Document:

Exhibit
4.14

 

 

FORM OF OMNIBUS INSTRUMENT

 

 

WHEREAS, parties
named herein desire to enter into certain Program Documents, each such document
dated as of the date specified in this Omnibus Instrument, relating to the
issuance by Protective Life Secured Trust 20[  ]-[  ] (the “Trust”)
of Notes to investors under Protective Life Insurance Company’s (“Protective
Life”) secured notes program;

 

WHEREAS, if the
Pricing Supplement filed with the Securities and Exchange Commission pursuant
to Rule 424(b) under the Securities Act of 1933, as amended, with respect
to the Notes to be issued by the Trust (as such Pricing Supplement may be
amended, modified, supplemented or replaced from time to time, the “Pricing
Supplement”), indicates that the Trust is a Delaware statutory trust, the
Trust will be organized under and its activities will be governed by (i)
the provisions of the Statutory Trust Agreement (set forth in Section A of this
Omnibus Instrument), dated as of the date of the Pricing Supplement (the “Execution
Date”), by and between the parties thereto indicated in Section I herein,
and (ii) the certificate of trust of the Trust;

 

WHEREAS, if the
Pricing Supplement indicates that the Trust is a common law trust, the Trust
will be organized under and its activities will be governed by the provisions
of the Common Law Trust Agreement (set forth in Section A of this Omnibus
Instrument), dated as of the Execution Date, by and between the parties thereto
indicated in Section I herein;

 

WHEREAS, the Trust
will be administered pursuant to the provisions of the Administrative Services
Agreement (set forth in Section B of this Omnibus Instrument), dated as of the
Execution Date, by and between the parties thereto indicated in Section I
herein;

 

WHEREAS, certain
costs and expenses of the Trust and the service providers to the Trust will be
paid pursuant to the Expense and Indemnity Agreement (set forth in Section C of
this Omnibus Instrument), dated as of the Execution Date, by and between the
parties thereto indicated in Section I herein;

 

WHEREAS, certain
licensing arrangements between the Trust and Protective Life will be governed
pursuant to the provisions of the License Agreement (set forth in Section D of
this Omnibus Instrument), dated as of the Execution Date, by and between the
parties thereto indicated in Section I herein;

 

WHEREAS, the Notes
will be issued pursuant to the Indenture (set forth in Section E of this
Omnibus Instrument), dated as of the Original Issue Date, by and between the
parties thereto indicated in Section I herein;

 

1

 

WHEREAS, if the
Trust is issuing InterNotes® to retail investors, then the sale of the Notes
will be governed by the Selling Agent Agreement (set forth in Section F of this
Omnibus Instrument), dated as of the Execution Date, by and between the parties
thereto indicated in Section I herein;

 

WHEREAS, if the
Trust is issuing secured medium-term notes to investors, then the sale of the
Notes will be governed by the Distribution Agreement (set forth in Section G of
this Omnibus Instrument), dated as of the Execution Date, by and between the
parties thereto indicated in Section I herein; and

 

WHEREAS, certain
agreements relating to the Notes and the Funding Agreement are set forth in the
Coordination Agreement (set forth in Section H of this Omnibus Instrument),
dated as of the Original Issue Date, by and among the parties thereto indicated
in Section I herein.

 

All capitalized
terms used herein and not otherwise defined will have the meanings set forth in
the Indenture.

 

2

 

SECTION
A

 

Trust Agreement

 

 

Section A-1.          Delaware Statutory Trust

 

If
the Pricing Supplement indicates that the Trust is a Delaware Statutory Trust,
the following shall constitute the Trust Agreement.

 

STATUTORY
TRUST AGREEMENT 

by and among

AMACAR Pacific Corp., as Trust Beneficial Owner and Administrator

and

Wilmington Trust Company, as Delaware Trustee

 

 

THIS STATUTORY
TRUST AGREEMENT, dated as of the Execution Date, by and among AMACAR Pacific
Corp., a Delaware corporation (the “Trust Beneficial Owner” and “Administrator”)
and Wilmington Trust Company, a Delaware banking corporation, as Delaware
Trustee (the “Delaware Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Trust
Beneficial Owner and the Delaware Trustee desire to authorize the issuance of a
Trust Beneficial Interest and a Series of Notes in connection with the entry
into this Statutory Trust Agreement;

 

WHEREAS, all
things necessary to make this Statutory Trust Agreement a valid and legally
binding agreement of the Delaware Trustee, the Trust Beneficial Owner and the
Administrator, enforceable in accordance with its terms, have been done;

 

WHEREAS, the
parties intend to provide for, among other things, (i) the issuance
and sale of the Notes (pursuant to the Indenture and the applicable Program
Distribution Agreement) and the Trust Beneficial Interest, (ii) the
use of the proceeds of the sale of the Notes and Trust Beneficial Interest to
acquire the Funding Agreements, and (iii) all other actions deemed
necessary or desirable in connection with the transactions contemplated by this
Statutory Trust Agreement; and

 

WHEREAS, the
parties hereto desire to incorporate by reference those certain Standard
Statutory Trust Terms, dated July 21, 2005 (the “Standard Statutory
Trust Terms”), filed as Exhibit 4.7 to Protective Life Insurance Company’s
Registration

 

3

 

Statement
on Form S-3 (Registration No.                   )
and all capitalized terms not otherwise defined herein (including the recitals
hereof) shall have the meaning set forth in the Standard Statutory Trust Terms
(the Standard Statutory Trust Terms and this Statutory Trust Agreement,
collectively, the “Trust Agreement”).

 

NOW, THEREFORE, in
consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the sufficiency of which is hereby
acknowledged, each party hereby agrees as follows:

 

ARTICLE
1

 

Section 1.01  Incorporation
by Reference.  All terms, provisions
and agreements of the Standard Statutory Trust Terms (except to the extent
expressly modified herein) are hereby incorporated herein by reference with the
same force and effect as though fully set forth herein.  To the extent that the terms set forth in
Article 2 of this Agreement are inconsistent with the terms of the Standard
Statutory Trust Terms, the terms set forth in Article 2 herein shall apply.

 

Section 1.02  Definitions.  “Omnibus Instrument” means the Omnibus
Instrument in which this Statutory Trust Agreement is included as Section A-1.

 

ARTICLE
2

 

Section 2.01  Name.  The Trust created and governed by this Trust
Agreement shall be the trust specified in the Omnibus Instrument, as such name
may be modified from time to time by the Delaware Trustee following written
notice to the Trust Beneficial Owner.

 

Section 2.02  Initial
Capital Contribution and Ownership. 
The Trust Beneficial Owner has paid to, or to an account at the
direction of, the Delaware Trustee, on the date hereof, the sum of $15 (or, if
the Trust issues Notes at a discount, the product of $15 and the issue price
(expressed as a percentage of the original principal amount of the
Notes)).  The Delaware Trustee hereby
acknowledges receipt in trust from the Trust Beneficial Owner, as of the date
hereof, of the foregoing contribution, which shall be used along with the
proceeds from the sale of the Series of Notes to purchase one or more Funding
Agreements.  Upon the creation of the
Trust and the registration of the Trust Beneficial Interest in the Securities
Register by the Registrar in the name of the Trust Beneficial Owner, the Trust
Beneficial Owner shall be the sole beneficial owner of the Trust.

 

Section 2.03  Acknowledgment.  The Delaware Trustee, on behalf of the Trust,
expressly acknowledges its duties and obligations set forth in Section 2.07 of
the Standard Statutory Trust Terms incorporated herein.

 

4

 

Section 2.04  Additional
Terms.  None.

 

Section 2.05  Omnibus
Instrument; Execution and Incorporation of Terms.  The parties to this Trust Agreement will
enter into this Trust Agreement by executing the Omnibus Instrument.

 

By executing the
Omnibus Instrument, the Delaware Trustee, the Trust Beneficial Owner and the
Administrator hereby agree that this Trust Agreement will constitute a legal,
valid and binding agreement between the Delaware Trustee, the Trust Beneficial
Owner and the Administrator as of the Execution Date.

 

All terms relating
to the Trust or the Notes not otherwise included in this Trust Agreement will
be as specified in the Omnibus Instrument or Pricing Supplement as indicated
herein.

 

Section 2.06  Counterparts.  This Trust Agreement, through the Omnibus
Instrument, may be executed in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.

 

5

 

Section A-2.          Delaware Common Law Trust

 

If
the Pricing Supplement indicates that the Trust is a Delaware Common Law Trust,
the following shall constitute the Trust Agreement.

