Document:

Exhibit 4.3

                               FORM OF INDENTURE

                                    between

                  [__________], ACTING NOT IN ITS INDIVIDUAL
                    CAPACITY BUT SOLELY AS OWNER TRUSTEE OF
                    REGIONS AUTO RECEIVABLES TRUST 200_-_,
                                   as Issuer

                                      and

                             [INDENTURE TRUSTEE],
                             as Indenture Trustee

                              Dated as of [_____]

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                                                 Table of Contents
                                                                                                                Page

                                                     ARTICLE I.
                                     DEFINITIONS AND INCORPORATION BY REFERENCE

<S>               <C>                                                                                            <C>
Section 1.01.     Definitions.....................................................................................2
Section 1.02.     Rules of Construction...........................................................................9
Section 1.03.     Incorporation by Reference of Trust Indenture Act...............................................9

                                                    ARTICLE II.
                                                     THE NOTES

Section 2.01.     Form...........................................................................................10
Section 2.02.     Execution, Authentication and Delivery.........................................................10
Section 2.03.     Temporary Notes................................................................................11
Section 2.04.     Registration; Registration of Transfer and Exchange............................................11
Section 2.05.     [Reserved].....................................................................................12
Section 2.06.     Mutilated, Destroyed, Lost or Stolen Notes.....................................................12
Section 2.07.     Persons Deemed Owners..........................................................................13
Section 2.08.     Payment of Principal and Interest; Defaulted Interest..........................................13
Section 2.09.     Cancellation...................................................................................14
Section 2.10.     Book-Entry Notes...............................................................................14
Section 2.11.     Notices to Clearing Agency.....................................................................15
Section 2.12.     Definitive Notes...............................................................................15
Section 2.13.     Tax Treatment..................................................................................16

                                                    ARTICLE III.
                                                     COVENANTS

Section 3.01.     Payment of Principal and Interest..............................................................17
Section 3.02.     Maintenance of Office or Agency................................................................17
Section 3.03.     Money for Payments To Be Held in Trust.........................................................17
Section 3.04.     Existence......................................................................................19
Section 3.05.     Protection of Trust Estate.....................................................................19
Section 3.06.     Opinions as to Trust Estate....................................................................19
Section 3.07.     Performance of Obligations; Servicing of Receivables...........................................20
Section 3.08.     Negative Covenants.............................................................................21
Section 3.09.     Annual Statement as to Compliance..............................................................22
Section 3.10.     Issuer May Consolidate, etc., Only on Certain Terms............................................22
Section 3.11.     Successor or Transferee........................................................................23
Section 3.12.     No Other Business..............................................................................24
Section 3.13.     No Borrowing...................................................................................24
Section 3.14.     Master Servicer's Obligations..................................................................24
Section 3.15.     Guarantees, Loans, Advances and Other Liabilities..............................................24
Section 3.16.     Capital Expenditures...........................................................................24
Section 3.17.     Removal of Administrator.......................................................................24

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Section 3.18.     Restricted Payments............................................................................24
Section 3.19.     Notice of Events of Default....................................................................25
Section 3.20.     Further Instruments and Acts...................................................................25

                                                    ARTICLE IV.
                                             SATISFACTION AND DISCHARGE

Section 4.01.     Satisfaction and Discharge of Indenture........................................................26
Section 4.02.     Application of Trust Money.....................................................................27
Section 4.03.     Repayment of Moneys Held by Paying Agent.......................................................27
Section 4.04.     Release of Collateral..........................................................................27

                                                     ARTICLE V.
                                                      REMEDIES

Section 5.01.     Events of Default..............................................................................28
Section 5.02.     Acceleration of Maturity; Rescission and Annulment.............................................29
Section 5.03.     Collection of Indebtedness and Suits for Enforcement by Indenture Trustee;
                  Authority of the Controlling Party.............................................................30
Section 5.04.     Remedies; Priorities...........................................................................32
Section 5.05.     Optional Preservation of the Receivables.......................................................34
Section 5.06.     Limitation of Suits............................................................................34
Section 5.07.     Unconditional Rights of Noteholders To Receive Principal and Interest..........................35
Section 5.08.     Restoration of Rights and Remedies.............................................................35
Section 5.09.     Rights and Remedies Cumulative.................................................................35
Section 5.10.     Delay or Omission Not a Waiver.................................................................35
Section 5.11.     Control by Controlling Class...................................................................35
Section 5.12.     Waiver of Past Defaults........................................................................36
Section 5.13.     Undertaking for Costs..........................................................................36
Section 5.14.     Waiver of Stay or Extension Laws...............................................................37
Section 5.15.     Action on Notes................................................................................37
Section 5.16.     Performance and Enforcement of Certain Obligations.............................................37

                                                    ARTICLE VI.
                                               THE INDENTURE TRUSTEE

Section 6.01.     Duties of Indenture Trustee....................................................................39
Section 6.02.     Rights of Indenture Trustee....................................................................40
Section 6.03.     Individual Rights of Indenture Trustee.........................................................41
Section 6.04.     Indenture Trustee's Disclaimer.................................................................42
Section 6.05.     Notice of Defaults.............................................................................42
Section 6.06.     Reports by Indenture Trustee to Holders........................................................42
Section 6.07.     Compensation and Indemnity.....................................................................42
Section 6.08.     Replacement of Indenture Trustee...............................................................43
Section 6.09.     Successor Indenture Trustee by Merger..........................................................44
Section 6.10.     Appointment of Co-Indenture Trustee or Separate Indenture Trustee..............................44
Section 6.11.     Eligibility; Disqualification..................................................................45

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Section 6.12.     [Reserved].....................................................................................46
Section 6.13.     Preferential Collection of Claims Against Issuer...............................................46
Section 6.14.     Waiver of Setoffs..............................................................................46

                                                    ARTICLE VII.
                                           NOTEHOLDERS' LISTS AND REPORTS

Section 7.01.     Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders.........................47
Section 7.02.     Preservation of Information; Communications to Noteholders.....................................47
Section 7.03.     Reports by Issuer..............................................................................47
Section 7.04.     Reports by Indenture Trustee...................................................................48

                                                   ARTICLE VIII.
                                        ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.     Collection of Money............................................................................49
Section 8.02.     Trust Accounts.................................................................................49
Section 8.03.     General Provisions Regarding Accounts..........................................................51
Section 8.04.     Release of Trust Estate........................................................................51
Section 8.05.     Opinion of Counsel.............................................................................51

                                                    ARTICLE IX.
                                              SUPPLEMENTAL INDENTURES

Section 9.01.     Supplemental Indentures Without Consent of Noteholders.........................................53
Section 9.02.     Supplemental Indentures with Consent of Noteholders............................................54
Section 9.03.     Execution of Supplemental Indentures...........................................................55
Section 9.04.     Effect of Supplemental Indenture...............................................................56
Section 9.05.     Reference in Notes to Supplemental Indentures..................................................56
Section 9.06.     Conformity with Trust Indenture Act............................................................56

                                                     ARTICLE X.
                                                REDEMPTION OF NOTES

Section 10.01.    Redemption.....................................................................................57
Section 10.02.    Form of Redemption Notice......................................................................57
Section 10.03.    Notes Payable on Redemption Date...............................................................57

                                                    ARTICLE XI.
                                                   MISCELLANEOUS

Section 11.01.    Compliance Certificates and Opinions, etc......................................................59
Section 11.02.    Form of Documents Delivered to Indenture Trustee...............................................60
Section 11.03.    Acts of Noteholders............................................................................61
Section 11.04.    Notices, etc., to Indenture Trustee, Issuer and Rating Agencies................................61
Section 11.05.    Notices to Noteholders; Waiver.................................................................62
Section 11.06.    Alternate Payment and Notice Provisions........................................................63
Section 11.07.    Effect of Headings and Table of Contents.......................................................63

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Section 11.08.    Successors and Assigns.........................................................................63
Section 11.09.    Separability...................................................................................63
Section 11.10.    Benefits of Indenture..........................................................................63
Section 11.11.    Legal Holidays.................................................................................63
Section 11.12.    GOVERNING LAW..................................................................................63
Section 11.13.    Counterparts...................................................................................63
Section 11.14.    Recording of Indenture.........................................................................63
Section 11.15.    Trust Obligation...............................................................................64
Section 11.16.    No Petition....................................................................................64
Section 11.17.    Inspection.....................................................................................64
Section 11.18.    Conflict with Trust Indenture Act..............................................................64
Section 11.19.    Limitation of Liability........................................................................65

SCHEDULE A        Schedule of Receivables
SCHEDULE B        Perfection Representation
EXHIBIT A-1       Form of Class [A-1] Note
EXHIBIT A-2       Form of Class [A-2] Note
EXHIBIT A-3       Form of Class [A-3] Note
EXHIBIT A-4       Form of Class [A-4] Note
EXHIBIT B         Form of Class [B] Note
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         THIS INDENTURE, dated as of [DATE], is between [__________], ACTING
NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE OF REGIONS AUTO
RECEIVABLES TRUST 200_-_, a Delaware common law trust (the "Issuer"), and
[INDENTURE TRUSTEE NAME], a [________], as indenture trustee and not in its
individual capacity (the "Indenture Trustee").

         Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Issuer's [___]% Asset
Backed Notes, Class [A-1] (the "Class [A-1] Notes"), [___]% Asset Backed
Notes, Class [A-2] (the "Class [A-2] Notes"), [___]% Asset Backed Notes, Class
[A-3] (the "Class [A-3] Notes"), [___]% Asset Backed Notes, Class [A-4] (the
"Class [A-4] Notes" and, together with the Class [A-1] Notes, Class [A-2]
Notes and Class [A-3] Notes, the "Class [A] Notes") and [___]% Asset Backed
Notes, Class [B] (the "Class [B] Notes" and, together with the Class [A]
Notes, the "Notes"):

                                GRANTING CLAUSE

         The Issuer hereby Grants to the Indenture Trustee at the Closing
Date, as Indenture Trustee for the benefit of the Holders of the Notes, all of
the Issuer's right, title and interest in and to (a) the Receivables listed on
Schedule A and all moneys received thereon after the Initial Cutoff Date in
the case of Receivables originated on or before the Initial Cutoff Date and
all moneys received thereon after the date of origination, in the case of
Receivables originated after the Initial Cutoff Date; (b) the security
interests in the Financed Vehicles and any accessions thereto granted by
Obligors pursuant to the Receivables and any other interest of the Issuer in
such Financed Vehicles; (c) any Liquidation Proceeds and any other proceeds
with respect to the Receivables from claims on any physical damage, credit
life or disability insurance policies covering the Financed Vehicles or the
related Obligors, including any vendor's single interest or other collateral
protection insurance policy; (d) any property that shall have secured a
Receivable and that shall have been acquired by or on behalf of the Seller,
the Master Servicer, or the Issuer; (e) the proceeds from any Master
Servicer's errors and omissions protection policy, any fidelity bond and any
blanket physical damage policy, to the extent such proceed relate to any
Financed Vehicle; (f) all documents and other items contained in the
Receivable Files; (g) the Issuer's rights and benefits, but none of its
obligations, under the Sale and Servicing Agreement (including the Issuer's
right to cause the Seller, or the Master Servicer, as the case may be, to
repurchase Receivables from the Issuer under the circumstances described
therein); [(h) the Issuer's rights and benefits under the Receivables Purchase
Agreement, including the representations and warranties and the cure and
repurchase obligations of the Seller under the Receivables Purchase
Agreement;] (i) all funds on deposit from time to time in the Trust Accounts
and all investments and proceeds thereof (including all Investment Earnings
therein); and (j) all present and future claims, demands, causes of action and
choses in action in respect of any or all of the foregoing and all payments on
or under and all proceeds of every kind and nature whatsoever in respect of
any or all of the foregoing, including all proceeds of the conversion thereof,
voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, insurance proceeds, condemnation awards,
rights to payment of any and every kind and other forms of obligations and
receivables, instruments and other property that at any time constitute all or
part of or are included in the proceeds of any of the foregoing (collectively,
the "Collateral").

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         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
Notes, equally and ratably without prejudice, priority or distinction, and to
secure compliance with the provisions of this Indenture, all as provided in
this Indenture. This Indenture is a security agreement within the meaning of
the UCC.

         The Indenture Trustee, on behalf of the Holders of the Notes,
acknowledges such Grant, accepts the trusts under this Indenture in accordance
with the provisions of this Indenture and agrees to perform its duties
required in this Indenture to the best of its ability to the end that the
interests of the Holders of the Notes may be adequately and effectively
protected.

                                  ARTICLE I.

                  DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 1.01. Definitions.

         (a) Definitions. Except as otherwise specified herein or as the
context may otherwise require, the following terms have the respective
meanings set forth below for all purposes of this Indenture.

         "Act" has the meaning specified in Section 11.03(a).

         "Administration Agreement" means the Owner Trust Administration
Agreement, dated as of [DATE], among the Administrator, the Issuer and the
Indenture Trustee.

         "Administrator" means [ADMINISTRATOR], or any successor Administrator
under the Administration Agreement.

         "Affiliate" means, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such
specified Person. For the purposes of this definition, "control" when used
with respect to any Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms "controlling"
and "controlled" have meanings correlative to the foregoing.

         "Authorized Officer" means, with respect to the Issuer, any officer
of the Owner Trustee who is authorized to act for the Owner Trustee in matters
relating to the Issuer and who is identified on the list of Authorized
Officers delivered by the Owner Trustee to the Indenture Trustee on the
Closing Date (as such list may be modified or supplemented from time to time
thereafter) and, so long as the Administration Agreement is in effect, any
Vice President or more senior officer of the Administrator who is authorized
to act for the Administrator in matters relating to the Issuer and to be acted
upon by the Administrator pursuant to the Administration Agreement and who is
identified on the list of Authorized Officers delivered by the Administrator
to the Indenture Trustee on the Closing Date (as such list may be modified or
supplemented from time to time thereafter).

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         "Book-Entry Notes" means a beneficial interest in the Notes,
ownership and transfers of which shall be made through book entries by a
Clearing Agency as described in Section 2.10.

         "Class [A] Note" means a Class [A-1] Note, a Class [A-2] Note, a
Class [A-3] Note, or a Class [A-4] Note, as the context may require.

         "Class [A-1] Notes" means the [___]% Asset Backed Notes, Class [A-1],
substantially in the form of Exhibit A-1.

         "Class [A-1] Rate" means [___]% per annum, computed on the basis of
the actual number of days in the related Interest Accrual Period and a 360-day
year.

         "Class [A-2] Notes" means the [___]% Asset Backed Notes, Class [A-2],
substantially in the form of Exhibit A-2.

         "Class [A-2] Rate" means a [___]% per annum computed on the basis of
a 360-day year consisting of twelve 30-day months.

         "Class [A-3] Notes" means the [___]% Asset Backed Notes, Class [A-3],
substantially in the form of Exhibit A-3.

         "Class [A-3] Rate" means [___]% per annum, computed on the basis of a
360-day year consisting of twelve 30-day months.

         "Class [A-4] Notes" means the [___]% Asset Backed Notes, Class [A-4],
substantially in the form of Exhibit A-4.

         "Class [A-4] Rate" means [___]% per annum, computed on the basis of a
360-day year consisting of twelve 30-day months.

         "Class [B] Notes" means the [___]% Asset Backed Notes, Class [B],
substantially in the form of Exhibit B.

         "Class [B] Rate" means [___]% per annum, computed on the basis of a
360-day year consisting of twelve 30-day months.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act.

         "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with
the Clearing Agency.

         "Closing Date" means [DATE].

         "Code" means the Internal Revenue Code of 1986, as amended from time
to time, and Treasury Regulations promulgated thereunder.

         "Collateral" has the meaning specified in the Granting Clause of this
Indenture.

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         "Controlling Class" means (i) if the Class [A] Notes have not been
paid in full, the Class [A] Notes, and (ii) if the Class [A] Notes have been
paid in full, the Class [B] Notes.

         "Controlling Party" means the Indenture Trustee acting at the
direction of at least a majority in Outstanding Amount of the Noteholders of
the Controlling Class or, if the Notes have been paid in full, the Owner
Trustee acting at the direction of at least a majority in aggregate principal
amount of the Certificateholders.

         "Corporate Trust Office" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business is
administered, which office at the date of execution of this Agreement is
located at [ADDRESS] (facsimile number [___]); Attention: [___], or at such
other address as the Indenture Trustee may designate from time to time by
notice to the Noteholders and the Issuer, or the principal corporate trust
office of any successor Indenture Trustee at the address designated by such
successor Indenture Trustee by notice to the Noteholders and the Issuer.

         "Default" means any occurrence that is, or with notice or the lapse
of time or both would become, an Event of Default.

         "Definitive Notes" has the meaning specified in Section 2.10.

         "Event of Default" has the meaning specified in Section 5.01.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Executive Officer" means, with respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, any Executive Vice President, any Senior Vice President, any Vice
President, the Secretary, the Controller or the Treasurer of such corporation;
and with respect to any partnership, any general partner thereof.

         "Grant" means mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create, and grant a lien upon and a
security interest in and a right of set-off against, deposit, set over and
confirm pursuant to this Indenture. A Grant of the Collateral or of any other
agreement or instrument shall include all rights, powers and options (but none
of the obligations) of the granting party thereunder, including the immediate
and continuing right to claim for, collect, receive and give receipt for
principal and interest payments in respect of the Collateral and all other
moneys payable thereunder, 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 the granting party or
otherwise, and generally to do and receive anything that the granting party is
or may be entitled to do or receive thereunder or with respect thereto.

         "Holder" or "Noteholder" means a Person in whose name a Note is
registered on the Note Register.

         "Indenture Trustee" means [INDENTURE TRUSTEE], a [__________], not in
its individual capacity, but as Indenture Trustee under this Indenture, or any
successor Indenture Trustee under this Indenture.

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         "Independent" means, when used with respect to any specified Person,
that such Person (a) is in fact independent of the Issuer, any other obligor
on the Notes, the Seller and any Affiliate of any of the foregoing Persons,
(b) does not have any direct financial interest or any material indirect
financial interest in the Issuer, any such other obligor, the Seller or any
Affiliate of any of the foregoing Persons and (c) is not connected with the
Issuer, any such other obligor, the Seller or any Affiliate of any of the
foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or person performing similar functions.

         "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01, made
by an Independent appraiser or other expert appointed by an Issuer Order and
approved by the Indenture Trustee in the exercise of reasonable care, and such
opinion or certificate shall state that the signer has read the definition of
"Independent" in this Indenture and that the signer is Independent within the
meaning thereof.

         "Interest Rate" means the Class [A-1] Rate, the Class [A-2] Rate, the
Class [A-3] Rate, the Class [A-4] Rate or the Class [B] Rate, as the context
may require.

         "Investment Earnings" means, with respect to any Payment Date, the
investment earnings (net of losses and investment expenses) on amounts on
deposit in a Trust Account (other than the Collection Account) to be applied
on such Payment Date pursuant to Section 5.01(e) of the Sale and Servicing
Agreement.

         "Issuer" means [__________], acting not in its individual capacity
but solely as Owner Trustee of Regions Auto Receivables Trust 200_-_ until a
successor replaces it and, thereafter, means the successor and, for purposes
of any provision contained herein and required by the TIA, each other obligor
on the Notes.

         "Issuer Order" or "Issuer Request" means a written order or request
signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Indenture Trustee.

         "Note" means a Class [A-1] Note, a Class [A-2] Note, a Class [A-3]
Note, a Class [A-4] Note or a Class [B] Note, as the context may require.

         "Note Depository Agreement" means the agreement dated [DATE], among
the Issuer, the Administrator, the Indenture Trustee and The Depository Trust
Company, as the initial Clearing Agency, relating to the Class [A-1] Notes,
the Class [A-2] Notes, the Class [A-3] Notes, the Class [A-4] Notes, the Class
[B] Notes and the Certificates.

         "Note Owner" means, with respect to a Book-Entry Note, the Person who
is the beneficial owner of such Book-Entry Note, as reflected on the books of
the Clearing Agency or on the books of a Person maintaining an account with
such Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of such
Clearing Agency).

         "Note Rate" means the Class [A-1] Rate, the Class [A-2] Rate, the
Class [A-3] Rate, the Class [A-4] Rate or the Class [B] Rate, as applicable.

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<PAGE>

         "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.04.

         "Officer's Certificate" means a certificate signed by any Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.01, and delivered to
the Indenture Trustee. Unless otherwise specified, any reference in this
Indenture to an Officer's Certificate shall be to an Officer's Certificate of
any Authorized Officer of the Issuer.

         "Opinion of Counsel" means one or more written opinions of counsel
who may, except as otherwise expressly provided in this Indenture, be an
employee of or counsel to the Issuer and who shall be satisfactory to the
Indenture Trustee, and which opinion or opinions shall be addressed to the
Indenture Trustee, shall comply with any applicable requirements of Section
11.01 and shall be in form and substance satisfactory to the Indenture
Trustee.

         "Outstanding" means, as of any date of determination, all Notes
theretofore authenticated and delivered under this Indenture except:

         (i) Notes theretofore cancelled by the Note Registrar or delivered to
the Note Registrar for cancellation;

         (ii) Notes or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee or
any Paying Agent in trust for the Holders of such Notes (provided, however,
that if such Notes are to be redeemed, notice of such redemption has been duly
given pursuant to this Indenture or provision for such notice has been made,
satisfactory to the Indenture Trustee); and

         (iii) Notes in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to this Indenture unless proof
satisfactory to the Indenture Trustee is presented that any such Notes are
held by a bona fide purchaser;

provided, however, that in determining whether the Holders of the requisite
Outstanding Amount of the Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or under any Basic Document,
Notes owned by the Issuer, any other obligor on the Notes, the Seller, any
subservicer or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Indenture Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Notes that a Responsible Officer of the Indenture Trustee knows to be so owned
shall be so disregarded. Notes so owned that have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Indenture Trustee the pledgee's right so to act with respect to such
Notes and that the pledgee is not the Issuer, any other obligor on the Notes,
the Seller or any Affiliate of any of the foregoing Persons.

         "Outstanding Amount" means, as of any date of determination and as to
any Notes, the aggregate principal amount of such Notes Outstanding as of such
date of determination and, as of any date of determination and as to any
Certificates, the aggregate principal amount of such Certificates Outstanding
as of such date of determination.

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<PAGE>

         "Owner Trustee" means [OWNER TRUSTEE], not in its individual capacity
but solely as Owner Trustee under the Trust Agreement, or any successor Owner
Trustee under the Trust Agreement.

         "Paying Agent" means the Indenture Trustee or any other Person that
meets the eligibility standards for the Indenture Trustee specified in Section
6.11 and is authorized by the Issuer to make payments to and distributions
from the Collection Account, the Note Interest Distribution Account, the
Principal Distribution Account and the Reserve Account, including payments of
principal of or interest on the Notes on behalf of the Issuer.

         "Payment Date" means, with respect to each Collection Period, the
[________] day of the following month or, if such day is not a Business Day,
the immediately following Business Day, commencing on [DATE].

         "Person" means any individual, corporation, estate, partnership,
limited liability company, joint venture, association, joint stock company,
trust or statutory trust (including any beneficiary thereof), unincorporated
organization or government or any agency or political subdivision thereof.

         "Plan" means an employee benefit plan, as defined in section 3(3) of
ERISA, that is subject to Title I of ERISA or a plan, as defined in section
4975(e)(1) of the Code.

         "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.06 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

         "Proceeding" means any suit in equity, action at law or other
judicial or administrative proceeding.

         "Record Date" means, with respect to a Payment Date or Redemption
Date, the close of business on the day immediately preceding such Payment Date
or Redemption Date.

         "Redemption Date" means, as the context requires, in the case of a
redemption of the Notes pursuant to Section 10.01, the Payment Date specified
by the Master Servicer or the Issuer pursuant to Section 10.01.

         "Redemption Price" means in the case of a redemption of the Notes
pursuant to Section 10.01, an amount equal to the unpaid principal amount of
the Notes redeemed plus accrued and unpaid interest thereon at the applicable
Note Rate plus interest on any overdue interest at the applicable Note Rate
(to the extent lawful) for each Note being so redeemed to but excluding the
Redemption Date.

         "Regions Bank" means Regions Bank, an Alabama state banking
corporation, and its successors.

                                      7
<PAGE>

         "Registered Holder" means the Person in whose name a Note is
registered on the Note Register on the applicable Record Date.

         "Responsible Officer" means, with respect to the Indenture Trustee or
Owner Trustee, as applicable, any officer within the Corporate Trust Office of
the Indenture Trustee or the Owner Trustee, including any Vice President,
Assistant Vice President, Assistant Treasurer, Assistant Secretary or any
other officer of the Indenture Trustee or the Owner Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject, in each case having direct
responsibility for the administration of the Basic Documents.

         "Sale and Servicing Agreement" means the Sale and Servicing
Agreement, dated as of [DATE], among the Issuer, the Depositor, Regions Bank,
as Seller, Master Servicer, Custodian and Administrator, and the Indenture
Trustee.

         "Schedule of Receivables" means the lists of Receivables set forth in
Schedule A (which Schedule may be in the form of microfiche).

         "Securities Act" means the Securities Act of 1933, as amended.

         "Seller" means Regions Bank, in its capacity as seller under [the
Receivables Purchase Agreement and] the Sale and Servicing Agreement, and its
successors in interest.

         "Master Servicer" means Regions Bank, in its capacity as master
servicer under the Sale and Servicing Agreement, and any Successor Master
Servicer thereunder.

         "Similar Law" means any foreign, federal, state or local law with
provisions substantially similar to Title I of ERISA or Section 4975 of the
Code.

         "State" means any one of the 50 states of the United States of
America, or the District of Columbia.

         "Successor Master Servicer" has the meaning specified in Section
3.07(f).

         "Trust Estate" means all money, instruments, rights and other
property that are subject or intended to be subject to the lien and security
interest of this Indenture for the benefit of the Noteholders (including,
without limitation, all property and interests Granted to the Indenture
Trustee), including all proceeds thereof.

         "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939
as in force on the date hereof, unless otherwise specifically provided.

         "UCC" means, unless the context otherwise requires, the Uniform
Commercial Code as in effect in the relevant jurisdiction, as amended from
time to time.

                                      8
<PAGE>

         (b) Except as otherwise specified herein or as the context may
otherwise require, capitalized terms used herein but not otherwise defined
shall have the meanings ascribed thereto in the Sale and Servicing Agreement.

      Section 1.02.  Rules of Construction.  Unless the context otherwise
requires:

         (i) a term has the meaning assigned to it;

         (ii) an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles as
in effect from time to time;

         (iii) "or" is not exclusive;

         (iv) "including" means including without limitation;

         (v) definitions are applicable to the singular and plural forms of
such terms and to the masculine, feminine and neuter genders of such terms;
and

         (vi) any agreement, instrument or statute defined or referred to
herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended,
modified or supplemented and includes (in the case of agreements or
instruments) references to all attachments thereto and instruments
incorporated therein; references to a Person are also to its permitted
successors and assigns.

     Section 1.03. Incorporation by Reference of Trust Indenture Act. Whenever
this Indenture refers to a provision of the TIA, such provision is
incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

         "Commission" means the Securities and Exchange Commission.

         "indenture securities" means the Notes.

         "indenture security holder" means a Noteholder.

         "indenture to be qualified" means this Indenture.

         "indenture trustee" or "institutional trustee" means the Indenture
Trustee.

         "obligor" on the indenture securities means the Issuer and any other
obligor on the indenture securities.

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

                                      9
<PAGE>

                                  ARTICLE II.

                                   THE NOTES

     Section 2.01. Form. The Class [A-1] Notes, the Class [A-2] Notes, the
Class [A-3] Notes, the Class [A-4] Notes and the Class [B] Notes, in each case
together with the Indenture Trustee's certificate of authentication, shall be
in substantially the form set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3,
Exhibit A-4 and Exhibit B, respectively, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing the Notes, as
evidenced by their execution of the Notes. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of such Note.

         The Definitive 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
Notes, as evidenced by their execution of such Notes.

         Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and
Exhibit B are part of the terms of this Indenture.

     Section 2.02 Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

         Notes bearing the manual or facsimile signature of individuals who
were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

         The Indenture Trustee shall upon Issuer Order authenticate and
deliver Class [A-1] Notes for original issue in an aggregate principal amount
of $[___], Class [A-2] Notes for original issue in an aggregate principal
amount of $[___], Class [A-3] Notes for original issue in an aggregate
principal amount of $[___], Class [A-4] Notes for original issue in an
aggregate principal amount of $[___] and Class [B] Notes for original issue in
an aggregate principal amount of $[___]. The aggregate principal amount of
Class [A-1] Notes, Class [A-2] Notes, Class [A-3] Notes, Class [A-4] Notes and
Class [B] Notes outstanding at any time may not exceed such respective amounts
except as provided in Section 2.06.

         The Notes shall be issuable as registered Notes in minimum
denominations of $1,000 and in integral multiples of $1,000 in excess thereof.

         No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Indenture Trustee by the manual signature of one of its

                                      10
<PAGE>

authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated
and delivered hereunder.

     Section 2.03. Temporary Notes. Pending the preparation of Definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order the
Indenture Trustee shall authenticate and deliver, temporary Notes that are
printed, lithographed, typewritten, mimeographed or otherwise produced, of the
tenor of the Definitive Notes in lieu of which they are issued and with such
variations not inconsistent with the terms of this Indenture as the officers
executing such Notes may determine, as evidenced by their execution of such
Notes.

         If temporary Notes are issued, the Issuer shall cause Definitive
Notes to be prepared without unreasonable delay. After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive
Notes upon surrender of the temporary Notes at the office or agency of the
Issuer to be maintained as provided in Section 3.02, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Notes,
the Issuer shall execute, and the Indenture Trustee shall authenticate and
deliver in exchange therefor, a like principal amount of Definitive Notes of
authorized denominations. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as Definitive
Notes.

     Section 2.04. Registration; Registration of Transfer and Exchange. The
Issuer shall cause to be kept a register (the "Note Register") in which,
subject to such reasonable regulations as it may prescribe, the Note Registrar
shall provide for the registration of Notes and the registration of transfers
of Notes. The Indenture Trustee initially shall be the "Note Registrar" for
the purpose of registering Notes and transfers of Notes as herein provided.
Upon any resignation of any Note Registrar, the Issuer shall promptly appoint
a successor or, if it elects not to make such an appointment, assume the
duties of Note Registrar.

         If a Person other than the Indenture Trustee is appointed by the
Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location,
and any change in the location, of the Note Register, and the Indenture
Trustee shall have the right to inspect the Note Register at all reasonable
times and to obtain copies thereof, and the Indenture Trustee shall have the
right to conclusively rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the
Holders of the Notes and the principal amounts and number of such Notes.

         Upon surrender for registration of transfer of any Note at the office
or agency of the Issuer to be maintained as provided in Section 3.02, if the
requirements of Section 8-401(1) of the UCC are met, the Issuer shall execute,
and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes of the same Class in any authorized
denominations, of a like aggregate principal amount.

         At the option of the Holder, Notes may be exchanged for other Notes
of the same Class in any authorized denominations, of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at such office
or agency. Whenever any Notes are so surrendered for exchange,

                                      11
<PAGE>

if the requirements of Section 8-401(1) of the UCC are met, the Issuer shall
execute, and the Indenture Trustee, without having to verify that the
requirements of 8-401(1) have been met, shall authenticate and the Noteholder
shall obtain from the Indenture Trustee, the Notes that the Noteholder making
the exchange is entitled to receive.

         All Notes issued upon any registration of transfer or exchange of
Notes shall be the valid obligations of the Issuer, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Notes
surrendered upon such registration of transfer or exchange.

         Every 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 Indenture Trustee duly executed by,
the Holder thereof or such Holder's attorney duly authorized in writing, with
such signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent's Medallion Program ("STAMP")
or such other "signature guarantee program" as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Exchange Act.

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer 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 Notes, other
than exchanges pursuant to Section 2.03 or 9.05 not involving any transfer.

         The preceding provisions of this Section notwithstanding, the Issuer
shall not be required to make and the Note Registrar need not register
transfers or exchanges of Notes selected for redemption or of any Note for a
period of 15 days preceding the due date for any payment with respect to the
Note.

         The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the transfer
of Notes.

     Section 2.05. [Reserved].

     Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture
Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, and (ii) there is delivered to the Indenture Trustee such
security or indemnity as may be required by it to hold the Issuer and the
Indenture Trustee harmless, then, in the absence of notice to the Issuer, the
Note Registrar or the Indenture Trustee that such Note has been acquired by a
bona fide purchaser, and provided that the requirements of Section 8-405 of
the UCC are met, the Issuer shall execute, and upon an Issuer Order the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Note, a replacement Note of
the same Class; provided, however, that if any such destroyed, lost or stolen
Note, but not a mutilated Note, shall have become or within 15 days shall be
due and payable, or shall have been called for redemption, instead of issuing
a replacement Note, the Issuer may pay such destroyed, lost or stolen Note
when so due or payable or upon the Redemption Date without surrender thereof.
If, after the delivery of such replacement Note or payment of a destroyed,
lost or stolen Note, a

                                      12
<PAGE>

bona fide purchaser of the original Note in lieu of which such replacement
Note was issued presents for payment such original Note, the Issuer and the
Indenture Trustee shall be entitled to recover such replacement Note (or such
payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered
or any assignee of such Person, except a bona fide purchaser, and shall be
entitled to recover upon the security or indemnity provided therefor to the
extent of any loss, damage, cost or expense incurred by the Issuer or the
Indenture Trustee in connection therewith.

         Upon the issuance of any replacement Note under this Section, the
Issuer may require the payment by the Holder of such 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 the fees and expenses of
the Indenture Trustee) connected therewith.

         Every replacement Note issued pursuant to this Section in replacement
of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

         The provisions of this Section 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 Notes.

     Section 2.07. Persons Deemed Owners. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and
any agent of the Issuer or the Indenture Trustee may treat the Person in whose
name any Note is registered (as of the day of determination) as the owner of
such Note for the purpose of receiving payments of principal of and interest,
if any, on such Note and for all other purposes whatsoever, whether or not
such Note be overdue, and none of the Issuer, the Indenture Trustee or any
agent of the Issuer or the Indenture Trustee shall be affected by notice to
the contrary.

     Section 2.08. Payment of Principal and Interest; Defaulted Interest.

         (a) The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3]
Notes, the Class [A-4] Notes and the Class [B] Notes shall accrue interest at
the Class [A-1] Rate, the Class [A-2] Rate, the Class [A-3] Rate, the Class
[A-4] Rate and the Class [B] Rate, respectively, as set forth in Exhibit A-1,
Exhibit A-2, Exhibit A-3, Exhibit A-4, and Exhibit B, respectively, and such
interest shall be payable on each Payment Date as specified therein, subject
to Section 3.01. Any installment of interest or principal payable on a Note
that is punctually paid or duly provided for by the Issuer on the applicable
Payment Date shall be paid to the Person in whose name such Note (or one or
more Predecessor Notes) is registered on the Record Date by check mailed
first-class postage prepaid to such Person's address as it appears on the Note
Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.12, with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payment shall be made by wire transfer in
immediately available funds to the account designated by such nominee;
provided, however, that the final installment of principal payable with
respect to such Note on a Payment

                                      13
<PAGE>

Date or on the related Final Scheduled Payment Date (including the Redemption
Price for any Note called for redemption pursuant to Section 10.01) shall be
payable as provided in paragraph (b) below. The funds represented by any such
checks returned undelivered shall be held in accordance with Section 3.03.

         (b) The principal of each Note shall be payable in installments on
each Payment Date as provided in Section 3.01 hereof and the forms of the
Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and
Exhibit B. Notwithstanding the foregoing, the entire unpaid principal amount
of each Class of Notes may be declared immediately due and payable, if not
previously paid, in the manner provided in Section 5.02 on any date on which
an Event of Default shall have occurred and be continuing by the Indenture
Trustee or the Indenture Trustee acting at the direction of the Holders of
Notes representing not less than a majority of the Outstanding Amount of the
Controlling Class. All principal payments on each Class of Notes shall be made
pro rata to the Noteholders of each Class entitled thereto. Upon written
notice thereof, the Indenture Trustee shall notify the Person in whose name a
Note is registered at the close of business on the Record Date preceding the
Payment Date on which the Issuer expects the final installment of principal of
and interest on such Note to be paid. Such notice shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section
10.02.

         (c) If the Issuer defaults in a payment of interest on the Notes, the
Issuer shall pay defaulted interest (plus interest on such defaulted interest
to the extent lawful) at the applicable Interest Rate in any lawful manner on
the next Payment Date.

     Section 2.09. Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuer may at
any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder that the Issuer may have
acquired in any manner whatsoever, and all Notes so delivered shall be
promptly cancelled by the Indenture Trustee. No Notes shall be authenticated
in lieu of or in exchange for any Notes cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Notes may be
held or disposed of by the Indenture Trustee in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuer shall
direct by an Issuer Order that they be destroyed or returned to it; provided,
that such Issuer Order is timely and the Notes have not been previously
disposed of by the Indenture Trustee.

     Section 2.10. Book-Entry Notes. The Notes, upon original issuance, will
be issued in the form of typewritten Notes representing the Book-Entry Notes,
to be delivered to The Depository Trust Company, the initial Clearing Agency,
by, or on behalf of, the Issuer. The Book-Entry Notes shall be registered
initially on the Note Register in the name of Cede & Co., the nominee of the
initial Clearing Agency, and no Owner thereof will receive a Definitive Note
representing such Note Owner's interest in such Note, except as provided in
Section 2.12. Unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to such Note Owners pursuant to Section
2.12:

                                      14
<PAGE>

         (i) the provisions of this Section shall be in full force and effect;

         (ii) the Note Registrar and the Indenture Trustee shall be entitled
to deal with the Clearing Agency for all purposes of this Indenture (including
the payment of principal of and interest on the Notes and the giving of
instructions or directions hereunder) as the sole holder of the Notes, and
shall have no obligation to the Note Owners;

         (iii) to the extent that the provisions of this Section conflict with
any other provisions of this Indenture, the provisions of this Section shall
control;

         (iv) the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and
agreements between such Note Owners and the Clearing Agency or the Clearing
Agency Participants pursuant to the Note Depository Agreement. Unless and
until Definitive Notes are issued pursuant to Section 2.12, the initial
Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments of principal of and interest on
the Notes to such Clearing Agency Participants; and

         (v) whenever this Indenture requires or permits actions to be taken
based upon instructions or directions of Holders of Notes evidencing a
specified percentage of the Outstanding Amount of the Notes (or any Class
thereof, including the Controlling Class), the Clearing Agency shall be deemed
to represent such percentage only to the extent that it has received
instructions to such effect from Note Owners or Clearing Agency Participants
owning or representing, respectively, such required percentage of the
beneficial interest in the Outstanding Amount of the Notes (or Class thereof,
including the Controlling Class) and has delivered such instructions to the
Indenture Trustee.

     Section 2.11. Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to
Section 2.12, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Holders of the Notes to the
Clearing Agency, and shall have no obligation to such Note Owners.

