**EXHIBIT 14.1**

**ATEL CASH DISTRIBUTION FUND V, L.P.**

**CODE OF ETHICS FOR CHIEF EXECUTIVE OFFICER AND**

**CHIEF FINANCIAL AND OPERATING OFFICER**

**A. SCOPE**

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

Accordingly, under the Securities and Exchange Commission’s interpretation of its disclosure rules, the Board of Directorsof the Manager of AFS, ATEL Leasing Corporation (“ALC”), functions as the de facto audit committee for the Company with respect to all procedural and disclosure requirements applicable to audit committees under Securities and ExchangeCommission rules. The Board of Directors shall have oversight responsibility over the activities of the Company for purposes of this Code of Ethics. 

**B.PURPOSE**

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

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

**C. ETHICS STANDARDS**

**1. Honest and Ethical Conduct**

The Covered Officers shall behavehonestly and ethically at all times and with all people. They shall act in good faith, with due care, and shall engage only in fair and open competition, by treating ethically competitors, suppliers, customers, and colleagues. They shall notmisrepresent facts or engage in illegal, unethical, or anti-competitive practices for personal or professional gain. 

**2. Conflicts of Interest**

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

Notwithstanding the foregoing, it is understood, as fully disclosed in the offeringdocuments for the Company, that AFS as 

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

**3. Timely and Truthful Disclosure**

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

**4. Legal Compliance**

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

**D. VIOLATIONS OF ETHICAL STANDARDS**

**1. Reporting Known or Suspected Violations**

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

**2. Accountability for Violations**

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