
to treat this COLT 200 - 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 holders of this COLT 200 -
Secured Note that (a) the COLT Indenture and this COLT 200 - Secured Note are
executed and delivered by        , not individually or personally but solely as
owner trustee of COLT, (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        but is made and
intended for the purpose of binding only COLT, and (c) under no circumstances
shall 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 200 - Secured Note.

                                       B-1
<PAGE>

                                                      Schedule I to Secured Note

              STATE OF LEASE ORIGINATION:_________________________

[FOR EACH LEASE ASSET:]

Vehicle ID No.: _____________________

Lease:    Lease
          No.:  _____________________
          Lease
          Date: _____________________    Vehicle:     Year:_____________________
                                                      Make:_____________________
                                                     Model:_____________________
Final Maturity Date:_________________    Initial ABS Value:_____________________

                                       B-2