 

COMMON
LAW TRUST AGREEMENT 

by and among

AMACAR Pacific Corp., as Trust Beneficial Owner and Administrator

and

Wilmington Trust Company, as Trustee

 

 

THIS COMMON LAW
TRUST AGREEMENT, dated as of the Execution Date, by and among AMACAR Pacific
Corp., a Delaware corporation (the “Trust Beneficial Owner” and “Administrator”)
and Wilmington Trust Company, a Delaware banking corporation, as Trustee (the “Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Trust
Beneficial Owner and the Trustee desire to authorize the issuance of a Trust
Beneficial Interest and a Series of Notes in connection with the entry into
this Common Law Trust Agreement;

 

WHEREAS, all
things necessary to make this Common Law Trust Agreement a valid and legally
binding agreement of the Trustee, the Trust Beneficial Owner and the
Administrator, enforceable in accordance with its terms, have been done;

 

WHEREAS, the
parties intend to provide for, among other things, (i) the issuance
and sale of the Notes (pursuant to the Indenture and the applicable Program
Distribution Agreement) and the Trust Beneficial Interest, (ii) the
use of the proceeds of the sale of the Notes and Trust Beneficial Interest to
acquire the Funding Agreements, and (iii) all other actions deemed
necessary or desirable in connection with the transactions contemplated by this
Common Law Trust Agreement; and

 

WHEREAS, the
parties hereto desire to incorporate by reference those certain Standard Common
Law Trust Terms, dated July 21, 2005 (the “Standard Common Law Trust
Terms”), filed as Exhibit 4.9 to Protective Life Insurance Company’s
Registration Statement on Form S-3 (Registration No.                     )
and all capitalized terms not otherwise defined herein (including the recitals
hereof) shall have the meaning set forth in the Standard Common Law Trust Terms
(the Standard Common Law Trust Terms and this Common Law Trust Agreement,
collectively, the “Trust Agreement”).

 

6

 

NOW, THEREFORE, in
consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the sufficiency of which is hereby
acknowledged, each party hereby agrees as follows:

 

ARTICLE
1

 

Section 1.01  Incorporation
by Reference.  All terms, provisions
and agreements of the Standard Common Law Trust Terms (except to the extent
expressly modified herein) are hereby incorporated herein by reference with the
same force and effect as though fully set forth herein.  To the extent that the terms set forth in
Article 2 of this Agreement are inconsistent with the terms of the Standard
Common Law Trust Terms Trust Agreement, the terms set forth in Article 2 herein
shall apply.

 

Section 1.02  Definitions.  “Omnibus Instrument” means the Omnibus
Instrument in which this Statutory Trust Agreement is included as Section A-2.

 

ARTICLE
2

 

Section 2.01  Name.  The Trust created and governed by this Trust
Agreement shall be the trust specified in the Omnibus Instrument, as such name
may be modified from time to time by the Trustee following written notice to
the Trust Beneficial Owner.

 

Section 2.02  Initial
Capital Contribution and Ownership. 
The Trust Beneficial Owner has paid to, or to an account at the
direction of, the Trustee, on the date hereof, the sum of $15 (or, if the Trust
issues Notes at a discount, the product of $15 and the issue price (expressed
as a percentage of the original principal amount of the Notes)).  The Trustee hereby acknowledges receipt in
trust from the Trust Beneficial Owner, as of the date hereof, of the foregoing
contribution, which shall be used along with the proceeds from the sale of the
Series of Notes to purchase one or more Funding Agreements.  Upon the creation of the Trust and the
registration of the Trust Beneficial Interest in the Securities Register by the
Registrar in the name of the Trust Beneficial Owner, the Trust Beneficial Owner
shall be the sole beneficial owner of the Trust.

 

Section 2.03  Acknowledgment.  The Trustee, on behalf of the Trust,
expressly acknowledges its duties and obligations set forth in Section 2.07 of
the Standard Common Law Trust Terms incorporated herein.

 

Section 2.04  Additional
Terms.  None.

 

Section 2.05  Omnibus
Instrument; Execution and Incorporation of Terms.  The parties to this Trust Agreement will
enter into this Trust Agreement by executing the Omnibus Instrument.

 

7

 

By executing the
Omnibus Instrument, the Trustee, the Trust Beneficial Owner and the
Administrator hereby agree that this Trust Agreement will constitute a legal,
valid and binding agreement between the Trustee, the Trust Beneficial Owner and
the Administrator as of the Execution Date.

 

All terms relating
to the Trust or the Series of Notes  not
otherwise included in this Trust Agreement will be as specified in the Omnibus
Instrument or Pricing Supplement as indicated herein.

 

Section 2.06  Counterparts.  This Trust Agreement, through the Omnibus
Instrument, may be executed in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.

 

8

 

SECTION B

 

Administrative Services Agreement

 

 

ADMINISTRATIVE
SERVICES AGREEMENT 

by and among

The Protective Life Secured Trust 

specified in the Omnibus Instrument

and

AMACAR Pacific Corp.,
 as Administrator

 

 

THIS
ADMINISTRATIVE SERVICES AGREEMENT, dated as of the Execution Date, by and among
the Protective Life Secured Trust specified in the Omnibus Instrument (the “Trust”)
and AMACAR Pacific Corp., a Delaware corporation (the “Administrator”).

 

W I T N E S S E T H:

 

 

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

 

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

 

WHEREAS, the
parties hereto desire to incorporate by reference those certain Standard
Administrative Services Terms, dated July 21, 2005 (the “Standard
Administrative Services Terms”), filed as Exhibit 4.12 to Protective Life
Insurance Company’s Registration Statement on Form S-3 (Registration No.                            )
and all capitalized terms not otherwise defined herein (including the recitals
hereof) shall have the meaning set forth in the Standard Administrative
Services Terms (the Standard Administrative Services Terms and this
Administrative Services Agreement, collectively, the “Administrative
Services Agreement”).

 

NOW, THEREFORE, in
consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the sufficiency of which is hereby
acknowledged, each party hereby agrees as follows:

 

9

 

ARTICLE
1

 

Section 1.01  Incorporation
by Reference.  All terms, provisions
and agreements of the Standard Administrative Services Terms (except to the
extent expressly modified herein) are hereby incorporated herein by reference
with the same force and effect as though fully set forth herein.  To the extent that the terms set forth in
Article 2 of this Agreement are inconsistent with the terms of the Standard
Administrative Services Terms, the terms set forth in Article 2 herein shall
apply.

 

Section 1.02  Definitions.  “Omnibus Instrument” means the Omnibus Instrument
in which this Administrative Services Agreement is included as Section B.

 

ARTICLE
2

 

Section 2.01  Additional Terms.  None.

 

Section 2.02  Omnibus
Instrument; Execution and Incorporation of Terms.  The parties to this Administrative Services
Agreement will enter into this Administrative Services Agreement by executing
the Omnibus Instrument.

 

By executing the
Omnibus Instrument, Wilmington on behalf of the Trust and the Administrator
hereby agree that this Administrative Services Agreement will constitute a
legal, valid and binding agreement between the Trust and the Administrator as
of the Execution Date.

 

All terms relating
to the Trust or the Notes not otherwise included in this Administrative
Services Agreement will be as specified in the Omnibus Instrument or Pricing
Supplement as indicated herein.

 

Section 2.03  Counterparts.  This Administrative Services Agreement,
through the Omnibus Instrument, may be executed in any number of counterparts,
each of which counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same instrument.

 

Section 2.04  Third
Party Beneficiary.  The parties
hereto acknowledge that Wilmington shall be an express third party beneficiary
to this Administrative Services Agreement, entitled in its own name and on its
own behalf to enforce the provisions hereof against the Trust and the
Administrator with respect to obligations owed to Wilmington by either the
Trust or the Administrator; provided, however, that such right shall be valid
only for so long as Wilmington has any outstanding obligations or potential
obligations under the Trust Agreement.

 

10

 

SECTION C

 

Expense and Indemnity Agreement

 

 

EXPENSE
AND INDEMNITY AGREEMENT

 

 

This Expense and
Indemnity Agreement, dated as of the Execution Date, is entered into by and
among Protective Life, the Trust, Wilmington Trust Company, The Bank of New
York, as indenture trustee, and AMACAR Pacific Corp., as Administrator.

 

WHEREAS, in
consideration of the Service Providers (as defined in the Standard Expense and
Indemnity Agreement Terms, dated July 21, 2005 (the “Standard Expense
and Indemnity Agreement Terms”), filed as Exhibit 10.1 to Protective Life
Insurance Company’s Registration Statement on Form S-3 (Registration No.                            ))
providing services to the Trust in connection with the Program and pursuant to
the Program Documents under which the Service Providers will have certain
duties and obligations, Protective Life hereby agrees to the following compensation
arrangements and terms of indemnity; and

 

WHEREAS, the
parties hereto desire to incorporate by reference the Standard Expense and
Indemnity Agreement Terms and all capitalized terms not otherwise defined
herein (including the recitals hereof) shall have the meaning set forth in the
Standard Expense and Indemnity Agreement Terms (the Standard Expense and
Indemnity Agreement Terms and this Expense and Indemnity Agreement,
collectively, the “Expense and Indemnity Agreement”).

 

NOW, THEREFORE, in
consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the sufficiency of which is hereby
acknowledged, each party hereby agrees as follows:

 

ARTICLE
1

 

Section 1.01  Incorporation
by Reference.  All terms, provisions
and agreements of the Standard Expense and Indemnity Terms (except to the
extent expressly modified herein) are hereby incorporated herein by reference
with the same force and effect as though fully set forth herein.  To the extent that the terms set forth in
Article 2 of this Agreement are inconsistent with the terms of the Standard
Expense and Indemnity Terms, the terms set forth in Article 2 herein shall
apply.

 

Section 1.02  Definitions.  “Omnibus Instrument” means the Omnibus
Instrument in which this Expense and Indemnity Agreement is included as Section
C.

