Document:

QuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

EXHIBIT 4.11    
    

 
 

FORM OF FUNDING AGREEMENT    
    

In
consideration of the Owner's deposit under the terms hereof (this "Contract"), Protective Life Insurance Company ("Protective") agrees to make payments under this Contract in accordance with and
subject to its terms and issues this Contract to: 

Protective Life Secured Trust [            ]
  (the "Owner") 

This
Contract will be construed according to the laws of the State of Delaware. The following Sections will be incorporated into and form a part of this Contract: 

	Section I:	Definitions
	

Section II:	

Deposit, Establishment of Funding Account & Specified Currency
	

Section III:	

Contract Type
	 	 

	[    ]	 	Section III-A:    Fixed Rate Contract Terms	 	[    ]    Section III-B:    Floating Rate Contract Terms
	

[    ]	
 	

Section III-C:    Amortizing Contract Terms	
 	

[    ]    Section III-D:    Discount Contract Terms
	 	 	 	 	 

	Section IV:	General Provisions
	 	 

	Riders:	 	[    ]    Rider A:    Survivor's Option	 	[    ]    Rider B:    Redemption Provisions
	

 	
 	

[    ]    Rider C:    Repayment Options	
 	

 
	

Contract Number:    GA    [            ]	
 	

Effective Date:    [                        ]
	

Related Series of Notes:    [            ]	
 	

 
	

The Protective Life Secured

Trust specified above

c/o Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890-0001	
 	

Protective Life Insurance Company

P.O. Box 2606

Birmingham, Alabama 35202
	 	 	 	 	 

	By:	 	 	By:	 
	 	
 [Title]	 	 	
 [Title]
	 	 	 	 	 

	Attest:	 	 	Attest:	 
	 	
	 	 	

	 	 	 	 	 

THIS IS A LEGAL CONTRACT

READ YOUR CONTRACT CAREFULLY  

1

  

 
 

SECTION I
  
    Definitions    
    

        "Business Day" means (i) any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are authorized or
required by law, regulation or executive order to close in The City of New York, (ii) for purposes of interest determination dates for LIBOR Contracts only, any day on which dealings in
deposits in U.S. Dollars are transacted, or with respect to any future date are expected to be transacted, in the London interbank market, (iii) for Contracts that are denominated in a Foreign
Currency other than Euros, any day that, in the Principal Financial Center of the country of the Foreign Currency, is not a day on which banking institutions generally are authorized or obligated by
law to close, and (iv) for Contracts that are denominated in Euros, a day on which the TARGET System is open. 

        "Calculation
Agent" means the institution appointed as calculation agent for the purposes of the Notes in accordance with the Indenture and, if applicable, named as such in the relevant
Pricing Supplement. 

        "Deposit"
has the meaning set forth in Section II.A.of this Contract. 

        "Effective
Date" shall be the date set forth on the face of this Contract. 

        "Event
of Default" has the meaning set forth in Section IV.A of this Contract. 

        "Exchange
Rate Agent" means the institution appointed as Exchange Rate Agent as specified in the Related Series of Notes. 

        "Foreign
Currency" means a Specified Currency other than U.S. dollars. 

        "Funding
Account" has the meaning set forth in Section II.B of this Contract. 

        "Indenture"
means the Indenture, dated the date specified in the Omnibus Instrument, between the Trust and The Bank of New York, as indenture trustee, 

        "Initial
Period" has the meaning set forth in Section III-D.F of this Contract. 

        "Interest
Payment Dates" has the meaning set forth in the Related Series of Notes. 

        "Interest
Period" has the meaning set forth in Section III-B.D. 

        "Interest
Reset Date" has the meaning set forth in the Related Series of Notes. 

        "Issue
Price" has the meaning set forth in Section III-D.D. 

        "LIBOR
Notes" means Notes that bear interest based on LIBOR (as defined in the Notes). 

        "Maturity
Date" means the date as specified in this Contract on which the Funding Account becomes due and payable as herein provided, whether at the Stated Maturity Date or by
declaration of acceleration or otherwise. 

        "Notes"
means the Related Series of Notes related to this Contract. 

        "Specified
Currency" has the meaning set forth in the Related Series of Notes. 

        "Stated
Maturity Date" means the date specified in this Contract as the fixed date on which the principal of this Contract or such installment of interest is due and payable. 

        "Tax
Event" has the meaning set forth in Section IV.I of this Contract. 

        "Trust
Agreement" means that certain Trust Agreement, declaring and establishing the Trust, as may be amended, modified or supplemented from time to time. 

I-1

 

        "Trust
Beneficial Interest" has the meaning set forth in the Trust Agreement. 

        "Trust
Beneficial Owner" means AMACAR Pacific Corp. 

        Capitalized
terms not otherwise defined herein shall have the meanings set forth in the Indenture or the Notes, and such terms are hereby incorporated by reference and shall form a part
of this Contract as if such terms were set forth in their entirety herein. 

I-2

  

 
 

SECTION II
  
    Deposit, Establishment of Funding Account & Specified Currency    
    

	A.
	Deposit:    On the Effective Date, the amount of
[$                        denominated in United States
dollars] will be deposited under this Contract (the "Deposit"). [The Deposit is equal to the sum of (i) the net proceeds of the sale of the Notes (ii) the
proceeds from the sale of the related Trust Beneficial Interest to the Trust Beneficial Owner and (iii) other amounts contributed by Protective as reimbursement of the Owner's selling
expenses.]

	B.
	Funding Account:    Upon receipt of the Deposit, Protective will create a bookkeeping account (the "Funding Account") to be
set up under this Contract. At the end of any day the amount of the Funding Account shall be equal to the Deposit plus accrued but unpaid interest to such date (credited daily), less any amounts of
the Deposit withdrawn under this Contract. In connection with Discount Contracts, at the end of any day the amount of the Funding Account shall be equal to the Deposit, plus accrual of discount to
such date, plus accrued interest (if any) to such date, less any amounts of the Deposit withdrawn under this Contract. On the Effective Date, the beginning value of the Funding Account shall equal the
Deposit.

	C.
	Wire Instructions:    Funds will be wired to Protective according to the following instructions: 

	Bank:	 	[AmSouth Bank]

[Birmingham, Alabama]
	ABA:	 	[062000019]
	Account Number:	 	[17 442 613]
	Account Name:	 	[Protective Life Insurance Company

GIC Depository Account]
	Credit To:	 	GA [          ]

	D.
	Currency:    The Deposit shall be made by the Owner in the Specified Currency. Payments made on this Contract shall be made to
the Owner in the Specified Currency.

	E.
	Availability of Currency:    If payment hereon is required to be made in a Foreign Currency and such currency is unavailable
to Protective for making payments thereof due to the imposition of exchange controls or other circumstances beyond Protective's control, or is no longer used by the government of the country which
issued such currency or for the settlement of transactions by public institutions of or within the international banking community, then Protective will be entitled to make payments with respect
hereto in U.S. dollars until such Foreign Currency is again available or so used. The Exchange Rate Agent shall notify Protective, in writing, [(i) of the rate at which the amount
so payable on any date in such Foreign Currency shall be converted into U.S. dollars or (ii) that Protective is entitled to make payments in U.S. dollars.] Any payment in respect
hereof made pursuant to this Section II.E in U.S. dollars will not constitute an Event of Default. 

If
the official unit of any component currency of a composite currency is altered by way of combination or subdivision, the number of units of that currency as a component shall be divided or
multiplied in the same proportion. If two or more component currencies are consolidated into a single currency, the amounts of those currencies as components shall be replaced by an amount in such
single currency equal to the sum of the amounts of the consolidated component currencies expressed in such single currency. If any component currency is divided into two or more currencies, the amount
of that original component currency as a component shall be replaced by amounts of such two or more currencies having an aggregate value on the date of division equal to the amount of the former
component currency immediately before such division. 

