<PAGE>

                                                                 EXHIBIT NO. 4.8

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

                         CENTRAL ORIGINATING LEASE TRUST

                                  SECURED NOTES

                             COLT 2007-SN1 INDENTURE

                            DATED AS OF JUNE 7, 2007

                         CENTRAL ORIGINATING LEASE TRUST

                                       AND

                    THE BANK OF NEW YORK TRUST COMPANY, N.A.

                            AS COLT INDENTURE TRUSTEE

================================================================================
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION..........................     3
   SECTION 1.1   Incorporation by Reference of Trust Indenture Act.......     3

ARTICLE II THE SECURED NOTES.............................................     4
   SECTION 2.1   Form....................................................     4
   SECTION 2.2   Execution, Authentication and Delivery..................     4
   SECTION 2.3   Registration; Registration of Transfer and Exchange of
                 COLT 2007-SN1 Secured Notes.............................     5
   SECTION 2.4   Mutilated, Destroyed, Lost or Stolen COLT 2007-SN1
                 Secured Notes...........................................     7
   SECTION 2.5   Payment of Principal and Interest.......................     8
   SECTION 2.6   Persons Deemed Secured Noteholders......................     9
   SECTION 2.7   Cancellation of COLT 2007-SN1 Secured Notes.............     9
   SECTION 2.8   Release of COLT 2007-SN1 Trust Estate...................     9
   SECTION 2.9   Seller, CARI and the Trust as COLT 2007-SN1 Secured
                 Noteholders.............................................    10
   SECTION 2.10  Tax Treatment...........................................    10

ARTICLE III COVENANTS....................................................    10
   SECTION 3.1   Payment of Principal and Interest and Other Amounts.....    10
   SECTION 3.2   Maintenance of Agency Office............................    10
   SECTION 3.3   Money for Payments to Be Held in Trust..................    11
   SECTION 3.4   Existence...............................................    12
   SECTION 3.5   Protection of COLT 2007-SN1 Trust Estate; Acknowledgment
                 of Pledge...............................................    12
   SECTION 3.6   Opinions as to COLT 2007-SN1 Collateral.................    13
   SECTION 3.7   Performance of Obligations; Servicing of Series 2007-SN1
                 Lease Assets............................................    14
   SECTION 3.8   Negative Covenants......................................    15
   SECTION 3.9   Annual Statement as to Compliance.......................    16
   SECTION 3.10  Consolidation, Merger, Etc., of Trust; Disposition of
                 Trust Assets............................................    16
   SECTION 3.11  Successor or Transferee.................................    18
   SECTION 3.12  No Other Business.......................................    18
</TABLE>


                                        i

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 3.13  No Borrowing............................................    18
   SECTION 3.14  Guarantees, Loans, Advances and Other Liabilities.......    18
   SECTION 3.15  Servicer's Obligations..................................    19
   SECTION 3.16  Capital Expenditures....................................    19
   SECTION 3.17  Restricted Payments.....................................    19
   SECTION 3.18  Notice of Events of Default.............................    19
   SECTION 3.19  Further Instruments and Acts............................    20
   SECTION 3.20  COLT Indenture Trustee's Assignment of Administrative
                 Lease Assets and Warranty Lease Assets  and Sale or
                 Other Distribution of the Related Vehicles..............    20
   SECTION 3.21  Representations and Warranties by COLT to the COLT
                 Indenture Trustee.......................................    20
   SECTION 3.22  Maintenance of Separate Records for Each Series.........    21

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

ARTICLE V DEFAULT AND REMEDIES...........................................    23
   SECTION 5.1   Events of Default.......................................    23
   SECTION 5.2   Acceleration of Maturity; Rescission and Annulment......    24
   SECTION 5.3   Collection of Indebtedness and Suits for Enforcement by
                 COLT Indenture Trustee..................................    25
   SECTION 5.4   Remedies; Priorities....................................    27
   SECTION 5.5   Optional Preservation of the Series 2007-SN1 Lease
                 Assets..................................................    29
   SECTION 5.6   Limitation of Suits.....................................    29
   SECTION 5.7   Unconditional Rights of the COLT 2007-SN1 Secured
                 Noteholders to Receive Principal and Interest...........    30
   SECTION 5.8   Restoration of Rights and Remedies......................    30
   SECTION 5.9   Rights and Remedies Cumulative..........................    31
   SECTION 5.10  Delay or Omission, Not a Waiver.........................    31
   SECTION 5.11  Control by the COLT 2007-SN1 Secured Noteholders........    31
</TABLE>


                                       ii

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 5.12  Waiver of Past Defaults.................................    32
   SECTION 5.13  Undertaking for Costs...................................    32
   SECTION 5.14  Waiver of Stay or Extension Laws........................    33
   SECTION 5.15  Action on COLT 2007-SN1 Secured Notes...................    33
   SECTION 5.16  Performance and Enforcement of Certain Obligations......    33

ARTICLE VI THE COLT INDENTURE TRUSTEE....................................    34
   SECTION 6.1   Duties of COLT Indenture Trustee........................    34
   SECTION 6.2   Rights of COLT Indenture Trustee........................    35
   SECTION 6.3   COLT Indenture Trustee May Own COLT 2007-SN1 Secured
                 Notes...................................................    36
   SECTION 6.4   COLT Indenture Trustee's Disclaimer.....................    36
   SECTION 6.5   Notice of Default.......................................    36
   SECTION 6.6   Reports by COLT Indenture Trustee.......................    37
   SECTION 6.7   Compensation; Indemnity.................................    38
   SECTION 6.8   Replacement of COLT Indenture Trustee...................    38
   SECTION 6.9   Merger or Consolidation of COLT Indenture Trustee.......    39
   SECTION 6.10  Appointment of Co-COLT Indenture Trustee or Separate
                 COLT Indenture Trustee..................................    40
   SECTION 6.11  Eligibility; Disqualification...........................    41
   SECTION 6.12  Preferential Collection of Claims Against COLT..........    41
   SECTION 6.13  Representations and Warranties of COLT Indenture
                 Trustee.................................................    41
   SECTION 6.14  COLT Indenture Trustee May Enforce Claims Without
                 Possession of COLT 2007-SN1 Secured Notes...............    42
   SECTION 6.15  Suit for Enforcement....................................    42
   SECTION 6.16  Rights of COLT 2007-SN1 Secured Noteholders to Direct
                 COLT Indenture Trustee..................................    43

ARTICLE VII COLT 2007-SN1 SECURED NOTEHOLDERS' LISTS AND REPORTS.........    43
   SECTION 7.1   COLT to Furnish COLT Indenture Trustee Names and
                 Addresses of COLT 2007-SN1 Secured Noteholders..........    43
   SECTION 7.2   Preservation of Information, Communications to COLT
                 2007-SN1 Secured Noteholders............................    43
</TABLE>


                                       iii

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 7.3   Reports by COLT.........................................    44
   SECTION 7.4   Reports by Trustee......................................    44

ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES........................    44
   SECTION 8.1   Collection of Money.....................................    44
   SECTION 8.2   Designated Accounts; Allocations; Payments..............    45
   SECTION 8.3   General Provisions Regarding Designated Accounts........    45
   SECTION 8.4   Release of the COLT 2007-SN1 Trust Estate...............    46
   SECTION 8.5   Opinion of Counsel......................................    46

ARTICLE IX SUPPLEMENTAL INDENTURES.......................................    47
   SECTION 9.1   Supplemental Indentures Without Consent of COLT 2007-SN1
                 Secured Noteholders.....................................    47
   SECTION 9.2   Supplemental Indentures with Consent of COLT 2007-SN1
                 Secured Noteholders.....................................    48
   SECTION 9.3   Execution of Supplemental Indentures....................    50
   SECTION 9.4   Effect of Supplemental Indenture........................    50
   SECTION 9.5   Conformity with Trust Indenture Act.....................    50
   SECTION 9.6   Reference in COLT 2007-SN1 Secured Notes to Supplemental
                 Indentures..............................................    50

ARTICLE X REDEMPTION OF COLT 2007-SN1 SECURED NOTES......................    51
   SECTION 10.1  Redemption..............................................    51
   SECTION 10.2  COLT 2007-SN1 Secured Notes Payable on Redemption Date..    51

ARTICLE XI MISCELLANEOUS.................................................    51
   SECTION 11.1  Compliance Certificates and Opinions, Etc...............    51
   SECTION 11.2  Form of Documents Delivered to COLT Indenture Trustee...    53
   SECTION 11.3  Acts of COLT 2007-SN1 Secured Noteholders...............    54
   SECTION 11.4  Notices, Etc., to COLT Indenture Trustee, COLT and
                 Rating Agencies.........................................    54
   SECTION 11.5  Notices to COLT 2007-SN1 Secured Noteholders; Waiver....    55
   SECTION 11.6  Alternate Payment and Notice Provisions.................    56
   SECTION 11.7  Conflict with Trust Indenture Act.......................    56
   SECTION 11.8  Effect of Headings and Table of Contents................    56
</TABLE>


                                       iv

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 11.9  Successors and Assigns..................................    56
   SECTION 11.10 Severability............................................    56
   SECTION 11.11 Benefits of COLT Indenture..............................    56
   SECTION 11.12 Legal Holidays..........................................    57
   SECTION 11.13 GOVERNING LAW...........................................    57
   SECTION 11.14 Counterparts............................................    57
   SECTION 11.15 Recording of COLT Indenture.............................    57
   SECTION 11.16 No Recourse.............................................    57
   SECTION 11.17 No Petition.............................................    58
   SECTION 11.18 Inspection..............................................    58
   SECTION 11.19 Indemnification by and Reimbursement of the Servicer....    59
   SECTION 11.20 Series Liabilities......................................    59
   SECTION 11.21 Subordination...........................................    59
</TABLE>


                                        v

<PAGE>

EXHIBIT A FORM OF COLT 2007-SN1 SECURED NOTE

<PAGE>

          THIS COLT 2007-SN1 INDENTURE, dated as of June 7, 2007 (this "COLT
Indenture"), is between CENTRAL ORIGINATING LEASE TRUST, a Delaware statutory
trust ("COLT"), and THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking
association organized under the laws of the United States of America, 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 2007-SN1 Secured
Notes:

                                 GRANTING CLAUSE

          COLT hereby Grants to the COLT Indenture Trustee, for the equal and
ratable benefit of each Holder of a COLT 2007-SN1 Secured Note, a security
interest in, and its transfer, assignment and conveyance of, without recourse,
the following:

               (i) all right, title and interest of COLT in, to and under the
     Series 2007-SN1 Lease Assets listed on the Series 2007-SN1 Lease Assets
     Schedule attached as Schedule A to the COLT Sale and Contribution
     Agreement, all beneficial interest in the Vehicles related to the Series
     2007-SN1 Lease Assets under the VAULT Trust Agreement, and all monies due
     thereunder on and after the Cutoff Date and with respect to the related
     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 Vehicles or Lessees related to the Series 2007-SN1 Lease Assets;

               (iii) the interest of COLT in any proceeds from recourse against
     Dealers on the Series 2007-SN1 Lease Assets;

               (iv) all right, title and interest of COLT in, to and under the
     COLT 2007-SN1 Lease Assets Assignment;

               (v) all right, title and interest of COLT in, to and under the
     VAULT Trust Agreement (solely with respect to the Vehicles related to
     Series 2007-SN1 Lease Assets);

               (vi) all right, title and interest of COLT in, to and under the
     COLT Servicing Agreement and any other COLT 2007-SN1 Basic Document;

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

               (viii) the present and future claims, demands, causes and choses
     in action in respect of any or all the foregoing and all payments on or
     under and all proceeds of every kind and nature whatsoever in respect of
     any or all the foregoing, including all proceeds of the conversion of any
     or all of the foregoing, voluntary or involuntary, into cash or other
     liquid property, all cash proceeds, accounts, accounts receivable, notes,

<PAGE>

     drafts, acceptances, chattel paper, checks, deposit accounts, insurance
     proceeds, investment property, payment intangibles, general intangibles,
     condemnation awards, rights to payment of any and every kind and other
     forms of obligations and receivables, instruments and other property which
     at any time constitute 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 2007-SN1 Collateral").

          In addition, to the extent that, notwithstanding the terms of the
VAULT Trust Agreement and the Statutory Trust Act, COLT is deemed to hold a
direct ownership interest in the legal title to any Vehicle related to the
Series 2007-SN1 Lease Assets (and not merely a beneficial interest in VAULT
representing an interest in the legal title to such Vehicle), COLT hereby
grants, equally and ratably, to each COLT 2007-SN1 Secured Noteholder a security
interest in all of COLT's rights in such Vehicle, to secure its obligations
under the COLT Indenture (the assets pledged under such security interest, the
"Direct COLT Pledge"). The Direct COLT Pledge shall constitute part of the COLT
2007-SN1 Collateral for all purposes hereunder, and each COLT 2007-SN1 Secured
Noteholder, by its acceptance thereof, hereby appoints the COLT Indenture
Trustee as its agent to act with respect to the Direct COLT Pledge as it is
required to act with respect to the remainder of the COLT 2007-SN1 Collateral in
accordance with this COLT Indenture.

          The foregoing Grant is made in trust to secure the payment of
principal of and interest on, and any other amounts owing in respect of, the
COLT 2007-SN1 Secured Notes, equally and ratably without prejudice, priority or
distinction among the Holders of the COLT 2007-SN1 Secured Notes and to secure
compliance with the provisions of this COLT Indenture, all as provided in this
COLT Indenture. This COLT Indenture constitutes a security agreement under the
UCC.

          The foregoing Grant includes all rights, powers and options (but none
of the obligations, if any) of COLT under any agreement or instrument included
in the COLT 2007-SN1 Collateral, including the immediate and continuing right to
claim for, collect, receive and give receipt for principal and interest payments
in respect of the Series 2007-SN1 Lease Assets included in the COLT 2007-SN1
Collateral and all other monies payable under the COLT 2007-SN1 Collateral, to
give and receive notices and other communications, to make waivers or other
agreements, to exercise all rights and options, to bring Proceedings in the name
of COLT or otherwise and generally to do and receive anything that COLT is or
may be entitled to do or receive under or with respect to the COLT 2007-SN1
Collateral.

          Furthermore, on the Series 2007-SN1 Closing Date, VAULT shall grant a
security interest in the Pledged Collateral to each COLT 2007-SN1 Secured
Noteholder, to the extent set forth in the VAULT Security Agreement. The Pledged
Collateral shall constitute part of the COLT 2007-SN1 Trust Estate for all
purposes hereunder, and each COLT 2007-SN1 Secured Noteholder, by its acceptance
thereof, hereby appoints the COLT Indenture Trustee as its agent to act with
respect to the Pledged Collateral as it is required to act with respect to the
remainder of the COLT 2007-SN1 Trust Estate in accordance with this COLT
Indenture.

                                                       COLT 2007 - SNI Indenture

<PAGE>

          The Holders of the COLT 2007-SN1 Secured Notes shall enjoy solely the
security of the COLT 2007-SN1 Trust Estate and shall have no recourse to the
assets included in the Series Portfolio securing any other Series of Secured
Notes or any other assets of COLT.

          The COLT Indenture Trustee, as indenture trustee on behalf of each
Holder of the COLT 2007-SN1 Secured Notes, acknowledges such Grant and accepts
the trusts under this COLT Indenture in accordance with the provisions of this
COLT Indenture.

                                    ARTICLE I
                      DEFINITIONS AND 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 Declaration of
Trust, dated as of December 13, 2006 (as amended, modified or supplemented from
time to time, the "Declaration of Trust"), 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. 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 2007-SN1 Secured
Note or other document made or delivered pursuant hereto unless otherwise
defined therein. The rules of construction set forth in Part II of Exhibit A to
the COLT Servicing Agreement shall be applicable to this COLT Indenture.

          SECTION 1.1 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 2007-SN1 Secured Notes;

     "indenture security holder" means a COLT 2007-SN1 Secured Noteholder;

     "indenture to be qualified" means this COLT Indenture;

     "indenture trustee" means the COLT Indenture Trustee;

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

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

<PAGE>

                                   ARTICLE II
                                THE SECURED NOTES

          SECTION 2.1 Form.

          (a) Each COLT 2007-SN1 Secured Note, together, in each case, with the
COLT Indenture Trustee's certificate of authentication, shall be substantially
in the form set forth in Exhibit A, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this COLT Indenture, and each such COLT 2007-SN1 Secured Note may
have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined to be
appropriate by the officers executing such COLT 2007-SN1 Secured Notes, as
evidenced by their execution of the COLT 2007-SN1 Secured Notes, or as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange on which such COLT
2007-SN1 Secured Notes may be listed or to conform to usage. Any portion of the
text of any COLT 2007-SN1 Secured Note may be set forth on the reverse thereof,
with an appropriate reference thereto on the face of the COLT 2007-SN1 Secured
Note. The COLT 2007-SN1 Secured Notes shall be secured by the COLT 2007-SN1
Trust Estate as set forth in this COLT Indenture.

          (b) The COLT 2007-SN1 Secured Notes shall be typewritten, printed,
lithographed or engraved or produced by any combination of these methods (with
or without steel engraved borders), all as determined by the officers executing
such COLT 2007-SN1 Secured Notes, as evidenced by their execution of such COLT
2007-SN1 Secured Notes.

          (c) Each COLT 2007-SN1 Secured Note shall be issued in the initial
Secured Note Principal Balance set forth on the face thereof, which shall be
equal to the product of (x) 50% and (y) the Secured Note Percentage and (z)
Aggregate Initial ABS Value (with respect to each COLT 2007-SN1 Secured Note,
the "Initial Secured Note Principal Balance").

          (d) The terms of the COLT 2007-SN1 Secured Notes as provided for in
Exhibit A are part of the terms of this COLT Indenture.

          SECTION 2.2 Execution, Authentication and Delivery.