 

11

 

ARTICLE
2

 

Section 2.01  Additional Terms.  None.

 

Section 2.02  Omnibus
Instrument; Execution and Incorporation of Terms.  The parties to this Expense and Indemnity
Agreement will enter into this Expense and Indemnity Agreement by executing the
Omnibus Instrument.

 

By executing the
Omnibus Instrument, each party hereto agrees that this Expense and Indemnity
Agreement will constitute a legal, valid and binding agreement by and among
such parties as of the Execution Date.

 

All terms relating
to the Trust or the Notes not otherwise included in this Expense and Indemnity
Agreement will be as specified in the Omnibus Instrument or Pricing Supplement
as indicated herein.

 

Section 2.03  Counterparts.  This Expense and Indemnity Agreement, through
the Omnibus Instrument, may be executed in any number of counterparts, each of
which counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same instrument.

 

12

 

SECTION D

 

License Agreement

 

 

LICENSE
AGREEMENT

 

 

This LICENSE
AGREEMENT, dated as of the Execution Date, is entered into between Protective
Life Corporation (the “Licensor”), a Delaware corporation with its
principal place of business at 2801 Highway 280 South, Birmingham, Alabama
35223, and the Protective Life Secured Trust specified in the Omnibus
Instrument (the “Licensee”).

 

W I T N E S S E T H:

 

WHEREAS, Licensor
is the owner of certain trademarks and service marks and registrations and
pending applications therefore, and may acquire additional trademarks and
service marks in the future, all as defined below;

 

WHEREAS, Licensee
desires to use certain of Licensor’s trademarks and service marks in connection
with Licensee’s activities, as described more fully below;

 

WHEREAS, Licensor
and Licensee wish to formalize the agreement between them regarding Licensee’s
use of Licensor’s marks; and

 

WHEREAS, the
parties hereto desire to incorporate by reference those certain Standard License
Agreement Terms, dated November 7, 2003 (the “Standard License Agreement
Terms”), filed as Exhibit 99.1 to Protective Life Insurance Company’s
Current Report on Form 8-K, filed with the Securities and Exchange Commission
on March 3, 2004 and all capitalized terms not otherwise defined herein
(including the recitals hereof) shall have the meaning set forth in the
Standard License Agreement Terms (the Standard License Agreement Terms and this
License Agreement, collectively, the “License Agreement”).

 

NOW THEREFORE, in
consideration of the mutual promises set forth in this License Agreement and
other good and valuable consideration, the sufficiency and receipt of which is
hereby acknowledged, the parties agree as follows:

 

ARTICLE
1

 

Section 1.01  Incorporation
by Reference.  All terms, provisions
and agreements set forth in the Standard License Agreement Terms (except to the
extent expressly

 

13

 

modified
herein) are hereby incorporated herein by reference with the same force and
effect as though fully set forth herein. 
To the extent that the terms set forth in Article 2 of this Agreement
are inconsistent with the terms of the Standard License Agreement Terms, the
terms set forth in Article 2 herein shall apply.

 

Section 1.02  Definitions.  “Omnibus Instrument” means the Omnibus
Instrument in which this License Agreement is included as Section D.

 

ARTICLE
2

 

Section 2.01  Additional
Terms.  None.

 

Section 2.02  Omnibus
Instrument; Execution and Incorporation of Terms.  The parties to this License Agreement will
enter into this License Agreement by executing the Omnibus Instrument.

 

By executing the
Omnibus Instrument, Licensor and the Licensee hereby agree that this License
Agreement will constitute a legal, valid and binding agreement between Licensor
and the Licensee as of the Execution Date.

 

All terms relating
to the Trust or the Notes not otherwise included in this License Agreement will
be as specified in the Omnibus Instrument or Pricing Supplement as indicated
herein.

 

Section 2.03  Counterparts.  This License Agreement, through the Omnibus
Instrument, may be executed in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.

 

14

 

SECTION E

 

Indenture

 

 

INDENTURE

 

This INDENTURE
(the “Indenture”) is entered into as of the Original Issue Date
specified in the Pricing Supplement, by and between the Protective Life Secured
Trust specified in the Omnibus Instrument (the “Trust”), and The Bank of
New York, as indenture trustee (the “Indenture Trustee”).

 

The Bank of New
York in its capacity as Indenture Trustee, hereby accepts its role as
Registrar, Paying Agent, Transfer Agent and Calculation Agent hereunder.

 

References herein
to “Indenture Trustee,” “Registrar,” “Transfer Agent,” “Paying Agent” or “Calculation
Agent” shall include the permitted successors and assigns of any such entity
from time to time.

 

W I T N E S S E T H:

 

WHEREAS, the Trust
has duly authorized the execution and delivery of this Indenture to provide for
the issuance of secured Notes; and

 

WHEREAS, all
things necessary to make this Indenture a valid and legally binding agreement
of the Trust and the other parties to this Indenture, enforceable in accordance
with its terms, have been done, and the Trust proposes to do all things
necessary to make the Notes, when executed by the Trust and authenticated and
delivered pursuant hereto, valid and legally binding obligations of the Trust
as hereinafter provided; and

 

WHEREAS, the
parties hereto desire to incorporate by reference those certain Standard
Indenture Terms dated as of July 21, 2005 (the “Standard  Indenture
Terms”), filed as Exhibit 4.1 to Protective Life Insurance Company’s Registration
Statement on Form S-3 (Registration No.
                             )
and all capitalized terms not otherwise defined herein (including the recitals
hereof) shall have the meaning set forth in the Standard Indenture Terms (the
Standard Indenture Terms and this Indenture, collectively, the “Indenture”);

 

NOW, THEREFORE,
for and in consideration of the premises and the purchase of the Notes by the
Holders thereof, it is mutually covenanted and agreed by the parties hereto as
follows:

 

15

 

ARTICLE
1

 

Section 1.01  Incorporation
by Reference.  All terms, provisions
and agreements set forth in the Standard Indenture Terms (except to the extent
expressly modified hereby) are hereby incorporated herein by reference (as if
fully set forth herein).  Should any
portion of the Standard Indenture Terms conflict with the terms of this
Indenture, the terms of this Indenture shall prevail.  References herein to Articles, Sections or
Exhibits shall refer respectively to the articles, sections or exhibits of the
Standard Indenture Terms, unless otherwise expressly provided.

 

Section 1.02  Definitions.  “Omnibus Instrument” means the Omnibus
Instrument in which this Indenture is included as Section E.

 

ARTICLE
2

 

Section 2.01  Agreement
to be Bound.  Each of the Trust, the
Indenture Trustee, the Registrar, the Transfer Agent, the Paying Agent and the
Calculation Agent hereby agrees to be bound by all of the terms, provisions and
agreements set forth herein, with respect to all matters contemplated herein,
including, without limitation, those relating to the issuance of the below
referenced Notes.

 

Section 2.02  Designation
of the Trust and the Notes.  The
Trust created by the Trust Agreement and, if such Trust is a statutory trust,
the certificate of trust of the Trust, and referred to in this Indenture is the
Protective Life Secured Trust specified in the Omnibus Instrument.  The Notes issued by the Trust and governed by
this Indenture shall be the Notes specified in the Pricing Supplement.

 

Section 2.03  Additional
Terms.  None.

 

Section 2.04  Omnibus
Instrument; Execution and Incorporation of Terms.  The parties to this Indenture will enter into
this Indenture by executing the Omnibus Instrument and the date of this
Indenture will be the day and year specified therein.

 

By executing the
signature page thereto, the Indenture Trustee and the Trust hereby agree that
this Indenture will constitute a legal, valid and binding agreement between the
Indenture Trustee and the Trust as of the Original Issue Date.

 

All terms relating
to the Trust or the Notes not otherwise included in this Indenture will be as
specified in the Omnibus Instrument or the Pricing Supplement, as indicated
herein.

 

Section 2.05  Counterparts.  This Indenture, through the Omnibus
Instrument, may be executed in any number of counterparts, each of which
counterparts shall be

 

16

 

deemed
to be an original, and all of which counterparts shall constitute one and the
same instrument.

 

17

 

SECTION F

 

Selling Agent Agreement

 

 

SELLING
AGENT AGREEMENT

by and among

The Protective Life Secured Trust

specified in the Omnibus Instrument

and

Protective Life Insurance Company

and

The Agents specified in the Pricing Supplement

 

This Selling Agent
Agreement, dated as of the Execution Date, is entered into by and among each
Agent specified in the Pricing Supplement, 
Protective Life Insurance Company, a Tennessee stock life insurance
company (the “Company”) and the Protective Life Secured Trust specified
in the Omnibus Instrument.

 

WHEREAS, the
Protective Life Secured Trust specified in the Omnibus Instrument desires to
issue and sell the Notes specified in the Pricing Supplement to the Purchasing
Agent.

 

ARTICLE
1

 

Section 1.01  Incorporation
by Reference.  All terms, provisions
and agreements set forth in the Standard Selling Agent Agreement Terms, dated
as of July 21, 2005 (the “Standard Selling Agent Agreement Terms”),
filed as Exhibit 1.1 to Protective Life Insurance Company’s Registration
Statement on Form S-3 (Registration No.                         )
(except to the extent expressly modified herein) are hereby incorporated herein
by reference with the same force and effect as though fully set forth herein
and all capitalized terms not otherwise defined herein (including recitals
hereof) shall have the meanings set forth in the Standard Selling Agent
Agreement Terms (the Standard Selling Agent Agreement Terms and this Selling
Agent Agreement, collectively, the “Selling Agent Agreement”).  To the extent that the terms set forth in
Article 2 of this Agreement are inconsistent with the terms of the Standard
Selling Agent Agreement Terms, the terms set forth in Article 2 herein shall
apply.