     Section 2.12. Definitive Notes. If (i) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes and the Administrator is unable to locate a qualified successor or (ii)
after the occurrence of an Event of Default or a Master Servicer Termination
Event, Owners of the Book-Entry Notes representing beneficial interests
aggregating at least a majority of the Outstanding Amount of such Notes advise
the Clearing Agency in writing that the continuation of a book-entry system
through the Clearing Agency is no longer in the best interests of such Note
Owners, then the Clearing Agency shall notify all Note Owners, the
Administrator and the Indenture Trustee of the occurrence of any such event
and of the availability of Definitive Notes to Note Owners requesting the
same. Upon surrender to the Indenture Trustee of the typewritten Notes
representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuer shall execute and the Indenture Trustee
upon an Issuer Order shall authenticate the Definitive Notes in accordance
with the written instructions of the Clearing Agency. None of the Issuer, the
Note Registrar, the

                                      15
<PAGE>

Administrator or the Indenture Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Notes, the Indenture Trustee shall recognize the Holders of the Definitive
Notes as Noteholders.

     Section 2.13. Tax Treatment. The Issuer has entered into this Indenture,
and the Notes will be issued, with the intention that, for federal, state and
local income, single business and franchise tax purposes, the Notes will
qualify as indebtedness of the Issuer secured by the Trust Estate. The Issuer,
by entering into this Indenture, and each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of an interest in the applicable
Book-Entry Note), agree to treat the Notes for federal, state and local income
and franchise tax purposes as indebtedness.

     Section 2.14. ERISA. Each Person that acquires a Class [ ] Note shall be
required to represent, or in the case of a Note in book-entry form, will be
deemed to represent by its acceptance of the Note, that (i) it is not, and is
not acquiring the Note on behalf of or with "plan assets" (as determined under
Department of Labor Regulation ss.2510.3-101 or otherwise) of a Plan, or any
employee benefit plan subject to Similar Law, or (ii) its acquisition and
holding of the Note are eligible for relief under Prohibited Transaction Class
Exemption ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or a
similar exemption, or, in the case of an employee benefit plan subject to
Similar Law, do not result in a nonexempt violation of Similar Law. Any
transfer with respect to which the representation in clause (i) or (ii) above
is not true shall be void ab initio.

         The Class [ ] Notes may not be purchased with the assets of a Plan if
the depositor, the seller, an underwriter, the indenture trustee, the trustee
or any of their affiliates has investment or administrative discretion with
respect to those Plan assets; has authority or responsibility to give, or
regularly gives, investment advice with respect to those Plan assets for a fee
and pursuant to an agreement or understanding that the advice will serve as a
primary basis for investment decisions with respect to those Plan assets and
will be based on the particular investment needs for the Plan; or is an
employer maintaining or contributing to the Plan.

                                      16
<PAGE>

                                 ARTICLE III.

                                  COVENANTS

     Section 3.01. Payment of Principal and Interest. The Issuer will duly and
punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting
the foregoing, subject to Section 8.02(c), on each Payment Date, the Issuer
will cause to be distributed all amounts deposited pursuant to the Sale and
Servicing Agreement into the Note Interest Distribution Account and the
Principal Distribution Account (i) for the benefit of the Class [A-1] Notes,
to the Class [A-1] Noteholders, (ii) for the benefit of the Class [A-2] Notes,
to the Class [A-2] Noteholders, (iii) for the benefit of the Class [A-3]
Notes, to the Class [A-3] Noteholders, (iv) for the benefit of the Class [A-4]
Notes, to the Class [A-4] Noteholders and (v) for the benefit of the Class [B]
Notes, to the Class [B] Noteholders. Amounts properly withheld under the Code
by any Person from a payment to any Noteholder of interest and/or principal
shall be considered as having been paid by the Issuer to such Noteholder for
all purposes of this Indenture.

     Section 3.02. Maintenance of Office or Agency. The Issuer will maintain
in the Borough of Manhattan, The City of New York, an office or agency where
Notes may be surrendered for registration of transfer or exchange, and where
notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. Such office will initially be located at [ADDRESS].
The Issuer will give prompt written notice to the Indenture Trustee of the
location, and of any change in the location, of any such office or agency. If
at any time the Issuer shall fail to maintain any such office or agency or
shall fail to furnish the Indenture Trustee with the address thereof, such
surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Issuer hereby appoints the Indenture Trustee as its agent to
receive all such surrenders, notices and demands.

     Section 3.03. Money for Payments To Be Held in Trust. All payments of
amounts due and payable with respect to any Notes that are to be made from
amounts withdrawn from the Collection Account, the Note Interest Distribution
Account, the Principal Distribution Account and the Reserve Account shall be
made on behalf of the Issuer by the Indenture Trustee or by another Paying
Agent, and no amounts so withdrawn from the Collection Account, the Note
Interest Distribution Account, the Principal Distribution Account or the
Reserve Account for payments of Notes shall be paid over to the Issuer except
as provided in this Section.

         On or before the Business Day preceding each Payment Date and
Redemption Date, the Issuer shall deposit or cause to be deposited in the Note
Interest Distribution Account and the Principal Distribution Account an
aggregate sum sufficient to pay the amounts then becoming due under the Notes,
such sum to be held in trust for the benefit of the Persons entitled thereto,
and (unless the Paying Agent is the Indenture Trustee) shall promptly notify
the Indenture Trustee of its action or failure so to act.

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

                                      17
<PAGE>

         (i) hold all sums held by it for the payment of amounts due with
respect to the 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 Indenture Trustee notice of any default by the Issuer
(or any other obligor on the Notes) of which it has actual knowledge in the
making of any payment required to be made with respect to the Notes;

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

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

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

         The Issuer may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by
Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums
held in trust by such Paying Agent, such sums to be held by the 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 Indenture
Trustee, such Paying Agent shall be released from all further liability with
respect to such money.

         Subject to applicable laws with respect to escheat of funds, any
money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for
two years after such amount has become due and payable shall be discharged
from such trust and be paid upon Issuer Request to the Issuer; and the Holder
of such Note shall thereafter, as an unsecured general creditor, look only to
the Issuer for payment thereof (but only to the extent of the amounts so paid
to the Issuer), and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided,
however, that the Indenture Trustee or such Paying Agent, before being
required to make any such repayment, shall at the expense and direction of the
Issuer 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 will be repaid to the Issuer. The Indenture Trustee shall also adopt
and employ, at the expense and direction of the Issuer, any other reasonable
means of notification of such repayment (including, but not limited to,
mailing notice of such repayment to Holders whose Notes have been called but
have not been surrendered for redemption or whose right to or interest in
moneys due and

                                      18
<PAGE>

payable but not claimed is determinable from the records of the Indenture
Trustee or of any Paying Agent, at the last address of record for each such
Holder).

     Section 3.04. Existence. The Issuer will keep in full effect its
existence, rights and franchises as a common law trust under the laws of the
State of Delaware (unless it becomes, or any successor Issuer hereunder is or
becomes, organized under the laws of any other State or of the United States
of America, in which case the Issuer will keep in full effect its existence,
rights and franchises under the laws of such other jurisdiction) and will
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 Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Trust Estate.

     Section 3.05. Protection of Trust Estate. The Issuer will from time to
time execute and deliver all such supplements and amendments hereto and all
such financing statements, continuation statements, instruments of further
assurance and other instruments, and will take such other action necessary or
advisable to:

         (i) maintain or preserve the lien and security interest (and the
priority thereof) of this Indenture or carry out more effectively the purposes
hereof;

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

         (iii) enforce any of the Collateral; or

         (iv) preserve and defend title to the Trust Estate and the rights of
the Indenture Trustee and the Noteholders in such Trust Estate against the
claims of all persons and parties.

The Issuer hereby designates the Indenture Trustee, as its agent and
attorney-in-fact, to execute upon an Issuer Order any financing statement,
continuation statement or other instrument required to be executed pursuant to
this Section 3.05.

     Section 3.06. Opinions as to Trust Estate.

         (a) On the Closing Date, the Issuer shall cause to be furnished to
the Indenture Trustee 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 Indenture, any indentures supplemental hereto,
and any other requisite documents, and with respect to the execution and
filing of any financing statements and continuation statements, as are
necessary to perfect and make effective the lien and security interest of this
Indenture and reciting the details of such action, or stating that, in the
opinion of such counsel, no such action is necessary to make such lien and
security interest effective.

         (b) On or before [MONTH AND DAY], in each calendar year, beginning in
[YEAR], the Issuer shall furnish to the Indenture Trustee and the Rating
Agencies 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 Indenture, any indentures

                                      19
<PAGE>

supplemental hereto and any other requisite documents and with respect to the
execution and filing of any financing statements and continuation statements
as is necessary to maintain the lien and security interest created by this
Indenture and reciting the details of such action, or stating that in the
opinion of such counsel no such action is necessary to maintain such lien and
security interest. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures
supplemental hereto and any other requisite documents and the execution and
filing of any financing statements and continuation statements that will, in
the opinion of such counsel, be required to maintain the lien and security
interest of this Indenture until [MONTH AND DAY] in the following calendar
year.

     Section 3.07. Performance of Obligations; Servicing of Receivables.

         (a) The Issuer will not take any action and will use its reasonable
best 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 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 expressly provided in this Indenture, the Sale and Servicing
Agreement or such other instrument or agreement.

         (b) The Issuer may contract with other Persons acceptable to the
Controlling Party and with notification to the Rating Agencies to assist it in
performing its duties under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee in an Officer's Certificate of
the Issuer shall be deemed to be action taken by the Issuer. Initially, the
Issuer has contracted with the Master Servicer and the Administrator to assist
the Issuer in performing its duties under this Indenture.

         (c) The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the Basic Documents
and in the instruments and agreements included in the Trust Estate, including
but not limited to filing or causing to be filed all UCC financing statements
and continuation statements required to be filed by the terms of this
Indenture and the Sale and Servicing Agreement in accordance with and within
the time periods provided for herein and therein. Except as otherwise
expressly provided therein, the Issuer shall not waive, amend, modify,
supplement or terminate any Basic Document or any provision thereof without
the consent of either the Indenture Trustee or the Holders of at least a
majority of the Outstanding Amount of each Class of Notes, voting separately.

         (d) If the Issuer shall have knowledge of the occurrence of a Master
Servicer Termination Event under the Sale and Servicing Agreement, the Issuer
shall promptly notify the Indenture Trustee and the Rating Agencies thereof,
and shall specify in such notice the action, if any, the Issuer is taking with
respect to such default.

         (e) [Reserved]

         (f) Upon any termination of the Master Servicer's rights and powers
pursuant to the Sale and Servicing Agreement, the Issuer shall promptly notify
the Indenture Trustee thereof. As soon as a successor master servicer (a
"Successor Master Servicer") is appointed, the

                                      20
<PAGE>

Issuer shall notify the Indenture Trustee in writing of such appointment,
specifying in such notice the name and address of such Successor Master
Servicer.

         (g) Without limitation of the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer hereby agrees (i) except to extent
otherwise provided in any Basic Documents, that it will not, without the prior
written consent of the Indenture Trustee acting at the direction of the
Holders of at least a majority in Outstanding Amount of the Notes, amend,
modify, waive, supplement, terminate or surrender, or agree to any amendment,
modification, supplement, termination, waiver or surrender of, the terms of
any Collateral or the Basic Documents, or waive timely performance or
observance by the Master Servicer or the Seller under the Sale and Servicing
Agreement; and (ii) that any such amendment shall not (A) increase or reduce
in any manner the amount of, or accelerate or delay the timing of,
distributions that are required to be made for the benefit of the Noteholders
or (B) reduce the aforesaid percentage of the Notes that is required to
consent to any such amendment, without the consent of the Holders of all
Outstanding Notes. If the Indenture Trustee acting at the direction of such
Holders agrees to any such amendment, modification, supplement or waiver, the
Indenture Trustee agrees, promptly following a request by the Issuer to do so,
to execute and deliver, at the Issuer's own expense, such agreements,
instruments, consents and other documents as the Issuer may deem necessary or
appropriate in the circumstances.

     Section 3.08. Negative Covenants. So long as any Notes are Outstanding,
the Issuer shall not:

         (i) except as expressly permitted by this Indenture [, the
Receivables Purchase Agreement] or the Sale and Servicing Agreement, sell,
transfer, exchange or otherwise dispose of any of the properties or assets of
the Issuer, including those included in the Trust Estate, unless directed to
do so by the Controlling Party;

         (ii) claim any credit on, or make any deduction from the principal or
interest payable in respect of, the Notes (other than amounts properly
withheld from such payments under the Code) or assert any claim against any
present or former Noteholder by reason of the payment of the taxes levied or
assessed upon any part of the Trust Estate; or

         (iii) (A) permit the validity or effectiveness of this Indenture to
be impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released
from any covenants or obligations with respect to the Notes under this
Indenture except as may be expressly permitted hereby, (B) permit any lien,
charge, excise, claim, security interest, mortgage or other encumbrance (other
than the lien of this Indenture) to be created on or extend to or otherwise
arise upon or burden the Trust Estate or any part thereof or any interest
therein or the proceeds thereof (other than tax liens, mechanics' liens and
other liens that arise by operation of law, in each case on any of the
Financed Vehicles and arising solely as a result of an action or omission of
the related Obligor) or (C) permit the lien of this Indenture not to
constitute a valid first priority (other than with respect to any such tax,
mechanics' or other lien) security interest in the Trust Estate.

                                      21
<PAGE>

     Section 3.09. Annual Statement as to Compliance. The Issuer will deliver
to the Indenture Trustee and the Rating Agencies, within 120 days after the
end of each fiscal year of the Issuer (commencing with the fiscal year
[YEAR]), an Officer's Certificate stating, as to the Authorized Officer
signing such Officer's Certificate, that:

         (i) a review of the activities of the Issuer during such year and of
its performance under this Indenture has been made under such Authorized
Officer's supervision; and

         (ii) to the best of such Authorized Officer's knowledge, based on
such review, the Issuer has complied with all conditions and covenants under
this Indenture throughout such year or, if there has been a default in its
compliance with any such condition or covenant, specifying each such default
known to such Authorized Officer and the nature and status thereof.

         Section 3.10. Issuer May Consolidate, etc., Only on Certain Terms.

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

         (i) the Person (if other than the Issuer) 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 shall expressly assume,
by an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the due and punctual
payment of the principal of and interest on all Notes and the performance or
observance of every agreement and covenant of this Indenture on the part of
the Issuer to be performed or observed, all as provided herein;

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

         (iii) the Rating Agency Condition shall have been satisfied with
respect to such transaction;

         (iv) the Issuer shall have received an Opinion of Counsel (and shall
have delivered copies thereof to the Indenture Trustee) to the effect that
such transaction will not have any material adverse federal tax consequence to
the Issuer, any Noteholder or any Certificateholder;

         (v) any action that is necessary to maintain the lien and security
interest created by this Indenture shall have been taken; and

         (vi) the Issuer shall have delivered to the Indenture Trustee an
Officer's Certificate and an Opinion of Counsel each stating that such
consolidation or merger and such supplemental indenture comply with this
Article III and that all conditions precedent herein provided for relating to
such transaction have been complied with (including any filing required by the
Exchange Act) in all material respects.

                                      22
<PAGE>

         (b) The Issuer shall not convey or transfer any of its properties or
assets, including those included in the Trust Estate, to any Person, unless:

         (i) the Person that acquires by conveyance or transfer the properties
and assets of the Issuer the conveyance or transfer of which is hereby
restricted (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, (B)
expressly assumes, by an indenture supplemental hereto, executed and delivered
to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the
due and punctual payment of the principal of and interest on all Notes and the
performance or observance of every agreement and covenant of this Indenture on
the part of the Issuer to be performed or observed, all as provided herein,
(C) expressly agrees by means of such supplemental indenture that all right,
title and interest so conveyed or transferred shall be subject and subordinate
to the rights of Holders of the Notes, (D) unless otherwise provided in such
supplemental indenture, expressly agrees to indemnify, defend and hold
harmless the Issuer and the Indenture Trustee against and from any loss,
liability or expense arising under or related to this Indenture and the Notes
and (E) expressly agrees by means of such supplemental indenture that such
Person (or, if a group of Persons, one specified Person) shall make all
filings with the Commission (and any other appropriate Person) required by the
Exchange Act in connection with the Notes;

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

         (iii) the Rating Agency Condition shall have been satisfied with
respect to such transaction;

         (iv) the Issuer shall have received an Opinion of Counsel (and shall
have delivered copies thereof to the Indenture Trustee) to the effect that
such transaction will not have any material adverse federal tax consequence to
the Issuer, any Noteholder or any Certificateholder;

         (v) any action that is necessary to maintain the lien and security
interest created by this Indenture shall have been taken; and

         (vi) the Issuer shall have delivered to the Indenture Trustee an
Officer's Certificate and an Opinion of Counsel each stating that such
conveyance or transfer and such supplemental indenture comply with this
Article III and that all conditions precedent herein provided for relating to
such transaction have been complied with (including any filing required by the
Exchange Act) in all material respects.

     Section 3.11. Successor or Transferee.

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

                                      23
<PAGE>

         (b) Upon a conveyance or transfer of all the assets and properties of
the Issuer pursuant to Section 3.10(b), Regions Auto Receivables Trust 200_-_
will be released from every covenant and agreement of this Indenture to be
observed by or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Indenture Trustee
stating that Regions Auto Receivables Trust 200_-_ is to be so released.

     Section 3.12. No Other Business. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by this Indenture and the Basic
Documents and any activities incidental thereto. The Issuer shall not fund the
purchase of any receivables other than the Receivables.

     Section 3.13. No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes.

     Section 3.14. Master Servicer's Obligations. The Issuer shall cause the
Master Servicer to comply with Sections 4.09, 4.10, 4.11 and Article VII of
the Sale and Servicing Agreement.

     Section 3.15. Guarantees, Loans, Advances and Other Liabilities. Except
as contemplated by the Trust Agreement, the Sale and Servicing Agreement or
this Indenture, the Issuer shall not make any loan or advance or credit to, or
guarantee (directly or indirectly or by an instrument having the effect of
assuring another's payment or performance on any obligation or capability of
so doing or otherwise), endorse or otherwise become contingently liable,
directly or indirectly, in connection with the obligations, stocks or
dividends of, or own, purchase, repurchase or acquire (or agree contingently
to do so) any stock, obligations, assets or securities of, or any other
interest in, or make any capital contribution to, any Person.

     Section 3.16. Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

     Section 3.17. Removal of Administrator. So long as any Notes are
Outstanding, the Issuer shall not remove the Administrator unless the Rating
Agency Condition shall have been satisfied in connection with such removal and
the Indenture Trustee receives written notice of the foregoing and consents
thereto.

     Section 3.18. Restricted Payments. Except with respect to the proceeds
from issuance of the Notes, the Issuer shall not, directly or indirectly, (i)
pay any dividend or make any distribution (by reduction of capital or
otherwise), whether in cash, property, securities or a combination thereof, to
the Owner Trustee or any owner of a beneficial interest in the Issuer or
otherwise with respect to any ownership or equity interest or security in or
of the Issuer or to the Master Servicer, (ii) redeem, purchase, retire or
otherwise acquire for value any such ownership or equity interest or security
or (iii) set aside or otherwise segregate any amounts for any such purpose;
provided, however, that the Issuer may make, or cause to be made,
distributions as contemplated by, and to the extent funds are available for
such purpose under, the Sale and Servicing Agreement, this Indenture or the
Trust Agreement. The Issuer will not, directly or indirectly, make payments to
or distributions from the Note Interest Distribution Account, the Principal
Distribution Account, the Collection Account or the Reserve Account except in
accordance with this Indenture and the Basic Documents.

                                      24
<PAGE>

     Section 3.19. Notice of Events of Default. The Issuer shall give the
Indenture Trustee and the Rating Agencies prompt written notice of each Event
of Default hereunder, and of each default on the part of the Master Servicer
or the Seller of its obligations under the Sale and Servicing Agreement.

     Section 3.20. Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuer will 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 Indenture.

     Section 3.21. Perfection Representation.The Issuer further makes all the
representations, warranties and covenants set forth in Schedule B.

                                      25
<PAGE>

                                 ARTICLE IV.

                          SATISFACTION AND DISCHARGE

     Section 4.01. Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of
mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon, (iv) Sections
3.03, 3.04, 3.05, 3.08, 3.10, 3.11, 3.12, 3.13, 3.15, 3.16 and 3.18, (v) the
rights, obligations and immunities of the Indenture Trustee hereunder
(including the rights of the Indenture Trustee under Section 6.07 and the
obligations of the Indenture Trustee under Section 4.02) and (vi) the rights
of Noteholders as beneficiaries hereof with respect to the property so
deposited with the Indenture Trustee payable to all or any of them, and the
Indenture Trustee, on demand of and at the expense of the Issuer, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to the Notes, when

         (A) either:

               (1) all Notes theretofore authenticated and delivered (other
               than (i) Notes that have been destroyed, lost or stolen and
               that have been replaced or paid as provided in Section 2.06 and
               (ii) Notes for the payment of which money has theretofore been
               deposited in trust or segregated and held in trust by the
               Issuer and thereafter repaid to the Issuer or discharged from
               such trust, as provided in Section 3.03, have been delivered to
               the Indenture Trustee for cancellation; or

               (2) all Notes not theretofore delivered to the Indenture
               Trustee for cancellation

                    a. have become due and payable,

                    b. will become due and payable at the Class [B] Final
                    Scheduled Payment Date within one year or

                    c. are to be called for redemption within one year under
                    arrangements satisfactory to the Indenture Trustee for the
                    giving of notice of redemption by the Indenture Trustee in
                    the name, and at the expense, of the Issuer;

         and the Issuer, in the case of a, b, or c above, has irrevocably
         deposited or caused to be irrevocably deposited with the Indenture
         Trustee cash or direct obligations of or obligations guaranteed by
         the United States of America (that 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 indebtedness on such Notes
         not theretofore delivered to the Indenture Trustee for cancellation
         when due to the applicable Final Scheduled Payment Date or Redemption
         Date (if Notes shall have been called for redemption pursuant to
         Section 10.01), as the case may be;

                                      26
<PAGE>

                    (B) the Issuer has paid or caused to be paid all other
                    sums payable hereunder by the Issuer including, but not
                    limited to, fees and expenses due to the Indenture
                    Trustee; and

                    (C) the Issuer has delivered to the Indenture Trustee an
                    Officer's Certificate, an Opinion of Counsel and (if
                    required by the TIA or the Indenture Trustee) an
                    Independent Certificate from a firm of certified public
                    accountants, each meeting the applicable requirements of
                    Section 11.01(a) and, subject to Section 11.02, each
                    stating that all conditions precedent herein provided for
                    relating to the satisfaction and discharge of this
                    Indenture have been complied with.

     Section 4.02. Application of Trust Money. All moneys deposited with the
Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust and
applied by it in accordance with the provisions of the Notes and this
Indenture to the payment, either directly or through any Paying Agent, as the
Indenture Trustee may determine, to the Holders of the particular Notes for
the payment or redemption of which such moneys have been deposited with the
Indenture Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to
the extent required herein, in the Sale and Servicing Agreement or by law.

     Section 4.03. Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the
Notes, all moneys then held by any Paying Agent other than the Indenture
Trustee under the provisions of this Indenture with respect to such Notes
shall, upon written demand of the Issuer, be paid to the Indenture Trustee to
be held and applied according to Section 3.03; and thereupon, such Paying
Agent shall be released from all further liability with respect to such
moneys.

     Section 4.04. Release of Collateral. Subject to Section 11.01 and the
terms of the Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt by it of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and Independent
Certificates in accordance with TIA ss.ss. 314(c) and 314(d)(1) or an Opinion
of Counsel in lieu of such Independent Certificates to the effect that the TIA
does not require any such Independent Certificates.

                                      27
<PAGE>

                                  ARTICLE V.

                                   REMEDIES

     Section 5.01. Events of Default. "Event of Default", wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or
governmental body):

         (i) default in the payment of any interest on any Note of the
Controlling Class when the same becomes due and payable, and such default
shall continue for a period of five days;

         (ii) default in the payment of the principal of or any installment of
the principal of any Note when the same becomes due and payable;

         (iii) default in the observance or performance of any covenant or
agreement of the Issuer made in this Indenture (other than a covenant or
agreement, a default in the observance or performance of which is elsewhere in
this Section specifically dealt with), or any representation or warranty of
the Issuer made in this Indenture or in any certificate or other writing
delivered pursuant hereto or in connection herewith proving to have been
incorrect in any material respect as of the time when the same shall have been
made, and such default shall continue or not be cured, or the circumstance or
condition in respect of which such misrepresentation or warranty was incorrect
shall not have been eliminated or otherwise cured, for a period of [ ] days
after there shall have been given, by registered or certified mail, to the
Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by
the Holders of at least 25% of the Outstanding Amount of the Controlling
Class, a written notice specifying such default or incorrect representation or
warranty and requiring it to be remedied and stating that such notice is a
notice of Default hereunder;

         (iv) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial part
of the Trust Estate in an involuntary case under any applicable federal or
state bankruptcy, insolvency or other similar law now or hereafter in effect,
or the appointment of a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuer or for any substantial part of
the Trust Estate, or the ordering of the winding-up or liquidation of the
Issuer's affairs, and such decree or order shall remain unstayed and in effect
for a period of 60 consecutive days; or

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

                                      28
<PAGE>

The Issuer shall promptly deliver to the Indenture Trustee written notice in
the form of an Officer's Certificate of any event that with the giving of
notice and the lapse of time would become an Event of Default under clause
(iii), its status and what action the Issuer is taking or proposes to take
with respect thereto.

     Section 5.02. Acceleration of Maturity; Rescission and Annulment. (a) If
an Event of Default shall occur and be continuing, then and in every such case
the Indenture Trustee may or the Indenture Trustee as directed in writing by
the Holders of Notes representing not less than a majority of the Outstanding
Amount of the Controlling Class shall declare all the Notes to be then
immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the
Outstanding Amount of such Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and
payable pursuant to the last paragraph of Section 5.06 of the Sale and
Servicing Agreement.

         (b) [Reserved].

         (c) If an Event of Default under this Indenture shall have occurred
and be continuing at any time when the Indenture Trustee is the Controlling
Party, the Indenture Trustee in its discretion may, or if so requested in
writing by Holders of Notes representing at least a majority of the
Outstanding Amount of the Controlling Class, shall, declare by written notice
to the Issuer all of the Notes to be immediately due and payable, and upon any
such declaration, the Outstanding Amount of the Notes, together with accrued
interest thereon through the date of acceleration, shall become immediately
due and payable as provided in the Notes set forth in Exhibit A-1, Exhibit
A-2, Exhibit A-3, Exhibit A-4 and Exhibit B. Notwithstanding anything to the
contrary in this paragraph (c), if an Event of Default specified in clauses
(iv) or (v) of Section 5.01 shall have occurred and be continuing at any time
when the Indenture Trustee is the Controlling Party, the Notes shall become
immediately due and payable at par, together with accrued interest thereon.

         (d) At any time after such declaration of acceleration of maturity
has been made and before a judgment or decree for payment of the money due has
been obtained by the Indenture Trustee as hereinafter in this Article V
provided, the Holders of Notes representing a majority of the Outstanding
Amount of the Controlling Class, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences
if:

         (i) the Issuer has paid or deposited with the Indenture Trustee a sum
sufficient to pay:

               a. all payments of principal of and interest on all Notes and
               all other amounts that would then be due hereunder or upon such
               Notes if the Event of Default giving rise to such acceleration
               had not occurred; and

               b. all sums paid by the Indenture Trustee hereunder and the
               reasonable compensation, expenses and disbursements of the
               Indenture Trustee and its agents and counsel and the reasonable

                                      29
<PAGE>

               compensation, expenses and disbursements of the Owner Trustee
               and its agents and counsel; and

         (ii) all Events of Default, other than the nonpayment of the
principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12.

No such rescission shall affect any subsequent default or impair any right
consequent thereto.

     Section 5.03. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee; Authority of the Controlling Party.

         (a) The Issuer covenants that if (i) a default is made in the payment
of any interest on any Note when the same becomes due and payable, and such
default continues for a period of five Business Days or, (ii) default is made
in the payment of the principal of or any installment of the principal of any
Note when the same becomes due and payable, the Issuer will, upon demand of
the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes,
the entire amount then due and payable on such Notes in respect of principal
and interest, with interest on the overdue principal and, to the extent
payment at such rate of interest shall be legally enforceable, on overdue
installments of interest at the related Interest Rate and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses and
disbursements of the Indenture Trustee and its agents and counsel.

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

         (c) If an Event of Default occurs, the Indenture Trustee may, as more
particularly provided in Section 5.04, in its discretion or shall at the
directions of the Holders of at least a majority of the Outstanding Amount of
the Notes proceed to protect and enforce its rights and the rights of the
Noteholders, by such appropriate Proceedings as the Indenture Trustee or the
Indenture Trustee at the direction of the Holders of at least a majority of
the Outstanding Amount of the Notes shall reasonably deem most effective to
protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this 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 Indenture Trustee by this Indenture or by law.

         (d) In case there shall be pending, relative to the Issuer or any
other obligor on the Notes or any Person having or claiming an ownership
interest in the Trust Estate, Proceedings under Title 11 of the United States
Code or any other applicable federal or state bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, or liquidator, sequestrator or similar official shall have
been appointed for or taken possession of the Issuer or its property or such
other obligor or Person, or in case of any other comparable Proceedings
relative to the Issuer or other obligor on the Notes,

                                      30
<PAGE>

or to the creditors or property of the Issuer or such other obligor, the
Indenture Trustee, irrespective of whether the principal of any Notes shall
then be due and payable as therein expressed or by declaration or otherwise
and irrespective of whether the Indenture Trustee shall have made any demand
pursuant to the provisions of this Section, shall be entitled and empowered,
by intervention in such Proceedings or otherwise:

         (i) to file and prove a claim or claims for the entire amount of
principal and interest owing and unpaid in respect of the Notes and to file
such other papers or documents as may be necessary or advisable in order to
have the claims of the Indenture Trustee (including any claim for reasonable
compensation to the Indenture Trustee and each predecessor Indenture Trustee,
and their respective agents, attorneys and counsel, and for reimbursement of
reasonable out-of-pocket expenses and liabilities incurred, by the Indenture
Trustee and each predecessor Indenture Trustee, except as a result of
negligence or bad faith) and of the Noteholders allowed in such Proceedings;

         (ii) unless prohibited by applicable law or regulation, to vote on
behalf of the Holders of Notes in any election of a trustee, a standby trustee
or a Person performing similar functions in any such Proceedings;

         (iii) to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute all amounts received with
respect to the claims of the Noteholders and of the 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 Indenture
Trustee or the Holders of Notes allowed in any Proceedings relative to the
Issuer, its creditors or its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee and, in the event that the Indenture Trustee
shall consent to the making of payments directly to such Noteholders, to pay
to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture
Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred by the Indenture Trustee and each
predecessor Indenture Trustee except as a result of negligence or bad faith.

         (e) Nothing herein contained shall be deemed to authorize the
Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment
or composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any
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
Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any
Proceedings relative thereto, and any such Proceedings instituted by the
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

                                      31
<PAGE>

compensation of the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents and attorneys, shall be for the ratable benefit of the
Holders of the Notes.

         (g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee shall be a party), the Indenture Trustee shall be
held to represent all the Holders of the Notes, and it shall not be necessary
to make any Noteholder a party to any such Proceedings.

     Section 5.04. Remedies; Priorities.

         (a) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may do one or more of the following (subject to Section
5.05):

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

         (ii) institute Proceedings from time to time for the complete or
partial foreclosure of this Indenture with respect to the Trust Estate;

         (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 Indenture Trustee and the Holders of the Notes; and

         (iv) sell the 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;

[provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Trust Estate following an Event of Default, other than an Event
of Default described in Section 5.01(i) or (ii), unless, (A) the Holders of
100% of all outstanding Notes consent thereto, (B) the proceeds of such sale
or liquidation distributable to the Noteholders are sufficient to discharge in
full all amounts then due and unpaid on such Notes in respect of principal and
interest, or (C) with respect to any Event of Default set forth in Section
5.01(i) or (ii), the Indenture Trustee determines that the Trust Estate will
not continue to provide sufficient funds for the payment of principal of and
interest on the Notes as they would have become due if the Notes had not been
declared due and payable, and the Indenture Trustee obtains the consent of
Holders of at least two thirds of the Outstanding Amount of the Controlling
Class.]

         In determining such sufficiency or insufficiency with respect to
clause (B) and (C), the Indenture Trustee may, at the Issuer's expense and
paid in the priority set forth in Section 5.06(b) of the Sale and Servicing
Agreement, but need not, obtain and conclusively 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 Trust
Estate for such purpose.

                                      32
<PAGE>

         (b) If the 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 Indenture Trustee for amounts due under Section 6.07;

          SECOND: to the Class [A] Noteholders for amounts due and unpaid on
          the Notes in respect of interest (including any premium), ratably,
          without preference or priority of any kind, according to the amounts
          due and payable on the Class [A] Notes in respect of interest
          (including any premium);

          THIRD: to Holders of the Class [A-1] Notes for amounts due and
          unpaid on the Class [A-1] Notes in respect of principal, ratably,
          without preference or priority of any kind, according to the amounts
          due and payable on the Class [A-1] Notes in respect of principal,
          until the Outstanding Amount of the Class [A-1] Notes is reduced to
          zero;

          FOURTH: to Holders of the Class [A-2] Notes for amounts due and
          unpaid on the Class [A-2] Notes in respect of principal, ratably,
          without preference or priority of any kind, according to the amounts
          due and payable on the Class [A-2] Notes in respect of principal,
          until the Outstanding Amount of the Class [A-2] Notes is reduced to
          zero;

          FIFTH: to Holders of the Class [A-3] Notes for amounts due and
          unpaid on the Class [A-3] Notes in respect of principal, ratably,
          without preference or priority of any kind, according to the amounts
          due and payable on the Class [A-3] Notes in respect of principal,
          until the Outstanding Amount of the Class [A-3] Notes is reduced to
          zero;

          SIXTH: to Holders of the Class [A-4] Notes for amounts due and
          unpaid on the Class [A-4] Notes in respect of principal, ratably,
          without preference or priority of any kind, according to the amounts
          due and payable on the Class [A-4] Notes in respect of principal,
          until the Outstanding Amount of the Class [A-4] Notes is reduced to
          zero;

          SEVENTH: to the Class [B] Noteholders for amounts due and unpaid on
          the Notes in respect of interest (including any premium), ratably,
          without preference or priority of any kind, according to the amounts
          due and payable on the Class [B] Notes in respect of interest
          (including any premium);

          EIGHTH: to Holders of the Class [B] Notes for amounts due and unpaid
          on the Class [B] Notes in respect of principal, ratably, without
          preference or priority of any kind, according to the amounts due and
          payable on the Class [B] Notes in respect of principal, until the
          Outstanding Amount of the Class [B] Notes is reduced to zero; and

          NINTH: as further provided pursuant to Sections 5.06(b) through
          5.06(e) of the Sale and Servicing Agreement.

                                      33
<PAGE>

The Indenture Trustee may fix a record date and payment date for any payment
to Noteholders pursuant to this Section. At least [15] days before such record
date, the Issuer shall mail to each Noteholder and the Indenture Trustee a
notice that states the record date, the payment date and the amount to be
paid.

     Section 5.05. Optional Preservation of the Receivables. If the Indenture
Trustee is the Controlling Party and the Notes have been declared to be due
and payable under Section 5.02 following an Event of Default, and such
declaration and its consequences have not been rescinded and annulled, the
Indenture Trustee may, but need not, elect to maintain possession of the Trust
Estate. It is the desire of the parties hereto and the Noteholders that there
be at all times sufficient funds for the payment of principal of and interest
on the Notes, and the Indenture Trustee shall take such desire into account
when determining whether or not to maintain possession of the Trust Estate. In
determining whether or not to maintain possession of the Trust Estate, the
Indenture Trustee may, at the expense of the Issuer and paid in the priority
set forth in Section 5.06(b) of the Sale and Servicing Agreement, but need
not, obtain and conclusively 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 Trust Estate for such
purpose.

     Section 5.06. Limitation of Suits. No Holder of any Note shall have any
right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

         (i) such Holder has previously given written notice to the Indenture
Trustee of a continuing Event of Default;

         (ii) the Holders of not less than 25% of the Outstanding Amount of
the Controlling Class have made written request to the Indenture Trustee to
institute such Proceeding in respect of such Event of Default in its own name
as Indenture Trustee hereunder;

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

         (iv) the Indenture Trustee for 60 days after its receipt of such
notice, request and offer of indemnity has failed to institute such
Proceedings; and

         (v) no direction inconsistent with such written request has been
given to the Indenture Trustee during such 60-day period by the Holders of a
majority of the Outstanding Amount of the Controlling Class.

It is understood and intended that no one or more Holders of Notes shall have
any right in any manner whatsoever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Holders of Notes or to obtain or to seek to obtain priority or
preference over any other Holders or to enforce any right under this
Indenture, except in the manner herein provided.

                                      34
<PAGE>

         In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of
Notes pursuant to this Section, each representing less than a majority of the
Outstanding Amount of the Controlling Class, the Indenture Trustee shall act
at the direction of the group representing the greater percentage of the
Outstanding Amount of Notes and if there is no such group then in its sole
discretion may determine what action, if any, shall be taken, notwithstanding
any other provisions of this Indenture.

     Section 5.07. Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the
Holder of any Note shall have the right, which is absolute and unconditional,
to receive payment of the principal of and interest, if any, on such Note on
or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, 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 5.08. Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right
or remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such Proceeding had
been instituted.

     Section 5.09. Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the 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
Indenture Trustee, or any Holder of any 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 Indenture Trustee or to the Noteholders may be exercised from time to
time, and as often as may be deemed expedient, by the Indenture Trustee or the
Noteholders, as the case may be.

     Section 5.11. Control by Controlling Class. If the Indenture Trustee is
the Controlling Party, the Holders of a majority of the Outstanding Amount of
the Controlling Class shall have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred
on the Indenture Trustee; provided that:

                                      35
<PAGE>

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

         (ii) subject to the express terms of Section 5.04, any direction to
the Indenture Trustee to sell or liquidate the Trust Estate shall be by
Holders of Notes representing not less than 100% of the Outstanding Amount of
the Controlling Class;

         (iii) if the conditions set forth in Section 5.05 have been satisfied
and the Indenture Trustee elects to retain the Trust Estate pursuant to such
Section, then any written direction to the Indenture Trustee by Holders of
Notes representing less than 100% of the Outstanding Amount of the Controlling
Class to sell or liquidate the Trust Estate shall be of no force and effect;
and

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

Notwithstanding the rights of Noteholders set forth in this Section, subject
to Section 6.01, the Indenture Trustee need not take any action that it
determines might involve it in liability or might materially adversely affect
the rights of any Noteholders not consenting to such action.