II-1

 

In
the event of an official redenomination of the Specified Currency (including, without limitation, an official redenomination of any such currency that is a composite currency), the obligations of
Protective to make payments in or with reference to such currency shall, in all cases, be deemed immediately following such redenomination to be obligations to make payments in or with reference to
that amount of redenominated currency representing the amount of such currency immediately before such redenomination. In no event shall any adjustment be made to any amount payable hereunder as a
result of (1) any redenomination of any component currency of any composite currency (unless such composite currency is itself officially redenominated) or (2) any change in the value of
the specified currency relative to any other currency due solely to fluctuations in exchange rates. 

All
determinations referred to above made by the Exchange Rate Agent shall be at its sole discretion (except to the extent expressly provided herein that any determination is subject to approval by
Protective) and, in the absence of manifest error, shall be conclusive for all purposes and binding on Protective and the Trust, and the Exchange Rate Agent shall have no liability therefor. 

II-2

  

 
 

SECTION III-A
  
    Fixed Rate Contract Terms    
    

	A.
	Interest Rate:    The interest rate payable under this Contract is [            % per
annum.]

	B.
	Day Count Convention:    Unless otherwise specified in the Notes, interest will be computed on the basis of a
360-day year of twelve 30-day months or, in the case of an incomplete month, the number of days elapsed.

	C.
	Interest Payment Dates:    Shall be as set forth in the Notes and payment of interest shall be made in accordance with the
Business Day Convention specified in the Notes.

	D.
	Interest Payments:    On each Interest Payment Date, adjusted if applicable, Protective will pay to the Owner the interest
accrued from the last Interest Payment Date or, in the case of the first Interest Payment Date, from the Effective Date, up to but not including the current Interest Payment Date. Interest on the
Deposit shall accrue from and including the Effective Date to but excluding the Maturity Date.

	E.
	Stated Maturity Date:    Shall be as set forth in the Notes and payment of principal shall be made in accordance with the
Business Day Convention specified in the Notes.

	F.
	Termination:    On the Stated Maturity Date, Protective will pay to the Owner the amount of the Funding Account, unless the
Funding Account becomes due and payable prior to the Stated Maturity Date whether, as applicable, by the declaration of acceleration of maturity, redemption by Protective, notice of the Owner's option
to elect repayment or otherwise (the Stated Maturity Date or any date prior to the Stated Maturity Date on which this Contract becomes due and payable, as the case may be, is referred to as the
"Maturity Date" with respect to the Funding Account repayable on such date).

	G.
	Sinking Fund:    [None]

	H.
	Additional/Other Terms:    [None] 

III-A-1

  

 
 

SECTION III-B
  
    Floating Rate Contract Terms    
    

	A.
	Initial Interest Rate:    The interest rate payable under this Contract from the Effective Date to, but not including, the
first Interest Reset Date is [            % per annum.]

	B.
	Subsequent Interest Rates:    The interest rate payable on the Deposit in respect of each Interest Period beginning with the
first Interest Reset Date will be as notified to Protective in writing by the Calculation Agent (or any other party designated to perform the Calculation Agent's duties under the Notes or the
Indenture), determined in accordance with the Notes and, thereafter, the interest rate hereon will be reset and effective as the interest rate is specified by the Calculation Agent (or such other
party) as of the applicable Interest Reset Date, determined in accordance with the Notes.

	C.
	Interest Reset Dates:    Shall be as set forth in the Notes.

	D.
	Interest Period:    Each Interest Period represents the period from and including each Interest Reset Date to, but not
including, the following Interest Reset Date except that the initial Interest Period is the period from the Effective Date of this Contract to, but not including, the first Interest Reset Date.

	E.
	Day Count Convention:    Unless otherwise specified in the Notes, interest will be computed on an actual/360 basis.

	F.
	Interest Payment Dates:    Shall be as set forth in the Notes and payments of interest shall be made in accordance with the
Business Day Convention below.

	G.
	Interest Payments:    On each Interest Payment Date Protective will pay to the Owner the interest accrued from the last
Interest Payment Date or, in the case of the first Interest Payment Date, from the Effective Date, up to but not including the current Interest Payment Date. Interest on the Deposit shall accrue from
and including the Effective Date to but excluding the Maturity Date.

	H.
	Business Day Convention:    Any Interest Payment Date or Maturity Date (defined below) that is not a Business Day (or, if the
Notes are LIBOR Notes, a day that is also not a London Business Day) shall be postponed to the next succeeding Business Day (or, if the Notes are LIBOR Notes, on the next succeeding Business Day that
is also a London Business Day) with the same force and effect as if made on the Interest Payment Date, provided, however, that with respect to any Interest Payment Date which is not the Maturity Date,
if the Notes are LIBOR Notes and such next succeeding Business Day that is also a London Business Day falls in the next calendar month, such Interest Payment Date shall be the Business Day that is
also a London Business Day immediately preceding the scheduled Interest Payment Date, provided, further, that, except in the case of an Interest Payment Date that falls on a Maturity Date, interest
will continue to accrue to but excluding the date the interest is paid. The term "London Business Day" means a day other than a Saturday or Sunday on which dealings in deposits in U.S. Dollars are
transacted, or with respect to any future date, are expected to be transacted in the London interbank market.

	I.
	Stated Maturity Date:    Shall be as set forth in the Notes and payment of principal shall be made in accordance with the
Business Day Convention above.

	J.
	Termination:    On the Stated Maturity Date, Protective will pay to the Owner the amount of the Funding Account, unless the
Funding Account becomes due and payable prior to the Stated Maturity Date whether, as applicable, by the declaration of acceleration of maturity, redemption by Protective, notice of the Owner's option
to elect repayment or otherwise (the Stated Maturity Date or any date prior to the Stated Maturity Date on which this Contract becomes due and payable, as the case may be, is referred to as the
"Maturity Date" with respect to the Funding Account repayable on such date).

	K.
	Sinking Fund:    [None]

	L.
	Additional/Other Terms:    [None] 

III-B-1

  

 
 

SECTION III-C
  
  Amortizing Contract Terms    
    

	A.
	Interest Rate: The interest rate payable under this Contract is [    % per annum.]

	B.
	Day Count Convention: Unless otherwise specified in the Notes, interest will be computed on the basis of a 360-day year of
twelve 30-day months or, in the case of an incomplete month, the number of days elapsed.

	C.
	Interest Payment Dates: Shall be as set forth in the Notes and payment of interest shall be made in accordance with the Business Day
Convention specified in the Notes.

	D.
	Repayment of Principal: The principal amount of this Contract will be repaid prior to the Stated Maturity Date pursuant to the
amortization schedule or formula set forth below in Section III-C.H.

	E.
	Interest Payments: On each Interest Payment Date, adjusted if applicable, Protective will pay to the Owner the interest accrued from the
last Interest Payment Date or, in the case of the first Interest Payment Date, from the Effective Date, up to but not including the current Interest Payment Date.

	F.
	Stated Maturity Date: Shall be as set forth in the Notes and payment of principal shall be made in accordance with the Business Day
Convention specified in the Notes.

	G.
	Termination: On the Stated Maturity Date, Protective will pay to the Owner the amount of the Funding Account, unless the Funding Account
becomes due and payable prior to the Stated Maturity Date whether, as applicable, by the declaration of acceleration of maturity, redemption by Protective, notice of the Owner's option to elect
repayment or otherwise (the Stated Maturity Date or any date prior to the Stated Maturity Date on which this Contract becomes due and payable, as the case may be, is referred to as the "Maturity Date"
with respect to the Funding Account repayable on such date).