 

Section 1.02  Definitions.  “Omnibus Instrument” means the Omnibus
Instrument in which this Selling Agent Agreement is included as Section F.

 

18

 

ARTICLE
2

 

Section 2.01   Purchase of Notes.  The Purchasing Agent agrees to purchase the
Notes having the terms and in the amounts specified in the Pricing Supplement.

 

ARTICLE
3

 

Section 3.01  Additional
Terms.  None.

 

Section 3.02  Omnibus
Instrument; Execution and Incorporation of Terms.  The parties to this Selling Agent Agreement
will enter into this Selling Agent Agreement by executing the Omnibus
Instrument.

 

19

 

By executing the
Omnibus Instrument, each party hereto agrees that this Selling Agent Agreement
will constitute a legal, valid and binding agreement by and among the Trust,
Protective Life Insurance Company and the Agents specified in the Pricing
Supplement as of the Execution Date.

 

All terms relating
to the Trust or the Notes not otherwise included in this Selling Agent
Agreement will be as specified in the Omnibus Instrument or Pricing Supplement
as indicated herein.

 

Section 3.03  Counterparts.  This Selling Agent Agreement, through the
Omnibus Instrument, may be executed in any number of counterparts, each of
which counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same instrument.

 

20

 

SECTION G

 

Distribution Agreement

 

 

DISTRIBUTION
AGREEMENT

by and among

The Protective Life Secured Trust

specified in the Omnibus Instrument

and

Protective Life Insurance Company

and

The Dealers specified in the Pricing Supplement

 

 

This Distribution
Agreement, dated as of the Execution Date, is entered into by and among each
dealer specified in the Pricing Supplement (each, a “Dealer”), Protective Life Insurance Company, a Tennessee stock
life insurance company (the “Company”)
and the Protective Life Secured Trust specified in the Omnibus Instrument.

 

WHEREAS, the Trust
has entered into the Indenture (the “Indenture”),
dated as of the date specified in the Omnibus Instrument, by and between the
Trust and The Bank of New York, as indenture trustee (the “Indenture Trustee”) to provide for
the issuance by the Trust of the secured medium-term notes specified in the
Pricing Supplement (the “Notes”);
and

 

WHEREAS, all
things necessary to make this Distribution Agreement a valid and legally
binding agreement of the Trust and the other parties to this Distribution
Agreement, enforceable in accordance with its terms, have been done, and the
Trust proposes to do all things necessary to make the Notes, when executed by
the Trust and authenticated and delivered pursuant hereto and the Indenture,
valid and legally binding obligations of the Trust as hereinafter provided; and

 

WHEREAS, the
parties hereto desire to incorporate by reference those certain Standard
Distribution Agreement Terms, dated as of July 21, 2005 (the “Standard Distribution Agreement Terms”),
filed as Exhibit 1.3 to Protective Life Insurance Company’s Registration
Statement on Form S-3 (Registration No.                          )
and all capitalized terms not otherwise defined herein (including the recitals
hereof) shall have the meaning set forth in the Standard Distribution Agreement
Terms (the Standard Distribution Agreement Terms and this Distribution
Agreement, collectively, the “Distribution
Agreement”).

 

21

 

NOW, THEREFORE,
for and in consideration of the premises and the issuance of the Notes by the
Trust, it is mutually agreed by the parties hereto as follows:

 

ARTICLE 1

 

Section 1.01  Agreement
to be Bound.  The Trust and each
Dealer hereby agrees to be bound by all of the terms, provisions and agreements
set forth herein, with respect to all matters contemplated herein, including,
without limitation, those relating to the issuance of the below-referenced
Notes.

 

Section 1.02  Incorporation
by Reference.  All terms, provisions
and agreements set forth in the Standard Distribution Agreement Terms (except
to the extent expressly modified hereby) are hereby incorporated herein by
reference (as if fully set forth herein). 
Should any portion of the Standard Distribution Agreement Terms conflict
with the terms of this Distribution Agreement, the terms of this Distribution
Agreement shall prevail.  References
herein to Sections or Exhibits shall refer respectively to the sections or
exhibits of the Standard Distribution Agreement Terms, unless otherwise
expressly provided.

 

Section 1.03  Designation
of the Trust and the Notes.  The
Trust created by the Trust Agreement and, if such Trust is a Delaware statutory
trust, the certificate of trust of the Trust, and referred to in this
Distribution Agreement is the Protective Life Secured Trust specified in the
Omnibus Instrument.  The term Trust
refers to the Protective Life Secured Trust specified in this Omnibus
Instrument.  The Series of Notes issued
by the Trust pursuant to the Distribution Agreement shall be the Series of
notes specified in the Pricing Supplement. 
The term Notes refers to the notes of this Series of Notes.

 

Section 1.04  Additional
Terms.  None.

 

22

 

Section 1.05  Definitions.  “Omnibus Instrument” means the Omnibus
Instrument in which this Distribution Agreement is included as Section G.

 

ARTICLE
2

 

Section 2.01  Purchase/Solicitation
of Purchases of Notes.

 

(a)           If specified in the Pricing
Supplement, the Notes are being purchased by the Dealer(s) as principal.

 

If the Notes are
to be purchased by the Dealer(s) as principal, the Dealer(s) specified in the
Pricing Supplement [severally] agree to purchase the Notes having the terms and
in the amounts specified in the Pricing Supplement.

 

(b)           If specified in the Pricing
Supplement, the Dealer(s) will be acting as agent.

 

If the Dealer(s)
are to solicit the purchase of the Notes acting as agents, the Dealer(s) will
solicit the purchase of Notes pursuant to Section 1(d) of the Distribution
Agreement.

 

Section 2.02  Funding
Agreement.  On the Original Issue
Date set forth above, the Company will issue to the Trust the Funding
Agreement(s) identified by number in the Pricing Supplement.

 

Section 2.03  Dealer
Notice Information.  As specified in
Schedule 1 to the Omnibus Instrument.

 

23

 

ARTICLE
3

 

Section 3.01  Omnibus
Instrument; Execution and Incorporation of Terms.  The parties to this Distribution Agreement
will enter into this Distribution Agreement by executing the Omnibus
Instrument.

 

By executing the
Omnibus Instrument, each party hereto agrees that this Distribution Agreement
will constitute a legal, valid and binding agreement by and among the Trust,
Protective Life Insurance Company and the Dealers specified in the Pricing
Supplement as of the Execution Date.

 

All terms relating
to the Trust or the Notes not otherwise included in this Distribution Agreement
will be as specified in the Omnibus Instrument or Pricing Supplement as
indicated herein.

 

Section 3.02  Counterparts.  This Distribution Agreement, through the
Omnibus Instrument, may be executed in any number of counterparts, each of
which counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same instrument.

 

24

 

SECTION H

 

COORDINATION AGREEMENT

 

This Coordination
Agreement, dated as of the Original Issue Date, is entered into by and among
Protective Life, the Trust and the Indenture Trustee.

 

W I T N E S S E T H:

 

WHEREAS, the Trust
will enter into the Funding Agreement with Protective Life dated as of the
Original Issue Date;

 

WHEREAS, the
Dealer(s) have agreed to sell the Notes in accordance with the Registration
Statement; and

 

WHEREAS, the Trust
intends to issue the Notes in accordance with the Indenture and to transfer the
Funding Agreement to the Indenture Trustee in accordance with the Indenture to
secure payment of the Notes;

 

NOW, THEREFORE, to
give effect to the agreements and arrangements established under the
Distribution Agreement or Selling Agent Agreement, as applicable, the Trust
Agreement, the Indenture, and the Notes, and in consideration of the agreements
and obligations set forth herein and for other good and valuable consideration,
the sufficiency of which is hereby acknowledged, each party hereby agrees as
follows:

 

ARTICLE
1

 

Section 1.01           Delivery of the Funding Agreement.  The Trust hereby authorizes the Indenture
Trustee to receive the Funding Agreement from Protective Life pursuant to the
Assignment of the Funding Agreement, to be entered into on the Original Issue
Date, as specified in the Pricing Supplement and included in the closing
instrument dated as of the Original Issue Date set forth in the Pricing
Supplement (the “Closing Instrument”).

 

Section 1.02           Issuance and Purchase of the Notes.

 

(a)           Delivery of the Funding Agreement to
the Indenture Trustee pursuant to the Assignment of the Funding Agreement shall
be confirmation of payment by the Trust for the Funding Agreement.

 

(b)           The Trust hereby directs the
Indenture Trustee, upon receipt of the Funding Agreement pursuant to the
Assignment of the Funding Agreement, (i) to authenticate the
certificates representing the Notes (the “Notes Certificates”) in
accordance with the Indenture and (ii) to (A) deliver each
relevant Notes Certificate to

 

25

 

the
clearing system or systems identified in each such Notes Certificate, or to the
nominee of such clearing system, for credit to such accounts as the Dealer(s)
may direct, or (B) deliver each relevant Notes Certificate to the
purchasers thereof as identified by the Dealer(s).

