Document:

Exhibit 4.1

                                                                EXECUTION COPY

                                   INDENTURE

                                    between

               WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION,
                     acting not in its individual capacity
                        but solely as Owner Trustee of
                    REGIONS AUTO RECEIVABLES TRUST 2003-2,
                                   as Issuer

                                      and

                             THE BANK OF NEW YORK,
                             as Indenture Trustee

                         Dated as of November 7, 2003

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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.........................................................10

                                  ARTICLE II

                                   THE NOTES

Section 2.01.  Form......................................................................................................10
Section 2.02.  Execution, Authentication and Delivery....................................................................11
Section 2.03.  Temporary Notes...........................................................................................11
Section 2.04.  Registration; Registration of Transfer and Exchange.......................................................12
Section 2.05.  [Reserved]................................................................................................14
Section 2.06.  Mutilated, Destroyed, Lost or Stolen Notes................................................................14
Section 2.07.  Persons Deemed Owners.....................................................................................15
Section 2.08.  Payment of Principal and Interest; Defaulted Interest.....................................................15
Section 2.09.  Cancellation..............................................................................................16
Section 2.10.  Book-Entry Notes..........................................................................................17
Section 2.11.  Notices to Clearing Agency................................................................................17
Section 2.12.  Definitive Notes..........................................................................................18
Section 2.13.  Tax Treatment.............................................................................................18
Section 2.14.  ERISA.....................................................................................................18

                                  ARTICLE III

                                   COVENANTS

Section 3.01.  Payment of Principal and Interest.........................................................................19
Section 3.02.  Maintenance of Office or Agency...........................................................................19
Section 3.03.  Money for Payments To Be Held in Trust....................................................................19
Section 3.04.  Existence.................................................................................................21
Section 3.05.  Protection of Trust Estate................................................................................21
Section 3.06.  Opinions as to Trust Estate...............................................................................22
Section 3.07.  Performance of Obligations; Servicing of Receivables......................................................22
Section 3.08.  Negative Covenants........................................................................................24
Section 3.09.  Annual Statement as to Compliance.........................................................................24
Section 3.10.  Issuer May Consolidate, etc., Only on Certain Terms.......................................................25
Section 3.11.  Successor or Transferee...................................................................................26
Section 3.12.  No Other Business.........................................................................................26
Section 3.13.  No Borrowing..............................................................................................26

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Section 3.14.  Master Servicer's Obligations.............................................................................27
Section 3.15.  Guarantees, Loans, Advances and Other Liabilities.........................................................27
Section 3.16.  Capital Expenditures......................................................................................27
Section 3.17.  Removal of Administrator..................................................................................27
Section 3.18.  Restricted Payments.......................................................................................27
Section 3.19.  Notice of Events of Default...............................................................................27
Section 3.20.  Further Instruments and Acts..............................................................................27
Section 3.21.  Perfection Representation.................................................................................27

                                  ARTICLE IV

                          SATISFACTION AND DISCHARGE

Section 4.01.  Satisfaction and Discharge of Indenture...................................................................28
Section 4.02.  Application of Trust Money................................................................................29
Section 4.03.  Repayment of Moneys Held by Paying Agent..................................................................29
Section 4.04.  Release of Collateral.....................................................................................29

                                   ARTICLE V

                                   REMEDIES

Section 5.01.  Events of Default.........................................................................................29
Section 5.02.  Acceleration of Maturity; Rescission and Annulment........................................................31
Section 5.03.  Collection of Indebtedness and Suits for Enforcement by Indenture
                 Trustee; Authority of the Controlling Party.............................................................31
Section 5.04.  Remedies; Priorities......................................................................................33
Section 5.05.  Optional Preservation of the Receivables..................................................................36
Section 5.06.  Limitation of Suits.......................................................................................36
Section 5.07.  Unconditional Rights of Noteholders To Receive Principal and Interest.....................................37
Section 5.08.  Restoration of Rights and Remedies........................................................................37
Section 5.09.  Rights and Remedies Cumulative............................................................................37
Section 5.10.  Delay or Omission Not a Waiver............................................................................37
Section 5.11.  Control by Controlling Class..............................................................................37
Section 5.12.  Waiver of Past Defaults...................................................................................38
Section 5.13.  Undertaking for Costs.....................................................................................38
Section 5.14.  Waiver of Stay or Extension Laws..........................................................................38
Section 5.15.  Action on Notes...........................................................................................39
Section 5.16.  Performance and Enforcement of Certain Obligations........................................................39

                                  ARTICLE VI

                             THE INDENTURE TRUSTEE

Section 6.01.  Duties of Indenture Trustee...............................................................................39
Section 6.02.  Rights of Indenture Trustee...............................................................................41
Section 6.03.  Individual Rights of Indenture Trustee....................................................................42
Section 6.04.  Indenture Trustee's Disclaimer............................................................................42
Section 6.05.  Notice of Defaults........................................................................................43
Section 6.06.  Reports by Indenture Trustee to Holders...................................................................43

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Section 6.07.  Compensation and Indemnity................................................................................43
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.........................................45
Section 6.11.  Eligibility; Disqualification.............................................................................46
Section 6.12.  [Reserved]................................................................................................47
Section 6.13.  Preferential Collection of Claims Against Issuer..........................................................47
Section 6.14.  Waiver of Setoffs.........................................................................................47

                                  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.........................................................................................48
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....................................................52
Section 9.02.  Supplemental Indentures with Consent of Noteholders.......................................................53
Section 9.03.  Execution of Supplemental Indentures......................................................................54
Section 9.04.  Effect of Supplemental Indenture..........................................................................55
Section 9.05.  Reference in Notes to Supplemental Indentures.............................................................55
Section 9.06.  Conformity with Trust Indenture Act.......................................................................55

                                   ARTICLE X

                              REDEMPTION OF NOTES

Section 10.01.  Redemption...............................................................................................55
Section 10.02.  Form of Redemption Notice................................................................................56
Section 10.03.  Notes Payable on Redemption Date.........................................................................56

                                  ARTICLE XI

                                 MISCELLANEOUS

Section 11.01.  Compliance Certificates and Opinions, etc................................................................56

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Section 11.02.  Form of Documents Delivered to Indenture Trustee.........................................................58
Section 11.03.  Acts of Noteholders......................................................................................59
Section 11.04.  Notices, etc., to Indenture Trustee, Issuer and Rating Agencies..........................................59
Section 11.05.  Notices to Noteholders; Waiver...........................................................................60
Section 11.06.  Alternate Payment and Notice Provisions..................................................................60
Section 11.07.  Effect of Headings and Table of Contents.................................................................61
Section 11.08.  Successors and Assigns...................................................................................61
Section 11.09.  Separability.............................................................................................61
Section 11.10.  Benefits of Indenture....................................................................................61
Section 11.11.  Legal Holidays...........................................................................................61
Section 11.12.  GOVERNING LAW............................................................................................61
Section 11.13.  Counterparts.............................................................................................61
Section 11.14.  Recording of Indenture...................................................................................61
Section 11.15.  Trust Obligation.........................................................................................61
Section 11.16.  No Petition..............................................................................................62
Section 11.17.  Inspection...............................................................................................62
Section 11.18.  Conflict with Trust Indenture Act........................................................................62
Section 11.19.  Limitation of Liability..................................................................................62

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
EXHIBIT C   Form of Class C Note
EXHIBIT D   Form of Investment Letter
EXHIBIT E   Form of Transfer Certificate

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     THIS INDENTURE, dated as of November 7, 2003, is between WACHOVIA BANK OF
DELAWARE, NATIONAL ASSOCIATION, ACTING NOT IN ITS INDIVIDUAL CAPACITY BUT
SOLELY AS OWNER TRUSTEE OF REGIONS AUTO RECEIVABLES TRUST 2003-2, a Delaware
common law trust (the "Issuer"), and THE BANK OF NEW YORK, a New York banking
corporation, 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 1.1643% Asset
Backed Notes, Class A-1 (the "Class A-1 Notes"), 1.63% Asset Backed Notes,
Class A-2 (the "Class A-2 Notes"), 2.31% Asset Backed Notes, Class A-3 (the
"Class A-3 Notes"), 3.07% 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"), 2.86% Asset Backed Notes, Class B (the "Class B Notes")
and 3.87% Asset Backed Notes, Class C (the "Class C Notes" and together with
the Class A Notes and the Class B 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 on and after the 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, the Depositor 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
proceeds relate to any Financed Vehicle; (f) all documents and other items
contained in the Receivable Files; (g) 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; (h) all funds on deposit from time to time in
the Trust Accounts and all investments therein and proceeds thereof (including
all Investment Earnings thereon); (i) 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); (j) 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 any and all of the foregoing; (k) the proceeds of
any and all of the foregoing; and (l) 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

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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").

     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.

                                   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.

     "Accountant's Letter" means a letter from a firm of certified public
accountants, who may be certified public accountants to the Seller, which
letter shall be addressed to the Indenture Trustee.

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

     "Administration Agreement" means the Owner Trust Administration
Agreement, dated as of November 7, 2003, among the Administrator, the Issuer
and the Indenture Trustee, as the same may be amended, supplemented or
otherwise modified from time to time.

     "Administrator" means Regions Bank, 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

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thereafter) and, so long as the Administration Agreement is in effect, any
Vice President, Accounting Officer 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).

     "Book-Entry Notes" means a beneficial interest in the Class A Notes and
the Class B 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 1.1643% Asset Backed Notes, Class A-1,
substantially in the form of Exhibit A-1.

     "Class A-1 Rate" means 1.1643% per annum, computed on the basis of the
actual number of days in the related Interest Period and a 360-day year.

     "Class A-2 Notes" means the 1.63% Asset Backed Notes, Class A-2,
substantially in the form of Exhibit A-2.

     "Class A-2 Rate" means a 1.63% per annum computed on the basis of a
360-day year consisting of twelve 30-day months.

     "Class A-3 Notes" means the 2.31% Asset Backed Notes, Class A-3,
substantially in the form of Exhibit A-3.

     "Class A-3 Rate" means 2.31% per annum, computed on the basis of a
360-day year consisting of twelve 30-day months.

     "Class A-4 Notes" means the 3.07% Asset Backed Notes, Class A-4,
substantially in the form of Exhibit A-4.

     "Class A-4 Rate" means 3.07% per annum, computed on the basis of a
360-day year consisting of twelve 30-day months.

     "Class B Notes" means the 2.86% Asset Backed Notes, Class B,
substantially in the form of Exhibit B.

     "Class B Rate" means 2.86% per annum, computed on the basis of a 360-day
year consisting of twelve 30-day months.

     "Class C Notes" means the 3.87% Asset Backed Notes, Class C,
substantially in the form of Exhibit C.

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     "Class C Rate" means 3.87% 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 November 13, 2003.

     "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.

     "Controlling Class" means (i) if the Class A Notes have not been paid in
full, the Class A Notes, voting together as a single class, (ii) if the Class
A Notes have been paid in full and any Class B Notes are Outstanding, the
Class B Notes, and (iii) if the Class B Notes have been paid in full and any
Class C Notes are Outstanding, the Class C 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 Holders of Certificates evidencing not less than a
majority of the percentage interest in the Certificates.

     "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 101 Barclay Street -- 8 West, New York, New York, 10286 (facsimile
number (212) 815-2493); Attention: Asset Backed Securities Unit, 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.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

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

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

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     "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 The Bank of New York, a New York banking
corporation, not in its individual capacity, but as Indenture Trustee under
this Indenture, or any successor Indenture Trustee under this Indenture.

     "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.

     "Institutional Accredited Investor" has the meaning set forth in Section
2.04.

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

     "Issuer" means Wachovia Bank of Delaware, National Association, acting
not in its individual capacity but solely as Owner Trustee of Regions Auto
Receivables Trust 2003-2 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.

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     "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.

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

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

     "Note Depository Agreement" means the agreement dated November 12, 2003,
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 and the
Class B Notes.

     "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 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

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          (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, any Subservicer 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 the
Certificates, the aggregate of the percentage interests of the Certificates
outstanding as of such date of determination.

     "Owner Trustee" means Wachovia Bank of Delaware, National Association,
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
fifteenth day of the following month or, if such day is not a Business Day,
the immediately following Business Day, commencing on January 15, 2004.

     "Permitted Activities" means the activities allowed under Section 35 of
SFAS 140.

     "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, that is subject to Section 4975 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

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<PAGE>

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.

     "PTCE" has the meaning specified in Section 2.14.

     "Qualifying SPE" has the meaning set forth in SFAS 140.

     "Record Date" means (a) with respect to the Class A Notes and the Class B
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 Class C Notes and the Certificates, the last day of the month
preceding such Payment 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
Interest Rate plus interest on any overdue interest at the applicable Interest
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.

     "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.

     "Rule 144A" has the meaning set forth in Section 2.04.

     "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of November 7, 2003, among the Issuer, the Depositor, Regions Bank,
as Seller, Master Servicer, Custodian and Administrator, and the Indenture
Trustee, as the same may be amended, supplemented or otherwise modified from
time to time.

                                      8
<PAGE>

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

     "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.

     "SFAS 140" means Statement of Accounting Standards No. 140 of the
Financial Accounting Standards Board, as it may be amended from time to time.

     "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.

     "Stamp" has the meaning specified in Section 2.04.

     "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.

          (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

                                      9
<PAGE>

          (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.

                                  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, the Class B Notes and the Class C 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, Exhibit B and Exhibit C, 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 and the Class C Notes shall be in the form of one or
more certificated notes in definitive, fully registered form without interest
coupons, typewritten, printed, lithographed or engraved or produced by any
combination of these methods (with or

                                      10
<PAGE>

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, Exhibit
B and Exhibit C 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
$132,000,000, Class A-2 Notes for original issue in an aggregate principal
amount of $146,000,000, Class A-3 Notes for original issue in an aggregate
principal amount of $156,000,000, Class A-4 Notes for original issue in an
aggregate principal amount of $164,400,000, Class B Notes for original issue
in an aggregate principal amount of $25,600,000, and Class C Notes for
original issue in an aggregate principal amount of $16,000,000. The aggregate
principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class
A-4 Notes, Class B Notes and Class C Notes outstanding at any time may not
exceed such respective amounts except as provided in Section 2.06.

     The Class A Notes and the Class B Notes shall be issuable as registered
Notes in minimum denominations of $1,000 and in integral multiples of $1,000
in excess thereof. The Class C Notes shall be issuable as registered Notes in
minimum denominations of $100,000 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 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.

                                      11
<PAGE>

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.

     No sale, pledge or other transfer of a Class C Note, directly or
indirectly, shall be made unless such sale, pledge or other transfer is (I)(A)
pursuant to an effective registration statement under the Securities Act, (B)
for so long as the Class C Notes are eligible for resale pursuant to Rule 144A
under the Securities Act to a Person the transferor reasonably believes after
due inquiry is a "qualified institutional buyer" as defined in Rule 144A under
the Securities Act ("Rule 144A") that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the
transfer is being made in reliance on Rule 144A or to an institutional
"accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act (an "Institutional Accredited Investor"), (C) pursuant to
another available exemption from the registration requirements of the
Securities Act, or (D) to the Depositor or any Affiliate thereof and (II) in
accordance with any applicable securities laws of any State of the United
States and any other relevant jurisdiction. The Master Servicer, the
Depositor, the Issuer and the Indenture Trustee shall require an opinion of
counsel to be delivered to it in connection with any transfer of the Class C
Notes pursuant to clauses (I)(B), with respect to Institutional Accredited
Investors, or (I)(C) above. Any opinions of counsel required in connection
with a transfer shall be by counsel reasonably acceptable to the Master
Servicer and the Indenture Trustee, delivered to the Master Servicer, the
Depositor, the Issuer and the Indenture Trustee and shall not be at the
expense of the Master Servicer, any Affiliate of the Master Servicer, the
Depositor, the Issuer or the Indenture Trustee.

     The transferee of the Class C Note pursuant to clause (I)(B) must certify
in an investment letter, substantially in the form of Exhibit D attached
hereto, that such Person is a "qualified institutional buyer" (as defined in
Rule 144A) or an Institutional Accredited Investor, as the case may be. Except
in the case of a transfer pursuant to clauses (I)(A) or (I)(D) above, the
Holder

                                      12
<PAGE>

desiring to effect such transfer and such Holder's prospective transferee
shall each certify to the Indenture Trustee, the Master Servicer, the
Depositor and the Issuer in writing the facts surrounding the transfer in
substantially the form set forth in Exhibit E.

     None of the Master Servicer, the Issuer, the Depositor nor the Indenture
Trustee is under any obligation to register any Class C Notes under the
Securities Act or any applicable state or foreign securities laws. Each Holder
of a Class C Note desiring to effect such a transfer shall, and does hereby
agree to, indemnify the Master Servicer, the Indenture Trustee, the Depositor
and the Issuer against any liability that may result if the transfer is not so
exempt or is not made in accordance with federal and state securities laws.
The Class C Notes, this Indenture and related documents may be amended or
supplemented from time to time without the consent of any Noteholder to modify
restrictions on and procedures for resale and other transfer of such Class C
Notes to reflect any change in applicable law or regulation (or the
interpretation thereof) or practices relating to the resale or transfer of
restricted securities generally.

     Each Person that acquires a Class C Note shall be required to (i)
represent to the Master Servicer, the Depositor, the Issuer and the Indenture
Trustee, that it is not, and is not acquiring the Class C 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) deliver an Opinion of Counsel satisfactory to the
Indenture Trustee and the Master Servicer and delivered to the Master
Servicer, the Depositor, the Issuer and the Indenture Trustee (which Opinion
of Counsel will not be at the expense of the Master Servicer, the Depositor,
the Issuer or the Indenture Trustee) to the effect that the purchase and
holding of such Class C Note will not constitute or result in a nonexempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Master Servicer, the Depositor, the Owner Trustee or the Indenture
Trustee to any obligation in addition to those undertaken in the Basic
Documents; provided, however, that the Indenture Trustee, the Master Servicer,
the Depositor and the Issuer will not require such certificate or opinion in
the event that the Master Servicer, the Depositor, the Issuer and the
Indenture Trustee have obtained from counsel satisfactory to the Indenture
Trustee and the Master Servicer, an Opinion of Counsel to the effect that as a
result of a change of law or otherwise, the purchase and holding of a Class C
Note by a Plan or a Person that is purchasing or holding such a Class C Note
with the assets of a Plan will not constitute or result in a nonexempt
prohibited transaction under ERISA or Section 4975 of the Code (which Opinion
of Counsel may be at the request and expense of the Master Servicer or the
Depositor).

     In order to preserve the exemption for resales and transfers provided by
Rule 144A under the Securities Act, the Issuer shall provide to any Holder of
a Class C Note and any prospective transferee designated by such Holder, upon
request of such Holder or such prospective transferee, such information
required by Rule 144A as will enable the resale of such Class C Note to be
made pursuant to Rule 144A. The Master Servicer and Indenture Trustee shall
cooperate with the Issuer in providing the Issuer such information regarding
the Class C Notes, the Trust Estate and other matters regarding the Issuer as
the Issuer shall reasonably request to meet its obligations under the
preceding sentence.

     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

                                      13
<PAGE>

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, 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

                                      14
<PAGE>

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 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, the Class B Notes and the Class C 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, the Class B Rate and the Class C Rate, respectively, as set forth in
Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4, Exhibit B and Exhibit C,
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

                                      15
<PAGE>

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, or in the case of a Registered Holder holding of record in excess of
$10,000,000 aggregate principal amount of any Class of Notes, by wire transfer
in immediately available funds to an account designated by such Registered
Holder, except that, unless Definitive Notes have been issued pursuant to
Section 2.12, with respect to Book-Entry 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 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, Exhibit B and
Exhibit C. 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 at least 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

                                      16
<PAGE>

be disposed of 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 Class A Notes and the Class B 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 have been issued to such Note Owners pursuant to
Section 2.12 (the "Definitive Notes"):

          (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 Book-Entry
     Notes and the giving of instructions or directions hereunder) as the sole
     holder of the Book-Entry Notes, and shall have no obligation to such 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 such 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
     Book-Entry 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 Book-Entry Notes
to the Clearing Agency, and shall have no obligation to such Note Owners.

                                      17
<PAGE>

     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 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 Note (A) in the case of
the Class A Notes and the Class B Notes shall be required to represent, or in
the case of a Book-Entry Note, 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 and (B) in the case of the Class C Notes shall be
required to (i) represent, that it is not, and is not acquiring the Class C
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) deliver an Opinion of Counsel
satisfactory to the Indenture Trustee and the Master Servicer and delivered to
the Master Servicer, the Depositor, the Issuer and the Indenture Trustee
(which Opinion of Counsel will not be at the expense of the Master Servicer,
the Depositor, the Issuer or the Indenture Trustee) to the effect that the
purchase and holding of such Class C Note will not constitute or result in a
nonexempt prohibited transaction under ERISA or Section 4975 of the Code and
will not subject the Master Servicer, the Depositor, the Owner Trustee or the
Indenture Trustee to any obligation in addition to those undertaken in the
Basic Documents; provided, however, that the Indenture Trustee, the Master
Servicer, the Depositor and the Issuer

                                      18
<PAGE>

will not require such certificate or opinion in the event that the Master
Servicer, the Depositor, the Issuer and the Indenture Trustee have obtained
from counsel satisfactory to the Indenture Trustee and the Master Servicer, an
Opinion of Counsel to the effect that as a result of a change of law or
otherwise, the purchase and holding of a Class C Note by a Plan or a Person
that is purchasing or holding such a Class C Note with the assets of a Plan
will not constitute or result in a nonexempt prohibited transaction under
ERISA or Section 4975 of the Code (which Opinion of Counsel may be at the
request and expense of the Master Servicer, the Depositor or the Issuer). Any
attempted or purported transfer of a Note with respect to which neither of the
foregoing representations is true, or for which any required opinion shall not
have been obtained shall be void ab initio.