	H.
	[Amortization Schedule] [or] [Formula]:

	I.
	Sinking Fund: [None]

	J.
	Additional/Other Terms: [None] 

III-C-1

  

 
 

SECTION III-D
  
  Discount Contract Terms    
    

	A.
	Interest Rate: The interest rate payable under this Contract is [    % per annum.]

	B.
	Day Count Convention: Shall be as set forth in the Notes.

	C.
	Interest Payment Dates: Shall be as set forth in the Notes and payments of interest shall be made in accordance with the Business Day
Convention below.

	D.
	Issue Price: [         ]

	E.
	Total Amount of Discount: [         ]

	F.
	Accrual of Discount: The amount of discount that has accrued as of any date on which a redemption, repayment or acceleration of maturity
occurs for this Contract will be determined using a constant yield method. The constant yield will be calculated using a 30-day month, 360-day year convention, a compounding
period that, except for the Initial Period (as defined below), corresponds to the shortest period between Interest Payment Dates for this Contract (with ratable accruals within a compounding period),
an interest rate equal to the initial interest rate applicable to this Contract and an assumption that the maturity of this Contract will not be accelerated. If the period from the date of issue to
the first Interest Payment Date for this Contract (the "Initial Period") is shorter than the compounding period for this Contract, a proportionate amount of the yield for an entire compounding period
will be accrued. If the Initial Period is longer than the compounding period, then the period will be divided into a regular compounding period and a short period with the short period being treated
as provided in the preceding sentence.

	G.
	Business Day Convention: In the event any payment of principal, premium, if any, or interest to be made in accordance with this Contract
falls on a day that is not a Business Day it shall be made on the next succeeding Business Day with the same force and effect as if made on such originally scheduled payment date; provided, however,
no additional interest will accrue as a result of any such delayed payment.

	H.
	Stated Maturity Date: Shall be as set forth in the Notes and payment of principal shall be made in accordance with the Business Day
Convention above.

	I.
	Termination: On the Stated Maturity Date, Protective will pay to the Owner the amount of the Funding Account, unless the Funding Account
becomes due and payable prior to the Stated Maturity Date whether, as applicable, by the declaration of acceleration of maturity, redemption by Protective, notice of the Owner's option to elect
repayment or otherwise (the Stated Maturity Date or any date prior to the Stated Maturity Date on which this Contract becomes due and payable, as the case may be, is referred to as the "Maturity Date"
with respect to the Funding Account repayable on such date).

	J.
	Sinking Fund: [None]

	K.
	Additional/Other Terms: [None] 

III-D-1

  

 
 

SECTION IV
  
  General Provisions    
    

	A.
	Events of Default: Upon the occurrence and continuation of an Event of Default, as defined hereunder, the Owner shall have the right, in
addition to any other rights and remedies it may have at law or in equity, to accelerate and demand immediate payment of the Funding Account. Each of the following events shall constitute an Event of
Default under this Contract:

	1.
	failure
by Protective to make any payment of principal when due, subject to any provisions to the contrary in this Contract, which failure to pay principal continues for one Business
Day, and failure to make any payment of interest when due, which failure to pay interest, subject to any provisions to the contrary in this Contract, continues for five Business Days, in each case
following the receipt by Protective of written notice thereof from the Owner; or

	2.
	a
court or agency of supervisory authority having jurisdiction in respect of Protective has instituted a proceeding or entered a decree or order for the appointment of a receiver or
liquidator in any insolvency, rehabilitation, readjustment of debt, marshaling of assets and liabilities or similar arrangements involving Protective or all or substantially all of its property, or
for the winding up or liquidation of its affairs; or

	3.
	any
other Event of Default set forth on Schedule A.

 

	B.
	The Obligation of Protective: This Contract is an unconditional obligation of Protective. Protective will make payments hereunder
without counterclaim, subrogation or set off by Protective against amounts due and owing to Protective by the Owner, or any other person, under any other contract. The foregoing will not constitute a
waiver of any rights that Protective may have against the Owner or any other person. Protective will not pay under this Contract any amounts in excess of deposits received hereunder and interest
accrued thereon.

	C.
	Entire Contract: This Contract (along with any amendments agreed upon in writing and executed by the parties) is the entire contract
between the parties. The Owner's statements will be deemed representations and not warranties. Any amendment, change, or waiver of any provision of this Contract must be in writing and signed by
Protective's President or Vice President. Protective may rely on any action taken or omitted by the Owner under this Contract. The Owner will name its representatives who may act for it.

	D.
	Persons to Receive Payments: Protective has no duty to inquire as to the authority of any payee to receive payments under this Contract.

	E.
	Owner: The Owner, by signing this Contract, represents that it has full authority and power to enter into this Contract. The Owner
represents that actions taken under this Contract by the Owner will conform with applicable law. Protective is not liable for its good faith reliance upon any actions by the Owner which do not conform
to applicable law.

	F.
	Protective: Protective represents and warrants that this Contract has been duly authorized, executed and delivered by it and, assuming
the due authorization, execution and delivery hereof by the other parties hereto, constitutes a legal, valid and binding obligation of it enforceable against it in accordance with the terms hereof,
except (i) as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally or by general
principles of equity, regardless of whether enforcement is sought in a proceeding in equity or at law and (ii) that no representation or warranty is made with respect to the enforceability of
this Contract to the extent that the source of the funds used by the Owner to purchase this Contract renders such funds, or any property or investment acquired with such funds, subject to governmental
seizure or other penalty under the USA PATRIOT Act of 2001, as 

IV-1

 

amended,
or any other law, rule or regulation, relating to money laundering, terrorist financing or other illegal activities. 

	G.
	Transfer: Other than any assignment, transfer, pledge, hypothecation or sale of this Contract in accordance with the terms of the
Indenture, the Owner may not assign, transfer, hypothecate or sell this Contract without the consent of Protective. Protective will maintain a record of ownership of this Contract as part of its books
and records. Notwithstanding anything in this Contract to the contrary, no transfer or assignment of an interest in this Contract or any right to receive payments of principal or interest under this
Contract will be effective until Protective has changed its books and records to reflect the transfer or assignment.

	H.
	Agreed Tax Treatment: Protective and the Owner (and each transferee or assignee) agree for U.S. federal, state and local income and
franchise tax purposes to treat (i) the Owner as disregarded and (ii) the Notes as representing debt of Protective Life.

	I.
	Withholding Tax Treatment and Early Termination:

        [If Protective will not pay Additional Amounts, insert these paragraphs in I]

	1.
	All
amounts due in respect of this Contract will be made free and clear of any applicable withholding or deduction for or on account of any present or future taxes, duties, levies,
assessments or other governmental charges of whatever nature imposed or levied by or on behalf of any governmental authority, unless such withholding or deduction is required by law. Protective will
not pay any additional amounts to the Owner (or any transferee or assignee) in respect of any such withholding or deduction, and any such withholding or deduction will not give rise to an Event of
Default or any independent right or obligation to redeem this Contract.

	2.
	If
there is a Tax Event (as defined below), Protective may with written notice redeem this Contract prior to its scheduled Stated Maturity Date at the Redemption Price (defined below)
together with all accrued but unpaid interest to the date fixed for redemption (if any). Protective may redeem this Contract pursuant to this Section IV.I.2 by giving not less than
30 days' and no more than 75 days' prior written notice to the Owner. For purposes of this Section IV.I.2, "Tax Event" means that Protective shall have received an opinion of
independent legal counsel stating in effect that as a result of (x) any amendment to, or change (including any announced prospective change) in, the laws (or any regulations thereunder) of the
United States or any political subdivision or taxing authority therefor or therein or (y) any amendment to, or change in, an interpretation or application of any such laws or regulations by any
governmental authority in the United States, which amendment or change is enacted, promulgated, issued or announced on or after the date hereof, there is more than an insubstantial risk that
(i) the Owner is, or will be within 90 days of the date thereof, subject to U.S. federal income tax with respect to interest accrued or received on this Contract or (ii) the Owner
is, or will be within 90 days of the date thereof, subject to more than a de minimis amount of taxes, duties or other governmental charges. For
purposes of this Section IV.I, "Redemption Price" means [the balance of the Funding Account as of the date of redemption]. 