          (a) Each COLT 2007-SN1 Secured Note shall be dated the date of its
authentication and shall be issuable as a registered COLT 2007-SN1 Secured Note.

          (b) The COLT 2007-SN1 Secured Notes shall be executed on behalf of
COLT by any of its Authorized Officers. The signature of any such Authorized
Officer on the COLT 2007-SN1 Secured Notes may be manual or facsimile.

          (c) COLT 2007-SN1 Secured Notes bearing the manual or facsimile
signature of individuals who were at any time Authorized Officers of COLT shall
bind COLT, notwithstanding that such individuals or any of them have ceased to
hold such office prior to the authentication and delivery of such COLT 2007-SN1
Secured Notes or did not hold such office at the date of such COLT 2007-SN1
Secured Notes.

<PAGE>

          (d) The COLT Indenture Trustee, in exchange for the Grant of the COLT
2007-SN1 Collateral, simultaneously with the Grant to the COLT Indenture Trustee
of the COLT 2007-SN1 Collateral, and the constructive delivery to the COLT
Indenture Trustee of the Series 2007-SN1 Lease Assets and the other components
and assets of the COLT 2007-SN1 Collateral, shall cause to be authenticated and
delivered to or upon the order of COLT, two COLT 2007-SN1 Secured Notes.

          (e) No COLT 2007-SN1 Secured Notes shall be entitled to any benefit
under this COLT Indenture or be valid or obligatory for any purpose, unless
there appears on such COLT 2007-SN1 Secured Note a certificate of authentication
substantially in the form set forth in Exhibit A executed by the COLT Indenture
Trustee by the manual signature of one of its Authorized Officers, and such
certificate upon any COLT 2007-SN1 Secured Note shall be conclusive evidence,
and the only evidence, that such COLT 2007-SN1 Secured Note has been duly
authenticated and delivered hereunder.

          SECTION 2.3 Registration; Registration of Transfer and Exchange of
COLT 2007-SN1 Secured Notes.

          (a) COLT shall cause to be kept the Secured Note Register, comprising
separate registers for each of the COLT 2007-SN1 Secured Notes, in which,
subject to such reasonable regulations as COLT may prescribe, COLT shall provide
for the registration of the COLT 2007-SN1 Secured Notes and the registration of
transfers and exchanges of the COLT 2007-SN1 Secured Notes. The COLT Indenture
Trustee shall initially be the Secured Note Registrar for the purpose of
registering the COLT 2007-SN1 Secured Notes and transfers or exchanges of the
COLT 2007-SN1 Secured Notes as herein provided. Upon any resignation of any
Secured Note Registrar, COLT shall promptly appoint a successor Secured Note
Registrar or, if it elects not to make such an appointment, assume the duties of
the Secured Note Registrar.

          (b) If a Person other than the COLT Indenture Trustee is appointed by
COLT as Secured Note Registrar, COLT will give the COLT Indenture Trustee prompt
written notice of the appointment of such Secured Note Registrar and of the
location, and any change in the location, of the Secured Note Register. The COLT
Indenture Trustee shall have the right to inspect the Secured Note Register at
all reasonable times and to obtain copies thereof. The COLT Indenture Trustee
shall have the right to rely upon a certificate executed on behalf of the
Secured Note Registrar by a Responsible Officer thereof as to the names and
addresses of the COLT 2007-SN1 Secured Noteholders and the Secured Note
Principal Balances and number of such COLT 2007-SN1 Secured Notes.

          (c) Upon surrender for registration of transfer of any COLT 2007-SN1
Secured Note at the Corporate Trust Office of the COLT Indenture Trustee or
Agency Office of COLT (and following the delivery, in the former case, of such
COLT 2007-SN1 Secured Notes to COLT by the COLT Indenture Trustee), COLT shall
execute, the COLT Indenture Trustee shall authenticate and the COLT 2007-SN1
Secured Noteholder shall obtain from the COLT Indenture Trustee, in the name of
the designated transferee or transferees, one or more new COLT 2007-SN1 Secured
Notes in any authorized denominations, of a like Secured Note Principal Balance.

<PAGE>

          (d) At the option of the COLT 2007-SN1 Secured Noteholder, COLT
2007-SN1 Secured Notes may be exchanged for other COLT 2007-SN1 Secured Notes in
any authorized denominations, of a like Secured Note Principal Balance, upon
surrender of such COLT 2007-SN1 Secured Notes to be exchanged at the Corporate
Trust Office of the COLT Indenture Trustee or the Agency Office of COLT (and
following the delivery of such COLT 2007-SN1 Secured Notes to COLT by the COLT
Indenture Trustee), COLT shall execute, and the COLT Indenture Trustee shall
authenticate and the COLT 2007-SN1 Secured Noteholder shall obtain from the COLT
Indenture Trustee, such COLT 2007-SN1 Secured Notes which the COLT 2007-SN1
Secured Noteholder making the exchange is entitled to receive.

          (e) All COLT 2007-SN1 Secured Notes issued upon any registration of
transfer or exchange of other COLT 2007-SN1 Secured Notes shall be the valid
obligations of COLT, evidencing the same debt, and entitled to the same benefits
under this COLT Indenture, as the COLT 2007-SN1 Secured Notes surrendered upon
such registration of transfer or exchange.

          (f) Every COLT 2007-SN1 Secured Note presented or surrendered for
registration of transfer or exchange shall be duly endorsed by, or be
accompanied by a written instrument of transfer in form satisfactory to the COLT
Indenture Trustee and the Secured Note Registrar, duly executed by the Holder
thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by a commercial bank or trust company located, or having a
correspondent located, in The City of New York or the city in which the
Corporate Trust Office of the COLT Indenture Trustee is located, or by a member
firm of a national securities exchange, and such other documents as the COLT
Indenture Trustee may require.

          (g) No service charge shall be made to a Holder for any registration
of transfer or exchange of COLT 2007-SN1 Secured Notes, but COLT or the COLT
Indenture Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any
registration of transfer or exchange of COLT 2007-SN1 Secured Notes, other than
exchanges pursuant to Section 9.5 not involving any transfer.

          (h) By acquiring a COLT 2007-SN1 Secured Note or any interest therein,
each purchaser and transferee shall be deemed to represent and warrant that
either (a) it is not acquiring the COLT 2007-SN1 Secured Note with the plan
assets of a Benefit Plan (as defined in Appendix A to the Trust Sale and
Administration Agreement) or other plan subject to applicable law that is
substantially similar to Section 406 of ERISA or Section 4975 of the Code or (b)
the acquisition and holding of the COLT 2007-SN1 Secured Note will not give rise
to a non-exempt prohibited transaction under Section 406(a) of ERISA, Section
4975 of the Code or a violation of any substantially similar applicable law.

          (i) The preceding provisions of this Section 2.3 notwithstanding, COLT
shall not be required to transfer or make exchanges, and the Secured Note
Registrar need not register transfers or exchanges, of (i) COLT 2007-SN1 Secured
Notes that have been selected for redemption pursuant to Article X, if
applicable; (ii) COLT 2007-SN1 Secured Notes that are due for final payment
within 15 days of submission to the Corporate Trust Office or the Agency Office;
or (iii) COLT 2007-SN1 Secured Notes if Section 2.11 shall not have been
complied with in connection with any transfer or exchange thereof.

<PAGE>

          SECTION 2.4 Mutilated, Destroyed, Lost or Stolen COLT 2007-SN1 Secured
Notes.

          (a) If (i) any mutilated COLT 2007-SN1 Secured Note is surrendered to
the COLT Indenture Trustee, or the COLT Indenture Trustee receives evidence to
its satisfaction of the destruction, loss or theft of any COLT 2007-SN1 Secured
Note, and (ii) there is delivered to COLT and the COLT Indenture Trustee such
security or indemnity as may be required by each such Person to hold each such
Person harmless, then, in the absence of notice to COLT, the Secured Note
Registrar or the COLT Indenture Trustee that such COLT 2007-SN1 Secured Note has
been acquired by a Protected 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 2007-SN1
Secured Note, a replacement COLT 2007-SN1 Secured Note of a like Secured Note
Principal Balance; provided, however, that if any such destroyed, lost or stolen
COLT 2007-SN1 Secured Note, but not a mutilated COLT 2007-SN1 Secured Note,
shall have become or within seven days shall be due and payable, or shall have
been called for redemption, instead of issuing a replacement COLT 2007-SN1
Secured Note, COLT may make payment to the Holder of such destroyed, lost or
stolen COLT 2007-SN1 Secured Note when so due or payable or upon the Redemption
Date, if applicable, without surrender thereof.

          (b) If, after the delivery of a replacement COLT 2007-SN1 Secured Note
or payment in respect of a destroyed, lost or stolen COLT 2007-SN1 Secured Note
pursuant to Section 2.4(a), a Protected Purchaser of the original COLT 2007-SN1
Secured Note in lieu of which such replacement COLT 2007-SN1 Secured Note was
issued presents for payment such original COLT 2007-SN1 Secured Note, COLT and
the COLT Indenture Trustee shall be entitled to recover such replacement COLT
2007-SN1 Secured Note (or such payment) from (i) any Person to whom it was
delivered, (ii) the Person taking such replacement COLT 2007-SN1 Secured Note
from the Person to whom such replacement COLT 2007-SN1 Secured Note was
delivered; or (iii) any assignee of such Person, except a Protected 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 2007-SN1
Secured Note under this Section 2.4, COLT may require the payment by the Holder
of such COLT 2007-SN1 Secured Note of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including all fees and expenses of the COLT Indenture
Trustee) connected therewith.

          (d) Any duplicate COLT 2007-SN1 Secured Note issued pursuant to this
Section 2.4 in replacement for any mutilated, destroyed, lost or stolen COLT
2007-SN1 Secured Note shall constitute an original additional contractual
obligation of COLT, whether or not the mutilated, destroyed, lost or stolen COLT
2007-SN1 Secured Note shall be found at any time or be enforced by any Person,
and shall be entitled to all the benefits of this COLT Indenture equally and
proportionately with any and all other COLT 2007-SN1 Secured Notes duly issued
hereunder.

<PAGE>

          (e) The provisions of this Section 2.4 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen COLT 2007-SN1
Secured Notes.

          SECTION 2.5 Payment of Principal and Interest.

          (a) Each COLT 2007-SN1 Secured Note shall accrue interest from and
including the Series 2007-SN1 Closing Date on the Secured Note Principal Balance
of such COLT 2007-SN1 Secured Note, until but excluding the date on which the
Secured Note Principal Balance of such COLT 2007-SN1 Secured Note is reduced to
zero. Interest shall accrue on each COLT 2007-SN1 Secured Note at the COLT
2007-SN1 Secured Note Rate. On each Payment Date, each COLT 2007-SN1 Secured
Note shall be paid interest in an amount equal to the Secured Note Interest
Distributable Amount payable to such COLT 2007-SN1 Secured Note in accordance
with Section 3.03(c)(ii) of the COLT Servicing Agreement on such Payment Date.
Any instalment of interest payable on the COLT 2007-SN1 Notes shall be
punctually paid or duly provided for with funds set aside in the COLT Collection
Account on the applicable Payment Date and shall be paid to the Person in whose
name such COLT 2007-SN1 Secured Note is registered in the Secured Note Register
on the applicable Record Date, by wire transfer in immediately available funds
to the account or accounts designated in writing by such Holder to the COLT
Indenture Trustee on or prior to the related Record Date.

          (b) To the extent of funds available therefor, the outstanding
principal amount of each COLT 2007-SN1 Secured Note shall be paid in instalments
on each Payment Date, in the amounts and in accordance with the priorities set
forth in Section 3.03(c)(iii) of the COLT Servicing Agreement. The outstanding
principal amount of the COLT 2007-SN1 Secured Notes shall be due and payable in
full on the Final Maturity Date. All principal payments on the COLT 2007-SN1
Secured Notes shall be made pro rata to the COLT 2007-SN1 Secured Noteholders,
as provided in Section 3.03(c)(iii) of the COLT Servicing Agreement. Any
instalment of principal payable on any COLT 2007-SN1 Secured Note shall be
punctually paid or duly provided for with funds set aside in the COLT Collection
Account established with respect to the Series 2007-SN1 Lease Assets on the
applicable Payment Date and shall be paid to the Person in whose name such COLT
2007-SN1 Secured Note is registered in the Secured Note Register on the
applicable Record Date by wire transfer in immediately available funds to the
account or accounts designated by such Holder on or prior to the related Record
Date, except for the Redemption Price for the COLT 2007-SN1 Secured Notes
redeemed pursuant to Section 10.1, which shall be payable as provided herein.
The funds represented by any such wire transfers in respect of interest or
principal returned undelivered shall be held in accordance with Section 3.3.

          (c) From and after the occurrence of an Event of Default and a
declaration in accordance with Section 5.2(a) that the COLT 2007-SN1 Secured
Notes have become immediately due and payable, until such time as all Events of
Default have been cured or waived as provided in Section 5.2(b), all interest
and principal payments shall be allocated pro rata among the Holders of all of
the COLT 2007-SN1 Secured Notes on the basis of the Secured Note Principal
Balances of COLT 2007-SN1 Secured Notes held by such Holders.

          (d) With respect to any Payment Date on which the final instalment of
principal and interest on a COLT 2007-SN1 Secured Note is to be paid, the COLT
Indenture

<PAGE>

Trustee on behalf of COLT shall notify each COLT 2007-SN1 Secured Noteholders of
record as of the Record Date for such Payment Date of the fact that the final
instalment of principal and interest on such COLT 2007-SN1 Secured Note is to be
paid on such Payment Date. With respect to any COLT 2007-SN1 Secured Notes, such
notice shall be sent not later than three Business Days after such Record Date
in accordance with Section 11.5(a), and shall specify that such final instalment
shall be payable only upon presentation and surrender of such COLT 2007-SN1
Secured Note and shall specify the place where such COLT 2007-SN1 Secured Note
may be presented and surrendered for payment of such instalment and the manner
in which such payment shall be made.

          (e) All distributions of principal and interest on the COLT 2007-SN1
Secured Notes and the CARAT Collection Account Shortfall Amount shall be made by
the COLT Indenture Trustee from the COLT Collection Account solely pursuant to
the calculations and written direction of the Servicer in accordance with
Section 3.03(a) of the COLT Servicing Agreement.

          SECTION 2.6 Persons Deemed Secured Noteholders. Prior to due
presentment for registration of transfer of any COLT 2007-SN1 Secured Note,
COLT, the COLT Indenture Trustee and any agent of COLT or the COLT Indenture
Trustee shall treat the Person in whose name any COLT 2007-SN1 Secured Note is
registered in the Secured Note Register (as of the day of determination) as the
COLT 2007-SN1 Secured Noteholder for the purpose of receiving payments of
principal of and interest on such COLT 2007-SN1 Secured Note and for all other
purposes whatsoever, whether or not such COLT 2007-SN1 Secured Note be overdue,
and neither COLT, the COLT Indenture Trustee nor any agent of COLT or the COLT
Indenture Trustee shall be affected by notice to the contrary.

          SECTION 2.7 Cancellation of COLT 2007-SN1 Secured Notes. All COLT
2007-SN1 Secured Notes surrendered for payment, redemption, exchange or
registration of transfer shall, if surrendered to any Person other than the COLT
Indenture Trustee, be delivered to the COLT Indenture Trustee and shall be
promptly canceled by the COLT Indenture Trustee. COLT may at any time deliver to
the COLT Indenture Trustee for cancellation any COLT 2007-SN1 Secured Notes
previously authenticated and delivered hereunder which the Trust may have
acquired in any manner whatsoever, and all COLT 2007-SN1 Secured Notes so
delivered shall be promptly canceled by the COLT Indenture Trustee. No COLT
2007-SN1 Secured Notes shall be authenticated in lieu of or in exchange for any
COLT 2007-SN1 Secured Notes canceled as provided in this Section 2.7, except as
expressly permitted by this COLT Indenture. All canceled COLT 2007-SN1 Secured
Notes may be held or disposed of by the COLT Indenture Trustee in accordance
with its standard retention or disposal policy as in effect at the time unless
COLT shall direct by a COLT Order that they be destroyed or returned to it;
provided, however, that such COLT Order is timely and the COLT 2007-SN1 Secured
Notes have not been previously disposed of by the COLT Indenture Trustee. The
COLT Indenture Trustee shall certify to COLT upon request that surrendered COLT
2007-SN1 Secured Notes have been duly canceled and retained or destroyed, as the
case may be.

          SECTION 2.8 Release of COLT 2007-SN1 Trust Estate. The COLT Indenture
Trustee shall release property from the Lien of this COLT Indenture, other than
as permitted by Sections 3.20, 8.4 and 11.1, only upon receipt of a COLT Request
accompanied by an Officers'

<PAGE>

Certificate an Opinion of Counsel (to the extent required by the TIA) and
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1).

          SECTION 2.9 Seller, CARI and the Trust as COLT 2007-SN1 Secured
Noteholders. Each of the Seller, CARI, and the Trust, in their individual or any
other capacity, may become the owner or pledgee of COLT 2007-SN1 Secured Notes
and may otherwise deal with COLT or its affiliates with the same rights it would
have if it were not the Seller or, with respect to CARI and the Trust, an
Affiliate of the Seller.

          SECTION 2.10 Tax Treatment. COLT and the COLT Indenture Trustee, by
entering into this COLT Indenture, and the COLT 2007-SN1 Secured Noteholders, by
acquiring any COLT 2007-SN1 Secured Note or interest therein, (i) express their
intention that the COLT 2007-SN1 Secured Notes qualify under applicable tax law
as indebtedness secured by the COLT 2007-SN1 Trust Estate and (ii) unless
otherwise required by appropriate taxing authorities, agree to treat the COLT
2007-SN1 Secured Notes as indebtedness secured by the COLT 2007-SN1 Trust Estate
for the purpose of federal income taxes, State and local income and franchise
taxes, any applicable single business tax, including the Michigan single
business tax and any other taxes imposed upon, measured by or based upon gross
or net income.