                                  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, (v) for the benefit of the Class B Notes, to the Class
B Noteholders and (vi) for the benefit of the Class C Notes, to the Class C
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 101 Barclay
Street -- 8 West, New York, New York, 10286, Attention: Asset Backed
Securities Unit. 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

                                      19
<PAGE>

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:

          (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

                                      20
<PAGE>

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 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.

                                      21
<PAGE>

     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 the last calendar day in October, in each calendar year,
beginning in 2004, 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
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 the last calendar day in the month of October
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 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

                                      22
<PAGE>

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
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 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 the 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.

     (h) The Issuer (or the Master Servicer on its behalf) shall maintain its
computer systems so that, from and after the time of the Grant under this
Indenture of the Receivables referenced in such Grant, the Issuer's (or the
Master Servicer's on its behalf) master computer 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
Indenture and is owned by the Issuer. The Issuer shall deliver to the
Indenture Trustee a computer file, microfiche list or printed list containing
a list of all Receivables subject to this Indenture that is true, complete and
correct in all material respects. Such file or list shall be marked as
Schedule A to this Indenture, delivered to the Indenture Trustee as
confidential and proprietary, and is hereby incorporated into and made a part
of this Indenture. The Issuer further agrees not to alter the code referenced
in the first sentence of this paragraph with respect to any Receivable during

                                      23
<PAGE>

the term of this Indenture unless and until such Receivable's Principal
Balance has been paid in full or such Receivable has been purchased or
repurchased by the Master Servicer or the Seller, respectively, in accordance
with the Basic Documents. Indication of such Receivables' inclusion in the
portfolio shall be deleted from or modified on the Issuer's (or the Master
Servicer's on its behalf) computer systems when, and only when, the related
Receivable shall have been paid in full or purchased or repurchased by the
Master Servicer or the Seller, respectively, in accordance with the Basic
Documents.

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

     (a) 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;

     (b) 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

     (c) (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.

     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 2003),
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.

                                      24
<PAGE>

     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.

     (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

                                      25
<PAGE>

     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.

     (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 2003-2 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 2003-2 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 other 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.

                                      26
<PAGE>

     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.

     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.

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                                  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 C 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;

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<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.

                                  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):

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<PAGE>

               (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 any Note on the
          Final Scheduled Payment Date of such 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, which
          default materially and adversely affects the Noteholders or the
          Indenture Trustee, 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 60 days (or for a
          period not to exceed 90 days, as may be reasonably necessary to
          remedy the default, provided the default is capable of being
          remedied in 90 days or less and the Master Servicer on behalf of the
          Issuer delivers an Officer's Certificate to the Indenture Trustee to
          the effect that the Issuer has commenced, or will promptly commence
          and diligently pursue, all reasonable efforts to remedy such
          default) 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
          conservator, 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 conservator, 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.

                                      30
<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 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.
Notwithstanding anything to the contrary in this paragraph (a), 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.

     (b) [Reserved].

     (c) [Reserved].

     (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
               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.

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<PAGE>

     (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 on the Final Scheduled Payment Date of any
Note, 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, 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

                                      32
<PAGE>

     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 Holder
thereof 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 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):

                                      33
<PAGE>

          (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 unless, (A) the Holders of 100% of the
     Outstanding Amount of the 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 an 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.

     (b) If the Trust Estate is sold or liquidated pursuant to Section
5.04(a)(iv) and 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;

                                      34
<PAGE>

          FOURTH: to Holders of the Class A-2 Notes for amounts due and unpaid
          on the Class A-2 Notes in respect of principal, to Holders of the
          Class A-3 Notes for amounts due and unpaid on the Class A-3 Notes in
          respect of principal and 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-2 Notes in
          respect of principal, the amounts due and payable on the Class A-3
          Notes in respect of principal and the amounts due and payable on the
          Class A-4 Notes in respect of principal, respectively, until the
          respective Outstanding Amounts of the Class A-2 Notes, Class A-3
          Notes and Class A-4 Notes are reduced to zero;

          FIFTH: 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);

          SIXTH: 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;

          SEVENTH: to the Class C 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 C Notes in respect of interest
          (including any premium);

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

          NINTH: to the applicable parties, any accrued and unpaid fees,
          expenses and indemnification expenses owed to such party under any
          of the Basic Documents (including legal fees and expenses), to the
          extent not paid pursuant to clause first above; and

          TENTH: any excess amounts remaining after making the payments
          described in clauses first through ninth above, to the Certificate
          Distribution Account for distribution to the Holders of the
          Certificates.

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.

                                      35
<PAGE>

     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.

     In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and reasonable indemnity satisfactory to the Indenture
Trustee 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

                                      36
<PAGE>

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:

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

               (ii) the Indenture Trustee shall not sell or liquidate the
          Trust Estate except pursuant to Section 5.04(a)(iv); and

                                      37
<PAGE>

               (iii) 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 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.

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<PAGE>

     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 after the Trust Estate is sold or
liquidated pursuant to Section 5.04(a)(iv) 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 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.

                                  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

                                      39
<PAGE>

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, with respect to any such
     certificates or opinions that are required to be delivered to the
     Indenture Trustee pursuant to this Indenture, 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
     Indenture, 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.

     (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.

                                      40
<PAGE>

     (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.

     (k)  For purposes of this Section 6.01 and Section 5.03(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 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

                                      41
<PAGE>

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 VI 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, if there shall be reasonable grounds for
believing that the repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it.

     (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 Section 6.11.

     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.

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<PAGE>

     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 such
compensation as the Issuer, Administrator and Indenture Trustee shall from
time to time agree in writing for all services rendered by the Indenture
Trustee hereunder. 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 and the Administrator'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.

     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

                                      43
<PAGE>

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.

     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

                                      44
<PAGE>

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

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

                                      45
<PAGE>

     (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 A-1 by Standard
& Poor's and P-1 by Moody's. 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, the Class B Notes and/or the Class C Notes in accordance with
Section 6.08 of this Indenture, and the Issuer shall appoint a successor
Indenture Trustee for one or all of such Classes, as applicable, so that there
will be separate Indenture Trustees for the Class A Notes, the Class B Notes
and the Class C 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, 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

                                      46
<PAGE>

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.

                                 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

                                      47
<PAGE>

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 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 March 31 beginning with March 31, 2003, upon
notice from the Issuer the Indenture Trustee shall mail to each Noteholder as
required by TIA ss. 313(c) a brief report prepared by the Issuer 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.

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<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
Deposit Account, the Collection Account Securities Account, the Reserve
Account Deposit Account and the Reserve Account Securities Account, the
Certificateholders, the Trust Accounts as provided in Section 5.01 of the Sale
and Servicing Agreement.

     (b)  On the day required by Sections 5.02 and 5.04 of the Sale and
Servicing Agreement, the Available Collections (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 Sections 5.02 and 5.04 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(b) 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 to the Noteholders in respect of the Notes to the extent of amounts
due and unpaid on the Notes for interest in the amounts and in the priority
set forth in Section 5.06(c) of the Sale and Servicing Agreement (except as
otherwise provided in Section 5.06(e) of the Sale and Servicing Agreement and
Section 5.04(b)).

     (d)  On each Payment Date and Redemption Date, the Indenture Trustee
shall distribute all amounts on deposit in 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 in the amounts and in the priority set forth
in Section 5.06(d) of the Sale and Servicing Agreement

                                      49
<PAGE>

(except as otherwise provided in Section 5.06(e) of the Sale and Servicing
Agreement and Section 5.04(b)).

     (e)  Notwithstanding any other provision of this Article VIII, and
subject to Section 5.04(b),

          (i)  if the Notes have been accelerated following and Event of
     Default specified in Sections 5.01(i), 5.01(ii), 5.01(iv) or 5.01(v) and
     the Trust Estate has not been sold or otherwise liquidated pursuant to
     Section 5.04(a)(iv), the Master Servicer shall instruct the Indenture
     Trustee (x) to transfer the funds on deposit in the Collection Account
     remaining after the application of clauses 5.06(b)(i) and (ii) of the
     Sale and Servicing Agreement to the Principal Distribution Account to the
     extent necessary to reduce the Outstanding Amount of the Class A Notes to
     zero, (y) if the Class A Notes shall have been paid in full, to transfer
     the funds on deposit in the Collection Account remaining after the
     application of clauses 5.06(b)(i) through (iv) of the Sale and Servicing
     Agreement to the Principal Distribution Account to the extent necessary
     to reduce the Outstanding Amount of the Class B Notes to zero, or (z) if
     the Class A Notes and the Class B Notes shall have been paid in full, to
     transfer the funds on deposit in the Collection Account remaining after
     the application of clauses 5.06(b)(i) through (vi) of the Sale and
     Servicing Agreement to the Principal Distribution Account to the extent
     necessary to reduce the Outstanding Amount of the Class C Notes to zero.
     Any amounts transferred to the Principal Distribution Account pursuant to
     clause (x) above shall be applied to the repayment of principal of the
     Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
     A-4 Notes pro rata on the basis of the respective Outstanding Amounts of
     the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
     Class A-4 Notes.

          (ii) if the Notes have been accelerated following an Event of
     Default specified in Section 5.01(iii), and the Trust Estate has not been
     sold or otherwise liquidated pursuant to Section 5.04(a)(iv), the Master
     Servicer shall instruct the Indenture Trustee to transfer funds on
     deposit in the Collection Account in accordance with the priorities set
     forth in Section 5.06(b), (c) and (d) of the Sale and Servicing
     Agreement, except that any amounts transferred to the Principal
     Distribution Account that would otherwise have been applied to make
     payments and distributions pursuant to Section 5.06(d)(i) of the Sale and
     Servicing Agreement shall instead be applied to the repayment of
     principal of the Class A-1 Notes, the Class A-2 Notes, the Class A-3
     Notes and the Class A-4 Notes pro rata on the basis of the respective
     Outstanding Amounts of the Class A-1 Notes, the Class A-2 Notes, the
     Class A-3 Notes and the Class A-4 Notes.

          (iii) if the Notes have been accelerated following an Event of
     Default specified in Section 5.01 and the Trust Estate has been sold or
     otherwise liquidated pursuant to Section 5.04(a)(iv), the Indenture
     Trustee shall distribute any money or property collected by the Indenture
     Trustee pursuant to Article V (which shall also be deemed to include all
     amounts which would otherwise have been distributable in accordance with
     the priorities set forth in Sections 5.06(b), (c) and (d) of the Sale and
     Servicing Agreement) in the order of priority specified in Section
     5.04(b).

                                      50
<PAGE>

     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 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, 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.

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<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.

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<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 written notice of such action and, within the period acceptable to
each Rating Agency, has not informed the Trust that such action will cause the
then current rating assigned to any Notes to be withdrawn or reduced or placed
on credit watch with negative implications. Notwithstanding anything to the
contrary in this Section 9.01(b), if at the time the Issuer and the Indenture
Trustee propose to enter into an indenture or supplemental indenture under
this Section 9.01(b) the Issuer is required to be a Qualifying SPE in order
for the Seller to continue to account for the transfer of the Receivables
under the Receivables Purchase Agreement as a sale under SFAS 140, then prior
to the time that the Issuer and the Indenture Trustee enter into such
indenture or supplemental indenture the Issuer shall deliver to the Indenture
Trustee an Accountant's Letter which states that the amendments to be effected
by such indenture or supplemental indenture would not "significantly change"
(within the meaning of SFAS140) the Permitted Activities of the Issuer so as
to cause the Issuer to fail to qualify as a Qualifying SPE.

     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);

                                      53
<PAGE>

          (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";

          (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.

     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 and all conditions
precedent have been met and any such reliance shall be binding upon the
Holders of all Notes, whether theretofore or thereafter

                                      54
<PAGE>

authenticated and delivered hereunder. 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.

     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.

                                   ARTICLE X

                              REDEMPTION OF NOTES

     Section 10.01. Redemption. The Class A Notes, the Class B Notes and the
Class C 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, the Class B Notes and
the Class C 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, the Class B Notes and
the Class C Notes to be redeemed, whereupon all such Class A Notes,

                                      55
<PAGE>

Class B Notes and Class C 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, the Class B Notes, and the Class C 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);

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

          (v)  the CUSIP numbers of the Notes.

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) 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.

                                  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

                                      56
<PAGE>

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 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

                                      57
<PAGE>

     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) 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 (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 representations by,
an officer or officers of the Master Servicer, the Seller, the Depositor, 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
Depositor, 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.

                                      58
<PAGE>

     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, 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 2003-2, in care of Wachovia

                                      59
<PAGE>

     Bank of Delaware, National Association, as Owner Trustee, One Rodney
     Square, 920 King Street, Wilmington, Delaware 19801, Attention: Corporate
     Trust Administration, 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, by telecopy, or mailed by certified mail, return receipt requested,
to (i) in the case of Moody's, at the following address: Moody's Investors
Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York
10007, and (ii) in the case of Standard & Poor's, at the following address:
Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
Inc., 55 Water Street, New York, New York 10041, Attention of Asset Backed
Surveillance Department; 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.

     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

                                      60
<PAGE>

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 THAT WOULD APPLY THE LAW OF ANY JURISDICTION OTHER
THAN THE STATE OF NEW YORK, 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 to 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

                                      61
<PAGE>

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 Depositor, 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.

     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 Wachovia Bank of Delaware,

                                      62
<PAGE>

National Association, not individually or personally but solely as Owner
Trustee of Regions Auto Receivables Trust 2003-2, 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 Wachovia Bank of Delaware, National Association 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 Wachovia Bank of
Delaware, National Association, 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
Wachovia Bank of Delaware, National Association 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.

                                   * * * * *

                                      63
<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.

                                        WACHOVIA BANK OF DELAWARE, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Owner Trustee
                                        of REGIONS AUTO RECEIVABLES TRUST
                                        2003-2

                                          By: /s/ Rita M. Ritrovato
                                              -------------------------
                                          Name:  Rita M. Ritrovato
                                          Title: Trust Officer

                                        THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

                                          By: /s/ John Bobko
                                              -------------------------
                                          Name:  John Bobko
                                          Title: Assistant Vice President

                                      64
<PAGE>

STATE OF DELAWARE       }
                        }  ss.:
COUNTY OF               }

     BEFORE ME, the undersigned authority, a Notary Public in and for said
county and state, on this day personally appeared _________________, a
_________________ of Wachovia Bank of Delaware, National Association, not in
its individual capacity but solely as Owner Trustee of Regions Auto
Receivables Trust 2003-2, 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 November, 2003.

                               -----------------------------------------------
                               Notary Public in and for the State of Delaware.

My commission expires:

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

                                      65
<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 The Bank of New
York, a New York banking corporation, 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 November, 2003.

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

My commission expires:

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

                                      66
<PAGE>

                                                                    SCHEDULE A

                            Schedule of Receivables
                            -----------------------

                     [On file with the Indenture Trustee]

<PAGE>

                                                                    SCHEDULE B

                           Perfection Representation
                           -------------------------

     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. Except with respect to
Receivables representing less than 0.03% of the Initial Pool Balance, for
which the related Lien Certificates show World Omni named as the original
secured party under such Receivables as the holder of a first priority
security interest in the related Financed Vehicle (which Lien Certificates and
security interests have been validly assigned to the Trust), 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. The Issuer is not aware of any judgment or any tax lien
filing against it.

<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.

                                     A-1-1
<PAGE>

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

No. R-_____                                              CUSIP NO. 759172 AN 9

                     REGIONS AUTO RECEIVABLES TRUST 2003-2

                     1.1643% ASSET BACKED NOTE, CLASS A-1

     WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, ACTING NOT IN ITS
INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE OF REGIONS AUTO RECEIVABLES
TRUST 2003-2, 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 $132,000,000 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 November 7, 2003 (the
"Indenture"), between the Issuer and The Bank of New York, a New York banking
corporation, 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 November 15, 2004 (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
the last sentence of 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 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.

                                    A-1-2
<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.

                                    A-1-3
<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:

                                        WACHOVIA BANK OF DELAWARE, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Owner Trustee
                                        of REGIONS AUTO RECEIVABLES TRUST
                                        2003-2

                                        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:                                   THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

                                        By:
                                           -----------------------------------
                                           Authorized Signatory

                                    A-1-4
<PAGE>

                           REVERSE OF CLASS A-1 NOTE

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 1.1643% 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, the Class B Notes and the Class C 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 January 15, 2004.

     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 at least 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 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,
or in the case of a Registered Holder holding of record in excess of
$10,000,000 aggregate principal amount of any Class of Notes, by wire transfer
in immediately available funds to an account designated by such Registered
Holder, 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

                                    A-1-5
<PAGE>

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 A-1 Rate to the extent lawful.

     As provided in Section 10.01 of the Indenture, the Class A Notes, the
Class B Notes and the Class C 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 10% 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
Depositor, the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer, including the
Depositor or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Seller, the Master Servicer, the Depositor, 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
Depositor, 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

                                    A-1-6
<PAGE>

Indenture that such Noteholder or Note Owner 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 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.

     Each Person that acquires a 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 attempted or purported
transfer of a Note with respect to which at least one of the foregoing
representations is not true shall be void ab initio.

                                    A-1-7
<PAGE>

     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.

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Wachovia Bank of Delaware, National
Association in its individual capacity, The Bank of New York in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the
Master Servicer, the Depositor, 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 or in this Note. 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.

                                    A-1-8
<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.

                                    A-1-9
<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.

                                    A-2-1
<PAGE>

REGISTERED $_____________1

No. R-________                                           CUSIP NO. 759172 AP 4

                     REGIONS AUTO RECEIVABLES TRUST 2003-2

                      1.63% ASSET BACKED NOTE, CLASS A-2

     WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, ACTING NOT IN ITS
INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE OF REGIONS AUTO RECEIVABLES
TRUST 2003-2, 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 $146,000,000 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 November 7, 2003 (the
"Indenture"), between the Issuer and The Bank of New York, a New York banking
corporation, 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 August 15, 2006 (the "Class A-2 Final Scheduled
Payment Date") and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. Except as otherwise provided in 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.

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

                                    A-2-2
<PAGE>

     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.

     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.

                                    A-2-3
<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:

                                        WACHOVIA BANK OF DELAWARE, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Owner Trustee
                                        of REGIONS AUTO RECEIVABLES TRUST
                                        2003-2

                                        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:                                   THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

                                        By:
                                           -----------------------------------
                                           Authorized Signatory

                                    A-2-4
<PAGE>

                           REVERSE OF CLASS A-2 NOTE

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 1.63% 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, the Class B Notes and the Class C 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 (except as provided in the
Indenture) 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 January
15, 2004.

     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 at least 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 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,
or in the case of a Registered Holder holding of record in excess of
$10,000,000 aggregate principal amount of any Class of Notes, by wire transfer
in immediately available funds to an account designated by such Registered
Holder, 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

                                    A-2-5
<PAGE>

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 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, the
Class B Notes and the Class C 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 10% 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
Depositor, the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer, including the
Depositor or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Seller, the Master Servicer, the Depositor, 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
Depositor, 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.

                                    A-2-6
<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 the Depositor, or join in
any institution against the Issuer or the Depositor 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.

     Each Person that acquires a 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 attempted or purported
transfer of a Note with respect to which at least one of the foregoing
representations is not true shall be void ab initio.

                                    A-2-7
<PAGE>

     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.

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Wachovia Bank of Delaware, National
Association in its individual capacity, The Bank of New York in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the
Master Servicer, the Depositor, 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 or in this Note. 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.

                                    A-2-8
<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.

                                    A-2-9
<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.

                                    A-3-1
<PAGE>

REGISTERED $_____________1

No. R-________                                           CUSIP NO. 759172 AQ 2

                     REGIONS AUTO RECEIVABLES TRUST 2003-2

                      2.31% ASSET BACKED NOTE, CLASS A-3

     WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, ACTING NOT IN ITS
INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE OF REGIONS AUTO RECEIVABLES
TRUST 2003-2, 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 $156,000,000 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 November 7, 2003 (the
"Indenture"), between the Issuer and The Bank of New York, a New York banking
corporation, 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 January 15, 2008 (the "Class A-3 Final Scheduled
Payment Date") and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. Except as otherwise provided in 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
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.

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

                                    A-3-2
<PAGE>

     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.

     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.

                                    A-3-3
<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:

                                        WACHOVIA BANK OF DELAWARE, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Owner Trustee
                                        of REGIONS AUTO RECEIVABLES TRUST
                                        2003-2

                                        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:                                   THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

                                        By:
                                           -----------------------------------
                                           Authorized Signatory

                                    A-3-4
<PAGE>

                           REVERSE OF CLASS A-3 NOTE

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 2.31% 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, the Class B Notes and the Class C 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 (except as provided in the
Indenture) 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 January 15, 2004.

     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 at least 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 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,
or in the case of a Registered Holder holding of record in excess of
$10,000,000 aggregate principal amount of any Class of Notes, by wire transfer
in immediately available funds to an account designated by such Registered
Holder, 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,

                                    A-3-5
<PAGE>

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 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, the
Class B Notes and the Class C 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 10% 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
Depositor, the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer, including the
Depositor or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Seller, the Master Servicer, the Depositor, 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
Depositor, 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.

                                    A-3-6
<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 the Depositor, or join in
any institution against the Issuer or the Depositor 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.