        [If Protective will pay Additional Amounts, insert these paragraphs in I]

	1.
	All
amounts due in respect of this Contract will be made net of any applicable withholding or deduction for or on account of any present or future taxes, duties, levies, assessments or
other governmental charges of whatever nature imposed or levied by or on behalf of any governmental authority. Protective will pay to an Owner additional amounts to compensate for any such withholding
or deduction imposed or levied by or on behalf of any governmental authority in the United States having the power to tax, so that the net amount received by the 

IV-2

 

Owner
in respect of this Contract, after giving effect to such withholding or deduction, will equal the amount that would have been received in respect of this Contract were no such deduction or
withholding required; provided that Protective shall not be required to make any payment of any additional amounts for or on account of: (i) any tax, duty, levy, assessment or other
governmental charge imposed which would have not been imposed but for (a) the existence of any present or former connection between an Owner or beneficial owner (as determined for U.S. federal
income tax purposes) of this Contract (any such Owner or beneficial owner, hereafter, the "Tax Owner") and such governmental authority, including without limitation, being or having been a citizen or
resident thereof, or being or having been present therein, incorporated therein, engaged in a trade or business therein or having (or having had) a permanent establishment or principal office therein,
(b) any Tax Owner being or having been a controlled foreign corporation within the meaning of Section 957(a) of the Internal Revenue Code of 1986, as amended (the "Code"), related within
the meaning of Section 864(d)(4) of the Code to Protective or a private foundation or other tax-exempt organization, (c) any Tax Owner being or having been an actual or
constructive owner of 10 percent or more of the total combined voting power of all the outstanding stock of Protective, (d) any Tax Owner being a bank for U.S. federal income tax
purposes whose receipt of interest on this Contract is described in Section 881(c)(3)(A) of the Code, or (e) any Tax Owner being subject to backup withholding as of the date of becoming
a Tax Owner; (ii) any tax, duty, levy, assessment or other governmental charge which would not have been imposed but for the presentation of this Contract or other evidence of beneficial
ownership thereof (where presentation is required) for payment on a date more than 30 days after the date on which such payment becomes due and payable or the date on which payment is duly
provided for whichever occurs later; except to the extent that the Tax Owner would have been entitled to additional amounts had this Contract been presented on the last day of such 30 day
period; (iii) any tax, duty, levy, assessment or other governmental charge which is imposed or withheld by reason of the failure of any Tax Owner to comply with certification, identification or
information reporting requirements concerning the nationality, residence, identity or connection with the United States of such Tax Owner (including, without limitation, failure to provide IRS Forms
W-8BEN or W-8ECI), if compliance is required by statute, by regulation of the U.S. Treasury Department, judicial or administrative interpretation, other law or by an applicable
income tax treaty to which the United States is a party as a condition to exemption from such tax, duty, levy, assessment or other governmental charge; (iv) any inheritance, gift, estate,
personal property, sales, transfer or similar tax, duty, levy, assessment or similar governmental charge; (v) any tax, duty, levy, assessment or other governmental charge that is payable
otherwise than by withholding from payments in respect of this Contract; (vi) any tax, duty, levy, assessment or other governmental charge that would not have been imposed or withheld but for
the treatment of payments in respect of this Contract as contingent interest described in Section 871(h)(4) of the Code; (vii) any tax, duty, levy, assessment or other governmental
charge that would not have been imposed or withheld but for an election by any Tax Owner the effect of which is to make payment in respect of this Contract subject to U.S. federal income tax;
(viii) any tax, duty, levy, assessment or other governmental charge resulting from a European Union Directive; or (ix) any combination of the foregoing items (i) through (viii). 

	2.
	If,
as described in Section 3.18(b) of the Indenture, the Owner is required to pay additional amounts to the holders of Notes to compensate for any withholding or deduction for
or on account of any present or future taxes, duties, levies, assessments or other governmental charges of whatever nature imposed or levied in respect of such Notes, by or on behalf of any
governmental authority in the United States having the power to tax, Protective will reimburse the Owner in an amount equal to such additional amounts. 

IV-3

 

	3.
	If
(i) Protective is required or, in the opinion of independent legal counsel selected by Protective, a material probability exists that Protective will be required to pay
additional amounts under Section IV.I.1 above or reimburse the Owner for additional amounts paid by the Owner under Section IV.I.2 above, or (ii) there is a Tax Event (as defined
below), Protective may with written notice redeem this Contract prior to its scheduled Stated Maturity Date at the amount equal to the Redemption Price (defined below) together with all accrued but
unpaid interest to the date fixed for redemption (if any). Protective may redeem this Contract pursuant to this clause (I)(3) by giving not less than 30 days' and no more than
75 days' prior written notice to the Owner; provided, however, that no such notice of termination may be given earlier than 90 days prior to the earliest day on which Protective would
become obligated to pay or reimburse such additional amounts were a payment in respect of this Contract then due. For purposes of this clause (I)(3), "Tax Event" means that Protective shall
have received an opinion of independent legal counsel stating in effect that as a result of (x) any amendment to, or change (including any announced prospective change) in, the laws (or any
regulations thereunder) of the United States or any political subdivision or taxing authority therefor or therein or (y) any amendment to, or change in, an interpretation or application of any
such laws or regulations by any governmental authority in the United States, which amendment or change is enacted, promulgated, issued or announced on or after the date hereof, there is more than an
insubstantial risk that (i) the Owner is, or will be within 90 days of the date thereof, subject to U.S. federal income tax with respect to interest accrued or received on this Contract
or (ii) the Owner is, or will be within 90 days of the date thereof, subject to more than a de minimis amount of taxes, duties or other
governmental charges. For purposes of this Section IV.I, "Redemption Price" means the balance of the Funding Account as of the date of redemption.

 

	J.
	Notices; Statements; Wiring Instructions: Communications between the Owner and Protective will be in writing to the addresses shown
below. Each may change its address by written notice to the other party. 

	If to the Owner:	 	If to Protective:
	
 The Protective Life Secured Trust

specified in this Contract

c/o Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890-0001

Attention: Corporate Trust Department

Telephone: 302/636-6000

Facsimile: 302/636-4140	
 	

Protective Life Insurance Company

111 North First Street, Suite 209

Burbank, CA 91502-1864

Telephone: 818/729-1900

Facsimile: 818/729-1800
	

And to:	
 	

With a copy to:
	

AMACAR Pacific Corp.

6525 Morrison Boulevard

Suite 318

Charlotte, North Carolina 28211

Attention: Douglas K. Johnson	
 	

Protective Life Insurance Company

Attn: Legal Department

P.O. Box 2606

Birmingham, AL 35202

Telephone: 800/627-0220

Facsimile: 205/268-3597

By
the tenth day of the month Protective will provide to the Owner a statement of activity in the Funding Account for the prior month. 

IV-4

 

Unless
otherwise stated, references to dollars and cents in this Contract refer to the currency of the United States of America. Unless otherwise stated, all payments by Protective will be made by
wire transfer of immediately available funds to the following account: 

[Owner's
wire instructions] 

Protective
agrees that the foregoing instructions identify a satisfactory payee and that unless otherwise instructed by the Owner it will make payments in accordance with such instructions. 

	K.
	Invalidity of Provisions: If any provision of this Contract is invalid, the rest of the Contract will remain valid.

	L.
	Non-Waiver: Either party can delay enforcing its rights under this Contract without losing them. The fact that either party
waives its rights in one instance does not mean that it will waive them in other instances. 