                                   ARTICLE III
                                    COVENANTS

          SECTION 3.1 Payment of Principal and Interest and Other Amounts. COLT
shall duly and punctually pay the principal of and interest on the COLT 2007-SN1
Secured Notes and the CARAT Collection Account Shortfall Amount in accordance
with the terms of the COLT 2007-SN1 Basic Documents. On each Payment Date and on
the Redemption Date (if applicable), COLT shall cause amounts on deposit in the
COLT Collection Account to be paid to the COLT 2007-SN1 Secured Noteholders in
accordance with Sections 2.5 and 8.2 and with Section 3.03 of the COLT Servicing
Agreement, less amounts properly withheld under the Code by any Person from a
payment to any COLT 2007-SN1 Secured Noteholder of interest and/or principal.
Any amounts so withheld shall be considered as having been paid by COLT to such
COLT 2007-SN1 Secured Noteholder for all purposes of this COLT Indenture.

          SECTION 3.2 Maintenance of Agency Office. As long as any of the COLT
2007-SN1 Secured Notes remains outstanding, COLT shall maintain in the Borough
of Manhattan, The City of New York, an office (the "Agency Office"), being an
office or agency where COLT 2007-SN1 Secured Notes may be surrendered to COLT
for registration of transfer or exchange, and where notices and demands to or
upon COLT in respect of the COLT 2007-SN1 Secured Notes and this COLT Indenture
may be served. COLT hereby initially appoints the COLT Indenture Trustee to
serve as its agent for the foregoing purposes. COLT shall give prompt written
notice to the COLT Indenture Trustee of the location, and of any change in the
location, of the Agency Office. If at any time COLT shall fail to maintain any
such office or agency or shall fail to furnish the COLT Indenture Trustee with
the address thereof, such surrenders, notices and demands may be made or served
at the Corporate Trust Office of the COLT Indenture Trustee, and COLT hereby
appoints the COLT Indenture Trustee as its agent to receive all such surrenders,
notices and demands.

<PAGE>

          SECTION 3.3 Money for Payments to Be Held in Trust.

          (a) As provided in Section 8.2(a) and (b), all payments of amounts due
and payable with respect to any COLT 2007-SN1 Secured Notes that are to be made
from amounts withdrawn from the COLT Collection Account pursuant to Section 3.03
of the COLT Servicing Agreement shall be made on behalf of COLT by the COLT
Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from
the COLT Collection Account for payments of such COLT 2007-SN1 Secured Notes
shall be paid over to COLT except as provided in this Section 3.3.

          (b) On or before the Redemption Date, COLT shall cause the Servicer to
deposit into the COLT Collection Account, pursuant to Section 6.01 of the COLT
Servicing Agreement, the Optional Purchase Price. On or before each Payment
Date, COLT shall deposit or cause to be deposited in the COLT Collection
Account, pursuant to Section 3.03(b) of the COLT Servicing Agreement, an
aggregate sum sufficient to pay the amounts then becoming due with respect to
the COLT 2007-SN1 Secured Notes and the CARAT Collection Account Shortfall
Amount, such sum to be held in trust for the benefit of the Persons entitled
thereto.

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

               (i) hold all sums held by it for the payment of amounts due with
     respect to the COLT 2007-SN1 Secured Notes in trust for the benefit of the
     Persons entitled thereto until such sums shall be paid to such Persons or
     otherwise disposed of as herein provided and pay such sums to such Persons
     as herein provided;

               (ii) give the COLT Indenture Trustee notice of any default by
     COLT (or any other obligor upon the COLT 2007-SN1 Secured Notes) of which
     it has actual knowledge in the making of any payment required to be made
     with respect to the COLT 2007-SN1 Secured Notes;

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

               (iv) immediately resign as a Paying Agent and forthwith pay to
     the COLT Indenture Trustee all sums held by it in trust for the payment of
     the COLT 2007-SN1 Secured Notes if at any time it ceases to meet the
     standards required to be met by a Paying Agent in effect at the time of
     determination; and

               (v) comply with all requirements of the Code with respect to the
     withholding from any payments made by it on the COLT 2007-SN1 Secured Notes
     of any applicable withholding taxes imposed thereon and with respect to any
     applicable reporting requirements in connection therewith.

<PAGE>

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

          (e) Subject to applicable laws with respect to escheat of funds, any
distribution to any COLT 2007-SN1 Secured Noteholder returned to the COLT
Indenture Trustee or any Paying Agent for any reason, held by the COLT Indenture
Trustee or such Paying Agent in trust for the payment of any amount due with
respect to any COLT 2007-SN1 Secured Note and remaining unclaimed for one year
after such amount has become due and payable shall be discharged from such trust
and be paid to COLT by the COLT Indenture Trustee or such Paying Agent to COLT
upon receipt of a COLT Request; and such COLT 2007-SN1 Secured Noteholder shall
thereafter, as an unsecured creditor, look only to COLT for payment thereof (but
only to the extent of the amounts so paid to COLT), and all liability of the
COLT Indenture Trustee or such Paying Agent with respect to such trust money
shall thereupon cease; provided, however, that the COLT Indenture Trustee or
such Paying Agent, before being required to make any such payment, may at the
expense of COLT cause to be published once, in a newspaper published in the
English language, customarily published on each Business Day and of general
circulation in The City of New York, notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication, any unclaimed balance of such money then
remaining shall be paid to COLT. The COLT Indenture Trustee may also adopt and
employ, at the expense of COLT, any other reasonable means of notification of
such payment (including mailing notice of such repayment of any COLT 2007-SN1
Secured Noteholder whose right to or interest in monies due and payable but not
claimed is determinable from the records of the Secured Note Registrar, at the
last address of record for each COLT 2007-SN1 Secured Noteholder).

          SECTION 3.4 Existence. COLT shall keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of
Delaware (unless it becomes, or any successor trust hereunder is or becomes,
organized under the laws of any other State or of the United States of America,
in which case COLT shall keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and shall obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this COLT Indenture, the COLT 2007-SN1 Secured Notes, the COLT
2007-SN1 Collateral and each other instrument or agreement included in the COLT
2007-SN1 Trust Estate.

          SECTION 3.5 Protection of COLT 2007-SN1 Trust Estate; Acknowledgment
of Pledge.

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

<PAGE>

               (i) maintain or preserve the Lien (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 60 days after the occurrence of any of the
     following and by promptly notifying the COLT Indenture Trustee in writing
     of any such filings: (A) any change in COLT's true legal name or any of its
     trade names, (B) any change in the location of COLT's jurisdiction of
     organization, (C) any merger or consolidation or other change in COLT's
     identity or organizational structure or jurisdiction of organization in
     which COLT is located for purposes of the UCC and (D) any other change or
     occurrence that would make any financing statement or amendment thereto
     seriously misleading within the meaning of the UCC;

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

               (iii) enforce the rights of the COLT Indenture Trustee and the
     COLT 2007-SN1 Secured Noteholders in the COLT 2007-SN1 Trust Estate; or

               (iv) preserve and defend title to the COLT 2007-SN1 Trust Estate
     and the rights of the COLT Indenture Trustee and the COLT 2007-SN1 Secured
     Noteholders in such COLT 2007-SN1 Trust Estate against the claims of all
     Persons and parties;

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

          (b) COLT hereby authorizes the COLT Indenture Trustee to file all
financing statements, continuation statements or other instruments naming COLT
as debtor that are necessary or advisable to perfect, make effective or continue
the Lien of this COLT Indenture and the VAULT Security Agreement with respect to
the COLT 2007-SN1 Trust Estate, and authorizes the COLT Indenture Trustee to
take any such action without its signature.

          SECTION 3.6 Opinions as to COLT 2007-SN1 Collateral.

          (a) On the Series 2007-SN1 Closing Date, COLT shall furnish to the
COLT Indenture Trustee and each COLT 2007-SN1 Secured Noteholder an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording and filing of this COLT Indenture, any
indentures supplemental hereto and any other requisite documents, and with
respect to the authorization, execution and filing of any financing statements
and continuation statements as are necessary to perfect and make effective the
Lien of this COLT Indenture in the related COLT 2007-SN1 Collateral and reciting
the details of such action, or stating that, in the opinion of such counsel, no
such action is necessary to make such Lien effective.

          (b) On or before March 15 in each calendar year, beginning March 15,
2008, COLT shall furnish to the COLT Indenture Trustee and each COLT 2007-SN1
Secured Noteholder an Opinion of Counsel either stating that, in the opinion of
such counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this COLT Indenture, any indentures supplemental
hereto and any other requisite documents and with

<PAGE>

respect to the authorization, execution and filing of any financing statements
and continuation statements as is necessary to maintain the Lien 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 created
by this COLT Indenture. Such Opinion of Counsel shall also describe the
recording, filing, re-recording and refiling of this COLT Indenture, any
indentures supplemental hereto and any other requisite documents and the
authorization and filing of any financing statements and continuation statements
that will, in the opinion of such counsel, be required to maintain the Lien
created by this COLT Indenture until March 15 in the following calendar year.

          SECTION 3.7 Performance of Obligations; Servicing of Series 2007-SN1
Lease Assets.

          (a) COLT shall not take any action and shall use its reasonable
efforts not to permit any action to be taken by others that would release any
Person from any of such Person's material covenants or obligations under any
instrument or agreement included in the COLT 2007-SN1 Trust Estate or that would
result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or
agreement, except as otherwise expressly provided in this COLT Indenture, any
other COLT 2007-SN1 Basic Document or such other instrument or agreement.

          (b) COLT may contract with other Persons to assist it in performing
its duties under this COLT Indenture, and any performance of such duties by a
Person identified to the COLT Indenture Trustee in the COLT 2007-SN1 Basic
Documents or an Officer's Certificate of COLT shall be deemed to be action taken
by COLT. Initially, COLT has contracted with the Servicer to assist COLT in
performing its duties under this COLT Indenture.

          (c) COLT shall punctually perform and observe all of its obligations
and agreements contained in this COLT Indenture, any other COLT 2007-SN1 Basic
Documents and in the instruments and agreements included in the COLT 2007-SN1
Trust Estate, including filing or causing to be filed all UCC financing
statements and continuation statements required to be filed by the terms of this
COLT Indenture and any other COLT 2007-SN1 Basic Document in accordance with and
within the time periods provided for herein and therein.

          (d) If COLT shall have knowledge of the occurrence of a Servicer
Default under the COLT Servicing Agreement, COLT shall promptly (and in any
event within five Business Days) notify the COLT Indenture Trustee, the COLT
2007-SN1 Secured Noteholders and the Rating Agencies in writing thereof, and
shall specify in such notice the response or action, if any, COLT has taken or
is taking with respect to such default. If any such Servicer Default shall arise
from the failure of the Servicer to perform any of its duties or obligations
under the COLT Servicing Agreement with respect to the Series 2007-SN1 Lease
Assets, COLT and the COLT Indenture Trustee shall take all reasonable steps
available to them pursuant to such COLT Servicing Agreement to remedy such
failure.

          (e) Without derogating from the absolute nature of the assignment
granted under this COLT Indenture with respect to the COLT 2007-SN1 Collateral
and under the VAULT Security Agreement with respect to the Pledged Collateral or
the rights of the COLT

<PAGE>

Indenture Trustee and the COLT 2007-SN1 Secured Noteholders hereunder or under
the VAULT Security Agreement, COLT agrees that it shall not, without the prior
written consent of the COLT Indenture Trustee and the COLT 2007-SN1 Secured
Noteholders, amend, modify, waive, supplement, terminate or surrender, or agree
to any amendment, modification, supplement, termination, waiver or surrender of,
the terms of any assets included in the COLT 2007-SN1 Trust Estate or any of
COLT 2007-SN1 Basic Documents, or waive timely performance or observance by any
party under any of the COLT 2007-SN1 Basic Documents.

          SECTION 3.8 Negative Covenants. So long as any COLT 2007-SN1 Secured
Notes are Outstanding, COLT shall not:

          (a) sell, transfer, exchange or otherwise dispose of any of the
properties or assets included in the COLT 2007-SN1 Trust Estate, except COLT may
cause the Servicer to: (i) collect, liquidate, sell or otherwise dispose of
COLT's interest in the Series 2007-SN1 Lease Assets (including any Warranty
Lease Assets, Administrative Lease Assets, and Liquidating Lease Assets, and any
related Vehicles); (ii) make cash payments out of the Designated Accounts and
Payment Ahead Servicing Account; and (iii) take other actions, in each case as
permitted by the COLT 2007-SN1 Basic Documents;

          (b) claim any credit on, or make any deduction from the principal and
interest payable in respect of COLT 2007-SN1 Secured Notes (other than amounts
withheld from such payments under the Code or applicable State law) or assert
any claim against any present or former COLT 2007-SN1 Secured Noteholder by
reason of the payment of any taxes levied or assessed upon any part of the COLT
2007-SN1 Trust Estate;

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

          (d) either (i) permit the validity or effectiveness of this COLT
Indenture or any other COLT 2007-SN1 Basic Documents to be impaired, or permit
the Lien of this COLT Indenture in the related COLT 2007-SN1 Collateral or the
Lien of the VAULT Security Agreement in the Pledged Collateral to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be
released from any covenants or obligations with respect to the COLT 2007-SN1
Secured Notes under this COLT Indenture except as may be expressly permitted
hereby, (ii) permit any Lien (other than the Lien of this COLT Indenture in the
COLT 2007-SN1 Collateral and the Lien of the VAULT Security Agreement in the
Pledged Collateral) to be created on or extend to or otherwise arise upon or
burden the COLT 2007-SN1 Trust Estate or any part thereof or any interest
therein or the proceeds thereof (other than tax liens and any other Liens that
arise by operation of law or as otherwise contemplated by the COLT 2007-SN1
Basic Documents) or (iii) permit the Lien of this COLT Indenture not to
constitute a valid first priority perfected security interest in the COLT
2007-SN1 Collateral or the Lien of the VAULT Security Agreement not to
constitute a valid first priority perfected security interest in the Pledged
Collateral (in each case, other than with respect to any such tax lien or other
Lien).

<PAGE>

          SECTION 3.9 Annual Statement as to Compliance. Until the COLT 2007-SN1
Secured Notes have been paid in full, COLT shall deliver to the COLT Indenture
Trustee and the COLT 2007-SN1 Secured Noteholders, on or before March 15 of each
year, beginning March 15, 2008, an Officer's Certificate signed by an Authorized
Officer of COLT, dated as of December 31 of the preceding year, stating that:

          (a) a review of the activities of COLT during the preceding 12-month
period (or, with respect to the first such Officer's Certificate, such period as
shall have elapsed since the Series 2007-SN1 Closing Date) and of COLT's
performance under this COLT Indenture has been made under such Authorized
Officer's supervision; and

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

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

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

               (i) the Person (if other than COLT) formed by or surviving such
     consolidation or merger shall be a Person organized and existing under the
     laws of the United States of America or any State and be a U.S. Person, 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 2007-SN1 Secured Notes and the performance or
     observance of every agreement and covenant of this COLT Indenture on the
     part of COLT to be performed or observed, all as provided herein;

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

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

               (iv) any action as is necessary to maintain the Lien created by
     this COLT Indenture in the COLT 2007-SN1 Collateral shall have been taken;
     and

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

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

<PAGE>

                    (B) that such consolidation or merger and such supplemental
          indenture shall have no material adverse tax consequences to COLT or
          any COLT 2007-SN1 Secured Noteholder; and

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

          (b) Except as otherwise expressly permitted by this COLT Indenture or
any other COLT 2007-SN1 Basic Documents, COLT shall not sell, convey, exchange,
transfer or otherwise dispose of any of the properties or assets included in the
COLT 2007-SN1 Trust Estate to any Person, unless:

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

                    (A) expressly assumes the due and punctual payment of the
          principal of and interest on all COLT 2007-SN1 Secured Notes, and the
          performance or observance of every agreement and covenant of this COLT
          Indenture on the part of COLT to be performed or observed, all as
          provided herein;

                    (B) 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 2007-SN1 Secured
          Noteholders;

                    (C) 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 2007-SN1 Secured Notes;
          and

                    (D) 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 2007-SN1 Secured Notes.

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

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

               (iv) any action as is necessary to maintain the Lien created by
     this COLT Indenture shall have been taken; and

<PAGE>

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

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

                    (B) such sale, conveyance, exchange, transfer or disposition
          and such supplemental indenture have no material adverse tax
          consequence to COLT or to any COLT 2007-SN1 Secured Noteholder; and

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

          SECTION 3.11 Successor or Transferee.

          (a) Upon any consolidation or merger of COLT in accordance with
Section 3.10(a), the Person formed by or surviving such consolidation or merger
(if other than COLT) shall succeed to, and be substituted for, and may exercise
every right and power of, COLT under this COLT Indenture and the other COLT
2007-SN1 Basic Documents with the same effect as if such Person had been named
as COLT herein.

          (b) Upon a conveyance or transfer of all or substantially all the
assets and properties included in the COLT 2007-SN1 Collateral pursuant to
Section 3.10(b), COLT shall be released from every covenant and agreement of
this COLT Indenture and the other COLT 2007-SN1 Basic Documents to be observed
or performed on the part of COLT with respect to the COLT 2007-SN1 Secured Notes
immediately upon the delivery of written notice to the COLT Indenture Trustee
from the Person acquiring such assets and properties stating that COLT is to be
so released.

          SECTION 3.12 No Other Business. COLT shall not engage in any business
or activity other than acquiring, holding, pledging and managing the COLT
2007-SN1 Trust Estate and the proceeds therefrom in the manner contemplated by
the COLT 2007-SN1 Basic Documents, issuing COLT 2007-SN1 Secured Notes and the
COLT 2007-SN1 Certificate, making payments on COLT 2007-SN1 Secured Notes and
the COLT 2007-SN1 Certificate and such other activities that are necessary,
suitable or convenient to accomplish the foregoing or are incidental thereto or
are otherwise described or set forth in Section 2.3 of the Declaration of Trust.