 

Section 1.03  Definitions.  “Omnibus Instrument” means the Omnibus
Instrument in which this Coordination Agreement is included as Section H.

 

ARTICLE
2

 

Section 2.01           Directions
Regarding Periodic Payments.  As
registered owner of the Funding Agreement as collateral securing payments on
the Notes, the Indenture Trustee will receive payments on the Funding Agreement
on behalf of the Trust.  The Trust hereby
directs the Indenture Trustee to use such funds to make payments on behalf of
the Trust pursuant to the Trust Agreement and the Indenture.

 

Section 2.02           Maturity
of the Funding Agreement.  Upon the
maturity of the Funding Agreement and the return of funds thereunder, the Trust
hereby directs the Indenture Trustee to set aside from such funds an amount
sufficient for the repayment of the outstanding principal on the Notes when
due.

 

ARTICLE
3

 

Section 3.01           No
Additional Liability.  Nothing in
this agreement shall impose any liability or obligation on the part of any
party to this agreement to make any payment or disbursement in addition to any
liability or obligation such party has under the Program Documents, except to
the extent that a party has actually received funds which it is obligated to
disburse pursuant to this agreement.

 

Section 3.02           No
Conflict.  This agreement is intended
to be in furtherance of the agreements reflected in the documents related to
the Program Documents, and not in conflict. 
To the extent that a provision of this agreement conflicts with the
provisions of one or more Program Documents, the provisions of such documents
shall govern.

 

Section 3.03           Governing
Law.  This agreement shall be
governed by and construed in accordance with the laws of the State of New York
without regard to the principles of conflicts of laws thereof.

 

Section 3.04           Severability.  If any provision in this agreement shall be
invalid, illegal or unenforceable, such provisions shall be deemed severable
from the remaining provisions of this agreement and shall in no way affect the
validity or enforceability of such other provisions of this agreement.

 

26

 

Section 3.05           Counterparts.  This agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original, and all of
which shall constitute but one and the same instrument.

 

Section 3.06           Notices.  All demands, notices and communications under
this agreement shall be in writing and shall be deemed to have been duly given
upon receipt at the addresses set forth below:

 

if to the Trust,
Indenture Trustee or Protective Life, as specified in the Expense and Indemnity
Agreement or at such other address as shall be designated by any such party in
a written notice to the other parties.

 

ARTICLE
4

 

Section 4.01  Omnibus
Instrument; Execution and Incorporation of Terms.  The parties to this Coordination Agreement
will enter into this Coordination Agreement by executing the Omnibus
Instrument.

 

By executing the Omnibus
Instrument, each party hereto agrees that this Coordination Agreement will
constitute a legal, valid and binding agreement by and among the Trust,
Protective Life Insurance Company and the Indenture Trustee as of the Original
Issue Date.

 

All terms relating
to the Trust or the Notes not otherwise included in this Coordination Agreement
will be as specified in the Omnibus Instrument or Pricing Supplement as
indicated herein.

 

27

 

SECTION I

 

Miscellaneous and Execution Pages

 

 

Notwithstanding
any other provisions of this Omnibus Instrument, no amendment to this Omnibus
Instrument may be made if such amendment would cause the Trust not to be either
disregarded or treated as a grantor trust (assuming the Trust was not
disregarded) for U.S. federal income tax purposes.

 

This Omnibus
Instrument may be executed by each of the parties hereto in any number of
counterparts, and by each of the parties hereto on separate counterparts, each
of which counterparts, when so executed and delivered, shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.  Facsimile signatures
shall be deemed original signatures.

 

It is expressly
understood and agreed by the parties hereto that (a) this Omnibus Instrument is
executed and delivered by Wilmington Trust Company, not individually or
personally but solely as trustee of the Trust, in the exercise of the powers
and authority conferred and vested in it pursuant to the Trust Agreement, (b)
each of the representations, undertakings and agreements herein made on the
part of the Trust is made and intended not as a personal representation,
undertaking or agreement by Wilmington Trust Company but is made and intended
for the purpose of binding only the Trust, (c) nothing herein contained shall
be construed as creating any liability on Wilmington Trust Company,
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 Wilmington Trust Company be
personally liable for the payment of any indebtedness or expenses of the Trust
or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Trust under this Omnibus
Instrument or any other related documents.

 

Each signatory, by
its execution hereof, does hereby become a party to each of the agreements
identified for such party as of the date specified in such agreements.

 

28

 

IN WITNESS WHEREOF, the undersigned have executed this Omnibus
Instrument, dated as of the Execution Date.

 

 

	
   

  	
  PROTECTIVE LIFE
  CORPORATION (in

  executing below agrees and becomes a party

  to the License Agreement set forth in

  Section D herein).

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Protective Life
Secured Trust 20[   ]-[   ]

Omnibus Instrument

Execution Page 1 of 7

 

	
   

  	
  PROTECTIVE LIFE
  INSURANCE

  COMPANY (in executing below agrees and

  becomes a party to (i) the Expense and

  Indemnity Agreement set forth in Section C

  herein, (ii) if the Trust is issuing InterNotes®

  to retail investors, the Selling Agent

  Agreement set forth in Section F herein, (iii) if

  the Trust is issuing secured medium-term

  notes to investors, the Distribution Agreement 

  set forth in Section G herein and (iv) the 

  Coordination Agreement set forth in 

  Section H herein).

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Protective Life
Secured Trust 20[   ]-[   ]

Omnibus Instrument

Execution Page 2 of 7

 

	
   

  	
  PROTECTIVE LIFE
  SECURED TRUST

  specified in the Omnibus Instrument (in

  executing below agreement and becomes a

  party to (i) the Administrative Services

  Agreement set forth in Section B herein,

  (ii) the Expense and Indemnity Agreement set

  forth in Section C herein, (iii) the License

  Agreement set forth in Section D herein,

  (iv) the Indenture set forth in Section E herein

  (v) if the Trust is issuing InterNotes® to retail

  investors, the Selling Agent Agreement set

  forth in Section F herein, (vi) if the Trust is

  issuing secured medium-term notes to

  investors, the Distribution Agreement 

  set forth in Section G herein and (vii) the 

  Coordination Agreement set forth in

  Section H herein).

  
	
   

  	
   

  
	
   

  	
  By: Wilmington
  Trust Company, solely in its

  capacity as trustee of the Trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Protective Life
Secured Trust 20[   ]-[   ]

Omnibus Instrument

Execution Page 3 of 7

 

	
   

  	
  WILMINGTON TRUST
  COMPANY (in

  executing below agrees and becomes a party

  to (i) (a) if the Trust is a Delaware statutory

  trust, the Statutory Trust Agreement set forth

  in Section A-1 herein as Delaware Trustee or

  (b) if the Trust is a Delaware common law

  trust, the Common Law Trust Agreement set

  forth in Section A-2 herein as trustee and

  (ii) the Expense and Indemnity Agreement set

  forth in Section C herein).

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Protective Life
Secured Trust 20[   ]-[   ]

Omnibus Instrument

Execution Page 4 of 7

 

	
   

  	
  AMACAR PACIFIC
  CORP. (in executing

  below agrees and becomes a party to (i) the

  Statutory Trust Agreement or Common Law

  Trust Agreement set forth in Sections A-1 and

  A-2, respectively, as the case may be, as Trust

  Beneficial Owner and Administrator, (ii) the

  Administrative Services Agreement, set forth

  in Section B herein as Administrator and (iii)

  the Expense and Indemnity Agreement as set

  forth in Section C herein).

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Protective Life
Secured Trust 20[   ]-[   ]

Omnibus Instrument

Execution Page 5 of 7

 

	
   

  	
  THE BANK OF NEW
  YORK (in executing

  below agrees and becomes a party to (i) the

  Indenture set forth in Section E herein, not in

  its individual capacity but solely in its

  capacity as Indenture Trustee, Registrar,

  Transfer Agent, Paying Agent and Calculation

  Agent, (ii)  the Expense and Indemnity

  Agreement set forth in Section C herein, not in

  its individual capacity but solely in its

  capacity as Indenture Trustee and (iii) the

  Coordination Agreement set forth in Section

  H herein, not in its individual capacity but

  solely in its capacity as Indenture Trustee).

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Protective Life
Secured Trust 20[   ]-[   ]

Omnibus Instrument

Execution Page 6 of 7

 

	
   

  	
  LEHMAN BROTHERS
  INC.1 (in executing

  below agrees and becomes a party to the

  Distribution Agreement set forth in Section G

  herein).

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  INCAPITAL LLC
  (in executing below agrees

  and becomes a party to the Selling Agent

  Agreement set forth in Section F herein on

  behalf of itself and each of the agents named

  in the Pricing Supplement).

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

1               Insert
name of the relevant Dealer(s) if other than, or in addition to, Lehman
Brothers Inc.

 

Protective Life
Secured Trust 20[   ]-[   ]

Omnibus Instrument

Execution Page 7 of 7

 

SCHEDULE
1

 

[Insert
the following text if the Trust is issuing InterNotes® to retail investors.