     Each Person that acquires a 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 attempted or purported
transfer of a Note with respect to which at least one of the foregoing
representations is not true shall be void ab initio.

                                    A-3-7
<PAGE>

     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.

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Wachovia Bank of Delaware, National
Association in its individual capacity, The Bank of New York in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the
Master Servicer, the Depositor, 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 or in this Note. 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.

                                    A-3-8
<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.

                                    A-3-9
<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.

                                    A-4-1
<PAGE>

REGISTERED $_____________1

No. R-________                                           CUSIP NO. 759172 AR 0

                     REGIONS AUTO RECEIVABLES TRUST 2003-2

                      3.07% ASSET BACKED NOTE, CLASS A-4

     WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, ACTING NOT IN ITS
INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE OF REGIONS AUTO RECEIVABLES
TRUST 2003-2, 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 $164,400,000 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 November 7, 2003 (the
"Indenture"), between the Issuer and The Bank of New York, a New York banking
corporation, 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 September 15, 2010 (the "Class A-4 Final Scheduled
Payment Date") and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. Except as otherwise provided in 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
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.

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

                                    A-4-2
<PAGE>

     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.

     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.

                                    A-4-3
<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:

                                        WACHOVIA BANK OF DELAWARE, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Owner Trustee
                                        of REGIONS AUTO RECEIVABLES TRUST
                                        2003-2

                                        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:                                   THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

                                        By:
                                           -----------------------------------
                                           Authorized Signatory

                                    A-4-4
<PAGE>

                           REVERSE OF CLASS A-4 NOTE

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 3.07% 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, the Class B Notes and the Class C 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 (except as provided in the
Indenture) 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 January 15, 2004.

     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 at least 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 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,
or in the case of a Registered Holder holding of record in excess of
$10,000,000 aggregate principal amount of any Class of Notes, by wire transfer
in immediately available funds to an account designated by such Registered
Holder, 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

                                    A-4-5
<PAGE>

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 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, the
Class B Notes and the Class C 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 10% 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
Depositor, the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer, including the
Depositor or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Seller, the Master Servicer, the Depositor, 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
Depositor, 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.

                                    A-4-6
<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 the Depositor, or join in
any institution against the Issuer or the Depositor 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.

     Each Person that acquires a 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 attempted or purported
transfer of a Note with respect to which at least one of the foregoing
representations is not true shall be void ab initio.

                                    A-4-7
<PAGE>

     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.

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Wachovia Bank of Delaware, National
Association in its individual capacity, The Bank of New York in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the
Master Servicer, the Depositor, 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 or in this Note. 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.

                                    A-4-8
<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.

                                    A-4-9
<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.

                                     B-1
<PAGE>

REGISTERED $_____________1

No. R-________                                           CUSIP NO. 759172 AS 8

                     REGIONS AUTO RECEIVABLES TRUST 2003-2

                       2.86% ASSET BACKED NOTE, CLASS B

     WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, ACTING NOT IN ITS
INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE OF REGIONS AUTO RECEIVABLES
TRUST 2003-2, 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 $25,600,000, 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 November 7, 2003 (the
"Indenture"), between the Issuer and The Bank of New York, a New York banking
corporation, 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 September 15, 2010 (the "Class B Final Scheduled
Payment Date") and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. Payments of principal of the Class B Notes shall be
subordinated to the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes
and the Class A-4 Notes to the extent set forth in 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
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.

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

                                     B-2
<PAGE>

     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.

     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.

                                     B-3
<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:

                                        WACHOVIA BANK OF DELAWARE, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Owner Trustee
                                        of REGIONS AUTO RECEIVABLES TRUST
                                        2003-2

                                        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:                                   THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

                                        By:
                                           -----------------------------------
                                           Authorized Signatory

                                     B-4
<PAGE>

                            REVERSE OF CLASS B NOTE

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 2.86% 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, the Class B Notes and the Class C 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 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 January 15, 2004.

     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 at least 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,
or in the case of a Registered Holder holding of record in excess of
$10,000,000 aggregate principal amount of any Class of Notes, by wire transfer
in immediately available funds to an account designated by such Registered
Holder, 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

                                     B-5
<PAGE>

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 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, the
Class B Notes and the Class C 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 10% 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
Depositor, the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer, including the
Depositor or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Seller, the Master Servicer, the Depositor, 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
Depositor, 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.

                                     B-6
<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 the Depositor, or join in
any institution against the Issuer or the Depositor 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.

     Each Person that acquires a 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 attempted or purported
transfer of a Note with respect to which at least one of the foregoing
representations is not true shall be void ab initio.

                                     B-7
<PAGE>

     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.

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Wachovia Bank of Delaware, National
Association in its individual capacity, The Bank of New York in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the
Master Servicer, the Depositor, 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 or in this Note. 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.

                                     B-8
<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.

                                     B-9
<PAGE>

                                                                     EXHIBIT C

                            [FORM OF CLASS C NOTE]

     THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR UNDER THE SECURITIES OR BLUE SKY
LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. NO
SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS
EITHER (I) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT, (II) SUCH SALE, PLEDGE OR OTHER TRANSFER IS
MADE TO AN ACCREDITED INVESTOR THAT EXECUTES A CERTIFICATE, SUBSTANTIALLY IN
THE FORM SPECIFIED IN THE INDENTURE DATED AS OF NOVEMBER 7, 2003 (THE
"INDENTURE") BETWEEN WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, ACTING
NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE OF REGIONS AUTO
RECEIVABLES TRUST 2003-2 AND THE BANK OF NEW YORK, AS INDENTURE TRUSTEE, TO
THE EFFECT THAT IT IS AN ACCREDITED INVESTOR AS DEFINED IN RULE
501(A)(1),(2),(3) OR (7) (AN "ACCREDITED INVESTOR") UNDER THE 1933 ACT ACTING
FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR
AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER
IS A BANK ACTING IN ITS FIDUCIARY CAPACITY), (III) SO LONG AS THIS NOTE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, SUCH SALE,
PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE PROSPECTIVE TRANSFEROR
REASONABLY BELIEVES AFTER DUE INQUIRY IS A "QUALIFIED INSTITUTIONAL BUYER" (AS
DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF
OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED
INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A AND SUCH PERSON EXECUTES A
CERTIFICATE, SUBSTANTIALLY IN THE FORM SPECIFIED IN THE INDENTURE, (IV) SUCH
SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM
THE REGISTRATION REQUIREMENTS OF THE 1933 ACT OR (V) SUCH SALE, PLEDGE OR
OTHER TRANSFER IS MADE TO THE DEPOSITOR OR ANY AFFILIATE THEREOF. EXCEPT IN
THE CASE OF A TRANSFER PURSUANT TO CLAUSE (I) OR (V) ABOVE, THE MASTER
SERVICER AND THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE
TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE MASTER SERVICER, THE
DEPOSITOR, THE ISSUER AND THE INDENTURE TRUSTEE IN WRITING THE FACTS
SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE
SATISFACTORY TO THE MASTER SERVICER AND THE INDENTURE TRUSTEE, AND IN THE CASE
OF ANY SALE, PLEDGE OR TRANSFER PURSUANT TO CLAUSE (II) OR (IV), THE MASTER
SERVICER AND THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL
(WHICH SHALL NOT BE AT THE EXPENSE OF THE MASTER SERVICER, ANY AFFILIATE OF
THE MASTER SERVICER, THE DEPOSITOR, THE ISSUER OR THE INDENTURE TRUSTEE)
SATISFACTORY TO THE MASTER SERVICER AND THE INDENTURE

                                     C-1
<PAGE>

TRUSTEE AND DELIVERED TO THE MASTER SERVICER, THE DEPOSITOR, THE ISSUER AND
THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE
1933 ACT.

     NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE INDENTURE TRUSTEE, THE DEPOSITOR, THE ISSUER AND
THE MASTER SERVICER (I) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH
TRANSFEREE 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) AN OPINION OF COUNSEL SATISFACTORY TO THE INDENTURE TRUSTEE AND THE
MASTER SERVICER (WHICH OPINION OF COUNSEL WILL NOT BE AT THE EXPENSE OF THE
MASTER SERVICER, THE DEPOSITOR, THE ISSUER OR THE INDENTURE TRUSTEE) TO THE
EFFECT THAT THE PURCHASE AND HOLDING OF SUCH NOTE WILL NOT CONSTITUTE OR
RESULT IN A NONEXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF
THE CODE AND WILL NOT SUBJECT THE MASTER SERVICER, THE DEPOSITOR, THE OWNER
TRUSTEE OR THE INDENTURE TRUSTEE TO ANY OBLIGATION IN ADDITION TO THOSE
UNDERTAKEN IN THE BASIC DOCUMENTS; PROVIDED, HOWEVER, THAT THE INDENTURE
TRUSTEE, THE MASTER SERVICER, THE DEPOSITOR AND THE ISSUER WILL NOT REQUIRE
SUCH CERTIFICATE OR OPINION IN THE EVENT THAT THE MASTER SERVICER, THE
DEPOSITOR, THE ISSUER AND THE INDENTURE TRUSTEE HAVE OBTAINED FROM COUNSEL
SATISFACTORY TO THE INDENTURE TRUSTEE AND THE MASTER SERVICER, AN OPINION OF
COUNSEL TO THE EFFECT THAT AS A RESULT OF A CHANGE OF LAW OR OTHERWISE, THE
PURCHASE AND HOLDING OF A NOTE BY A PLAN OR A PERSON THAT IS PURCHASING OR
HOLDING SUCH A NOTE WITH THE ASSETS OF A PLAN WILL NOT CONSTITUTE OR RESULT IN
A NONEXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE
(WHICH OPINION OF COUNSEL MAY BE AT THE REQUEST AND EXPENSE OF THE MASTER
SERVICER, THE DEPOSITOR OR THE ISSUER). ANY ATTEMPTED OR PURPORTED TRANSFER OF
A NOTE WITH RESPECT TO WHICH AT LEAST ONE OF THE FOREGOING REPRESENTATIONS IS
NOT TRUE, OR FOR WHICH ANY REQUIRED OPINION SHALL NOT HAVE BEEN OBTAINED SHALL
BE VOID AB INITIO.

     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.

                                     C-2
<PAGE>

REGISTERED $_____________1

No. R-________

                     REGIONS AUTO RECEIVABLES TRUST 2003-2

                       3.87% ASSET BACKED NOTE, CLASS C

     WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, ACTING NOT IN ITS
INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE OF REGIONS AUTO RECEIVABLES
TRUST 2003-2, 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 $16,000,000 by (ii) the aggregate amount, if any, payable from the
Principal Distribution Account in respect of principal on the Class C Notes
pursuant to Section 3.01 of the Indenture dated as of November 7, 2003 (the
"Indenture"), between the Issuer and The Bank of New York, a New York banking
corporation, 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 September 15, 2010 (the "Class C Final Scheduled
Payment Date") and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. Payments of principal of the Class C Notes shall be
subordinated to 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 to the extent set forth in 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
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.

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

                                     C-3
<PAGE>

     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.

     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.

                                     C-4
<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:

                                        WACHOVIA BANK OF DELAWARE, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Owner Trustee
                                        of REGIONS AUTO RECEIVABLES TRUST
                                        2003-2

                                        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:                                   THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

                                        By:
                                           -----------------------------------
                                           Authorized Signatory

                                     C-5
<PAGE>

                            REVERSE OF CLASS C NOTE

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 3.87% Asset Backed Notes, Class C (herein called the "Class
C 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 C 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, the Class B Notes and the Class C Notes (collectively, the "Notes")
are and will be secured by the collateral pledged as security therefor as
provided in the Indenture. The Class C Notes are subordinated in right of
payment to the Class A Notes and the Class B Notes as and to the extent
provided in the Indenture.

     Principal of the Class C 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 January 15, 2004.

     As described above, the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the Class C 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 at least 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 C Notes shall be made pro rata to the Class C 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 or
in the case of a Registered Holder holding of record in excess of $10,000,000
aggregate principal amount of any Class of Notes, by wire transfer in
immediately available funds to an account designated by such Registered
Holder. 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

                                     C-6
<PAGE>

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 C Rate to the extent lawful.

     As provided in Section 10.01 of the Indenture, the Class A Notes, the
Class B Notes and the Class C 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 10% 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
Depositor, the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer, including the
Depositor or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Seller, the Master Servicer, the Depositor, 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
Depositor, 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

                                     C-7
<PAGE>

the Depositor, or join in any institution against the Issuer or the Depositor
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.

     Each Person that acquires a Note shall be required to (i) represent that
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) deliver an Opinion of Counsel satisfactory to the Indenture Trustee and
the Master Servicer and delivered to the Master Servicer, the Depositor, the
Issuer and the Indenture Trustee (which Opinion of Counsel will not be at the
expense of the Master Servicer, the Depositor, the Issuer or the Indenture
Trustee) to the effect that the purchase and holding of such Note will not
constitute or result in a nonexempt prohibited transaction under ERISA or
Section 4975 of the Code and will not subject the Master Servicer, the
Depositor, the Owner Trustee or the Indenture Trustee to any obligation in
addition to those undertaken in the Basic Documents; provided, however, that
the Indenture Trustee, the Master Servicer, the Depositor and the Issuer will
not require such certificate or opinion in the event that the Master Servicer,
the Depositor, the Issuer and the Indenture Trustee have obtained from counsel
satisfactory to the Indenture Trustee and

                                     C-8
<PAGE>

the Master Servicer, an Opinion of Counsel to the effect that as a result of a
change of law or otherwise, the purchase and holding of a Note by a Plan or a
Person that is purchasing or holding such a Note with the assets of a Plan
will not constitute or result in a nonexempt prohibited transaction under
ERISA or Section 4975 of the Code (which Opinion of Counsel may be at the
request and expense of the Master Servicer, the Depositor or the Issuer). Any
attempted or purported transfer of a Note with respect to which at least one
of the foregoing representations is not true, or for which any required
opinion shall not have been obtained shall be void ab initio.

     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.

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Wachovia Bank of Delaware, National
Association in its individual capacity, The Bank of New York in its individual
capacity, any owner of a beneficial interest in the Issuer, the Seller, the
Master Servicer, the Depositor, 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 or in this Note. 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.

                                     C-9
<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.

                                     C-10
<PAGE>

                                                                     EXHIBIT D

                           FORM OF INVESTMENT LETTER

[The Bank of New York
101 Barclay Street - 8 West
New York, New York 10286
Attention:  Asset Backed Securities Unit

Regions Bank
417 20th Street North
Birmingham, Alabama

Regions Acceptance LLC
417 20th Street North
Birmingham, Alabama

Regions Auto Receivables Trust 2003-2
c/o Wachovia Bank of Delaware, National Association
One Rodney Square
920 King Street,
Wilmington, Delaware 19801, Attention: Corporate Trust Administration]

Ladies and Gentlemen:

     In connection with our proposed purchase of $[ ] aggregate principal
amount of the 3.87% Class C, Asset Backed Notes (the "Class C Notes") of
Regions Auto Receivables Trust 2003-2 (the "Issuer"), we confirm that:

          1.   We understand that the Class C Notes have not been registered
     under the Securities Act of 1933, as amended (the "1933 Act") and may not
     be sold except as permitted in the following sentence. We understand and
     agree, on our own behalf and on behalf of any accounts for which we are
     acting as hereinafter stated, (x) that such Class C Notes are being
     offered only in a transaction not involving any public offering within
     the meaning of the 1933 Act and (y) that such Class C Notes may be
     resold, pledged or transferred only (i) pursuant to an effective
     registration statement under the Securities Act, (ii) to an "accredited
     investor" as defined in Rule 501(a)(1),(2),(3) or (7) (an "Accredited
     Investor") under the 1933 Act acting for its own account (and not for the
     account of others) or as a fiduciary or agent for others (which others
     also are Accredited Investors unless the holder is a bank acting in its
     fiduciary capacity) that executes a certificate substantially in the form
     hereof, (iii) so long as such Class C Note is eligible for resale
     pursuant to Rule 144A under the 1933 Act ("Rule 144A"), to a person whom
     we reasonably believe after due inquiry is a "qualified institutional
     buyer" as defined in Rule 144A, acting for its own account (and not for
     the account of others) or as a fiduciary or agent for others (which
     others also are "qualified institutional buyers") to whom notice is given
     that the resale, pledge or transfer is being made in reliance on Rule
     144A or (iv)

                                     D-1
<PAGE>

     in a sale, pledge or other transfer made in a transaction otherwise
     exempt from the registration requirements of the 1933 Act. In each case
     the Indenture Trustee shall require that both the prospective transferor
     and the prospective transferee certify to the Master Servicer, the
     Depositor, the Issuer and the Indenture Trustee in writing the facts
     surrounding such transfer, which certification shall be in the form of
     Exhibit E to the Indenture. Except in the case of a transfer described in
     clauses (i) or (iii) above, the Indenture Trustee and the Master Servicer
     shall require that a written opinion of counsel (which will not be at the
     expense of the Master Servicer, any Affiliate of the Master Servicer, the
     Depositor, the Issuer or the Indenture Trustee) satisfactory to the
     Master Servicer and the Indenture Trustee and delivered to the Master
     Servicer, the Depositor, the Issuer and the Indenture Trustee to the
     effect that such transfer will not violate the 1933 Act, in each case in
     accordance with any applicable securities laws of any state of the United
     States. We will notify any purchaser of the Class C Notes from us of the
     above resale restrictions, if then applicable. We further understand that
     in connection with any transfer of the Class C Notes by us that the
     Master Servicer, the Depositor, the Issuer and the Indenture Trustee may
     request, and if so requested we will furnish such certificates and other
     information as they may reasonably require to confirm that any such
     transfer complies with the foregoing restrictions.

          2.   [CHECK ONE]

/_/  (a) We are an "accredited investor" (as defined in Rule 501(a)(1),(2),(3)
     or (7) of Regulation D under the 1933 Act) acting for our own account
     (and not for the account of others) or as a fiduciary or agent for others
     (which others also are Accredited Investors unless we are a bank acting
     in its fiduciary capacity). We have such knowledge and experience in
     financial and business matters as to be capable of evaluating the merits
     and risks of our investment in the Class C Notes, and we and any accounts
     for which we are acting are each able to bear the economic risk of our or
     their investment for an indefinite period of time. We are acquiring the
     Class C Notes for investment and not with a view to, or for offer and
     sale in connection with, a public distribution.

/_/  (b) We are a "qualified institutional buyer" as defined under Rule 144A
     under the 1933 Act and are acquiring the Class C Notes for our own
     account (and not for the account of others) or as a fiduciary or agent
     for others (which others also are "qualified institutional buyers"). We
     are familiar with Rule 144A under the 1933 Act and are aware that the
     seller of the Class C Notes and other parties intend to rely on the
     statements made herein and the exemption from the registration
     requirements of the 1933 Act provided by Rule 144A.

          3.   We (a) are not (i) an "employee benefit plan" (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA")) that is subject to the provisions of Title I of ERISA or
(ii) a "plan" (as defined in Section 4975(e)(1) of the Internal Revenue Code
of 1986, as amended (the "Code")) that is subject to Section 4975 of the Code
(each a "Plan") and (b) are not investing on behalf of, or with plan assets
of, a Plan. We hereby acknowledge that no transfer of any Class C Notes shall
be permitted to be made to any person unless the Master Servicer, the
Depositor, the Indenture Trustee and the Issuer have received (i) a
certificate from such transferee to the effect of the preceding sentence, or
(ii) an

                                     D-2
<PAGE>

Opinion of Counsel satisfactory to the Indenture Trustee and the Master
Servicer (which Opinion of Counsel will not be at the expense of the Master
Servicer, the Depositor, the Issuer or the Indenture Trustee) to the effect
that the purchase and holding of such Class C Note will not constitute or
result in a nonexempt prohibited transaction under ERISA or Section 4975 of
the Code and will not subject the Master Servicer, the Depositor, the Owner
Trustee or the Indenture Trustee to any obligation in addition to those
undertaken in the Basic Documents; provided, however, that the Indenture
Trustee, the Master Servicer, the Depositor and the Issuer will not require
such certificate or opinion in the event that the Master Servicer, the
Depositor, the Issuer and the Indenture Trustee have obtained from counsel
satisfactory to the Indenture Trustee and the Master Servicer, an Opinion of
Counsel to the effect that as a result of a change of law or otherwise, the
purchase and holding of a Class C Note by a Plan or a Person that is
purchasing or holding such a Class C Note with the assets of a Plan will not
constitute or result in a nonexempt prohibited transaction under ERISA or
Section 4975 of the Code (which Opinion of Counsel may be at the request and
expense of the Master Servicer, the Depositor or the Issuer).

          4.   We understand that the Issuer, the Master Servicer, the
Depositor, the Issuer, the Indenture Trustee and others will rely upon the
truth and accuracy of the foregoing acknowledgments, representations and
agreements, and we agree that if any of the acknowledgments, representations
and warranties deemed to have been made by us by our purchase of the Class C
Notes, for our own account or for one or more accounts as to each of which we
exercise sole investment discretion, are no longer accurate, we shall promptly
notify the Master Servicer and the Indenture Trustee.

          5.   You are entitled to rely upon this letter and you are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby.

          Capitalized terms used but not defined herein are defined in the
Indenture, dated as of November 7, 2003 between Wachovia Bank of Delaware,
National Association, acting not in its individual capacity but solely as
Owner Trustee of Regions Auto Receivables Trust 2003-2 and The Bank of New
York, as Indenture Trustee.