IV-5

 
 
 

SCHEDULE A
  
  Additional Events of Default    
    

        [Not Applicable] 

IV-6

  

 
 

RIDER A
  
    Survivor's Option    
    

        Unless this Contract has been declared due and payable prior to its Stated Maturity Date by reason of any Event of Default, or has been previously redeemed or
otherwise repaid, the Owner may request repayment of this Contract upon the valid exercise of the Survivor's Option in the Notes by the Representative (defined in the Notes) of the deceased beneficial
owner of such Notes (a "Survivor's Option"). 

        Except
as provided below, upon the tender and acceptance by Protective of this Contract (or portion thereof) securing the Notes as to which the Survivor's Option has been exercised,
Protective shall repay to the Owner the amount of the Funding Account equal to 100% of the principal amount of the Notes as to which the Survivor's Option has been exercised, plus accrued and unpaid
interest to the date of repayment. However, Protective shall not be obligated to repay: 

	•
	the
greater of $2,000,000 or 2% (or such other amounts, as specified in the Pricing Supplement) in aggregate principal amount for all funding agreement contracts securing
all outstanding notes issued to retail investors under any Protective Life secured notes program as of the end of the most recent calendar year (the "Annual Put Limitation");

	•
	more
than $250,000 (or such other amounts, as specified in the Pricing Supplement) in aggregate principal amount of funding agreement contracts securing outstanding notes
issued under any Protective Life secured notes program as to which the Survivor's Option has been exercised on behalf of any individual deceased Beneficial Owner in any calendar year (the "Individual
Put Limitation"); or

	•
	more
than the aggregate principal amount of funding agreement contracts securing Outstanding Notes of the Related Series of Notes specified in the Pricing Supplement (the
"Series Put Limitation"). 

        Protective
shall not make repayments pursuant to the Owner's request for repayment upon exercise of the Survivor's Option in amounts that are less than the minimum authorized
denomination of the Notes, and, in the event that the limitations described in the preceding sentence would result in the partial repayment of this Contract, the principal amount of this Contract
remaining outstanding after repayment must be at least the minimum authorized denomination of the Notes. A request for repayment by the Owner upon an otherwise valid election to exercise the
Survivor's Option may not be withdrawn. 

        Any
Contract (or portion thereof) accepted for repayment shall be repaid on the first Interest Payment Date for the related Series of Notes that occurs 20 or more calendar days after the
date of such acceptance. 

        In
order to obtain repayment of this Contract (or portion thereof) upon exercise of the Survivor's Option, the Owner must provide to Protective (i) a written request for repayment
signed by the Owner, and (ii) any additional information Protective requires to evidence satisfaction of any conditions to the repayment of this Contract (or portion thereof). 

A-1

  

 
 

RIDER B
  
    Redemption Provisions    
    

	1.
	Initial Redemption Date: Shall be as set forth in the Notes.

	2.
	Initial Redemption Percentage: Shall be as set forth in the Notes.

	3.
	Annual Redemption Percentage Reduction: Shall be as set forth in the Notes.

	4.
	Additional Redemption Terms:  

[Protective may redeem this Contract, in full or in part, on any date after the Initial Redemption Date and prior to the Stated Maturity Date, in increments of
$1,000 or any other integral multiple of an authorized denomination specified in the Notes (provided that any remaining Deposit hereof shall be at least $1,000 or other minimum authorized denomination
applicable to the Notes), at the applicable Redemption Price (as hereinafter defined), together with unpaid interest accrued hereon to the redemption date. Protective must give written notice to the
Owner not more than 75 nor less than 35 calendar days prior to the redemption date. "Redemption Price" shall mean an amount equal to the Initial Redemption Percentage (as adjusted by the Annual
Redemption Percentage Reduction, if applicable) multiplied by the unpaid Principal Amount (defined below) of this Contract to be redeemed. The Initial Redemption Percentage, if any, shall decline at
each anniversary of the Initial Redemption Date by an amount equal to the applicable Annual Redemption Percentage Reduction, if any, until the Redemption Price is equal to 100% of the unpaid amount
thereof to be redeemed. For purposes of this Rider B, the "Principal Amount" of this Contract at any time means (i) if this Contract
is a Discount Contract, the Issue Price (increased by any accruals of discount) and (ii) in all other cases, the Deposit hereof.] 

B-1

  

 
 

RIDER C
  
    Repayment Options    
    

	1.
	Optional Repayment Date: Shall be as set forth in the Notes.

	2.
	Optional Repayment Price: Shall be as set forth in the Notes.

	3.
	Additional Repayment Terms:  

[This Contract will be repayable prior to the Stated Maturity Date at the option of the Owner on the Optional Repayment Dates specified above at the Optional
Repayment Price specified above, together with accrued interest to the applicable Optional Repayment Date. Unless otherwise specified on the face hereof, in order for this Contract to be so repaid,
Protective must receive, at least 25 but not more than 60 days prior to an Optional Repayment Date, either (i) this Contract with a letter from the Owner setting forth the Deposit
hereof, the Deposit to be repaid, the Contract Number hereof and a statement that the option to elect repayment is being exercised thereby or (ii) a telegram, telex, fax or letter from the
Owner setting forth the Deposit hereof, the Deposit to be repaid, the Contract Number hereof, a statement that the option to elect repayment is being exercised thereby and a guarantee that this
Contract will be received by Protective not later than five Business Days after the date of such telegram, telex, fax or letter. Exercise of this repayment option shall be irrevocable. The repayment
option may be exercised by the Owner of this Contract with respect to less than the Deposit then outstanding provided that the Deposit of the Contract remaining outstanding after repayment is an
authorized denomination of the Notes.] 

C-1

QuickLinks

EXHIBIT 4.11

FORM OF FUNDING AGREEMENT

SECTION I Definitions

SECTION II Deposit, Establishment of Funding Account & Specified Currency

SECTION III-A Fixed Rate Contract Terms

SECTION III-B Floating Rate Contract Terms

SECTION III-C Amortizing Contract Terms

SECTION III-D Discount Contract Terms

SECTION IV General Provisions

SCHEDULE A Additional Events of Default

RIDER A Survivor's Option

RIDER B Redemption Provisions

RIDER C Repayment OptionsQuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 4.12    
    

      

 

STANDARD ADMINISTRATIVE SERVICES TERMS  

 with respect to  

 PROTECTIVE LIFE SECURED TRUSTS  

 Dated as of July 21, 2005  

  

 
 

TABLE OF CONTENTS    
    

	 
	 
	 	Page

	Section 1.	Definitions	 	1
	

Section 2.	

Administrative Services; Consultations with the Trust	
 	

2
	

Section 3.	

Activities of the Trust; Employees; Offices	
 	

4
	

Section 4.	

Compensation; Indemnities	
 	

4
	

Section 5.	

Term	
 	

4
	

Section 6.	

Obligation to Supply Information	
 	

5
	

Section 7.	

The Administrator's Liability, Standard of Care	
 	

5
	

Section 8.	

Limited Recourse to Trust	
 	

5
	

Section 9.	

No Recourse	
 	

5
	

Section 10.	

Reliance on Information Obtained from Third Parties	
 	

6
	

Section 11.	

Tax Returns	
 	

6
	

Section 12.	

Amendment	
 	

6
	

Section 13.	

No Joint Venture	
 	

6
	

Section 14.	

Assignment	
 	

6
	

Section 15.	

GOVERNING LAW, CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	
 	

6
	

Section 16.	

Treatment of Trust	
 	

7
	

Section 17.	

Limitation of Trustee Liability	
 	

7
	

Section 18.	

Section Headings	
 	

7
	

Section 19.	

Nonpetition Covenant	
 	

7
	

Section 20.	

Severability	
 	

8
	

Section 21.	

Entire Agreement	
 	

8
	

Section 22.	

Administrator to Provide Access to Books and Records	
 	

8
	

Section 23.	