     Section 5.12. Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02, the
Holders of Notes of not less than a majority of the Outstanding Amount of the
Controlling Class may, waive any past Default or Event of Default and its
consequences except a Default (a) in payment of principal of or interest on
any of the Notes or (b) in respect of a covenant or provision hereof that
cannot be modified or amended without the consent of the Holder of each Note.
In the case of any such waiver, the Issuer, the Indenture Trustee and the
Holders of the Notes shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereto.

         Upon any such waiver, such Default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured and not to have occurred, for
every purpose of this 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 Indenture agree,
and each Holder of a Note by such Holder's acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit
against the Indenture Trustee for any action taken, suffered or omitted by it
as Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, 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 shall not apply to (a) any suit instituted by the
Indenture Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes (or, in the case of a right or remedy under
this Indenture which is instituted by the Controlling Class, more than 10% of
the

                                      36
<PAGE>

Controlling Class) or (c) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after
the respective due dates expressed in such Note and in this Indenture (or, in
the case of redemption, on or after the Redemption Date).

     Section 5.14. Waiver of Stay or Extension Laws. The Issuer covenants (to
the extent that it may lawfully do so) that it will 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
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that
it will not hinder, delay or impede the execution of any power herein granted
to the Indenture Trustee, but will suffer and permit the execution of every
such power as though no such law had been enacted.

     Section 5.15. Action on Notes. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with
respect to this Indenture. Neither the lien of this Indenture nor any rights
or remedies of the Indenture Trustee or the Noteholders shall be impaired by
the recovery of any judgment by the Indenture Trustee against the Issuer or by
the levy of any execution under such judgment upon any portion of the Trust
Estate or upon any of the assets of the Issuer. Any money or property
collected by the Indenture Trustee shall be applied in accordance with Section
5.04(b).

     Section 5.16. Performance and Enforcement of Certain Obligations.

         (a) Promptly following a request from the Indenture Trustee to do so
and at the Administrator's expense, the Issuer shall take all such lawful
action as the Indenture Trustee may request to compel or secure the
performance and observance by the Seller or the Master Servicer, as
applicable, of each of their obligations to the Issuer under or in connection
with the Sale and Servicing Agreement [or the Receivables Purchase Agreement,
as applicable,] and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuer under or in connection with the
Sale and Servicing Agreement [or the Receivables Purchase Agreement] to the
extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Seller or the Master
Servicer thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by the Seller or the Master
Servicer of each of their obligations under the Sale and Servicing Agreement
[or the Receivables Purchase Agreement]; provided, however, nothing herein
shall in any way impose on the Indenture Trustee the duty to monitor the
performance of the Seller or the Master Servicer of any of their liabilities,
duties or obligations under any Basic Document.

         (b) If an Event of Default has occurred, the Indenture Trustee may,
and at the direction (which direction shall be in writing) of the Holders of
not less than a majority of the Outstanding Amount of the Controlling Class
shall, exercise all rights, remedies, powers, privileges and claims of the
Issuer against the Seller or the Master Servicer under or in connection with
the Sale and Servicing Agreement [and the Receivables Purchase Agreement]
including the right or power to take any action to compel or secure
performance or observance by the Seller or the Master Servicer, as the case
may be, of each of their obligations to the Issuer thereunder and to give any
consent, request, notice, direction, approval, extension or waiver

                                      37
<PAGE>

under the Sale and Servicing Agreement [and the Receivables Purchase
Agreement, as the case may be,] and any right of the Issuer to take such
action shall be suspended.

                                      38
<PAGE>

                                 ARTICLE VI.

                             THE INDENTURE TRUSTEE

     Section 6.01. Duties of Indenture Trustee.

         (a) If an Event of Default has occurred and is continuing of which a
Responsible Officer of the Indenture Trustee has actual knowledge, the
Indenture Trustee shall exercise the rights and powers vested in it by this
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 Indenture Trustee undertakes to perform such duties and only
such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the
Indenture Trustee; and

         (ii) in the absence of bad faith or negligence on its part, the
Indenture Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon the face value of the
certificates, reports, resolutions, documents, orders, opinions or other
instruments furnished to the Indenture Trustee and conforming to the
requirements of this Indenture; provided, however, that the Indenture Trustee
shall not be responsible for the accuracy or content of any such resolution,
certificate, statement, opinion, report, document, order or other instrument;
however, the Indenture Trustee shall examine the certificates and opinions to
determine whether or not they conform to the requirements of this Indenture.
If any such instrument is found not to conform in any material respect to the
requirements of this Agreement, the Indenture Trustee shall notify the
Noteholders of such instrument in the event that the Indenture Trustee, after
so requesting, does not receive a satisfactorily corrected instrument.

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

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

         (ii) the 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 Indenture Trustee was negligent in ascertaining the pertinent facts; and

         (iii) the 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 the terms of this Indenture or any other Basic
Document.

         (d) Every provision of this Indenture that in any way relates to the
Indenture Trustee is subject to paragraphs (a), (b), (c) and (g) of this
Section.

                                      39
<PAGE>

         (e) The Indenture Trustee shall not be liable for indebtedness
evidenced by or arising under any of the Basic Documents, including principal
of or interest on the Notes, or interest on any money received by it except as
the Indenture Trustee may agree in writing with the Issuer.

         (f) Money held in trust by the Indenture Trustee need not be
segregated from other funds except to the extent required by law or the terms
of this Indenture or the Sale and Servicing Agreement.

         (g) No provision of this Indenture shall require the Indenture
Trustee to advance, 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 repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it.

         (h) Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section and to the provisions of
the TIA.

         (i) In no event shall the Indenture Trustee be required to perform,
or be responsible for the manner of performance of, any of the obligations of
the Master Servicer or any other party under the Sale and Servicing Agreement.

         (j) The Indenture Trustee shall have no duty (A) to see to any
recording, filing, or depositing of this Indenture or any agreement referred
to herein or any financing statement or continuation statement evidencing a
security interest, or to see to the maintenance of any such recording or
filing or depositing or to any rerecording, refiling or redepositing of any
thereof, (B) to see to any insurance, or (C) to see to the payment or
discharge of any tax, assessment, or other governmental charge or any lien or
encumbrance of any kind owing with respect to, assessed or levied against, any
part of the Trust Fund.

         For purposes of this Section 6.01 and Section 8.03(c), the Indenture
Trustee, or a Responsible Officer thereof, shall be charged with actual
knowledge of any default or an Event of Default if a Responsible Officer
actually knows of such default or Event of Default or the Indenture Trustee
receives written notice of such default or Event of Default from the Issuer,
the Master Servicer or Noteholders owning Notes aggregating not less than 10%
of the Outstanding Amount of the Notes. Notwithstanding the foregoing, the
Indenture Trustee shall not be required to take notice and in the absence of
such actual notice and knowledge, the Indenture Trustee may conclusively
assume that there is no such default or Event of Default.

     Section 6.02. Rights of Indenture Trustee.

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

         (b) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel from the appropriate
party. The Indenture Trustee

                                      40
<PAGE>

shall not be liable for any action it takes or omits to take in good faith in
reliance on an Officer's Certificate or Opinion of Counsel from the
appropriate party. The right of the Indenture Trustee to perform any
discretionary act enumerated in this Indenture or in any Basic Document shall
not be construed as a duty of the Indenture Trustee and the Indenture Trustee
shall not be answerable for other than its negligence or willful misconduct in
the performance of such discretionary act.

         (c) The 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 Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of any such
agent, attorney or custodian appointed by the Indenture Trustee with due care.

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

         (e) The Indenture Trustee may consult, at the Issuer's expense and
paid in the priority set forth in Section 5.06(b) of the Sale and Servicing
Agreement, with counsel, and the written advice or opinion of counsel with
respect to legal matters relating to this Indenture and the Notes shall be
full and complete authorization and protection from liability in respect to
any action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel.

         (f) In the event that the Indenture Trustee is also acting as Paying
Agent, Note Registrar or collateral agent, the rights and protections afforded
to the Indenture Trustee pursuant to this Article 6 shall be afforded to such
Paying Agent, Note Registrar or collateral agent.

         (g) The Indenture Trustee shall be under no obligation to exercise
any of the trusts or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto at the
request, order or direction of any of the Noteholders, pursuant to the
provisions of this Indenture, unless such Noteholders shall have offered to
the Indenture Trustee reasonable security or indemnity against the costs,
expenses and liabilities which may be incurred therein or thereby.

         (h) The right of the Indenture Trustee to perform any discretionary
act enumerated in this Indenture shall not be construed as a duty, and the
Indenture Trustee shall not be answerable for other than its negligence or
willful misconduct in the performance of such act.

         (i) The Indenture Trustee shall not be required to give any bond or
surety in respect of the powers granted hereunder.

     Section 6.03. Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with
the same rights it would have if it were not Indenture Trustee. Any Paying
Agent, Note Registrar, co-registrar or co-paying agent may do the same with
like rights. However, the Indenture Trustee must comply with Sections 6.11 and
6.12.

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<PAGE>

     Section 6.04. Indenture Trustee's Disclaimer. The Indenture Trustee shall
not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Trust Estate or the Notes, it shall not be
accountable for the Issuer's use of the proceeds from the Notes, and it shall
not be responsible for any statement of the Issuer in the Indenture, any Basic
Document or in any document issued in connection with the sale of the Notes or
in the Notes other than the Indenture Trustee's certificate of authentication.

     Section 6.05. Notice of Defaults. If a Default occurs and is continuing
and if it is actually known to a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder notice of the Default
within 30 days after it occurs. Except in the case of a Default in payment of
principal of or interest on any Note (including payments pursuant to the
mandatory redemption provisions of such Note), the Indenture Trustee may
withhold the notice to Noteholders if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is
in the interests of Noteholders.

     Section 6.06. Reports by Indenture Trustee to Holders. The Indenture
Trustee shall deliver to each Noteholder such information as may be required
to enable such holder to prepare its federal and state income tax returns.

     Section 6.07. Compensation and Indemnity. The Issuer shall cause the
Administrator to pay to the Indenture Trustee from time to time reasonable
compensation for its services. The Indenture Trustee's compensation shall not
be limited by any law on compensation of a trustee of an express trust. The
Issuer shall cause the Administrator to reimburse the 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 out-of-pocket compensation and expenses,
disbursements and advances of the Indenture Trustee's agents, counsel,
accountants and experts. The Issuer shall cause the Administrator to indemnify
the Indenture Trustee against any and all loss, liability or expense
(including attorneys' fees and expenses) incurred by it in connection with the
administration of this trust and the performance of its duties hereunder or
under the Sale and Servicing Agreement or under any other Basic Document. The
Indenture Trustee shall notify the Issuer and the Administrator promptly of
any claim for which it may seek indemnity. Failure by the Indenture Trustee to
so notify the Issuer and the Administrator shall not relieve the Issuer or the
Administrator of its obligations hereunder if no prejudice to the Issuer or
the Administrator shall have resulted from such failure. The Issuer shall, or
shall cause the Administrator to, defend any such claim, and the Indenture
Trustee may have separate counsel and the Issuer shall, or shall cause the
Administrator to, pay the fees and expenses of such counsel. Neither the
Issuer nor the Administrator need reimburse any expense or indemnify against
any loss, liability or expense incurred by the Indenture Trustee through the
Indenture Trustee's own willful misconduct, negligence or bad faith.

         The Issuer's payment obligations to the Indenture Trustee and the
Administrator's indemnities to the Indenture Trustee pursuant to this Section
shall survive the discharge of this Indenture or the earlier resignation or
removal of the Indenture Trustee. When the Indenture Trustee incurs expenses
after the occurrence of a Default specified in Section 5.01(iv) or (v) with
respect to the Issuer, 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.

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<PAGE>

     Section 6.08. Replacement of Indenture Trustee. No resignation or removal
of the Indenture Trustee and no appointment of a successor Indenture Trustee
shall become effective until the acceptance of appointment by the successor
Indenture Trustee pursuant to this Section 6.08. The Indenture Trustee may
resign at any time by so notifying the Issuer and each Rating Agency. The
Holders of a majority in Outstanding Amount of the Controlling Class may
remove the Indenture Trustee by so notifying the Indenture Trustee and may
appoint a successor Indenture Trustee. The Issuer shall remove the Indenture
Trustee if:

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

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

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

         (iv) the Indenture Trustee otherwise becomes incapable of acting; or

         (v) the Indenture Trustee breaches any representation, warranty or
covenant made by it under any Basic Document.

If the Indenture Trustee resigns or is removed or if a vacancy exists in the
office of Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Issuer
shall promptly appoint a successor Indenture Trustee.

         A successor Indenture Trustee shall deliver a written acceptance of
its appointment to the retiring Indenture Trustee and to the Issuer. Thereupon
the resignation or removal of the retiring Indenture Trustee shall become
effective, and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The retiring
Indenture Trustee shall be paid all amounts owed to it upon its resignation or
removal. The successor Indenture Trustee shall mail a notice of its succession
to Noteholders. The retiring Indenture Trustee shall promptly transfer all
property held by it as Indenture Trustee to the successor Indenture Trustee.
The retiring Indenture Trustee shall not be liable for the acts or omissions
of any Successor Indenture Trustee.

         If a successor Indenture Trustee does not take office within 60 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of a majority in Outstanding
Amount of the Controlling Class may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.

         If the Indenture Trustee fails to comply with Section 6.11, any
Noteholder may petition any court of competent jurisdiction for the removal of
the Indenture Trustee and the appointment of a successor Indenture Trustee.

         Notwithstanding the replacement of the Indenture Trustee pursuant to
this Section, the Issuer's and the Administrator's obligations under Section
6.07 shall continue for the benefit of the retiring Indenture Trustee.

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<PAGE>

     Section 6.09. Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee;
provided, that such corporation or banking association shall be qualified and
eligible under Section 6.11. The Indenture Trustee shall provide the Rating
Agencies notice of any such transaction.

         In case at the time such successor or successors by merger,
conversion or consolidation to the Indenture Trustee shall succeed to the
trusts created by this Indenture any of the Notes shall have been
authenticated but not delivered, any such successor to the Indenture Trustee
may adopt the certificate of authentication of any predecessor trustee and
deliver such Notes so authenticated; and in case at that time any of the Notes
shall not have been authenticated, any successor to the Indenture Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee; and in all such cases such
certificates shall have the full force that it is anywhere in the Notes or in
this Indenture provided that the certificate of the Indenture Trustee shall
have.

     Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture
Trustee.

         (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Estate may at the time be located, the 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, or separate
trustee or separate trustees, of all or any part of the Trust, and to vest in
such Person or Persons, in such capacity and for the benefit of the
Noteholders, such title to the Trust Estate, or any part thereof, and, subject
to the other provisions of this Section, such powers, duties, obligations,
rights and trusts as the Indenture Trustee may consider necessary or
desirable. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 6.11 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.08 hereof.

         (b) Every separate trustee and co-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 Indenture Trustee shall be conferred or imposed upon and exercised or
performed by the Indenture Trustee and such separate trustee or co-trustee
jointly (it being understood that such separate trustee or co-trustee is not
authorized to act separately without the 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 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
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 Indenture Trustee;

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

                                      44
<PAGE>

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

         (c) Any notice, request or other writing given to the Indenture
Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article VI. Each separate trustee and
co-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 Indenture Trustee or separately, as may be provided therein,
subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the
liability of, or affording protection to, the Indenture Trustee. Every such
instrument shall be filed with the Indenture Trustee.

         (d) Any separate trustee or co-trustee may at any time constitute the
Indenture Trustee, 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 Agreement on its behalf and in its name. If any separate
trustee or co-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 Indenture Trustee, to the extent permitted by
law, without the appointment of a new or successor trustee.

     Section 6.11. Eligibility; Disqualification. (a) The Indenture Trustee
shall at all times satisfy the requirements of TIA ss. 310(a). The Indenture
Trustee shall 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 the
time deposits of the Indenture Trustee shall be rated at least [RATING] by
[RATING AGENCY] and [RATING] by [RATING AGENCY]. The Indenture Trustee shall
comply with TIA ss. 310(b), including the optional provision permitted by the
second sentence of TIA ss. 310(b)(9); provided, however, that there shall be
excluded from the operation of TIA ss. 310(b)(1) any indenture or indentures
under which other securities of the Issuer are outstanding if the requirements
for such exclusion set forth in TIA ss. 310(b)(1) are met.

         (b) Within ninety (90) days after ascertaining the occurrence of an
Event of Default which shall not have been cured or waived, unless authorized
by the Commission, the Indenture Trustee shall resign with respect to the
Class [A] Notes and/or the Class [B] Notes in accordance with Section 6.08 of
this Indenture, and the Issuer shall appoint a successor Indenture Trustee for
one or both of such Classes, as applicable, so that there will be separate
Indenture Trustees for the Class [A] Notes and the Class [B] Notes. In the
event the Indenture Trustee fails to comply with the terms of the preceding
sentence, the Indenture Trustee shall comply with clauses (ii) and (iii) of
TIA Section 310(b).

         (c) In the case of the appointment hereunder of a successor Indenture
Trustee with respect to any Class of Notes pursuant to this Section 6.11, the
Issuer, the retiring Indenture Trustee and the successor Indenture Trustee
with respect to such Class of Notes shall execute and deliver an indenture
supplemental hereto wherein each successor Indenture Trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary
or desirable to transfer and confirm to, and to vest in, the successor
Indenture Trustee all the rights,

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<PAGE>

powers, trusts and duties of the retiring Indenture Trustee with respect to
the Notes of the Class to which the appointment of such successor Indenture
Trustee relates, (ii) if the retiring Indenture Trustee is not retiring with
respect to all Classes of Notes, shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights, powers, trusts
and duties of the retiring Indenture Trustee with respect to the Notes of each
Class as to which the retiring Indenture Trustee is not retiring shall
continue to be vested in the Indenture Trustee and (iii) shall add to or
change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more
than one Indenture Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Indenture Trustees co-trustees of
the same trust and that each such Indenture Trustee shall be a trustee of a
trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Indenture Trustee; and upon the
removal of the retiring Indenture Trustee shall become effective to the extent
provided herein.

     Section 6.12. [Reserved].

     Section 6.13. Preferential Collection of Claims Against Issuer. The
Indenture Trustee shall comply with TIA ss. 311(a), excluding any creditor
relationship listed in TIA ss. 311(b). An Indenture Trustee who has resigned
or been removed shall be subject to TIA ss. 311(a) to the extent indicated.

     Section 6.14. Waiver of Setoffs. The Indenture Trustee hereby expressly
waives any and all rights of setoff that the Indenture Trustee may otherwise
at any time have under applicable law with respect to any Trust Account and
agrees that amounts in the Trust Accounts shall at all times be held and
applied solely in accordance with the provisions hereof and of the other Basic
Documents.

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<PAGE>

                                 ARTICLE VII.

                        NOTEHOLDERS' LISTS AND REPORTS

     Section 7.01. Issuer To Furnish Indenture Trustee Names and Addresses of
Noteholders. The Issuer will furnish or cause to be furnished to the Indenture
Trustee (a) not more than five days after the earlier of (i) each Record Date
and (ii) three months after the last Record Date, a list, in such form as the
Indenture Trustee may reasonably require, of the names and addresses of the
Holders of Notes as of such Record Date, and (b) at such other times as the
Indenture Trustee may request in writing, within 30 days after receipt by the
Issuer 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 Indenture Trustee is the Note Registrar, no such
list shall be required to be furnished.

     Section 7.02. Preservation of Information; Communications to Noteholders.

         (a) The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as
provided in Section 7.01 and the names and addresses of Holders of Notes
received by the Indenture Trustee in its capacity as Note Registrar. The
Indenture Trustee may destroy any list furnished to it as provided in such
Section 7.01 upon receipt of a new list so furnished. The Indenture Trustee
shall make such list available to the Owner Trustee on written request, and to
the Noteholders upon written request of three or more Noteholders or one or
more Noteholders evidencing not less than 25% of the Outstanding Amount of the
Notes. Upon receipt by the Indenture Trustee of any request by a Noteholder to
receive a copy of the current list of Noteholders, the Indenture Trustee shall
promptly notify the Administrator thereof by providing to the Administrator a
copy of such request and a copy of the list of Noteholders in response
thereto.

         (b) Noteholders may communicate pursuant to TIA ss. 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes.

         (c) The Issuer, the Indenture Trustee and the Note Registrar shall
have the protection of TIA ss. 312(c).

     Section 7.03. Reports by Issuer.

         (a) The Issuer shall:

         (i) file with the Indenture Trustee, within 15 days after the Issuer
is required (if at all) 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 the Issuer may be required to
file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

         (ii) file with the Indenture Trustee and the Commission in accordance
with rules and regulations prescribed from time to time by the Commission such
additional information, documents and reports with respect to compliance by
the Issuer with the conditions

                                      47
<PAGE>

and covenants of this Indenture as may be required from time to time by such
rules and regulations; and

         (iii) supply to the Indenture Trustee (and the Indenture Trustee
shall transmit by mail to all Noteholders described in TIA ss. 313(c)) such
summaries of any information, documents and reports required to be filed by
the Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) and by
rules and regulations prescribed from time to time by the Commission.

         (b) Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall end on December 31 of each year.

     Section 7.04. Reports by Indenture Trustee. If required by TIA ss.
313(a), within 60 days after each [MONTH AND DAY] beginning with [DAY], the
Indenture Trustee shall mail to each Noteholder as required by TIA ss. 313(c)
a brief report dated as of such date that complies with TIA ss. 313(a). The
Indenture Trustee also shall comply with TIA ss. 313(b).

         A copy of each report at the time of its mailing to Noteholders shall
be filed by the Indenture Trustee with the Commission and each stock exchange,
if any, on which the Notes are listed. The Issuer shall notify the Indenture
Trustee if and when the Notes are listed on any stock exchange.

                                      48
<PAGE>

                                ARTICLE VIII.

                     ACCOUNTS, DISBURSEMENTS AND RELEASES

     Section 8.01. Collection of Money. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture. The Indenture
Trustee shall apply all such money received by it as provided in this
Indenture. Except as otherwise expressly provided in this Indenture, if any
default occurs in the making of any payment or performance under any agreement
or instrument that is part of the Trust Estate, the 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 a Default or Event of
Default under this Indenture and any right to proceed thereafter as provided
in Article V.

     Section 8.02. Trust Accounts.

         (a) On or prior to the Closing Date, the Issuer shall cause the
Master Servicer to establish and maintain, in the name of the Indenture
Trustee, for the benefit of the Noteholders and, in the case of the Collection
Account and the Reserve Account, the Certificateholders, the Trust Accounts as
provided in Section 5.01 of the Sale and Servicing Agreement.

         (b) On the day required by Section 5.02 of the Sale and Servicing
Agreement, the Total Distribution Amount (net of the Servicing Fee for such
Payment Date and any previously unpaid Servicing Fees and any other
distributable amounts that are to be allocated for distribution or release to
the Seller) with respect to the preceding Collection Period will be deposited
in the Collection Account as provided in Section 5.02 of the Sale and
Servicing Agreement. On or before each Payment Date, all amounts required to
be deposited in the Note Interest Distribution Account and the Principal
Distribution Account with respect to the related Collection Period pursuant to
Section 5.06 of the Sale and Servicing Agreement will be transferred from the
Collection Account to the Note Interest Distribution Account or the Principal
Distribution Account, as applicable.

         (c) On each Payment Date and Redemption Date, the Indenture Trustee
shall distribute all amounts on deposit in the Note Interest Distribution
Account and the Principal Distribution Account to the Noteholders in respect
of the Notes to the extent of amounts due and unpaid on the Notes for
principal and interest, respectively (including any premium) in the following
amounts and in the following order of priority (except as otherwise provided
in Section 5.04(b)):

         (i) from the Note Interest Distribution Account, accrued and unpaid
interest on the Class [A] Notes; provided, that if there are not sufficient
funds allocated in the Collection Account for distribution to the Class [A]
Noteholders to pay the entire amount of accrued and unpaid interest then due
on the Class [A] Notes, the amount on deposit in the Note Interest
Distribution Account shall be applied to the payment of such interest on the
Class [A] Notes pro rata on the basis of the total such interest due on the
Class [A] Notes; and

                                      49
<PAGE>

         (ii) from the Principal Distribution Account, the First Allocation of
Principal, if any, in the following order of priority:

               (1) to the Holders of the Class [A-1] Notes on account of
               principal until the Outstanding Amount of the Class [A-1] Notes
               is reduced to zero;

               (2) to the Holders of the Class [A-2] Notes on account of
               principal until the Outstanding Amount of the Class [A-2] Notes
               is reduced to zero;

               (3) to the Holders of the Class [A-3] Notes on account of
               principal until the Outstanding Amount of the Class [A-3] Notes
               is reduced to zero; and

               (4) to the Holders of the Class [A-4] Notes on account of
               principal until the Outstanding Amount of the Class [A-4] Notes
               is reduced to zero;

         (iii) from the Note Interest Distribution Account, accrued and unpaid
interest on the Class [B] Notes; provided, that if there are not sufficient
funds allocated in the Collection Account for distribution to the Class [B]
Noteholders to pay the entire amount of accrued and unpaid interest then due
on the Class [B] Notes, the amount on deposit in the Note Interest
Distribution Account shall be applied to the payment of such interest on the
Class [B] Notes pro rata on the basis of the total such interest due on the
Class [B] Notes; and

         (iv) from the Principal Distribution Account, the Second Allocation
of Principal, if any, to the Holders of the Class [B] Notes on account of
principal until the Outstanding Amount of the Class [B] Notes is reduced to
zero.

         After making the distributions from the Collection Account to the
Note Interest Distribution Account and the Principal Distribution Account and
subject to Section 8.04, the Indenture Trustee shall make the distributions
from the Collection Account and the Principal Distribution Account, as
applicable, if any, to the Certificateholders, the Indenture Trustee, the
Owner Trustee and Regions Bank called for pursuant to Sections 5.06(b)(iv),
(v), (ix) and (x) of the Sale and Servicing Agreement; provided that if the
Owner Trustee has removed the Indenture Trustee as the paying agent for the
Issuer, the Indenture Trustee shall distribute such amounts to the paying
agent for the Issuer as instructed by the Owner Trustee.

         Notwithstanding any other provision of this Article VIII, and subject
to Section 5.04(b), (A) following the occurrence and during the continuation
of an Event of Default specified in Section 5.01(i), 5.01(ii), 5.01(iv) or
5.01(v) which has resulted in an acceleration of the Notes (or following the
occurrence of any such event after an Event of Default specified in Section
5.01(iii) has occurred and the Notes have been accelerated), the Master
Servicer shall instruct the Indenture Trustee to transfer the funds on deposit
in the Collection Account remaining after the application of clause (i) above
to the Principal Distribution Account to the extent necessary to reduce the
principal amount of all the Class [A] Notes to zero, (B) following the
occurrence and during the continuation of an Event of Default specified in
Section 5.01(iii), which has resulted in an acceleration of the Notes, the
Master Servicer shall instruct the Indenture Trustee to transfer the funds on
deposit in the Collection Account remaining after the application of clauses
(i), (ii) and (iii) above to the Principal Distribution Account to the extent
necessary to reduce the

                                      50
<PAGE>

principal amount of all the Notes to zero, and (C) in the case of an event
described in clause (A) or (B), the Certificateholders will not receive any
distributions of principal or interest until the principal amount and accrued
interest on all the Notes has been paid in full.

     Section 8.03. General Provisions Regarding Accounts. The Indenture
Trustee shall not in any way be held liable by reason of any insufficiency in
any of the Trust Accounts resulting from any loss on any Eligible Investment
included therein except for losses attributable to the Indenture Trustee's
failure to make payments on such Eligible Investments issued by the Indenture
Trustee, in its commercial capacity as principal obligor and not as trustee,
in accordance with their terms.

     Section 8.04. Release of Trust Estate.

         (a) Subject to the payment of its fees and expenses pursuant to
Section 6.07, the Indenture Trustee may, and when required by the provisions
of this Indenture shall, execute instruments to release property from the lien
of this Indenture, or convey the Indenture Trustee's interest in the same, in
a manner and under circumstances that are not inconsistent with the provisions
of this Indenture. No party relying upon an instrument executed by the
Indenture Trustee as provided in this Article VIII shall be bound to ascertain
the Indenture Trustee's authority, inquire into the satisfaction of any
conditions precedent or see to the application of any moneys.

         (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07
have been paid in full, release any remaining portion of the Trust Estate that
secured the Notes from the lien of this Indenture and release to the Issuer or
any other Person entitled thereto any funds then on deposit in the Trust
Accounts. The Indenture Trustee shall release property from the lien of this
Indenture pursuant to this Section 8.04(b) only upon receipt by it of an
Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel
and (if required by the TIA) Independent Certificates in accordance with TIA
ss.ss. 314(c) and 314(d)(1) meeting the applicable requirements of Section
11.01.

         (c) The Issuer agrees, upon request by the Master Servicer and
representation by the Master Servicer that it has complied with the procedure
in Section 9.01 of the Sale and Servicing Agreement, to render the Issuer
Request to the Indenture Trustee in accordance with Section 4.04, and take
such other actions as are required in that Section.

     Section 8.05. Opinion of Counsel. The Indenture Trustee shall receive at
least seven days prior written notice when requested by the Issuer to take any
action pursuant to Section 8.04(b), accompanied by copies of any instruments
involved, and the Indenture Trustee shall also require, as a condition to such
action, an Opinion of Counsel, in form and substance satisfactory to the
Indenture Trustee, stating the legal effect of any such action, outlining the
steps required to complete the same, and concluding that all conditions
precedent to the taking of such action have been complied with and such action
will not materially and adversely impair the security for the Notes or the
rights of the Noteholders in contravention of the provisions of this
Indenture; provided, however, that such Opinion of Counsel shall not be
required to express an opinion as to the fair value of the Trust Estate.
Counsel rendering any such opinion may rely,

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<PAGE>

without independent investigation, on the accuracy and validity of any
certificate or other instrument delivered to the Indenture Trustee in
connection with any such action.

                                      52
<PAGE>

                                 ARTICLE IX.

                            SUPPLEMENTAL INDENTURES

     Section 9.01. Supplemental Indentures Without Consent of Noteholders.

         (a) Without the consent of the Holders of any Notes but with prior
written notice to the Rating Agencies (with copy to the Indenture Trustee),
the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at
any time and from time to time, may enter into one or more supplemental
indentures hereto (which shall conform to the provisions of the Trust
Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the 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 Indenture, or better to assure, convey and confirm
unto the Indenture Trustee any property subject or required to be subjected to
the lien of this Indenture, or to subject to the lien of this Indenture
additional property;

         (ii) to evidence the succession, in compliance with the applicable
provisions hereof, of another person to the Issuer, and the assumption by any
such successor of the covenants of the Issuer herein and in the Notes
contained;

         (iii) to add to the covenants of the Issuer, for the benefit of the
Holders of the Notes, or to surrender any right or power herein conferred upon
the Issuer;

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

         (v) to cure any ambiguity, to correct or supplement any provision
herein or in any supplemental indenture that may be inconsistent with any
other provision herein or in any supplemental indenture or to make any other
provisions with respect to matters or questions arising under this Indenture
or in any supplemental indenture; provided, that such action shall not
adversely affect the interests of the Holders of the Notes;

         (vi) to evidence and provide for the acceptance of the appointment
hereunder by a successor trustee with respect to the Notes and to add to or
change any of the provisions of this Indenture as shall be necessary to
facilitate the administration of the trusts hereunder by more than one
trustee, pursuant to the requirements of Article VI; or

         (vii) to modify, eliminate or add to the provisions of this Indenture
to such extent as shall be necessary to effect the qualification of this
Indenture under the TIA or under any similar federal statute hereafter enacted
and to add to this Indenture such other provisions as may be expressly
required by the TIA.

The 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.

                                      53
<PAGE>

         (b) The Issuer and the Indenture Trustee, when authorized by an
Issuer Order, may, also without the consent of any of the Holders of the Notes
but with prior notice to the Rating Agencies, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under
this 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 Noteholder; provided further, that such action shall not be deemed to
adversely affect in any material respect the interests of any Noteholder and
no Opinion of Counsel to that effect shall be required if the person
requesting such amendment [(i)] obtains a letter from the Rating Agencies
stating that the amendment would not result in the downgrading or withdrawal
of the ratings then assigned to the Notes [or (ii) each Rating Agency has
received notice of such action and, within the period acceptable to each
Rating Agency, has not informed the related trust that such action will cause
the then current rating assigned to any Notes to be withdrawn or reduced].

     Section 9.02. Supplemental Indentures with Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
may, with prior notice to the Rating Agencies and with the consent of the
Holders of not less than a majority of the Outstanding Amount of the Notes, by
Act of such Holders delivered to the Issuer and the Indenture Trustee, enter
into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

         (i) change the date of payment of any installment of principal of or
interest on any Note, or reduce the principal amount thereof, the interest
rate thereon or the Redemption Price with respect thereto, change the
provisions of this Indenture relating to the application of collections on, or
the proceeds of the sale of, the Trust Estate to payment of principal of or
interest on the Notes, or change any place of payment where, or the coin or
currency in which, any Note or the interest thereon is payable, or impair the
right to institute suit for the enforcement of the provisions of this
Indenture requiring the application of funds available therefor, as provided
in Article V, to the payment of any such amount due on the Notes on or after
the respective due dates thereof (or, in the case of redemption, on or after
the Redemption Date);

         (ii) reduce the percentage of the Outstanding Amount of the Notes or
of the Controlling Class, the consent of the Holders of which is required for
any such supplemental indenture, or the consent of the Holders of which is
required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences provided for in
this Indenture;

         (iii) modify or alter (x) the provisions of the proviso to the
definition of the term "Outstanding" or (y) the definition of "Controlling
Class";

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<PAGE>

         (iv) reduce the percentage of the Outstanding Amount of the Notes or
of the Controlling Class required to direct the Indenture Trustee to direct
the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.04;

         (v) modify any provision of this Section except to increase any
percentage specified herein or to provide that certain additional provisions
of this Indenture or the Basic Documents cannot be modified or waived without
the consent of the Holder of each Outstanding Note affected thereby;

         (vi) modify any of the provisions of this Indenture in such manner as
to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Payment Date (including the calculation of
any of the individual components of such calculation) or to affect the rights
of the Holders of Notes to the benefit of any provisions for the mandatory
redemption of the Notes contained herein; or

         (vii) permit the creation of any lien ranking prior to or on a parity
with the lien of this Indenture with respect to any part of the Trust Estate
or, except as otherwise permitted or contemplated herein, terminate the lien
of this Indenture on any property at any time subject hereto or deprive the
Holder of any Note of the security provided by the lien of this Indenture.

The Indenture Trustee may in its discretion or at the advice of counsel
determine whether or not any Notes would be affected by any supplemental
indenture and any such determination shall be conclusive upon the Holders of
all Notes, whether theretofore or thereafter authenticated and delivered
hereunder. The Indenture Trustee shall not be liable for any such
determination made in good faith.

         It shall not be necessary for any Act of Noteholders under this
Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

         Promptly after the execution by the Issuer and the Indenture Trustee
of any supplemental indenture pursuant to this Section, the Indenture Trustee
shall mail to the Holders of the Notes to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of
such supplemental indenture. Any failure of the 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 9.03. Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.01 and 6.02, 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 Indenture. The Indenture Trustee
may, but shall not be obligated to, enter into any such supplemental indenture
that affects the Indenture Trustee's own rights, duties, liabilities or
immunities under this Indenture or otherwise. The Administrator shall provide
a fully executed copy of any supplemental indentures to this Indenture to each
Rating Agency.

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<PAGE>

     Section 9.04. Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and shall be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations
of rights, obligations, duties, liabilities and immunities under this
Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes
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 Indenture for any and all purposes.

     Section 9.05. Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee
shall, bear a notation in form approved by the Indenture Trustee as to any
matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in
the opinion of the Indenture Trustee and the Issuer, to any such supplemental
indenture may be prepared and executed by the Issuer and authenticated and
delivered by the Indenture Trustee in exchange for Outstanding Notes.

     Section 9.06. Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as
then in effect so long as this Indenture shall then be qualified under the
Trust Indenture Act.

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<PAGE>

                                  ARTICLE X.

                              REDEMPTION OF NOTES

     Section 10.01. Redemption. The Class [A] Notes and the Class [B] Notes
are subject to redemption in whole, but not in part, at the direction of the
Master Servicer pursuant to Section 9.01 of the Sale and Servicing Agreement,
on any Payment Date on which the Master Servicer exercises its option to
purchase the Trust Estate pursuant to said Section 9.01, for a purchase price
equal to the Redemption Price; provided, that the Issuer has available funds
sufficient to pay the Redemption Price. The Master Servicer or the Issuer
shall furnish the Rating Agencies and the Indenture Trustee notice of such
redemption. If the Class [A] Notes and the Class [B] Notes are to be redeemed
pursuant to this Section 10.01, the Master Servicer shall furnish notice of
such election to the Indenture Trustee not later than 20 days prior to the
Redemption Date and shall deposit the Business Day prior to the Redemption
Date with the Indenture Trustee in the Note Interest Distribution Account and
the Principal Distribution Account, as applicable, the Redemption Price of the
Class [A] Notes and the Class [B] Notes to be redeemed, whereupon all such
Class [A] Notes and Class [B] Notes shall be due and payable on the Redemption
Date upon the furnishing of a notice complying with Section 10.02 to each
Holder of the Class [A] Notes and the Class [B] Notes.

     Section 10.02. Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted not later than 10 days
prior to the applicable Redemption Date to each Holder of Notes, as of the
close of business on the Record Date preceding the applicable Redemption Date,
at such Holder's address or facsimile number appearing in the Note Register.

         All notices of redemption shall state:

         (i) the Redemption Date;

         (ii) the Redemption Price;

         (iii) the place where such Notes are to be surrendered for payment of
the Redemption Price (which shall be the office or agency of the Issuer to be
maintained as provided in Section 3.02); and

         (iv) that interest on the Notes shall cease to accrue on the
Redemption Date.

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

     Section 10.03. Notes Payable on Redemption Date. The Notes or portions
thereof to be redeemed shall, following notice of redemption as required by
Section 10.02 (in the case of redemption pursuant to Section 10.01), on the
Redemption Date become due and payable at the Redemption Price and (unless the
Issuer shall default in the payment of the Redemption Price)

                                      57
<PAGE>

no interest shall accrue on the Redemption Price for any period after the date
to which accrued interest is calculated for purposes of calculating the
Redemption Price.

                                      58
<PAGE>

                                 ARTICLE XI.

                                 MISCELLANEOUS

     Section 11.01. Compliance Certificates and Opinions, etc.

         (a) Upon any application or request by the Issuer to the Indenture
Trustee to take any action under any provision of this Indenture, the Issuer
shall furnish to the Indenture Trustee (i) an Officer's Certificate stating
that all conditions precedent, if any, provided for in this 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, 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 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 Indenture shall include:

         (i) a statement that each signatory of such certificate or opinion
has read or has caused to be read such covenant or condition and the
definitions herein relating thereto;

         (ii) a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

         (iii) a statement that, in the opinion 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 of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture,
the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or
elsewhere in this Indenture, furnish to the 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 the
Issuer of the Collateral or other property or securities to be so deposited.