                                        Very truly yours,

                                        [NAME OF PURCHASER]

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

                                        Date:

                                     D-3
<PAGE>

                                                                     EXHIBIT E

                        FORM OF TRANSFEROR CERTIFICATE

                                    [DATE]

[The Bank of New York
101 Barclay Street - 8 West
New York, New York 10286
Attention:  Asset Backed Securities Unit

Regions Bank
417 20th Street North
Birmingham, Alabama 35203

Regions Acceptance LLC
417 20th Street North
Birmingham, Alabama

Regions Auto Receivables Trust 2003-2
c/o Wachovia Bank of Delaware, National Association
One Rodney Square
920 King Street,
Wilmington, Delaware 19801, Attention: Corporate Trust Administration]

     Re:  Regions Auto Receivables Trust 2003-2
          -------------------------------------

Ladies and Gentlemen:

     In connection with our disposition of the 3.87% Asset Backed Notes, Class
C (the "Class C Notes") issued by the referenced trust (the "Trust") we
certify that (a) we understand that the Class C Notes have not been registered
under the Securities Act of 1933, as amended (the "Act"), and are being
transferred by us in a transaction that is exempt from the registration
requirements of the Act and (b) we have not offered or sold any Class C Notes
to, or solicited offers to buy any Class C Notes from, any person, or
otherwise approached or negotiated with any person with respect thereto, in a
manner that would be deemed, or taken any other action which would result in,
a violation of Section 5 of the Act.

                                        Very truly yours,

                                        [NAME OF TRANSFEROR]

                                        By:
                                           ------------------------------------
                                                Authorized Officer

                                      E-1Exhibit 4.2

                                                                EXECUTION COPY
==============================================================================

                     AMENDED AND RESTATED TRUST AGREEMENT

                                    between

                            REGIONS ACCEPTANCE LLC,
                                 as Depositor

                                      and

               WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION,
                               as Owner Trustee

                         Dated as of November 7, 2003

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

<PAGE>

<TABLE>
<CAPTION>

                                                 TABLE OF CONTENTS

                                                     ARTICLE I
                                                    DEFINITIONS

<S>            <C>                                                                                             <C>
Section 1.01.  Capitalized Terms.................................................................................1
Section 1.02.  Other Definitional Provisions.....................................................................3

                                                    ARTICLE II
                                                   ORGANIZATION

Section 2.01.  Name..............................................................................................4
Section 2.02.  Office............................................................................................4
Section 2.03.  Purposes and Powers...............................................................................4
Section 2.04.  Appointment of Owner Trustee......................................................................5
Section 2.05.  Initial Capital Contribution of Trust Estate......................................................5
Section 2.06.  Declaration of Trust..............................................................................5
Section 2.07.  [Reserved]........................................................................................6
Section 2.08.  Title to Trust Property...........................................................................6
Section 2.09.  Situs of Trust....................................................................................6
Section 2.10.  Representations, Warranties and Covenants of the Depositor........................................6
Section 2.11.  Federal Income Tax Allocations....................................................................7

                                                    ARTICLE III
                                   TRUST CERTIFICATES AND TRANSFER OF INTERESTS

Section 3.01.  Initial Ownership.................................................................................8
Section 3.02.  The Trust Certificates............................................................................8
Section 3.03.  Execution, Authentication and Delivery of Trust Certificates......................................8
Section 3.04.  Registration of Transfer and Exchange of Trust Certificates.......................................8
Section 3.05.  Mutilated, Destroyed, Lost or Stolen Trust Certificates..........................................10
Section 3.06.  Persons Deemed Owners............................................................................11
Section 3.07.  Access to List of Certificateholders' Names and Addresses........................................11
Section 3.08.  Maintenance of Office or Agency..................................................................11
Section 3.09.  Appointment of Paying Agent......................................................................12
Section 3.10.  Definitive Trust Certificates....................................................................12

                                                    ARTICLE IV
                                             ACTIONS BY OWNER TRUSTEE

Section 4.01.  Prior Notice with Respect to Certain Matters.....................................................12
Section 4.02.  Action by Certificateholders with Respect to Certain Matters.....................................14
Section 4.03.  Restrictions on Certificateholders' Power........................................................15
Section 4.04.  Majority Control.................................................................................15

                                                     ARTICLE V
                                    APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 5.01.  Establishment of Trust Account...................................................................15
Section 5.02.  Application of Trust Funds.......................................................................16
Section 5.03.  Method of Payment................................................................................16
Section 5.04.  [Reserved].......................................................................................16

                                                        i
<PAGE>

Section 5.05.  Accounting and Reports to Certificateholders, the Internal Revenue Service and Others............16
Section 5.06.  Signature on Returns; Tax Matters Partner........................................................17

                                                    ARTICLE VI
                                       AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01.  General Authority................................................................................17
Section 6.02.  General Duties...................................................................................17
Section 6.03.  Action upon Instruction..........................................................................18
Section 6.04.  No Duties Except as Specified in this Agreement or in Instructions...............................19
Section 6.05.  No Action Except Under Specified Documents or Instructions.......................................19
Section 6.06.  Restrictions.....................................................................................19

                                                    ARTICLE VII
                                           CONCERNING THE OWNER TRUSTEE

Section 7.01.  Acceptance of Trusts and Duties..................................................................19
Section 7.02.  Furnishing of Documents..........................................................................21
Section 7.03.  Representations and Warranties...................................................................21
Section 7.04.  Reliance; Advice of Counsel......................................................................21
Section 7.05.  Not Acting in Individual Capacity................................................................22
Section 7.06.  Owner Trustee Not Liable for Trust Certificates or for Receivables...............................22
Section 7.07.  Owner Trustee May Own Trust Certificates and Notes...............................................22
Section 7.08.  Doing Business in Other Jurisdictions............................................................23
Section 7.09.  Paying Agent; Authenticating Agent...............................................................23

                                                   ARTICLE VIII
                                           COMPENSATION OF OWNER TRUSTEE

Section 8.01.  Owner Trustee's Fees and Expenses................................................................23
Section 8.02.  Indemnification..................................................................................23
Section 8.03.  Payments to the Owner Trustee....................................................................24

                                                    ARTICLE IX
                                          TERMINATION OF TRUST AGREEMENT

Section 9.01.  Termination of Trust Agreement...................................................................24

                                                     ARTICLE X
                              SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 10.01.  Eligibility Requirements for Owner Trustee......................................................25
Section 10.02.  Resignation or Removal of Owner Trustee.........................................................26
Section 10.03.  Successor Owner Trustee.........................................................................26
Section 10.04.  Merger or Consolidation of Owner Trustee........................................................27
Section 10.05.  Appointment of Co-Trustee or Separate Trustee...................................................27

                                                    ARTICLE XI
                                                   MISCELLANEOUS

Section 11.01.  Supplements and Amendments......................................................................28
Section 11.02.  No Legal Title to Trust Estate in Certificateholders............................................29

                                                        ii
<PAGE>

Section 11.03.  Limitations on Rights of Others.................................................................29
Section 11.04.  Notices.........................................................................................30
Section 11.05.  Severability....................................................................................30
Section 11.06.  Separate Counterparts...........................................................................30
Section 11.07.  Successors and Assigns..........................................................................30
Section 11.08.  Covenants of the Depositor......................................................................30
Section 11.09.  No Petition.....................................................................................30
Section 11.10.  No Recourse.....................................................................................31
Section 11.11.  Headings........................................................................................31
Section 11.12.  GOVERNING LAW...................................................................................31
Section 11.13.  Trust Certificate Transfer Restrictions.........................................................31
Section 11.14.  Acceptance of Terms of Agreement................................................................32

Exhibit A  Form of Trust Certificate...........................................................................A-1
Exhibit B  Form of Transfer Certificate........................................................................B-1
Exhibit C  Form of Investment Letter...........................................................................C-1

</TABLE>

                                                       iii
<PAGE>

      This AMENDED AND RESTATED TRUST AGREEMENT, dated as of November 7, 2003,
is between REGIONS ACCEPTANCE LLC, a Delaware limited liability company, as
depositor (the "Depositor"), and WACHOVIA BANK OF DELAWARE, NATIONAL
ASSOCIATION, a national banking association, as owner trustee (the "Owner
Trustee").

      WHEREAS, the Owner Trustee and the Depositor entered into a Trust
Agreement dated as of October 28, 2003 (the "Original Trust Agreement"); and

      WHEREAS, the Original Trust Agreement is being amended and restated as
of November 7, 2003;

      NOW, THEREFORE, the Depositor and the Owner Trustee hereby agree that
the Original Trust Agreement shall be amended and restated as follows:

                                   ARTICLE I

                                  DEFINITIONS

      Section 1.01. Capitalized Terms. For all purposes of this Agreement, the
following terms shall have the meanings set forth below:

      "Administration Agreement" shall mean the Owner Trust Administration
Agreement dated as of November 7, 2003, among Wachovia Bank of Delaware,
National Association, as Owner Trustee of the Trust, Regions Bank, as Owner
Trust Administrator, and The Bank of New York, as Indenture Trustee, as the
same may be amended, supplemented or otherwise modified from time to time.

      "Agreement" shall mean this Amended and Restated Trust Agreement, as the
same may be amended, supplemented or otherwise modified from time to time.

      "Bankruptcy Action" shall have the meaning assigned to such term in
Section 4.01.

      "Benefit Plan" shall have the meaning assigned to such term in Section
11.13.

      "Certificate Distribution Account" shall have the meaning assigned to
such term in Section 5.01.

      "Certificate Register" and "Certificate Registrar" shall mean the
register mentioned in and the registrar appointed pursuant to Section 3.04.

      "Class A-1 Notes" shall mean the 1.1643% Asset Backed Notes, Class A-1,
issued pursuant to the Indenture.

      "Class A-2 Notes" shall mean the 1.63% Asset Backed Notes, Class A-2,
issued pursuant to the Indenture.

      "Class A-3 Notes" shall mean the 2.31% Asset Backed Notes, Class A-3,
issued pursuant to the Indenture.

                                      1
<PAGE>

      "Class A-4 Notes" shall mean the 3.07% Asset Backed Notes, Class A-4,
issued pursuant to the Indenture.

      "Class B Notes" shall mean the 2.86% Asset Backed Notes, Class B, issued
pursuant to the Indenture.

      "Class C Notes" shall mean the 3.87% Asset Backed Notes, Class C, issued
pursuant to the Indenture.

      "Code" shall mean the Internal Revenue Code of 1986, as amended, and the
Treasury Regulations promulgated thereunder.

      "Corporate Trust Office" shall mean, with respect to the Owner Trustee,
the principal corporate trust office of the Owner Trustee located at One
Rodney Square, 920 King Street, Wilmington, Delaware 19801, Attention:
Corporate Trust Administration, or at such other address in the State of
Delaware as the Owner Trustee may designate by notice to the
Certificateholders and the Depositor, or the principal corporate trust office
of any successor Owner Trustee at the address (which shall be in the State of
Delaware) designated by such successor Owner Trustee by notice to the
Certificateholders and the Depositor.

      "Depositor" shall mean Regions Acceptance LLC, and its successors, in
its capacity as depositor hereunder.

      "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
as amended.

      "Expenses" shall have the meaning assigned to such term in Section 8.02.

      "Indemnified Parties" shall have the meaning assigned to such term in
Section 8.02.

      "Indenture" shall mean the Indenture, dated as of November 7, 2003
between Wachovia Bank of Delaware, National Association, as Owner Trustee of
the Trust and The Bank of New York, as Indenture Trustee, as amended,
supplemented or otherwise modified from time to time.

      "Investment Letter" shall have the meaning assigned to such term in
Section 3.04.

      "Notes" shall mean 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 Class C Notes.

      "Original Trust Agreement" has the meaning set forth in the recitals.

      "Owner Trustee" shall mean Wachovia Bank of Delaware, National
Association, a national banking association, not in its individual capacity
but solely as owner trustee under this Agreement, and any successor Owner
Trustee hereunder.

      "Paying Agent" shall mean any paying agent or co-paying agent appointed
pursuant to Section 3.09 and shall initially be The Bank of New York.

                                      2
<PAGE>

      "Percentage Interest" means, as to any Certificate, the percentage
interest, specified on the face thereof, in the distributions on the
Certificates pursuant to this Agreement.

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

      "Record Date" shall mean, with respect to any Payment Date, the last day
of the month preceding such Payment Date.

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

      "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement dated as of November 7, 2003, among Wachovia Bank of Delaware,
National Association, as Owner Trustee of the Trust, as issuer, the Depositor,
Regions Bank, as seller, master servicer, custodian and administrator, and The
Bank of New York, as indenture trustee, as the same may be amended,
supplemented or otherwise modified from time to time.

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

      "Treasury Regulations" shall mean regulations, including proposed or
temporary Regulations, promulgated under the Code. References herein to
specific provisions of proposed or temporary regulations shall include
analogous provisions of final Treasury Regulations or other successor Treasury
Regulations.

      "Trust" shall mean Regions Auto Receivables Trust 2003-2 formed by the
Original Trust Agreement.

      "Trust Certificate" shall mean a certificate evidencing the beneficial
interest of a Certificateholder in the Trust, substantially in the form
attached hereto as Exhibit A.

      "Trust Estate" shall mean all right, title and interest of the Trust in
and to the property and rights assigned to the Trust pursuant to Article II of
the Sale and Servicing Agreement, all funds on deposit from time to time in
the Trust Accounts and the Certificate Distribution Account, and all other
property of the Trust from time to time, including any rights of the Owner
Trustee and the Trust pursuant to the Sale and Servicing Agreement and the
Administration Agreement.

      Section 1.02.  Other Definitional Provisions.

           (a) Capitalized terms used and not otherwise defined herein have
the meanings assigned to them in the Sale and Servicing Agreement or, if not
defined therein, in the Indenture.

                                      3
<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; Section and Exhibit
references contained in this Agreement are references to Sections and Exhibits
in or to this Agreement unless otherwise specified; "or" includes "and/or";
and the term "including" shall mean "including without limitation".

           (e) The definitions contained in this Agreement are applicable to
the singular and plural forms of such terms and to the masculine, 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

                                 ORGANIZATION

      Section 2.01. Name. The Trust heretofore created and continued hereby is
known as "Regions Auto Receivables Trust 2003-2," in which name the Owner
Trustee may conduct the business of the Trust, make and execute contracts and
other instruments on behalf of the Trust and sue and be sued.

      Section 2.02. Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in
Delaware as the Owner Trustee may designate by written notice to the
Certificateholders and the Depositor.

      Section 2.03. Purposes and Powers. The purpose of the Trust is to engage
in the following activities and the Owner Trustee acting on behalf of the
Trust shall have the power and authority:

                                      4
<PAGE>

                  (a) to issue the Notes pursuant to the Indenture and the
      Trust Certificates pursuant to this Agreement and to sell the Notes and
      the Trust Certificates, in each case in accordance with the Basic
      Documents;

                  (b) with the proceeds of the sale of the Notes and the Trust
      Certificates, to purchase the Receivables, to fund the Reserve Account,
      to pay the organizational, start-up and transactional expenses of the
      Trust and to pay the balance of such proceeds to the Depositor pursuant
      to the Sale and Servicing Agreement;

                  (c) to assign, grant, transfer, pledge, mortgage and convey
      the Trust Estate pursuant to the Indenture and to hold, manage and
      distribute to the Certificateholders pursuant to the terms of the Sale
      and Servicing Agreement any portion of the Trust Estate released from
      the Lien of, and remitted to the Trust pursuant to, the Indenture;

                  (d) to enter into and perform its obligations under the
      Basic Documents to which it is to be a party (including, but not limited
      to, the Administration Agreement and the power of attorney contemplated
      thereby);

                  (e) to engage in those activities, including entering into
      agreements, that are necessary, suitable or convenient to accomplish the
      foregoing or are incidental thereto or connected therewith; and

                  (f) subject to compliance with the Basic Documents, to
      engage in such other activities as may be required in connection with
      conservation of the Trust Estate and the making of distributions to the
      Certificateholders and the Noteholders.

      The Owner Trustee acting on behalf of the Trust is hereby authorized to
engage in the foregoing activities. The Owner Trustee shall not engage in any
activity other than in connection with the foregoing or other than as required
or authorized by the terms of this Agreement or the Basic Documents.

      Section 2.04. Appointment of Owner Trustee. The Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein.

      Section 2.05. Initial Capital Contribution of Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, as of the date hereof, the sum of $1. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of
the foregoing contribution, which shall constitute the initial Trust Estate
and shall be deposited in the Certificate Distribution Account. The Depositor
shall pay organizational expenses of the Trust as they may arise or shall,
upon the request of the Owner Trustee, promptly reimburse the Owner Trustee
for any such expenses paid by the Owner Trustee. No certificateholder shall
have any personal liability for any liability or obligation of the Trust or
the Owner Trustee.

      Section 2.06. Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Trust Estate in trust upon and subject to the conditions
set forth herein for the use and benefit

                                      5
<PAGE>

of the Certificateholders, subject to the obligations of the Trust under the
Basic Documents. It is the intention of the parties hereto that the Trust
constitute a common law trust under the law of the State of Delaware and that
this Agreement constitute the governing instrument of such trust. It is the
intention of the parties hereto that, solely for income and franchise tax
purposes, until the Trust Certificates are held by a Person other than the
Depositor, the Trust shall be disregarded as an entity separate from the
Depositor and the Notes will be characterized as debt. At such time that the
Trust Certificates are held by more than one Person, it is the intention of
the parties hereto that, solely for income and franchise tax purposes, the
Trust shall be treated as a partnership, with the assets of the partnership
being the Receivables and other assets held by the Trust, the partners of the
partnership being the Certificateholders, and the Notes being debt of the
partnership. The Depositor and the Certificateholders by acceptance of a Trust
Certificate agree to such treatment and agree to take no action inconsistent
with such treatment. The parties agree that, unless otherwise required by
appropriate tax authorities, the Trust will not file or cause to be filed
annual or other returns, reports and other forms consistent with the
characterization of the Trust as an entity separate from its owner unless and
until the Trust Certificates are held by more than one Person.

      Section 2.07.  [Reserved].

      Section 2.08. Title to Trust Property. Legal title to all the Trust
Estate shall be vested at all times in the Owner Trustee on behalf of the
Trust (subject to the Lien created by the Indenture).

      Section 2.09. Situs of Trust. The Trust will be located in the State of
Delaware and administered in the State of Delaware or the State of Alabama.
All bank accounts maintained by the Owner Trustee on behalf of the Trust shall
be located in the State of Delaware or the State of New York. The Trust shall
not have any employees; provided, however, that nothing herein shall restrict
or prohibit the Owner Trustee from having employees within or without the
State of Delaware. Payments will be received by the Trust only in Delaware or
New York, and payments will be made by the Trust only from Delaware or New
York. The only office of the Trust will be at the Corporate Trust Office in
the State of Delaware.

      Section 2.10. Representations, Warranties and Covenants of the
Depositor. The Depositor hereby represents and warrants to the Owner Trustee
that:

                  (a) 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 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) 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 in which the
      ownership or lease of its property or the conduct of its business shall
      require such qualifications.

                  (c) The Depositor has the power and authority to execute and
      deliver this Agreement and to carry out its terms; the Depositor has
      full power and authority to

                                      6
<PAGE>

      sell and assign the property to be sold and assigned to and deposited
      with the Trust and the Depositor has duly authorized such sale and
      assignment and deposit to the Trust by all necessary limited liability
      company action; and the execution, delivery and performance of this
      Agreement have been duly authorized by the Depositor by all necessary
      limited liability company action.

                  (d) The Depositor has duly executed and delivered this
      Agreement, and this Agreement constitutes a legal, valid and binding
      obligation of the Depositor, enforceable against the Depositor, in
      accordance with its terms.

                  (e) The consummation of the transactions contemplated by
      this Agreement and the fulfillment of the terms hereof do 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) a default under,
      the limited liability company agreement or certificate of formation of
      the Depositor, or any indenture, agreement or other instrument to which
      the Depositor is a party or by which it is bound; nor result in the
      creation or imposition of any Lien upon any of its properties pursuant
      to the terms of any such indenture, agreement or other instrument (other
      than pursuant to the Basic Documents); nor violate any law or, to the
      best of the Depositor's knowledge, any order, rule or regulation
      applicable to the Depositor of any court or of any federal or state
      regulatory body, administrative agency or other governmental
      instrumentality having jurisdiction over the Depositor or its
      properties.

                  (f) There are no proceedings or investigations pending or
      threatened before any court, regulatory body, administrative agency or
      other governmental instrumentality having jurisdiction over the
      Depositor or its properties (i) asserting the invalidity of this
      Agreement, (ii) seeking to prevent the consummation of any of the
      transactions contemplated by this Agreement or (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.

                  (g) The representations and warranties of the Depositor in
      Section 3.02 of the Sale and Servicing Agreement are true and correct.

      Section 2.11. Federal Income Tax Allocations. If there is more than one
beneficial owner of the Trust Certificates, net income of the Trust for any
month as determined for federal income tax purposes (and each item of income,
gain, loss and deduction entering into the computation thereof) shall be
allocated among the Certificateholders as of the first day following the
Record Date, in proportion to their percentage ownership interest of Trust
Certificates on the Record Date.

      If there is more than one beneficial owner of the Trust Certificates,
net losses of the Trust, if any, for any month as determined for federal
income tax purposes (and each item of income, gain, loss and deduction
entering into the computation thereof) shall be allocated among the
Certificateholders as of the first day following the Record Date, in
proportion to their percentage ownership interest of Trust Certificates on the
Record Date. If there is more than one beneficial owner of the Trust
Certificates, the Trust is authorized to modify the allocations in

                                      7
<PAGE>

this paragraph if necessary or appropriate, in its sole discretion, for the
allocations to fairly reflect the economic income, gain or loss to the
Certificateholders, or as otherwise required by the Code.