          SECTION 3.13 No Borrowing. COLT shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness for money borrowed other than indebtedness for money borrowed in
respect of the COLT 2007-SN1 Secured Notes, money borrowed in respect of any
other Series of Secured Notes or otherwise in accordance with the COLT 2007-SN1
Basic Documents including Section 2.3 of the Declaration of Trust.

          SECTION 3.14 Guarantees, Loans, Advances and Other Liabilities. Except
as contemplated by this COLT Indenture or the other COLT 2007-SN1 Basic
Documents, COLT shall not make any loan or advance of credit to, or guarantee
(directly or indirectly or by an

<PAGE>

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 3.15 Servicer's Obligations. COLT shall use its best efforts
to cause the Servicer to comply with its obligations under Sections 2.15, 2.16
and 2.17 of the COLT Servicing Agreement.

          SECTION 3.16 Capital Expenditures. COLT shall not make any expenditure
(whether by long-term or operating lease or otherwise) for capital assets
(either real, personal or intangible property) other than the purchase of the
Series 2007-SN1 Lease Assets and other related property and rights from time to
time pursuant to the COLT Sale and Contribution Agreement.

          SECTION 3.17 Restricted Payments. Except for payments of principal or
interest on or redemption of the COLT 2007-SN1 Secured Notes or payment on the
CARAT Collection Account Shortfall Amount, so long as any COLT 2007-SN1 Secured
Notes are Outstanding, COLT shall not, directly or indirectly:

          (a) pay any dividend or make any distribution from collections
received on the COLT 2007-SN1 Trust Estate (by reduction of capital or
otherwise), whether in cash, property, securities or a combination thereof, to
the COLT Owner Trustee or the Series 2007-SN1 Certificateholder or otherwise, in
each case with respect to any ownership or equity interest or similar security
in or of the Series 2007-SN1 Portfolio or to the Servicer;

          (b) redeem, purchase, retire or otherwise acquire for value any such
ownership or equity interest or similar security of the Series 2007-SN1
Portfolio; or

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

provided, however, that COLT may make, or cause to be made (x) distributions to
the Servicer, the COLT Indenture Trustee, the COLT Owner Trustee and the Series
2007-SN1 Certificateholder as permitted by, and to the extent funds are
available for such purpose under, the COLT 2007-SN1 Basic Documents and (y)
distributions from any other Series Portfolio in accordance with the transaction
documents related to such other Series Portfolio. COLT shall not, directly or
indirectly, make payments to or distributions from the COLT Collection Account
except in accordance with the COLT 2007-SN1 Basic Documents.

          SECTION 3.18 Notice of Events of Default. COLT agrees to give the COLT
Indenture Trustee, each COLT 2007-SN1 Secured Noteholder and the Rating Agencies
prompt written notice of each Event of Default, each Servicer Default under the
COLT Servicing Agreement, each default on the part of the Servicer of its
obligations under the COLT 2007-SN1 Basic Documents and each default on the part
of the Seller of its obligations under the COLT Sale and Contribution Agreement.

<PAGE>

          SECTION 3.19 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 3.20 COLT Indenture Trustee's Assignment of Administrative
Lease Assets and Warranty Lease Assets and Sale or Other Distribution of the
Related Vehicles. Upon receipt of the Administrative Purchase Payment with
respect to any Administrative Lease Asset or the Warranty Payment with respect
to any Warranty Lease Asset, in each case into the COLT Collection Account, the
COLT Indenture Trustee shall assign, without recourse, representation or
warranty, (x) such Warranty Lease Asset to the Seller under the COLT Sale and
Contribution Agreement, or (y) such Administrative Lease Asset to the Servicer
under the COLT Servicing Agreement, as the case may be, all the COLT Indenture
Trustee's right, title and interest in and to such purchased Series 2007-SN1
Lease Asset, all monies due thereon, the security interest in the related
Vehicle and any and all proceeds, rights and remedies relating thereto, such
assignment being an assignment outright and not for security; and the Seller or
the Servicer, as applicable, shall thereupon own such Series 2007-SN1 Lease
Asset, and all such security and documents, free of any further obligation to
the COLT Indenture Trustee, the COLT 2007-SN1 Secured Noteholders or the COLT
2007-SN1 Certificateholder with respect thereto. In addition, the Servicer shall
have the right to sell or otherwise dispose of the Vehicles related to the
Series 2007-SN1 Lease Assets in accordance with the COLT Servicing Agreement.
Upon the sale or other disposition of any such Vehicle by the Servicer, the Lien
of the COLT Indenture Trustee shall be automatically released upon the
Servicer's receipt of the proceeds of any such sale or liquidation.

          If in any enforcement suit or legal proceeding it is held that the
Servicer under the COLT Servicing Agreement may not enforce a Series 2007-SN1
Lease Asset included in the COLT 2007-SN1 Collateral on the ground that it is
not a real party in interest or a holder entitled to enforce the Series 2007-SN1
Lease Asset, the COLT Indenture Trustee shall, at the Servicer's expense and
written direction (which may be by electronic mail or other electronic
transmission), take such steps as the Servicer deems necessary to enforce such
Series 2007-SN1 Lease Asset, including bringing suit in the COLT Indenture
Trustee's name or the names of the COLT 2007-SN1 Secured Noteholders and/or the
COLT 2007-SN1 Certificateholder.

          SECTION 3.21 Representations and Warranties by COLT to the COLT
Indenture Trustee. COLT hereby represents and warrants to the COLT Indenture
Trustee as follows as of the Series 2007-SN1 Closing Date:

          (a) Good Title. No interest in any Series 2007-SN1 Lease Asset (other
than any Administrative Lease Asset, Liquidating Lease Asset or Warranty Lease
Asset or otherwise pursuant to the COLT 2007-SN1 Basic Documents) has been sold,
transferred, assigned or pledged by COLT to any Person other than the COLT
Indenture Trustee as of the Series 2007-SN1 Closing Date (except that GMAC LLC,
as initial holder of the COLT 2007-SN1 Secured Notes, has been named as the
lienholder and VAULT has been named the legal titleholder on the certificates of
title of the related Vehicles); immediately prior to the conveyance of such
Series 2007-SN1 Lease Assets pursuant to this COLT Indenture, COLT had good and
marketable title thereto, free of any Lien (other than tax liens and any other
Liens that attach by operation of

<PAGE>

law); 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 2007-SN1 Lease Assets, free of any Lien (other than tax
liens and any other Liens that attach by operation of law); 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 2007-SN1 Secured Noteholder) a
first priority perfected security interest in the COLT 2007-SN1 Collateral have
been made.

          SECTION 3.22 Maintenance of Separate Records for Each Series. So long
as any COLT 2007-SN1 Secured Note remains Outstanding and pursuant to Section
3.2(a) of the Declaration of Trust, COLT shall maintain separate and distinct
records with respect to the Series 2007-SN1 Lease Assets and the remainder of
the Series 2007-SN1 Portfolio and the Series 2007-SN1 Lease Assets and the
remainder of the Series 2007-SN1 Portfolio shall be held and accounted for
separately from any other Trust Assets allocated to any other Series Portfolio
or the Residual Interest.

                                   ARTICLE IV
                           SATISFACTION AND DISCHARGE

          SECTION 4.1 Satisfaction and Discharge of COLT Indenture. This COLT
Indenture shall cease to be of further effect except as to: (i) rights of
registration of transfer and exchange; (ii) substitution of mutilated,
destroyed, lost or stolen COLT 2007-SN1 Secured Notes; (iii) rights of COLT
2007-SN1 Secured Noteholders to receive payments of principal thereof and
interest thereon; (iv) Sections 3.3, 3.4, 3.5, 3.6, 3.10, 3.12, 3.13, 3.18, 3.20
and 11.16; (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 2007-SN1 Secured Noteholders as
beneficiaries hereof with respect to the property so deposited with the COLT
Indenture Trustee payable to all or any of them, and the COLT Indenture Trustee,
on demand of and at the expense of COLT, shall execute proper instruments
acknowledging satisfaction and discharge of this COLT Indenture with respect to
the COLT 2007-SN1 Secured Notes, if:

          (a) either:

               (i) all COLT 2007-SN1 Secured Notes theretofore authenticated and
     delivered (other than (A) COLT 2007-SN1 Secured Notes that have been
     destroyed, lost or stolen and that have been replaced or paid as provided
     in Section 2.4 and (B) COLT 2007-SN1 Secured Notes for whose payment money
     has theretofore been deposited in trust or segregated and held in trust by
     COLT and thereafter repaid to COLT or discharged from such trust, as
     provided in Section 3.3) have been delivered to the COLT Indenture Trustee
     for cancellation; or

               (ii) all COLT 2007-SN1 Secured Notes not theretofore delivered to
     the COLT Indenture Trustee for cancellation:

<PAGE>

                    (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 2007-SN1 Secured Notes have been
          redeemed in accordance with Section 10.1,

     and COLT, in the case of clause (A), (B) or (C) of subsection 4.1(a)(ii),
     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 2007-SN1 Secured Notes not theretofore delivered to
     the COLT Indenture Trustee for cancellation when due on the Final Maturity
     Date for such COLT 2007-SN1 Secured Notes or the Redemption Date for such
     COLT 2007-SN1 Secured Notes (if such COLT 2007-SN1 Secured Notes have been
     called for redemption pursuant to Section 10.1), as the case may be;

          (b) COLT has paid or caused to be paid all amounts and has performed
all obligations which COLT may owe to the COLT Indenture Trustee personally or
to the COLT Indenture Trustee for the benefit of the COLT 2007-SN1 Secured
Noteholders under this COLT Indenture and any other COLT 2007-SN1 Basic
Documents; and

          (c) COLT has delivered to the COLT Indenture Trustee and to the COLT
2007-SN1 Secured Noteholders an Officer's Certificate of COLT, an Opinion of
Counsel and (if required by the TIA or the COLT Indenture Trustee) an
Independent Certificate from a firm of certified public accountants, each
meeting the applicable requirements of Section 11.1(a) and each stating that all
conditions precedent herein provided for relating to the satisfaction and
discharge of this COLT Indenture have been complied with.

          SECTION 4.2 Application of Trust Money. All monies deposited with the
COLT Indenture Trustee pursuant to Section 4.1 shall be held in trust and
applied by it, in accordance with the provisions of the COLT 2007-SN1 Secured
Notes and this COLT Indenture and the applicable provisions of the COLT
Servicing Agreement, to the payment, either directly or through any Paying
Agent, as the COLT Indenture Trustee may determine, to the Holders of the
particular COLT 2007-SN1 Secured Notes for the payment or redemption of which
such monies have been deposited with the COLT Indenture Trustee, of all sums due
and to become due in accordance with this COLT Indenture and any other COLT
2007-SN1 Basic Documents; but such monies need not be segregated from other
funds except to the extent required herein or in the COLT Servicing Agreement or
by applicable law.

          SECTION 4.3 Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this COLT Indenture with respect to the
COLT 2007-SN1

<PAGE>

Secured Notes, all monies then held by any Paying Agent other than the COLT
Indenture Trustee under the provisions of this COLT Indenture with respect to
all such COLT 2007-SN1 Secured Notes shall, upon demand of COLT, be paid to the
COLT Indenture Trustee to be held and applied according to Section 3.3 and
thereupon such Paying Agent shall be released from all further liability with
respect to such monies.

          SECTION 4.4 Duration of Position of COLT Indenture Trustee.
Notwithstanding the payment in full of all principal and interest due to all
COLT 2007-SN1 Secured Noteholders under the terms of the COLT 2007-SN1 Secured
Notes and the cancellation of such COLT 2007-SN1 Secured Notes, the COLT
Indenture Trustee shall continue to act in the capacity as COLT Indenture
Trustee hereunder for the benefit of the COLT 2007-SN1 Certificateholder and the
COLT Indenture Trustee, and for the benefit of such COLT 2007-SN1
Certificateholder, shall comply with its obligations under the COLT Servicing
Agreement, as appropriate, until such time as all distributions due to the
Holder of the Series 2007-SN1 Certificate have been paid in full; and in such
capacity, the COLT Indenture Trustee shall have the rights, benefits and
immunities set forth in Article VI hereof.

                                    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 2007-SN1 Secured Note on any Payment Date, and such default shall
continue unremedied for a period of five days; or

          (b) except as set forth in Section 5.1(c), failure to pay any
principal of any COLT 2007-SN1 Secured Note as and when the same becomes due and
payable, and such default continues unremedied for a period of 30 days after
there shall have been given, by registered or certified mail, to the Servicer by
the COLT Indenture Trustee or to the Servicer and the COLT Indenture Trustee by
the Holders of not less than 25% of the Outstanding Amount of the COLT 2007-SN1
Secured Notes, a written notice specifying such default and demanding that it be
remedied and stating that such notice is a "Notice of Default" hereunder; or

          (c) failure to pay in full the Secured Note Principal Balance of any
COLT 2007-SN1 Secured Notes by the Final Maturity Date; or

          (d) default in the observance or performance in any material respect
of any covenant or agreement of COLT made in this COLT Indenture (other than a
covenant or agreement a default in the observance or performance of which is
elsewhere specifically dealt with in this Section 5.1) which failure materially
and adversely affects the rights of the COLT 2007-SN1 Secured Noteholders, and
such default shall continue or not be cured for a period of 30 days after there
shall have been given, by registered or certified mail, to COLT and the Seller
(or the Servicer, as applicable) by the COLT Indenture Trustee or to COLT, the
Seller (or the Servicer, as applicable) and the COLT Indenture Trustee by the
Holders of at least 25% of the

<PAGE>

Outstanding Amount of the COLT 2007-SN1 Secured Notes, a written notice
specifying such default, demanding that it be remedied and stating that such
notice is a "Notice of Default" hereunder; or

          (e) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of COLT or any substantial part of the
COLT 2007-SN1 Trust Estate in an involuntary case under any applicable federal
or State bankruptcy, insolvency or other similar law now or hereafter in effect,
or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of COLT or for any substantial part of the COLT 2007-SN1
Trust Estate, or ordering the winding-up or liquidation of COLT's affairs, and
such decree or order shall remain unstayed and in effect for a period of 90
consecutive days; or

          (f) the commencement by COLT of a voluntary case under any applicable
federal or State bankruptcy, insolvency or other similar law now or hereafter in
effect, or the consent of COLT to the entry of an order for relief in an
involuntary case under any such law, or the consent by COLT to the appointment
or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of COLT or for any substantial part of the COLT
2007-SN1 Trust Estate, or the making by COLT of any general assignment for the
benefit of creditors, or the failure by COLT generally to pay its debts as such
debts become due, or the taking of action by COLT in furtherance of any of the
foregoing.

COLT shall deliver to the COLT Indenture Trustee and the COLT 2007-SN1 Secured
Noteholders promptly (and in any event within five Business Days) after learning
of the occurrence thereof, written notice in the form of an Officer's
Certificate of any event which with the giving of notice and the lapse of time
would become an Event of Default under Section 5.1(d), its status and what
action COLT is taking or proposes to take with respect thereto.

          SECTION 5.2 Acceleration of Maturity; Rescission and Annulment.

          (a) If an Event of Default should occur and be continuing, then and in
every such case, unless the principal amount of the COLT 2007-SN1 Secured Notes
shall have already become due and payable, either the COLT Indenture Trustee or
the Holders of COLT 2007-SN1 Secured Notes representing not less than a majority
of the Outstanding Amount of the COLT 2007-SN1 Secured Notes may declare all the
COLT 2007-SN1 Secured Notes to be immediately due and payable, by a notice in
writing to COLT, and to the COLT Indenture Trustee if given by the COLT 2007-SN1
Secured Noteholders, setting forth the Event of Default or Events of Default,
and upon any such declaration the unpaid principal amount of the COLT 2007-SN1
Secured Notes, together with accrued and unpaid interest thereon through the
date of acceleration, shall become immediately due and payable.

          (b) At any time after such declaration of acceleration of maturity of
the COLT 2007-SN1 Secured Notes has been made and before a judgment or decree
for payment of the money due thereunder has been obtained by the COLT Indenture
Trustee as hereinafter provided in this Article V, the Holders of COLT 2007-SN1
Secured Notes representing not less than a majority of the Outstanding Amount of
the COLT 2007-SN1 Secured Notes, by written notice to COLT and the COLT
Indenture Trustee, may waive all Defaults set forth in the notice delivered
pursuant to Section 5.2(a) and rescind and annul such declaration and its
consequences;

<PAGE>

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 2007-SN1
Secured Noteholders shall have proceeded to enforce any right under this COLT
Indenture and such Proceedings shall have been discontinued or abandoned because
of such rescission and annulment or for any other reason, or such Proceedings
shall have been determined adversely to the COLT Indenture Trustee or the COLT
2007-SN1 Secured Noteholders, then and in every such case, the COLT Indenture
Trustee, COLT and the COLT 2007-SN1 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
2007-SN1 Secured Noteholders, as the case may be, shall continue as though no
such Proceedings had been commenced.

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

          (a) COLT covenants that if an Event of Default occurs and such Event
of Default has not been waived pursuant to Section 5.12, then COLT shall, upon
demand of the COLT Indenture Trustee, pay to the COLT Indenture Trustee, for the
ratable benefit of the COLT 2007-SN1 Secured Noteholders in accordance with
their respective Secured Note Principal Balances, the entire amount then due and
payable on the COLT 2007-SN1 Secured Notes for principal and interest, with
interest upon the overdue principal and overdue interest at the COLT 2007-SN1
Secured Note Rate and any CARAT Collection Account Shortfall Amount and in
addition thereto such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the COLT Indenture Trustee and its agents and
counsel.