 

Selling Agent Agreement Specifications

 

In connection with
Section VI(a)(viii) of the Selling Agent Agreement, the Program under which the
Notes are issued, as well as the Notes, have been assigned the ratings issued
by Moody’s and S&P set forth in the Pricing Supplement.  In connection with Section VI(b)(xiv) of the
Selling Agent Agreement, the Company has been assigned the financial strength
rating by Moody’s and S&P as set forth in the Pricing Supplement.

 

In connection with
Section X of the Selling Agent Agreement, the notice information for the Agents
is as follows:

 

[c/o Incapital LLC

One North LaSalle Street, Suite 3500

Chicago, Illinois 60602]]

 

[Insert the following
text if the Trust is issuing secured medium-term notes to investors.

 

Distribution Agreement Specifications

 

 

In connection with
Section 2(a)(viii) of the Distribution Agreement, the Program under which the
Notes are issued, as well as the Notes, have been assigned the ratings issued
by Moody’s and by S&P set forth in the Pricing Supplement.  In connection with Section 2(b)(xiv) of the
Distribution Agreement, the Company has been assigned the financial strength
rating by Moody’s and S&P set forth in the Pricing Supplement.

 

In connection with
Article 2 of the Distribution Agreement, the notice information for the
Dealer(s) is as follows:

 

[Lehman Brothers Inc.

745 Seventh Avenue

New York, NY 10019

Attn: Medium Term Note Desk

Telecopy No.:  212 526 0943]]

 

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EXHIBIT 10.1    
    

      

 

 
 

STANDARD EXPENSE AND INDEMNITY AGREEMENT TERMS    
    
    with respect to    
    
    The Service Providers and the Protective Life Secured Trusts    
    
    Dated as of July
21, 2005    

This document constitutes the Standard Expense and Indemnity Terms, dated as of July 21, 2005, that may be incorporated by reference in one or more Expense and Indemnity Agreements (included in  Section C of the Omnibus Instrument, as defined below) by and among Protective Life Insurance Company, a Tennessee stock life insurance company
("Protective Life"), the Trust (as defined below), Wilmington Trust Company (the "Trustee"), The Bank of New York, as indenture trustee (the
"Indenture Trustee"), and AMACAR Pacific Corp., a Delaware corporation (as "Administrator"). 

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

        1.     The
following terms, as used herein, have the following meanings: 

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

        "Excluded Amounts" means (i) any obligation of the Trust to make any payment to any Holder
in accordance with the terms of the Indenture or the Trust's Notes, (ii) any obligation or expense of the Trust to the extent that such obligation or
expense has actually been paid utilizing funds available to the Trust from payments under the Funding Agreement(s), (iii) any cost, loss, damage, claim,
action, suit, expense, disbursement, tax, penalty or liability of any kind or nature whatsoever resulting from or relating to any insurance regulatory or other governmental authority asserting that:
(a) the Trust's Notes are, or are deemed to be, (1) participations in one or more Funding Agreements or
(2) contracts of insurance, or (b) the offer, purchase, sale and/or transfer of the Trust's Notes and/or
the pledge and collateral assignment of the Funding Agreements by the Trust to the Indenture Trustee on behalf of the Holders of the Trust's Notes (1)
constitute the conduct of the business of insurance or reinsurance in any jurisdiction or (2) requires the Trust or any Holder of the Trust's Notes to
be licensed as an insurer, insurance agent or broker in any jurisdiction, (iv) any cost, loss, damage, claim, action, suit, expense, disbursement, tax,
penalty or liability of any kind or nature whatsoever imposed on a Service Provider that results from the bad faith or gross negligence of such Service Provider,
(v) any costs and expenses attributable solely to a Service Provider's administrative overhead unrelated to the Program,
(vi) any tax imposed on fees paid to a Service Provider, (vii) any withholding taxes imposed on or with
respect of payments made under the Funding Agreement(s), the Indenture or the Trust's Note and (viii) any Additional Amounts paid to any Holder. 

        "Fees" means with respect to each Service Provider the fees agreed to between Protective Life and the Service Provider as set forth in the
fee schedule attached as Exhibit A to these Standard Expense and Indemnity Agreement Terms or in a separate fee agreement between Protective Life
and such Service Provider or, in relation to any Service Provider which signs a Service Provider Fee Letter, the fee schedule attached to such letter. 

        "Indemnified Person" means any person entitled to indemnity payments pursuant to  Section 5 or Annex A, B or C to these Standard Expense and Indemnity Terms.

        "Obligation" means any and all (i) reasonable costs and expenses reasonably incurred
(including the reasonable fees and expenses of counsel), relating to the offering, sale and issuance of the Notes by the Trust and (ii) costs, expenses
and taxes of the Trust; provided that Obligations do not include Excluded Amounts. 

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

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

 

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

        "Service Provider" means each of the Trustee, the Indenture Trustee, the Administrator and any other party which becomes a party to this
Agreement pursuant to a Service Provider Fee Letter pursuant to Section 8 of this Agreement (such other Service Provider, a
"Future Service Provider"). 

        "Service Provider Fee Letter" is defined in Section 8 of this Agreement. 

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

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

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

        2.     Protective
Life hereby agrees to pay each Service Provider its Fees. In the event of a substantive change in the nature of a Service Provider's duties, agreed to by such
Service Provider, such Service Provider reserves the right to negotiate an adjustment to its Fees with Protective Life. 

        3.     In
the event that any Service Provider resigns or its appointment is revoked pursuant to any of the Program Documents under which the Service Provider has duties or
obligations, the Service Provider will repay to Protective Life such part of any fee paid to it as may be agreed between the relevant Service Provider and Protective Life. 

        4.     In
the event that a Service Provider or the Trust delivers written notice and evidence, reasonably satisfactory to Protective Life, of any Obligation of the Service
Provider or the Trust, Protective Life shall, upon receipt of such notice promptly pay such Obligation. Notice of any Obligation (including any invoices) should be sent to Protective Life at its
address set forth below, or at such other address as such party shall hereafter furnish in writing: 

Protective
Life Insurance Company

111 N. First St. Suite 209

Burbank, CA 91502

Attention: Program Administration

Telephone: 818-729-1900

Telecopier: 818-729-1800 

        Each
Service Provider or the Trust, as appropriate, will (i) from time to time execute all such instruments and other agreements and take
all such other actions as may be necessary or desirable, or that Protective Life may reasonably request, to protect any interest of Protective Life with respect to any Obligation or to enable
Protective Life to exercise or enforce any right, interest or remedy it may
have with respect to any such Obligation, and (ii) release to Protective Life any amount received from Protective Life relating to any Obligation or any
portion of any Obligation, immediately after any such amount relating to such Obligation, or any portion of any such Obligation, is otherwise received by the relevant Service Provider or the Trust
from a party other than Protective Life. 

        Protective
Life, the Trust and the Service Providers hereby agree that all payments due under this Agreement in respect of any Obligation shall be effected, and any responsibility of
Protective Life to 

2

 

pay
such Obligation pursuant to this Agreement shall be discharged, by the payment by Protective Life to the account of the person to whom such Obligation is owed. 

        5.     Subject
to the remaining paragraphs of this Section 5, Protective Life hereby agrees to indemnify, and to hold
harmless, to the full extent permitted by law, the Trust and any Future Service Provider, including its officers, directors, successors, assigns, legal representatives and servants, who was or is a
party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding relating to or arising out of the performance or non-performance by the
Indemnified Person of its duties or fulfillment of its obligations under the Program Documents or any other agreement relating to the Program to which the Trust and the relevant Service Provider are
or become a party, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Trust), against losses, out-of-pocket costs and
expenses (including, without limitation, interest and reasonable attorneys' fees and expenses), liabilities (including liabilities for penalties), judgments, damages and fines incurred by such party
in connection with the defense or settlement of such action, suit or proceeding, except where any such claim for indemnification is or relates to any Excluded Amount. Subject to the remaining
paragraphs of this Section 5, The Bank of New York, Wilmington Trust Company and AMACAR Pacific Corp. and their respective officers, directors,
successors, assigns, legal representatives, agents and servants will be indemnified by Protective Life to the extent provided in Annex A, B and C to these Standard Expense and Indemnity Terms,
respectively. The indemnity provisions set forth in Annex A, B and C to these Standard Expense and Indemnity Terms, are incorporated into this  Section 5. 

        The
indemnification provided for herein supersedes in all respects any indemnification provision contained in any other Program Document or any other agreement relating to the Program to
which the Trust and the relevant Service Provider are or become parties. 

        An
Indemnified Person shall give prompt written notice to Protective Life of any action, suit or proceeding commenced or threatened against the Indemnified Person. In case any such
action, suit or proceeding shall be brought involving an Indemnified Person, Protective Life may, in its sole discretion, elect to assume the defense of the Indemnified Person, and if it so elects,
Protective Life shall, in consultation with such Indemnified Person, select counsel, reasonably acceptable to the Indemnified Person, to represent the Indemnified Person and pay the reasonable fees
and expenses of such counsel; provided, that if the Indenture Trustee is the Indemnified Person, such counsel shall be on the Indenture Trustee's approved counsel list. In any such action,
investigation or proceeding, the
Indemnified Person shall have the right to retain its own counsel but Protective Life shall not be obligated to pay the fees and disbursements of such counsel unless
(i) Protective Life and the Indemnified Person shall have mutually agreed to the retention of such counsel or
(ii) the named parties to any such action, investigation or proceeding (including any impleaded parties) include
(a) both Protective Life and the Indemnified Person or (b) two or more Indemnified Persons affiliated
with different Service Providers and, in each case, representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is
understood that Protective Life shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in
addition to any local counsel) for all Indemnified Persons who are affiliated with one Service Provider. 