                                  ARTICLE III

                 TRUST CERTIFICATES AND TRANSFER OF INTERESTS

      Section 3.01. Initial Ownership. Upon the formation of the Trust by the
execution of the Original Trust Agreement and until the issuance of the Trust
Certificates, the Depositor shall be the sole beneficial owner of the Trust.

      Section 3.02. The Trust Certificates. The Trust Certificates shall be
issued in minimum denominations of a one percent (1%) Percentage Interest in
the Trust. The Trust Certificates shall be executed by manual or facsimile
signature of an authorized officer of the Owner Trustee. Trust Certificates
bearing the manual or facsimile signatures of individuals who were, at the
time when such signatures shall have been affixed, authorized to sign on
behalf of the Owner Trustee, shall be validly issued and entitled to the
benefit of this Agreement and shall be valid and binding obligations of the
Owner Trustee, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such
Trust Certificates or did not hold such offices at the date of authentication
and delivery of such Trust Certificates.

      A transferee of a Trust Certificate, if any, shall become a
Certificateholder, shall become bound by this Agreement and shall be entitled
to the rights and subject to the obligations of a Certificateholder hereunder
upon such transferee's acceptance of a Trust Certificate duly registered in
such transferee's name pursuant to Section 3.04.

      Section 3.03. Execution, Authentication and Delivery of Trust
Certificates. On the Closing Date, the Owner Trustee shall cause the Trust
Certificates in an aggregate Percentage Interest equal to 100% to be executed
and authenticated by the Owner Trustee and delivered to or upon the written
order of the Depositor, without further action by the Depositor, in authorized
denominations. No Trust Certificate shall entitle its Holder to any benefit
under this Agreement or be valid for any purpose unless there shall appear on
such Trust Certificate a certificate of authentication substantially in the
form set forth in Exhibit A, executed by the Owner Trustee or The Bank of New
York, as the Owner Trustee's authenticating agent, by manual signature; such
authentication shall constitute conclusive evidence that such Trust
Certificate shall have been duly authenticated and delivered hereunder. All
Trust Certificates shall be dated the date of their authentication.

      When a Trust Certificate is duly executed and issued by the Owner
Trustee and duly authenticated in accordance with this Agreement, the Trust
Certificate will be fully paid, validly issued, nonassessable and entitled to
the benefits of this Agreement.

      Section 3.04. Registration of Transfer and Exchange of Trust
Certificates. The Certificate Registrar shall keep or cause to be kept, at the
office or agency maintained pursuant to Section 3.08, a Certificate Register
in which, subject to such reasonable regulations as it may

                                      8
<PAGE>

prescribe, the Owner Trustee shall provide for the registration of Trust
Certificates and of transfers and exchanges of Trust Certificates as herein
provided. The Owner Trustee hereby appoints The Bank of New York to act as
Certificate Registrar, and The Bank of New York hereby accepts such
appointment.

      The Trust Certificates have not been and will not be registered under
the Securities Act and will not be listed on any exchange. No transfer of a
Trust Certificate shall be made unless such transfer is made pursuant to an
effective registration statement under the Securities Act and any applicable
state securities laws or is exempt from the registration requirements under
said Act and such state securities laws. In the event that a transfer is to be
made in reliance upon an exemption from the Securities Act and state
securities laws, in order to assure compliance with the Securities Act and
such laws, the Holder desiring to effect such transfer and such Holder's
prospective transferee shall each certify to the Owner Trustee or the
Certificate Registrar and the Depositor in writing the facts surrounding the
transfer in substantially the forms set forth in Exhibit B and Exhibit C (the
"Investment Letter"). Except in the case of a transfer as to which the
proposed transferee has provided an Investment Letter with respect to a Rule
144A transaction, there shall also be delivered to the Owner Trustee or the
Certificate Registrar and the Depositor an Opinion of Counsel that such
transfer may be made pursuant to an exemption from the Securities Act and
state securities laws, which Opinion of Counsel shall not be an expense of the
Trust, the Owner Trustee, the Certificate Registrar or the Indenture Trustee
(unless it is the transferee from whom such opinion is to be obtained) or of
the Depositor or the Seller; provided, that such Opinion of Counsel in respect
of the applicable state securities laws may be a memorandum of law rather than
an opinion if such counsel is not licensed in the applicable jurisdiction.
Upon request, the Owner Trustee shall provide to any Holder of a Trust
Certificate and any prospective transferee designated by any such Holder
information regarding the Trust Certificates and the Receivables and such
other information which is in the possession of the Owner Trustee or which can
be obtained by the Owner Trustee without undue burden or expense in order to
satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer
of any such Trust Certificate without registration thereof under the
Securities Act pursuant to the registration exemption provided by Rule 144A.
Each Holder of a Trust Certificate desiring to effect such a transfer shall,
and does hereby agree to, indemnify the Trust, the Owner Trustee, the
Indenture Trustee and the Depositor against any liability that may result if
the transfer is not so exempt or is not made in accordance with federal and
state securities laws.

      No transfer of a Trust Certificate shall be made to any Person unless
the Owner Trustee or the Certificate Registrar and the Depositor have received
(a) a certificate in the form of paragraph three (3) to the Investment Letter
attached hereto as Exhibit C from such Person to the effect that such Person
is not a Benefit Plan, or (b) an Opinion of Counsel satisfactory to the Owner
Trustee and the Depositor (which Opinion of Counsel will not be at the expense
of the Owner Trustee, the Depositor or the Trust) to the effect that the
purchase and holding of such Trust Certificate will not constitute or result
in a nonexempt prohibited transaction under ERISA or Section 4975 of the Code
and will not subject the Owner Trustee, the Indenture Trustee or the Depositor
to any obligation in addition to those undertaken in the Basic Documents;
provided, however, that the Owner Trustee will not require such certificate or
opinion in the event that the Owner Trustee has obtained from counsel
satisfactory to the Owner Trustee, an Opinion of Counsel to the effect that as
a result of a change of law or otherwise, the purchase and holding of a Trust
Certificate by a Benefit Plan or a Person that is purchasing or holding such a
Trust

                                      9
<PAGE>

Certificate with the assets of a Benefit Plan will not constitute or result in
a nonexempt prohibited transaction under ERISA or Section 4975 of the Code
(which Opinion of Counsel may be at the request and expense of the Owner
Trustee, the Trust or the Depositor).

      Upon surrender for registration of transfer of any Trust Certificate at
the office or agency maintained pursuant to Section 3.08, the Owner Trustee
shall execute, authenticate and deliver (or shall cause The Bank of New York
as its authenticating agent to authenticate and deliver), in the name of the
designated transferee or transferees, one or more new Trust Certificates in
authorized denominations of a like aggregate amount dated the date of
authentication by the Owner Trustee or any authenticating agent. At the option
of a Certificateholder, Trust Certificates may be exchanged for other Trust
Certificates of authorized denominations of a like aggregate amount upon
surrender of the Trust Certificates to be exchanged at the office or agency
maintained pursuant to Section 3.08.

      Every Trust Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer
in form satisfactory to the Owner Trustee and the Certificate Registrar duly
executed by the related Certificateholder or such Certificateholder's attorney
duly authorized in writing. Each Trust Certificate surrendered for
registration of transfer or exchange shall be cancelled and subsequently
disposed of by the Owner Trustee in accordance with its customary practice.

      No service charge shall be made for any registration of transfer or
exchange of Trust Certificates, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any transfer or
exchange of Trust Certificates.

      The preceding provisions of this Section notwithstanding, the Owner
Trustee shall not make, and the Certificate Registrar shall not register
transfers or exchanges of, Trust Certificates for a period of 15 days
preceding the due date for any payment with respect to the Trust Certificates.

      Notwithstanding anything contained herein to the contrary, the Owner
Trustee shall not be responsible for ascertaining whether any transfer
complies with the registration provisions or exemptions from the Securities
Act, the Securities Act of 1934, as amended, applicable state securities law
or the Investment Company Act of 1940, as amended; provided, however, that if
a certificate or opinion is specifically required to be delivered to the Owner
Trustee by a purchaser or transferee of a Trust Certificate, the Owner Trustee
shall be under a duty to examine the same to determine whether it conforms to
the requirements of this Trust Agreement and shall promptly notify the party
delivering the same if such certificate or opinion does not so conform.

      Section 3.05. Mutilated, Destroyed, Lost or Stolen Trust Certificates.
If (a) any mutilated Trust Certificate shall be surrendered to the Certificate
Registrar, or if the Certificate Registrar shall receive evidence to its
satisfaction of the destruction, loss or theft of any Trust Certificate and
(b) there shall be delivered to the Certificate Registrar and the Owner
Trustee such security or indemnity as may be required by them to save each of
them harmless, then in the absence of written notice that such Trust
Certificate has been acquired by a protected purchaser, the Owner Trustee
shall execute and the Owner Trustee or The Bank of New York, as the Owner

                                      10
<PAGE>

Trustee's authenticating agent, shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Trust
Certificate, a new Trust Certificate of like tenor and denomination. In
connection with the issuance of any new Trust Certificate under this Section,
the Owner Trustee or the Certificate Registrar may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith. Any duplicate Trust Certificate issued
pursuant to this Section shall constitute conclusive evidence of ownership in
the Trust, as if originally issued, whether or not the lost, stolen or
destroyed Trust Certificate shall be found at any time.

      Section 3.06. Persons Deemed Owners. Prior to due presentation of a
Trust Certificate for registration of transfer, the Owner Trustee, the
Certificate Registrar or any Paying Agent may treat the Person in whose name
any Trust Certificate is registered in the Certificate Register as the owner
of such Trust Certificate for the purpose of receiving distributions pursuant
to Section 5.02 and for all other purposes whatsoever, and none of the Owner
Trustee, the Certificate Registrar or any Paying Agent shall be bound by any
notice to the contrary.

      Section 3.07. Access to List of Certificateholders' Names and Addresses.
The Owner Trustee shall furnish or cause to be furnished to the Master
Servicer, the Paying Agent and the Depositor, within 15 days after receipt by
the Owner Trustee of a written request therefor from the Master Servicer, the
Paying Agent or the Depositor, a list, in such form as the Master Servicer or
the Depositor may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. The Certificate
Registrar shall also furnish to the Owner Trustee and the Paying Agent a copy
of such list at any time there is a change therein. If (i) three or more
Certificateholders or (ii) one or more Holders of Trust Certificates
evidencing not less than 25% of the Percentage Interests in the Trust
Certificates apply in writing to the Owner Trustee, and such application
states that the applicants desire to communicate with other Certificateholders
with respect to their rights under this Agreement or under the Trust
Certificates and such application is accompanied by a copy of the
communication that such applicants propose to transmit, then the Owner Trustee
shall, within five Business Days after the receipt of such application, afford
such applicants access during normal business hours to the current list of
Certificateholders. Each Certificateholder, by receiving and holding a Trust
Certificate, shall be deemed to have agreed not to hold any of the Depositor,
the Certificate Registrar or the Owner Trustee accountable by reason of the
disclosure of its name and address, regardless of the source from which such
information was derived. The Certificate Registrar shall upon the request of
the Owner Trustee provide such list, or access to such list, of
Certificateholders as contemplated by this Section 3.07.

      Section 3.08. Maintenance of Office or Agency. The Owner Trustee shall
designate in the Borough of Manhattan, the City of New York, an office or
offices or agency or agencies where Trust Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Owner Trustee in respect of the Trust Certificates and the Basic Documents
may be served. The Owner Trustee initially designates The Bank of New York as
the office for such purposes and The Bank of New York hereby accepts such
designation. The Owner Trustee shall give prompt written notice to the
Depositor and the Certificateholders of any change in the location of the
Certificate Register or any such office or agency.

                                      11
<PAGE>

      Section 3.09. Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders from the Certificate Distribution Account
pursuant to Section 5.02 and shall report the amounts of such distributions to
the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw
funds from the Certificate Distribution Account for the purpose of making the
distributions referred to above. The Owner Trustee may revoke such power and
remove the Paying Agent if the Paying Agent shall have failed to perform its
obligations under this Agreement in any material respect. The Owner Trustee
hereby appoints The Bank of New York to act as Paying Agent, and The Bank of
New York hereby accepts such appointment. As Paying Agent, The Bank of New
York hereby agrees to hold all sums, if any, held by it for payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. The Bank of
New York shall be permitted to resign as Paying Agent upon 30 days' written
notice to the Owner Trustee. In the event that The Bank of New York shall no
longer be the Paying Agent, the Depositor, with the consent of the Owner
Trustee, shall appoint a successor to act as Paying Agent (which shall be a
bank or trust company). The Owner Trustee shall cause such successor Paying
Agent or any additional Paying Agent appointed hereunder to execute and
deliver to the Owner Trustee an instrument in which such successor Paying
Agent or additional Paying Agent shall agree with the Owner Trustee that, as
Paying Agent, such successor Paying Agent or additional Paying Agent will hold
all sums, if any, held by it for payment to the Certificateholders in trust
for the benefit of the Certificateholders entitled thereto until such sums
shall be paid to such Certificateholders. The Paying Agent shall return all
unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such
Paying Agent shall also return all funds in its possession to the Owner
Trustee. The provisions of Sections 7.01, 7.03, 7.04, 8.01 and 8.02 shall
apply to The Bank of New York in its role of Paying Agent and Certificate
Registrar, for so long as The Bank of New York shall act as Paying Agent and
Certificate Registrar, to the Owner Trustee, if the Owner Trustee is appointed
to act as Paying Agent, for so long as the Owner Trustee shall act as Paying
Agent and, to the extent applicable, to any other paying agent appointed
hereunder. Any reference in this Agreement to the Paying Agent shall include
any co-paying agent unless the context requires otherwise.

      Section 3.10. Definitive Trust Certificates. The Trust Certificates,
upon original issuance, will be issued in the form of a typewritten Trust
Certificate or Trust Certificates in the form attached hereto as Exhibit A to
be delivered to the Certificateholders as directed by the Depositor, by, or on
behalf of, the Trust. Such Trust Certificate or Trust Certificates shall be
registered on the Certificate Register in the name of the holder thereof. The
Trust Certificates shall be printed, lithographed, typewritten or engraved or
may be produced in any other manner as is reasonably acceptable to the Owner
Trustee, as evidenced by its execution thereof.

                                  ARTICLE IV

                           ACTIONS BY OWNER TRUSTEE

      Section 4.01. Prior Notice with Respect to Certain Matters. With respect
to the following matters, the Owner Trustee shall not take action unless at
least 30 days before the taking of such action, the Owner Trustee shall have
notified the Certificateholders of record as of the preceding Record Date in
writing of the proposed action and such Certificateholders

                                      12
<PAGE>

specified in Section 4.04 hereof shall not have notified the Owner Trustee in
writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction:

                  (a) the initiation of any claim or lawsuit by the Owner
      Trustee (except claims or lawsuits brought in connection with the
      collection of the Receivables) and the compromise of any action, claim
      or lawsuit brought by or against the Owner Trustee (except with respect
      to the aforementioned claims or lawsuits for collection of the
      Receivables);

                  (b) the amendment of the Indenture by a supplemental
      indenture or any other change to this Agreement or any Basic Document in
      circumstances where the consent of any Noteholder is required;

                  (c) the amendment of the Indenture by a supplemental
      indenture or any other change to this Agreement or any Basic Document in
      circumstances where the consent of any Noteholder is not required and
      such amendment would materially adversely affect the interests of the
      Certificateholders;

                  (d) the amendment, change or modification of the
      Administration Agreement, except to cure any ambiguity or to amend or
      supplement any provision in a manner or add any provision that would not
      materially adversely affect the interests of the Certificateholders;

                  (e) the appointment pursuant to the Indenture of a successor
      Note Registrar, Paying Agent or Indenture Trustee or pursuant to this
      Agreement of a successor Certificate Registrar, or the consent to the
      assignment by the Note Registrar, Paying Agent or Indenture Trustee or
      Certificate Registrar of its obligations under the Indenture or this
      Agreement, as applicable;

                  (f) the consent to the calling or waiver of any default of
      any Basic Document;

                  (g) the consent to the assignment by the Indenture Trustee
      or Master Servicer of their respective obligations under any Basic
      Document, unless permitted in the Basic Documents;

                  (h) except as provided in Article IX hereof, dissolve,
      terminate or liquidate the Trust in whole or in part;

                  (i) merge or consolidate the Trust with or into any other
      entity, or convey or transfer all or substantially all of the Trust's
      assets to any other entity;

                  (j) cause the Owner Trustee to incur, assume or guaranty any
      indebtedness other than as set forth in this Agreement or the Basic
      Documents;

                  (k) do any act that conflicts with any other Basic Document;

                                      13
<PAGE>

                  (l) do any act that would make it impossible to carry on the
      ordinary business of the Trust as described in Section 2.03 hereof;

                  (m) confess a judgment against the Owner Trustee;

                  (n) possess Trust assets, or assign the Owner Trustee's
      right to property, for other than a Trust purpose;

                  (o) cause the Owner Trustee to lend any funds to any entity,
      unless permitted in the Basic Documents; or

                  (p) change the Trust's purpose and powers from those set
      forth in this Trust Agreement.

      In addition, the Owner Trustee shall not commingle its assets with those
of any other entity. The Owner Trustee shall maintain its financial and
accounting books and records separate from those of any other entity. Except
as expressly set forth herein, the Owner Trustee shall not pay the
indebtedness, operating expenses and liabilities of any other entity. The
Owner Trustee shall maintain appropriate minutes or other records of all
appropriate actions and shall maintain its office separate from the offices of
the Depositor and the Master Servicer.

      The Owner Trustee shall not have the power, except upon the written
direction of the Certificateholders pursuant to Section 4.04, and to the
extent otherwise consistent with the Basic Documents and permitted by
applicable law, to (i) remove or replace the Master Servicer or the Indenture
Trustee, (ii) institute proceedings to have the Owner Trustee or the Trust
declared or adjudicated bankrupt or insolvent, (iii) consent to the
institution of bankruptcy or insolvency proceedings against the Owner Trustee
or the Trust, (iv) file a petition or consent to a petition seeking
reorganization or relief on behalf of the Owner Trustee or the Trust under any
applicable federal or state law relating to bankruptcy, (v) consent to the
appointment of a conservator, receiver, liquidator, assignee, trustee,
sequestrator (or any similar official) of the Owner Trustee or the Trust or a
substantial portion of the property of the Owner Trustee or the Trust, (vi)
make any assignment for the benefit of the Owner Trustee's or the Trust's
creditors, (vii) cause the Owner Trustee or the Trust to admit in writing its
inability to pay its debts generally as they become due, or (viii) take any
action, or cause the Owner Trustee or the Trust to take any action, in
furtherance of any of the foregoing (any of the above, a "Bankruptcy Action").
So long as the Indenture remains in effect, no Certificateholder shall have
the power to take, and shall not take, any Bankruptcy Action with respect to
the Owner Trustee or the Trust or direct the Owner Trustee to take any
Bankruptcy Action with respect to the Owner Trustee or the Trust.
Additionally, the Owner Trustee shall not have the power to commence a
Bankruptcy Action without the unanimous prior approval of all
Certificateholders and the delivery to the Owner Trustee by each such
Certificateholder of a certification certifying that such Certificateholder
reasonably believes that the Trust is insolvent.

      Section 4.02. Action by Certificateholders with Respect to Certain
Matters. The Owner Trustee shall not have the power, except upon the written
direction of the Certificateholders, to (a) remove the Administrator under the
Administration Agreement pursuant to Section 8 thereof, (b) appoint a
successor Administrator pursuant to Section 8 of the Administration Agreement,

                                      14
<PAGE>

(c) remove the Master Servicer under the Sale and Servicing Agreement pursuant
to Section 8.02 thereof, (d) amend the Sale and Servicing Agreement pursuant
to Section 10.01(b) of such document, or (e) except as expressly provided in
the Basic Documents, sell the Receivables after the termination of the
Indenture. The Owner Trustee shall take the actions referred to in the
preceding sentence only upon written instructions signed by the
Certificateholders.

      Section 4.03. Restrictions on Certificateholders' Power. The
Certificateholders shall not direct the Owner Trustee to take or to refrain
from taking any action if such action or inaction would be contrary to any
obligation of the Trust or the Owner Trustee under this Agreement or any of
the Basic Documents or would be contrary to Section 2.03; nor shall the Owner
Trustee be obligated to follow any such direction, if given.

      Section 4.04. Majority Control. Except as expressly provided herein, any
action that may be taken by the Certificateholders under this Agreement may be
taken by the Holders of Trust Certificates evidencing not less than a majority
of the Percentage Interests in the Certificates. Except as expressly provided
herein, any written notice of the Certificateholders delivered pursuant to
this Agreement shall be effective if signed by Holders of Trust Certificates
evidencing not less than a majority of the Percentage Interests in the
Certificates at the time of the delivery of such notice.

                                   ARTICLE V

                  APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

      Section 5.01. Establishment of Trust Account. The Owner Trustee, for the
benefit of the Certificateholders, shall cause the Paying Agent to establish
and maintain in the name of the Owner Trustee an Eligible Account (the
"Certificate Distribution Account"), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the
Certificateholders. The title of the Certificate Distribution Account shall be
"Wachovia Bank of Delaware, National Association, as Owner Trustee of Regions
Auto Receivables Trust 2003-2: Certificate Distribution Account for the
benefit of the Certificateholders."