          (b) If COLT shall fail forthwith to pay such amounts upon such demand,
the COLT Indenture Trustee, in its own name and as trustee of an express trust,
may institute a Proceeding for the collection of the sums so due and unpaid, may
prosecute such Proceeding to judgment or final decree, may enforce the same
against COLT or other obligor upon the COLT 2007-SN1 Secured Notes and may
collect in the manner provided by law out of the property of the COLT 2007-SN1
Trust Estate, the monies adjudged or decreed to be payable.

          (c) If an Event of Default occurs and is continuing, the COLT
Indenture Trustee may, as more particularly provided in Section 5.4, in its
discretion, proceed to protect and enforce its rights and the rights of the COLT
2007-SN1 Secured Noteholders, by such appropriate Proceedings as the COLT
Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this COLT Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the COLT
Indenture Trustee by this COLT Indenture or by applicable law.

          (d) If there shall be pending, relative to COLT or any other obligor
upon the COLT 2007-SN1 Secured Notes or any Person having or claiming an
ownership interest in the COLT 2007-SN1 Trust Estate, Proceedings under Title 11
of the United States Code or any other applicable federal or State bankruptcy,
insolvency or similar law, or if a receiver, assignee or trustee in bankruptcy
or reorganization, liquidator, sequestrator or similar official shall have been

<PAGE>

appointed for or taken possession of COLT or its property or such obligor or
Person, or in case of any other comparable judicial Proceedings relative to COLT
or other obligor upon the COLT 2007-SN1 Secured Notes, or to the creditors or
property of COLT or such other obligor, the COLT Indenture Trustee, irrespective
of whether the principal of any COLT 2007-SN1 Secured Notes shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective
of whether the COLT Indenture Trustee shall have made any demand pursuant to the
provisions of this Section 5.3, shall be entitled and empowered, by intervention
in such Proceedings or otherwise:

               (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 2007-SN1 Secured Notes, and any CARAT Collection Account Shortfall
     Amount and to file such other papers or documents as may be necessary or
     advisable in order to have the claims of the COLT Indenture Trustee
     (including any claim for reasonable compensation to the COLT Indenture
     Trustee and each predecessor trustee, and their respective agents,
     attorneys and counsel, and for reimbursement of all expenses and
     liabilities incurred, and all advances made, by the COLT Indenture Trustee
     and each predecessor trustee, except as a result of negligence, fraud or
     bad faith) and of the COLT 2007-SN1 Secured Noteholders allowed in such
     Proceedings;

               (ii) unless prohibited by applicable law and regulations, to vote
     on behalf of the Holders of the COLT 2007-SN1 Secured Notes in any election
     of a trustee, a standby trustee or Person performing similar functions in
     any such Proceedings;

               (iii) to collect and receive any monies or other property payable
     or deliverable on any such claims and to distribute all amounts received
     with respect to the claims of the COLT 2007-SN1 Secured Noteholders and of
     the COLT Indenture Trustee on their behalf; and

               (iv) to file such proofs of claim and other papers or documents
     as may be necessary or advisable in order to have the claims of the COLT
     Indenture Trustee or the COLT 2007-SN1 Secured Noteholders allowed in any
     judicial proceedings relative to COLT, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such COLT 2007-SN1 Secured
Noteholders to make payments to the COLT Indenture Trustee for application in
accordance with the priorities set forth in the COLT 2007-SN1 Basic Documents,
and, if the COLT Indenture Trustee shall consent to the making of payments
directly to such COLT 2007-SN1 Secured Noteholders, to pay to the COLT Indenture
Trustee such amounts as shall be sufficient to cover reasonable compensation to
the COLT Indenture Trustee, each predecessor COLT Indenture 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 COLT Indenture Trustee except as a result of negligence, fraud 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

<PAGE>

COLT 2007-SN1 Secured Noteholder any plan of reorganization, arrangement,
adjustment or composition affecting the COLT 2007-SN1 Secured Notes or the
rights of any Holder thereof or to authorize the COLT Indenture Trustee to vote
in respect of the claim of any COLT 2007-SN1 Secured Noteholder in any such
Proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.

          (f) All rights of action and of asserting claims under this COLT
Indenture, or under any of the COLT 2007-SN1 Secured Notes may be enforced by
the COLT Indenture Trustee without the possession of any of the COLT 2007-SN1
Secured Notes or the production thereof in any trial or other Proceedings
relative thereto, and any such Proceedings instituted by the COLT Indenture
Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment, subject to the payment of the expenses, disbursements and
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 2007-SN1 Secured Noteholders in accordance with the priorities set
forth in the COLT 2007-SN1 Basic Documents.

          (g) In any Proceedings brought by the COLT Indenture Trustee (and also
any Proceedings involving the interpretation of any provision of this COLT
Indenture to which the COLT Indenture Trustee shall be a party), the COLT
Indenture Trustee shall be held to represent all the COLT 2007-SN1 Secured
Noteholders, and it shall not be necessary to make any the COLT 2007-SN1 Secured
Noteholders a party to any such Proceedings.

          (h) With respect to any claims for payments of reimbursement for
expenses, disbursement or compensation of any Person made of COLT pursuant to
this Section 5.3, where more than one Person has made such a claim, COLT shall
not reimburse any Person other than the COLT Indenture Trustee for such amounts
if, prior to incurring such expenses, the affected parties reasonably could have
avoided such expense by coordinating their claims under this COLT Indenture with
the COLT Indenture Trustee.

          SECTION 5.4 Remedies; Priorities.

          (a) If an Event of Default shall have occurred and be continuing and
the COLT 2007-SN1 Secured Notes have been accelerated under Section 5.2(a), the
COLT Indenture Trustee may do one or more of the following (subject to Sections
5.3 and 5.5):

               (i) institute Proceedings in its own name and as trustee of an
     express trust for the collection of all amounts then due and payable on
     such COLT 2007-SN1 Secured Notes, under this COLT Indenture with respect
     thereto, whether by declaration of acceleration or otherwise, enforce any
     judgment obtained, and collect from the COLT 2007-SN1 Trust Estate and any
     other obligor upon such COLT 2007-SN1 Secured Notes monies adjudged due;

               (ii) institute Proceedings from time to time for the complete or
     partial foreclosure of this COLT Indenture with respect to the COLT
     2007-SN1 Collateral and of the VAULT Security Agreement with respect to the
     Pledged Collateral;

<PAGE>

               (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 2007-SN1 Secured
     Noteholders; and

               (iv) sell the COLT 2007-SN1 Trust Estate, or any portion thereof
     or rights or interest therein, at one or more public or private sales
     called and conducted in any manner permitted by law or elect to have COLT
     maintain possession of the COLT 2007-SN1 Trust Estate, including the Series
     2007-SN1 Lease Assets, and continue to apply collections on the Series
     2007-SN1 Lease Assets as if there had been no declaration of acceleration;
     provided, however, that the COLT Indenture Trustee may not sell or
     otherwise liquidate the COLT 2007-SN1 Trust Estate following an Event of
     Default and acceleration of the COLT 2007-SN1 Secured Notes, except as is
     set forth in Section 3.20, unless (i)(A) the Holders of all of the
     aggregate Outstanding Amount of the COLT 2007-SN1 Secured Notes consent
     thereto, (B) the proceeds of such sale or liquidation distributable to the
     Holders of the COLT 2007-SN1 Secured Notes are sufficient to discharge in
     full the principal of and the accrued interest on the COLT 2007-SN1 Secured
     Notes as of the date of such sale or liquidation and to pay any CARAT
     Collection Account Shortfall Amount existing on such date (calculated as if
     such date were a Payment Date) 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 2007-SN1
     Secured Notes, (y) the COLT Indenture Trustee determines that the COLT
     2007-SN1 Trust Estate will not continue to provide sufficient funds for the
     payment of principal of and interest on the COLT 2007-SN1 Secured Notes as
     and when they would have become due if the COLT 2007-SN1 Secured Notes had
     not been declared due and payable and (z) the COLT Indenture Trustee
     obtains the consent of the Holders of all of the aggregate Outstanding
     Amount of the COLT 2007-SN1 Secured Notes, and (ii) 10 days' prior written
     notice of sale or liquidation has been given to the Rating Agencies. In
     determining such sufficiency or insufficiency with respect to clauses (B)
     and (C), the COLT Indenture Trustee may, but need not, obtain and rely upon
     an opinion of an Independent investment banking or accounting firm of
     national reputation as to the feasibility of such proposed action and as to
     the sufficiency of the COLT 2007-SN1 Trust Estate for such purpose:

provided, however, that prior to the exercise of the right to sell all or any
portion of the COLT 2007-SN1 Trust Estate as provided herein, the COLT Indenture
Trustee shall provide a notice in writing to COLT (with a copy to the Seller)
(the "Event of Default Sale Notice") of its intention to sell all or any portion
of the COLT 2007-SN1 Trust Estate (the part to be sold being the "Subject
Estate"), and if the Subject Estate is less than all of the COLT 2007-SN1 Trust
Estate, the portion of the COLT 2007-SN1 Trust Estate to be sold. The COLT
Indenture Trustee shall not consummate any sale until at least seven Business
Days after the Event of Default Sale Notice has been given to COLT (with a copy
to the Seller) (the "Authorization Date").

          (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

<PAGE>

     including amounts due for payments to the Series 2007-SN1
     Certificateholder) under Section 6.9 of the Declaration of Trust; 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 2007-SN1 Secured Notes; (ii) payment in full of unpaid
     principal balance of the COLT 2007-SN1 Secured Notes; (iii) to the CARAT
     Collection Account towards payment in full of any CARAT Collection Account
     Shortfall Amount and (iv) the remainder shall be distributed in accordance
     with the instructions of the COLT 2007-SN1 Certificateholder.

          SECTION 5.5 Optional Preservation of the Series 2007-SN1 Lease Assets.

          If the COLT 2007-SN1 Secured Notes have been declared to be due and
payable under Section 5.2 following an Event of Default and such declaration and
its consequences have not been rescinded and annulled in accordance with Section
5.2(b), the COLT Indenture Trustee may, but need not, elect to take and maintain
possession of the COLT 2007-SN1 Trust Estate. It is the desire of the parties
hereto and the COLT 2007-SN1 Secured Noteholders that there be at all times
sufficient funds for the payment of principal of and interest on the COLT
2007-SN1 Secured Notes, and the COLT Indenture Trustee shall take such desire
into account when determining whether or not to take and maintain possession of
the COLT 2007-SN1 Trust Estate. In determining whether to take and maintain
possession of the COLT 2007-SN1 Trust Estate, the COLT Indenture Trustee may,
but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the COLT 2007-SN1 Trust Estate for
such purpose.

          SECTION 5.6 Limitation of Suits.

          No Holder of any COLT 2007-SN1 Secured Note shall have any right to
institute any Proceeding 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 2007-SN1 Secured Notes have made written request to the COLT Indenture
Trustee to institute such Proceeding in respect of such Event of Default in its
own name as COLT Indenture Trustee hereunder;

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

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

<PAGE>

          (e) no direction inconsistent with such written request has been given
to the COLT Indenture Trustee during such 60-day period by the Holders of a
majority of the Outstanding Amount of the COLT 2007-SN1 Secured Notes;

it being understood and intended that no one or more Holders of the COLT
2007-SN1 Secured Notes shall have any right in any manner whatever by virtue of,
or by availing of, any provision of this COLT Indenture to affect, disturb or
prejudice the rights of any other Holders of the COLT 2007-SN1 Secured Notes or
to obtain or to seek to obtain priority or preference over any other Holders of
the COLT 2007-SN1 Secured Notes or to enforce any right under this COLT
Indenture, except in the manner herein provided and for the equal, ratable (on
the basis of the respective aggregate amount of principal and interest,
respectively, due and unpaid on the COLT 2007-SN1 Secured Note held by such COLT
2007-SN1 Secured Noteholder) and common benefit of all Holders of the COLT
2007-SN1 Secured Notes. For the protection and enforcement of the provisions of
this Section 5.6, each and every COLT 2007-SN1 Secured Noteholder shall be
entitled to such relief as can be given either at law or in equity.

          If the COLT Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of the
COLT 2007-SN1 Secured Notes, each representing less than a majority of the
Outstanding Amount of the COLT 2007-SN1 Secured Notes, the COLT Indenture
Trustee shall take the action requested by the group representing the higher
percentage of the Outstanding Amount of the COLT 2007-SN1 Secured Notes,
notwithstanding any other provisions of this COLT Indenture.

          SECTION 5.7 Unconditional Rights of the COLT 2007-SN1 Secured
Noteholders to Receive Principal and Interest.

          Notwithstanding any other provisions in this COLT Indenture, the
Holder of any COLT 2007-SN1 Secured Note shall have the right, which is absolute
and unconditional, to receive payment of the principal of and interest on such
COLT 2007-SN1 Secured Note on or after the respective due dates thereof
expressed in such COLT 2007-SN1 Secured Note or in this COLT Indenture (or, in
the case of redemption, if applicable, on or after the Redemption Date) 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 2007-SN1 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
2007-SN1 Secured Noteholder, then and in every such case COLT, the COLT
Indenture Trustee and the COLT 2007-SN1 Secured Noteholders shall, subject to
any determination in such Proceeding, be restored severally to their respective
former positions hereunder, and thereafter all rights and remedies of the COLT
Indenture Trustee and the COLT 2007-SN1 Secured Noteholders shall continue as
though no such Proceeding had been instituted.

<PAGE>

          SECTION 5.9 Rights and Remedies Cumulative.

          No right or remedy herein conferred upon or reserved to the COLT
Indenture Trustee or to the COLT 2007-SN1 Secured Noteholders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

          SECTION 5.10 Delay or Omission, Not a Waiver.

          No delay or omission of the COLT Indenture Trustee or any Holder of
any COLT 2007-SN1 Secured Note to exercise any right or remedy accruing upon any
Default or Event of Default shall impair any such right or remedy or constitute
a waiver of any such Default or Event of Default or an acquiescence therein.
Every right and remedy given by this Article V or by law to the COLT Indenture
Trustee or to the COLT 2007-SN1 Secured Noteholders may be exercised from time
to time, and as often as may be deemed expedient, by the COLT Indenture Trustee
or by the COLT 2007-SN1 Secured Noteholders, as the case may be.

          SECTION 5.11 Control by the COLT 2007-SN1 Secured Noteholders.

          The Holders of a majority of the Outstanding Amount of the COLT
2007-SN1 Secured Notes shall, subject to provision being made for
indemnification against costs, expenses and liabilities in a form satisfactory
to the COLT Indenture Trustee, have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the COLT
Indenture Trustee with respect to the COLT 2007-SN1 Secured Notes or exercising
any trust or power conferred on the COLT Indenture Trustee; provided, however,
that:

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

          (b) subject to the express terms of Section 5.4, any direction to the
COLT Indenture Trustee to sell or liquidate the COLT 2007-SN1 Trust Estate shall
be by the Holders of COLT 2007-SN1 Secured Notes representing not less than 100%
of the Outstanding Amount of the COLT 2007-SN1 Secured Notes;

          (c) if the conditions set forth in Section 5.5 have been satisfied and
the COLT Indenture Trustee elects to retain the COLT 2007-SN1 Trust Estate
pursuant to Section 5.5, then any direction to the COLT Indenture Trustee by
Holders of COLT 2007-SN1 Secured Notes representing less than 100% of the
Outstanding Amount of the COLT 2007-SN1 Secured Notes to sell or liquidate the
COLT 2007-SN1 Trust Estate shall be of no force and effect; and

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

provided, however, that, subject to Section 6.1, the COLT Indenture Trustee need
not take any action that it determines might cause it to incur any liability
with respect to which the COLT

<PAGE>

Indenture Trustee shall have reasonable grounds to believe that adequate
indemnity against such liability is not assured to it or might materially
adversely affect the rights of the COLT 2007-SN1 Secured Noteholders not
consenting to such action.

          SECTION 5.12 Waiver of Past Defaults.

          (a) Prior to the declaration of the acceleration of the maturity of
the COLT 2007-SN1 Secured Notes as provided in Section 5.2, the Holders of not
less than a majority of the Outstanding Amount of the COLT 2007-SN1 Secured
Notes may waive any past Default or Event of Default and its consequences except
a Default or Event of Default (i) in the payment of principal of or interest on
any of the COLT 2007-SN1 Secured Notes or (ii) in respect of a covenant or
provision hereof that cannot be modified or amended without the consent of the
Holder of each such COLT 2007-SN1 Secured Note. In the case of any such waiver,
COLT, the COLT Indenture Trustee and the COLT 2007-SN1 Secured Noteholders shall
be restored to their respective former positions and rights hereunder; but no
such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereto.

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

          SECTION 5.13 Undertaking for Costs.

          All parties to this COLT Indenture agree, and each Holder of any COLT
2007-SN1 Secured Note by such Holder's acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any Proceeding for
the enforcement of any right or remedy under this COLT Indenture, or in any
Proceeding against the COLT Indenture Trustee for any action taken, suffered or
omitted by it as COLT Indenture Trustee, the filing by any party litigant in
such Proceeding of an undertaking to pay the costs of such Proceeding, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys' fees and expenses, against any party litigant in such Proceeding,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section 5.13, shall not apply
to:

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

          (b) any Proceeding instituted by any COLT 2007-SN1 Secured Noteholder
or group of COLT 2007-SN1 Secured Noteholders holding in the aggregate more than
10% of the Outstanding Amount of the COLT 2007-SN1 Secured Notes; or

          (c) any Proceeding instituted by any COLT 2007-SN1 Secured Noteholder
for the enforcement of the payment of principal of or interest on any COLT
2007-SN1 Secured Note on or after the respective due dates expressed in such
COLT 2007-SN1 Secured Note and in this COLT Indenture (or, in the case of
redemption, on or after the Redemption Date).

<PAGE>

          SECTION 5.14 Waiver of Stay or Extension Laws.