No Waiver	
 	

8
	

Section 24.	

Remedies Cumulative	
 	

8
	

Section 25.	

Notices	
 	

8

i

        This document constitutes the Standard Administrative Services Terms, dated as of July 21, 2005, that may be incorporated by reference in one or more Administrative Services
Agreements (included in Section B of the Omnibus Instrument, as defined below) between the Trust and AMACAR Pacific Corp., a Delaware corporation
(as "Administrator"). 

        These
Standard Administrative Services Terms shall be of no force and effect unless and until incorporated by reference in, and then only to the extent not modified by, an Administrative
Services Agreement. 

        The
following terms and provisions shall govern the administration of the activities of each Delaware statutory trust and Delaware common law trust created under the Program subject to
contrary terms and provisions expressly adopted in any Administrative Services Agreement which contrary terms shall be controlling. 

 
 

W I T N E S S E T H    
    

        WHEREAS, Protective Life Insurance Company, a Tennessee stock life insurance company ("Protective Life") has
established the Program pursuant to which funding agreement-backed notes will be issued by either (i) a newly established Delaware statutory trust (each a "Statutory
Trust") or a newly established Delaware Common Law Trust (each a "Common Law Trust"); 

        WHEREAS,
each trust formed under the Program will issue one series of notes (each a "Series of Notes") to the public pursuant to an
indenture to be entered into between the Trust (as defined below) and The Bank of New York, as indenture trustee (the "Indenture Trustee"); 

        WHEREAS,
each Statutory Trust will be organized under the laws of the State of Delaware, pursuant to a Statutory Trust Agreement (each Statutory Trust Agreement will incorporate the
Standard Statutory Trust Terms) to be entered into between Wilmington Trust Company, as Delaware trustee, and AMACAR Pacific Corp., as administrator and trust beneficial owner, (each a
"Statutory Trust Agreement"); 

        WHEREAS,
each Common Law Trust will be organized under the laws of the State of Delaware, pursuant to a Common Law Trust Agreement (each Common Law Trust Agreement will incorporate the
Standard Common Law Trust Terms) to be entered into between Wilmington Trust Company, as
trustee, and AMACAR Pacific Corp., as administrator and trust beneficial owner (each a "Common Law Trust Agreement"); 

        WHEREAS,
the proceeds from the sale by the Trust of its Series of Notes are to be used to purchase one or more Funding Agreements issued by Protective Life; 

        WHEREAS,
the Trust has requested that the Administrator provide advice and assistance to the Trust and perform various services for the Trust; and 

        WHEREAS,
the Trust desires to avail itself of the experience, advice and assistance of the Administrator and to have the Administrator perform various financial, statistical, accounting
and other services for the Trust, and the Administrator is willing to furnish such services on the terms and conditions herein set forth. 

        NOW
THEREFORE, the parties hereto, intending to be legally bound and in consideration of the premises and the mutual covenants herein contained, agree as follows: 

        Section 1.
Definitions. 

        "Agreement" means that certain Administrative Services Agreement in substantially the same form included in  Section B of the Omnibus Instrument, as amended,
modified or supplemented from time to time, that incorporates by reference these Standard
Administrative Services Terms. 

        "Omnibus Instrument" means the omnibus instrument pursuant to which certain Program Documents are executed and the Trust is established. 

 

        "Pricing Supplement" means, the pricing supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b) under
the Securities Act of 1933, as amended, in connection with the issuance
by the Trust of its Series of Notes and agreed to by Protective Life, the Trust and the relevant dealers or agents under the relevant Program Distribution Agreement, as such Pricing Supplement may be
amended, modified, supplemented or replaced from time to time. 

        "Program Distribution Agreements" means, with respect to the Series of Notes,
(a) that certain Distribution Agreement, by and among the Trust, Protective Life and the dealers named therein relating to the issuance and sale
of the Trust's Notes under the Secured Medium-Term Notes Program, as the same may be amended, modified or supplemented or (b) that
certain Selling Agent Agreement, by and among the Trust, Protective Life and the agents named therein relating to the issuance and sale of the Trust's Notes under the InterNotes® Program,
as the same may be amended, modified or supplemented. 

        "Trust" means the Protective Life Secured Trust specified in the Omnibus Instrument, together with its permitted successors and assigns. 

        "Trust Agreement" means the Statutory Trust Agreement or Common Law Trust Agreement, as applicable, pursuant to which the Trust is
created. 

        "Trustee" means Wilmington Trust Company, a Delaware banking corporation, and shall also include its permitted successors and assigns, or
any successor Trustee solely in its capacity as trustee of the Trust and not it its individual capacity. 

        All
capitalized terms used herein and not otherwise defined will have the meanings set forth in that certain Indenture, dated as of the date specified in the Omnibus Instrument, between
the Trust and The Bank of New York, as indenture trustee (the "Indenture"). 

        Section 2.
Administrative Services; Consultations with the Trust. 

        The
Trust hereby authorizes and empowers the Administrator, as its agent, to perform, and the Administrator hereby agrees to perform, the following services: 

        (a)   Subject
to the timely receipt of all necessary information, providing, or causing to be provided, all clerical, and bookkeeping services necessary and appropriate for
the Trust, including, without limitation, the following services as well as those other services specified in the following subsections: 

        (i)    maintenance
of all books and records of the Trust relating to the fees, costs and expenses of the Trust which books and records shall be maintained separately from those
of the Administrator; 

        (ii)   maintenance
of records of cash payments and disbursements (excluding principal and interest on the Funding Agreements) of the Trust in accordance with generally
accepted accounting principles, and preparation for audit of such periodic financial statements as may be necessary or appropriate; 

        (iii)  upon
request preparation for execution by the Trust, through a Responsible Officer, of amendments to and waivers under the Program Documents and any other documents or
instruments deliverable by the Trust thereunder or in connection therewith; 

        (iv)  holding,
maintaining, and preserving executed copies of the Program Documents and other documents or instruments executed by the Trust thereunder or in connection
therewith, which shall be maintained separately from those of the Administrator; 

        (v)   upon
receipt of notice, taking such action as may be reasonably necessary to enforce the performance by the other parties to agreements as to which the Trust is a party,
and enforce the obligations of those parties to the Trust under such agreements; 

2

 

        (vi)  upon
request preparing for a signature by a Responsible Officer such notices, consents, instructions and other communications that the Trust may from time to time be
required or permitted to give under the Program Documents to which the Trust is a party or any other document executed by the Trust; 

        (vii) obtaining
services of outside counsel, accountants and/or other service providers on behalf of the Trust; 

        (viii) preparing
for a signature by a Responsible Officer any Trust Order for payment of any amounts due and owing by the Trust under the Program Documents to which the
Trust is a party or any other document to which the Trust is a party; provided that the foregoing shall not obligate the Administrator to advance any of
its own monies for such purpose, it being understood that such amounts shall be payable only to the extent assets held in the Trust are available therefor and at such times and in such amounts as
shall be permitted by the Program Documents; 

        (ix)  preparing
for a signature by a Responsible Officer any Trust Order for payment of any amounts due and owing by the Trust to the Indenture Trustee, the Paying Agent, the
Registrar and other agents on request for all expenses, disbursements and advances to the extent not paid pursuant to the Expense and Indemnity Agreement;  provided that the foregoing shall not obligate
the Administrator to advance any of its own monies for such purpose, it being understood that such
amounts shall be payable only to the extent assets held in the Trust are available therefor and at such times and in such amounts as shall be permitted by the Program Documents; and 

        (x)   taking
such other actions as may be incidental or reasonably necessary (i) to the accomplishment of the actions of the
Administrator authorized in this subsection (a) or (ii) upon receipt of notice from a Responsible Officer directing specifically the
Administrator to do so, to the accomplishment of the duties and responsibilities, and compliance with the obligations, of the Trust, under the Program Documents and under any other document to which
the Trust is or may be a party to the extent not otherwise performed by the Indenture Trustee, Paying Agent, Transfer Agent, Registrar or the Trustee, provided that no such duties or responsibilities
shall materially enlarge the duties and responsibilities of the Administrator which are set forth specifically in this Agreement. 

