**Exhibit 14.1**

**ATEL CAPITAL EQUIPMENT FUND VII, L.P.**

**CODE OFETHICS FOR CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL AND OPERATING OFFICER**

**A. SCOPE**

This Code of Ethics is applicable to ATEL Capital Equipment Fund VII, L.P. (“Fund VII”), including the Chief Executive Officer and Chief FinancialOfficer and Chief Operating Officer of its General Partner, ATEL Financial Services, LLC (“AFS”), or persons acting in such capacity (collectively the “Covered Officers”) on behalf of Fund VII, referred to herein as the“Company.” 

Accordingly, under the Securities and Exchange Commission’s interpretation of its disclosure rules, the Board ofDirectors of AFS functions as the de facto audit committee for the Company with respect to all procedural and disclosure requirements applicable to audit committees under Securities and Exchange Commission rules. The Board of Directors shall haveoversight responsibility over the activities of the Company for purposes of this Code of Ethics. 

**B. PURPOSE**

The Company is proud of the values with which it conducts business. It has and will continue to uphold the highest levels of business ethics and personalintegrity in all types of transactions and interactions. To this end, this Code of Ethics serves to (1) emphasize the Company’s commitment to ethics and compliance with the law; (2) set forth basic standards of ethical and legalbehavior; (3) provide reporting mechanisms for known or suspected ethical or legal violations; and (4) help prevent and detect wrongdoing. This Code of Ethics is intended to augment and supplement the standard of ethics and businessconduct expected of all Company employees, and its limitation to Covered Officers is not intended to limit the obligation of all Company employees to adhere to the highest standards of business ethics and integrity in all transactions andinteractions conducted while in the Company’s employ. 

Given the variety and complexity of ethical questions that may arise in the courseof business of the Company, this Code of Ethics serves only as a rough guide. Confronted with ethically ambiguous situations, the Covered Officers should remember the Company’s commitment to the highest ethical standards and seek independentadvice, where necessary, to ensure that all actions they take on behalf of the Company honor this commitment. 

**C. ETHICS STANDARDS**

**1. Honest and Ethical Conduct**

The Covered Officers shall behave honestly and ethically at all times and with all people. They shall act in good faith, with due care, and shall engage only in fair and open competition, by treating ethically competitors, suppliers,customers, and colleagues. They shall not misrepresent facts or engage in illegal, unethical, or anti-competitive practices for personal or professional gain. 

**2. Conflicts of Interest**

This fundamental standard of honest and ethical conduct extendsto the handling of conflicts of interest. The Covered Officers shall avoid any actual, potential, or apparent conflicts of interest with the Company and any personal activities, investments, or associations that might give rise to such conflicts.They shall not compete with or use the Company, for personal gain, self-deal, or take advantage of any Company opportunities. They shall act on behalf of the Company free from improper influence or the appearance of improper influence on theirjudgment or performance of duties. A Covered Officer shall disclose any material transaction or relationship that reasonably could be expected to give rise to such a conflict to the Company’s General Counsel or a member of AFS’s Board ofDirectors. No action may be taken with respect to such transaction or party unless and until AFS’s Board of Directors has approved such action. 

Notwithstanding the foregoing, it is understood, as fully disclosed in the offering documents for the Company, that AFS as General Partner of the Company has certain inherent conflicts of interest. The provisions of the Company’sPartnership

Agreement have been drafted to address the obligations, restrictions and limitations on the power and authority of AFS to manage the Company’s affairs, including restrictions prohibiting orlimiting the terms of any transactions in which conflicts of interest may arise. Furthermore, AFS has a fiduciary duty to the Company as its General Partner. It is therefore expressly understood by the Company and the Covered Officers that any andall actions by AFS and its personnel that comply with the provisions of the Company’s Partnership Agreement, and which are consistent with AFS’s fiduciary duty to the Company, will not be considered material transactions or relationshipswhich require disclosure or reporting under this Code of Ethics. 

**3. Timely and Truthful Disclosure**

In reports and documents filed with or submitted to the Securities and Exchange Commission and other regulators by the Company and in other publiccommunications made by the Company, the Covered Officers shall make disclosures that are full, fair, accurate, timely, and understandable. The Covered Officers shall provide thorough and accurate financial and accounting data for inclusion in suchdisclosures. The Covered Officers shall not knowingly conceal or falsify information, misrepresent material facts, or omit material facts necessary to avoid misleading the Company’s independent public auditors or investors. 

**4. Legal Compliance**

In conducting thebusiness of the Company shall comply with applicable governmental laws, rules, and regulations at all levels of government in the United States and in any non-U.S. jurisdiction in which the Company does business, as well as applicable rules andregulations of self-regulatory organizations of which the Company is a member. If the Covered Officer is unsure whether a particular action would violate an applicable law, rule, or regulation, he or she should seek the advice of inside counsel (ifavailable), and, where necessary, outside counsel before undertaking it. 

**D. VIOLATIONS OF ETHICAL STANDARDS**

**1. Reporting Known or Suspected Violations**

The Covered Officers will promptly bring to the attention of the Company’s General Counsel or AFS’s Board of Directors any information concerning a material violation of any of the laws, rules or regulations applicable to theCompany and the operation of its businesses, by the Company or any agent thereof, or of violation of this Code of Ethics. The Company’s General Counsel will investigate reports of violations and the findings communicated to AFS’s Board ofDirectors. 

**2. Accountability for Violations**

If the Company determines that this Code of Ethics has been violated, either directly, by failure to report a violation, or by withholding information related to a violation, it may discipline theoffending Covered Officer for non-compliance with penalties up to and including termination of employment. Violations of this Code of Ethics may also constitute violations of law and may result in criminal penalties and civil liabilities for theoffending Covered Officer and the Company.