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

          SECTION 5.15 Action on COLT 2007-SN1 Secured Notes.

          The COLT Indenture Trustee's right to seek and recover judgment on the
COLT 2007-SN1 Secured Notes or under this COLT Indenture shall not be affected
by the seeking, obtaining or application of any other relief under or with
respect to this COLT Indenture. Neither the Lien of this COLT Indenture in the
COLT 2007-SN1 Collateral or the Lien of the VAULT Security Agreement in the
Pledged Collateral nor any rights or remedies of the COLT Indenture Trustee or
the COLT 2007-SN1 Secured Noteholders shall be impaired by the recovery of any
judgment by the COLT Indenture Trustee against COLT or by the levy of any
execution under such judgment upon any portion of the COLT 2007-SN1 Trust Estate
or upon any of the assets of COLT. Any money or property collected by the COLT
Indenture Trustee shall be applied in accordance with Section 5.4(b).

          SECTION 5.16 Performance and Enforcement of Certain Obligations.

          (a) Promptly following a request from the COLT Indenture Trustee to do
so and at the Servicer's expense, COLT agrees to take all such lawful action as
the COLT Indenture Trustee may request to compel or secure the performance and
observance by the Seller and the Servicer of their respective obligations to
COLT under or in connection with the COLT 2007-SN1 Basic Documents in accordance
with the terms thereof, and to exercise any and all rights, remedies, powers and
privileges lawfully available to COLT under or in connection with the COLT
2007-SN1 Basic Documents to the extent and in the manner directed by the COLT
Indenture Trustee, including the transmission of notices of default on the part
of the Seller or the Servicer thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the
Seller or the Servicer of each of their obligations under the COLT 2007-SN1
Basic Documents.

          (b) If an Event of Default has occurred and is continuing, the COLT
Indenture Trustee may, and, at the direction (which direction shall be in
writing or by telephone (confirmed in writing promptly thereafter)) of the
Holders of 66-2/3% of the Outstanding Amount of the COLT 2007-SN1 Secured Notes
shall, exercise all rights, remedies, powers, privileges and claims of COLT
against the Seller or the Servicer under or in connection with the COLT 2007-SN1
Basic Documents, including the right or power to take any action to compel or
secure performance or observance by the Seller or the Servicer of each of their
obligations to COLT thereunder and to give any consent, request, notice,
direction, approval, extension or waiver

<PAGE>

under the COLT 2007-SN1 Basic Documents, and any right of COLT to take such
action shall be suspended.

                                   ARTICLE VI
                           THE COLT INDENTURE TRUSTEE

          SECTION 6.1 Duties of COLT Indenture Trustee.

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

          (b) Except during the continuance of an Event of Default:

               (i) 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

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

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

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

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

               (iii) the COLT Indenture Trustee shall not be liable with respect
     to any action it takes or omits to take in good faith in accordance with a
     direction received by it pursuant to any provision of this COLT Indenture
     or any other COLT 2007-SN1 Basic Document.

          (d) 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.

<PAGE>

          (e) 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 2007-SN1
Basic Documents.

          (f) No provision of this COLT Indenture or any other COLT 2007-SN1
Basic Document shall require the COLT Indenture Trustee to expend or risk its
own funds or otherwise incur financial liability in the performance of any of
its duties hereunder or in the exercise of any of its rights or powers, if it
shall have reasonable grounds to believe that repayments of such funds or
adequate indemnity against such risk or liability is not reasonably assured to
it.

          (g) Every provision of this COLT Indenture and each other COLT
2007-SN1 Basic Document relating to the COLT Indenture Trustee shall be subject
to the provisions of this Section 6.1 and to the provisions of the TIA.

          (h) The COLT Indenture Trustee shall have no liability or
responsibility for the acts or omissions of any other party to any of the COLT
2007-SN1 Basic Documents.

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

          SECTION 6.2 Rights of COLT Indenture Trustee.

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

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

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

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

          (e) The COLT Indenture Trustee may consult with counsel, and the
advice or opinion of counsel with respect to legal matters relating to this COLT
Indenture and the COLT 2007-SN1 Secured Notes shall be full and complete
authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the
advice or opinion of such counsel.

<PAGE>

          (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, Event of Default or Servicer Default unless a Responsible Officer
of the COLT Indenture Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a default is received by the COLT
Indenture Trustee at the Corporate Trust Office of the COLT Indenture Trustee,
and such notice references the COLT 2007-SN1 Secured Notes and this COLT
Indenture.

          (i) The rights, privileges, protections, immunities and benefits given
to the COLT Indenture Trustee, including, 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 2007-SN1 Secured
Notes.

          The COLT Indenture Trustee in its individual or any other capacity may
become the owner or pledgee of COLT 2007-SN1 Secured Notes and the Secured Notes
of any other Series and may otherwise deal with COLT, the Servicer or any of
their respective Affiliates with the same rights it would have if it were not
COLT Indenture Trustee; provided, however, that the COLT Indenture Trustee shall
comply with Section 6.11. Any Paying Agent, Secured Note Registrar, co-registrar
or co-paying agent may do the same with like rights.

          SECTION 6.4 COLT Indenture Trustee's Disclaimer.

          The COLT Indenture Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of any COLT 2007-SN1 Basic
Document, including this COLT Indenture or the COLT 2007-SN1 Secured Notes, it
shall not be accountable for COLT's use of the proceeds from the COLT 2007-SN1
Secured Notes, and it shall not be responsible for any statement of COLT in the
COLT Indenture or in any document issued in connection with the sale of any COLT
2007-SN1 Secured Notes or in the COLT 2007-SN1 Secured Notes other than the COLT
Indenture Trustee's certificate of authentication.

          SECTION 6.5 Notice of Default.

          If a Default occurs and is continuing and if it is known to a
Responsible Officer of the COLT Indenture Trustee, the COLT Indenture Trustee
shall mail to each COLT 2007-SN1

<PAGE>

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
2007-SN1 Secured Note, the COLT Indenture Trustee may withhold the notice if and
so long as it in good faith determines that withholding the notice is in the
interest of the COLT 2007-SN1 Secured Noteholders.

          SECTION 6.6 Reports by COLT Indenture Trustee.

          (a) To the extent any COLT 2007-SN1 Secured Noteholder does not
receive such documents or information directly, the COLT Indenture Trustee shall
deliver to each such COLT 2007-SN1 Secured Noteholder, as applicable, the
documents and information set forth in Article VII, and, in addition, all such
information with respect to the COLT 2007-SN1 Secured Notes as may be required
to enable such Holder to prepare its federal and State income tax returns.

          (b) The COLT Indenture Trustee shall:

               (i) deliver to the COLT Owner Trustee and the Servicer a report
     of its assessment of compliance with the Servicing Criteria regarding
     general servicing, cash and collection administration, investor remittances
     and reporting, and pool asset administration during the preceding calendar
     year, including disclosure of any material instance of non-compliance
     identified by the COLT Indenture Trustee, as required by Rule 13a-18 and
     Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB under the
     Securities Act;

               (ii) cause a firm of registered public accountants that is
     qualified and independent within the meaning of Rule 2-01 of Regulation S-X
     under the Securities Act to deliver to the COLT Owner Trustee and the
     Servicer an attestation report that satisfies the requirements of Rule
     13a-18 or Rule 15d-18 under the Exchange Act, as applicable, on the
     assessment of compliance with Servicing Criteria with respect to the prior
     calendar year for inclusion in COLT's 10-K filing; such attestation report
     shall be in accordance with Rule 1-02(a)(3) and Rule 2-02(g) of Regulation
     S-X under the Securities Act and the Exchange Act; and

               (iii) deliver to any Person that will be responsible for signing
     the certification (a "Sarbanes Certification") required by Rule 13a-14(d)
     and Rule 15d-14(d) under the Exchange Act (pursuant to Section 302 of the
     Sarbanes-Oxley Act of 2002) on behalf of COLT with respect to this
     securitization transaction a certification substantially in the form
     attached to the CARAT Indenture as Exhibit F or such form as mutually
     agreed upon by the Servicer and the COLT Indenture Trustee; the COLT
     Indenture Trustee acknowledges that the parties identified in this clause
     (iii) may rely on the certification provided by the COLT Indenture Trustee
     pursuant to such clause in signing a Sarbanes Certification and filing such
     with the Commission.

          (c) The reports referred to in Section 6.6(b) shall be delivered on or
before March 15 of each year that a 10-K filing is required to be filed by COLT,
beginning March 15, 2008.

<PAGE>

          SECTION 6.7 Compensation; Indemnity.

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

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

          SECTION 6.8 Replacement of COLT Indenture Trustee.

          (a) The COLT Indenture Trustee may at any time give notice of its
intent to resign by so notifying COLT and the COLT 2007-SN1 Secured Noteholders;
provided, however, that no such resignation shall become effective and the COLT
Indenture Trustee shall not resign prior to the time set forth in Section
6.8(c). The Holders of a majority of the Outstanding Amount of the COLT 2007-SN1
Secured Notes may remove the COLT Indenture Trustee by so notifying the COLT
Indenture Trustee and may appoint a successor COLT Indenture Trustee. Such
resignation or removal shall become effective in accordance with Section 6.8(c).
COLT shall remove the COLT Indenture Trustee if:

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

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

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

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

          (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

<PAGE>

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 2007-SN1 Secured Noteholders. The retiring COLT Indenture Trustee shall
promptly transfer all property held by it as COLT Indenture Trustee to the
successor COLT Indenture Trustee.

          (d) If a successor COLT Indenture Trustee does not take office within
60 days after the retiring COLT Indenture Trustee gives notice of its intent to
resign or is removed, the retiring COLT Indenture Trustee, COLT or the Holders
of a majority of the Outstanding Amount of the COLT 2007-SN1 Secured Notes may
petition any court of competent jurisdiction for the appointment and designation
of a successor COLT Indenture Trustee.

          (e) If the COLT Indenture Trustee fails to comply with Section 6.11,
any COLT 2007-SN1 Secured Noteholder may petition any court of competent
jurisdiction for the removal of the COLT Indenture Trustee and the appointment
of a successor COLT Indenture Trustee.

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

          SECTION 6.9 Merger or Consolidation of COLT Indenture Trustee.

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

          (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 2007-SN1 Secured Notes shall have been
authenticated but not delivered, any such successor to the COLT Indenture
Trustee may adopt the certificate of authentication of any predecessor trustee,
and deliver such COLT 2007-SN1 Secured Notes so authenticated; and in case at
that time any of the COLT 2007-SN1 Secured Notes shall not have been
authenticated, any successor to the COLT Indenture Trustee may authenticate such
COLT 2007-SN1 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 2007-SN1 Secured Notes or herein with respect to the
certificate of authentication of the COLT Indenture Trustee.

<PAGE>

          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 2007-SN1 Trust Estate may at the time be located,
the COLT Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, jointly with the COLT Indenture Trustee, or separate indenture
trustees, of all or any part of the COLT 2007-SN1 Trust Estate and to vest in
such Person or Persons, in such capacity and for the benefit of the COLT
2007-SN1 Secured Noteholders, such title to the COLT 2007-SN1 Trust Estate, or
any part hereof, and, subject to the other provisions of this Section 6.10, such
powers, duties, obligations, rights and trusts as the COLT Indenture Trustee may
consider necessary or desirable. No co-indenture trustee or separate indenture
trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 6.11 and no notice to COLT 2007-SN1 Secured
Noteholders of the appointment of any co-indenture trustee or separate indenture
trustee shall be required under Section 6.8. (b) Every separate indenture
trustee and co-indenture trustee shall, to the extent permitted by law, be
appointed and act subject to the following provisions and conditions:

               (i) all rights, powers, duties and obligations conferred or
     imposed upon the COLT Indenture Trustee shall be conferred or imposed upon
     and exercised or performed by the COLT Indenture Trustee and such separate
     trustee or co-trustee jointly (it being understood that such separate
     indenture trustee or co-indenture trustee is not authorized to act
     separately without the COLT Indenture Trustee joining in such act), except
     to the extent that under any law of any jurisdiction in which any
     particular act or acts are to be performed the COLT Indenture Trustee shall
     be incompetent or unqualified to perform such act or acts, in which event
     such rights, powers, duties and obligations (including the holding of title
     to the COLT 2007-SN1 Trust Estate or any portion thereof in any such
     jurisdiction) shall be exercised and performed singly by such separate
     trustee or co-trustee, but solely at the direction of the COLT Indenture
     Trustee;

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

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

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

<PAGE>

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 shall be a U.S. Person and have a
combined capital and surplus of at least $50,000,000 as set forth in its most
recent published annual report of condition and (unless waived by Moody's, if
Moody's is rating the COLT 2007-SN1 Secured Notes) it shall have a long term
unsecured debt rating of Baa3 or better by Moody's. The COLT Indenture Trustee
shall comply with TIA Section 310(b); provided, however, that there shall be
excluded from the operation of TIA Section 310(b)(1) any indenture or indentures
under which other securities of COLT are outstanding if the requirements for
such exclusion set forth in TIA Section 310(b)(1) are met.

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

          SECTION 6.13 Representations and Warranties of COLT Indenture Trustee.

          The COLT Indenture Trustee represents and warrants as of the Series
2007-SN1 Closing Date that:

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

          (b) the COLT Indenture Trustee has full power, authority and legal
right to execute, deliver and perform this COLT Indenture and any other COLT
2007-SN1 Basic Document to which it is a party, and has taken all necessary
action to authorize the execution, delivery and performance by it of this COLT
Indenture and any other COLT 2007-SN1 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 2007-SN1 Basic Document to
which it is a party (i) shall not violate any provision of any law or regulation
governing the banking and trust powers

<PAGE>

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 2007-SN1 Trust Estate pursuant to the
provisions of any mortgage, indenture, contract, agreement or other undertaking
to which it is a party, which violation, default or Lien could reasonably be
expected to have a materially adverse effect on the COLT Indenture Trustee's
performance or ability to perform its duties under this COLT Indenture and any
other COLT 2007-SN1 Basic Document to which it is a party or on the transactions
contemplated hereunder and thereunder;

          (d) the execution, delivery and performance by the COLT Indenture
Trustee of this COLT Indenture and any other COLT 2007-SN1 Basic Document to
which it is a party shall not require the authorization, consent or approval of,
the giving of notice to, the filing or registration with, or the taking of any
other action in respect of, any Governmental Authority or agency regulating the
banking and corporate trust activities of the COLT Indenture Trustee; and

          (e) this COLT Indenture and any other COLT 2007-SN1 Basic Document to
which it is a party have been duly executed and delivered by the COLT Indenture
Trustee and constitutes the legal, valid and binding agreement of the COLT
Indenture Trustee, enforceable in accordance with their terms.

          SECTION 6.14 COLT Indenture Trustee May Enforce Claims Without
Possession of COLT 2007-SN1 Secured Notes.

          All rights of action and claims under this COLT Indenture or the COLT
2007-SN1 Secured Notes may be prosecuted and enforced by the COLT Indenture
Trustee without the possession of any of the COLT 2007-SN1 Secured Notes or the
production thereof in any proceeding relating thereto, and any such proceeding
instituted by the COLT Indenture Trustee shall be brought in its own name as
COLT Indenture Trustee. Any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of
the COLT Indenture Trustee, its agents and counsel, be for the ratable benefit
of the COLT 2007-SN1 Secured Noteholders in respect of which such judgment has
been obtained.

          SECTION 6.15 Suit for Enforcement.

          If an Event of Default shall occur and be continuing, the COLT
Indenture Trustee, in its discretion may, subject to the provisions of Section
6.1, proceed to protect and enforce its rights and the rights of the COLT
2007-SN1 Secured Noteholders under this COLT Indenture by a Proceeding whether
for the specific performance of any covenant or agreement contained in this COLT
Indenture or in aid of the execution of any power granted in this COLT Indenture
or for the enforcement of any other legal, equitable or other remedy as the COLT
Indenture Trustee, being advised by counsel, shall deem necessary to protect and
enforce any of the rights of the COLT Indenture Trustee or the COLT 2007-SN1
Secured Noteholders.

<PAGE>

          SECTION 6.16 Rights of COLT 2007-SN1 Secured Noteholders to Direct
COLT Indenture Trustee.

          The Holders of not less than a majority of the Outstanding Amount of
the COLT 2007-SN1 Secured Notes, shall have the right to direct the time, method
and place of conducting any Proceeding for any remedy available to the COLT
Indenture Trustee or exercising any trust or power conferred on the COLT
Indenture Trustee; provided, however, that subject to Section 6.1, the COLT
Indenture Trustee shall have the right to decline to follow any such direction
if the COLT Indenture Trustee being advised by counsel determines that the
action so directed may not lawfully be taken, or if the COLT Indenture Trustee
in good faith shall, by a Responsible Officer, determine that the proceedings so
directed would be illegal or subject it to personal liability; and provided,
further, that nothing in this COLT Indenture shall impair the right of the COLT
Indenture Trustee to take any action deemed proper by the COLT Indenture Trustee
and which is not inconsistent with such direction by the COLT 2007-SN1 Secured
Noteholders.

                                   ARTICLE VII
              COLT 2007-SN1 SECURED NOTEHOLDERS' LISTS AND REPORTS

          SECTION 7.1 COLT to Furnish COLT Indenture Trustee Names and Addresses
of COLT 2007-SN1 Secured Noteholders.

          COLT shall furnish or cause to be furnished by the Servicer to the
COLT Indenture Trustee (a) not more than five days before each Payment Date, a
list, in such form as the COLT Indenture Trustee may reasonably require, of the
names and addresses of the Holders of COLT 2007-SN1 Secured Notes as of the
close of business on the related Record Date, and (b) at such other times as the
COLT Indenture Trustee may request in writing, within 14 days after receipt by
COLT of any such request, a list of similar form and content as of a date not
more than 10 days prior to the time such list is furnished; provided, however,
that so long as the COLT Indenture Trustee is the Secured Note Registrar, no
such list shall be required to be furnished.