         (ii) Whenever the Issuer is required to furnish to the Indenture
Trustee an Officer's Certificate certifying or stating the opinion of any
signer thereof as to the matters described in clause (i) above, the Issuer
shall also deliver to the Indenture Trustee an Independent Certificate as to
the same matters, if the fair value to the Issuer of the securities to

                                      59
<PAGE>

be so deposited and of all other such securities made the basis of any such
withdrawal or release since the commencement of the then-current fiscal year
of the Issuer, as set forth in the certificates delivered pursuant to clause
(i) above and this clause (ii), is 10% or more of the Outstanding Amount of
the Notes, but such a certificate need not be furnished with respect to any
securities so deposited, if the fair value thereof to the Issuer 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 Notes.

         (iii) Whenever any property or securities are to be released from the
lien of this Indenture, the Issuer shall also furnish to the 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 Indenture in contravention of the provisions hereof.

         (iv) Other than with respect to the release of any Purchased
Receivable, the Issuer is required to furnish to the Indenture Trustee an
Officer's Certificate certifying or stating the opinion of any signer thereof
as to the matters described in clause (iii) above, the Issuer shall also
furnish to the 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 property as contemplated by clause (v) below, or
securities released from the lien of this Indenture since the commencement of
the then-current calendar year, as set forth in the certificates required by
clause (iii) above and this clause (iv), equals 10% or more of the Outstanding
Amount of the Notes, but such certificate need not be furnished in the case of
any release of property or securities if the fair value thereof as set forth
in the related Officer's Certificate is less than $25,000 or less than one
percent of the then Outstanding Amount of the Notes.

         (v) Notwithstanding Section 4.04 or any other provision of this
Section, the Issuer may, without compliance with the requirements of the other
provisions of this Section, (A) collect, liquidate, sell or otherwise dispose
of Receivables and Financed Vehicles as and to the extent permitted or
required by the Basic Documents and (B) make cash payments out of the Trust
Accounts as and to the extent permitted or required by the Basic Documents.

     Section 11.02. Form of Documents Delivered to Indenture Trustee. 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.

         Any certificate or opinion of an Authorized Officer of the Issuer 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 such officer's
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

                                      60
<PAGE>

representations by, an officer or officers of the Master Servicer, the Seller,
the Issuer or the Administrator, stating that the information with respect to
such factual matters is in the possession of the Master Servicer, the Seller,
the Issuer or the Administrator, 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.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

         Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application
or at the effective date of such certificate or report (as the case may be),
of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Issuer to have such application
granted or to the sufficiency of such certificate or report. The foregoing
shall not, however, be construed to affect the 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 11.03. Acts of Noteholders.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee and, where it is hereby expressly required,
to the Issuer. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders 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 Indenture and (subject to Section 6.01) conclusive in
favor of the Indenture Trustee and the Issuer, if made in the manner provided
in this Section.

         (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 Indenture Trustee
deems sufficient.

         (c) The ownership of Notes shall be proved by the Note Register.

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Notes shall bind the Holder of
every 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 Indenture Trustee or the Issuer in reliance thereon, whether or not
notation of such action is made upon such Note.

     Section 11.04. Notices, etc., to Indenture Trustee, Issuer and Rating
Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this
Indenture shall be in writing and, if such request,

                                      61
<PAGE>

demand, authorization, direction, notice, consent, waiver or act of
Noteholders is to be made upon, given or furnished to or filed with:

         (i) the Indenture Trustee by any Noteholder or by the Issuer, shall
be sufficient for every purpose hereunder if made, given, furnished or filed
in writing to or with the Indenture Trustee at its Corporate Trust Office; or

         (ii) the Issuer by the Indenture Trustee or by any Noteholder, shall
be sufficient for every purpose hereunder if in writing and mailed
first-class, postage prepaid to the Issuer addressed to: Regions Auto
Receivables Trust 200_-_, in care of [OWNER TRUSTEE], as Owner Trustee,
[ADDRESS], Attention: [___], or at any other address previously furnished in
writing to the Indenture Trustee by the Issuer or the Administrator. The
Issuer shall promptly transmit any notice received by it from the Noteholders
to the Indenture Trustee.

         Notices required to be given to the Rating Agencies by the Issuer,
the Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered or mailed by certified mail, return receipt requested, to (i) in the
case of [RATING AGENCY], at the following address: [ADDRESS] and (ii) in the
case of [RATING AGENCY], at the following address: [ADDRESS]; or as to each of
the foregoing, at such other address as shall be designated by written notice
to the other parties.

     Section 11.05. Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at such Holder's address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Noteholders is given by
mail, neither the failure to mail such notice nor any defect in any notice so
mailed to any particular Noteholder shall affect the sufficiency of such
notice with respect to other Noteholders, and any notice that is mailed in the
manner herein provided shall conclusively be presumed to have been duly given.

         Where this 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 Noteholders shall be filed with the Indenture
Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver.

         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 to Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Indenture Trustee shall be deemed
to be a sufficient giving of such notice.

         Where this 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 a Default
or Event of Default.

                                      62
<PAGE>

     Section 11.06. Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the
Issuer may enter into any agreement with any Holder of a Note providing for a
method of payment, or notice by the Indenture Trustee or any Paying Agent to
such Holder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer will furnish to the Indenture Trustee
a copy of each such agreement and the Indenture Trustee will cause payments to
be made and notices to be given in accordance with such agreements. The
Indenture Trustee shall provide a copy of any request made pursuant to this
Section 11.06 to the Owner Trustee.

     Section 11.07. 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 11.08. Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuer shall bind its successors and
assigns, whether so expressed or not. All agreements of the Indenture Trustee
in this Indenture shall bind its successors, co-trustees and agents.

     Section 11.09. Separability. In case any provision in this Indenture or
in the 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 11.10. Benefits of Indenture. Nothing in this Indenture or in the
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other
party secured hereunder, and any other Person with an ownership interest in
any part of the Trust Estate, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

     Section 11.11. Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this 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 11.12. GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 11.13. Counterparts. This 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 11.14. Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at the expense of the Master Servicer accompanied
by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any
other counsel reasonably acceptable to the Indenture Trustee) to

                                      63
<PAGE>

the effect that such recording is necessary either for the protection of the
Noteholders or any other Person secured hereunder or for the enforcement of
any right or remedy granted to the Indenture Trustee under this Indenture.

     Section 11.15. Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer, including the
Seller, or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Indenture Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Owner Trustee have no such obligations in their
individual capacity). For all purposes of this Indenture, in the performance
of any duties or obligations of the Issuer hereunder, the Owner Trustee shall
be subject to, and entitled to the benefits of, the terms and provisions of
Article VI, VII and VIII of the Trust Agreement. Section 11.16. No Petition.
The Indenture Trustee, by entering into this Indenture, and each Noteholder,
by accepting a Note, hereby covenant and agree that they will not at any time
institute against the Issuer or the Depositor, or join in any institution
against the Issuer or the Depositor, of any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, this Indenture or any of the Basic
Documents.

     Section 11.17. Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer's normal business hours, to examine all the books of account, records,
reports and other papers of the Issuer, to make copies and extracts therefrom,
to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuer's affairs, finances and accounts with the Issuer's
officers, employees and Independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested; provided,
however, that the Indenture Trustee may only cause the books of the Issuer to
be audited on an annual basis, unless there occurs an Event of Default
hereunder. The Indenture Trustee shall, and shall cause its representatives
to, hold in confidence all such information except to the extent such
information is publicly available or such disclosure may be required by law
(and all reasonable applications for confidential treatment are unavailing)
and except to the extent that the Indenture Trustee may reasonably determine
with the advice of counsel and after consultation with the Issuer that such
disclosure is consistent with its obligations hereunder.

     Section 11.18. Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required
to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

                                      64
<PAGE>

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

     Section 11.19. Limitation of Liability. It is expressly understood and
agreed by the parties hereto that (a) this Indenture is executed and delivered
by [OWNER TRUSTEE], not individually or personally but solely as Owner Trustee
of Regions Auto Receivables Trust 200_-_, in the exercise of the powers and
authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and
intended not as personal representations, undertakings and agreements by
[OWNER TRUSTEE] but is made and intended for the purpose for binding only the
Issuer, (c) nothing herein contained shall be construed as creating any
liability on [OWNER 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
[OWNER TRUSTEE] be personally liable for the payment of any indebtedness or
expenses of the Issuer or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by the
Issuer under this Indenture or any other related documents.

                                   * * * * *

                                      65
<PAGE>

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

                           By: [OWNER TRUSTEE], not in its individual capacity
                           but solely as Owner Trustee of Regions Auto
                           Receivables Trust 200_-_,

                                BY:___________________________________________
                                   Name:
                                   Title:

                           [INDENTURE TRUSTEE], not in its individual capacity
                           but solely as Indenture Trustee,

                           By:________________________________________________
                              Name:
                              Title:

                                      66
<PAGE>

STATE OF NEW YORK  }
                   }  ss.:
COUNTY OF NEW YORK }

         BEFORE ME, the undersigned authority, a Notary Public in and for said
county and state, on this day personally appeared _________________, a
_________________ of [OWNER TRUSTEE], not in its individual capacity but
solely as Owner Trustee of Regions Auto Receivables Trust 200_-_, a Delaware
common law trust (the "Trust") known to me to be the person and officer whose
name is subscribed to the foregoing instrument and acknowledged to me that the
same was the act of the said Trust, and that s/he executed the same as the act
of said common law trust for the purpose and consideration therein expressed,
and in the capacities therein stated.

         GIVEN UNDER MY HAND AND SEAL OF OFFICE, this _____ day of [MONTH,
YEAR].

                            -----------------------------------------------
                            Notary Public in and for the State of New York.

My commission expires:

----------------------------------------------

                                      67
<PAGE>

STATE OF NEW YORK  }
                   }  ss.:
COUNTY OF NEW YORK }

         BEFORE ME, the undersigned authority, a Notary Public in and for said
county and state, on this day personally appeared _________________, known to
me to be the person and officer whose name is subscribed to the foregoing
instrument and acknowledged to me that the same was the act of [INDENTURE
TRUSTEE], a [________], and that s/he executed the same as the act of said
corporation for the purpose and consideration therein stated.

GIVEN UNDER MY HAND AND SEAL OF OFFICE, this _____ day of [MONTH, YEAR].

                            -----------------------------------------------
                            Notary Public in and for the State of New York.

My commission expires:

----------------------------------------------

                                      68

<PAGE>

                                                                    SCHEDULE A

                            Schedule of Receivables

                     [On file with the Indenture Trustee]

                                      69
<PAGE>

                                                                    SCHEDULE B

                          Perfection Representations

         1. General. The Indenture creates a valid and continuing security
interest (as defined in the UCC) in all of the Issuer's right, title and
interest in and to the Receivables in favor of the Trustee which, (a) is
enforceable upon execution of the Indenture against creditors of and
purchasers from the Issuer as such enforceability may be limited by applicable
debtor relief laws, now or hereafter in effect, and by general principles of
equity (whether considered in a suit at law or in equity), and (b) upon filing
of the financing statements described in clause 4 below will be prior to all
other Liens (other than Liens permitted pursuant to clause 3 below).

         2. Characterization. The Receivables constitute "tangible chattel
paper" within the meaning of UCC Section 9-102. The Issuer has taken all steps
necessary to perfect its security interest against the Obligor in the Financed
Vehicles securing the Receivables.

         3. Creation. Immediately prior to the conveyance of the Receivables
pursuant to the Indenture, the Issuer owns and has good and marketable title
to, or has a valid security interest in, the Receivables free and clear of any
Lien, claim or encumbrance of any Person.

         4. Perfection. The Issuer has caused or will have caused, within ten
days of the Closing Date, the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect the security interest granted to the Indenture Trustee
under the Indenture in the Receivables.

         5. Priority. Other than the security interests granted to the
Indenture Trustee pursuant to the Indenture, the Issuer has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of
the Receivables, the Issuer has not authorized the filing of and is not aware
of any financing statements against the Issuer that includes a description of
collateral covering the Receivables other than any financing statement (i)
relating to the security interests granted to the Indenture Trustee under the
Indenture (ii) that has been terminated, or (iii) that has been granted
pursuant to the terms of the Basic Documents. None of the tangible chattel
paper that constitutes or evidences the Receivables has any marks or notations
indicating that they are pledged, assigned or otherwise conveyed to any Person
other than Indenture Trustee.

                                      70
<PAGE>

                                                                   EXHIBIT A-1

                          [FORM OF CLASS [A-1] NOTE]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK,
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

         THIS NOTE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN
INTEREST IN REGIONS BANK OR ANY OF ITS AFFILIATES.

         THIS NOTE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY.

                                      71
<PAGE>

REGISTERED        $           1
                   -----------

No. R-_____                                                CUSIP NO. _________

                     REGIONS AUTO RECEIVABLES TRUST 200_-_

                     [___]% ASSET BACKED NOTE, CLASS [A-1]

         REGIONS AUTO RECEIVABLES TRUST 200_-_, a common law trust organized
and existing under the laws of the State of Delaware (herein referred to as
the "Issuer"), for value received, hereby promises to pay to
___________________, or registered assigns, the principal sum of __________
DOLLARS, payable on each Payment Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $ [INSERT
INITIAL PRINCIPAL AMOUNT OF NOTE] and the denominator of which is $________ by
(ii) the aggregate amount, if any, payable from the Principal Distribution
Account in respect of principal on the Class [A-1] Notes pursuant to Section
3.01 of the Indenture dated as of [DATE] (the "Indenture"), between the Issuer
and [INDENTURE TRUSTEE], a [______], as Indenture Trustee (the "Indenture
Trustee"); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the earlier of [DATE] (the "Class [A-1] Final
Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. Capitalized terms used but not defined herein are
defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.

         The Issuer will pay interest on this Note at the rate per annum set
forth above, on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations
contained in Section 3.01 of the Indenture. Interest on this Note will accrue
for each Payment Date from and including the prior Payment Date (or, in the
case of the first Payment Date, from the Closing Date) to but excluding such
Payment Date. Interest will be computed on the basis of the actual number of
days in the related Interest Accrual Period and a 360-day year. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

         The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

____________________
1 Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                      72
<PAGE>

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.

                                      73
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date:                        REGIONS AUTO RECEIVABLES TRUST 200_-_

                             By: [OWNER  TRUSTEE],  not in its
                                 individual  capacity but solely as Owner
                                 Trustee under the Trust Agreement,

                             By:  _________________________________
                                       Authorized Signatory

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                        [INDENTURE TRUSTEE], not in its individual
                             capacity but solely as Indenture Trustee,

                             By: _________________________________
                                       Authorized Signatory

                                      74
<PAGE>

                          REVERSE OF CLASS [A-1] NOTE

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [___]% Asset Backed Notes, Class [A-1] (herein called the
"Class [A-1] Notes"), all issued under the Indenture, to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Holders of the Notes. The Class [A-1] Notes are
subject to all terms of the Indenture.

         The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3] Notes,
the Class [A-4] Notes and the Class [B] Notes (collectively, the "Notes") are
and will be secured by the collateral pledged as security therefor as provided
in the Indenture.

         Principal of the Class [A-1] Notes will be payable on each Payment
Date in an amount described on the face hereof. "Payment Date" means the
[15th] day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing [DATE].

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class [A-1] Final Scheduled
Payment Date and the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the Outstanding
Amount of the Class [A] Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class [A-1] Notes shall be made pro rata to the
Class [A-1] Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Holders of this Note and
of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Holder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust

                                      75
<PAGE>

Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class [A-1] Rate to the extent lawful.

         As provided in Section 10.01 of the Indenture, the Class [A] Notes
and the Class [B] Notes may be redeemed in whole, but not in part, at the
option of the Master Servicer on any Payment Date on or after the date on
which the Pool Balance is less than or equal to [___]% of the Initial Pool
Balance.

         As provided in the Indenture and subject to the limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such
registration of transfer or exchange subject to certain exceptions set forth
in the Indenture.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Master Servicer, the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer, including the Seller or (iii)
any partner, owner, beneficiary, agent, officer, director or employee of the
Seller, the Master Servicer, the Indenture Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Master Servicer, the Owner Trustee or the Indenture Trustee or of
any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed 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 installment or call owing to
such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy, reorganization, arrangement,

                                      76
<PAGE>

insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture and this Note is issued
with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness of the
Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note
(and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day
of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and none of the Issuer, the Indenture Trustee or any
such agent shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Notes under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes or of the Class
[A] Notes, on behalf of the Holders of all the Notes, to waive compliance by
the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note (or any one or more Predecessor Notes) shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made
upon this Note. The Indenture also permits the Indenture Trustee to amend or
waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place and rate, and in the coin or currency herein prescribed.

                                      77
<PAGE>

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [OWNER TRUSTEE] in its individual
capacity, [INDENTURE TRUSTEE] in its individual capacity, any owner of a
beneficial interest in the Issuer, the Seller, the Master Servicer, or any of
their respective partners, 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
this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this
Note by its acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of
the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

                                      78
<PAGE>

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

--------------------------------------------------

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

_______________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________________, attorney, to
transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

Dated: _________________     _______________________________*/
                             Signature Guaranteed:

                             _______________________________*/

____________________

  */     NOTICE: The signature to this assignment must correspond with the
         name of the registered owner as it appears on the face of the within
         Note in every particular, without alteration, enlargement or any
         change whatsoever. Such signature must be guaranteed by an "eligible
         guarantor institution" meeting the requirements of the Note
         Registrar, which requirements include membership or participation in
         STAMP or such other "signature guarantee program" as may be
         determined by the Note Registrar in addition to, or in substitution
         for, STAMP, all in accordance with the Securities Exchange Act of
         1934, as amended.

                                      79
<PAGE>

                                                                   EXHIBIT A-2

                          [FORM OF CLASS [A-2] NOTE]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK,
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

         THIS NOTE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN
INTEREST IN REGIONS BANK OR ANY OF ITS AFFILIATES.

         THIS NOTE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY.

                                      80
<PAGE>

REGISTERED        $           2
                   -----------

No. R-_____                                                CUSIP NO. _________

                     REGIONS AUTO RECEIVABLES TRUST 200_-_

                     [___]% ASSET BACKED NOTE, CLASS [A-2]

         REGIONS AUTO RECEIVABLES TRUST 200_-_, a common law trust organized
and existing under the laws of the State of Delaware (herein referred to as
the "Issuer"), for value received, hereby promises to pay to
____________________, or registered assigns, the principal sum of __________
DOLLARS, payable on each Payment Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $ [INSERT
INITIAL PRINCIPAL AMOUNT OF NOTE] and the denominator of which is $_____ by
(ii) the aggregate amount, if any, payable from the Principal Distribution
Account in respect of principal on the Class [A-2] Notes pursuant to Section
3.01 of the Indenture dated as of [DATE] (the "Indenture"), between the Issuer
and [INDENTURE TRUSTEE], a [______], as Indenture Trustee (the "Indenture
Trustee"); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the earlier of [DATE] (the "Class [A-2] Final
Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. No payments of principal of the Class [A-2] Notes
shall be made until the Class [A-1] Notes have been paid in full. Capitalized
terms used but not defined herein are defined in the Indenture, which also
contains rules as to construction that shall be applicable herein.

         The Issuer will pay interest on this Note at the rate per annum set
forth above, on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations
contained in the last sentence of Section 3.01 of the Indenture. Interest on
this Note will accrue for each Payment Date from and including the [15th] day
of the preceding calendar month (or, in the case of the first Payment Date,
from the Closing Date) to and including the [14th] day of the calendar month
in which such Payment Date occurs. Interest will be computed on the basis of
[a 360-day year of twelve 30-day months]. Such principal of and interest on
this Note shall be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

____________________

2 Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                      81
<PAGE>

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.

                                      82
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date:                        REGIONS AUTO RECEIVABLES TRUST 200_-_

                             By: [OWNER  TRUSTEE],  not in its
                                 individual  capacity but solely as Owner
                                 Trustee under the Trust Agreement,

                             By:  _________________________________
                                       Authorized Signatory

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                        [INDENTURE TRUSTEE], not in its individual
                             capacity but solely as Indenture Trustee,

                             By: _________________________________
                                       Authorized Signatory

                                      83
<PAGE>

                          REVERSE OF CLASS [A-2] NOTE

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [___]% Asset Backed Notes, Class [A-2] (herein called the
"Class [A-2] Notes"), all issued under the Indenture, to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Holders of the Notes. The Class [A-2] Notes are
subject to all terms of the Indenture.

         The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3] Notes,
the Class [A-4] Notes and the Class [B] Notes (collectively, the "Notes") are
and will be secured by the collateral pledged as security therefor as provided
in the Indenture.

         Principal of the Class [A-2] Notes will be payable on each Payment
Date in an amount described on the face hereof only after the Class [A-1]
Notes are paid in full and have no Principal Balance. "Payment Date" means the
[15th] day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing [DATE].

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class [A-2] Final Scheduled
Payment Date and the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the Outstanding
Amount of the Class [A] Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class [A-2] Notes shall be made pro rata to the
Class [A-2] Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Holders of this Note and
of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Holder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust

                                      84
<PAGE>

Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class [A-2] Rate to the extent lawful.

         As provided in Section 10.01 of the Indenture, the Class [A] Notes
and the Class [B] Notes may be redeemed in whole, but not in part, at the
option of the Master Servicer on any Payment Date on or after the date on
which the Pool Balance is less than or equal to [___]% of the Initial Pool
Balance.

         As provided in the Indenture and subject to the limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such
registration of transfer or exchange subject to certain exceptions set forth
in the Indenture.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Master Servicer, the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer, including the Seller or (iii)
any partner, owner, beneficiary, agent, officer, director or employee of the
Seller, the Master Servicer, Indenture Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Master Servicer, the Owner Trustee or the Indenture Trustee or of
any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed 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 installment or call owing to
such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy, reorganization, arrangement,

                                      85
<PAGE>

insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture and this Note is issued
with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness of the
Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note
(and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day
of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and none of the Issuer, the Indenture Trustee or any
such agent shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Notes under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes or of the Class
[A] Notes, on behalf of the Holders of all the Notes, to waive compliance by
the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note (or any one or more Predecessor Notes) shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made
upon this Note. The Indenture also permits the Indenture Trustee to amend or
waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place and rate, and in the coin or currency herein prescribed.

                                      86
<PAGE>

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [OWNER TRUSTEE] in its individual
capacity, [INDENTURE TRUSTEE] in its individual capacity, any owner of a
beneficial interest in the Issuer, the Seller, the Master Servicer, or any of
their respective partners, 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
this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this
Note by its acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of
the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

                                      87
<PAGE>

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

_____________________________________________

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

_______________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________________, attorney, to
transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

Dated: _________________     _______________________________*/
                             Signature Guaranteed:

                             _______________________________*/

____________________

  */     NOTICE: The signature to this assignment must correspond with the
         name of the registered owner as it appears on the face of the within
         Note in every particular, without alteration, enlargement or any
         change whatsoever. Such signature must be guaranteed by an "eligible
         guarantor institution" meeting the requirements of the Note
         Registrar, which requirements include membership or participation in
         STAMP or such other "signature guarantee program" as may be
         determined by the Note Registrar in addition to, or in substitution
         for, STAMP, all in accordance with the Securities Exchange Act of
         1934, as amended.

                                      88
<PAGE>

                                                                   EXHIBIT A-3

                          [FORM OF CLASS [A-3] NOTE]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK,
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

         THIS NOTE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN
INTEREST IN REGIONS BANK OR ANY OF ITS AFFILIATES.

         THIS NOTE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY.

                                      89
<PAGE>

REGISTERED        $           3
                   -----------

No. R-_____                                                CUSIP NO. _________

                     REGIONS AUTO RECEIVABLES TRUST 200_-_

                     [___]% ASSET BACKED NOTE, CLASS [A-3]

         REGIONS AUTO RECEIVABLES TRUST 200_-_, a common law trust organized
and existing under the laws of the State of Delaware (herein referred to as
the "Issuer"), for value received, hereby promises to pay to
____________________, or registered assigns, the principal sum of __________
DOLLARS, payable on each Payment Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $ [INSERT
INITIAL PRINCIPAL AMOUNT OF NOTE] and the denominator of which is $_____ by
(ii) the aggregate amount, if any, payable from the Principal Distribution
Account in respect of principal on the Class [A-3] Notes pursuant to Section
3.01 of the Indenture dated as of [DATE] (the "Indenture"), between the Issuer
and [INDENTURE TRUSTEE], a [_______], as Indenture Trustee (the "Indenture
Trustee"); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the earlier of [DATE] (the "Class [A-3] Final
Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. No payments of principal of the Class [A-3] Notes
shall be made until the Class [A-1] Notes and the Class [A-2] Notes have been
paid in full. Capitalized terms used but not defined herein are defined in the
Indenture, which also contains rules as to construction that shall be
applicable herein.

         The Issuer will pay interest on this Note at the rate per annum set
forth above, on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations
contained in Section 3.01 of the Indenture. Interest on this Note will accrue
for each Payment Date from and including the [15th]day of the preceding
calendar month (or, in the case of the first Payment Date, from the Closing
Date) to and including the [14th]day of the calendar month in which such
Payment Date occurs. Interest will be computed on the basis of [a 360-day year
of twelve 30-day months]. Such principal of and interest on this Note shall be
paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

____________________
3 Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                      90
<PAGE>

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.

                                      91
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date:                        REGIONS AUTO RECEIVABLES TRUST 200_-_

                             By: [OWNER  TRUSTEE],  not in its
                                 individual  capacity but solely as Owner
                                 Trustee under the Trust Agreement,

                             By:  _________________________________
                                       Authorized Signatory

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                        [INDENTURE TRUSTEE], not in its individual
                             capacity but solely as Indenture Trustee,

                             By: _________________________________
                                       Authorized Signatory

                                      92
<PAGE>

                          REVERSE OF CLASS [A-3] NOTE

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [___]% Asset Backed Notes, Class [A-3] (herein called the
"Class [A-3] Notes"), all issued under the Indenture, to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Holders of the Notes. The Class [A-3] Notes are
subject to all terms of the Indenture.

         The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3] Notes,
the Class [A-4] Notes and the Class [B] Notes (collectively, the "Notes") are
and will be secured by the collateral pledged as security therefor as provided
in the Indenture.

         Principal of the Class [A-3] Notes will be payable on each Payment
Date in an amount described on the face hereof only after the Class [A-1]
Notes and the Class [A-2] Notes are paid in full and have no Principal
Balance. "Payment Date" means the [15th] day of each month, or, if any such
date is not a Business Day, the next succeeding Business Day, commencing
[DATE].

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class [A-3] Final Scheduled
Payment Date and the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the Outstanding
Amount of the Class [A] Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class [A-3] Notes shall be made pro rata to the
Class [A-3] Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Holders of this Note and
of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Holder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust

                                      93
<PAGE>

Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class [A-3] Rate to the extent lawful.

         As provided in Section 10.01 of the Indenture, the Class [A] Notes
and the Class [B] Notes may be redeemed in whole, but not in part, at the
option of the Master Servicer on any Payment Date on or after the date on
which the Pool Balance is less than or equal to [___]% of the Initial Pool
Balance.

         As provided in the Indenture and subject to the limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such
registration of transfer or exchange subject to certain exceptions set forth
in the Indenture.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Master Servicer, the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer, including the Seller or (iii)
any partner, owner, beneficiary, agent, officer, director or employee of the
Seller, the Master Servicer, Indenture Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Master Servicer, the Owner Trustee or the Indenture Trustee or of
any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed 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 installment or call owing to
such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy, reorganization, arrangement,

                                      94
<PAGE>

insolvency or liquidation proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture and this Note is issued
with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness of the
Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note
(and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day
of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and none of the Issuer, the Indenture Trustee or any
such agent shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Notes under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes or of the Class
[A] Notes, on behalf of the Holders of all the Notes, to waive compliance by
the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note (or any one or more Predecessor Notes) shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made
upon this Note. The Indenture also permits the Indenture Trustee to amend or
waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place and rate, and in the coin or currency herein prescribed.

                                      95
<PAGE>

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [OWNER TRUSTEE] in its individual
capacity, [INDENTURE TRUSTEE] in its individual capacity, any owner of a
beneficial interest in the Issuer, the Seller, the Master Servicer, or any of
their respective partners, 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
this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this
Note by its acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of
the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

                                      96
<PAGE>

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

____________________________________________

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

_______________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________________, attorney, to
transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

Dated: _________________     _______________________________*/
                             Signature Guaranteed:

                             _______________________________*/

____________________

  */     NOTICE: The signature to this assignment must correspond with the
         name of the registered owner as it appears on the face of the within
         Note in every particular, without alteration, enlargement or any
         change whatsoever. Such signature must be guaranteed by an "eligible
         guarantor institution" meeting the requirements of the Note
         Registrar, which requirements include membership or participation in
         STAMP or such other "signature guarantee program" as may be
         determined by the Note Registrar in addition to, or in substitution
         for, STAMP, all in accordance with the Securities Exchange Act of
         1934, as amended.

                                      97
<PAGE>

                                                                   EXHIBIT A-4

                          [FORM OF CLASS [A-4] NOTE]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK,
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

         THIS NOTE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN
INTEREST IN REGIONS BANK OR ANY OF ITS AFFILIATES.

         THIS NOTE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY.

                                      98
<PAGE>

REGISTERED        $           4
                   -----------

No. R-_____                                                CUSIP NO. _________

                     REGIONS AUTO RECEIVABLES TRUST 200_-_

                     [___]% ASSET BACKED NOTE, CLASS [A-4]

         REGIONS AUTO RECEIVABLES TRUST 200_-_, a common law trust organized
and existing under the laws of the State of Delaware (herein referred to as
the "Issuer"), for value received, hereby promises to pay to
____________________, or registered assigns, the principal sum of __________
DOLLARS, payable on each Payment Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $ [INSERT
INITIAL PRINCIPAL AMOUNT OF NOTE] and the denominator of which is $_____ by
(ii) the aggregate amount, if any, payable from the Principal Distribution
Account in respect of principal on the Class [A-4] Notes pursuant to Section
3.01 of the Indenture dated as of [DATE] (the "Indenture"), between the Issuer
and [INDENTURE TRUSTEE], a [_______], as Indenture Trustee (the "Indenture
Trustee"); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the earlier of [DATE] (the "Class [A-4] Final
Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. No payments of principal of the Class [A-4] Notes
shall be made until the Class [A-1] Notes, the Class [A-2] Notes and the Class
[A-3] Notes have been paid in full. Capitalized terms used but not defined
herein are defined in the Indenture, which also contains rules as to
construction that shall be applicable herein.

         The Issuer will pay interest on this Note at the rate per annum set
forth above, on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations
contained in Section 3.01 of the Indenture. Interest on this Note will accrue
for each Payment Date from and including the [15th] day of the preceding
calendar month (or, in the case of the first Payment Date, from the Closing
Date) to and including the [14th] day of the calendar month in which such
Payment Date occurs. Interest will be computed on the basis of [a 360-day year
of twelve 30-day months]. Such principal of and interest on this Note shall be
paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

____________________
4 Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                      99
<PAGE>

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.

                                     100
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date:                        REGIONS AUTO RECEIVABLES TRUST 200_-_

                             By: [OWNER  TRUSTEE],  not in its
                                 individual  capacity but solely as Owner
                                 Trustee under the Trust Agreement,

                             By:  _________________________________
                                       Authorized Signatory

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                        [INDENTURE TRUSTEE], not in its individual
                             capacity but solely as Indenture Trustee,

                             By: _________________________________
                                       Authorized Signatory

                                     101
<PAGE>

                          REVERSE OF CLASS [A-4] NOTE

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [___]% Asset Backed Notes, Class [A-4] (herein called the
"Class [A-4] Notes"), all issued under the Indenture, to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Holders of the Notes. The Class [A-4] Notes are
subject to all terms of the Indenture.

         The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3] Notes,
the Class [A-4] Notes and the Class [B] Notes (collectively, the "Notes") are
and will be secured by the collateral pledged as security therefor as provided
in the Indenture.

         Principal of the Class [A-4] Notes will be payable on each Payment
Date in an amount described on the face hereof only after the Class [A-1]
Notes, the Class [A-2] Notes and the Class [A-3] Notes are paid in full and
have no Principal Balance. "Payment Date" means the [15th] day of each month,
or, if any such date is not a Business Day, the next succeeding Business Day,
commencing [DATE].

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class [A-4] Final Scheduled
Payment Date and the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the Outstanding
Amount of the Class [A] Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class [A-4] Notes shall be made pro rata to the
Class [A-4] Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Holders of this Note and
of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Holder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon

                                     102
<PAGE>

presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class [A-4] Rate to the extent lawful.

         As provided in Section 10.01 of the Indenture, the Class [A] Notes
and the Class [B] Notes may be redeemed in whole, but not in part, at the
option of the Master Servicer on any Payment Date on or after the date on
which the Pool Balance is less than or equal to [___]% of the Initial Pool
Balance.

         As provided in the Indenture and subject to the limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such
registration of transfer or exchange subject to certain exceptions set forth
in the Indenture.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Master Servicer, the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer, including the Seller or (iii)
any partner, owner, beneficiary, agent, officer, director or employee of the
Seller, the Master Servicer, Indenture Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Master Servicer, the Owner Trustee or the Indenture Trustee or of
any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed 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 installment or call owing to
such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or

                                     103
<PAGE>

join in any institution against the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture and this Note is issued
with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness of the
Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note
(and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day
of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and none of the Issuer, the Indenture Trustee or any
such agent shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Notes under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes or of the Class
[A] Notes, on behalf of the Holders of all the Notes, to waive compliance by
the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note (or any one or more Predecessor Notes) shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made
upon this Note. The Indenture also permits the Indenture Trustee to amend or
waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the

                                     104
<PAGE>

principal of and interest on this Note at the times, place and rate, and in
the coin or currency herein prescribed.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [OWNER TRUSTEE] in its individual
capacity, [INDENTURE TRUSTEE] in its individual capacity, any owner of a
beneficial interest in the Issuer, the Seller, the Master Servicer, or any of
their respective partners, 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
this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this
Note by its acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of
the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

                                     105
<PAGE>

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

____________________________________________

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

_______________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________________, attorney, to
transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

Dated: _________________     _______________________________*/
                             Signature Guaranteed:

                             _______________________________*/

____________________

  */     NOTICE: The signature to this assignment must correspond with the
         name of the registered owner as it appears on the face of the within
         Note in every particular, without alteration, enlargement or any
         change whatsoever. Such signature must be guaranteed by an "eligible
         guarantor institution" meeting the requirements of the Note
         Registrar, which requirements include membership or participation in
         STAMP or such other "signature guarantee program" as may be
         determined by the Note Registrar in addition to, or in substitution
         for, STAMP, all in accordance with the Securities Exchange Act of
         1934, as amended.

                                     106
<PAGE>

                                                                     EXHIBIT B

                           [FORM OF CLASS [B] NOTE]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK,
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

         THIS NOTE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN
INTEREST IN REGIONS BANK OR ANY OF ITS AFFILIATES.

         THIS NOTE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY.

                                     107
<PAGE>

REGISTERED        $           5
                   -----------

No. R-_____                                                CUSIP NO. _________

                     REGIONS AUTO RECEIVABLES TRUST 200_-_

                      [___]% ASSET BACKED NOTE, CLASS [B]

         REGIONS AUTO RECEIVABLES TRUST 200_-_, a common law trust organized
and existing under the laws of the State of Delaware (herein referred to as
the "Issuer"), for value received, hereby promises to pay to
____________________, or registered assigns, the principal sum of __________
DOLLARS, payable on each Payment Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $ [INSERT
INITIAL PRINCIPAL AMOUNT OF NOTE] and the denominator of which is $_____ by
(ii) the aggregate amount, if any, payable from the Principal Distribution
Account in respect of principal on the Class [B] Notes pursuant to Section
3.01 of the Indenture dated as of [DATE] (the "Indenture"), between the Issuer
and [INDENTURE TRUSTEE], a [______], as Indenture Trustee (the "Indenture
Trustee"); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the earlier of [DATE] (the "Class [B] Final
Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. No payments of principal of the Class [B] Notes shall
be made until the Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3]
Notes and the Class [A-4] Notes have been paid in full. Capitalized terms used
but not defined herein are defined in the Indenture, which also contains rules
as to construction that shall be applicable herein.

         The Issuer will pay interest on this Note at the rate per annum set
forth above, on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations
contained in Section 3.01 of the Indenture. Interest on this Note will accrue
for each Payment Date from and including the [15th] day of the preceding
calendar month (or, in the case of the first Payment Date, from the Closing
Date) to and including the [14th day of the calendar month in which such
Payment Date occurs. Interest will be computed on the basis of [a 360-day year
of twelve 30-day months]. Such principal of and interest on this Note shall be
paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

____________________
5 Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                     108
<PAGE>

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.

                                     109
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date:                        REGIONS AUTO RECEIVABLES TRUST 200_-_

                             By: [OWNER  TRUSTEE],  not in its
                                 individual  capacity but solely as Owner
                                 Trustee under the Trust Agreement,

                             By:  _________________________________
                                       Authorized Signatory

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                        [INDENTURE TRUSTEE], not in its individual
                             capacity but solely as Indenture Trustee,

                             By: _________________________________
                                       Authorized Signatory

                                     110
<PAGE>

                           REVERSE OF CLASS [B] NOTE

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [___]% Asset Backed Notes, Class [B] (herein called the
"Class [B] Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class [B] Notes are subject to all
terms of the Indenture.

         The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3] Notes,
the Class [A-4] Notes and the Class [B] Notes (collectively, the "Notes") are
and will be secured by the collateral pledged as security therefor as provided
in the Indenture. The Class [B] Notes are subordinated in right of payment to
the Class [A] Notes as and to the extent provided in the Indenture.

         Principal of the Class [B] Notes will be payable on each Payment Date
in an amount described on the face hereof only after the Class [A-1] Notes,
the Class [A-2] Notes, the Class [A-3] Notes and the Class [A-4] Notes are
paid in full and have no Principal Balance. "Payment Date" means the [15th]
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing [DATE].

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class [B] Final Scheduled
Payment Date and the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the Outstanding
Amount of the Controlling Class have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class [B] Notes shall be made pro rata to the Class
[B] Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Holders of this Note and
of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Holder hereof as of

                                     111
<PAGE>

the Record Date preceding such Payment Date by notice mailed or transmitted by
facsimile prior to such Payment Date, and the amount then due and payable
shall be payable only upon presentation and surrender of this Note at the
Indenture Trustee's principal Corporate Trust Office or at the office of the
Indenture Trustee's agent appointed for such purposes located in The City of
New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class [B] Rate to the extent lawful.

         As provided in Section 10.01 of the Indenture, the Class [A] Notes
and the Class [B] Notes may be redeemed in whole, but not in part, at the
option of the Master Servicer on any Payment Date on or after the date on
which the Pool Balance is less than or equal to [___]% of the Initial Pool
Balance.