        If
the indemnification provided for herein is invalid or unenforceable in accordance with its terms, then Protective Life shall contribute to the amount paid or payable by an Indemnified
Person as a result of such liability in such proportion as is appropriate to reflect the relative benefits received by Protective Life and the Trust, (if the Trust is not an Indemnified Person), on
one hand, and the relevant Service Provider or the Trust (if the Trust is an Indemnified Person) on the other hand, from the transactions contemplated by the Program Documents. For this purpose, the
benefits received by Protective Life or the Trust (if applicable) shall be the aggregate value of the relevant Collateral, and the benefits received by the relevant Service Provider shall be the fees
it has been paid up to that point 

3

 

as
the Service Provider less costs and unreimbursed expenses incurred by it as Service Provider in relation to such Collateral, and the benefits received by the Trust (if applicable) shall be
determined by the Administrator (and in the event that the Administrator is an Indemnified Party, the Trust and not the Administrator shall make such determination) and Protective Life. If, however,
the allocation provided by the immediately preceding two sentences is not permitted by applicable law, then Protective Life shall contribute to such amount paid or payable by the Indemnified Person in
such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of Protective Life and the Trust (if applicable), on the one hand, and the relevant Service
Provider or the Trust (if applicable) on the other hand, in connection with the actions or omissions which resulted in such liability, as well as any other relevant equitable considerations. 

        Protective
Life shall be subrogated to any right of the Indemnified Person in respect of the matter as to which any indemnity was paid hereunder. 

        The
Indemnified Person may not settle any action, investigation or proceeding without the consent of Protective Life, not to be unreasonably withheld. 

        Notwithstanding
any provision contained herein to the contrary, the obligations of Protective Life under this Section 5 to any
Indemnified Person shall survive the termination of this Agreement pursuant to Section 9. 

        6.     No
waiver, modification or amendment of this Agreement shall be valid unless executed in writing by the parties hereto. 

        7.     This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles. 

        8.     In
addition to the Service Providers listed in this Agreement, (i) Protective Life and all trusts organized under the
Program that are a party to an agreement that incorporates these Standard Expense and Indemnity Terms may from time to time appoint new service providers in respect of the Program generally or
(ii) Protective Life and the Trust may from time to time appoint new service providers in respect of that Trust's Series of Notes only; in which event,
upon execution by such service provider of a fee letter (the "Service Provider Fee Letter") substantially in the form of  Exhibit B to these Standard
Expense and Indemnity Agreement Terms such service provider shall become a party to the applicable agreement that
incorporates these Standard Expense and Indemnity Terms, subject as provided below, with all the authority, rights, powers, duties and obligations of a Service Provider as if originally named as
Service Provider therein; provided further that, in the case of a service provider which has become a Service Provider in relation to the Trust's Series of Notes, following the issuance of the Trust's
Series of Notes, such new Service Provider shall have no further authority, rights, powers, duties or obligations except such as may have accrued or been incurred prior to, or in connection with, the
issuance of such Trust's Series of Notes. Protective Life agrees that it will pay the fees of any new Service Provider in accordance with a fee schedule to be agreed upon between Protective Life and
the relevant Service Provider attached to the Service Provider Fee Letter. 

        9.     This
Agreement shall terminate and be of no further force and effect upon the date on which (i) there is no Obligation due and payable under this Agreement and
(ii) each Program Document has terminated; provided,  however, that this Agreement shall continue to be
effective or shall be reinstated, as the case may be, if at any time any Service Provider must restore
payment of any sums paid under any Obligation or under this Agreement for any reason whatsoever. This Agreement is continuing, irrevocable, unconditional and absolute. 

        10.   Protective
Life shall (i) file as an exhibit to the Trust's Annual Reports on Form 10-K (each a
"10-K"), filed under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), a
compliance certificate (the "Compliance Certificate") substantially in the form attached to these Expense and Indemnity Agreement Terms as
Annex D, with such changes as it may from time to time 

4

 

deem
appropriate, including pursuant to clause (iii) of this Section, (ii) at its expense, cause an independent registered public accounting firm that is a member of the American
Institute of Certified Public Accountants to furnish to the management of Protective Life and to the Trustee a report (the "Auditor's Report")
substantially in the form attached to these Standard Expense and Indemnity Agreement Terms as Annex E, with such changes as it or such accountants may from time to time deem appropriate,
including pursuant to clause (iii) of this Section and such changes as may be required in the case of an Event of a Default under the Indenture, which Auditor's Report shall be filed as an
exhibit to the Trust's 10-K(s), (iii) make such changes to the Compliance Certificate or Auditor's Report and file or cause to be filed as
exhibit(s) to the Trust's 10-K(s) such other certifications and other documents as required under Regulation AB (17 CFR 229.1100-1123) or such other rules or regulations
adopted by the Securities and Exchange Commission that may be applicable to the Trust's 10-K(s) at the time of the filing of the Trust's 10-K(s) and
(iv) cause the appropriate officer at Protective Life to provide the certification required to be filed as an exhibit to the Trust's 10-K(s)
pursuant to Rule 13a-14(d) or Rule 15d-14(d) of the Exchange Act, or such other certification as may be required pursuant to the Exchange Act at the time of the
filing of the Trust's 10-K(s). 

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

Protective
Life Secured Trust (followed by the appropriate number of the Trust 

designated in the Omnibus Instrument)

c/o Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

Attention: Corporate Trust Administration

Facsimile: (302) 636-4140 

The
Administrator: 

AMACAR
Pacific Corp.

6525 Morrison Blvd., Suite 318

Charlotte, North Carolina 28211

Attention: Douglas K. Johnson

Facsimile: (704) 365-1632 

Protective
Life Insurance Company

111 N. First St. Suite 209

Burbank, CA 91502

Attention: Program Administration

Facsimile: (818) 729-1800 

The
Bank of New York

101 Barclay Street

8th Floor East

New York, New York 10286

Attention: Dealing and Trading

Facsimile: (212) 815-2850 

5

 
 

ANNEX A    
    

        Protective Life covenants to fully indemnify and defend The Bank of New York and its officers, directors, employees, controlling Persons, agents and
representatives for, and to hold them harmless against, any and all loss, liability, claim, damage or reasonable expense (including the reasonable compensation, expenses and disbursements of its
counsel) (i) arising out of or in connection with the acceptance by The Bank of New York, in its capacity as Indenture Trustee or as an Agent, of
administration of the Indenture or the trusts thereunder and/or the performance of its duties and/or the exercise of its respective rights thereunder, including the costs and expenses of defending
itself against or investigating any claim of liability in the premises, except to the extent such loss, liability, claim, damage or expense is due to the Indenture Trustee's or such Agent's own
negligence or willful misconduct and (ii) in connection with the imposition of any stamp, issue, registration, documentary or other similar taxes
and duties, including interest and penalties in respect of the creation, issue and offering of the Trust's Notes, except to the extent any such loss, liability or expense is caused by the Indenture
Trustee's or such Agent's negligence or willful misconduct. Notwithstanding anything to the contrary, Protective Life shall have no obligation to indemnify or defend The Bank of New York for any loss,
liability, claim, damage or expense relating to (i) any costs and expenses attributable solely to the Indenture Trustee's or such Agent's
administrative overhead unrelated to the Program or (ii) any tax imposed on the fees paid to the Indenture Trustee or any Agent. 

 
 

ANNEX B    
    

        To the fullest extent permitted by law and notwithstanding anything to the contrary, Protective Life hereby agrees, whether or not any of the transactions
contemplated by the Trust Agreement will be consummated, to assume liability for and hereby indemnifies, protects, saves and keeps harmless Wilmington Trust Company and its officers, directors,
successors, assigns, legal representatives, agents and servants (each a "Wilmington Indemnified Person"), from and against any and all liabilities,
obligations, losses, damages, penalties, taxes, claims, actions, investigations, proceedings, costs, expenses or disbursements (including reasonable legal fees and expenses) of any kind and nature
whatsoever which may be imposed on, incurred by or asserted at any time against a Wilmington Indemnified Person in any way relating to or arising out of the Trust Agreement or any other Program
Document relating to the Trust or the enforcement of any of the terms thereof, the administration of the Trust and its property or the action or inaction of Wilmington Trust Company (in its capacity
as trustee) under the Trust Agreement, except, in any such case to the extent that any such liabilities, obligations, losses, damages, penalties, taxes, claims, actions, investigations, proceedings,
costs, expenses and disbursements (i) are the result of any of the matters described in the third sentence of  Section 6.04 of the Trust Agreement or
(ii) relate to
(a) any costs and expenses attributable solely to the Delaware
Trustee's or Common Law Trustee's, as applicable, administrative overhead unrelated to the Program or (b) any tax imposed on the fees paid to the
Delaware Trustee. 