          SECTION 7.2 Preservation of Information, Communications to COLT
2007-SN1 Secured Noteholders.

          (a) The COLT Indenture Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of the Holders of COLT
2007-SN1 Secured Notes contained in the most recent list furnished to the COLT
Indenture Trustee as provided in Section 7.1 and the names and addresses of
Holders of COLT 2007-SN1 Secured Notes received by the COLT Indenture Trustee in
its capacity as Secured Note Registrar. The COLT Indenture Trustee may destroy
any list furnished to it as provided in Section 7.1 upon receipt of a new list
so furnished.

          (b) COLT 2007-SN1 Secured Noteholders may communicate pursuant to TIA
Section 12(b) with other COLT 2007-SN1 Secured Noteholders with respect to their
rights under this COLT Indenture or under the COLT 2007-SN1 Secured Notes.

          (c) COLT, the COLT Indenture Trustee and the Secured Note Registrar
shall have the protection of TIA Section 3.12(c).

<PAGE>

          SECTION 7.3 Reports by COLT.

          (a) COLT shall:

               (i) deliver to the COLT Indenture Trustee, within fifteen (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) that COLT may be required
     to file with the Commission pursuant to Section 13 or 15(d) of the Exchange
     Act or Item 1122 of Regulation AB;

               (ii) deliver to the COLT Indenture Trustee and file with 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 2007-SN1 Secured
     Noteholders described in TIA Section 313(c)) such summaries of any
     information, documents and reports required to be filed by COLT 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. (a) If required by TIA Section
313(a),within 60 days after each August 15, beginning with August 15, 2007, the
COLT Indenture Trustee shall mail to each COLT 2007-SN1 Secured Noteholder as
required by TIA Section 313(c) a brief report dated as of such date that
complies with TIA Section 313(a). The COLT Indenture Trustee also shall comply
with TIA Section 313(b). A copy of any report delivered pursuant to this Section
7.4(a) shall, at the time of its mailing to COLT 2007-SN1 Secured Noteholders,
be filed by the COLT Indenture Trustee with the Commission and each stock
exchange, if any, on which the COLT 2007-SN1 Secured Notes are listed. COLT
shall notify the COLT Indenture Trustee if and when the COLT 2007-SN1 Secured
Notes are listed on any stock exchange.

          (b) On each Payment Date the COLT Indenture Trustee shall include with
each payment to each COLT 2007-SN1 Secured Noteholder a copy of the statement
for the related Collection Period or Periods applicable to such Payment Date as
required pursuant to Section 2.15 of the COLT Servicing Agreement.

                                  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

<PAGE>

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 Servicing Agreement. The COLT Indenture Trustee
shall apply all such money received by it with respect to the COLT 2007-SN1
Trust Estate as provided in this COLT Indenture, the COLT Servicing Agreement
and any other COLT 2007-SN1 Basic Document to which it is a party. Except as
otherwise expressly provided in this COLT Indenture, if any default occurs in
the making of any payment or performance under any agreement or instrument that
is part of the COLT 2007-SN1 Trust Estate, the COLT Indenture Trustee may take
such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate Proceedings. Any such
action shall be without prejudice to any right to claim an Event of Default
under this COLT Indenture and any right to proceed thereafter as provided in
Article V. SECTION 8.2 Designated Accounts; Allocations; Payments.

          (a) On or prior to the Series 2007-SN1 Closing Date, COLT shall cause
the Servicer to establish and maintain, in the name of the COLT Indenture
Trustee, for the benefit of the COLT 2007-SN1 Secured Noteholders, the
Designated Accounts in accordance with the COLT Servicing Agreement.

          (b) On or before each Payment Date, (i) amounts shall be deposited in
the COLT Collection Account as provided in Section 3.03(a) and (b) of the COLT
Servicing Agreement and (ii) the Aggregate Secured Note Interest Distributable
Amount for such Payment Date, the Secured Note Principal Distributable Amount
for such Payment Date and all other amounts payable on such Payment Date
pursuant to Section 3.03(c) of the COLT Servicing Agreement, shall be
transferred from the COLT Collection Account to the COLT 2007-SN1 Secured
Noteholders and the CARAT Collection Account, as applicable, as and to the
extent provided in Section 3.03(c) of the COLT Servicing Agreement.

          SECTION 8.3 General Provisions Regarding Designated Accounts.

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

          (b) Subject to Section 6.1(c), the COLT Indenture Trustee shall not in
any way be held liable by reason of any insufficiency in any of the Designated
Accounts resulting from any loss on any Eligible Investment included therein
except for losses attributable to the COLT Indenture Trustee's failure to make
payments on such Eligible Investments issued by the

<PAGE>

COLT Indenture Trustee, in its commercial capacity as principal obligor and not
as trustee, in accordance with their terms.

          (c) If (i) COLT shall have failed to give written investment
directions for any funds on deposit in the Designated Accounts to the COLT
Indenture Trustee by 11:00 A.M., New York City time (or such other time as may
be agreed by COLT and the COLT Indenture Trustee) on any Business Day or (ii) a
Default or Event of Default shall have occurred and be continuing with respect
to the COLT 2007-SN1 Secured Notes but the COLT 2007-SN1 Secured Notes shall not
have been declared due and payable pursuant to Section 5.2, or (iii) if the COLT
2007-SN1 Secured Notes shall have been declared due and payable following an
Event of Default, but amounts collected or receivable from the COLT 2007-SN1
Trust Estate are being applied in accordance with Section 5.5 as if there had
not been such a declaration, then the COLT Indenture Trustee shall, to the
fullest extent practicable, invest and reinvest funds in the Designated Accounts
in "BNY - Hamilton MMF Instit #746."

          SECTION 8.4 Release of the COLT 2007-SN1 Trust Estate.

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

          (b) The COLT Indenture Trustee shall, at such time as there are no
COLT 2007-SN1 Secured Notes Outstanding and all sums due to the COLT Indenture
Trustee pursuant to Section 6.7 and any CARAT Collection Account Shortfall
Amount pursuant to Section 3.03(c) of the COLT Servicing Agreement have been
paid, notify COLT thereof in writing and upon receipt of a COLT Request, release
any remaining portion of the COLT 2007-SN1 Trust Estate that secured the COLT
2007-SN1 Secured Notes from the Lien of this COLT Indenture and release to COLT
or any other Person entitled thereto any funds then on deposit in the Designated
Accounts. The COLT Indenture Trustee shall release property from the Lien of
this COLT Indenture pursuant to this Section 8.4(b) only upon receipt by it of a
COLT Request, an Officer's Certificate and an Opinion of Counsel and (if
required by the TIA) Independent Certificates in accordance with TIA Sections
314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1.

          SECTION 8.5 Opinion of Counsel.

          The COLT Indenture Trustee shall receive at least seven days' notice
when requested by COLT to take any action pursuant to Section 8.4, accompanied
by copies of any instruments involved, and the COLT Indenture Trustee shall also
require as a condition to such action, an Opinion of Counsel, in form and
substance satisfactory to the COLT Indenture Trustee, stating the legal effect
of any such action, outlining the steps required to complete the same, and
concluding that all conditions precedent to the taking of such action have been

<PAGE>

complied with and such action shall not materially and adversely impair the
security for the COLT 2007-SN1 Secured Notes or the rights of the COLT 2007-SN1
Secured Noteholders in contravention of the provisions of this COLT Indenture;
provided, however, that such Opinion of Counsel shall not be required to express
an opinion as to the fair value of the COLT 2007-SN1 Trust Estate. Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the
COLT Indenture Trustee pursuant to the provisions of this COLT Indenture in
connection with any such action.

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

          SECTION 9.1 Supplemental Indentures Without Consent of COLT 2007-SN1
Secured Noteholders.

          (a) Without the consent of the Holders of any COLT 2007-SN1 Secured
Notes but with prior notice to the Rating Agencies, COLT and the COLT Indenture
Trustee, when authorized by a COLT Order, at any time and from time to time, may
enter into one or more indentures supplemental hereto, in form satisfactory to
the COLT Indenture Trustee, for any of the following purposes:

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

               (ii) to evidence the succession, in compliance with Section 3.11
     and the applicable provisions hereof, of another Person to COLT, and the
     assumption by any such successor of the covenants of COLT contained herein
     and in the COLT 2007-SN1 Secured Notes;

               (iii) to add to the covenants of COLT for the benefit of the COLT
     2007-SN1 Secured Noteholders or to surrender any right or power herein
     conferred upon COLT;

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

               (v) to cure any ambiguity or to correct or supplement any
     provision herein or in any supplemental indenture which may be inconsistent
     with any other provision herein or in any supplemental indenture or in any
     COLT 2007-SN1 Basic Document;

               (vi) to evidence and provide for the acceptance of the
     appointment hereunder by a successor or additional indenture trustee with
     respect to the COLT 2007-SN1 Secured Notes and the COLT Indenture and to
     add to or change any of the provisions of this COLT Indenture as shall be
     necessary to facilitate the administration of

<PAGE>

     the trust hereunder by more than one indenture trustee, pursuant to the
     requirements of Article VI; or

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

          (b) COLT and the COLT Indenture Trustee, when authorized by a COLT
Order, may, also without the consent of any of the COLT 2007-SN1 Secured
Noteholders but with prior notice to the Rating Agencies, at any time and from
time to time enter into one or more indentures supplemental hereto for the
purpose of adding any provisions to, changing in any manner, or eliminating any
of the provisions of, this COLT Indenture or modifying in any manner the rights
of the COLT 2007-SN1 Secured Noteholders under this COLT Indenture; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any COLT 2007-SN1
Secured Noteholder unless such COLT 2007-SN1 Secured Noteholders' consent is
obtained.

          SECTION 9.2 Supplemental Indentures with Consent of COLT 2007-SN1
Secured Noteholders.

          (a) COLT and the COLT Indenture Trustee, when authorized by a COLT
Order, also may, with prior notice to the Rating Agencies and with the written
consent of the Holders of not less than a majority of the Outstanding Amount of
COLT 2007-SN1 Secured Notes, by Act of such Holders delivered to COLT and the
COLT Indenture Trustee, enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to, changing in any manner, or
eliminating any of the provisions of, this COLT Indenture or of modifying in any
manner the rights of the COLT 2007-SN1 Secured Noteholders under this COLT
Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding COLT 2007-SN1 Secured Note
affected thereby:

               (i) change the due date of any instalment of principal of or
     interest on any COLT 2007-SN1 Secured Note, or reduce the principal amount
     thereof, the interest rate applicable thereto, change any place of payment
     where, or the coin or currency in which, any COLT 2007-SN1 Secured Note or
     any interest thereon is payable, or impair the right to institute suit for
     the enforcement of the provisions of this COLT Indenture requiring the
     application of funds available therefor, as provided in Article V, to the
     payment of any such amount due on the COLT 2007-SN1 Secured Notes on or
     after the respective due dates thereof;

               (ii) reduce the percentage of the Outstanding Amount of the COLT
     2007-SN1 Secured Notes, the consent of the Holders of which is required for
     any such supplemental indenture or the consent of the Holders of which is
     required for any waiver

<PAGE>

     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
     2007-SN1 Secured Notes required to direct the COLT Indenture Trustee to
     sell or liquidate the COLT 2007-SN1 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 2007-SN1 Secured
     Notes;

               (v) modify any provision of this Section 9.2 to decrease the
     required minimum percentage of the Outstanding Amount of the COLT 2007-SN1
     Secured Notes necessary to approve any amendments to any provisions of this
     COLT Indenture or any of the COLT 2007-SN1 Basic Documents;

               (vi) modify any of the provisions of this COLT Indenture in such
     manner as to affect the calculation of the amount of any payment of
     interest or principal due on any COLT 2007-SN1 Secured Notes on any Payment
     Date (including the calculation of any of the individual components of such
     calculation), or modify or alter the provisions of this COLT Indenture
     regarding the voting of COLT 2007-SN1 Secured Notes held by COLT, the
     Seller or any Affiliate of either of them; or

               (vii) permit the creation of any Lien (other than tax liens and
     any other Liens that attach by operation of law) ranking prior to or on a
     parity with the Lien of this COLT Indenture with respect to any part of the
     COLT 2007-SN1 Collateral or of the VAULT Security Agreement with respect to
     any part of the Pledged Collateral or, except as otherwise permitted or
     contemplated herein, terminate the Lien of this COLT Indenture on any
     property at any time subject hereto or deprive the Holder of any COLT
     2007-SN1 Secured Note of the security afforded by the Lien of this COLT
     Indenture.

          (b) The COLT Indenture Trustee may in its discretion determine whether
or not any COLT 2007-SN1 Secured Notes would be affected (such that the consent
of each Secured Noteholder would be required) by any supplemental indenture
proposed pursuant to this Section 9.2 and any such determination shall be
conclusive and binding upon the Holders of all COLT 2007-SN1 Secured Notes,
whether authenticated and delivered thereunder before or after the date upon
which such supplemental indenture becomes effective. The COLT Indenture Trustee
shall not be liable for any such determination made in good faith.

          (c) It shall be sufficient if an Act of COLT 2007-SN1 Secured
Noteholders approves the substance, but not the form, of any proposed
supplemental indenture.

          (d) Promptly after the execution by COLT and the COLT Indenture
Trustee of any supplemental indenture pursuant to this Section 9.2, the COLT
Indenture Trustee shall mail to the COLT 2007-SN1 Secured Noteholders to which
such amendment or supplemental indenture relates a notice setting forth in
general terms the substance of such supplemental

<PAGE>

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 2007-SN1 Secured Noteholders shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this COLT Indenture for any and all purposes.

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

          SECTION 9.6 Reference in COLT 2007-SN1 Secured Notes to Supplemental
Indentures. COLT 2007-SN1 Secured Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article IX may, and if
required by the COLT Indenture Trustee shall, bear a notation in form approved
by the COLT Indenture Trustee as to any matter provided for in such supplemental
indenture. If COLT or the COLT Indenture Trustee shall so determine, new COLT
2007-SN1 Secured Notes so modified as to conform, in the opinion of the COLT
Indenture Trustee and COLT, to any such supplemental indenture may be prepared
and executed by COLT and authenticated and delivered by the COLT Indenture
Trustee in exchange for Outstanding COLT 2007-SN1 Secured Notes of a like
Secured Note Principal Balance.

<PAGE>

                                    ARTICLE X
                    REDEMPTION OF COLT 2007-SN1 SECURED NOTES

          SECTION 10.1 Redemption.

          The COLT 2007-SN1 Secured Notes are subject to redemption in whole,
but not in part, upon the exercise by the Servicer of its option to purchase the
Series 2007-SN1 Lease Assets pursuant to Section 6.01 of the COLT Servicing
Agreement. The Payment Date on which such redemption shall occur is the Optional
Purchase Date identified by the Servicer in its notice of exercise of such
purchase option (the "Redemption Date"). The purchase price for the COLT
2007-SN1 Secured Notes shall be equal to the applicable Redemption Price. The
Servicer shall furnish the COLT Indenture Trustee and the COLT 2007-SN1 Secured
Noteholders notice of such optional repurchase pursuant to Section 6.01 of the
COLT Servicing Agreement and of the redemption of the COLT 2007-SN1 Secured
Notes, which notice shall identify the place where the COLT 2007-SN1 Secured
Notes are to be surrendered for payment of the Redemption Price. The COLT
Indenture Trustee (based on such notice) shall withdraw from the COLT Collection
Account and pay to the COLT 2007-SN1 Secured Noteholders on the Redemption Date,
the aggregate Redemption Price of the COLT 2007-SN1 Secured Notes.

          SECTION 10.2 COLT 2007-SN1 Secured Notes Payable on Redemption Date.

          The COLT 2007-SN1 Secured Notes shall, following notice of redemption
as required by Section 6.01 of the COLT Servicing Agreement, on the Redemption
Date cease to be Outstanding for purposes of this COLT Indenture and shall
thereafter represent only the right to receive the applicable Redemption Price
and (unless COLT shall default in the payment of such Redemption Price) no
interest shall accrue on such Redemption Price for any period after the date to
which accrued interest is calculated for purposes of calculating such Redemption
Price.

                                   ARTICLE XI
                                  MISCELLANEOUS

          SECTION 11.1 Compliance Certificates and Opinions, Etc.

          (a) Upon any application or request by COLT to the COLT Indenture
Trustee to take any action under any provision of this COLT Indenture, COLT
shall furnish to the COLT Indenture Trustee: (i) an Officer's Certificate
stating that all conditions precedent, if any, provided for in this COLT
Indenture relating to the proposed action have been complied with, and (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;

<PAGE>

               (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 2007-SN1 Trust Estate or other property (such as securities) that is to be
made the basis for the release of any property (such as securities) subject to
the Lien of this COLT Indenture, COLT shall, in addition to any obligation
imposed in Section 11.1(a) or elsewhere in this COLT Indenture, furnish to the
COLT Indenture Trustee an Officer's Certificate certifying or stating the
opinion of each Person signing such certificate as to the fair value (within 90
days of such deposit) to COLT of the COLT 2007-SN1 Trust Estate or other
property (such as 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 COLT 2007-SN1
     Trust Estate and other property (such as securities) to be so deposited as
     the basis of any such withdrawal or release since the commencement of the
     then current fiscal year of COLT, as set forth in the certificates
     delivered pursuant to clause (b)(i) above and this clause (b)(ii), is 10%
     or more of the Outstanding Amount of the COLT 2007-SN1 Secured Notes, but
     such a certificate need not be furnished with respect to any securities so
     deposited, if the fair value thereof to COLT as set forth in the related
     Officers' Certificate is less than $25,000 or less than one percent of the
     Outstanding Amount of the COLT 2007-SN1 Secured Notes.