      The Owner Trustee shall possess all right, title and interest in all
funds on deposit from time to time in the Certificate Distribution Account and
in all proceeds thereof. Except as otherwise expressly provided herein, the
Certificate Distribution Account shall be under the sole dominion and control
of the Owner Trustee for the benefit of the Certificateholders. If, at any
time, the Certificate Distribution Account ceases to be an Eligible Account,
the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the
Certificate Distribution Account is not then held by the Owner Trustee or an
affiliate thereof) shall within 10 Business Days (or such longer period, not
to exceed 30 calendar days, as to which each Rating Agency may consent) cause
the Paying Agent to establish a new Certificate Distribution Account as an
Eligible Account and shall transfer any cash or any investments to such new
Certificate Distribution Account.

                                      15
<PAGE>

      Section 5.02.  Application of Trust Funds.

           (a) On each Payment Date, the Owner Trustee shall cause the Paying
Agent to distribute to Certificateholders amounts deposited in the Certificate
Distribution Account pursuant to Section 5.06 of the Sale and Servicing
Agreement with respect to such Payment Date.

           (b) On each Payment Date, the Owner Trustee shall cause the Paying
Agent to send to each Certificateholder the statement or statements provided
to the Owner Trustee by the Master Servicer pursuant to Section 5.08 of the
Sale and Servicing Agreement with respect to such Payment Date.

           (c) In the event that any withholding tax is imposed on the Owner
Trustee's payment (or allocations of income) to a Certificateholder, such tax
shall reduce the amount otherwise distributable to such Certificateholder in
accordance with this Section. The Owner Trustee and the Paying Agent are
hereby authorized and directed to retain from amounts otherwise distributable
to the Certificateholders sufficient funds for the payment of any tax that is
legally owed by the Owner Trustee (but such authorization shall not prevent
the Owner Trustee or the Paying Agent from contesting any such tax in
appropriate proceedings and withholding payment of such tax, if permitted by
law, pending the outcome of such proceedings). The amount of any withholding
tax imposed with respect to a Certificateholder shall be treated as cash
distributed to such Certificateholder at the time it is withheld by the Owner
Trustee and remitted to the appropriate taxing authority. If there is a
possibility that withholding tax is payable with respect to a distribution
(such as a distribution to a non-U.S. Certificateholder), the Owner Trustee or
the Paying Agent may in its sole discretion withhold such amounts in
accordance with this paragraph.

      Section 5.03. Method of Payment. Subject to Section 9.01(c),
distributions required to be made to Certificateholders on any Payment Date
shall be made to each Certificateholder of record on the preceding Record Date
either by wire transfer, in immediately available funds, to the account of
such Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided to the Certificate
Registrar and the Paying Agent appropriate written instructions at least five
Business Days prior to such Payment Date and such Holder's Trust Certificates
in the aggregate evidence a denomination of not less than a thirty percent
(30%) Percentage Interest, or, if not, by check mailed to such
Certificateholder at the address of such Certificateholder appearing in the
Certificate Register.

      Section 5.04.  [Reserved].

      Section 5.05. Accounting and Reports to Certificateholders, the Internal
Revenue Service and Others. The Owner Trustee shall (a) maintain (or cause to
be maintained) the books of the Trust on a calendar year basis and the accrual
method of accounting, (b) deliver (or cause to delivered) to each
Certificateholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Schedule K-1 if
the Trust is treated as a partnership for federal income tax purposes) to
enable each Certificateholder to prepare its federal and state income tax
returns, (c) prepare (or cause to be prepared), file (or cause to be filed)
such tax returns relating to the Trust (including a partnership information
return, IRS

                                      16
<PAGE>

Form 1065 if the Trust is treated as a partnership for federal income tax
purposes) and make such elections as from time to time may be required or
appropriate under any applicable state or federal statute or any rule or
regulation thereunder so as to maintain the Trust's characterization, (d)
cause such tax returns to be signed in the manner required by law and (e)
collect or cause to be collected any withholding tax as described in and in
accordance with Section 5.02(c) with respect to income or distributions to
Certificateholders. The Owner Trustee shall elect under Section 1278 of the
Code to include in income currently any market discount that accrues with
respect to the Receivables. The Owner Trustee shall not make the election
provided under Section 754 of the Code.

      Section 5.06.  Signature on Returns; Tax Matters Partner.

           (a) The Owner Trustee shall sign on behalf of the Trust the tax
returns of the Trust, if any, unless applicable law requires a
Certificateholder to sign such documents.

           (b) In the event that the Trust is designated as a partnership for
federal income tax purposes, the Depositor shall be designated the initial
"tax matters partner" of the Trust pursuant to Section 6231(a)(7)(A) of the
Code and applicable Treasury Regulations.

                                  ARTICLE VI

                     AUTHORITY AND DUTIES OF OWNER TRUSTEE

      Section 6.01. General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Owner Trustee
is to be a party and each certificate or other document attached as an exhibit
to or contemplated by the Basic Documents to which the Owner Trustee is to be
a party, in each case, as evidenced conclusively by the Owner Trustee's
execution thereof. In addition to the foregoing, the Owner Trustee is
authorized to take all actions required of the Owner Trustee pursuant to the
Basic Documents. The Owner Trustee is further authorized from time to time to
take such action as the Administrator directs with respect to the Basic
Documents (except to the extent that this Agreement expressly requires the
consent of Certificateholders for such action, in which case the Owner Trustee
shall not take such action without such consent).

      Section 6.02. General Duties. It shall be the duty of the Owner Trustee:

           (a) to discharge (or cause to be discharged) all of its
responsibilities pursuant to the terms of this Agreement and the Basic
Documents to which the Owner Trustee is a party and to administer the Trust in
the interest of the Certificateholders, subject to the Basic Documents and in
accordance with the provisions of this Agreement; provided, however, that
notwithstanding the foregoing, the Owner Trustee shall be deemed to have
discharged its duties and responsibilities hereunder and under the Basic
Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Owner Trustee
hereunder or under any Basic Document, and the Owner Trustee shall not be held
liable for the default or failure of the Administrator to carry out its
obligations under the Administration Agreement; and

                                      17
<PAGE>

           (b) subject to Section 7.08 hereof, to cooperate with the
Administrator in carrying out the Administrator's obligation to qualify and
preserve the Owner Trustee's or the Trust's qualification to do business in
each jurisdiction, if any, in which such qualification is or shall be
necessary to protect the validity and enforceability of the Indenture, the
Notes, the Receivables and any other instrument and agreement included in the
Trust Estate; provided that the Owner Trustee may rely on advice of counsel
with respect to such obligation.

      Section 6.03.  Action upon Instruction.

           (a) Subject to Article IV and in accordance with the terms of the
Basic Documents, the Certificateholders may by written instruction direct the
Owner Trustee in the management of the Trust. Such direction may be exercised
at any time by written instruction of the Certificateholders pursuant to
Article IV. In addition, the Administrator may direct the Owner Trustee, and
the Owner Trustee is authorized to take direction from the Administrator
pursuant to Section 6.01.

           (b) The Owner Trustee shall not be required to take any action
hereunder or under any Basic Document if the Owner Trustee shall have
reasonably determined, or shall have been advised by counsel, that such action
is likely to result in liability on the part of the Owner Trustee or is
contrary to the terms hereof or of any Basic Document or is otherwise contrary
to law.

           (c) Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or under any Basic Document, the Owner Trustee shall promptly give
notice (in such form as shall be appropriate under the circumstances) to the
Certificateholders of record as of the preceding Record Date requesting
instruction as to the course of action to be adopted, and to the extent the
Owner Trustee acts in good faith in accordance with any written instruction of
such Certificateholders received, the Owner Trustee shall not be liable on
account of such action to any Person. If the Owner Trustee shall not have
received appropriate instruction within 10 days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action not inconsistent with this Agreement or the
Basic Documents, as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such action
or inaction.

           (d) In the event that the Owner Trustee is unsure as to the
application of any provision of this Agreement or any Basic Document or any
such provision is ambiguous as to its application, or is, or appears to be, in
conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee may give
notice (in such form as shall be appropriate under the circumstances) to the
Certificateholders of record as of the preceding Record Date requesting
instruction and, to the extent that the Owner Trustee acts or refrains from
acting in good faith in accordance with any such instruction received, the
Owner Trustee shall not be liable, on account of such action or inaction, to
any Person. If the Owner Trustee shall not have received appropriate
instruction within 10 days of such notice (or within such shorter period of
time as

                                      18
<PAGE>

reasonably may be specified in such notice or may be necessary under the
circumstances) it may, but shall be under no duty to, take or refrain from
taking such action not inconsistent with this Agreement or the Basic
Documents, as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such action
or inaction.

      Section 6.04. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of,
or otherwise deal with the Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated
hereby to which the Owner Trustee or the Trust is a party, except as expressly
provided by the terms of this Agreement or in any document or written
instruction received by the Owner Trustee pursuant to Section 6.03; and no
implied duties or obligations shall be read into this Agreement or any Basic
Document against the Owner Trustee. The Owner Trustee shall have no
responsibility for filing any financing or continuation statement in any
public office at any time or to otherwise perfect or maintain the perfection
of any security interest or Lien granted to it hereunder or to prepare or file
any Securities and Exchange Commission filing for the Trust or to record this
Agreement or any Basic Document. The Owner Trustee nevertheless agrees that it
will, at its own cost and expense, promptly take all action as may be
necessary to discharge any Liens on any part of the Trust Estate that result
from actions by, or claims against, the Owner Trustee in its individual
capacity that are not related to the ownership or the administration of the
Trust Estate.

      Section 6.05. No Action Except Under Specified Documents or
Instructions. The Owner Trustee shall not manage, control, use, sell, dispose
of or otherwise deal with any part of the Trust Estate except (i) in
accordance with the powers granted to and the authority conferred upon the
Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic
Documents and (iii) in accordance with any document or instruction delivered
to the Owner Trustee pursuant to any provision of this Agreement.

      Section 6.06. Restrictions. The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in Section
2.03 or (b) that, to the actual knowledge of the Owner Trustee would result in
the Trust's becoming taxable as a corporation for federal income tax purposes.
The Certificateholders shall not direct the Owner Trustee to take action that
would violate the provisions of this Section.

                                  ARTICLE VII

                         CONCERNING THE OWNER TRUSTEE

      Section 7.01. Acceptance of Trusts and Duties. The Owner Trustee accepts
the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts, but only upon the terms of this Agreement. The Owner
Trustee also agrees to disburse all moneys actually received by it
constituting part of the Trust Estate upon the terms of the Basic Documents
and this Agreement. The Owner Trustee, in its individual capacity, shall not
be answerable or accountable hereunder or under any Basic Document under any
circumstances, except (i) for its own willful misconduct or gross negligence
(except as provided in Section 7.01(g)) or (ii) in the case of the inaccuracy
of any representation or warranty contained in

                                      19
<PAGE>

Section 7.03 expressly made by the Owner Trustee in its individual capacity.
In particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

                  (a) The Owner Trustee, in its individual capacity, shall not
      be liable for any error of judgment made by a Trust Officer of the Owner
      Trustee;

                  (b) The Owner Trustee (either in its individual capacity or
      as Owner Trustee) shall not be liable with respect to any action taken
      or omitted to be taken by it in accordance with the instructions of the
      Administrator or any Certificateholder;

                  (c) No provision of this Agreement or any Basic Document
      shall require the Owner Trustee, in its individual capacity, to expend
      or risk funds or otherwise incur any financial liability in the
      performance of any of its rights or powers hereunder or under any Basic
      Document if the Owner Trustee shall have reasonable grounds for
      believing that repayment of such funds or adequate indemnity against
      such risk or liability is not reasonably assured or provided to it;

                  (d) Under no circumstances shall the Owner Trustee, in its
      individual capacity, be liable for indebtedness evidenced by or arising
      under any of the Basic Documents, including the principal of and
      interest on the Notes;

                  (e) The Owner Trustee, in its individual capacity, shall not
      be responsible for or in respect of the validity or sufficiency of this
      Agreement or for the due execution hereof by the Depositor or for the
      form, character, genuineness, sufficiency, value or validity of any of
      the Trust Estate, or for or in respect of the validity or sufficiency of
      the Basic Documents, other than the certificate of authentication on the
      Trust Certificates, and the Owner Trustee, in its individual capacity,
      shall in no event assume or incur any liability, duty or obligation to
      any Noteholder or to any Certificateholder, other than as expressly
      provided for herein or expressly agreed to in the other Basic Documents;

                  (f) The Owner Trustee (either in its individual capacity or
      as Owner Trustee) shall not be responsible for monitoring the
      performance of, and shall not be liable for the default or misconduct of
      the Administrator, the Depositor, the Master Servicer, the Indenture
      Trustee or any other Person under any of the Basic Documents or
      otherwise, and the Owner Trustee (either in its individual capacity or
      as Owner Trustee) shall have no obligation or liability to perform the
      obligations of the Trust under this Agreement or the Basic Documents
      that are required to be performed by the Administrator under the
      Administration Agreement, the Indenture Trustee under the Indenture or
      the Depositor or the Master Servicer under the Sale and Servicing
      Agreement; and

                  (g) The Owner Trustee (either in its individual capacity or
      as Owner Trustee) shall be under no obligation to exercise any of the
      rights or powers vested in it by this Agreement, or to institute,
      conduct or defend any litigation under this Agreement or otherwise or in
      relation to this Agreement or any Basic Document, at the request, order
      or direction of any of the Certificateholders, unless such
      Certificateholders have offered

                                      20
<PAGE>

      to the Owner Trustee security, in its individual capacity, or indemnity
      satisfactory to it against the costs, expenses and liabilities that may
      be incurred by the Owner Trustee, in its individual capacity, therein or
      thereby. The right of the Owner Trustee to perform any discretionary act
      enumerated in this Agreement or in any Basic Document shall not be
      construed as a duty, and the Owner Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of
      any such act.

      Section 7.02. Furnishing of Documents. The Owner Trustee shall furnish
to the Certificateholders, promptly upon receipt of a written request
therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Owner Trustee under the Basic Documents.

      Section 7.03. Representations and Warranties. The Owner Trustee, in its
individual capacity, hereby represents and warrants to the Depositor, for the
benefit of the Certificateholders, that:

                  (a) It is a national banking association duly organized and
      validly existing in good standing under the laws of the United States of
      America. It has all requisite corporate power and authority to execute,
      deliver and perform its obligations under this Agreement.

                  (b) It has taken all corporate action necessary to authorize
      the execution and delivery by it of this Agreement and the Basic
      Documents, and this Agreement and the Basic Documents will be executed
      and delivered by one of its officers who is duly authorized to execute
      and deliver this Agreement and the Basic Documents on its behalf.

                  (c) Neither the execution or the delivery by it of this
      Agreement, nor the consummation by it of the transactions contemplated
      hereby, nor compliance by it with any of the terms or provisions hereof
      will contravene any federal or Delaware law, governmental rule or
      regulation governing the banking or trust powers of the Owner Trustee or
      any judgment or order binding on it, or constitute any default under its
      charter documents or bylaws or any indenture, mortgage, contract,
      agreement or instrument to which it is a party or by which any of its
      properties may be bound.

      Section 7.04.  Reliance; Advice of Counsel.

           (a) The Owner Trustee (either in its individual capacity or as
Owner Trustee) shall incur no liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond, or other document or paper believed by it
to be genuine and believed by it to be signed by the proper party or parties.
The Owner Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive
evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the method of
determination of which is not specifically prescribed herein, the Owner
Trustee may for all purposes hereof rely on a certificate, signed by the
president or any vice president or by the treasurer or other authorized
officers of the relevant party, as to such fact or matter, and such

                                      21
<PAGE>

certificate shall constitute full protection to the Owner Trustee for any
action taken or omitted to be taken by it in good faith in reliance thereon.

           (b) In the exercise or administration of the trusts hereunder and
in the performance of its duties and obligations under this Agreement or the
Basic Documents, the Owner Trustee (i) may act directly or through its agents
or attorneys pursuant to agreements entered into with any of them, and the
Owner Trustee shall not be liable for the conduct or misconduct of such agents
or attorneys if such agents or attorneys shall have been selected by the Owner
Trustee with reasonable care, and (ii) may consult with counsel, accountants
and other skilled Persons to be selected with reasonable care and employed by
it. The Owner Trustee shall not be liable for anything done, suffered or
omitted reasonably and in good faith by it in accordance with the written
opinion or advice of any such counsel, accountants or other such Persons and
not contrary to this Agreement or any Basic Document.

      Section 7.05. Not Acting in Individual Capacity. Except as expressly
provided in this Article VII, in accepting the trusts hereby created, Wachovia
Bank of Delaware, National Association acts solely as Owner Trustee hereunder
and not in its individual capacity, and all Persons having any claim against
the Owner Trustee by reason of the transactions contemplated by this Agreement
or any Basic Document shall look only to the Trust Estate for payment or
satisfaction thereof.

      Section 7.06. Owner Trustee Not Liable for Trust Certificates or for
Receivables. The recitals contained herein and in the Trust Certificates
(other than the signature and countersignature of the Owner Trustee on the
Trust Certificates) shall be taken as the statements of the Depositor, and the
Owner Trustee assumes no responsibility for the correctness thereof. Except as
set forth in Section 7.03, the Owner Trustee makes no representations as to
the validity or sufficiency of this Agreement, of any Basic Document or of the
Trust Certificates (other than the signature and countersignature of the Owner
Trustee on the Trust Certificates) or the Notes, or of any Receivable or
related documents. The Owner Trustee shall at no time have any responsibility
or liability for or with respect to the legality, validity and enforceability
of any Receivable or the perfection and priority of any security interest
created by any Receivable in any Financed Vehicle or the maintenance of any
such perfection and priority, or for or with respect to the sufficiency of the
Trust Estate or its ability to generate the payments to be distributed to
Certificateholders under this Agreement or the Noteholders under the
Indenture, including, without limitation: the existence, condition and
ownership of any Financed Vehicle; the existence and enforceability of any
insurance thereon; the existence and contents of any Receivable on any
computer or other record thereof; the validity of the assignment of any
Receivable to the Trust or of any intervening assignment; the completeness of
any Receivable; the performance or enforcement of any Receivable; the
compliance by the Depositor or the Master Servicer with any warranty or
representation made under any Basic Document or in any related document or the
accuracy of any such warranty or representation, or any action of the
Administrator, the Indenture Trustee or the Master Servicer or any subservicer
taken in the name of the Owner Trustee.

      Section 7.07. Owner Trustee May Own Trust Certificates and Notes. The
Owner Trustee in its individual or any other capacity may become the owner or
pledgee of Trust Certificates or Notes and may deal with the Depositor, the
Administrator, the Indenture Trustee

                                      22
<PAGE>

and the Master Servicer in banking transactions with the same rights as it
would have if it were not Owner Trustee.

      Section 7.08. Doing Business in Other Jurisdictions. Notwithstanding
anything contained herein to the contrary, the Owner Trustee shall not be
required to take any action in any jurisdiction (except for the State of
Alabama) other than in the State of Delaware if the taking of such action will
(i) require the consent or approval or authorization or order of, or the
giving of notice to, or the registration with, or the taking of any other
action in required by, any state or other governmental authority or agency of
any jurisdiction other than the State of Delaware; (ii) result in any fee, tax
or other governmental charge under the laws of any jurisdiction or any
political subdivisions thereof in existence on the date hereof other than the
State of Delaware becoming payable by the Owner Trustee; or (iii) subject the
Owner Trustee to personal jurisdiction in any jurisdiction other than the
State of Delaware for causes of action arising from acts unrelated to the
consummation of the transactions by the Owner Trustee contemplated hereby. The
Owner Trustee shall be entitled to obtain advice of counsel (which advice
shall be an expense of the Administrator under Section 8.01 of this Agreement)
to determine whether any action required to be taken pursuant to the Agreement
results in the consequences described in clauses (i), (ii) and (iii) of the
preceding sentence. In the event that said counsel advises the Owner Trustee
that such action will result in such consequences, the Owner Trustee will
appoint an additional trustee pursuant to Section 10.05 hereof to proceed with
such action.

      Section 7.09. Paying Agent; Authenticating Agent. The rights and
protections afforded to the Owner Trustee pursuant to Article VII and Sections
8.02, 10.02, and 10.03 shall also be afforded to the Paying Agent,
authenticating agent and Certificate Registrar.

                                 ARTICLE VIII

                         COMPENSATION OF OWNER TRUSTEE

      Section 8.01. Owner Trustee's Fees and Expenses. The Administrator shall
pay to the Owner Trustee as compensation for its services hereunder such fees
as have been separately agreed upon before the date hereof between the
Administrator and the Owner Trustee, and the Administrator shall reimburse the
Owner Trustee for its other reasonable expenses hereunder, including the
reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Owner Trustee may employ in
connection with the exercise and performance of its rights and its duties
hereunder and under the Basic Documents.

      Section 8.02. Indemnification. The Trust shall indemnify the Owner
Trustee and its successors, assigns, agents and servants (collectively, the
"Indemnified Parties") from and against, any and all liabilities, obligations,
losses, damages, taxes, claims, actions and suits, and any and all reasonable
costs, expenses and disbursements (including reasonable legal fees and
expenses) of any kind and nature whatsoever (collectively, "Expenses") which
may at any time be imposed on, incurred by, or asserted against the Owner
Trustee or any Indemnified Party in any way relating to or arising out of this
Agreement, the Basic Documents, the Trust Estate, the administration of the
Trust Estate or the action or inaction of the Owner Trustee hereunder,

                                      23
<PAGE>

except only that the Trust shall not be liable for or required to indemnify an
Indemnified Party from or against Expenses arising or resulting from (i) the
willful misconduct, gross negligence or bad faith of the Owner Trustee or (ii)
the inaccuracy of a representation or warranty made by the Owner Trustee in
Section 7.03. The indemnities contained in this Section shall survive the
resignation or termination of the Owner Trustee or the termination of this
Agreement. In the event of any claim, action or proceeding for which indemnity
will be sought pursuant to this Section, the Indemnified Party's choice of
legal counsel shall be subject to the approval of the Administrator, which
approval shall not be unreasonably withheld.