         As provided in the Indenture and subject to the limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such
registration of transfer or exchange subject to certain exceptions set forth
in the Indenture.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Master Servicer, the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer, including the Seller or (iii)
any partner, owner, beneficiary, agent, officer, director or employee of the
Seller, the Master Servicer, Indenture Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Master Servicer, the Owner Trustee or the Indenture Trustee or of
any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed 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 installment or call owing to
such entity.

                                     112
<PAGE>

         Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings under any United States federal or state bankruptcy
or similar law in connection with any obligations relating to the Notes, the
Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture and this Note is issued
with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness of the
Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note
(and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day
of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and none of the Issuer, the Indenture Trustee or any
such agent shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and the rights of the Holders of the Notes under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes or of the
Controlling Class, on behalf of the Holders of all the Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                                     113
<PAGE>

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the times, place and rate, and in the coin or currency herein prescribed.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [OWNER TRUSTEE] in its individual
capacity, [INDENTURE TRUSTEE] in its individual capacity, any owner of a
beneficial interest in the Issuer, the Seller, the Master Servicer, or any of
their respective partners, 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
this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this
Note by its acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of
the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

                                     114
<PAGE>

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

_____________________________________________

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

_______________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________________, attorney, to
transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

Dated: _________________     _______________________________*/
                             Signature Guaranteed:

                             _______________________________*/

____________________

  */     NOTICE: The signature to this assignment must correspond with the
         name of the registered owner as it appears on the face of the within
         Note in every particular, without alteration, enlargement or any
         change whatsoever. Such signature must be guaranteed by an "eligible
         guarantor institution" meeting the requirements of the Note
         Registrar, which requirements include membership or participation in
         STAMP or such other "signature guarantee program" as may be
         determined by the Note Registrar in addition to, or in substitution
         for, STAMP, all in accordance with the Securities Exchange Act of
         1934, as amended.

                                     115
<PAGE>Exhibit 10.1

                     FORM OF SALE AND SERVICING AGREEMENT

                                     among

                  [__________], ACTING NOT IN ITS INDIVIDUAL
                    CAPACITY BUT SOLELY AS OWNER TRUSTEE OF
                   REGIONS AUTO RECEIVABLES TRUST 200__-__,
                                    Issuer,

                            REGIONS ACCEPTANCE LLC,
                                  Depositor,

                                 REGIONS BANK,
             Seller, Master Servicer, Administrator and Custodian,

                                      and

                             [INDENTURE TRUSTEE],
                               Indenture Trustee

                              Dated as of [DATE]

<PAGE>

<TABLE>
<CAPTION>
                                             Table of Contents

                                                                                                      Page
                                                                                                      ----

                                                 ARTICLE I
                                                DEFINITIONS

<S>              <C>
Section 1.01.     Definitions............................................................................1
Section 1.02.     Other Definitional Provisions.........................................................19

                                                ARTICLE II
                                         CONVEYANCE OF RECEIVABLES

Section 2.01.     Conveyance of Receivables.............................................................20

                                                ARTICLE III
                                              THE RECEIVABLES

Section 3.01.     Representations and Warranties of the Seller..........................................22
Section 3.02.     Representations and Warranties of the Depositor.......................................22
Section 3.03.     Repurchase Upon Breach................................................................23
Section 3.04.     Custody of Receivable Files...........................................................23
Section 3.05.     Duties of Master Servicer as Custodian................................................23
Section 3.06.     Instructions; Authority to Act........................................................24
Section 3.07.     Custodian's Indemnification...........................................................25
Section 3.08.     Effective Period and Termination......................................................25
Section 3.09.     Transfer and Delivery of Receivable Files.............................................26

                                                ARTICLE IV
                                ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 4.01.     Duties of Master Servicer.............................................................26
Section 4.02.     Collection of Receivable Payments; Modifications of Receivables.......................28
Section 4.03.     Realization upon Receivables..........................................................28
Section 4.04.     Physical Damage Insurance.............................................................28
Section 4.05.     Maintenance of Security Interests in Financed Vehicles................................29
Section 4.06.     Covenants of Master Servicer..........................................................29
Section 4.07.     Purchase of Receivables Upon Breach...................................................30
Section 4.08.     Servicing Fee.........................................................................30
Section 4.09.     Master Servicer's Certificate.........................................................30
Section 4.10.     Annual Statement as to Compliance; Notice of Master Servicer Termination
                  Event; Sarbanes-Oxley.................................................................31
Section 4.11.     Annual Independent Accountants' Report................................................31
Section 4.12.     Access to Certain Documentation and Information Regarding Receivables.................32
Section 4.13.     Term of Master Servicer...............................................................32
Section 4.14.     Access to Information Regarding Trust and Basic Documents.............................32

                                                    i

<PAGE>

                                                 ARTICLE V
                               DISTRIBUTIONS; STATEMENTS TO SECURITYHOLDERS

Section 5.01.     Establishment of Accounts.............................................................32
Section 5.02.     Collections...........................................................................34
Section 5.03.     Application of Collections............................................................35
Section 5.04.     Purchase Amounts......................................................................35
Section 5.05.     Reserved..............................................................................35
Section 5.06.     Distributions.........................................................................35
Section 5.07.     Reserve Account.......................................................................37
Section 5.08.     Statements to Securityholders.........................................................38

                                                ARTICLE VI
                                               THE DEPOSITOR

Section 6.01.     Representations of Depositor..........................................................39
Section 6.02.     Limited Liability Company Existence...................................................41
Section 6.03.     Liability of Depositor; Indemnities...................................................41
Section 6.04.     Merger or Consolidation of, or Assumption of the Obligations of, Depositor............41
Section 6.05.     Limitation on Liability of Depositor and Others.......................................42
Section 6.06.     Depositor May Own Securities..........................................................42
Section 6.07.     Depositor to Provide Copies of Relevant Securities Filings............................42
Section 6.08.     Amendment of Depositor's Organizational Documents.....................................42

                                                ARTICLE VII
                                               THE SERVICER

Section 7.01.     Representations of Master Servicer....................................................42
Section 7.02.     Indemnities of Master Servicer........................................................44
Section 7.03.     Merger or Consolidation of, or Assumption of the Obligations of, Master
                  Servicer..............................................................................45
Section 7.04.     Limitation on Liability of Master Servicer and Others.................................45
Section 7.05.     Appointment of Subservicer............................................................46
Section 7.06.     [Master Servicer Not to Resign].......................................................46

                                               ARTICLE VIII
                                                  DEFAULT

Section 8.01.     Master Servicer Termination Events....................................................46
Section 8.02.     Consequences of a Master Servicer Termination Event...................................47
Section 8.03.     Appointment of Successor Master Servicer..............................................48
Section 8.04.     Notification to Securityholders.......................................................49
Section 8.05.     Waiver of Past Defaults...............................................................49

                                                ARTICLE IX
                                                TERMINATION

                                                    ii

<PAGE>

Section 9.01.     Optional Purchase of All Receivables..................................................49

                                                 ARTICLE X
                                               MISCELLANEOUS

Section 10.01.    Amendment.............................................................................50
Section 10.02.    Protection of Title to Trust..........................................................51
Section 10.03.    Notices...............................................................................53
Section 10.04.    Assignment by the Depositor or the Master Servicer....................................53
Section 10.05.    Limitations on Rights of Others.......................................................53
Section 10.06.    Severability..........................................................................53
Section 10.07.    Counterparts..........................................................................53
Section 10.08.    Headings..............................................................................53
Section 10.09.    GOVERNING LAW.........................................................................53
Section 10.10.    Assignment by Issuer..................................................................53
Section 10.11.    Nonpetition Covenants.................................................................54
Section 10.12.    Limitation of Liability of Owner Trustee and Indenture Trustee........................54

Schedule A        [Reserved]
Schedule B        Final Schedule of Receivables
Schedule C        Location of Receivable Files
Exhibit A         Representations and Warranties of the Seller Under Section 3.02 of the
                  Receivables Purchase Agreement
Exhibit B         Form of Payment Date Statement to Securityholders
Exhibit C         Form of Master Servicer's Certificate
Exhibit D-1       Extension Policy
Exhibit D-2       Form of Dealer Agreement
Exhibit D-3       Form of Assignment
</TABLE>

                                                   iii

<PAGE>

     This SALE AND SERVICING AGREEMENT, dated as of [DATE], among
[__________], ACTING NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE
OF REGIONS AUTO RECEIVABLES TRUST 200__-__, a Delaware common law trust (the
"Issuer"), REGIONS ACCEPTANCE LLC, a Delaware limited liability company (the
"Depositor"), REGIONS BANK, an Alabama state banking corporation, as master
servicer (in such capacity, the "Master Servicer"), as seller (in such
capacity, the "Seller"), as administrator (in such capacity, the
"Administrator") and as custodian (in such capacity, the "Custodian") and
[INDENTURE TRUSTEE], a [_______] banking corporation, as indenture trustee
(the "Indenture Trustee").

     WHEREAS, the Issuer desires to purchase a portfolio of receivables
arising in connection with [retail installment sales contracts, retail
installment loans, purchase money notes or other notes] originated or
purchased by Regions Bank in the ordinary course of its business and sold by
Regions Bank to the Depositor;

     WHEREAS, the Depositor is willing to sell such receivables to the Issuer;
and

     WHEREAS, Regions Bank is willing to service such receivables.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties hereto agree as follows:

                                   ARTICLE I

                                  DEFINITIONS

     Section 1.01. Definitions. Whenever used in this Agreement, the following
words and phrases, unless the context otherwise requires, shall have the
following meanings:

     "Administration Agreement" shall mean the Owner Trust Administration
Agreement dated as of [_________], 2002, among [__________], acting not in its
individual capacity but solely as Owner Trustee of Regions Auto Receivables
Trust 200_-_, as the Issuer, Regions Bank, as Owner Trust Administrator, and
[_________], as Indenture Trustee.

     "Affiliate" means. as to any Person, any other Person controlling,
controlled by or under common control with such Person.

     "Agreement" means this Sale and Servicing Agreement, as the same may be
amended or supplemented from time to time.

     "Amount Financed" means with respect to a Receivable, the amount advanced
under the Receivable toward the purchase price of the Financed Vehicle and any
related costs, exclusive of any amount allocable to the premium of
force-placed physical damage insurance covering the Financed Vehicle.

     "Annual Percentage Rate" or "APR" of a Receivable means the annual rate
of interest stated in the related Contract.

     "Basic Documents" means the Trust Agreement, the Indenture, this
Agreement, the Receivables Purchase Agreement, the Administration Agreement,
the Securities Account Control Agreement, and the Note Depository Agreement
and other documents and certificates delivered in connection therewith.

                                      1

<PAGE>

     "Business Day" means any day other than a Saturday, a Sunday, a legal
holiday or any other day on which banking institutions or trust companies in
the States of New York, Alabama, Delaware or the state where the Subservicer's
principal servicing center is located, are authorized or required by law,
executive order or governmental decree to be closed.

     "Certificate" means a certificate evidencing the beneficial interest of a
Certificateholder in the Trust, executed and countersigned as provided in the
Trust Agreement and substantially in the form set forth in Exhibit A therein.

     "Certificate Interest Distribution Account" has the meaning assigned to
such term in the Trust Agreement.

     "Certificate Principal Distribution Account" has the meaning assigned to
such term in the Trust Agreement.

     "Certificateholder" or "Holder" shall mean a Person in whose name a
Certificate is registered.

     "Certificateholders' Interest Distributable Amount" means, with respect
to any Payment Date, the sum of the Certificateholders' Monthly Interest
Distributable Amount for such Payment Date and the Certificateholders'
Interest Carryover Shortfall for such Payment Date.

     "Class" means any one of the classes of Notes or the Certificates.

     "Class [A] Note" means any Class [A-1] Note, Class [A-2] Note, Class
[A-3] Note or Class [A-4] Note.

     "Class [A] Noteholders' Interest Distributable Amount" means, with
respect to any Payment Date, the sum of the Class [A-1] Interest Distributable
Amount for such Payment Date, the Class [A-2] Interest Distributable Amount
for such Payment Date, the Class [A-3] Interest Distributable Amount for such
Payment Date and, the Class [A-4] Interest Distributable Amount for such
Payment Date.

     "Class [A-1] Final Scheduled Payment Date" means the Payment Date in
[DATE].

     "Class [A-1] Interest Carryover Shortfall" means, with respect to any
Payment Date, the amount, if any, by which the sum of the Class [A-1] Monthly
Interest Distributable Amount for the preceding Payment Date and any
outstanding Class [A-1] Interest Carryover Shortfall on such preceding Payment
Date exceeds the amount in respect of interest for the Class [A-1] Notes
actually deposited in the Note Interest Distribution Account on such preceding
Payment Date, plus interest on the amount of interest due but not paid to the
Class [A-1] Noteholders on such preceding Payment Date, to the extent
permitted by law, at the Class [A-1] Rate.

     "Class [A-1] Interest Distributable Amount" means, with respect to any
Payment Date, the sum of the Class [A-1] Monthly Interest Distributable Amount
for such Payment Date and the Class [A-1] Interest Carryover Shortfall for
such Payment Date.

                                      2

<PAGE>

     "Class [A-1] Monthly Interest Distributable Amount" means, with respect
to any Payment Date, interest accrued from and including the prior Payment
Date (or, in the case of the first Payment Date, from and including the
Closing Date) to and including the day immediately prior to such Payment Date,
on the Class [A-1] Notes at the Class [A-1] Rate on the Outstanding Amount of
the Class [A-1] Notes on the immediately preceding Payment Date (or, in the
case of the first Payment Date, the Closing Date), after giving effect to all
distributions of principal to the Class [A-1] Noteholders on or prior to such
preceding Payment Date. For all purposes of this Agreement and the other Basic
Documents, interest with respect to the Class [A-1] Notes shall be computed on
the basis of [the actual number of days in the related Interest Accrual Period
and a 360-day year].

     "Class [A-1] Note Balance" means, as of any date of determination, the
Initial Class [A-1] Note Balance less all amounts distributed to Class [A-1]
Noteholders on or prior to such date and allocable to principal.

     "Class [A-1] Noteholder" means the Person in whose name a Class [A-1]
Note is registered in the Note Register.

     "Class [A-1] Notes" means the [____]% Asset Backed Notes, Class [A-1],
substantially in the form of Exhibit A-1 to the Indenture.

     "Class [A-1] Rate" means [____]% per annum.

     "Class [A-2] Final Scheduled Payment Date" means the Payment Date in
[DATE].

     "Class [A-2] Interest Carryover Shortfall" means, with respect to any
Payment Date, the amount, if any, by which the sum of the Class [A-2] Monthly
Interest Distributable Amount for the preceding Payment Date and any
outstanding Class [A-2] Interest Carryover Shortfall on such preceding Payment
Date exceeds the amount in respect of interest for the Class [A-2] Notes
actually deposited in the Note Interest Distribution Account on such preceding
Payment Date, plus interest on the amount of interest due but not paid to the
Class [A-2] Noteholders on such preceding Payment Date, to the extent
permitted by law, at the Class [A-2] Rate.

     "Class [A-2] Interest Distributable Amount" means, with respect to any
Payment Date, the sum of the Class [A-2] Monthly Interest Distributable Amount
for such Payment Date and the Class [A-2] Interest Carryover Shortfall for
such Payment Date.

     "Class [A-2] Monthly Interest Distributable Amount" means, with respect
to any Payment Date, interest accrued from and including the [15th] day of the
preceding calendar month (or, in the case of the first Payment Date, from and
including the Closing Date) to and including the [14th] day of the calendar
month in which such Payment Date occurs, on the Class [A-2] Notes at the Class
[A-2] Rate on the Outstanding Amount of the Class [A-2] Notes on the
immediately preceding Payment Date (or, in the case of the first Payment Date,
the Closing Date), after giving effect to all distributions of principal to
the Class [A-2] Noteholders on or prior to such preceding Payment Date. For
all purposes of this Agreement and the other Basic Documents, interest with
respect to the Class [A-2] Notes shall be computed on the basis of [a 360-day
year consisting of twelve 30-day months].

                                      3

<PAGE>

     "Class [A-2] Noteholder" means the Person in whose name a Class [A-2]
Note is registered in the Note Register.

     "Class [A-2] Notes" means the [____]% Asset Backed Notes, Class [A-2],
substantially in the form of Exhibit A-2 to the Indenture.

     "Class [A-2] Rate" means [____]% per annum.

     "Class [A-3] Final Scheduled Payment Date" means the Payment Date in
[DATE].

     "Class [A-3] Interest Carryover Shortfall" means, with respect to any
Payment Date, the amount, if any, by which the sum of the Class [A-3] Monthly
Interest Distributable Amount for the preceding Payment Date and any
outstanding Class [A-3] Interest Carryover Shortfall on such preceding Payment
Date exceeds the amount in respect of interest for the Class [A-3] Notes
actually deposited in the Note Interest Distribution Account on such preceding
Payment Date, plus interest on the amount of interest due but not paid to the
Class [A-3] Noteholders on such preceding Payment Date, to the extent
permitted by law, at the Class [A-3] Rate.

     "Class [A-3] Interest Distributable Amount" means, with respect to any
Payment Date, the sum of the Class [A-3] Monthly Interest Distributable Amount
for such Payment Date and the Class [A-3] Interest Carryover Shortfall for
such Payment Date.

     "Class [A-3] Monthly Interest Distributable Amount" means, with respect
to any Payment Date, interest accrued from and including the [15th] day of the
preceding calendar month (or, in the case of the first Payment Date, from and
including the Closing Date) to and including the [14th] day of the calendar
month in which such Payment Date occurs, on the Class [A-3] Notes at the Class
[A-3] Rate on the Outstanding Amount of the Class [A-3] Notes on the
immediately preceding Payment Date (or, in the case of the first Payment Date,
the Closing Date), after giving effect to all distributions of principal to
the Class [A-3] Noteholders on or prior to such preceding Payment Date. For
all purposes of this Agreement and the other Basic Documents, interest with
respect to the Class [A-3] Notes shall be computed on the basis of [a 360-day
year consisting of twelve 30-day months].

     "Class [A-3] Noteholder" means the Person in whose name a Class [A-3]
Note is registered in the Note Register.

     "Class [A-3] Notes" means the [____]% Asset Backed Notes, Class [A-3],
substantially in the form of Exhibit A-3 to the Indenture.

     "Class [A-3] Rate" means [____]% per annum.

     "Class [A-4] Final Scheduled Payment Date" means the Payment Date in
[DATE].

     "Class [A-4] Interest Carryover Shortfall" means, with respect to any
Payment Date, the amount, if any, by which the sum of the Class [A-4] Monthly
Interest Distributable Amount for the preceding Payment Date and any
outstanding Class [A-4] Interest Carryover Shortfall on such preceding Payment
Date exceeds the amount in respect of interest for the Class [A-4] Notes
actually deposited in the Note Interest Distribution Account on such preceding
Payment Date,

                                      4

<PAGE>

plus interest on the amount of interest due but not paid to the Class [A-4]
Noteholders on such preceding Payment Date, to the extent permitted by law, at
the Class [A-4] Rate.

     "Class [A-4] Interest Distributable Amount" means, with respect to any
Payment Date, the sum of the Class [A-4] Monthly Interest Distributable Amount
for such Payment Date and the Class [A-4] Interest Carryover Shortfall for
such Payment Date.

     "Class [A-4] Monthly Interest Distributable Amount" means, with respect
to any Payment Date, interest accrued from and including the [15th] day of the
preceding calendar month (or, in the case of the first Payment Date, from and
including the Closing Date) to and including the [14th] day of the calendar
month in which such Payment Date occurs, on the Class [A-4] Notes at the Class
[A-4] Rate on the Outstanding Amount of the Class [A-4] Notes on the
immediately preceding Payment Date (or, in the case of the first Payment Date,
the Closing Date), after giving effect to all distributions of principal to
the Class [A-4] Noteholders on or prior to such preceding Payment Date. For
all purposes of this Agreement and the other Basic Documents, interest with
respect to the Class [A-4] Notes shall be computed on the basis of [a 360-day
year consisting of twelve 30-day months].

     "Class [A-4] Noteholder" means the Person in whose name a Class [A-4]
Note is registered in the Note Register.

     "Class [A-4] Notes" means the [____]% Asset Backed Notes, Class [A-4],
substantially in the form of Exhibit A-4 to the Indenture.

     "Class [A-4] Rate" means [____]% per annum.

     "Class [B] Final Scheduled Payment Date" means the Payment Date in
[DATE].

     "Class [B] Interest Carryover Shortfall" means, with respect to any
Payment Date, the amount, if any, by which the sum of the Class [B] Monthly
Interest Distributable Amount for the preceding Payment Date and any
outstanding Class [B] Interest Carryover Shortfall on such preceding Payment
Date exceeds the amount in respect of interest for the Class [B] Notes
actually deposited in the Note Interest Distribution Account on such preceding
Payment Date, plus interest on the amount of interest due but not paid to the
Class [B] Noteholders on such preceding Payment Date, to the extent permitted
by law, at the Class [B] Rate.

     "Class [B] Monthly Interest Distributable Amount" means, with respect to
any Payment Date, interest accrued from and including the [15th] day of the
preceding calendar month (or, in the case of the first Payment Date, from and
including the Closing Date) to and including the [14th] day of the calendar
month in which such Payment Date occurs, on the Class [B] Notes at the Class
[B] Rate on the Outstanding Amount of the Class [B] Notes on the immediately
preceding Payment Date (or, in the case of the first Payment Date, the Closing
Date), after giving effect to all distributions of principal to the Class [B]
Noteholders on or prior to such preceding Payment Date. For all purposes of
this Agreement and the other Basic Documents, interest with respect to the
Class [B] Notes shall be computed on the basis of [a 360-day year consisting
of twelve 30-day months].

                                      5

<PAGE>

     "Class [B] Noteholder" means the Person in whose name a Class [B] Note is
registered in the Note Register.

     "Class [B] Noteholders' Interest Distributable Amount" means, with
respect to any Payment Date, the sum of the Class [B] Monthly Interest
Distributable Amount for such Payment Date and the Class [B] Interest
Carryover Shortfall for such Payment Date.

     "Class [B] Notes" means the [____]% Asset Backed Notes, Class [B],
substantially in the form of Exhibit B to the Indenture.

     "Class [B] Rate" means [____]% per annum.

     "Class [C] Certificate" means a certificate for Regions Auto Receivables
Trust, Series 200__-__, designated Class [C], executed and countersigned as
provided in the Trust Agreement and substantially in the form set forth in
Exhibit A therein.

     "Class [C] Certificate Balance" equals the Initial Class [C] Certificate
Balance reduced by all amounts allocable to principal previously distributed
to Class [C] Certificateholders.

     "Class [C] Certificate Pool Factor" means, as of the close of business on
the last day of a Collection Period, a seven-digit decimal figure equal to the
Class [C] Certificate Balance (after giving effect to any reductions therein
to be made on the immediately following Payment Date) divided by the Initial
Class [C] Certificate Balance. The Class [C] Certificate Pool Factor will be
1.0000000 as of the Closing Date; thereafter, the Class [C] Certificate Pool
Factor will decline to reflect reductions in the Class [C] Certificate
Balance.

     "Class [C] Certificateholder" is a Holder of a Class [C] Certificate.

     "Class [C] Certificateholders' Interest Carryover Shortfall" means, with
respect to any Payment Date, the amount, if any, by which the sum of the Class
[C] Certificateholders' Monthly Interest Distributable Amount for the
immediately preceding Payment Date and any outstanding Class [C]
Certificateholders' Interest Carryover Shortfall on such preceding Payment
Date exceeds the amount in respect of interest actually deposited in the
Certificate Interest Distribution Account pursuant to Section 5.06(b)(vi),
plus interest on the amount of interest due but not paid to the Class [C]
Certificateholders on such preceding Payment Date, to the extent permitted by
law, at the Class [C] Rate.

         "Class [C] Certificateholders' Monthly Interest Distributable Amount"
means, with respect to any Payment Date, interest accrued from and including
the [15th] day of the preceding calendar month (or, in the case of the first
Payment Date, from and including the Closing Date) to and including the [14th]
day of the calendar month in which such Payment Date occurs, on the Class [C]
Certificates at the Class [C] Rate on the Class [C] Certificate Balance on the
immediately preceding Payment Date (or, in the case of the first Payment Date,
the Closing Date), after giving effect to all distributions of principal to
the Class [C] Certificateholders on or prior to such preceding Payment Date.
Interest with respect to the Certificates shall be computed on the basis of [a
360-day year consisting of twelve 30-day months] for all purposes of this
Agreement and the Basic Documents.

                                      6

<PAGE>

     "Class [C] Final Scheduled Payment Date" means the Payment Date in
[DATE].

     "Class [C] Rate" means [____]% per annum.

     "Closing Date" means [DATE].

     "Collateral" has the meaning specified in the Granting Clause of the
Indenture.

     "Collection Account" means the account designated as such, established
and maintained pursuant to Section 5.01(a).

     "Collection Period" means with respect to any Payment Date, the calendar
month preceding such Payment Date. Any amount stated as of the last day of a
Collection Period or as of the first day of a Collection Period shall give
effect to the following calculations as determined as of the close of business
on such last day: (i) all applications of collections and (ii) all
distributions to be made on the following Payment Date.

     "Contract" means a [retail installment sales contract, retail installment
loan, purchase money note or other note].

     "Controlling Party" means (i) if the Notes have not been paid in full,
the Indenture Trustee acting at the direction of at least a majority in
Outstanding Amount of the Noteholders and (ii) if the Notes have been paid in
full, the Owner Trustee for the benefit of the Certificateholders.

     "Conveyed Assets" shall have the meaning set forth in Section 2.01.

     "Corporate Trust Administration Department" shall have the meaning set
forth in the Trust Agreement.

     "Corporate Trust Office" shall have the meaning set forth in the
Indenture.

     "Cram Down Loss" means any loss resulting from an order issued by a court
of appropriate jurisdiction in an insolvency proceeding that reduces the
amount owed on a Receivable or otherwise modifies or restructures the
scheduled payments to be made thereon. The amount of any such Cram Down Loss
will equal the excess of (i) the principal balance of the Receivable
immediately prior to such order over (ii) the principal balance of such
Receivable as so reduced, modified or restructured. A Cram Down Loss will be
deemed to have occurred on the date on which the Master Servicer receives
notice of such order.

     "Custodian" means [CUSTODIAN], in its capacity as custodian of the
Receivables.

     "Dealer" means the dealer which sold a Financed Vehicle and through which
Regions Bank originated the related Receivable or which originated the related
Receivable and assigned it to Regions Bank pursuant to a Dealer Agreement or
form of assignment, as applicable.

                                      7

<PAGE>

     "Dealer Agreement" means an agreement between Regions Bank and a Dealer
pursuant to which such Dealer sells Contracts to Regions Bank or Regions Bank
originates Contracts through such Dealer, substantially in the form of Exhibit
D-2 hereto.

     "Delivery" when used with respect to Trust Account Property means:

     (a) with respect to any "instruments" within the meaning of Section
9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer
thereof to the Indenture Trustee by physical delivery to the Indenture Trustee
endorsed to, or registered in the name of, the Indenture Trustee or endorsed
in blank, and, with respect to a certificated security (as defined in Section
8-102 of the UCC) transfer thereof (i) by delivery of such certificated
security endorsed to, or registered in the name of, the Indenture Trustee or
(ii) by delivery thereof to a "clearing corporation" (as defined in Section
8-102 of the UCC) and the making by such clearing corporation of appropriate
entries on its books reducing the appropriate securities account of the
transferor and increasing the appropriate securities account of the Indenture
Trustee by the amount of such certificated security and the identification by
the clearing corporation of the certificated securities for the sole and
exclusive account of the Indenture Trustee (all of the foregoing, "Physical
Property"), and, in any event, any such Physical Property in registered form
shall be in the name of the Indenture Trustee or its nominee; and such
additional or alternative procedures as may hereafter become appropriate to
effect the complete transfer of ownership of any such Trust Account Property
to the Indenture Trustee or its nominee or custodian, consistent with changes
in applicable law or regulations or the interpretation thereof;

     (b) with respect to any security issued by the U.S. Treasury, the Federal
Home Loan Mortgage Corporation or by the Federal National Mortgage Association
that is a book-entry security held through the Federal Reserve System pursuant
to federal book-entry regulations, the following procedures, all in accordance
with applicable law, including applicable federal regulations and Articles 8
and 9 of the UCC: book-entry registration of such Trust Account Property to an
appropriate book-entry account maintained with a Federal Reserve Bank by a
securities intermediary that is also a "depository" pursuant to applicable
federal regulations; the making by such securities intermediary of entries in
its books and records crediting such Trust Account Property to the Indenture
Trustee's security account at the securities intermediary and identifying such
book-entry security held through the Federal Reserve System pursuant to
federal book-entry regulations as belonging to the Indenture Trustee; and such
additional or alternative procedures as may hereafter become appropriate to
effect complete transfer of ownership of any such Trust Account Property to
the Indenture Trustee, consistent with changes in applicable law or
regulations or the interpretation thereof;

     (c) with respect to any item of Trust Account Property that is an
uncertificated security under Article 8 of the UCC and that is not governed by
clause (b) above, registration on the books and records of the issuer thereof
in the name of the Indenture Trustee or its nominee or custodian who either
(i) becomes the registered owner on behalf of the Indenture Trustee or (ii)
having previously become the registered owner, acknowledges that it holds for
the Indenture Trustee; and

                                      8

<PAGE>

     (d) with respect to any item of Trust Account Property that is a security
entitlement causing the securities intermediary to indicate on its books and
records that such security entitlement has been credited to a securities
account of the Indenture Trustee.

     "Depositor" means Regions Acceptance LLC and its successors in interest.

     "Determination Date" means, with respect to each Payment Date, the
earlier of (i) the [eleventh] calendar day of the month in which such Payment
Date occurs (or if such [eleventh] day is not a Business Day, the next
succeeding Business Day) and (ii) the [third] Business Day preceding such
Payment Date.

     "Eligible Deposit Account" means either (a) a segregated account with an
Eligible Institution or (b) a segregated trust account with the corporate
trust department of a depository institution organized under the laws of the
United States of America or any State, having corporate trust powers and
acting as trustee for funds deposited in such account, so long as any of the
securities of such depository institution shall have a credit rating from each
Rating Agency in one of its generic rating categories that signifies
investment grade.

     "Eligible Institution" means (a) the corporate trust department of the
Indenture Trustee or the Owner Trustee or (b) a depository institution
organized under the laws of the United States of America or any State, that
(i) has either (A) a long-term unsecured debt rating of at least ["AA-"] by
[RATING AGENCY] and ["A2"] by [RATING AGENCY] or (B) a short-term unsecured
debt rating or certificate of deposit rating of at least ["A-1+"] by [RATING
AGENCY] and ["Prime-1"] by [RATING AGENCY] and (ii) the deposits of which are
insured by the FDIC.

     "Eligible Investments" means [securities, negotiable instruments or
security entitlements, excluding any security with an "r" attached to the
rating thereof,] that evidence:

     (a) [direct obligations of, and obligations fully guaranteed as to the
full and timely payment by, the United States of America;]

     (b) [demand deposits, time deposits or certificates of deposit of any
depository institution or trust company incorporated under the laws of the
United States of America or any State (or any domestic branch of a foreign
bank) and subject to supervision and examination by federal or state banking
or depository institution authorities; provided, however, that at the time of
the investment or contractual commitment to invest therein, the commercial
paper or other short-term unsecured debt obligations (other than such
obligations the rating of which is based on the credit of a Person other than
such depository institution or trust company) thereof shall have a credit
rating from each Rating Agency in the highest investment category granted
thereby;]

     (c) [commercial paper having, at the time of the investment or
contractual commitment to invest therein, a rating from each Rating Agency in
the highest investment category granted thereby;]

     (d) [investments in money market funds having a rating from each Rating
Agency in the highest investment category granted thereby (including funds for
which the Indenture Trustee or the Owner Trustee or any of their respective
Affiliates is investment manager or advisor);]

                                      9

<PAGE>

     (e) [bankers' acceptances issued by any depository institution or trust
company referred to in clause (b) above;]

     (f) [repurchase obligations with respect to any security that is a direct
obligation of, or fully guaranteed by, the United States of America or any
agency or instrumentality thereof the obligations of which are backed by the
full faith and credit of the United States of America, in either case entered
into with a depository institution or trust company (acting as principal)
described in clause; and]

     (g) [any other investment with respect to which the Rating Agency
Condition is met and the Issuer, the Indenture Trustee or the Master Servicer
has received written notification from [RATING AGENCY] that the acquisition of
such investment will not result in a reduction, withdrawal or downgrade of the
then-current rating of any Class of Securities.]

     "Eligible Master Servicer" means [Regions Bank or any other Person that
at the time of its appointment as Master Servicer (i) is servicing a portfolio
of [retail installment sales contracts, retail installment loans, purchase
money notes or other notes], (ii) is legally qualified and has the capacity to
service the Receivables, (iii) has demonstrated the ability professionally and
competently to service a portfolio of [retail installment sales contracts,
retail installment loans, purchase money notes or other notes] similar to the
Receivables with reasonable skill and care and (iv) has a minimum net worth of
$50,000,000].

     "Extension Policy" shall mean the policies of the Master Servicer with
respect to granting extensions on the Contracts as set forth on Exhibit D-1
hereto.

     "FDIC" means the Federal Deposit Insurance Corporation, and its
successors.

     "Final Scheduled Payment Date" means the Class [A-1] Final Scheduled
Payment Date, the Class [A-2] Final Scheduled Payment Date, the Class [A-3]
Final Scheduled Payment Date, the Class [A-4] Final Scheduled Payment Date,
the Class [B] Final Scheduled Payment Date or the Class [C] Final Scheduled
Payment Date, as applicable.

     "Financed Vehicle" means a new or used automobile, light-duty truck, van,
minivan or sport utility vehicle, together with all accessions thereto,
securing an Obligor's indebtedness under the related Contract.

     "First Allocation of Principal" means, with respect to any Payment Date,
the excess, if any, of (x) the aggregate Outstanding Amount of the Class [A]
Notes (as of the day immediately preceding such Payment Date) over (y) the
Pool Balance for such Payment Date.

     "Indenture" means the Indenture, dated as of [DATE], between the Issuer
and the Indenture Trustee.

     "Indenture Trustee" means the Person acting as Indenture Trustee under
the Indenture, its successors in interest and any successor trustee under the
Indenture.

     "Initial Class [A-1] Note Balance" means $[____].

                                      10

<PAGE>

     "Initial Class [A-2] Note Balance" means $[____].

     "Initial Class [A-3] Note Balance" means $[____].

     "Initial Class [A-4] Note Balance" means $[____]

     "Initial Class [B] Note Balance" means $[____].

     "Initial Class [C] Certificate Balance" means $[____].

     "Initial Cutoff Date" means the close of business on [DATE].

     "Initial Overcollateralization Amount" means $[____].

     "Initial Pool Balance" means an amount equal to the aggregate Principal
Balance, as of the Initial Cutoff Date, of the Receivables listed on Schedule
B hereto that were originated on or prior to the Initial Cutoff Date.

     "Initial Receivable" means any Contract listed on Schedule A (which
Schedule may be in the form of microfiche).

     "Insolvency Event" means, with respect to a specified Person, (a) the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of such Person or any substantial part of its property 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 for such Person or for any substantial part of its property, or
ordering the winding-up or liquidation of such Person's affairs, and such
decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or (b) the commencement by such Person of a voluntary case
under any applicable federal or state bankruptcy, insolvency or other similar
law now or hereafter in effect, or the consent by such Person to the entry of
an order for relief in an involuntary case under any such law, or the consent
by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for
such Person or for any substantial part of its property, or the making by such
Person of any general assignment for the benefit of creditors, or the failure
by such Person generally to pay its debts as such debts become due, or the
taking of action by such Person in furtherance of any of the foregoing.

     "Interest Accrual Period" means, with respect to the Class [A-1] Notes,
the period from and including the most recent Payment Date on which interest
has been paid (or, in the case of the first Payment Date, the Closing Date) to
and including the day before the Payment Date and, with respect to the Class
[A-2] Notes, the Class [A-3] Notes, the Class [A-4] Notes, the Class [B] Notes
and the Certificates, the period from and including the [15th] day of the
preceding calendar month (or, in the case of the first Payment Date, the
Closing Date) to and including the [14th] day of the calendar month in which
such Payment Date occurs.

     "Interest Distribution Amount" means, with respect to any Payment Date,
the sum of the following amounts, without duplication, with respect to the
Receivables in respect of the Collection Period preceding such Payment Date:
(a) that portion of all collections on

                                      11

<PAGE>

Receivables allocable to interest, (b) the Purchase Amount of each Receivable
that became a Purchased Receivable during such Collection Period to the extent
attributable to accrued interest on such Receivable, (c) Recoveries for such
Collection Period, (d) Investment Earnings for the related Payment Date, (e)
Liquidation Proceeds for such Collection Period to the extent allocable to
interest, and (f) Net Investment Losses required to be deposited by the Master
Servicer; provided, however, that in calculating the Interest Distribution
Amount the following will be excluded: all payments and proceeds (including
Liquidation Proceeds) of any Purchased Receivables the Purchase Amount of
which has been included in the Interest Distribution Amount in a prior
Collection Period.

     "Investment Earnings" means, with respect to any Payment Date, the
investment earnings (net of losses and investment expenses) on amounts on
deposit in a Trust Account (other than the Collection Account) to be applied
on such Payment Date pursuant to Section 5.01(e).

     "Issuer" means [__________], acting not in its individual capacity but
solely as Owner Trustee of Regions Auto Receivables Trust 200__-__.

     "Joint Origination Agreement" means the joint origination agreement dated
as of ______, 20__, between the Subservicer and the Master Servicer, as it may
be amended or restated from time to time, pursuant to which [______] sells
Receivables to Regions Bank, which [______] has either originated or purchased
through dealers.

     "Lien" means a security interest, lien, charge, pledge, equity or
encumbrance of any kind, other than tax liens, mechanics' liens and any liens
that attach to the respective Receivable by operation of law as a result of
any act or omission by the related Obligor.

     "Liquidated Receivable" means a Receivable with respect to which the
earliest of the following shall have occurred: (i) the related Financed
Vehicle has been repossessed and liquidated, (ii) the related Financed Vehicle
has been repossessed in excess of 60 days and has not yet been liquidated,
(iii) the Master Servicer has determined in accordance with its collection
policies that all amounts that it expects to receive with respect to the
Receivable have been received or (iv) the end of the Collection Period in
which the Receivable becomes 120 days or more past due.

     "Liquidation Proceeds" means, with respect to any Receivable that becomes
a Liquidated Receivable, the moneys collected in respect thereof, from
whatever source, during or after the Collection Period in which such
Receivable became a Liquidated Receivable, including liquidation of the
related Financed Vehicle, net of the sum of any out-of-pocket expenses of the
Master Servicer reasonably allocated to such liquidation and any amounts
required by law to be remitted to the Obligor on such Liquidated Receivable.