 
 

ANNEX C    
    

        To the fullest extent permitted by law and notwithstanding anything to the contrary, Protective Life hereby agrees, whether or not any of the transactions
contemplated by the Trust Agreement will be consummated, to assume liability for and hereby indemnifies, protects, saves and keeps harmless the Administrator and its officers, directors, successors,
assigns, legal representatives, agents and servants (each an "AMACAR Indemnified Person"), from and against any and all liabilities, obligations,
losses, damages, penalties, taxes, claims, actions, investigations, proceedings, costs, expenses or disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever which
may be imposed on, incurred by or asserted at any time against an AMACAR Indemnified Person in any way relating to or arising out of the Administrative Services Agreement or the Trust Agreement or the
enforcement of any of the terms thereof, the administration of the Trust or the action or inaction of the Administrator under the Administrative Services Agreement, except, in any such case to the
extent that any such liabilities, obligations, losses, damages, penalties, taxes, claims, actions, investigations, proceedings, costs, expenses and disbursements
(i) results from the bad faith or gross negligence of an AMACAR Indemnified Person (or ordinary negligence in the handling or disbursement of funds) or
(ii) relate to (a) any costs and expenses attributable solely to the Administrator's administrative
overhead unrelated to the Program or (b) any tax imposed on the fees paid to the Administrator. 

 
 

ANNEX D    
    

 
 

Annual Statement of Compliance    
    

        I
[identify the certifying individual], a duly elected and acting officer of The Bank of New York ("Indenture Trustee"), do hereby certify on behalf of the
Indenture Trustee, that: 

           1.  I
have reviewed and examined the performance by the Indenture Trustee of the collection and distribution of trust money pursuant to Section 5.02 and, if
applicable, Section 6.06 of the Indenture pursuant to which the Trust's notes (the "Notes") were issued during the fiscal year ending December 31, 200 • (the "Relevant
Year"); and 

           2.  Based
upon my review and examination described in 1 above, and except as provided in the Report of Independent Registered Public Accounting Firm, dated
    •    , 200 •, prepared by the Trust's independent registered public accounting firm in accordance with Section 10 of the Expense and Indemnity
Agreement, to the best of my knowledge, the collection of payments on the funding agreements and distribution of payments to noteholders pursuant to Section 5.02 and, if applicable,
Section 6.06 of the Indenture was performed in a satisfactory manner in all material respects throughout the Relevant Year. 

	

THE BANK OF NEW YORK, as Indenture Trustee
	By:	        
	 	 
	 	Name:	 	 
	 	Title:	 	 
	Date:	        
	 	 

 
 

ANNEX E    
    

Report
of Independent

Registered Public Accounting Firm 

        To
the Management of Protective Life Insurance Company ("Management") and The Bank of New York, as Indenture Trustee of Protective Life
Secured Trust [            ] (the "Indenture Trustee"), and Wilmington Trust Company, as Trustee of Protective Life Secured
Trust [            ] (the "Trust"): 

        We
have examined Management's assertion, included in the accompanying "Management Assertion Regarding the Collection and Distribution of Trust Money by The Bank of New York (Indenture
Trustee)," that the collection of payments on the funding agreements and distribution of payments to the noteholders has occurred as required by Section 5.02 of the Indenture agreement dated
[                        ] between the Trust and the Indenture Trustee during the year ended December 31,
[            ]. Management is responsible for
the assertion. Our responsibility is to express an opinion on the assertion based on our examination. 

        Our
examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis,
evidence supporting Management's assertion and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our
opinion. 

        In
our opinion, Management's assertion referred to above is fairly stated, in all material respects, based on the criteria defined in the accompanying "Management Assertion Regarding the
Collection and Distribution of Trust Money by The Bank of New York (Indenture Trustee)." 

[Name
of Independent Registered Public Accounting Firm 

City,
State] 

[Date]

 
 

Management Assertion Regarding the Collection and Distribution of Trust
  Money by The Bank of New York (Indenture Trustee)    
    

        Management and the Indenture Trustee assert that payments on the funding agreements have been collected and payments to the noteholders have been distributed as
required by Section 5.02 of the Indenture agreement dated [            ] between the Trust and the Indenture Trustee for the year ended December 31,
[            ]. This assertion is based on the following criteria: 

        a.     The
payments made by Protective Life on the funding agreements that secured the Notes, for the year ended December 31, [            ],
are included in Protective Life's Secured Trusts P & I Payments: [            ] through
[            ]
(P & I Payments report). 

        b.     The
payments made by Protective Life on the funding agreements that secured the Notes, for the year ended December 31, [            ],
are included in the Indenture Trustee's History of Transactions List. 

        c.     The
amounts due on the Notes [(except for survivor's option repayments—see criteria e. below)] are reported as a component of the
charges from Cede & Co., the nominee of the Depository Trust Company, on the Indenture Trustee's Payment Obligation Report System (PORS Report). 

        d.     Charges
from Cede & Co. [(except for survivor's option repayments—see criteria e. below)] are included in the Indenture
Trustee's screen prints titled The Depository Trust Company Activity History Details, which represent the charge confirmations to Cede & Co., the
nominee of the Depository Trust Company. 

        [e.    The
amounts paid for survivor's option repayments are considered unscheduled principal reductions and are included in the Indenture Trustee's  History of Transactions List as payments to brokers through
their participant number at the Depository Trust Company.] 

 
 

EXHIBIT A    
    

        Fees

        1.     The
Bank of New York, in its capacity as Indenture Trustee, Registrar, Paying Agent, Transfer Agent and Calculation Agent with respect to each series of notes issued
under the Program shall be entitled to receive the following fees at the times set forth below: 

        2.     Wilmington
Trust Company as trustee of each trust created under the Program shall be entitled to receive the following fees at the times set forth below: 

        3.     In
consideration of the one time, upfront Program establishment fee of $15,000 paid on November 1, 2002, AMACAR Pacific Corp. as Administrator of each trust
created under the Program shall be entitled to receive the following fees at the times set forth below: 

an
administrative fee of $50,000 payable annually, in advance, until all Notes issued under the Program are fully paid. 

        4.     AMACAR
Pacific Corp. as Trust Beneficial Owner of each trust created under the Program shall be entitled to receive the following fees at the times set forth below: 

upon
the organization of a trust, a one time, upfront establishment fee of $15 (or, if the Trust issues Notes at a discount, the product of $15 and the issue price (expressed as a percentage of the
original principal amount of the Notes)). 

 
 

EXHIBIT B    
    

[New
Service Provider]

[Address] 

Dear
Sirs, 

U.S.$

Secured Note Program (the "Program")

with respect to

[Protective Life Secured Trust [            ]

[The Protective Life Secured Trusts] 

        We
refer to the [                        ] Agreement entered into between [Protective Life Secured Trust [    ]
and
yourselves], appointing you as a Service Provider [in respect of Protective Life Secured Trust [    ]'s series of notes (the
"Series of Notes")1] under the Program. We further refer to the Expense and Indemnity Agreement, dated            ,
entered into in respect of the above Program (such agreement, as modified or amended from time to time, the "Expense and Indemnity Agreement") between
Protective Life Insurance Company, each trust organized under the Program that is a party thereto and each of the Service Providers, governing the compensation arrangements, expense reimbursement and
terms of indemnity between Protective Life Insurance Company and such trusts and the Service Providers. By signing this letter you will become a party to the Expense and Indemnity Agreement for all
purposes, with, all the authority, rights, powers, duties and obligations of a Service Provider under the Expense and Indemnity Agreement[except that, following the issuance of the Series
of Notes, you shall have no further authority, rights, powers, duties or obligations except as may have accrued or been incurred prior to, or in connection with, the issuance of the Series of
Notes].1 Please return to us a copy of this letter signed by an authorized signatory. For the purposes of your Fees, you will be compensated in accordance with the fee
schedule as set forth in Schedule I to this letter.2 

        This
letter is governed by, and shall be construed in accordance with, the laws of the State of New York. Capitalized terms used and not otherwise defined in this letter shall have the
meanings assigned to them in the Expense and Indemnity Agreement. 

	 	 	 	Yours faithfully,
	

 	
 	

 	
PROTECTIVE LIFE INSURANCE COMPANY
	

 	
 	

 	

By:	

 	

 
	 	 	 	 	

	 	 	 	 	Name:	        

	 	 	 	 	Title:	        

	

AGREED AND ACCEPTED:	

 	

 	

 
	
[SERVICE PROVIDER]	

 	

 	

 

	

By:	
 	

 
	 	 	
 Name:

Title:

	1
	Insert
only where the new Services Provider is being appointed in relation to a particular trust's series of notes.

	2
	Attach
the relevant fee schedule agreed upon between Protective Life Insurance Company, and the new Service Provider. 

QuickLinks

EXHIBIT 10.1

STANDARD EXPENSE AND INDEMNITY AGREEMENT TERMS with respect to The Service Providers and the Protective Life Secured Trusts Dated as of July 21, 2005

ANNEX A

ANNEX B

ANNEX C

ANNEX D

Annual Statement of Compliance

ANNEX E

Management Assertion Regarding the Collection and Distribution of Trust Money by The Bank of New York (Indenture Trustee)

EXHIBIT A

EXHIBIT B

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