        (b)   Upon
the issuance of a Series of Notes, directing the Indenture Trustee to pay the costs and expenses of the Trust relating to such Series of Notes to the extent not
paid pursuant to the Expense and Indemnity Agreement. 

        (c)   Subject
to the timely receipt of all necessary information or notices from the Trustee, and based on the advice of counsel, on behalf of the Trust,
(i) filing with the Commission and, if necessary, executing, in each case solely on behalf of the Trust and not in the Administrator's individual
capacity such documents, forms or filings as may be required by the Securities Act, the Securities Exchange Act, the Trust Indenture Act, or other securities laws in each case relating to the Trust's
Notes; (ii) the preparation and filing of any documents or forms required to be filed by any rules or regulations of any securities exchange, including
without limitation, the New York Stock Exchange, or market quotation dealer system or the National Association of Securities Dealers, Inc. in connection with the listing of the Trust's Series
of Notes thereon; (iii) filing and executing solely on behalf of the Trust and not in the Administrator's individual capacity, such filings,
applications, reports, surety bonds, irrevocable consents, appointments of attorney for service of process and other papers and documents as may be necessary or desirable to register, or establish the
exemption from registration of, the Trust's Notes under the securities or "Blue Sky" laws of any relevant jurisdictions; and (iv) executing and
delivering, solely on behalf of the Trust and not in the Administrator's individual capacity, letters or documents to, or instruments for filing with, a depositary relating to the Trust's Notes; and 

3

 

        (d)   Undertaking
such other administrative services as may be reasonably requested by the Trustee, including (i) causing the
preparation by the Trust of any prospectus, prospectus supplement, pricing supplement, registration statement, amendments, including any exhibits and schedules thereto, any reports or other filings or
documents, or supplement thereto or (ii) securing and maintaining the listing of the Trust's Notes on any securities exchange or complying with the
securities or "Blue Sky" laws of any relevant jurisdictions, in connection with the performance by the Trust of its obligations under the Program Documents or any other document to which the Trust is
a party or other documents executed thereunder or in connection therewith. 

        (e)   In
connection with the establishment of the Trust, the Administrator shall purchase from the Trust, the Trust Beneficial Interest in the Trust in accordance with the
Trust Agreement and the Administrator shall be the sole Trust Beneficial Owner in accordance with the Trust Agreement. 

        Any
of the above services (other than those described in Sections 2(c) and 2(d)) may, if the Administrator or the Trust deems it necessary or desirable, be subcontracted by the
Administrator; provided that notice is given to the Trust of such subcontract and, notwithstanding such subcontract, the Administrator shall remain
responsible for performance of the services set forth above unless such services are subcontracted to accountants or legal counsel selected with due care by the Administrator and reasonably
satisfactory to the Trust and in which case the Administrator shall not remain responsible for the performance of such services and the Administrator shall not, in any event, be responsible for the
costs, fees or expenses in connection therewith. 

        Section 3.
Activities of the Trust; Employees; Offices. 

        The
Administrator agrees to carry out and perform the administrative activities (as set forth in Section 2 hereof) of the Trust in the name and on behalf of the Trust as its
agent. 

        All
services to be furnished by the Administrator under this Agreement may be furnished by an officer or employee of the Administrator, an officer or employee of any affiliate of the
Administrator, or any other person or agent designated or retained by it; provided that the Administrator shall remain ultimately responsible for the
provision of such services by an officer or employee of the Administrator or any of its affiliates or any other person or agent designated or retained by it, unless selected with due care and
reasonably satisfactory to the Trust in accordance with the last paragraph of Section 2. No director, officer or employee of the Administrator or any affiliate of the Administrator shall
receive from the Trust a salary or other compensation. 

        The
Administrator agrees to provide its own office space, together with appropriate materials and any necessary support personnel, for the day to day activities (as set forth in
Section 2 hereof) of the Trust to be carried out and performed by the Administrator, all for the compensation provided in Section 4 hereof. All services to be furnished by the
Administrator under this Agreement shall be performed only from the Administrator's office in North Carolina. 

        Section 4.
Compensation; Indemnities. 

        The
Administrator will be entitled to payment of fees, reimbursement for, and indemnification with respect to, costs and expenses for services rendered hereunder to the extent provided
in the Expense and Indemnity Agreement and the Administrator will not be entitled to seek any payment from the Trust with respect to its services hereunder. 

        Section 5.
Term. 

        The
Administrator may terminate this Agreement upon at least 30 days' written notice to the Trust and Protective Life and the Trust may terminate this Agreement upon at least
30 days' notice to the Administrator (copies of any notice of termination shall also be sent to the Indenture Trustee). Such termination will not become effective until
(i) the Trust appoints a successor Administrator, (ii) the successor Administrator accepts such
appointment and (iii) the Administrator has obtained the prior 

4

 

written
confirmation of Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's Ratings Services
("S&P") that such action will not result in a reduction or withdrawal of its then current ratings, if any, of the Program and/or the Trust's Notes, as
applicable. Upon such notice, the Administrator shall be paid all accrued and unpaid amounts owed to the Administrator under the Expense and Indemnity Agreement. 

        Section 6.
Obligation to Supply Information. 

        The
Trustee shall forward to the Administrator such information (which is in the possession of the Trust) in connection with the Program Documents and this Agreement as the Administrator
may from time to time reasonably request in connection with the performance of its obligations hereunder. The Administrator will (i) hold and safely
maintain all records, files, Program Documents and other material of the Trust and (ii) permit the Trust, the Trustee, and each of their respective
officers, directors, agents and consultants on reasonable notice at any time and from time to time during normal business hours to inspect, audit, check and make abstracts from the accounts, records,
correspondence, documents and other materials of the Trust, or relating to the provision of services and facilities under this Agreement. 

        Section 7.
The Administrator's Liability, Standard of Care. 

        The
Administrator assumes no liability for anything other than the services rendered by it pursuant to Sections 2, 3, 6 and 11 hereof and neither the Administrator nor any of its
directors, officers, employees or affiliates shall be responsible for any action of the Trust, the Trustee or the officers or employees thereof taken outside the scope of Sections 2, 3 and 11 hereof
and without direction from the Administrator. Without limiting the generality of the foregoing, it is agreed that the Administrator assumes no liability with respect to any of the Trust's obligations
under the Program Documents. 

        The
Administrator shall not perform, endeavor to perform or agree to perform any act on behalf of the Trust not specifically required or permitted under the Program Documents. 

        The
Administrator shall perform its duties hereunder diligently, in conformity with the Trust's obligations under the Program Documents and applicable laws and regulations and in
accordance with the same standard of care exercised by a prudent person in connection with the performance of the same or similar duties and, in no event with less care than the Administrator
exercises or would exercise in connection with the same or similar obligations if those obligations were the direct obligations of the Administrator. 

        Section 8.
Limited Recourse to Trust. 

        Notwithstanding
anything to the contrary contained herein, all obligations of the Trust hereunder shall be payable by the Trust only on a payment date of its Series of Notes and only to
the extent of funds available therefor under the Indenture and, to the extent such funds are not available or are insufficient for the payment thereof, shall not constitute a claim against the Trust
to the extent of such unavailability or insufficiency until such time as the Collateral held in the Trust has produced proceeds sufficient to pay such prior deficiency. This Section 8 shall
survive the termination of this Agreement. 

        Section 9.
No Recourse. 