     "Master Servicer" means Regions Bank, as the master servicer of the
Receivables, and each successor to Regions Bank (in the same capacity)
pursuant to Section 7.03 or 8.03.

     "Master Servicer Termination Event" shall have the meaning set forth in
Section 8.01.

     "Master Servicer's Certificate" means an Officers' Certificate of the
Master Servicer delivered pursuant to Section 4.09, substantially in the form
of Exhibit C.

                                      12

<PAGE>

     "Minimum Required Rating" means, with respect to Regions Bank, a
short-term unsecured debt rating equal to or greater than "[RATING]" by
[RATING AGENCY] and "[RATING]" by [RATING AGENCY].

     "Net Investment Losses" means, with respect to a Trust Account and any
Collection Period, the amount, if any, by which the aggregate of all losses
and expenses incurred during such period in connection with the investment of
funds in Eligible Investments in accordance with Section 5.01(e) exceeds the
aggregate of all interest and other income realized during such period on such
funds.

     "Non-Master Servicer Termination Event" shall mean the occurrence and
continuation of any one of the following events:

     (a) failure on the part of the Custodian, any Subcustodian or any
Subservicer duly to observe or to perform any other covenants or agreements of
the Custodian, any Subcustodian or the Subservicer set forth in this
Agreement, the Sub-Servicing Agreement or any other Basic Document, which
failure shall (i) materially and adversely affect the rights of the
Noteholders, the Issuer, the Owner Trustee or the Indenture Trustee and (ii)
continue unremedied for a period of 30 days after the date on which the
Custodian, any Subcustodian or the Subservicer shall have knowledge of such
failure or written notice of such failure, requiring the same to be remedied,
shall have been given to the Custodian, any Subcustodian or any Subservicer,
as the case may be, by the Issuer, the Owner Trustee or the Indenture Trustee;

     (b) the occurrence of an Insolvency Event with respect to the Custodian,
any Subcustodian or the Subservicer;

     (c) any representation, warranty or statement of the Custodian, any
Subcustodian or the Subservicer made in any Sub-Servicing Agreement or this
Agreement or the other Basic Documents or any certificate, report or other
writing delivered pursuant thereto or hereto shall prove to be incorrect in
any material respect as of the time when the same shall have been made, and
the incorrectness of such representation, warranty or statement has a material
adverse effect on the Noteholders and, within 30 days after written notice
thereof shall have been given to the Custodian, any Subcustodian or the
Subservicer, as applicable, by the Indenture Trustee or the Issuer, the
circumstance or condition in respect of which such representation, warranty or
statement was incorrect shall not have been eliminated or otherwise cured; or

     (d) a Master Servicer Termination Event.

     "Note Balance" means, as of any date of determination, an amount equal to
the sum of (i) the Initial Class [A-1] Note Balance, (ii) the Initial Class
[A-2] Note Balance, (iii) the Initial Class [A-3] Note Balance, (iv) the
Initial Class [A-4] Note Balance and (v) the Initial Class [B] Note Balance,
less all amounts distributed to Noteholders on or prior to such date and
allocable to principal.

     "Note Interest Distribution Account" means the account designated as
such, established and maintained pursuant to Section 5.01(b).

                                      13

<PAGE>

     "Note Pool Factor" means, with respect to each Class of Notes as of the
close of business on the last day of a Collection Period, a seven-digit
decimal figure equal to the Outstanding Amount of such Class of Notes (after
giving effect to any reductions thereof to be made on the immediately
following Payment Date) divided by the original Outstanding Amount of such
Class of Notes. The Note Pool Factor will be 1.0000000 as of the Closing Date;
thereafter, the Note Pool Factor will decline to reflect reductions in the
Outstanding Amount of such Class of Notes.

     "Noteholders" shall mean the Class [A-1] Noteholders, the Class [A-2]
Noteholders, the Class [A-3] Noteholders, the Class [A-4] Noteholders or the
Class [B] Noteholders.

     "Obligor" on a Receivable means the purchaser or co-purchasers of the
related Financed Vehicle, and any other Person obligated to make payments
thereunder.

     "Officers' Certificate" means a certificate signed by (a) the chairman of
the board, the president, any vice president, the controller or any assistant
controller and (b) a treasurer, assistant treasurer, secretary or assistant
secretary of the Depositor or the Master Servicer, as appropriate.

     "Opinion of Counsel" means one or more written opinions of counsel, who
may be an employee of or counsel to the Depositor, the Master Servicer or the
Trust, which counsel shall be acceptable to the Indenture Trustee, the Owner
Trustee or the Rating Agencies, as applicable, and which shall be addressed to
the Owner Trustee and the Indenture Trustee and which shall be at the expense
of the person required to provide such an Opinion of Counsel.

     "Original Pool Balance" means the sum of the Initial Pool Balance and the
Subsequent Pool Balance.

     "Outstanding Amount" means, as of any date of determination and as to any
Notes, the aggregate principal amount of such Notes Outstanding (as defined in
the Indenture) as of such date of determination and, as of any date of
determination and as to any Certificates, the aggregate principal amount of
such Certificates Outstanding as of such date of determination.

     "Overcollateralization Target Amount" means, as of the first Payment
Date, the Initial Overcollateralization Amount and, as of any Payment Date
thereafter, the greater of: (1) [____]% of the Pool Balance for such Payment
Date and (2) the aggregate Principal Balance of the Receivables (including
Receivables with respect to which the related Financed Vehicle has been
repossessed, but excluding Liquidated Receivables) that are 91 days or more
delinquent as of the last day of the related Collection Period.

     "Owner Trustee" means [OWNER TRUSTEE], acting not in its individual
capacity but solely as owner trustee under the Trust Agreement.

     "Payment Date" means, with respect to each Collection Period, the
[________] day of the following month or, if such day is not a Business Day,
the immediately following Business Day, commencing on [DATE].

     "Physical Property" has the meaning assigned to such term in the
definition of "Delivery" above.

                                      14

<PAGE>

     "Pool Balance" means, with respect to any Payment Date, an amount equal
to the aggregate Principal Balance of the Receivables at the end of the
related Collection Period, after giving effect to all payments of principal
received from Obligors and Purchase Amounts to be remitted by the Master
Servicer or the Seller for the related Collection Period, and after adjustment
for Cram Down Losses and reduction to zero of the aggregate outstanding
Principal Balance of all Receivables that became Liquidated Receivables during
such Collection Period.

     "Principal Balance" means, with respect to any Receivable and a
Determination Date, the Amount Financed minus an amount equal to the sum, as
of the close of business on the last day of the related Collection Period, of
(1) that portion of all amounts received on or prior to such day with respect
to such Receivable and allocable to principal using the Simple Interest
Method, and (2) any Cram Down Losses with respect to such Receivable; provided
that the Principal Balance of any Receivable that has become a Liquidated
Receivable shall be zero.

     "Principal Distribution Account" means the account designated as such,
established and maintained pursuant to Section 5.01(c).

     "Purchase Amount" means, with respect to any Receivable that became a
Purchased Receivable, the unpaid principal balance owed by the Obligor thereon
plus unpaid interest on such amount at the applicable APR to the last day of
the month of repurchase.

     "Purchased Receivable" means a Receivable purchased as of the close of
business on the last day of a Collection Period by or on behalf of the Master
Servicer pursuant to Section 4.07 or by or on behalf of the Seller pursuant to
Section 3.03 and the Receivables Purchase Agreement.

     "Rating Agency" means [RATING AGENCY] or [RATING AGENCY], as the context
may require. If none of [RATING AGENCY], [RATING AGENCY] or a successor
thereto remains in existence, "Rating Agency" shall mean any nationally
recognized statistical rating organization or other comparable Person
designated by the Depositor.

     "Rating Agency Condition" means, with respect to any action, that each
Rating Agency shall have been given 10 days' (or such shorter period as shall
be acceptable to each Rating Agency) prior notice thereof and that each Rating
Agency shall not have notified the Issuer or the Indenture Trustee in writing
that such action will result in a reduction, withdrawal or down-grade of the
then-current rating of any Class of Securities.

     "Realized Losses" means, as to any Payment Date, the amount, if any, by
which the outstanding aggregate Principal Balance of all Receivables that
became Liquidated Receivables during the related Collection Period exceeds
that portion allocable to principal of all net Liquidation Proceeds received
with respect to such Liquidated Receivables.

     "Receivable Files" means the following documents with respect to each
Financed Vehicle:

          (i) the fully executed original of each Receivable (together with
     any agreements modifying each such Receivable, including any extension
     agreement);

          (ii) the original credit application, or an electronic copy thereof;

                                      15

<PAGE>

          (iii) the original certificate of title or such other documents that
     the Master Servicer or the Seller shall keep on file in accordance with
     its customary procedures evidencing the security interest of the Seller
     in the related Financed Vehicle; and

          (iv) any and all other documents that the Master Servicer shall have
     kept on file in accordance with its customary procedures relating to a
     Receivable, an Obligor or a Financed Vehicle.

     "Receivables" means any contract listed on Schedule B (which Schedule may
be in the form of microfiche).

     "Receivables Purchase Agreement" means the Receivables Purchase Agreement
dated as of [DATE], between Regions Bank, as seller and Regions Acceptance
LLC, as depositor.

     "Record Date" means (a) with respect to the Notes, as to any Payment
Date, the day immediately preceding such Payment Date unless the Notes are no
longer Book-Entry Notes, in which case the Record Date will be the last day of
the month preceding such Payment Date, and (b) with respect to the
Certificates, the last day of the month preceding such Payment Date.

     "Recoveries" means, with respect to any Receivable that becomes a
Liquidated Receivable, monies collected in respect thereof, from whatever
source, during any Collection Period following the Collection Period in which
such Receivable became a Liquidated Receivable, net of the sum of any amounts
expended by the Master Servicer for the account of the Obligor and any amounts
required by law to be remitted to the Obligor.

     "Regions Bank" means Regions Bank, an Alabama state banking corporation.

     "Regular Principal Allocation" means, with respect to any Payment Date,
the excess, if any, of the aggregate Outstanding Amount of the Securities as
of the day immediately preceding such Payment Date over (a) the Pool Balance
with respect to such Payment Date less (b) the Overcollateralization Target
Amount with respect to such Payment Date; provided however, that the Regular
Principal Allocation on any Payment Date shall not exceed the Outstanding
Amount of the Securities as of the day immediately preceding such Payment Date
and provided further, that the Regular Principal Allocation on or after the
Final Scheduled Payment Date of any Class of Securities shall not be less than
the amount that is necessary to reduce the Outstanding Amount of such Class of
Securities to zero.

     "Regular Principal Distributable Amount" means, with respect to any
Payment Date, the sum of the following amounts, without duplication, with
respect to the related Collection Period: (i) that portion of all collections
on the Receivables allocable to principal, (ii) the aggregate outstanding
principal balance of all Receivables that became Liquidated Receivables during
such Collection Period, (iii) the aggregate amount of any Cram Down Losses,
and (iv) that portion allocable to principal of the Purchase Amount of all
Receivables that became Purchased Receivables during or in respect of such
Collection Period.

     "Reserve Account" means the account designated as such, established by
the Issuer and maintained by the Indenture Trustee pursuant to Section
5.01(d).

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<PAGE>

     "Reserve Account Initial Deposit" means $[____].

     "Reserve Account Release Amount" means, with respect to any Payment Date,
the excess, if any, of (i) the amount on deposit in the Reserve Account on
such Payment Date (prior to giving effect to any withdrawals therefrom
relating to such Payment Date) over (ii) the Reserve Account Required Amount
with respect to such Payment Date.

     "Reserve Account Required Amount" means (a) on the Closing Date, the
Reserve Account Initial Deposit and (b) with respect to any Payment Date, an
amount equal to [____]% of the Pool Balance as of the end of the related
Collection Period; provided, however, that in no event shall the Reserve
Account Required Amount be less than the lesser of (a) $[_________] and (b)
the aggregate principal amount of the Securities on such Payment Date (after
giving effect to distributions on such date).

     "Reserve Account Withdrawal Amount" means, with respect to each Payment
Date, the lesser of (i) the amount then on deposit in the Reserve Account
(after giving effect to any withdrawals therefrom relating to any Reserve
Account Release Amount for such Payment Date) and (ii) the excess, if any, of
the sum of following amounts for such Payment Date over the Total Distribution
Amount for such Payment Date:

          (A) the aggregate amount required to be paid pursuant to Sections
5.06(b)(i),(ii),(iv) and (vi);

          (B) in the case of any Payment Date occurring on or after the Final
Scheduled Payment Date of any Class of Securities, the amount required to be
paid pursuant to Section 5.06(b)(vii) in reduction of the Outstanding Amount
of such Class of Securities; and

          (C) if the aggregate Outstanding Amount of the Securities (after
giving effect to distributions from the Total Distribution Amount on such
Payment Date) exceeds the Pool Balance with respect to such Payment Date, an
amount equal to the excess of such aggregate Outstanding Amount of the
Securities over such Pool Balance, reduced by any amount required to be paid
pursuant to Section 5.06(b)(vii) in reduction of the Outstanding Amount of a
Class of Securities on the Final Payment Date of such Class of Securities.

     "Responsible Officer" means the chairman of the board, the president, any
executive vice president, any vice president, the treasurer, any assistant
treasurer, the secretary, or any assistant secretary of the Master Servicer.
Responsible Officer of the Owner Trustee shall be as defined in the Indenture.

     "Scheduled Payment" means, with respect to each Receivable, the scheduled
monthly payment amount set forth in the related Contract and required to be
paid by the Obligor during each Collection Period.

     "Second Allocation of Principal" means, with respect to any Payment Date,
the excess, if any, of (x) the aggregate Outstanding Amount of the Class [A]
Notes and the Class [B] Notes (as of the day immediately preceding such
Payment Date) over (y) the Pool Balance for such Payment Date.

                                      17

<PAGE>

     "Securities" means the Notes and the Certificates.

     "Securities Account Control Agreement" means the Securities Account
Control Agreement dated as of [DATE] among the Issuer, the Indenture Trustee
and the Securities Intermediary.

     "Securities Intermediary" means [SECURITIES INTERMEDIARY], in its
capacity as the securities intermediary in the Securities Account Control
Agreement dated as of [DATE].

     "Securityholders" means the Noteholders and/or the Certificateholders, as
the context may require.

     "Seller" means Regions Bank and its successors in interest, as seller of
the Receivables to the Depositor pursuant to the Receivables Purchase
Agreement.

     "Servicing Fee" means an amount equal to the sum of (i) the product of
the Servicing Fee Rate and the Pool Balance as of the first day of the related
Collection Period, and (ii) any late fees, prepayment charges, extension fees
and other administrative fees or similar charges collected on the Receivables.

     "Servicing Fee Rate" means [____]% per annum.

     "Simple Interest Method" means the method of allocating the monthly
payments received with respect to a Receivable to interest in an amount equal
to the product of (i) the applicable APR, (ii) the period of time (expressed
as a fraction of a year, based on the actual number of days in the calendar
month and 365 or 366 days, as applicable, in the calendar year) elapsed since
the preceding payment was made under such Receivable and (iii) the outstanding
principal amount of such Receivable, and allocating the remainder of each such
monthly payment to principal.

     "Subcustodian" shall mean [_________], in its capacity as the
subcustodian of the Receivables under Section 3.04 and, upon succession in
accordance herewith, each successor subcustodian in the same capacity pursuant
to Section 3.04.

     "Subsequent Pool Balance" means an amount equal to the aggregate
Principal Balance, as of the date of origination, of the Receivables listed on
Schedule B hereto that were originated after the Initial Cutoff Date.

     "Subservicer" shall mean [_________], in its capacity as the subservicer
of the Receivables under Section 4.01, and, upon succession in accordance
herewith, each successor subservicer in the same capacity pursuant to Section
4.01.

     "Sub-Servicing Agreement" shall mean any subservicing agreement between
the Master Servicer and a subservicer, as the same may be amended,
supplemented or otherwise modified and in effect from time to time, including
the [_________] Sub-Servicing Agreement.

                                      18

<PAGE>

     "Total Distribution Amount" means, for each Payment Date, the sum of the
related Interest Distribution Amount and the related Regular Principal
Distributable Amount (other than the portion thereof attributable to Realized
Losses or Cram Down Losses).

     "Trust" means the Issuer.

     "Trust Account Property" means the Trust Accounts, all amounts and
investments held from time to time in any Trust Account (whether in the form
of deposit accounts, Physical Property, book-entry securities, uncertificated
securities or otherwise) and all proceeds of the foregoing.

     "Trust Accounts" shall mean the Collection Account, the Note Interest
Distribution Account, Principal Distribution Account and the Reserve Account.

     "Trust Agreement" means the Trust Agreement, dated as of [DATE], between
the Depositor and the Owner Trustee.

     "Trustee Fee Rates" means the rates at which the fees and expenses are
due to the Indenture Trustee and the Owner Trustee.

     "Trust Officer" means, in the case of the Indenture Trustee, any Officer
within the [DEPARTMENT] of the Indenture Trustee (or any successor
department), including any Assistant Vice President, Assistant Treasurer,
Assistant Secretary or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject, in each case having direct
responsibility for the administration of the Basic Documents and, with respect
to the Owner Trustee, any officer in the Corporate Trust Administration
Department of the Owner Trustee with direct responsibility for the
administration of the Trust Agreement and the other Basic Documents on behalf
of the Owner Trustee.

     "UCC" means the Uniform Commercial Code, as in effect in the relevant
jurisdiction.

     "Weighted Average Security Rate" means the percentage equivalent of a
fraction, the numerator of which is the sum of (1) the product of the Class
[A-1] Rate times the Initial Class [A-1] Note Balance, (2) the product of the
Class [A-2] Rate times the Initial Class [A-2] Note Balance, (3) the product
of the Class [A-3] Rate times the Initial Class [A-3] Note Balance, (4) the
product of the Class [A-4] Rate times the Initial Class [A-4] Note Balance,
(5) the product of the Class [B] Rate times the Initial Class [B] Note Balance
and (6) the product of the Class [C] Rate times the Initial Class [C]
Certificate Balance and the denominator of which is the sum of the Initial
Class [A-1] Note Balance, the Initial Class [A-2] Note Balance, the Initial
Class [A-3] Note Balance, the Initial Class [A-4] Note Balance, the Initial
Class [B] Note Balance and the Initial Class [C] Certificate Balance.

     Section 1.02. Other Definitional Provisions.

     (a) Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Indenture or, if not defined
therein, in the Trust Agreement.

                                      19

<PAGE>

     (b) All terms defined in this Agreement shall have the defined meanings
when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein.

     (c) As used in this Agreement and in any certificate or other document
made or delivered pursuant hereto or thereto, accounting terms not defined in
this Agreement or in any such certificate or other document, and accounting
terms partly defined in this Agreement or in any such certificate or other
document to the extent not defined, shall have the respective meanings given
to them under generally accepted accounting principles. To the extent that the
definitions of accounting terms in this Agreement or in any such certificate
or other document are inconsistent with the meanings of such terms under
generally accepted accounting principles, the definitions contained in this
Agreement or in any such certificate or other document shall control.

     (d) The words "hereof," "herein," "hereunder" and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not
to any particular provision of this Agreement; Article, Section, Schedule and
Exhibit references contained in this Agreement are references to Articles,
Sections, Schedules and Exhibits in or to this Agreement unless otherwise
specified; "or" shall include "and/or"; and the term "including" shall mean
"including without limitation".

     (e) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such terms.

     (f) Any agreement, instrument or statute defined or referred to herein or
in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns.

                                  ARTICLE II

                           CONVEYANCE OF RECEIVABLES

     Section 2.01. Conveyance of Receivables. In consideration of the Issuer's
delivery to or upon the order of the Depositor of the Notes, the Certificates
and the Residual Interest (as defined in the Trust Agreement), the Depositor
does hereby transfer, set over and otherwise convey to the Issuer, without
recourse (subject to the obligations of the Depositor set forth herein), all
right, title and interest of the Depositor in and to:

          (i) the Receivables and all moneys received thereon after the
     Initial Cutoff Date in the case of Receivables originated on or before
     the Initial Cutoff Date and all moneys received thereon after the date of
     origination, in the case of Receivables originated after the Initial
     Cutoff Date;

                                      20

<PAGE>

          (ii) the security interests in the Financed Vehicles and any
     accessions thereto granted by Obligors pursuant to the Receivables and
     any other interest of the Depositor in such Financed Vehicles;

          (iii) any Liquidation Proceeds and any other proceeds with respect
     to the Receivables from claims on any physical damage, credit life or
     disability insurance policies covering the Financed Vehicles or the
     related Obligors, including any vendor's single interest or other
     collateral protection insurance policy;

          (iv) any property that shall have secured a Receivable and that
     shall have been acquired by or on behalf of the Depositor, the Master
     Servicer or the Trust;

          (v) the proceeds from any Master Servicer's errors and omissions
     protection policy, any fidelity bond and any blanket physical damage
     policy, to the extent such proceeds relate to any Financed Vehicle;

          (vi) all documents and other items contained in the Receivable
     Files;

          (vii) all of the Depositor's rights (but not its obligations) under
     the Receivables Purchase Agreement;

          (viii) all right, title and interest in all funds on deposit from
     time to time in the Trust Accounts, the Certificate Interest Distribution
     Account and the Certificate Principal Distribution Account and in all
     investments therein and proceeds thereof (including all Investment
     Earnings thereon); and

          (ix) the proceeds of any and all of the foregoing (collectively,
     with the assets listed in clauses (i) through (viii) above, the "Conveyed
     Assets").

     (b) It is the intention of the parties hereto that the transfer and
assignment contemplated by this Agreement shall constitute a sale of the
Receivables and other related property (for non-tax purposes) from the
Depositor to the Trust and the beneficial interest in and title to the
Receivables and the related property shall not be part of the Depositor's
estate in the event of the filing of a bankruptcy petition by or against the
Depositor under any bankruptcy law. In the event that, notwithstanding the
intent of the parties hereto, the transfer and assignment contemplated hereby
is held not to be a sale (for non-tax purposes), this Agreement shall
constitute a security agreement under applicable law, and, in such event, the
Depositor shall be deemed to have granted, and the Depositor hereby grants, to
the Issuer a security interest in all accounts, money, chattel paper,
securities, instruments, documents, deposit accounts, certificates of deposit,
letters of credit, advices of credit, banker's acceptances, uncertificated
securities, general intangibles, contract rights, goods and other property
consisting of, arising from or relating to such Conveyed Assets, for the
benefit of the Trust and its assignees as security for the Depositor's
obligations hereunder and the Depositor consents to the pledge of the
foregoing Conveyed Assets under the Indenture to the Indenture Trustee.

     It is the intention of the Depositor that the transfer and assignment
contemplated by this Agreement shall constitute a sale of the Receivables and
other related property from the Depositor to the Trust and the beneficial
interest in and title to the Receivables and the related

                                      21

<PAGE>

property shall not be part of the Depositor's estate in the event of the
filing of a bankruptcy petition by or against the Depositor under any
bankruptcy law. In the event that, notwithstanding the intent of the
Depositor, the transfer and assignment contemplated hereby is held not to be a
sale, this Agreement shall constitute a grant of a security interest in all
accounts, money, chattel paper, securities, instruments, documents, deposit
accounts, certificates of deposit, letters of credit, advices of credit,
banker's acceptances, uncertificated securities, general intangibles, contract
rights, goods and other property consisting of, arising from or relating to
such Conveyed Assets, for the benefit of the Securityholders as security for
the Depositor's obligations hereunder.

                                  ARTICLE III

                                THE RECEIVABLES

     Section 3.01. Representations and Warranties of the Seller.

     (a) The Seller has made each of the representations and warranties set
forth in Exhibit A hereto under the Receivables Purchase Agreement and has
consented to the assignment by the Depositor to the Issuer of the Depositor's
rights with respect thereto. Such representations and warranties speak as of
the execution and delivery of this Agreement and as of the Closing Date, but
shall survive the transfer and assignment of the Receivables to the Issuer and
the pledge of such Receivables to the Indenture Trustee. Pursuant to Section
2.01 of this Agreement, the Depositor has transferred and conveyed to the
Issuer, as part of the assets of the Issuer, its rights under the Receivables
Purchase Agreement, including the representations and warranties of the Seller
therein as set forth in Exhibit A, upon which representations and warranties
the Issuer relies in accepting the Receivables and delivering the Securities,
together with all rights of the Depositor with respect to any breach thereof,
including the right to require the Seller to acquire Receivables in accordance
with the Receivables Purchase Agreement. It is understood and agreed that the
representations and warranties referred to in this Section shall survive the
transfer and delivery of the Receivables to the Issuer or the Custodian.

     (b) The Seller hereby agrees that the Issuer shall have the right to
enforce any and all rights under the Receivables Purchase Agreement assigned
to the Issuer herein, including the right to cause the Seller to repurchase
any Receivable with respect to which it is in breach of any of its
representations and warranties set forth in Exhibit A, directly against the
Seller as though the Issuer were a party to the Receivables Purchase
Agreement, and the Issuer shall not be obligated to exercise any such rights
indirectly through the Depositor.

     Section 3.02. Representations and Warranties of the Depositor. The
Depositor makes the following representations and warranties, on which the
Issuer relies in accepting the Receivables and delivering the Securities. Such
representations and warranties speak as of the execution and delivery of this
Agreement and as of the Closing Date, but shall survive the sale, transfer and
assignment of the Receivables by the Depositor to the Issuer and the pledge
thereof to the Indenture Trustee in accordance with the terms of the
Indenture:

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<PAGE>

     (a) Title. The Depositor shall convey to the Issuer all right, title and
interest of the Depositor in and to the Receivables, including all right,
title and interest of the Depositor in and to the security interests in the
related Financed Vehicles.

     (b) All Filings Made. The Depositor has caused all filings (including UCC
filings) to be made in New York and Delaware with respect to the sale of the
Receivables to the Issuer and the pledge contemplated in the Basic Agreements
to the Indenture Trustee.

     (c) Liens. The Depositor has not taken any actions to create, incur or
suffer to exist any Lien on or restriction on transferability of any
Receivable except for the Lien of the Indenture and the restrictions on
transferability imposed by this Agreement.

     (d) Perfection. The Depositor further makes all the representations,
warranties and covenants set forth in Exhibit E.

     Section 3.03. Repurchase Upon Breach. Each of the Depositor, the Owner
Trustee, the Indenture Trustee, the Seller and the Master Servicer shall
inform the other parties to this Agreement promptly, in writing, upon the
discovery by it of any breach of the Seller's representations and warranties
made pursuant to Section 3.01 of this Agreement [or Section 3.02 of the
Receivables Purchase Agreement], without regard to any limitation set forth in
such representation or warranty concerning the knowledge of the Seller as to
the facts stated therein. Unless any such breach shall have been cured by the
last day of the first Collection Period commencing after the discovery or
notice thereof, the Seller shall be obligated and, if necessary, the Issuer
shall enforce the obligations of the Seller [under the Receivables Purchase
Agreement], to purchase as of such last day any Receivable materially and
adversely affected by any such breach. In consideration of the repurchase of
any such Receivable, the Seller shall remit the Purchase Amount to the
Collection Account and notify in writing the Indenture Trustee of such deposit
in the manner specified in Section 5.04. The sole remedy of the Issuer, the
Indenture Trustee, the Noteholders, or the Certificateholders with respect to
the unpaid balance plus accrued interest on any Receivable as to which a
breach of a representation or warranty has occurred pursuant to Section 3.01
of this Agreement [or Section 3.02 of the Receivables Purchase Agreement] or
the agreement contained in this Section shall be to require the Seller to
purchase such Receivable pursuant to this Section [or to repurchase such
Receivable pursuant to the Receivables Purchase Agreement].

     Section 3.04. Custody of Receivable Files. To assure uniform quality in
servicing the Receivables and to reduce administrative costs, the Issuer
hereby revocably appoints the Master Servicer, and the Master Servicer hereby
accepts such appointment, to act for the benefit of the Issuer and the
Indenture Trustee as custodian of the Receivable Files, which are hereby
constructively delivered by the Issuer to the Indenture Trustee. The Custodian
may delegate or subcontract out its duties as Custodian; provided that no such
delegation or subcontract arrangement shall relieve the Custodian of its
duties and obligations hereunder. The Indenture Trustee and the Seller hereby
acknowledge and consent to the delegation by the initial Custodian of its
duties and obligations to [_________], as agent of the Issuer and the
Indenture Trustee.

     Section 3.05. Duties of Master Servicer as Custodian.

                                      23

<PAGE>

     (a) Safekeeping. The Master Servicer shall hold the Receivable Files as
custodian for the benefit of the Issuer and the Indenture Trustee, and shall
maintain such accurate and complete accounts, records and computer systems
pertaining to each Receivable File as shall enable the Issuer to comply with
this Agreement. In performing its duties as custodian, the Master Servicer
shall act with reasonable care, using that degree of skill and attention that
the Master Servicer exercises with respect to the receivable files relating to
all comparable automotive receivables that the Master Servicer services for
itself or others consistent with the procedures employed by institutions that
act as custodian for comparable automotive receivables. The Master Servicer
shall conduct, or cause to be conducted, periodic audits of the Receivable
Files held by it under this Agreement and of the related accounts, records and
computer systems, in such a manner as shall enable the Issuer or the Indenture
Trustee to verify the accuracy of the Master Servicer's record keeping. The
Master Servicer shall promptly report to the Issuer and the Indenture Trustee
any failure on its part to hold the Receivable Files and maintain its
accounts, records and computer systems as herein provided and shall promptly
take appropriate action to remedy any such failure. Nothing herein shall be
deemed to require an initial review or any periodic review by the Issuer or
the Indenture Trustee of the Receivable Files.

     (b) Maintenance of and Access to Records. The Master Servicer shall
maintain each Receivable File at one of its offices or the office of the
Subcustodian specified in Schedule C to this Agreement or at such other office
as shall be specified to the Issuer and the Indenture Trustee by written
notice not later than 90 days after any change in location. The Master
Servicer shall make available to the Issuer and the Indenture Trustee or their
duly authorized representatives, attorneys or auditors a list of locations of
the Receivable Files and the related accounts, records and computer systems
maintained by the Master Servicer at such times during normal business hours
as the Issuer shall reasonably instruct, which does not unreasonably interfere
with the Master Servicer's normal operations or customer or employee
relations.

     (c) Release of Documents. Upon instruction from the Indenture Trustee or,
if the Notes have been paid in full, from the Owner Trustee, the Master
Servicer shall release any Receivable File to the Indenture Trustee or the
Owner Trustee, as the case may be, or to the agent or designee of the
Indenture Trustee or the Owner Trustee, as the case may be, at such place or
places as the Indenture Trustee or the Owner Trustee, as applicable, may
designate, as soon as practicable without resulting in unreasonable
interference with the Master Servicer's normal operations or customer or
employee relations. Upon the release and delivery of any such document in
accordance with the instructions of the Indenture Trustee or the Owner
Trustee, as the case may be, the Master Servicer shall be released from any
further liability and responsibility under this Section 3.05 with respect to
such documents and any other provision of this Agreement if the fulfillment of
the Master Servicer's responsibilities is dependent upon possession of such
documents, unless and until such time as such documents shall be returned to
the Master Servicer. In no event shall the Master Servicer be responsible for
any loss occasioned by the Indenture Trustee's or the Owner Trustee's failure
to return any Receivable File or any portion thereof in a timely manner.

     Section 3.06. Instructions; Authority to Act. The Master Servicer shall
be deemed to have received proper instructions with respect to the Receivable
Files upon its receipt of written instructions signed by a Trust Officer of
the Indenture Trustee or, if the Notes have been paid in full, of the Owner
Trustee.

                                      24

<PAGE>

     Section 3.07. Custodian's Indemnification. The Master Servicer, as
custodian, shall indemnify the Trust, the Owner Trustee and the Indenture
Trustee and each of their officers, directors, employees and agents for any
and all liabilities, obligations, losses, compensatory damages, payments,
costs, or expenses of any kind whatsoever that may be imposed on, incurred by
or asserted against the Trust, the Owner Trustee or the Indenture Trustee or
any of their officers, directors, employees or agents as the result of any
improper act or omission in any way relating to the maintenance and custody by
the Master Servicer as custodian of the Receivable Files; provided, however,
that the Master Servicer shall not be liable to the Trust, the Owner Trustee,
the Indenture Trustee or any such officer, director, employee or agent of the
Trust, the Owner Trustee or the Indenture Trustee for any portion of any such
amount resulting from the willful misfeasance, bad faith or negligence of the
Owner Trustee or the Indenture Trustee, as the case may be, or any such
officer, director, employee or agent of the Trust, the Owner Trustee or the
Indenture Trustee, as the case may be.

     Indemnification under this Section shall survive the resignation or
removal of the Master Servicer or the termination of this Agreement with
respect to acts or omissions of such Master Servicer preceding such
resignation or removal and shall include reasonable fees and expenses of
counsel and expenses of litigation. If the Master Servicer shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter collects any of such amounts from
others, such Person shall promptly repay such amounts to the Master Servicer,
without interest.

     Section 3.08. Effective Period and Termination. The Master Servicer's
appointment as custodian shall become effective as of the Initial Cutoff Date
and shall continue in full force and effect unless and until terminated
pursuant to this Section 3.08. If the Master Servicer or any successor Master
Servicer shall resign as Master Servicer in accordance with the provisions of
this Agreement or if all of the rights and obligations of the Master Servicer
or any successor Master Servicer shall have been terminated under Section
8.02, the appointment of such Master Servicer as custodian may be terminated
by the Issuer or by the Holders of Notes evidencing not less than 25% of the
Outstanding Amount of the Notes, by the Owner Trustee or by Holders (other
than the Seller or an Affiliate thereof) of Certificates evidencing not less
than 25% of the aggregate Outstanding Amount of the Certificates, in the same
manner as the Indenture Trustee or such Securityholders may terminate the
rights and obligations of the Master Servicer under Section 8.02. The
Indenture Trustee or, with the consent of the Indenture Trustee, the Owner
Trustee may terminate the Master Servicer's appointment as custodian, with
cause, at any time upon written notification to the Master Servicer and
without cause, only by written notification to the Master Servicer pursuant to
Section 8.02. As soon as practicable after any termination of such appointment
(but in no event more than ten (10) Business Days after any such termination
of appointment), the Master Servicer shall deliver the Receivable Files to the
Indenture Trustee or the Indenture Trustee's agent at such place or places as
the Indenture Trustee may reasonably designate. Notwithstanding the
termination of Regions Bank as custodian, the Indenture Trustee and the Owner
Trustee agree that, upon any such termination and for so long as Regions Bank
remains the Master Servicer hereunder, the Indenture Trustee or the Owner
Trustee, as the case may be, shall provide, or cause its agent to provide,
access to the Receivable Files to the Master Servicer for the purpose of
enabling the Master Servicer to perform its obligations under this Agreement
with respect to the servicing of the Receivables.

                                      25

<PAGE>

     Section 3.09. Transfer and Delivery of Receivable Files. Following the
occurrence of a Non-Master Servicer Termination Event, the Owner Trustee, the
Indenture Trustee, Noteholders evidencing not less than 25% of the Outstanding
Amount of the Controlling Class or, if no Notes are outstanding,
Certificateholders of Certificates evidencing not less than 25% of the
Outstanding Amount of the Certificates may instruct the Master Servicer and
the Custodian to transfer and deliver and the Master Servicer and the
Custodian shall transfer and deliver, the Receivable Files to the Indenture
Trustee or a successor Custodian. The Master Servicer and the predecessor
Custodian shall pay all costs and expenses of any such transfer of the
Receivable Files.

                                  ARTICLE IV

                  ADMINISTRATION AND SERVICING OF RECEIVABLES

     Section 4.01. Duties of Master Servicer. The Master Servicer, for the
benefit of the Issuer and the Indenture Trustee, shall manage, service,
administer and make collections on the Receivables and perform the other
actions required by the Master Servicer under this Agreement. The Master
Servicer may engage agents and subservicers, including the Subservicer, to
fulfill its duties hereunder; provided, that such subservicer does not
primarily service the Contracts from inside the State of Florida. All amounts
payable to the subservicer shall be paid by the master servicer and shall not
be obligations of the Issuer or paid from the Trust property. No such
delegation or engagement of agents, subservicers or subcontractors by the
Master Servicer shall relieve the Master Servicer of its responsibilities with
respect to any of its duties hereunder. The Master Servicer shall service the
Receivables in accordance with its customary and usual procedures and
consistent with the procedures employed by institutions that service [retail
installment sales contracts, retail installment loans, purchase money notes or
other notes]. The Master Servicer's duties shall include the collection and
posting of all payments, responding to inquiries of Obligors, investigating
delinquencies, sending payment coupons to Obligors, reporting any required tax
information to Obligors, accounting for collections, furnishing monthly and
annual statements to the Owner Trustee and the Indenture Trustee with respect
to distributions and performing the other duties specified herein. The Master
Servicer also shall administer and enforce all rights of the holder of the
Receivables under the Receivables and the Dealer Agreements and assignment
forms. To the extent consistent with the standards, policies and procedures
otherwise required hereby, the Master Servicer shall follow its customary
standards, policies and procedures and shall have full power and authority,
acting alone, to do any and all things in connection with the managing,
servicing, administration and collection of the Receivables that it may deem
necessary or desirable. Without limiting the generality of the foregoing, the
Master Servicer is hereby authorized and empowered to execute and deliver, on
behalf of itself, the Issuer, the Owner Trustee, the Indenture Trustee, the
Certificateholders and the Noteholders, or any of them, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge, and all other comparable instruments with respect to the
Receivables and with respect to the Financed Vehicles; provided, however,
that, notwithstanding the foregoing, the Master Servicer shall not, except
pursuant to an order from a court of competent jurisdiction, execute documents
that would release an Obligor from payment of any unpaid amount due under any
Receivable, reduce the related APR or waive the right to collect

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the unpaid balance of any Receivable from an Obligor. The Master Servicer is
hereby authorized to commence, in its own name or in the name of the Issuer,
the Indenture Trustee, the Owner Trustee, the Certificateholders or the
Noteholders, a legal proceeding to enforce a Receivable pursuant to Section
4.03 or to commence or participate in any other legal proceeding (including a
bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a
Financed Vehicle. If the Master Servicer commences or participates in any such
legal proceeding in its own name, the Indenture Trustee or the Issuer shall
thereupon be deemed to have automatically assigned the applicable Receivable
to the Master Servicer solely for purposes of commencing or participating in
such proceeding as a party or claimant, and the Master Servicer is authorized
and empowered by the Indenture Trustee or the Issuer to execute and deliver in
the Indenture Trustee's or the Issuer's name any notices, demands, claims,
complaints, responses, affidavits or other documents or instruments in
connection with any such proceeding. If in any enforcement suit or legal
proceeding it shall be held that the Master Servicer may not enforce a
Receivable on the ground that it shall not be a real party in interest or a
holder entitled to enforce such Receivable, the Owner Trustee shall, at the
Master Servicer's expense and direction, take steps to enforce such
Receivable, including bringing suit in its name or the name of the Issuer, the
Indenture Trustee, the Certificateholders or the Noteholders. The Owner
Trustee and the Indenture Trustee shall upon the written request of the Master
Servicer furnish the Master Servicer with any powers of attorney and other
documents reasonably necessary or appropriate to enable the Master Servicer to
carry out its servicing and administrative duties hereunder.