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

               (iv) Whenever COLT is required to furnish to the COLT Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of any
     signatory thereof as to the matters described in clause (b)(iii) above,
     COLT shall also furnish to the COLT

<PAGE>

     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 2007-SN1
     Secured Notes, but such a certificate need not be furnished with respect to
     any release of securities or other property proposed to be released 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 2007-SN1 Secured Notes.

               (v) Notwithstanding Section 2.10 or any other provision of this
     Section 11.1, COLT may (A) collect, liquidate, sell or otherwise dispose of
     Series 2007-SN1 Lease Assets proceeds of both as and to the extent
     permitted or required by the COLT 2007-SN1 Basic Documents, (B) make cash
     payments out of any Designated Accounts as and to the extent permitted or
     required by the COLT 2007-SN1 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.

          (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

<PAGE>

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 2007-SN1 Secured Noteholders.

          (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this COLT Indenture to be given or taken by
COLT 2007-SN1 Secured Noteholders may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such COLT 2007-SN1
Secured Noteholders in person or by agents duly appointed in writing and shall
be subject to Section 5.11; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the COLT Indenture Trustee, and, where it is hereby expressly
required, to COLT. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the COLT 2007-SN1 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 2007-SN1 Secured Notes shall be proved by
the Secured Note Register.

          (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any COLT 2007-SN1 Secured Notes shall
bind the Holder of every COLT 2007-SN1 Secured Note issued upon the registration
thereof or in exchange therefor or in lieu thereof, in respect of anything done,
omitted or suffered to be done by the COLT Indenture Trustee or COLT in reliance
thereon, whether or not notation of such action is made upon such COLT 2007-SN1
Secured Note.

          SECTION 11.4 Notices, Etc., to COLT Indenture Trustee, COLT and Rating
Agencies.

          Any request, demand, authorization, direction, notice, consent, waiver
or Act of COLT 2007-SN1 Secured Noteholders or other documents provided or
permitted by this COLT Indenture to be made upon, given or furnished to or filed
with:

          (a) the COLT Indenture Trustee by any COLT 2007-SN1 Secured Noteholder
or by COLT shall be made, given, furnished or filed in writing to or with the
COLT Indenture Trustee at its Corporate Trust Office, or

<PAGE>

          (b) COLT by the COLT Indenture Trustee or by any COLT 2007-SN1 Secured
Noteholder shall be sufficient for every purpose hereunder if in writing and
either sent by electronic facsimile transmission (with hard copy to follow via
first class mail) or mailed, by certified mail, return receipt requested, or by
overnight mail to COLT and the COLT Owner Trustee each at the address specified
in Part III of Exhibit I to the Declaration of Trust.

          COLT shall promptly transmit any notice received by it from the COLT
2007-SN1 Secured Noteholders to the COLT Indenture Trustee and the COLT
Indenture Trustee shall likewise promptly transmit any notice received by it
from the COLT 2007-SN1 Secured Noteholders to COLT.

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

          SECTION 11.5 Notices to COLT 2007-SN1 Secured Noteholders; Waiver.

          (a) Where this COLT Indenture provides for notice to the COLT 2007-SN1
Secured Noteholders of any condition or event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if it is in writing and
mailed, first-class, postage prepaid to each COLT 2007-SN1 Secured Noteholder
affected by such event, at such Person's address as it appears on the Secured
Note Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. If notice to COLT 2007-SN1
Secured Noteholders is given by mail, neither the failure to mail such notice
nor any defect in any notice so mailed to any particular COLT 2007-SN1 Secured
Noteholder shall affect the sufficiency of such notice with respect to other
2007-SN1 Secured Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given regardless of
whether such notice is in fact actually received.

          (b) Where this COLT Indenture provides for notice in any manner, such
notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by COLT 2007-SN1 Secured Noteholders shall be
filed with the COLT Indenture Trustee but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such a waiver.

          (c) In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event of COLT 2007-SN1 Secured Noteholders when such
notice is required to be given pursuant to any provision of this COLT Indenture,
then any manner of giving such notice as shall be satisfactory to the COLT
Indenture Trustee shall be deemed to be a sufficient giving of such notice.

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

<PAGE>

          SECTION 11.6 Alternate Payment and Notice Provisions.

          Notwithstanding any provision of this COLT Indenture or any of the
COLT 2007-SN1 Secured Notes to the contrary, COLT may enter into any agreement
with any Holder of a COLT 2007-SN1 Secured Note providing for a method of
payment, or notice by the COLT Indenture Trustee or any Paying Agent to such
Holder, that is different from the methods provided for in this COLT Indenture
for such payments or notices. COLT shall furnish to the COLT Indenture Trustee a
copy of each such agreement and the COLT Indenture Trustee shall cause payments
to be made and notices to be given in accordance with such agreements at the
expense of COLT.

          SECTION 11.7 Conflict with Trust Indenture Act.

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

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

          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
2007-SN1 Secured Notes by COLT shall bind its successors and assigns, whether so
expressed or not.

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

          SECTION 11.10 Severability.

          In case any provision in this COLT Indenture or in the COLT 2007-SN1
Secured Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

          SECTION 11.11 Benefits of COLT Indenture.

          Nothing in this COLT Indenture or in the COLT 2007-SN1 Secured Notes,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, and to the extent expressly provided herein, the
COLT 2007-SN1 Secured Noteholders and any other Person with an ownership
interest in any part of the COLT 2007-SN1

<PAGE>

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 2007-SN1 Secured Notes or
this COLT Indenture) payment need not be made on such date, but may be made on
the next succeeding Business Day with the same force and effect as if made on
the date on which nominally due, and no interest shall accrue for the period
from and after any such nominal date.

          SECTION 11.13 GOVERNING LAW.

          THIS COLT INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (OTHER THAN
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.

          SECTION 11.16 No Recourse.

          (a) Each COLT 2007-SN1 Secured Noteholder agrees by acceptance of a
COLT 2007-SN1 Secured Note (or interest therein) that no recourse may be taken,
directly or indirectly, with respect to the obligations of COLT, the COLT Owner
Trustee or the COLT Indenture Trustee on the COLT 2007-SN1 Secured Notes or
under this COLT Indenture or any certificate or other writing delivered in
connection herewith or therewith, against:

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

<PAGE>

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

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

               (iv) COLT or any portion of the assets of COLT other than with
     respect to the COLT 2007-SN1 Trust Estate.

          (b) Except as expressly provided in the COLT 2007-SN1 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 2007-SN1
Secured Notes or this COLT Indenture.

          SECTION 11.17 No Petition. Each of the COLT Indenture Trustee by
entering this COLT Indenture and each Holder of a COLT 2007-SN1 Secured Note, by
its acceptance thereof, hereby covenants and agrees that prior to the date which
is one year and one day after the payment in full of all COLT 2007-SN1 Secured
Notes, it shall not institute against, or join any other Person in instituting
against, COLT any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other similar proceeding under the laws of the United
States or any state of the United States. This Section 11.17 shall survive the
termination of this COLT Indenture.

          SECTION 11.18 Inspection.

          COLT agrees that, on reasonable prior notice, it shall permit any
representative of the COLT Indenture Trustee, during COLT's normal business
hours, to examine all the books of account, records, reports and other papers of
COLT, to make copies and extracts therefrom, to cause such books to be audited
by Independent certified public accountants, and to discuss COLT's affairs,
finances and accounts with COLT's officers, employees and Independent certified
public accountants, all at such reasonable times and as often as may be
reasonably requested. The COLT Indenture Trustee shall and shall cause its
representatives to hold in

<PAGE>

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 2007-SN1 Secured
Noteholder, by its acceptance of its COLT 2007-SN1 Secured Note, that Series
2007-SN1 is a separate series of COLT as provided in Section 3806(b)(2) of the
Statutory Trust Act. As such, separate and distinct records shall be maintained
for each Series Portfolio and the Trust Assets associated with Series 2007-SN1
shall be held and accounted for separately from the other assets of COLT or any
other Series. The debts, liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to 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 2007-SN1 Secured Note, by accepting its
COLT 2007-SN1 Secured Note, acknowledges and agrees that such COLT 2007-SN1
Secured Note represents indebtedness of COLT and does not represent an interest
in any other assets of COLT allocated to any other Series Portfolio (including
by virtue of any deficiency claim in respect of obligations not paid or
otherwise satisfied from the COLT 2007-SN1 Trust Estate and proceeds thereof).
In furtherance of and not in derogation of the foregoing, to the extent COLT
enters into other securitization transactions, including in connection with the
issuance of other Series of Secured Notes, each of COLT and each COLT 2007-SN1
Secured Noteholder, by accepting its COLT 2007-SN1 Secured Note, acknowledges
and agrees that it shall have no right, title or interest in or to any assets
(or interests therein) (other than the COLT 2007-SN1 Trust Estate) conveyed or
purported to be conveyed or pledged by COLT to another Person or Persons in
connection therewith (whether by way of a sale, capital contribution or by
virtue of the granting of a Lien) ("Other Assets"). To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentences of this subsection, COLT or any COLT 2007-SN1 Secured Noteholder
either (a) asserts an interest or claim to, or benefit from, Other Assets,
whether asserted against or through the COLT Indenture Trustee or any other
Person, or (b) is deemed to have any such interest, claim or benefit in or from
Other Assets, whether by operation of law, legal process, pursuant to applicable
provisions of insolvency laws or otherwise

<PAGE>

(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 2007-SN1 Secured Noteholder, by accepting
its COLT 2007-SN1 Secured Note, further acknowledges and agrees that any such
interest, claim or benefit in or from Other Assets is and shall be expressly
subordinated to the indefeasible payment in full of all obligations and
liabilities of COLT which, under the terms of the relevant documents relating to
the securitization of such Other Assets, are entitled to be paid from, entitled
to the benefits of, or otherwise secured by such Other Assets (whether or not
any such entitlement or security interest is legally perfected or otherwise
entitled to a priority of distribution or application under applicable law,
including insolvency laws, and whether asserted against the COLT 2007-SN1
Secured Noteholder), including the payment of post-petition interest on such
other obligations and liabilities. This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code. Each COLT 2007-SN1 Secured Noteholder further acknowledges and agrees that
no adequate remedy at law exists for a breach of this Section 11.20 and the
terms of this Section 11.20 may be enforced by an action for specific
performance. The provisions of this Section 11.20 shall be for the third party
benefit of those entitled to rely thereon and shall survive the termination of
this COLT Indenture.

<PAGE>

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

                                        CENTRAL ORIGINATING LEASE TRUST

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


                                        By: /s/ Jenna Kaufman
                                            ------------------------------------
                                        Name: Jenna Kaufman
                                        Title: Attorney-in-Fact


                                        By: /s/ Aranka R. Paul
                                            ------------------------------------
                                        Name: Aranka R. Paul
                                        Title: Attorney-in-Fact


                                        By: THE BANK OF NEW YORK TRUST COMPANY,
                                            N.A., as COLT Indenture Trustee


                                        By: /s/ Keith Richardson
                                            ------------------------------------
                                        Name: Keith Richardson
                                        Title: Vice President

<PAGE>

                                                                EXHIBIT A TO THE
                                                         COLT 2007-SN1 INDENTURE

                       FORM OF COLT 2007-SN1 SECURED NOTE

Date of Issuance                          June 7, 2007
Initial Secured Note Principal Balance:   $2,325,007,063.65
Secured Note Rate:                        6.05% per annum

Aggregate Initial ABS Value of All
Series 2007-SN1 Lease Assets:             $2,500,008,486.50

     Central Originating Lease Trust, a Delaware statutory trust ("COLT"), for
value received, hereby promises to pay on each Payment Date to The Bank of New
York Trust Company, N.A., not in its individual capacity but solely as COLT
Indenture Trustee, as pledgee of COLT, the sum of (x) the Secured Note Interest
Distributable Amount due on such COLT 2007-SN1 Secured Note on such Payment
Date, plus (y) the holder of this COLT 2007-SN1 Secured Note's portion of the
aggregate amount payable on such Payment Date in respect of principal on the
COLT 2007-SN1 Secured Notes pursuant to Sections 2.5(b) and 3.1 of the COLT
Indenture (as defined below) pro rata based on the Secured Note Principal
Balance of each such COLT 2007-SN1 Secured Note. The principal of this COLT
2007-SN1 Secured Note shall be due and payable in full on the Final Maturity
Date, unless an optional redemption of the COLT 2007-SN1 Secured Notes has
occurred pursuant to Section 10.1 of the COLT Indenture in which case such
unpaid principal shall be due on the Redemption Date.

          Pursuant to the COLT Indenture, dated as of June 7, 2007 (as amended,
modified or otherwise supplemented from time to time, the "COLT Indenture"),
between COLT and Citibank, N.A., a national banking association, as COLT
indenture trustee (in its capacity as COLT indenture trustee and not its
individual capacity, the "COLT Indenture Trustee"), COLT grants (x) to the COLT
Indenture Trustee on behalf of the COLT 2007-SN1 Secured Noteholders a security
interest in the COLT 2007-SN1 Collateral (other than the Direct COLT Pledge) to
the extent set forth therein, and (y) to each COLT 2007-SN1 Secured Noteholder,
to the extent that, notwithstanding the terms of the VAULT Trust Agreement and
the Statutory Trust Act, COLT is deemed to hold a direct ownership interest in
the legal title to any Vehicle related to the Series 2007-SN1 Lease Assets (and
not merely a beneficial interest in VAULT representing an interest in the legal
title to such Vehicle), a security interest in all of COLT's rights in such
Vehicle. In addition, pursuant to the VAULT Pledge and Security Agreement, dated
as of June 7, 2007, by Vehicle Asset Universal Leasing Trust ("VAULT") and
acknowledged and agreed by COLT, GMAC LLC, Capital Auto Receivables, Inc., and
Capital Auto Receivables Asset Trust 2007-SN1, VAULT pledges to each COLT
2007-SN1 Secured Noteholder a security interest in all of VAULT's legal title to
the Vehicles related to the Series 2007-SN1 Lease Assets to the extent set forth
therein.

          The sole source for payment of this COLT 2007-SN1 Secured Note and all
other COLT 2007-SN1 Secured Notes is limited to the COLT 2007-SN1 Trust Estate
and such other funds as COLT may from time to time pledge to secure the payment
of the COLT 2007-SN1

<PAGE>


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 2007-SN1 Secured Notes.

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

          This COLT 2007-SN1 Secured Note is a valid and binding obligation of
COLT.

                                        CENTRAL ORIGINATING LEASE TRUST

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


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        Dated: June 7, 2007

<PAGE>

             COLT INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the COLT 2007-SN1 Secured Notes designated above and
referred to in the within-mentioned COLT Indenture.

                                        THE BANK OF NEW YORK TRUST COMPANY,
                                        N.A., not in its individual capacity but
                                        solely as COLT Indenture Trustee


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

          Payment hereunder shall be made to the Holder of this COLT 2007-SN1
Secured Note in accordance with the COLT Indenture and the COLT Servicing
Agreement.

          By acquiring a COLT 2007-SN1 Secured Note or any interest therein,
each purchaser and transferee will be deemed to represent and warrant that
either (A) it is not (i) an "employee benefit plan" (as defined in Section 3(3)
of the United States Employee Retirement Income Security Act of 1974, as amended
("ERISA"), that is subject to the provisions of Title I of ERISA, (ii) a "plan"
as described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as
amended (the "Code"), (iii) any entity whose underlying assets include plan
assets by reason of an employee benefit plan's or a plan's investment in the
entity or (iv) other plan subject to applicable law that is substantially
similar to Section 406 of ERISA or Section 4975 of the Code or (B) the
acquisition, holding and disposition of the COLT 2007-SN1 Secured Note will not
give rise to a non-exempt prohibited transaction under Section 406(a) of ERISA,
Section 4975 of the Code or a violation of any substantially similar applicable
law.

          Pursuant to Section 11.16 of the COLT Indenture, the COLT Indenture
Trustee, by entering into the COLT Indenture, and each COLT 2007-SN1 Secured
Noteholder, by accepting a COLT 2007-SN1 Secured Note (or interest therein),
covenant and agree that they shall not, prior to the date which is one year and
one day after the termination of the COLT Indenture, acquiesce, petition or
otherwise invoke or cause COLT to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against COLT under
any federal or State bankruptcy, insolvency 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, and that such obligations
shall not constitute a claim against the COLT in the event that COLT's assets
are insufficient to pay in full such obligations, in each case for one year
after all COLT 2007-SN1 Secured Notes are paid in full.

<PAGE>

          The obligations of COLT under this COLT 2007-SN1 Secured Note shall be
non-recourse to COLT and any other asset of COLT or any COLT 2007-SN1
Certificateholder except to the extent described herein.

          This COLT 2007-SN1 Secured Note shall be effective when executed,
authenticated and delivered in accordance with the COLT Indenture.

          THIS COLT 2007-SN1 SECURED NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (EXCEPT
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREOF UNDER THIS COLT 2007-SN1
SECURED NOTE SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          COLT agrees, and by acquiring this COLT 2007-SN1 Secured Note or
interest therein the Holder of this COLT 2007-SN1 Secured Note or interest
therein agrees, to treat this COLT 2007-SN1 Secured Note as indebtedness for
federal income tax, State and local income and franchise tax, Michigan single
business tax, and any other taxes imposed upon, measured by or based upon gross
or net income.

          It is expressly understood and agreed by the Holder of this COLT
2007-SN1 Secured Note that (a) the COLT Indenture and this COLT 2007-SN1 Secured
Note are executed and delivered by Deutsche Bank Trust Company Delaware, not
individually or personally but solely as COLT Owner Trustee, (b) each of the
representations, undertakings and agreements herein and therein made on the part
of COLT is made and intended not as a personal representation, undertaking or
agreement by _Deutsche Bank Trust Company Delaware, but is made and intended for
the purpose of binding only COLT, and (c) under no circumstances shall Deutsche
Bank Trust Company Delaware, be personally liable for the payment of any
indebtedness or expenses of COLT or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by COLT
under the COLT Indenture and this COLT 2007-SN1 Secured Note.