        The
obligations of the Trust hereunder are solely the obligations of the Trust and no recourse shall be had with respect to this Agreement or any of the obligations of the Trust
hereunder or for the payment of any fee or other amount payable hereunder or for any claim based on, arising out of or relating to any provision of this Agreement against any trustee, employee,
settlor, affiliate, agent or servant of the Trust. This Section 9 shall survive the termination of this Agreement. 

5

 

        Section 10.
Reliance on Information Obtained from Third Parties. 

        The
Trust recognizes that the accuracy and completeness of the records maintained and the information supplied by the Administrator hereunder is dependent upon the accuracy and
completeness of the information obtained by the Administrator from the parties to the Program Documents and other sources and the Administrator shall not be responsible for any inaccurate or
incomplete information so obtained or for any inaccurate or incomplete records maintained by the Administrator hereunder that may result therefrom. The Administrator shall have no duty to investigate
the accuracy or completeness of any information provided to it and shall be entitled to fully rely on all such information provided to it. 

        Section 11.
Tax Returns. 

        The
Administrator shall, or shall cause accountants retained by it, to prepare and file all federal, state and local income tax and information returns and reports required to be filed
with respect to the Trust and the Trust's Notes under any applicable federal, state or local tax statute or any rule or regulation under any of them. 

        Section 12.
Amendment. 

        No
waiver, alteration, modification, amendment or supplement of the terms of this Agreement shall be effective unless (i) accomplished by
written instrument signed by the parties hereto and (ii) at any time after the issuance of any Notes and for so long as any Notes remain outstanding,
Moody's and S&P have confirmed in writing that such action will not result in reduction or withdrawal of its then current ratings, if any, of the Program and/or the Trust's Notes, as applicable. The
Trust shall provide each of S&P and Moody's with a copy of each such waiver, alteration, modification, amendment or supplement. Notwithstanding anything in this Section 12 to the contrary, no
waiver, alteration, modification, amendment or supplement to the terms of this Agreement shall be effective without the prior written consent of Protective Life. 

        Section 13.
No Joint Venture. 

        Nothing
contained in this Agreement shall constitute the Trust and the Administrator as members of any partnership, joint venture, association, syndicate or unincorporated business. 

        Section 14.
Assignment. 

        Except
as set forth in this Section 14, and subject to the rights of the Administrator to subcontract pursuant to Section 2 hereof, this Agreement may not be assigned by
either party without (i) the prior written consent of the other party and (ii) the prior written
confirmation of Moody's and S&P that such action will not result in a reduction or withdrawal of its then current ratings, if any, of the Program and/or the Trust's Notes, as applicable. Subject to
the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Any party's transfer or assignment in violation of this
Section 14 shall be void as to the other party. 

        Section 15.
GOVERNING LAW, CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. 

        THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF
ANY SUCH PROCEEDING 

6

 

BROUGHT
IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH PARTY HERETO HEREBY CONSENTS TO PROCESS BEING SERVED IN ANY SUIT,
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT, OR ANY DOCUMENT DELIVERED PURSUANT HERETO BY THE MAILING OF A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, RETURN RECEIPT
REQUESTED, TO ITS RESPECTIVE ADDRESS SPECIFIED AT THE TIME FOR NOTICES UNDER THIS AGREEMENT OR TO ANY OTHER ADDRESS OF WHICH IT SHALL HAVE GIVEN WRITTEN NOTICE TO THE OTHER PARTIES. THE FOREGOING
SHALL NOT LIMIT THE ABILITY OF ANY PARTY HERETO TO BRING SUIT IN THE COURTS OF ANY OTHER JURISDICTION. 

        EACH
OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION. 

        Section 16.
Treatment of Trust. 

        The
Administrator agrees, for U.S. federal, state and local income and franchise tax purposes, to treat (i) the Trust as disregarded and
(ii) the Trust's Notes as representing debt of Protective Life. The Administrator will not take any action that it knows could cause the Trust not to be
either disregarded or treated as a grantor trust (assuming the Trust was not disregarded) for U.S. federal income tax purposes. 

        Section 17.
Limitation of Trustee Liability. 

        Notwithstanding
any provision hereof to the contrary, it is expressly understood and agreed by the parties that (a) this Agreement is
executed and delivered by the Trustee, not individually or personally, but solely as trustee, as applicable, in the exercise of the powers and authority conferred and vested in it, pursuant to the
Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal
representations, undertakings and agreements by the Trustee but is made and intended for the purpose of binding only the Trust, (c) nothing herein
contained shall be construed as creating any liability on the Trustee, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, and (d) under no circumstances shall
the Trustee be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or
undertaken by the Trust under this Agreement or any other related documents. 

        Section 18.
Section Headings. 

        Section
headings used in this Agreement are for convenience only and shall not affect the construction of this Agreement. 

        Section 19.
Nonpetition Covenant. 

        Notwithstanding
any prior termination of this Agreement, the Administrator as such shall not acquiesce, petition or otherwise, directly or indirectly, invoke or cause the Trust to invoke
the process of any governmental authority for the purpose of commencing or sustaining a case against the Trust under any Federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or any substantial part of its property or ordering the winding up or liquidation of the affairs
of the Trust for one year and one day after last obligation of the Trust has been paid. 

7

 

        Section 20.
Severability. 

        In
case one or more of the provisions contained in this Agreement shall be or shall be deemed to be invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. If any provision of this Agreement shall be or shall be deemed to be illegal, invalid
or unenforceable under the applicable laws and regulations of one jurisdiction, such provision shall not thereby be rendered illegal, invalid or unenforceable in any other jurisdiction. 

        Section 21.
Entire Agreement. 

        This
Agreement constitutes the entire agreement between the parties hereto with respect to matters covered hereby and supersedes all prior agreements and understandings with respect to
such matters between the parties. 

        Section 22.  Administrator to Provide Access to Books and Records. 

        The
Administrator shall provide the Indenture Trustee with access to the books and records of the Trust, without charge, but only (i) upon
the reasonable request of the Indenture Trustee (for which purpose one Business Day shall be deemed reasonable during the occurrence and continuation of a Default or an Event of Default),
(ii) during normal business hours, (iii) subject to the Administrator's normal security and
confidentiality procedures and (iv) at offices designated by the Administrator. 

        Section 23.
No Waiver. 

        No
failure on the part of the parties hereto to exercise, and no delay in exercising, and no course of dealing with respect to, any right, power or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise thereof or the exercise of any other right, power or privilege operate as such a waiver. 

        Section 24.  Remedies Cumulative. 

        No
right, power or remedy of the parties hereunder shall be exclusive of any other right, power or remedy, but shall be cumulative and in addition to any other right, power or remedy
thereunder or now or hereafter existing by law or in equity. 

        Section 25.
Notices. 

        All
notices, demands, instructions and other communications required or permitted to be given to or made upon either party hereto shall be in writing (including by facsimile
transmission) and shall be personally delivered or sent by guaranteed overnight delivery or by facsimile transmission (to be followed by personal or guaranteed overnight delivery) and shall be deemed
to be given for purposes of this Agreement on the day that such writing is received by the intended recipient thereof in accordance with the provisions of this Section. Unless otherwise specified in a
notice sent or delivered in accordance with the foregoing provisions of this Section, notices, demands, instructions and other communications in writing shall be given to or made upon the respective
parties thereto at their respective addresses (or their respective telecopy numbers) indicated below: 

Protective
Life Secured Trust (followed by the appropriate number of the Trust designated in the Omnibus Instrument)

c/o Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

Attention: Corporate Trust Administration

Facsimile: (302) 636-4140 

8

 

The
Administrator: 

AMACAR
Pacific Corp.

6525 Morrison Blvd., Suite 318

Charlotte, North Carolina 28211

Attention: Douglas K. Johnson

Facsimile: (704) 365-1632 

9

QuickLinks

EXHIBIT 4.12

TABLE OF CONTENTS

W I T N E S S E T H

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]