     The Master Servicer may engage agents and subservicers, including the
Subservicer, to fulfill its duties hereunder; provided, that such Subservicer
does not primarily service the Receivables from inside the State of Florida.
The Master Servicer has appointed [_________] to act as Subservicer pursuant
to the [_________] Sub-Servicing Agreement and the Seller and the Indenture
Trustee hereby acknowledge and consent to such appointment. All amounts
payable to any Subservicer shall be paid by the Master Servicer and shall not
be obligations of the Indenture Trustee, the Owner Trustee or the Issuer or
paid from the Trust Estate and no appointment of a Subservicer shall result in
any additional expense to the Indenture Trustee, the Owner Trustee, the
Noteholders, the Certificateholders or the Issuer. No such delegation or
engagement of agents, Subservicers or subcontractors by the Master Servicer
shall relieve the Master Servicer of its responsibilities with respect to any
of its duties hereunder. References in this Agreement to actions taken or to
be taken by the Master Servicer include actions taken or to be taken by a
Subservicer on behalf of the Master Servicer. For purposes of this Agreement,
the Master Servicer shall each be deemed to have received any payment when a
subservicer retained by it receives such payment.

     References to the customary servicing standards (and procedures),
customary and usual procedures, customary standards and customary collections
policy of the Master Servicer and similar expressions used in this Agreement
shall be deemed to refer to the standards, procedures and policies of the
Master Servicer or such standards, procedures and policies as the Master
Servicer requires that its agents, subservicers or subcontractors follow.

     Neither the Master Servicer nor any Subservicer shall perform any
non-ministerial duties in the State of Florida without first providing an
Opinion of Counsel in form and substance acceptable to the Indenture Trustee
to the effect that the performance of such non-ministerial duties will not
adversely affect the tax treatment of the Issuer.

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     Section 4.02. Collection of Receivable Payments; Modifications of
Receivables.

     (a) Consistent with the standards, policies and procedures required by
this Agreement, the Master Servicer shall make reasonable efforts to collect
all payments called for under the terms and provisions of the Receivables as
and when the same shall become due, and shall follow such collection
procedures as it follows with respect to all comparable motor vehicle
receivables that it services for itself and otherwise act with respect to the
Receivables in such a manner as will, in the reasonable judgment of the Master
Servicer, maximize the amount to be received by the Trust with respect
thereto. The Master Servicer is authorized in its discretion to waive any
prepayment charge, late payment charge or any other similar fees that may be
collected in the ordinary course of servicing any Receivable.

     (b) The Master Servicer may grant payment extensions on the Receivables
only to the extent permissible in its extension policy attached hereto as
Exhibit D; provided, however, that no such extension shall extend the final
payment date on any Receivable beyond the last day of the Collection Period
ending six months prior to the Class [C] Certificate Final Scheduled Payment
Date.

     (c) Upon any extension not in accordance with this Section, the Master
Servicer shall be required to purchase the related Receivable in accordance
with Section 4.07.

     Section 4.03. Realization upon Receivables. Consistent with the
standards, policies and procedures required by this Agreement, the Master
Servicer shall use its best efforts to repossess or otherwise convert the
ownership of and liquidate any Financed Vehicle securing a Receivable with
respect to which the Master Servicer shall have determined that eventual
payment in full is unlikely. The Master Servicer shall begin such repossession
and conversion procedures as soon as practicable after default on such
Receivable in accordance with its customary procedures; provided, however,
that the Master Servicer may elect not to repossess a Financed Vehicle within
such time period if in its good faith judgment it determines that the proceeds
ultimately recoverable with respect to such Receivable would be increased by
forbearance. In repossessing or otherwise converting the ownership of a
Financed Vehicle and liquidating a Receivable, the Master Servicer is
authorized to follow such customary practices and procedures as it shall deem
necessary or advisable, consistent with the standard of care required by
Section 4.01, which practices and procedures may include the sale of the
related Financed Vehicle at public or private sale, the submission of claims
under an insurance policy and other actions by the Master Servicer in order to
realize upon a Receivable; provided, however, that, in any case in which the
Financed Vehicle shall have suffered damage, the Master Servicer shall not
expend funds in connection with any repair or towards the repossession of such
Financed Vehicle unless it shall determine in its reasonable judgment that
such repair or repossession shall increase the related Liquidation Proceeds by
an amount materially greater than the expense for such repair or repossession.
The Master Servicer shall be entitled to recover all expenses incurred by it
that are reasonably allocated to repossessing and liquidating a Financed
Vehicle into cash proceeds, but only out of the cash proceeds of the sale of
such Financed Vehicle or any deficiency obtained from the related Obligor.

     Section 4.04. Physical Damage Insurance. The Master Servicer shall, in
accordance with its customary servicing procedures, require that each Obligor
shall have obtained physical

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loss damage insurance covering the related Financed Vehicle as of the
execution of the related Receivable.

     Section 4.05. Maintenance of Security Interests in Financed Vehicles.

     (a) The Master Servicer shall, in accordance with its customary servicing
procedures, take such steps as are necessary to maintain perfection of the
security interest created by each Receivable in the related Financed Vehicle;
provided, however, that except as provided in Section 4.05(b), the Master
Servicer shall not be required to perfect or reperfect the security interest
in the Financed Vehicles in the name of the Issuer or the Indenture Trustee.
The Master Servicer is hereby authorized to take such steps as are necessary
to re-perfect such security interest on behalf of the Issuer and the Indenture
Trustee in the event of the relocation of a Financed Vehicle, or for any other
reason. In the event that the assignment of a Receivable to the Issuer is
insufficient, without a notation on the related Financed Vehicle's certificate
of title, or without fulfilling any additional administrative requirements
under the laws of the State in which such Financed Vehicle is located, to
perfect a security interest in the related Financed Vehicle in favor of the
Issuer, the Master Servicer hereby agrees that the designation of Regions Bank
as the secured party on the certificate of title is in its capacity as agent
of the Issuer.

     (b) The Depositor, the Owner Trustee, the Indenture Trustee and the
Master Servicer hereby agree that, upon the occurrence of a Non-Master
Servicer Termination Event, the Controlling Party may take or cause to be
taken such actions as may, in the opinion of counsel to the Controlling Party,
be necessary to perfect or re-perfect the security interests in the Financed
Vehicles in the name of the Issuer, including by amending the title documents
of the Financed Vehicles. The Master Servicer hereby agrees to pay all
expenses related to such perfection or reperfection and to take all action
necessary therefor. If such expenses are not paid within 15 days after
delivery of any invoice therefor, such expenses shall be paid pursuant to
Section 5.06(b)(ix).

     Section 4.06. Covenants of Master Servicer. By its execution and delivery
of this Agreement, the Master Servicer hereby covenants as follows (upon which
covenants the Issuer, the Indenture Trustee and the Owner Trustee rely in
accepting the Receivables and delivering the applicable Securities):

     (a) Liens in Force. No Financed Vehicle securing a Receivable shall be
released in whole or in part from the security interest granted by such
Receivable, except upon payment in full of such Receivable or as otherwise
contemplated herein;

     (b) No Impairment. The Master Servicer shall do nothing to impair the
rights of the Trust in the property of the Trust;

     (c) No Amendments. The Master Servicer shall not extend or otherwise
amend the terms of any Receivable, except in accordance with Section 4.02; and

     (d) Restrictions on Liens. The Master Servicer shall not (A) create,
incur or suffer to exist, or agree to create, incur or suffer to exist, or
consent to or permit in the future (upon the occurrence of a contingency or
otherwise) the creation, incurrence or existence of any Lien on or restriction
on transferability of any Receivable except for the Lien of the Indenture and
the

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restrictions on transferability imposed by this Agreement or (B) other than as
contemplated herein, sign or file any UCC financing statements in any
jurisdiction that names Regions Bank or the Depositor as a debtor, and any
Person other than the Depositor, the Indenture Trustee or the Issuer as a
secured party, or sign any security agreement authorizing any secured party
thereunder to file any such financing statement, in each case with respect to
the Receivables or the related property.

     Section 4.07. Purchase of Receivables Upon Breach. Upon discovery by any
of the Master Servicer, the Seller, the Depositor, the Owner Trustee or the
Indenture Trustee of a breach of any of the covenants set forth in Sections
4.02(b), 4.04, 4.05(a) or 4.06, the party discovering such breach shall give
prompt written notice to the other; provided, however, that the failure to
give any such notice shall not affect any obligation of the Master Servicer
under this Section 4.07. On or before the last day of the first Collection
Period commencing after its discovery or receipt of notice of the breach of
any covenant set forth in Sections 4.02(b), 4.04, 4.05(a) or 4.06 that
materially and adversely affects the interests of the Issuer, the Indenture
Trustee, the Owner Trustee, the Certificateholders or the Noteholders in any
Receivable, the Master Servicer shall, unless such breach shall have been
cured in all material respects by such date, purchase from the Issuer the
Receivable affected by such breach. In consideration of the purchase of any
such Receivable, the Master Servicer shall remit the related Purchase Amount
into the Collection Account, with written notice to the Indenture Trustee of
such deposit, in the manner specified in Section 5.04. Subject to Section
7.02, it is understood and agreed that the obligation of the Master Servicer
to purchase any Receivable with respect to which such a breach has occurred
and is continuing shall, if such obligation is fulfilled, constitute the sole
remedy against the Master Servicer for such breach available to the Issuer,
the Owner Trustee, the Indenture Trustee, the Certificateholders or the
Noteholders.

     Section 4.08. Servicing Fee. The Servicing Fee shall be payable to the
Master Servicer on each Payment Date. That part of the Servicing Fee based on
the Servicing Fee Rate shall be calculated on the basis of [a 360-day year
comprised of twelve 30-day months]. The Master Servicer shall be required to
pay all expenses incurred by it in connection with its activities under this
Agreement (including taxes imposed on the Master Servicer and expenses
incurred in connection with distributions and reports made by the Master
Servicer to the Owner Trustee and the Indenture Trustee).

     Section 4.09. Master Servicer's Certificate. Not later than [10:00 a.m.]
(New York City time) on each Determination Date, the Master Servicer shall
deliver to the Owner Trustee, the Indenture Trustee and the Depositor, with a
copy to each Rating Agency, Morgan Keegan & Company Inc. and
[_________________________], a Master Servicer's Certificate containing all
information necessary to make the distributions to be made on the related
Payment Date pursuant to Section 5.06 for the related Collection Period and
any other information the Indenture Trustee may reasonably request. Such
Master Servicer's Certificate shall be certified by a Responsible Officer of
the Master Servicer that the information provided is complete and no defaults
have occurred. With respect to each Collection Period, Receivables to be
purchased by the Master Servicer or to be repurchased by the Seller and each
Receivable that became a Liquidated Receivable, in each case, during such
Collection Period shall be identified by the Master Servicer by account number
with respect to such Receivable (as specified in the applicable Schedule of
Receivables).

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     Section 4.10. Annual Statement as to Compliance; Notice of Master
Servicer Termination Event; Sarbanes-Oxley.

     (a) The Master Servicer shall deliver to the Owner Trustee, the Indenture
Trustee and each Rating Agency, within 120 days after the end of the Master
Servicer's fiscal year, an Officer's Certificate signed by a Responsible
Officer of the Master Servicer, stating that (i) a review of the activities of
the Master Servicer during the preceding 12-month period (or such shorter
period in the case of the first such Officer's Certificate) and of the
performance of its obligations under this Agreement has been made under such
officer's supervision and (ii) to such officer's knowledge, based on such
review, the Master Servicer has fulfilled all its obligations under this
Agreement throughout such period or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof.

     (b) The Master Servicer shall deliver to the Owner Trustee, the Indenture
Trustee and each Rating Agency, promptly after having obtained knowledge
thereof, but in no event later than two Business Days thereafter, written
notice in an Officer's Certificate of any event that is, or with the giving of
notice or lapse of time or both would become, a Master Servicer Termination
Event under Section 8.01.

     (c) The Master Servicer shall provide on a timely basis for filing with
the applicable reports of the Issuer under the Securities Exchange Act of
1934, as amended, the certifications required by Section 302 of the
Sarbanes-Oxley Act of 2002 to be included in those reports.

     Section 4.11. Annual Independent Accountants' Report. The Master Servicer
shall cause a firm of independent certified public accountants, which may also
render other services to the Master Servicer or its Affiliates, to deliver to
the Owner Trustee, the Indenture Trustee and each Rating Agency, within 120
days after the end of each fiscal year, commencing with the fiscal year ending
December 31, 2000, a report addressed to the Board of Directors of the Master
Servicer, the Owner Trustee and the Indenture Trustee, to the effect that such
firm has audited the books and records of the Master Servicer and issued its
report thereon and that (i) such audit was made in accordance with generally
accepted auditing standards and accordingly included such tests of the
accounting records and such other auditing procedures as such firm considered
necessary in the circumstances; (ii) the firm is independent of the Depositor
and the Master Servicer within the meaning of the Code of Professional Ethics
of the American Institute of Certified Public Accountants; (iii) a review in
accordance with agreed-upon procedures was made of the Master Servicer's
Certificates relating to such fiscal year, including the delinquency, default
and loss statistics required to be specified therein and, except as disclosed
in the accountants' report, no exceptions or errors in the Master Servicer's
Certificates were found; and (iv) a review in accordance with agreed-upon
procedures was made of the Master Servicer's compliance with its servicing
obligations in this Agreement, including without limitation the obligations of
the Master Servicer set forth in Section 4.02(b) hereof, and, except as
disclosed in the accountants' report, no exceptions to such compliance were
found. In rendering its report such firm may rely, as to matters relating to
the servicing of the Receivables by any Subservicers, upon comparable reports
of firms of independent certified public accountants rendered on the basis of
examinations conducted in accordance with the same standards (rendered within
one year of such report) with respect to those Subservicers.

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     Section 4.12. Access to Certain Documentation and Information Regarding
Receivables. The Master Servicer shall provide to representatives of the Owner
Trustee, the Indenture Trustee, the Certificateholders and the Noteholders
reasonable access to the documentation regarding the Receivables and the
related Trust property. Access shall be afforded without charge, but only upon
reasonable request, which does not unreasonably interfere with the Master
Servicer's normal business operations or employee or customer relations, and
during the normal business hours at the offices of the Master Servicer.
Nothing in this Section shall affect the obligation of the Master Servicer to
observe any applicable law prohibiting disclosure of information regarding the
Obligors and the failure of the Master Servicer to provide access to
information as a result of such obligation shall not constitute a breach of
this Section.

     Section 4.13. Term of Master Servicer. The Master Servicer hereby
covenants and agrees to act as Master Servicer under, and for the term of,
this Agreement.

     Section 4.14. Access to Information Regarding Trust and Basic Documents.
The Master Servicer shall furnish to the Owner Trustee from time to time such
information regarding the Trust or the Basic Documents as the Owner Trustee
shall reasonably request. Upon request, the Indenture Trustee shall furnish to
the Owner Trustee annually a copy of the Note Register; provided, however, the
Indenture Trustee shall not be obligated to furnish a copy of the Note
Register more than once each calendar year. The Master Servicer shall furnish
to the Owner Trustee copies of all documents and reports required to be
provided by the Master Servicer pursuant to this Article IV of the Sale and
Servicing Agreement.

                                   ARTICLE V

                 DISTRIBUTIONS; STATEMENTS TO SECURITYHOLDERS

     Section 5.01. Establishment of Accounts.

     (a) The Master Servicer, for the benefit of the Noteholders and the
Certificateholders, shall establish and maintain in the name of the Indenture
Trustee an Eligible Deposit Account (the "Collection Account"), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Noteholders and the Certificateholders.

     (b) The Issuer, for the benefit of the Noteholders, shall cause the
Indenture Trustee to establish with and maintain in the name of the Indenture
Trustee an Eligible Deposit Account (the "Note Interest Distribution
Account"), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Noteholders.

     (c) The Issuer, for the benefit of the Noteholders and the
Certificateholders, shall cause the Indenture Trustee to establish with and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
"Principal Distribution Account"), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Noteholders
and the Certificateholders.

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     (d) The Issuer, for the benefit of the Noteholders and
Certificateholders, shall cause the Indenture Trustee to establish with and
maintain, in the name of the Indenture Trustee, an Eligible Deposit Account
(the "Reserve Account"), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Noteholders and the
Certificateholders.

     (e) Funds on deposit in the Collection Account and the Reserve Account
shall be invested by the Indenture Trustee in Eligible Investments selected in
writing by the Master Servicer; provided, however, that if the Master Servicer
fails to select any Eligible Investment, the Indenture Trustee shall invest
such funds in an Eligible Investment described in clause (d) of the definition
of "Eligible Investment" herein. All such Eligible Investments shall be held
by the Indenture Trustee for the benefit of the Noteholders and/or the
Certificateholders, as applicable; provided, that such amount shall be
calculated on the Determination Date and on each Payment Date all interest and
other investment income (net of Net Investment Losses) on funds on deposit in
the Collection Account for the related Collection Period shall be paid to the
Master Servicer as part of the servicing compensation or to the Indenture
Trustee as compensation. Other than as permitted in writing by the Rating
Agencies, funds on deposit in the Trust Accounts shall be invested in Eligible
Investments that will mature not later than the Business Day immediately
preceding the next Payment Date. Funds deposited in a Trust Account on a day
that immediately precedes a Payment Date upon the maturity of any Eligible
Investments are not required to be invested overnight.

     (f) In the event that there are Net Investment Losses in Eligible
Investments chosen by the Master Servicer, the Master Servicer shall deposit
into the Collection Account, no later than one (1) Business Day prior to the
Payment Date, the amount of the Net Investment Losses. The Indenture Trustee
shall not be held liable in any way for any Net Investment Losses, except for
losses attributable to the Indenture Trustee's failure to make payments on
such Eligible Investments issued by the Indenture Trustee, in its commercial
capacity as principal obligor and not as Indenture Trustee, in accordance with
their terms.

     (g) (i) The Indenture Trustee shall possess all right, title and interest
in all funds and investment property on deposit from time to time in or
credited to the Trust Accounts and in all proceeds thereof (including all
income thereon) and all such funds, investment property, proceeds and income
shall be part of the Trust Estate, except as otherwise set forth herein. The
Trust Accounts shall be under the sole dominion and control of the Indenture
Trustee for the benefit of the Noteholders and the Certificateholders, as
applicable. If, at any time, any Trust Account ceases to be an Eligible
Deposit Account, the Indenture Trustee (or the Master Servicer on its behalf)
shall within 10 Business Days (or such longer period, not to exceed 30
calendar days, as to which each Rating Agency may consent) establish a new
Trust Account as an Eligible Deposit Account and shall transfer any cash
and/or any investments from the account that is no longer an Eligible Deposit
Account to the Trust Account.

          (ii) With respect to the Trust Account Property, the Indenture
     Trustee agrees, by its acceptance hereof, that:

          (A) any Trust Account Property that is held in deposit accounts
shall be held solely in the Eligible Deposit Accounts, subject to the last
sentence of Section 5.01(g)(i); and each such Eligible Deposit Account shall
be subject to the exclusive custody and control of the

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Indenture Trustee, and the Indenture Trustee shall have sole signature
authority with respect thereto;

          (B) any Trust Account Property that constitutes Physical Property
shall be delivered to the Indenture Trustee in accordance with paragraph (a)
of the definition of "Delivery" and shall be held, pending maturity or
disposition, solely by the Indenture Trustee or a securities intermediary (as
such term is defined in Section 8-102 of the UCC) acting solely for the
Indenture Trustee;

          (C) any Trust Account Property that is a book-entry security held
through the Federal Reserve System pursuant to federal book-entry regulations
shall be delivered in accordance with paragraph (b) of the definition of
"Delivery" and shall be maintained by the Indenture Trustee, pending maturity
or disposition, through continued book-entry registration of such Trust
Account Property as described in such paragraph;

          (D) any Trust Account Property that is an "uncertificated security"
under Article 8 of the UCC and that is not governed by clause (C) above shall
be delivered to the Indenture Trustee in accordance with paragraph (c) of the
definition of "Delivery" and shall be maintained by the Indenture Trustee,
pending maturity or disposition, through continued registration of the
Indenture Trustee's (or its nominee's) ownership of such security; and

          (E) any Trust Account Property that is a security entitlement shall
be delivered in accordance with paragraph (d) of the definition herein of
"Delivery" and shall be held pending maturity or disposition by the Indenture
Trustee or a securities intermediary acting solely for the Indenture Trustee.

          (iii) The Master Servicer shall have the power, revocable by the
     Indenture Trustee or by the Owner Trustee with the consent of the
     Indenture Trustee, following a Master Servicer Termination Event to
     instruct the Indenture Trustee to make withdrawals and payments from the
     Trust Accounts, the Certificate Interest Distribution Account and the
     Certificate Principal Distribution Account for the purpose of withdrawing
     any amounts deposited in error into such accounts.*

     Section 5.02. Collections. The Master Servicer shall remit to the
Collection Account all payments by or on behalf of the Obligors with respect
to the Receivables (other than Purchased Receivables), all Liquidation
Proceeds and any subsequent Recoveries on the Business Day prior to the
Payment Date for so long as (i) Regions Bank is the Master Servicer, (ii)
Regions Bank has the Minimum Required Rating, and (iii) no Master Servicer
Termination Event shall have occurred and be continuing. If (i) Regions Bank
is no longer the Master Servicer, (ii) Regions Bank no longer has the Minimum
Required Rating, or (iii) a Master Servicer Termination Event shall have
occurred and be continuing, the Master Servicer shall remit to the Collection
Account all payments by or on behalf of the Obligors with respect to the
Receivables (other than Purchased Receivables), all Liquidation Proceeds and
any subsequent Recoveries within two Business Days of receipt thereof.
Notwithstanding anything herein to the contrary, so long as Regions Bank is
the Master Servicer, Regions Bank may withhold from deposit into the
Collection Account any amounts indicated on the related Master Servicer's
Certificate as being due and payable to the Seller. For purposes of this
Article V, the phrase "payments by or on

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behalf of Obligors" shall mean payments made with respect to the Receivables
by Persons other than the Master Servicer or the Seller.

     Section 5.03. Application of Collections.

     (a) All payments received from or on behalf of an Obligor during each
Collection Period with respect to each Receivable (other than a Purchased
Receivable), shall be applied to interest, fees and principal in accordance
with the Simple Interest Method and the Master Servicer's customary
procedures. Generally, subject to the foregoing sentence, the Master Servicer
applies obligor payments, first to interest, second to late charges and
certain other charges and third to unpaid principal.

     Section 5.04. Purchase Amounts. For so long as (i) Regions Bank is the
Master Servicer, (ii) Regions Bank has the Minimum Required Rating, and (iii)
no Master Servicer Termination Event shall have occurred and be continuing,
the Master Servicer and the Seller shall be entitled pursuant to the first
sentence of Section 5.02 to deposit or cause to be deposited the aggregate
Purchase Amounts in the Collection Account on a monthly basis rather than
within two Business Days of receipt. If, however, (i) Regions Bank no longer
is the Master Servicer, (ii) Regions Bank no longer has the Minimum Required
Rating, or (iii) a Master Servicer Termination Event shall have occurred and
be continuing, the Master Servicer or the Seller shall deposit or cause to be
deposited in the Collection Account the aggregate Purchase Amount with respect
to Purchased Receivables within two Business Days of receipt and the Master
Servicer shall deposit therein all amounts to be paid under Section 4.07 and
Section 9.01 within two Business Days of receipt.

     Section 5.05. Reserved.

     Section 5.06. Distributions.

     (a) On each Determination Date, the Master Servicer shall calculate all
amounts required to be deposited pursuant to this Section and deliver a Master
Servicer's Certificate pursuant to Section 4.09.

     (b) On each Payment Date, the Master Servicer shall instruct the
Indenture Trustee in writing (based on the information contained in the Master
Servicer's Certificate delivered on the related Determination Date pursuant to
Section 4.09) to make the following deposits and distributions from amounts on
deposit in the Collection Account, to the extent of the Total Distribution
Amount for such Payment Date, including all amounts transferred to the
Collection Account from the Reserve Account pursuant to Section 5.07(b), to
make required payments and distributions on such date pursuant to clauses (i)
through (x) below, in the following order and priority:

          (i) to the Master Servicer, the Servicing Fee (and any accrued and
     unpaid Servicing Fees from prior Collection Periods);

          (ii) to the Note Interest Distribution Account for distribution to
     the Class [A] Noteholders, from available funds remaining after the
     application of clause (i), the Class [A] Noteholders' Interest
     Distributable Amount;

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          (iii) to the Principal Distribution Account, for distribution
     pursuant to Section 5.06(c), from available funds remaining after the
     application of clauses (i) and (ii), the First Allocation of Principal,
     if any;

          (iv) to the Note Interest Distribution Account for distribution to
     the Class [B] Noteholders, from available funds remaining after the
     application of clauses (i) through (iii), the Class [B] Noteholders'
     Interest Distributable Amount;

          (v) to the Principal Distribution Account, for distribution pursuant
     to Section 5.06(c), from available funds remaining after the application
     of clauses (i) through (iv), the Second Allocation of Principal, if any,
     reduced by any First Allocation of Principal paid pursuant to clause
     (iii) above;

          (vi) to the Certificate Interest Distribution Account for
     distribution to the Class [C] Certificateholders, from available funds
     remaining after the application of clauses (i) through (v), the
     Certificateholders' Interest Distributable Amount;

          (vii) to the Principal Distribution Account, for distribution
     pursuant to Section 5.06(c), from available funds remaining after the
     application of clauses (i) through (vi), the Regular Principal
     Allocation, reduced by any First Allocation of Principal paid pursuant to
     clause (iii) above and any Second Allocation of Principal paid pursuant
     to clause (v) above;

          (viii) to the Reserve Account, from available funds remaining after
     the application of clauses (i) through (vii), any deficiency in the
     Reserve Account Required Amount;

          (ix) to the Indenture Trustee and the Owner Trustee, from available
     funds remaining after the application of clauses (i) through (viii), any
     accrued and unpaid fees, expenses and indemnification expenses owed
     thereto under any of the Basic Documents to the extent not otherwise paid
     (including legal fees and expenses) and to the Securities Intermediary,
     any accrued and unpaid indemnification expenses owed to it; and

          (x) the remainder, if any, of available funds to Regions Bank.

     Notwithstanding that the Notes have been paid in full, the Indenture
Trustee shall continue to maintain the Collection Account hereunder until the
Class [C] Certificate Balance is reduced to zero.

     (c) On each Payment Date, the Master Servicer shall instruct the
Indenture Trustee in writing (based on the information contained in the Master
Servicer's Certificate delivered on the related Determination Date pursuant to
Section 4.09) to withdraw the funds on deposit in the Principal Distribution
Account with respect to the Collection Period preceding such Payment Date and
make payments and distributions on such date pursuant to clauses (i) through
(vi) below, in the following order and priority:

          (i) to the Class [A-1] Noteholders on account of principal until the
     Outstanding Amount of the Class [A-1] Notes is reduced to zero;

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<PAGE>

          (ii) to the Class [A-2] Noteholders on account of principal until
     the Outstanding Amount of the Class [A-2] Notes is reduced to zero;

          (iii) to the Class [A-3] Noteholders on account of principal until
     the Outstanding Amount of the Class [A-3] Notes is reduced to zero;

          (iv) to the Class [A-4] Noteholders on account of principal until
     the Outstanding Amount of the Class [A-4] Notes is reduced to zero;

          (v) to the Class [B] Noteholders on account of principal until the
     Outstanding Amount of the Class [B] Notes is reduced to zero; and

          (vi) to the Certificate Principal Distribution Account in reduction
     of the Class [C] Certificate Balance, until the Class [C] Certificate
     Balance has been reduced to zero.

     Notwithstanding the foregoing, subject to the provisions of Section
5.04(b) of the Indenture, (A) following the occurrence and during the
continuation of an Event of Default specified in Section 5.01(i), 5.01(ii),
5.01(iv) or 5.01(v) of the Indenture which has resulted in an acceleration of
the Notes (or following the occurrence of any such event after an Event of
Default specified in Section 5.01(iii) of the Indenture has occurred and the
Notes have been accelerated), the Master Servicer shall instruct the Indenture
Trustee to transfer the funds on deposit in the Collection Account remaining
after the application of clauses 5.06(b) (i) and (ii) above to the Principal
Distribution Account to the extent necessary to reduce the principal amount of
all the Class [A] Notes to zero, (B) following the occurrence and during the
continuation of an Event of Default specified in Section 5.01(iii) of the
Indenture, which has resulted in an acceleration of the Notes, the Master
Servicer shall instruct the Indenture Trustee to transfer the funds on deposit
in the Collection Account remaining after the application of clauses 5.06(b)
(i), (ii), (iii) and (iv) above to the Principal Distribution Account to the
extent necessary to reduce the principal amount of all the Notes to zero, and
(C) in the case of an event described in clause (A) or (B), the
Certificateholders will not receive any distributions of principal or interest
until the principal amount and accrued interest on all the Notes has been paid
in full.

     Section 5.07. Reserve Account.

     (a) On or prior to the Closing Date the Issuer shall cause to have
deposited an amount equal to the Reserve Account Initial Deposit into the
Reserve Account from the net proceeds of the sale of the Securities. The
Reserve Account shall be an asset of the Issuer.

     (b) On each Payment Date, the Master Servicer shall instruct the
Indenture Trustee in writing (based on the information contained in the Master
Servicer's Certificate delivered on the related Determination Date pursuant to
Section 4.09) to withdraw the Reserve Account Withdrawal Amount, if any, and
the Reserve Account Release Amount, if any, from the Reserve Account and
deposit such Reserve Account Withdrawal Amount and such Reserve Account
Release Amount into the Collection Account for distribution in the order of
priority set forth in Section 5.06(b) no later than [12:00 noon], New York
City time, on the Business Day prior to the related Payment Date.

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<PAGE>

     (c) In the event that, on any Payment Date, the amount on deposit in the
Reserve Account shall be less than the Reserve Account Required Amount, the
Total Distribution Amount remaining after the payment of the amounts set forth
in Section 5.06(b)(i) through (vii), up to an amount equal to such shortfall,
shall be deposited by the Indenture Trustee to the Reserve Account on such
Payment Date.

     (d) Subject to Section 9.01, amounts will continue to be applied pursuant
to Section 5.06 following payment in full of all of the Outstanding Amount of
the Notes and of the Class [C] Certificate Balance until the Pool Balance is
reduced to zero. Following the payment in full of the aggregate Outstanding
Amount of the Notes and the Class [C] Certificate Balance and of all other
amounts owing or to be distributed hereunder or under the Indenture or the
Trust Agreement to Noteholders and the termination of the Trust, any amount
then allocated to the Reserve Account shall be paid to Regions Bank.

     Section 5.08. Statements to Securityholders. On each Determination Date,
the Master Servicer shall provide to the Indenture Trustee (with a copy to
each Rating Agency, Morgan Keegan & Company Inc. and [_________] and each
Paying Agent (if any)) for the Indenture Trustee to forward to each Noteholder
of record as of the most recent Record Date and to the Owner Trustee (with a
copy to each Paying Agent (if any)) for the Owner Trustee to forward to each
Certificateholder of record as of the most recent Record Date a statement
substantially in the form of Exhibit B setting forth at least the following
information as to the Securities to the extent applicable:

     (a) the amount of collections received with respect to the Receivables
during the related Collection Period and allocable to principal allocable to
each Class of Notes and Certificates on such Payment Date;

     (b) the amount of collections received with respect to the Receivables
during the related Collection Period and allocable to interest allocable to
each Class of Notes and Certificates on such Payment Date;

     (c) the Outstanding Amount of each Class of Notes, the Note Pool Factor
for each such Class, the Class [C] Certificate Balance and the Class [C]
Certificate Pool Factor as of the close of business on the preceding Payment
Date, after giving effect to payments allocated to principal reported under
clause (a) above;

     (d) the amount of the Servicing Fee paid to the Master Servicer and the
amount of any fees payable to the Owner Trustee, the Custodian or the
Indenture Trustee with respect to the related Collection Period;

     (e) the amount of the Regular Principal Allocation for such Payment Date;

     (f) the amount of the First Allocation of Principal, if any, for such
Payment Date;

     (g) the amount of the Second Allocation of Principal, if any, for such
Payment Date;

     (h) the aggregate amounts of Realized Losses, if any, and Cram Down
Losses, if any, separately identified, with respect to the related Collection
Period;

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<PAGE>

     (i) the Pool Balance as of the close of business on the last day of the
related Collection Period, after giving effect to payments allocated to
principal reported under clause (a) above;

     (j) the balance of the Reserve Account on the related Determination Date
after giving effect to deposits and withdrawals to be made on such Payment
Date, if any;

     (k) the amount of any deposit to the Reserve Account and the amount and
application of any funds withdrawn from the Reserve Account, in each case with
respect to such Payment Date;

     (l) the aggregate principal balance of all Receivables that became
Liquidated Receivables or Purchased Receivables during the related Collection
Period;

     (m) the aggregate principal balance and number of Receivables that are 30
to 59 days, 60 to 89 days or 90 days or more delinquent as of the last day of
the related Collection Period;

     (n) the Class [A-1] Interest Carryover Shortfall, the Class [A-2]
Interest Carryover Shortfall, the Class [A-3] Interest Carryover Shortfall,
the Class [A-4] Interest Carryover Shortfall, the Class [B] Interest Carryover
Shortfall and the Class [C] Certificateholders' Interest Carryover Shortfall,
in each case after giving effect to payments on such Payment Date, and any
change in such amounts from the preceding statement;

     (o) the aggregate Purchase Amounts for Receivables, if any, that were or
are to be purchased during or with respect to such Collection Period;

     (p) the aggregate Principal Balance and number of all Receivables with
respect to which the related Financed Vehicle was repossessed;

     (q) the aggregate Principal Balance and number of Receivables with
respect to which the Master Servicer granted an extension; and

     (r) the Overcollateralization Target Amount for the next Payment Date.

     Each amount set forth on the Payment Date Statement under clauses (a),
(b) or (n) above shall be expressed as a dollar amount per $1,000 of original
principal balance of a Certificate or Note, as applicable.

                                  ARTICLE VI

                                 THE DEPOSITOR

     Section 6.01. Representations of Depositor. The Depositor makes the
following representations to the Issuer, the Master Servicer, the Indenture
Trustee and the Seller. The Issuer relies on such representations in accepting
the Receivables and delivering the Securities. Such representations speak as
of the execution and delivery of this Agreement and as of the

                                      39

<PAGE>

Closing Date, and shall survive the sale, transfer and assignment of the
Receivables by the Depositor to the Issuer and the pledge thereof to the
Indenture Trustee in accordance with the terms of the Indenture.

     (a) Organization and Good Standing. The Depositor is duly organized and
validly existing as a limited liability company in good standing under the
laws of the State of Delaware, with all the requisite power and authority to
own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted.

     (b) Due Qualification. The Depositor is duly qualified to do business as
a foreign limited liability company in good standing, and has obtained all
necessary licenses and approvals in all jurisdictions where the failure to do
so would materially and adversely affect the Depositor's ability to transfer
the Receivables to the Trust pursuant to this Agreement or the validity or
enforceability of the Receivables.

     (c) Power and Authority. The Depositor has the limited liability company
power and authority to execute and deliver this Agreement and the other Basic
Documents to which it is a party and to carry out their respective terms; the
Depositor has full power and authority to sell and assign the property to be
sold and assigned to and deposited with the Issuer, and the Depositor shall
have duly authorized such sale and assignment to the Issuer by all necessary
limited liability company action; and the execution, delivery and performance
of this Agreement and the other Basic Documents to which the Depositor is a
party have been, duly authorized by the Depositor by all necessary limited
liability company action.

     (d) Binding Obligation. This Agreement and the other Basic Documents to
which the Depositor is a party, when duly executed and delivered by the other
parties hereto and thereto, shall constitute legal, valid and binding
obligations of the Depositor, enforceable against the Depositor in accordance
with their respective terms, except as the enforceability thereof may be
limited by bankruptcy, insolvency, reorganization or similar laws now or
hereafter in effect relating to or affecting creditors' rights generally and
to general principles of equity (whether applied in a proceeding at law or in
equity).

     (e) No Violation. The consummation of the transactions contemplated by
this Agreement and the other Basic Documents and the fulfillment of the terms
of this Agreement and the other Basic Documents shall not conflict with,
result in any breach of any of the terms or provisions of or constitute (with
or without notice or lapse of time, or both) a default under, the limited
liability company agreement or certificate of formation of the Depositor, or
any material indenture, agreement, mortgage, deed of trust or other instrument
to which the Depositor is a party or by which it is bound; or result in the
creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture, agreement, mortgage, deed of trust or other
instrument, other than this Agreement and the other Basic Documents; or
violate any law, order, rule or regulation applicable to the Depositor of any
court or federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Depositor.

     (f) No Proceedings. There are no proceedings or investigations pending
or, to the Depositor's knowledge, threatened, against the Depositor before any
court, regulatory body,

                                      40

<PAGE>

administrative agency or other tribunal or governmental instrumentality having
jurisdiction over the Depositor or its properties: (i) asserting the
invalidity of this Agreement or any other Basic Document; (ii) seeking to
prevent the issuance of the Notes or the Certificates or the consummation of
any of the transactions contemplated by this Agreement or any other Basic
Document; (iii) seeking any determination or ruling that might materially and
adversely affect the performance by the Depositor of its obligations under, or
the validity or enforceability of, this Agreement or any other Basic Document;
or (iv) seeking to adversely affect the federal income tax attributes of the
Trust, the Notes or the Certificates.

     (g) No Consents. The Depositor is not required to obtain the consent of
any other party or any consent, license, approval, registration,
authorization, or declaration of or with any governmental authority, bureau or
agency in connection with the execution, delivery, performance, validity or
enforceability of this Agreement or any other Basic Document to which it is a
party that has not already been obtained.

     Section 6.02. Limited Liability Company Existence. Subject to Section
6.04, during the term of this Agreement, the Depositor will keep in full force
and effect its existence, rights and franchises as a limited liability company
under the laws of the jurisdiction of its organization and will 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 Agreement, the Basic Documents and each other
instrument or agreement necessary or appropriate to the proper administration
of this Agreement and the transactions contemplated hereby; provided that
nothing herein shall prohibit the Depositor from converting into another form
of entity provided that it complies with this Section 6.02 in all other
respects except as to form. In addition, all transactions and dealings between
the Depositor and its Affiliates will be conducted on an arm's-length basis.

     Section 6.03. Liability of Depositor; Indemnities. The Depositor shall be
liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Depositor under this Agreement (which shall not
include distributions on account of the Notes or the Certificates).