      Section 8.03. Payments to the Owner Trustee. Any amounts paid pursuant
to Section 8.02 shall be payable solely in the priority set forth in Section
5.06(b) of the Sale and Servicing Agreement and shall be deemed not to be a
part of the Trust Estate immediately after such payment.

                                  ARTICLE IX

                        TERMINATION OF TRUST AGREEMENT

      Section 9.01.  Termination of Trust Agreement.

           (a) This Agreement (other than Section 5.05 and Article VIII) and
the Trust shall terminate and be of no further force or effect upon the final
distribution by the Owner Trustee of all moneys or other property or proceeds
of the Trust Estate in accordance with the terms of the Indenture, the Sale
and Servicing Agreement, Article V; provided, however, that in no event shall
the Trust created by this Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy,
the late ambassador of the Court of St. James, living on the date of this
Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of
any Certificateholder shall not (i) operate to terminate this Agreement or the
Trust, (ii) entitle such Certificateholder's legal representatives or heirs to
claim an accounting or to take any action or proceeding in any court for a
partition or winding up of all or any part of the Trust or Trust Estate or
(iii) otherwise affect the rights, obligations and liabilities of the parties
hereto.

           (b) This Agreement and the Trust are irrevocable. Except as
provided in Section 9.01(a) and in this Section 9.01(b), neither the Depositor
nor any Certificateholder shall be entitled to revoke or terminate this Trust
or this Agreement. Each of the Depositor, the Certificateholders and the Owner
Trustee acknowledges that the Indenture Trustee, on behalf of the Noteholders,
is a third-party beneficiary of this Agreement. For so long as the Notes are
outstanding, neither the Trust nor this Agreement shall be revoked without the
consent of the Indenture Trustee. Each of the Depositor, the
Certificateholders and the Owner Trustee acknowledges that the Indenture
Trustee, as agent of the Noteholders, maintains a legitimate interest in
ensuring that the Trust is not revoked prior to the fulfillment of the Trust
purposes. In no event may this Agreement be amended without the consent of the
Indenture Trustee if the effect of such amendment is the revocation or
termination of this Trust other than in accordance with this Section 9.01.

                                      24
<PAGE>

           (c) Notice of any termination of the Trust, specifying the Payment
Date upon which Certificateholders shall surrender their Trust Certificates to
the Paying Agent for payment of the final distribution and cancellation, shall
be given by the Owner Trustee by letter to Certificateholders mailed within
five Business Days of receipt of notice of such termination from the Master
Servicer given pursuant to Section 9.01 of the Sale and Servicing Agreement,
stating (i) the Payment Date upon or with respect to which final payment of
the Trust Certificates shall be made upon presentation and surrender of the
Trust Certificates at the office of the Paying Agent therein designated, (ii)
the amount of any such final payment and (iii) that the Record Date otherwise
applicable to such Payment Date is not applicable, payments being made only
upon presentation and surrender of the Trust Certificates at the office of the
Paying Agent therein specified. The Owner Trustee shall give such notice to
the Certificate Registrar (if other than the Owner Trustee) and the Paying
Agent at the time such notice is given to Certificateholders. Upon
presentation and surrender of the Trust Certificates, the Paying Agent shall
cause to be distributed to Certificateholders amounts distributable on such
Payment Date pursuant to Section 5.02.

      In the event that all of the Certificateholders shall not surrender
their Trust Certificates for cancellation within six months after the date
specified in the above mentioned written notice, the Owner Trustee shall give
a second written notice to the remaining Certificateholders to surrender their
Trust Certificates for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice all the Trust
Certificates shall not have been surrendered for cancellation, the Owner
Trustee may take appropriate steps, or may appoint an agent to take
appropriate steps, to contact the remaining Certificateholders concerning
surrender of their Trust Certificates, and the cost thereof shall be paid out
of the funds and other assets that shall remain subject to this Agreement. Any
funds remaining in the Trust after exhaustion of such remedies shall be
distributed by the Owner Trustee to the Depositor, subject to applicable
escheat laws.

                                   ARTICLE X

            SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

      Section 10.01. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation, bank or trust company which is
not an affiliate of the Depositor (but may have normal banking relationships
with the Depositor and its affiliates); authorized to exercise trust powers
which shall be eligible to act as a trustee under Section 310(a) of the Trust
Indenture Act; having (or having a parent that has) a combined capital and
surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authorities; and having (or having a parent that has) time
deposits that are rated at least A-1 by Standard & Poor's and P-1 by Moody's,
or which is otherwise acceptable to each Rating Agency. If such corporation,
bank or trust company shall publish reports of condition at least annually
pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section, the combined
capital and surplus of such corporation, bank or trust company shall be deemed
to be its combined capital and surplus as set forth in its most recent report
of condition so published. In case at any time the Owner Trustee shall cease
to be eligible in accordance with the provisions of this Section, the Owner
Trustee shall resign immediately in the manner and with the effect specified
in Section 10.02.

                                      25
<PAGE>

      Section 10.02. Resignation or Removal of Owner Trustee. The Owner
Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Administrator, the Indenture
Trustee and the Rating Agencies. Upon receiving such notice of resignation,
the Administrator shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to
the resigning Owner Trustee and one copy to the successor Owner Trustee. If no
successor Owner Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Owner Trustee may petition any court of competent jurisdiction for
the appointment of a successor Owner Trustee, provided, however, that such
right to appoint or to petition for the appointment of any such successor
shall in no event relieve the resigning Owner Trustee from any obligations
otherwise imposed on it under the Basic Documents until such successor has in
fact assumed such appointment.

      If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 10.01 and shall fail to resign after
written request therefor by the Administrator, or if at any time the Owner
Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the Owner
Trustee. If the Administrator shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the Administrator shall
promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the outgoing
Owner Trustee so removed and one copy to the successor Owner Trustee, and
shall pay all fees owed to the outgoing Owner Trustee.

      Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor
Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses
owed to the outgoing Owner Trustee. The Administrator shall provide notice of
such resignation or removal of the Owner Trustee to the Certificateholders,
the Indenture Trustee and each of the Rating Agencies.

      Section 10.03. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.01 or 10.02 shall execute, acknowledge and
deliver to the Administrator and to its predecessor Owner Trustee an
instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Owner Trustee shall become
effective, and such successor Owner Trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under this Agreement, with like effect as if
originally named as Owner Trustee. The predecessor Owner Trustee shall, upon
payment of its fees and expenses, deliver to the successor Owner Trustee all
documents and statements and monies held by it under this Agreement; and the
Administrator and the predecessor Owner Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully
and certainly vesting and confirming in the successor Owner Trustee all such
rights, powers, duties and obligations.

                                      26
<PAGE>

      No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 10.01.

      Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section, the Administrator shall mail notice thereof to all
Certificateholders, the Master Servicer, the Indenture Trustee, the
Noteholders and the Rating Agencies. If the Administrator shall fail to mail
such notice within 10 days after acceptance of such appointment by the
successor Owner Trustee, the successor Owner Trustee shall cause such notice
to be mailed at the expense of the Administrator.

      Section 10.04. Merger or Consolidation of Owner Trustee. Any Person into
which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, without
the execution or filing of any instrument or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding;
provided, that such Person shall be eligible pursuant to Section 10.01; and
provided further, that the Owner Trustee shall mail notice of such merger or
consolidation to each Rating Agency.

      Section 10.05. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust Estate or any Financed Vehicle may at the time be located,
the Administrator and the Owner Trustee acting jointly shall have the power
and shall execute and deliver all instruments to appoint one or more Persons
approved by the Administrator and Owner Trustee to act as co-trustee, jointly
with the Owner Trustee, or as separate trustee or separate trustees, of all or
any part of the Trust Estate, and to vest in such Person, in such capacity,
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 Administrator and the Owner Trustee may consider necessary or
desirable. If the Administrator shall not have joined in such appointment
within 15 days after the receipt by it of a request so to do, the Owner
Trustee alone shall have the power to make such appointment. No co-trustee or
separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor Owner Trustee pursuant to Section 10.01 and no
notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.03.

      Each separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

                  (a) All rights, powers, duties and obligations conferred or
      imposed upon the Owner Trustee shall be conferred upon and exercised or
      performed by the Owner 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 Owner 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 Owner
      Trustee shall be incompetent or unqualified to perform such act or acts,
      in which event such rights,

                                      27
<PAGE>

      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 Owner Trustee;

                  (b) No trustee under this Agreement shall be personally
      liable by reason of any act or omission of any other trustee under this
      Agreement nor shall any trustee have any duty to supervise any other
      trustee hereunder; and

                  (c) The Administrator and the Owner Trustee acting jointly
      may at any time accept the resignation of or remove any separate trustee
      or co-trustee.

      Any notice, request or other writing given to the Owner 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. 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
Owner Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Owner Trustee. Each such instrument shall be filed with the
Owner Trustee and a copy thereof given to the Administrator.

      Any separate trustee or co-trustee may at any time appoint the Owner
Trustee as its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
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 Owner Trustee, to the extent permitted by law, without the
appointment of a new or successor co-trustee or separate trustee.

                                  ARTICLE XI

                                 MISCELLANEOUS

      Section 11.01. Supplements and Amendments. This Agreement may be amended
by the Depositor and the Owner Trustee, with prior written notice to each
Rating Agency, 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 the satisfaction of the Rating Agency Condition with respect to
such amendment, adversely affect in any material respect the interests of any
Noteholder or Certificateholder.

      This Agreement may also be amended from time to time by the Depositor
and the Owner Trustee, with prior written notice to each Rating Agency, with
the consent of the Holders (as defined in the Indenture) of Notes evidencing
not less than a majority of the Outstanding

                                      28
<PAGE>

Amount of the Notes and the consent of the Holders of Certificates evidencing
not less than a majority of the Percentage Interests in the Certificates, 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 Noteholders or the Certificateholders; provided,
however, that no such amendment shall (a) 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 Noteholders or the Certificateholders or (b) reduce the aforesaid
percentage of the Outstanding Amount of the Notes and the Percentage Interests
in the Certificates required to consent to any such amendment, without the
consent of the Holders of all then-outstanding Notes and Certificates.

      Promptly after the execution of any such amendment or consent, the Owner
Trustee shall furnish written notification of the substance of such amendment
or consent to each Certificateholder, the Indenture Trustee and each Rating
Agency.

      It shall not be necessary for the consent of Certificateholders or
Noteholders 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. The manner of obtaining such consents
(and any other consents of Certificateholders provided for in this Agreement
or in any other Basic Document) and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
requirements as the Owner Trustee may prescribe.

      Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the Owner 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 that all conditions precedent
(if any) to such amendment specified in this Agreement have been met. The
Owner Trustee may, but shall not be obligated to, enter into any such
amendment that affects the Owner Trustee's own rights, duties or immunities
under this Agreement or otherwise.

      Section 11.02. No Legal Title to Trust Estate in Certificateholders.
Neither the Depositor nor the Certificateholders shall have legal title to any
part of the Trust Estate. The Certificateholders shall be entitled to receive
distributions with respect to their undivided ownership interest therein only
in accordance with Articles V and IX. No transfer, by operation of law or
otherwise, of any right, title or interest of the Certificateholders to and in
their undivided ownership interest in the Trust Estate shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to
an accounting or to the transfer to it of legal title to any part of the Trust
Estate.

      Section 11.03. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Certificateholders, the Administrator and, to the extent expressly provided
herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other
Person (other than The Bank of New York to the extent expressly provided
herein) 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.

                                      29
<PAGE>

      Section 11.04.  Notices.

           (a) Unless otherwise expressly specified or permitted by the terms
hereof, all notices shall be in writing and shall be deemed given upon receipt
by the intended recipient or three Business Days after mailing if mailed by
certified mail, postage prepaid (except that notice to the Owner Trustee shall
be deemed given only upon actual receipt by the Owner Trustee), if to the
Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor,
addressed to Regions Acceptance LLC, 417 20th Street North, Birmingham,
Alabama 35203, Attention: Ronald Luth; if to The Bank of New York, addressed
to The Bank of New York, 101 Barclay Street -- 8 West, New York, New York,
10286 (facsimile number (212) 815-2493), Attention: Asset Backed Securities
Unit; or, as to each party, at such other address as shall be designated by
such party in a written notice to each other party. A copy of any such notice
shall also be mailed to the Master Servicer, addressed to Regions Bank, 417
20th Street North, Birmingham, Alabama 35203, Attention: Ronald Luth, with a
copy to Regions Bank, Office of the General Counsel, 417 20th Street North,
Birmingham, Alabama 35203, Attention: R. Alan Deer.

           (b) Any notice required or permitted to be given to a
Certificateholder shall be given by first-class mail, postage prepaid, at the
address of such Certificateholder as shown in the Certificate Register. Any
notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not such
Certificateholder receives such notice.

      Section 11.05. 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 11.06. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

      Section 11.07. Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, each of
the Depositor and its permitted assignees, the Owner Trustee and its
successors and each Certificateholder and its successors and permitted
assigns, all as herein provided. Any request, notice, direction, consent,
waiver or other instrument or action by a Certificateholder shall bind the
successors and assigns of such Certificateholder.

      Section 11.08. Covenants of the Depositor. The Depositor will not at any
time institute against the Trust any bankruptcy proceedings under any United
States federal or state bankruptcy or similar law in connection with any
obligations relating to the Trust Certificates, the Notes, this Agreement or
any of the other Basic Documents.

      Section 11.09. No Petition. The Owner Trustee, by entering into this
Agreement, each Certificateholder, by accepting a Trust Certificate, and the
Indenture Trustee and each Noteholder, by accepting the benefits of this
Agreement, hereby covenant and agree that they

                                      30
<PAGE>

will not at any time institute against the Depositor or the Trust or join in
any institution against the Depositor or the Trust of, any bankruptcy
proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to the Trust Certificates, the
Notes, this Agreement or any of the Basic Documents.

      Section 11.10. No Recourse. Each Certificateholder by accepting a Trust
Certificate acknowledges that such Trust Certificate represents a beneficial
interest in the Trust only and does not represent an interest in or an
obligation of the Depositor, the Master Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be
had against such parties or their assets, except as may be expressly set forth
or contemplated in this Agreement, the Trust Certificates or the Basic
Documents.

      Section 11.11. 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 11.12. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, 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. Trust Certificate Transfer Restrictions. The Trust
Certificates may not be acquired by or for the account of (a) unless an
Opinion of Counsel has been delivered in accordance with the third paragraph
of Section 3.04, (i) an employee benefit plan (as defined in Section 3(3) of
ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1) of the Code that is subject to Section 4975 of
the Code, (iii) any entity whose underlying assets include plan assets by
reason of a plan's investment in the entity or otherwise under ERISA or a plan
subject to any Similar Law (each, a "Benefit Plan"), or (b) a Person who is
not either (A)(1) a citizen or individual resident of the United States, (2) a
corporation, partnership or other entity organized in or under the laws of the
United States, any state thereof or the District of Columbia or (3) a Person
not described in (A)(1) or (2) whose ownership of the Trust Certificates is
effectively connected with such Person's conduct of a trade or business within
the United States (within the meaning of the Code) and its ownership of any
interest in a Certificate will not result in any withholding obligation with
respect to any payments with respect to the Trust Certificates by any Person
(other than withholding, if any, under Section 1446 of the Code) or (B) an
estate the income of which is includible in gross income for federal income
tax purposes regardless of source or a trust if (1) the court within the
United States is able to exercise primary supervision of the administration of
such trust and one or more United States persons have the authority to control
all substantial decisions of the Issuer or (2) such trust was in existence on
August 20, 1996 and properly elected to continue to be treated as a United
States person. The purchaser of Trust Certificates must agree to provide a
certification of non-foreign status signed under penalty of perjury and,
alternatively, if it is a Person described in clause (A)(3) above, it will
furnish to the transferor and the Owner Trustee or the Certificate Registrar a
properly executed IRS Form W-8ECI and a new IRS Form W-8ECI upon the
expiration or obsolescence of any previously delivered form (and such other
certifications, representations or Opinions of Counsel as may be requested by
the transferor and the Owner

                                      31
<PAGE>

Trustee). By accepting and holding a Trust Certificate, the Holder thereof
that has not delivered the Opinion of Counsel executed in the third paragraph
of Section 3.04 shall be deemed to have represented and warranted that it is
not a Benefit Plan.

      Section 11.14. Acceptance of Terms of Agreement. The receipt and
acceptance of a Trust Certificate by a Certificateholder, without any
signature or further manifestation of assent, shall constitute the
unconditional acceptance by the Certificateholder of all the terms and
provisions of this Agreement, and shall constitute the agreement of the
Certificateholder that the terms and provisions of this Agreement shall be
binding, operative and effective as between the Owner Trustee and the
Certificateholder.

                                      32
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement
to be duly executed by their respective officers hereunto duly authorized, as
of the day and year first above written.

                                        REGIONS ACCEPTANCE LLC,
                                          as Depositor

                                        By: /s/ L. Scott Barringer
                                           ------------------------------------
                                           Name:   L. Scott Barringer
                                           Title:  Vice President and Treasurer

                                        WACHOVIA BANK OF DELAWARE, NATIONAL
                                        ASSOCIATION,
                                           as Owner Trustee

                                        By: /s/ Rita M. Ritrovato
                                           ------------------------------------
                                           Name:   Rita M. Ritrovato
                                           Title:  Trust Officer

<PAGE>

THE BANK OF NEW YORK, solely
   for the purposes of accepting (i)
   the appointment to act as
   Certificate Registrar pursuant to
   Section 3.04, (ii) the appointment
   to act as Paying Agent pursuant to
   Section 3.09, and (iii) the
   designation of its office pursuant
   to Section 3.08

By: /s/ John Bobko
   ------------------------------------
   Name:     John Bobko
   Title:    Assistant Vice President

<PAGE>

                                                                     EXHIBIT A

                           FORM OF TRUST CERTIFICATE

      THIS TRUST CERTIFICATE IS SUBORDINATE TO THE NOTES, AS SET FORTH IN THE
SALE AND SERVICING AGREEMENT.

      THIS TRUST CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR UNDER THE SECURITIES
OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES
LAWS. BY ITS ACCEPTANCE OF THIS TRUST CERTIFICATE THE HOLDER HEREOF UNLESS
SUCH HOLDER IS THE DEPOSITOR OR AN AFFILIATE THEREOF IS DEEMED TO REPRESENT TO
THE DEPOSITOR AND THE OWNER TRUSTEE (i) THAT IT IS AN "ACCREDITED INVESTOR" AS
DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D PROMULGATED UNDER
THE 1933 ACT (AN "ACCREDITED INVESTOR") AND THAT IT IS ACQUIRING THIS TRUST
CERTIFICATE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A
FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS
UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT
AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, THE PUBLIC
DISTRIBUTION HEREOF OR (ii) THAT IT IS A "QUALIFIED INSTITUTIONAL BUYER" AS
DEFINED IN RULE 144A UNDER THE 1933 ACT AND IS ACQUIRING SUCH TRUST
CERTIFICATE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A
FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL
BUYERS).

      NO SALE, PLEDGE OR OTHER TRANSFER OF THIS TRUST CERTIFICATE MAY BE MADE
BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO
THE DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO AN
ACCREDITED INVESTOR THAT EXECUTES A CERTIFICATE, SUBSTANTIALLY IN THE FORM
SPECIFIED IN THE AMENDED AND RESTATED TRUST AGREEMENT DATED AS OF November 7,
2003 (THE "TRUST AGREEMENT") BETWEEN REGIONS ACCEPTANCE LLC AND WACHOVIA BANK
OF DELAWARE, NATIONAL ASSOCIATION, TO THE EFFECT THAT IT IS AN ACCREDITED
INVESTOR ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS
A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS
UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY), (iii) SO LONG
AS THIS TRUST CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER
THE 1933 ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE
PROSPECTIVE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A "QUALIFIED
INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT
(AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS
(WHICH OTHERS ALSO ARE QUALIFIED

                                     A-1
<PAGE>

INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (iv) SUCH SALE, PLEDGE OR
OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT, IN WHICH CASE (A) THE OWNER TRUSTEE SHALL
REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE
CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS
SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE
SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR, AND (B) THE OWNER TRUSTEE
SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE
OF THE DEPOSITOR, ANY AFFILIATE OF THE DEPOSITOR OR THE OWNER TRUSTEE)
SATISFACTORY TO THE DEPOSITOR AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH
TRANSFER WILL NOT VIOLATE THE 1933 ACT.

      EACH CERTIFICATEHOLDER, BY ITS ACCEPTANCE OF THIS TRUST CERTIFICATE,
COVENANTS AND AGREES THAT SUCH CERTIFICATEHOLDER SHALL NOT, PRIOR TO THE DATE
THAT IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE TRUST AGREEMENT,
ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE TRUST OR THE DEPOSITOR TO
INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF
COMMENCING OR SUSTAINING A CASE AGAINST THE TRUST OR THE DEPOSITOR UNDER ANY
FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW, OR
APPOINTING A CONSERVATOR, RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN,
SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE TRUST OR THE DEPOSITOR OR ANY
SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF
THE AFFAIRS OF THE TRUST OR THE DEPOSITOR.