     Section 6.04. Merger or Consolidation of, or Assumption of the
Obligations of, Depositor. Any Person with which the Depositor shall merge or
consolidate or which the Depositor shall permit to become the successor to the
Depositor's business shall execute an agreement of assumption of every
obligation of the Depositor under this Agreement and the other Basic
Documents. Whether or not such assumption agreement is executed, such
successor Person shall be the successor to the Depositor under this Agreement
without the execution or filing of any document or any further act on the part
of any of the parties to this Agreement. The Depositor shall provide prompt
notice of any merger, consolidation or succession pursuant to this Section
6.04 to the Owner Trustee, the Indenture Trustee, the Master Servicer, the
Securityholders and the Rating Agencies. Notwithstanding the foregoing, the
Depositor shall not merge or consolidate with any other Person or permit any
other Person to become a successor to the Depositor's business unless (w)
immediately after giving effect to such transaction, no representation or
warranty made pursuant to Section 3.02 or 6.01 shall have been breached (for
purposes hereof, such representations and warranties shall speak as of the
date of the consummation of such transaction); provided, that, a change in the
Depositor's form of

                                      41

<PAGE>

organization shall not be considered a breach of the representations and
warranties set forth in Section 6.01, (x) the Depositor shall have delivered
to the Owner Trustee, the Indenture Trustee and the Master Servicer an
Officer's Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply
with this Section 6.04 and that all conditions precedent provided for in this
Agreement relating to such transaction have been complied with, (y) the Rating
Agency Condition shall have been satisfied and (z) the Depositor shall have
delivered to the Owner Trustee, the Indenture Trustee and the Master Servicer
an Opinion of Counsel stating that, in the opinion of such counsel, either (A)
all financing statements and continuation statements and amendments thereto
have been executed and filed that are necessary to preserve and protect the
interest of the Trust in the Receivables and reciting the details of such
filings or (B) no such action is necessary to preserve and protect such
interest.

     Section 6.05. Limitation on Liability of Depositor and Others. The
Depositor and any director, officer, employee or agent of the Depositor may
rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any
matters arising hereunder. The Depositor shall be under no obligation to
appear in, prosecute or defend any legal action that shall not be incidental
to its obligations under this Agreement and that in its opinion may involve it
in any expense or liability.

     Section 6.06. Depositor May Own Securities. The Depositor and any
Affiliate thereof may in its individual or any other capacity become the owner
or pledgee of Securities with the same rights as it would have if it were not
the Depositor or an Affiliate thereof, except as expressly provided herein or
in any Basic Document.

     Section 6.07. Depositor to Provide Copies of Relevant Securities Filings.
The Depositor shall provide or cause to be provided to the Master Servicer a
copy of any document filed by the Depositor subsequent to the date hereof with
the Securities and Exchange Commission pursuant to the Securities Act of 1933
or the Securities Exchange Act of 1934 that relate specifically to the Trust,
the Notes or the Certificates.

     Section 6.08. Amendment of Depositor's Organizational Documents. The
Depositor shall not amend its organizational documents except in accordance
with the provisions thereof.

                                  ARTICLE VII

                                 THE SERVICER

     Section 7.01. Representations of Master Servicer. The Master Servicer
makes the following representations upon which the Issuer is deemed to have
relied in acquiring the Receivables. Such representations speak as of the
execution and delivery of this Agreement and as of the Closing Date, and shall
survive the sale of the Receivables to the Issuer and the pledge thereof to
the Indenture Trustee in accordance with the terms of the Indenture.

     (a) Organization and Good Standing. The Master Servicer is an Alabama
state banking corporation duly organized and validly existing as a banking
institution under the laws

                                      42

<PAGE>

of the State of Alabama and continues to hold a valid certificate to do
business as such. The Master Servicer is duly authorized to own its properties
and transact its business and is in good standing in each jurisdiction in
which the character of the business transacted by it or any properties owned
or leased by it requires such authorization and in which the failure to be so
authorized would have a material adverse effect on the business, properties,
assets, or condition (financial or other) of the Master Servicer and its
subsidiaries, considered as one enterprise. The Master Servicer has, and at
all relevant times had, the power, authority and legal right to acquire, own,
and service the Receivables.

     (b) Licenses and Approvals. The Master Servicer has obtained all
necessary licenses and approvals, in all jurisdictions where the failure to do
so would materially and adversely affect the Master Servicer's ability to
service the Receivables.

     (c) Power and Authority. The Master Servicer has the power and authority
to execute and deliver this Agreement and the other Basic Documents to which
it is a party and to carry out their respective terms; and the execution,
delivery and performance of this Agreement and the other Basic Documents to
which it is a party have been duly authorized by the Master Servicer by all
necessary action.

     (d) Binding Obligation. This Agreement and the other Basic Documents to
which it is a party constitute legal, valid and binding obligations of the
Master Servicer, enforceable against the Master Servicer in accordance with
their respective terms, except as the enforceability thereof may be limited by
bankruptcy, insolvency, reorganization or other similar laws affecting the
enforcement of creditors' rights generally and to general principles of equity
whether applied in a proceeding in equity or at law.

     (e) No Violation. The consummation of the transactions contemplated by
this Agreement and the other Basic Documents to which it is a party and the
fulfillment of their respective terms shall not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time or both) a default under, the articles of
incorporation or bylaws of the Master Servicer, or any material indenture,
agreement, mortgage, deed of trust or other instrument to which the Master
Servicer is a party or by which it is bound; or result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement, mortgage, deed of trust or other instrument, other
than this Agreement and the other Basic Documents, or violate any law, order,
rule or regulation applicable to the Master Servicer of any court or federal
or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Master Servicer or any of its
properties.

     (f) No Proceedings. There are no proceedings or investigations pending
or, to the Master Servicer's knowledge, threatened, against the Master
Servicer before any court, regulatory body, administrative agency or other
tribunal or governmental instrumentality having jurisdiction over the Master
Servicer or its properties: (i) asserting the invalidity of this Agreement or
any of the other Basic Documents; (ii) seeking to prevent the issuance of the
Securities or the consummation of any of the transactions contemplated by this
Agreement or any of the other Basic Documents; (iii) seeking any determination
or ruling that might materially and adversely affect the performance by the
Master Servicer of its obligations under, or the

                                      43

<PAGE>

validity or enforceability of, this Agreement or any of the other Basic
Documents; or (iv) seeking to adversely affect the federal income tax or other
federal, state or local tax attributes of the Securities.

     Section 7.02. Indemnities of Master Servicer. The Master Servicer shall
be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Master Servicer and the representations made by
the Master Servicer under this Agreement:

     (a) The Master Servicer shall indemnify, defend and hold harmless the
Issuer, the Owner Trustee, the Indenture Trustee, the Securityholders and the
Depositor and any of the officers, directors, employees and agents of the
Issuer, the Owner Trustee and the Indenture Trustee from and against any and
all costs, expenses, losses, damages, claims and liabilities arising out of or
resulting from the use, ownership or operation by the Master Servicer or any
Affiliate thereof of a Financed Vehicle, excluding any losses incurred in
connection with the sale of any repossessed Financed Vehicles in a
commercially reasonable manner and in compliance with the terms of this
Agreement.

     (b) The Master Servicer shall indemnify, defend and hold harmless the
Issuer, the Owner Trustee, the Indenture Trustee, the Depositor, and their
respective officers, directors, agents and employees, and the Securityholders,
from and against any taxes that may at any time be asserted against any of
such parties with respect to the transactions contemplated in this Agreement,
including any sales, gross receipts, tangible or intangible personal property,
privilege or license taxes (but not including any federal or other income
taxes, including franchise taxes asserted with respect to, and as of the date
of, the transfer of the Receivables to the Trust or the issuance and original
sale of the Securities), and any reasonable costs and expenses in defending
against the same.

     (c) The Master Servicer shall indemnify, defend and hold harmless the
Issuer, the Owner Trustee, the Indenture Trustee, the Depositor, the
Securityholders and any of the officers, directors, employees or agents of the
Issuer, the Owner Trustee, the Depositor and the Indenture Trustee from and
against any and all costs, expenses, losses, claims, damages and liabilities
to the extent that such cost, expense, loss, claim, damage or liability arose
out of, or was imposed upon any such Person through, the gross negligence,
willful misfeasance or bad faith of the Master Servicer in the performance of
its duties under this Agreement or by reason of reckless disregard of its
obligations and duties under this Agreement.

     For purposes of this Section, in the event of the termination of the
rights and obligations of Regions Bank (or any successor thereto pursuant to
Section 7.03) as Master Servicer pursuant to Section 8.02, or the resignation
by such Master Servicer pursuant to this Agreement, such Master Servicer shall
be deemed to be the Master Servicer pending appointment of a successor Master
Servicer (other than the Indenture Trustee) pursuant to Section 8.03.

     Indemnification under this Section shall survive the resignation or
removal of the Master Servicer or the termination of this Agreement with
respect to acts of the Master Servicer prior thereto, and shall include
reasonable fees and expenses of counsel and reasonable expenses of litigation.
If the Master Servicer shall have made any indemnity payments pursuant to this
Section and the Person to or on behalf of whom such payments are made
thereafter collects any

                                      44

<PAGE>

of such amounts from others, such Person shall promptly repay such amounts to
the Master Servicer, without interest.

     Section 7.03. Merger or Consolidation of, or Assumption of the
Obligations of, Master Servicer. Any Person (i) into which the Master Servicer
may be merged or consolidated, (ii) resulting from any merger or consolidation
to which the Master Servicer shall be a party, (iii) that acquires by
conveyance, transfer or lease substantially all of the assets of the Master
Servicer or (iv) succeeding to the business of the Master Servicer, which
Person shall execute an agreement of assumption to perform every obligation of
the Master Servicer under this Agreement, shall be the successor to the Master
Servicer under this Agreement without the execution or filing of any paper or
any further act on the part of any of the parties to this Agreement. The
Master Servicer shall provide notice of any merger, consolidation or
succession pursuant to this Section 7.03 to the Owner Trustee, the Indenture
Trustee and each Rating Agency. Notwithstanding the foregoing, the Master
Servicer shall not merge or consolidate with any other Person or permit any
other Person to become a successor to the Master Servicer's business unless
(i) immediately after giving effect to such transaction, no representation or
warranty made pursuant to Section 7.01 shall have been breached (for purposes
hereof, such representations and warranties shall speak as of the date of the
consummation of such transaction) and no event that, after notice or lapse of
time or both, would become a Master Servicer Termination Event shall have
occurred; provided, that, a change in the Master Servicer's form of
organization shall not be considered a breach of the representation or
warranties set forth in Section 7.01, (ii) the Master Servicer shall have
delivered to the Owner Trustee and the Indenture Trustee an Officer's
Certificate and an Opinion of Counsel each stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section
7.03 and that all conditions precedent provided for in this Agreement relating
to such transaction have been complied with and (iii) the Master Servicer
shall have delivered to the Owner Trustee and the Indenture Trustee an Opinion
of Counsel stating that either (A) all financing statements and continuation
statements and amendments thereto have been executed and filed that are
necessary to preserve and protect the interest of the Trust and the Indenture
Trustee, respectively, in the assets of the Trust and reciting the details of
such filings or (B) no such action shall be necessary to preserve and protect
such interest.

     Section 7.04. Limitation on Liability of Master Servicer and Others.

     (a) Neither the Master Servicer nor any of its directors, officers,
employees or agents shall be under any liability to the Issuer, the Depositor,
the Indenture Trustee, the Owner Trustee, the Noteholders or the
Certificateholders, except as provided in this Agreement, for any action taken
or for refraining from the taking of any action pursuant to this Agreement;
provided, however, that this provision shall not protect the Master Servicer
against any liability that would otherwise be imposed by reason of a breach of
this Agreement or willful misfeasance, bad faith or negligence in the
performance of duties. The Master Servicer and any director, officer, employee
or agent of the Master Servicer may conclusively rely in good faith on the
written advice of counsel or on any document of any kind prima facie properly
executed and submitted by any Person respecting any matters arising under this
Agreement.

     (b) The parties expressly acknowledge and consent to the Indenture
Trustee simultaneously acting in the capacity of successor Master Servicer and
Indenture Trustee. The

                                      45

<PAGE>

Indenture Trustee may, in such capacities, discharge its separate functions
fully, without hindrance or regard to conflict of interest principles, duty of
loyalty principles or other breach of fiduciary duties to the extent that any
such conflict or breach arises from the performance by the Indenture Trustee
of express duties set forth in this Agreement in any of such capacities.

     Section 7.05. Appointment of Subservicer. The Master Servicer may at any
time appoint a subservicer to perform all or any portion of its obligations as
Master Servicer hereunder; provided, however, that the Master Servicer shall
remain obligated and be liable to the Owner Trustee, the Indenture Trustee and
the Securityholders for the servicing and administering of the Receivables in
accordance with the provisions hereof without diminution of such obligation
and liability by virtue of the appointment of such subservicer and to the same
extent and under the same terms and conditions as if the Master Servicer alone
were servicing and administering the Receivables. The fees and expenses of any
subservicer shall be as agreed between the Master Servicer and such
subservicer from time to time, and none of the Owner Trustee, the Indenture
Trustee, the Issuer or the Securityholders shall have any responsibility
therefor.

     Section 7.06. [Master Servicer Not to Resign.

     (a) Subject to the provisions of Section 7.03, the Master Servicer shall
not resign from the obligations and duties imposed on it by this Agreement as
Master Servicer except upon a determination that the performance of its duties
under this Agreement shall no longer be permissible under applicable law.

     (b) Notice of any determination that the performance by the Master
Servicer of its duties hereunder is no longer permitted under applicable law
shall be communicated to the Owner Trustee and the Indenture Trustee at the
earliest practicable time (and, if such communication is not in writing, shall
be confirmed in writing at the earliest practicable time) and any such
determination shall be evidenced by an Opinion of Counsel to such effect
delivered by the Master Servicer to the Owner Trustee and the Indenture
Trustee concurrently with or promptly after such notice. No resignation of the
Master Servicer shall become effective until a successor Master Servicer
acceptable to the Controlling Party shall have assumed the responsibilities
and obligations of the Master Servicer in accordance with Section 8.03. If no
Master Servicer has been appointed within 30 days of resignation or removal,
the Controlling Party may petition any court of competent jurisdiction for
such appointment.]

                                 ARTICLE VIII

                                    DEFAULT

     Section 8.01. Master Servicer Termination Events. For purposes of this
Agreement, the occurrence and continuance of any of the following shall
constitute a "Master Servicer Termination Event":

     (a) any failure by the Master Servicer to deposit into the Collection
Account any proceeds or payment required to be so delivered under the terms of
this Agreement that

                                      46

<PAGE>

continues unremedied for a period of [five] Business Days after written notice
is received by the Master Servicer or after discovery of such failure by a
Responsible Officer of the Master Servicer;

     (b) failure on the part of the Master Servicer duly to observe or perform
in any material respect any other covenants or agreement of the Master
Servicer set forth in this Agreement, which failure (i) materially and
adversely affects the rights of the Securityholders and (ii) continues
unremedied for a period of [__] days after discovery of such failure by a
Responsible Officer of the Master Servicer or after the date on which written
notice of such failure requiring the same to be remedied shall have been given
to the Master Servicer by any of the Owner Trustee, the Indenture Trustee,
Noteholders evidencing not less than 25% of the Outstanding Amount of the
Controlling Class or, if no Notes are outstanding, Certificateholders of
Certificates evidencing not less than 25% of the Outstanding Amount of the
Certificates; or

     (c) [the occurrence of an Insolvency Event with respect to the Master
Servicer.]

     Section 8.02. Consequences of a Master Servicer Termination Event. If a
Master Servicer Termination Event shall occur, the Indenture Trustee may, and
at the direction of Noteholders evidencing [not less than a majority] of the
Outstanding Amount of the Controlling Class or, if no Notes are Outstanding,
Certificateholders of Certificates evidencing [not less than a majority] of
the Outstanding Amount of the Certificates, shall terminate all of the rights
and obligations of the Master Servicer under this Agreement by notice in
writing to the Master Servicer. On or after the receipt by the Master Servicer
of such written notice, all authority, power, obligations and responsibilities
of the Master Servicer under this Agreement automatically shall pass to, be
vested in and become obligations and responsibilities of the successor Master
Servicer appointed by the Controlling Party; provided, however, that such
successor Master Servicer shall have no liability with respect to any
obligation that was required to be performed by the terminated Master Servicer
prior to the date that such successor Master Servicer becomes the Master
Servicer or any claim of a third party based on any alleged action or inaction
of the terminated Master Servicer. The successor Master Servicer is authorized
and empowered by this Agreement to execute and deliver, on behalf of the
terminated Master Servicer, as attorney-in-fact or otherwise, any and all
documents and other instruments and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement of the
Receivables and related documents to show the Indenture Trustee (or the Owner
Trustee if the Notes have been paid in full) as lienholder or secured party on
the related certificates of title of the Financed Vehicles or otherwise. The
terminated Master Servicer agrees to cooperate with the successor Master
Servicer in effecting the termination of the responsibilities and rights of
the terminated Master Servicer under this Agreement, including the transfer to
the successor Master Servicer for administration by it of all money and
property held by the Master Servicer with respect to the Receivables and other
records relating to the Receivables, including any portion of the Receivables
File held by the Master Servicer and a computer tape in readable form as of
the most recent Business Day containing all information necessary to enable
the successor Master Servicer to service the Receivables. The terminated
Master Servicer shall also provide the successor Master Servicer access to
Master Servicer personnel and computer records in order to facilitate the
orderly and efficient transfer of servicing duties.

                                      47

<PAGE>

     Section 8.03. Appointment of Successor Master Servicer.

     (a) On and after the time the Master Servicer receives a notice of
termination pursuant to Section 8.02 or upon the resignation of the Master
Servicer pursuant to Section 7.06, the Indenture Trustee shall be the
successor in all respects to the Master Servicer in its capacity as Master
Servicer under this Agreement and shall be subject to all the rights,
responsibilities, restrictions, duties, liabilities and termination provisions
relating to the Master Servicer under this Agreement, except as otherwise
stated herein. The Depositor, the Owner Trustee, the Indenture Trustee and
such successor Master Servicer shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession. If a
successor Master Servicer is acting as Master Servicer hereunder, it shall be
subject to termination under Section 8.02 upon the occurrence of any Master
Servicer Termination Event after its appointment as successor Master Servicer.

     (b) On and after the time the Master Servicer receives a notice of
termination pursuant to Section 8.02 or upon the resignation of the Master
Servicer pursuant to Section 7.06, or if the Indenture Trustee is legally
unable or unwilling to act as Master Servicer, the Controlling Party may
exercise at any time its right to appoint a successor to the Master Servicer,
and shall have no liability to the Owner Trustee, the Indenture Trustee, the
Master Servicer, the Depositor, any Noteholders, any Certificateholders or any
other Person if it does so. Notwithstanding the above, if the Indenture
Trustee shall be legally unable or unwilling to act as Master Servicer, the
Indenture Trustee, the Owner Trustee or Noteholders evidencing 25% of the
Outstanding Amount of the Controlling Class or, if no Notes are outstanding,
Certificateholders of Certificates evidencing not less than 25% of the
Outstanding Amount of the Certificates, may petition a court of competent
jurisdiction to appoint any Eligible Master Servicer as the successor to the
Master Servicer. Pending appointment pursuant to the preceding sentence, the
Indenture Trustee shall act as successor Master Servicer unless it is legally
unable to do so, in which event the outgoing Master Servicer shall continue to
act as Master Servicer until a successor has been appointed and accepted such
appointment. The Trustee shall be entitled to withdraw from the Collection
Account and remit to the successor Master Servicer or such other party
entitled thereto all reasonably incurred Master Servicer transition costs.

     (c) Upon appointment, the successor Master Servicer shall be the
successor in all respects to the predecessor Master Servicer and shall be
subject to all the responsibilities, duties and liabilities arising thereafter
relating thereto placed on the predecessor Master Servicer, and shall be
entitled to the Servicing Fee and all the rights granted to the predecessor
Master Servicer by the terms and provisions of this Agreement.

     (d) Any successor Master Servicer shall have the right (x) to terminate
the services of any Subservicer in respect of the Receivables arising under
the related Sub-Servicing Agreement between the predecessor Master Servicer
and such Subservicer which is in effect at the time such successor Master
Servicer assumes its responsibilities as successor Master Servicer or (y) to
assume such related Sub-Servicing Agreement. The successor Master Servicer
will provide the Subservicer, the predecessor Master Servicer, the Indenture
Trustee and the Owner Trustee, within 60 days of its appointment as successor
Master Servicer, written notice of its election to terminate any Sub-Servicing
Agreement on the date set forth in such notice or to assume the Sub-Servicing
Agreement. Any termination fees in connection with such termination shall be

                                      48

<PAGE>

paid by the predecessor Master Servicer or the Subservicer pursuant to the
relevant Subservicing Agreement and shall not be obligations of the Indenture
Trustee, the Owner Trustee or the Issuer or paid from the Trust Estate.

     Section 8.04. Notification to Securityholders. Upon any termination of,
or appointment of a successor to, the Master Servicer pursuant to this Article
VIII, the Owner Trustee shall give prompt written notice thereof to the
Certificateholders, and the Indenture Trustee shall give prompt written notice
thereof to the Noteholders and each Rating Agency.

     Section 8.05. Waiver of Past Defaults. Noteholders evidencing not less
than a majority of the Outstanding Amount of the Controlling Class or, if no
Notes are Outstanding, Certificateholders of Certificates evidencing not less
than a majority of the Outstanding Amount of the Certificates may, on behalf
of all Securityholders, waive in writing any default by the Master Servicer in
the performance of its obligations hereunder and its consequences, except a
default in making any required deposits to or payments from any of the Trust
Accounts in accordance with this Agreement. Upon any such waiver of a past
default, such default shall cease to exist, and any Master Servicer
Termination Event arising therefrom shall be deemed to have been remedied for
every purpose of this Agreement. No such waiver shall extend to any subsequent
or other default or impair any right consequent thereto.

                                  ARTICLE IX

                                  TERMINATION

     Section 9.01. Optional Purchase of All Receivables.

     (a) On each Determination Date as of which the Pool Balance is equal to
or less than [____]% of the Original Pool Balance, the Master Servicer shall
have the option to purchase all the Receivables; provided however, that the
amount to be paid for such purchase (as set forth in the following sentence)
shall be sufficient to pay the full amount of principal and interest then due
and payable on any Outstanding Notes and outstanding Certificates in full and
to pay any amounts due to the Indenture Trustee, the Owner Trustee and the
Trust Administrator. To exercise such option, the Master Servicer shall
deposit to the Collection Account pursuant to Section 5.04 an amount equal to
the lesser of (i) the fair market value of such Receivables and (ii) the
aggregate Purchase Amount for the Receivables (including Receivables that
became Liquidated Receivables during the related Collection Period) and shall
succeed to all interests in and to the Receivables. The exercise of such
option shall effect a retirement, in whole but not in part, of all outstanding
Notes.

     (b) As described in Article IX of the Trust Agreement, notice of any
termination of the Trust shall be given by the Master Servicer to the Owner
Trustee and the Indenture Trustee as soon as practicable after the Master
Servicer has received notice thereof.

     (c) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of

                                      49

<PAGE>

the Noteholders hereunder and the Owner Trustee will succeed to the rights of,
the Indenture Trustee pursuant to this Agreement.

                                   ARTICLE X

                                 MISCELLANEOUS

     Section 10.01. Amendment.

     (a) This Agreement may be amended by the Depositor, the Master Servicer,
the Indenture Trustee and the Issuer, without the consent of any of the
Noteholders or the Certificateholders, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions
in this Agreement or of modifying in any manner the rights of the Noteholders
or the Certificateholders; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel delivered to the Owner Trustee and the
Indenture Trustee, adversely affect in any material respect the interests of
any Noteholder or Certificateholder; provided further, that such action shall
be deemed not to adversely affect in any material respect the interests of any
Noteholder or Certificateholder and no Opinion of Counsel to that effect shall
be required if the person requesting the amendment obtains a letter from the
Rating Agencies stating that the amendment would not result in the downgrading
or withdrawal of the ratings then assigned to the Notes and the Certificates.

     (b) This Agreement may also be amended from time to time by the
Depositor, the Master Servicer and the Issuer, with the prior written consent
of the Indenture Trustee, Noteholders holding not less than a majority of the
Outstanding Amount of the Class [A] Notes, Noteholders holding not less than a
majority of the Outstanding Amount of the Class [B] Notes, and the Holders of
outstanding Class [C] Certificates evidencing not less than a majority of the
outstanding Class [C] Certificate Balance, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of the
Securityholders; provided, however, that no such amendment shall (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on Receivables or distributions that shall be required
to be made for the benefit of the Securityholders or (ii) reduce the aforesaid
percentage of the Outstanding Amount of the Class [A] Notes, the Class [B]
Notes or the Class [C] Certificates, the Securityholders of which are required
to consent to any such amendment, without the consent of the Noteholders
holding all Outstanding Class [A] Notes, Class [B] Notes and
Certificateholders holding all Outstanding Class [C] Certificates.

     Promptly after the execution of any amendment or consent, the
Administrator shall furnish written notification of the substance of such
amendment or consent to each Securityholder, the Indenture Trustee and each
Rating Agency.

     It shall not be necessary for the consent of Securityholders pursuant to
this Section to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the
substance thereof.

                                      50

<PAGE>

     Prior to the execution of any amendment to this Agreement, the Owner
Trustee, on behalf of the Issuer, and the Indenture Trustee shall be entitled
to receive and rely upon an Opinion of Counsel stating that the execution of
such amendment is authorized or permitted by this Agreement and the Opinion of
Counsel referred to in Section 10.02(i)(A). The Owner Trustee, on behalf of
the Issuer, and the Indenture Trustee may, but shall not be obligated to,
enter into any such amendment that affects the Owner Trustee's or the
Indenture Trustee's, as applicable, own rights, duties or immunities under
this Agreement or otherwise.

     Section 10.02. Protection of Title to Trust.

     (a) The Master Servicer shall execute and file such financing statements
and cause to be executed and filed such continuation statements, all in such a
manner and in such places as may be required by law fully to preserve,
maintain and protect the interest of the Issuer and the Indenture Trustee in
the Receivables and the proceeds thereof. The Master Servicer shall deliver or
cause to be delivered to the Owner Trustee and the Indenture Trustee
file-stamped copies of, or filing receipts for, any document filed as provided
above as soon as available following such filing. In addition, the Seller and
the Depositor hereby authorize the Issuer at any time and from time to time to
prepare and file financing statements and amendments thereto in any
jurisdiction as may be necessary or desirable to preserve, maintain and
protect the interests of the Issuer and the Indenture Trustee in the
Receivables and the proceeds thereof.

     (b) None of the Seller, the Depositor or the Master Servicer shall change
its name, identity or corporate structure in any manner that would, could or
might make any financing statement or continuation statement filed in
accordance with paragraph (a) above seriously misleading within the meaning of
Section 9-506 of the UCC, unless it shall have given the Owner Trustee and the
Indenture Trustee at least five days' prior written notice thereof and shall
have promptly filed appropriate amendments to all previously filed financing
statements or continuation statements.

     (c) Each of the Seller, the Depositor and the Master Servicer shall have
an obligation to give the Owner Trustee and the Indenture Trustee at least
five Business Days' prior written notice of any change in the jurisdiction of
its organization if, as a result of such change of jurisdiction, the
applicable provisions of the UCC would require the filing of any amendment of
any previously filed financing or continuation statement or of any new
financing statement, and shall promptly file any such amendment or new
financing statement. The Master Servicer shall at all times maintain each
office from which it shall service Receivables, and its principal executive
office, within the United States of America.

     (d) The Master Servicer shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit (i) the reader
thereof to know at any time the status of each such Receivable, including
payments and recoveries made and payments owing (and the nature of each) and
(ii) reconciliation between payments or recoveries on or with respect to each
such Receivable and the amounts from time to time deposited in the Collection
Account in respect of each such Receivable.

     (e) The Master Servicer shall maintain its computer systems so that, from
and after the time of sale under this Agreement of the Receivables, the Master
Servicer's master computer

                                      51

<PAGE>

records (including any backup archives) that refer to a Receivable shall be
coded to reflect that such Receivable is part of the portfolio of Receivables
that is the subject of this Agreement and is owned by Regions Auto Receivables
Trust 200__-__ and pledged by Regions Auto Receivables Trust 200__-__ to the
Indenture Trustee for the benefit of the Noteholders. Indication of such
Receivables' inclusion in the portfolio shall be deleted from or modified on
the Master Servicer's computer systems when, and only when, the related
Receivable shall have been paid in full or repurchased.

     (f) If at any time the Depositor or the Master Servicer shall propose to
sell, grant a security interest in or otherwise transfer any interest in motor
vehicle receivables to any prospective purchaser, lender or other transferee,
the Master Servicer shall give to such prospective purchaser, lender or other
transferee computer tapes, records or printouts (including any restored from
backup archives) that, if they shall refer in any manner whatsoever to any
Receivable, shall indicate clearly that such Receivable has been sold and is
owned by the Issuer and has been pledged to the Indenture Trustee.

     (g) The Master Servicer shall permit the Indenture Trustee and its agents
upon reasonable notice and at any time during normal business hours, which
does not unreasonably interfere with the Master Servicer's normal operations
or customer or employee relations, to inspect, audit and make copies of and
abstracts from the Master Servicer's records regarding any Receivable.

     (h) Upon request, the Master Servicer shall furnish to the Owner Trustee
or the Indenture Trustee, within fifteen Business Days, a list of all
Receivables (by contract number and name of Obligor) then held as part of the
Trust, together with a reconciliation of such list to the Schedule of
Receivables and to each of the Master Servicer's Certificates furnished prior
to such request indicating removal of Receivables from the Trust.

The Master Servicer shall deliver to the Owner Trustee and the Indenture
Trustee:

          (A) promptly after the execution and delivery of this Agreement and
each amendment hereto, an Opinion of Counsel stating that, in the opinion of
such counsel, either (i) all financing statements and continuation statements
have been executed and filed that are necessary to fully preserve and protect
the interest of the Trust and the Indenture Trustee in the Receivables, and
reciting the details of such filings or referring to prior Opinions of Counsel
in which such details are given, or (ii) no such action shall be necessary to
preserve and protect such interest; and

          (B) within 90 days after the beginning of each calendar year
beginning with the first calendar year beginning more than three months after
the Initial Cutoff Date, an Opinion of Counsel, dated as of a date during such
90-day period, stating that, in the opinion of such counsel, either (i) all
financing statements and continuation statements have been executed and filed
that are necessary to fully preserve and protect the interest of the Trust and
the Indenture Trustee in the Receivables, and reciting the details of such
filings or referring to prior Opinions of Counsel in which such details are
given, or (ii) no such action shall be necessary to preserve and protect such
interest.

                                      52

<PAGE>

     Each Opinion of Counsel referred to in clause (i) or (ii) above shall
specify any action necessary (as of the date of such opinion) to be taken in
the following year to preserve and protect such interest.

     Section 10.03. Notices. All demands, notices, communications and
instructions upon or to the Depositor, the Master Servicer, the Issuer, the
Owner Trustee, the Indenture Trustee or any Rating Agency under this Agreement
shall be in writing, personally delivered, faxed and followed by first class
mail, or mailed by certified mail, return receipt requested, and shall be
deemed to have been duly given upon receipt (a) in the case of the Depositor,
to 417 20th Street North, Birmingham, Alabama 35203; (b) in the case of the
Master Servicer, Administrator and Custodian, to 417 20th Street North,
Birmingham, Alabama 35203, (c) in the case of [INDENTURE TRUSTEE], to
[ADDRESS]; (d) in the case of the Issuer or the Owner Trustee, at the
Corporate Trust Administration Department (as defined in the Trust Agreement);
(e) in the case of [RATING AGENCY], to [ADDRESS], and (g) in the case of
[RATING AGENCY], to [ADDRESS]; or, as to each of the foregoing, at such other
address as shall be designated by written notice to the other parties.

     Section 10.04. Assignment by the Depositor or the Master Servicer.
Notwithstanding anything to the contrary contained herein, except as provided
in Sections 6.04 and 7.03 herein and as provided in the provisions of this
Agreement concerning the resignation of the Master Servicer, this Agreement
may not be assigned by the Depositor or the Master Servicer.

     Section 10.05. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Depositor, the Master Servicer,
the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee
and the Noteholders, and nothing in this Agreement, whether express or
implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim in the Trust Estate or under or in respect of this
Agreement or any covenants, conditions or provisions contained herein.

     Section 10.06. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

     Section 10.07. Counterparts. This Agreement may be executed by the
parties hereto in any number of counterparts, each of which when so executed
and delivered shall be an original, but all of which shall together constitute
but one and the same instrument.

     Section 10.08. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

     Section 10.09. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS THAT WOULD APPLY THE LAW OF ANY JURISDICTION OTHER
THAN THE STATE OF NEW YORK, AND THE

                                      53

<PAGE>

OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 10.10. Assignment by Issuer. The Depositor hereby acknowledges
and consents to any mortgage, pledge, assignment and grant of a security
interest by the Issuer to the Indenture Trustee in accordance with the terms
of the Indenture for the benefit of the Noteholders of all right, title and
interest of the Issuer in, to and under the Receivables or the assignment of
any or all of the Issuer's rights and obligations hereunder to the Indenture
Trustee.

     Section 10.11. Nonpetition Covenants. Notwithstanding any prior
termination of this Agreement, the parties hereto shall not, prior to the date
that is one year and one day after the termination of this Agreement with
respect to the Issuer or the Depositor, acquiesce, petition or otherwise
invoke or cause the Issuer or the Depositor to invoke the process of any court
or government authority for the purpose of commencing or sustaining a case
against the Issuer or the Depositor 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 Issuer or
the Depositor or any substantial part of its property, or ordering the winding
up or liquidation of the affairs of the Issuer or the Depositor.

     Section 10.12. Limitation of Liability of Owner Trustee and Indenture
Trustee.

     (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by [OWNER TRUSTEE] not in its individual
capacity but solely in its capacity as Owner Trustee of the Issuer and in no
event shall [OWNER TRUSTEE] in its individual capacity or, except as expressly
provided in the Trust Agreement, as Owner Trustee of the Issuer have any
liability for the representations, warranties, covenants, agreements or other
obligations of the Issuer hereunder or in any of the certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be had
solely to the assets of the Issuer in accordance with the priorities set forth
herein. For all purposes of this Agreement, in the performance of its duties
or obligations hereunder or in the performance of any duties or obligations of
the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to
the benefits of, the terms and provisions of Articles VI, VII and VIII of the
Trust Agreement.

     (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been accepted by [INDENTURE TRUSTEE], not in its individual
capacity but solely as Indenture Trustee, and in no event shall [INDENTURE
TRUSTEE] have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer in accordance
with the priorities set forth herein.

     Section 10.13. Entity Obligation. No recourse may be taken, directly or
indirectly, against any partner, incorporator, authorized person, member,
subscriber to the capital stock or membership interests, stockholder,
director, officer or employee of the Depositor, the Master Servicer, the
Custodian, the Seller or the Administrator, with respect to their respective
obligations and indemnities under this Agreement, any of the other Basic
Documents or any certificate or other writing delivered in connection herewith
or therewith.

                                      54

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective officers as of the day and year first
above written.

                    [OWNER TRUSTEE], not in its individual capacity
                    but solely as Owner Trustee of
                    REGIONS AUTO RECEIVABLES TRUST 200__-__

                    By: ___________________________________
                        Name:
                        Title:

                    DEPOSITOR

                    By: ___________________________________
                         Name:
                         Title:

                    REGIONS BANK

                    By: ___________________________________
                         Name:
                         Title:

                    [OWNER TRUSTEE]

                    By: ___________________________________
                         Name:
                         Title

                                      55

<PAGE>

                                  SCHEDULE A

                                  [RESERVED]

<PAGE>

                                  SCHEDULE B

                         Final Schedule of Receivables
                         -----------------------------

<PAGE>

                                  SCHEDULE C

                         Location of Receivable Files
                         ----------------------------

<PAGE>

                                   EXHIBIT A

                 Representations and Warranties of the Seller
                 --------------------------------------------
           Under Section 3.02 of the Receivables Purchase Agreement
           --------------------------------------------------------

<PAGE>

                                   EXHIBIT B

               Form of Payment Date Statement to Securityholders

<PAGE>

                                   EXHIBIT C

                     FORM OF MASTER SERVICER'S CERTIFICATE

<PAGE>

                                  EXHIBIT D-1

                               EXTENSION POLICY

<PAGE>

                                  EXHIBIT D-2

                           FORM OF DEALER AGREEMENT

<PAGE>

                                 EXHIBIT D-3

                              FORM OF ASSIGNMENT

<PAGE>

                                   EXHIBIT E

             PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

     1. General. The Sale and Servicing Agreement creates a valid and
continuing security interest (as defined in the UCC) in all of the Depositor's
right, title and interest in and to the Receivables in favor of the Issuer
which, (a) is enforceable upon execution of the Sale and Servicing Agreement
against creditors of and purchasers from the Depositor as such enforceability
may be limited by applicable debtor relief laws, now or hereafter in effect,
and by general principles of equity (whether considered in a suit at law or in
equity), and (b) upon filing of the financing statements described in clause 4
below will be prior to all other Liens (other than Liens permitted pursuant to
clause 5 below).

     2. Characterization. The Receivables constitute "tangible chattel paper"
within the meaning of UCC Section 9-102. Except with respect to [o]% of the
aggregate principal balance of the Receivables as of the Cutoff Date, for
which the related Lien Certificates show [_____] named as the original secured
party under such Receivables as the holder of a first priority security
interest in such Financed Vehicle (which Lien Certificates and the related
security interests have been validly assigned to the Trust), the Depositor has
taken all steps necessary to perfect its security interest against the Obligor
in the Financed Vehicles securing the Receivables.

     3. Creation. Immediately prior to the conveyance of the Receivables
pursuant to the Sale and Servicing Agreement, the Depositor owns and has good
and marketable title to, or has a valid security interest in, the Receivables
free and clear of any Lien, claim or encumbrance of any Person.

     4. Perfection. The Depositor has caused or will have caused, within ten
days of the Closing Date, the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect the security interest granted to the Issuer under the
Sale and Servicing Agreement in the Receivables.

     5. Priority. Other than the security interests granted to the Issuer
pursuant to the Sale and Servicing Agreement, the Depositor has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of
the Receivables, the Depositor has not authorized the filing of and is not
aware of any financing statements against the Depositor that includes a
description of collateral covering the Receivables other than any financing
statement (i) relating to the security interests granted to the Issuer under
the Sale and Servicing Agreement, (ii) that has been terminated or (iii) that
has been granted pursuant to the terms of the Basic Documents. None of the
tangible chattel paper that constitutes or evidences the Receivables has any
marks or notations indicating that they are pledged, assigned or otherwise
conveyed to any Person other than Indenture Trustee.

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