      NO TRANSFER OF A TRUST CERTIFICATE SHALL BE MADE TO ANY PERSON UNLESS
THE OWNER TRUSTEE HAS RECEIVED (A) A CERTIFICATE IN SUBSTANTIALLY THE FORM
SPECIFIED IN THE TRUST AGREEMENT FROM SUCH PERSON TO THE EFFECT THAT SUCH
PERSON IS NOT (I) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA")) THAT IS
SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (II) A PLAN DESCRIBED IN
SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE") THAT IS
SUBJECT TO SECTION 4975 OF THE CODE OR (III) ANY ENTITY WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN'S INVESTMENT IN THE ENTITY OR
OTHERWISE UNDER ERISA, OR A PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (EACH, A "BENEFIT
PLAN"), OR (B) AN OPINION OF COUNSEL SATISFACTORY TO THE OWNER TRUSTEE AND THE
DEPOSITOR TO THE EFFECT THAT THE PURCHASE AND HOLDING OF SUCH TRUST
CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NONEXEMPT PROHIBITED
TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE
OWNER TRUSTEE, THE INDENTURE

                                     A-2
<PAGE>

TRUSTEE OR THE DEPOSITOR TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN
THE BASIC DOCUMENTS.

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

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

                                     A-3
<PAGE>

NUMBER R-___              PERCENTAGE INTEREST:  [  ]%

                     REGIONS AUTO RECEIVABLES TRUST 2003-2

                                  CERTIFICATE

evidencing a fractional undivided beneficial interest in the Trust, as defined
below, the property of which consists of: (1) the Receivables and all moneys
received thereon on or after the Cutoff Date; (2) 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; (3) 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; (4) any property that shall have secured a Receivable and
shall have been acquired by or on behalf of the Depositor, the Master Servicer
or the Trust; (5) 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; (6) all documents
and other items contained in the Receivable Files; (7) all of the Depositor's
rights (but not its obligations) under the Receivables Purchase Agreement; (8)
all right, title and interest in all funds on deposit from time to time in the
Trust Accounts and the Certificate Distribution Account and in all investments
therein and proceeds thereof (including all Investment Earnings thereon); (9)
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 any and all of the foregoing; and (10) the proceeds of any and all
of the foregoing.

      THIS TRUST CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR AN
OBLIGATION OF REGIONS ACCEPTANCE LLC, REGIONS BANK, WACHOVIA BANK OF DELAWARE,
NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.

      THIS CERTIFIES THAT ________________ is the registered owner of a [ ]%
PERCENT nonassessable, fully paid, undivided percentage interest in REGIONS
AUTO RECEIVABLES TRUST 2003-2, a common law trust under the laws of the State
of Delaware (the "Trust"), formed by REGIONS ACCEPTANCE LLC, a Delaware
limited liability company (the "Depositor").

      The Trust was created pursuant to a Trust Agreement amended and restated
as of November 7, 2003 (as amended, supplemented or otherwise modified from
time to time, the "Trust Agreement"), between the Depositor and Wachovia Bank
of Delaware, National Association, as owner trustee (the "Owner Trustee"), a
summary of certain of the pertinent provisions of which is set forth below. To
the extent not otherwise defined herein, the capitalized terms used herein
have the meanings assigned to them in the Trust Agreement or the Sale and
Servicing Agreement dated as of November 7, 2003 (as amended, supplemented or
otherwise modified from time to time, the "Sale and Servicing Agreement"),
among the Trust,

                                     A-4
<PAGE>

the Depositor, Regions Bank, as Master Servicer, Seller, Custodian and
Administrator, and The Bank of New York, as Indenture Trustee, as applicable.

      This Trust Certificate is one of the duly authorized Trust Certificates
designated as "Asset Backed Certificates" (herein called the "Trust
Certificates"). Also issued under an Indenture dated as of November 7, 2003
(as amended, supplemented or otherwise modified from time to time, the
"Indenture"), between the Owner Trustee on behalf of the Trust and The Bank of
New York, as indenture trustee, are the classes of Notes designated as
"1.1643% Asset Backed Notes, Class A-1," "1.63% Asset Backed Notes, Class
A-2," "2.31% Asset Backed Notes, Class A-3" and "3.07% Asset Backed Notes,
Class A-4" (collectively, the "Class A Notes"), "2.86% Asset Backed Notes,
Class B" (the "Class B Notes") and "3.87% Asset Backed Notes, Class C" (the
"Class C Notes", and together with the Class A Notes and the Class B Notes,
the "Notes"). This Trust Certificate is issued under and is subject to the
terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Holder of this Trust Certificate by virtue of its acceptance
hereof assents and by which such Certificateholder is bound. The property of
the Trust consists of: (1) the Receivables and all moneys received thereon on
or after the Cutoff Date; (2) 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; (3) 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; (4)
any property that shall have secured a Receivable and shall have been acquired
by or on behalf of the Depositor, the Master Servicer or the Trust; (5) 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; (6) all documents and other items
contained in the Receivable Files; (7) all of the Depositor's rights (but not
its obligations) under the Receivables Purchase Agreement; (8) all right,
title and interest in all funds on deposit from time to time in the Trust
Accounts and the Certificate Distribution Account and in all investments
therein and proceeds thereof (including all Investment Earnings thereon); (9)
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 any and all of the foregoing; and (10) the proceeds of any and all
of the foregoing. The rights of the Certificateholders are subordinate to the
rights of the Noteholders, as set forth in the Sale and Servicing Agreement.

      Under the Trust Agreement, there will be distributed on the 15th day of
each month or, if such 15th day is not a Business Day, the next Business Day
(each, a "Payment Date"), commencing on January 15, 2004, to the Person in
whose name this Trust Certificate is registered on the last day of the
immediately preceding month (the "Record Date"), such Certificateholder's
fractional undivided interest in the amount to be distributed to
Certificateholders on such Payment Date.

      The Holder of this Trust Certificate acknowledges and agrees that its
rights to receive distributions in respect of this Trust Certificate are
subordinate to the rights of the Noteholders as described in the Sale and
Servicing Agreement and the Indenture.

                                     A-5
<PAGE>

      It is the intent of the Depositor and the Certificateholders that, to
the extent the Certificates are beneficially owned by a single
Certificateholder for purposes of federal income, state and local income and
single business tax and any other income taxes, the Trust will be treated as
an agent of the sole Certificateholder and to the extent the Certificates are
beneficially owned by more than one Certificateholder as a partnership with
the Certificateholders being treated as partners in that tax partnership. A
Certificateholder, by its acceptance of a Trust Certificate, agrees to so
treat, and to take no action inconsistent with the treatment of, the Trust for
such tax purposes as an agent of the Trust and not as a separate tax entity
for federal income tax and state income and franchise tax purposes.

      Each Certificateholder, by its acceptance of a Trust Certificate, agrees
to treat, and to take no action inconsistent with the treatment of, the Trust
Certificates for such tax purposes as the beneficial ownership interests in an
entity that is disregarded if there is only one Certificateholder or as
partnership interests in the Trust if there is more than one
Certificateholder.

      A Certificateholder, by its acceptance of a Trust Certificate, covenants
and agrees that such Certificateholder will not at any time institute against
the Depositor, the Owner Trustee or the Trust, or join in any institution
against the Depositor, the Owner Trustee or the Trust 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 Trust Certificates, the
Notes, the Trust Agreement or any of the Basic Documents.

      Payments on this Trust Certificate will be made as provided in the Trust
Agreement by the Owner Trustee or the Paying Agent by wire transfer or check
mailed to the Certificateholder of record in the Certificate Register without
the presentation or surrender of this Trust Certificate or the making of any
notation hereon. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Trust Certificate
will be made after due notice by the Owner Trustee of the pendency of such
payment and only upon presentation and surrender of this Trust Certificate at
the office or agency designated for that purpose by the Owner Trustee in the
Borough of Manhattan, The City of New York.

      Reference is hereby made to the further provisions of this Trust
Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

      Unless the certificate of authentication hereon shall have been executed
by an authorized officer of the Owner Trustee or The Bank of New York, as the
Owner Trustee's authenticating agent, by manual signature, this Trust
Certificate shall not entitle the Holder hereof to any benefit under the Trust
Agreement or the Sale and Servicing Agreement or be valid for any purpose.

      THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND

                                     A-6
<PAGE>

REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

                                     A-7
<PAGE>

      IN WITNESS WHEREOF, the Owner Trustee has caused this Trust Certificate
to be duly executed.

                                        WACHOVIA BANK OF DELAWARE, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Owner Trustee
                                        of REGIONS AUTO RECEIVABLES TRUST
                                        2003-2

Dated:  November ___, 2003              By:
                                           -----------------------------------
                                           Authorized Signatory

                 OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Trust Certificates referred to in the within-mentioned
Trust Agreement.

<TABLE>
<CAPTION>

<S>                                                <C>       <C>
WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION,             WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION,
as Owner Trustee                                    or       as Owner Trustee

                                                             By:  The Bank of New York, as Authenticating Agent

By:                                                          By:
   -----------------------------------                          -------------------------------------
   Authorizing Agent                                            Authorizing Agent

</TABLE>

                                     A-8
<PAGE>

                        [REVERSE OF TRUST CERTIFICATE]

      The Trust Certificates do not represent an obligation of, or an interest
in, the Depositor, the Master Servicer, the Owner Trustee in its individual
capacity or any affiliates of any of them and no recourse may be had against
such parties or their assets, except as expressly set forth or contemplated
herein or in the Trust Agreement or the Basic Documents. In addition, this
Trust Certificate is not guaranteed by any governmental agency or
instrumentality and is limited in right of payment to certain collections and
recoveries with respect to the Receivables (and certain other amounts), all as
more specifically set forth herein and in the Sale and Servicing Agreement. A
copy of each of the Sale and Servicing Agreement and the Trust Agreement may
be examined by any Certificateholder upon written request during normal
business hours at the principal office of the Depositor and at such other
places, if any, designated by the Depositor.

      The Trust Agreement, with certain exceptions provided therein, may be
amended from time to time by the Depositor and the Owner Trustee, with prior
written notice to each Rating Agency, with the consent of the Holders (as
defined in the Indenture) of Notes evidencing not less than a majority of the
Outstanding Amount of the Notes and the consent of the Holders of Certificates
evidencing not less than a majority of the Percentage Interests in the
Certificates, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Trust Agreement or of
modifying in any manner the rights of the Noteholders or the
Certificateholders. Any such consent by the Holder of this Trust Certificate
shall be conclusive and binding on such Holder and on all future Holders of
this Trust Certificate and of any Trust Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent is made upon this Trust Certificate. The Trust Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Trust Certificates.

      As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Trust Certificate is registerable in
the Certificate Register upon surrender of this Trust Certificate for
registration of transfer at the offices or agencies of the Certificate
Registrar designated by the Owner Trustee in the Borough of Manhattan, The
City of New York, accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed
by the Holder hereof or such Holder's attorney duly authorized in writing, and
thereupon one or more new Trust Certificates of authorized denominations
evidencing the same aggregate interest in the Trust will be issued to the
designated transferee. The initial Certificate Registrar appointed under the
Trust Agreement is The Bank of New York, New York, New York.

      Except as provided in the Trust Agreement, the Trust Certificates are
issuable only as registered Trust Certificates without coupons in minimum
denominations of one percent Percentage Interest. As provided in the Trust
Agreement and subject to certain limitations therein set forth, Trust
Certificates are exchangeable for new Trust Certificates of authorized
denominations evidencing the same aggregate denomination, as requested by the
Certificateholder surrendering the same. No service charge will be made for
any such registration of transfer or exchange, but the Owner Trustee or the
Certificate Registrar may

                                     A-9
<PAGE>

require payment of a sum sufficient to cover any tax or governmental charge
payable in connection therewith.

      The Owner Trustee, the Certificate Registrar and any agent of the Owner
Trustee or the Certificate Registrar may treat the Person in whose name this
Trust Certificate is registered as the owner hereof for all purposes, and none
of the Owner Trustee, the Certificate Registrar or any such agent shall be
affected by any notice to the contrary.

      The obligations and responsibilities created by the Owner Trustee
Agreement and the Trust created thereby shall terminate upon the payment to
Certificateholders of all amounts required to be paid to them pursuant to the
Trust Agreement and the Sale and Servicing Agreement and the disposition of
all property held as part of the Trust Estate. The Master Servicer of the
Receivables may at its option purchase the Trust Estate at a price specified
in the Sale and Servicing Agreement, and such purchase of the Receivables and
other property of the Trust will effect early retirement of the Trust
Certificates; provided, however, that such right of purchase is exercisable
only as of the Determination Date as of which the Pool Balance is less than or
equal to 10% of the Initial Pool Balance.

      Unless an Opinion of Counsel has been delivered in accordance with the
third paragraph of Section 3.04 of the Trust Agreement, the Trust Certificates
may not be acquired by or on behalf of (a) an employee benefit plan (as
defined in Section 3(3) of ERISA) that is subject to the provisions of Title I
of ERISA, (b) a plan described in Section 4975(e)(1) of the Code that is
subject Section 4975 of the Code or (c) any entity whose underlying assets
include plan assets by reason of a plan's investment in the entity, or
otherwise under ERISA or (d) a plan subject to any Similar Law (each, a
"Benefit Plan"). By accepting and holding this Trust Certificate, the Holder
hereof shall be deemed to have represented and warranted either (i) that it is
not a Benefit Plan or (ii) that it has delivered such an Opinion of Counsel.

                                     A-10
<PAGE>

                                  ASSIGNMENT

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

                     PLEASE INSERT SOCIAL SECURITY OR
                     OTHER IDENTIFYING NUMBER OF ASSIGNEE

------------------------------------------------------------------------------
    (Please print or type name and address, including postal zip code, of
                                  assignee)

            the within Trust Certificate, and all rights thereunder, and
            hereby irrevocably constitutes and appoints ____________,
            attorney, to transfer said Trust Certificate on the books of the
            Certificate Registrar, 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 Trust
Certificate in every particular, without alteration, enlargement or any change
whatever. Such signature must be guaranteed by an "eligible guarantor
institution" meeting the requirements of the Certificate Registrar, which
requirements include membership or participation in STAMP or such other
"signature guarantee program" as may be determined by the Certificate
Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

                                     A-11
<PAGE>

                                                                     EXHIBIT B

                        FORM OF TRANSFEROR CERTIFICATE

                                    [DATE]

[The Bank of New York
101 Barclay Street - 8 West
New York, New York 10286
Attention:  Asset Backed Securities Unit

Regions Acceptance LLC
417 20th Street North
Birmingham, Alabama 35203]

[Wachovia Bank of Delaware, National Association,
as Owner Trustee
One Rodney Square
920 King Street
Wilmington, Delaware 19801
Attention: Corporate Trust Administration]

      Re:   Regions Auto Receivables Trust 2003-2
            -------------------------------------

Ladies and Gentlemen:

      In connection with our disposition of the Asset Backed Certificates (the
"Certificates") issued by the referenced trust (the "Trust") we certify that
(a) we understand that the Certificates have not been registered under the
Securities Act of 1933, as amended (the "Act"), and are being transferred by
us in a transaction that is exempt from the registration requirements of the
Act and (b) we have not offered or sold any Certificates to, or solicited
offers to buy any Certificates from, any person, or otherwise approached or
negotiated with any person with respect thereto, in a manner that would be
deemed, or taken any other action which would result in, a violation of
Section 5 of the Act.

                                        Very truly yours,

                                        [NAME OF TRANSFEROR]

                                        By:
                                           -----------------------------------
                                                 Authorized Officer

                                     B-1
<PAGE>

                                                                     EXHIBIT C

                           FORM OF INVESTMENT LETTER

[The Bank of New York
101 Barclay Street - 8 West
New York, New York 10286
Attention:  Asset Backed Securities Unit

Regions Acceptance LLC
417 20th Street North
Birmingham, Alabama]

[Wachovia Bank of Delaware, National Association,
as Owner Trustee
One Rodney Square
920 King Street
Wilmington, Delaware 19801
Attention: Corporate Trust Administration]

Ladies and Gentlemen:

      In connection with our proposed purchase of a [o]% percentage interest
in the Asset Backed Certificates (the "Certificates") of Regions Auto
Receivables Trust 2003-2 (the "Issuer"), we confirm that:

           1. We understand that the Certificates have not been registered
      under the Securities Act of 1933, as amended (the "1933 Act") and may
      not be sold except as permitted in the following sentence. We understand
      and agree, on our own behalf and on behalf of any accounts for which we
      are acting as hereinafter stated, (x) that such Certificates are being
      offered only in a transaction not involving any public offering within
      the meaning of the 1933 Act and (y) that such Certificates may be
      resold, pledged or transferred only (i) to the Depositor, (ii) to an
      "accredited investor" as defined in Rule 501(a)(1),(2),(3) or (7) (an
      "Accredited Investor") under the 1933 Act acting for its own account
      (and not for the account of others) or as a fiduciary or agent for
      others (which others also are Accredited Investors unless the holder is
      a bank acting in its fiduciary capacity) that executes a certificate
      substantially in the form hereof, (iii) so long as such Certificate is
      eligible for resale pursuant to Rule 144A under the 1933 Act ("Rule
      144A"), to a person whom we reasonably believe after due inquiry is a
      "qualified institutional buyer" as defined in Rule 144A, acting for its
      own account (and not for the account of others) or as a fiduciary or
      agent for others (which others also are "qualified institutional
      buyers") to whom notice is given that the resale, pledge or transfer is
      being made in reliance on Rule 144A or (iv) in a sale, pledge or other
      transfer made in a transaction otherwise exempt from the registration
      requirements of the 1933 Act, in which case the Owner Trustee shall
      require that both the prospective transferor and the prospective
      transferee certify to the Owner Trustee or the Certificate Registrar and
      the

                                     C-1
<PAGE>

      Depositor in writing the facts surrounding such transfer, which
      certification shall be in form and substance satisfactory to the Owner
      Trustee and the Depositor. Except in the case of a transfer described in
      clauses (i) or (iii) above, the Owner Trustee shall require that a
      written opinion of counsel (which will not be at the expense of the
      Depositor, any affiliate of the Depositor, the Owner Trustee or the
      Certificate Registrar) satisfactory to the Owner Trustee or the
      Certificate Registrar and the Depositor be delivered to the Owner
      Trustee or the Certificate Registrar and the Depositor to the effect
      that such transfer will not violate the 1933 Act, in each case in
      accordance with any applicable securities laws of any state of the
      United States. We will notify any purchaser of the Certificates from us
      of the above resale restrictions, if then applicable. We further
      understand that in connection with any transfer of the Certificates by
      us that the Depositor and the Owner Trustee may request, and if so
      requested we will furnish such certificates and other information as
      they may reasonably require to confirm that any such transfer complies
      with the foregoing restrictions.

           2. [CHECK ONE]

/_/   (a) We are an "accredited investor" (as defined in Rule
      501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act) acting for
      our own account (and not for the account of others) or as a fiduciary or
      agent for others (which others also are Accredited Investors unless we
      are a bank acting in its fiduciary capacity). We have such knowledge and
      experience in financial and business matters as to be capable of
      evaluating the merits and risks of our investment in the Certificates,
      and we and any accounts for which we are acting are each able to bear
      the economic risk of our or their investment for an indefinite period of
      time. We are acquiring the Certificates for investment and not with a
      view to, or for offer and sale in connection with, a public
      distribution.

/_/   (b) We are a "qualified institutional buyer" as defined under Rule 144A
      under the 1933 Act and are acquiring the Certificates for our own
      account (and not for the account of others) or as a fiduciary or agent
      for others (which others also are "qualified institutional buyers"). We
      are familiar with Rule 144A under the 1933 Act and are aware that the
      seller of the Certificates and other parties intend to rely on the
      statements made herein and the exemption from the registration
      requirements of the 1933 Act provided by Rule 144A.

           3. We are not and are not acting on behalf of (i) an employee
      benefit plan (as defined in Section 3(3) of the Employee Retirement
      Income Security Act of 1974, as amended ("ERISA")) that is subject to
      the provisions of Title I of ERISA, (ii) a plan described in Section
      4975(e)(1) of the Code and subject to Section 4975 of the Code or (iii)
      any entity whose underlying assets include plan assets by reason of a
      plan's investment in the entity or otherwise under ERISA or (iv) a plan
      subject to any Similar Law (each, a "Benefit Plan"). We hereby
      acknowledge that no transfer of any Certificate shall be permitted to be
      made to any person unless the Owner Trustee has received (i) a
      certificate from such transferee to the effect of the preceding
      sentence, or (ii) an opinion of counsel satisfactory to the Owner
      Trustee and the Depositor (which Opinion of Counsel will not be an
      expense of the Owner Trustee, the Depositor or the Trust) to the effect
      that the purchase and holding of any such Certificate will not
      constitute or result in

                                     C-2
<PAGE>

      a nonexempt prohibited transaction under ERISA or Section 4975 of the
      Code and will not subject the Owner Trustee, the Indenture Trustee or
      the Depositor to any obligation in addition to those undertaken in the
      Basic Documents with respect to the Certificates (provided, however,
      that the Owner Trustee will not require such certificate or opinion in
      the event that the Owner Trustee has obtained from counsel satisfactory
      to the Owner Trustee, an opinion to the effect that as a result of
      change of law or otherwise, the purchase and holding of any such
      Certificate by a Benefit Plan or a Person that is purchasing or holding
      any such Certificate with the assets of a Benefit Plan will not
      constitute or result in a nonexempt prohibited transaction under ERISA
      or Section 4975 of the Code)(which Opinion of Counsel may be at the
      request and expense of the Owner Trustee, the Trust or the Depositor).

           4. We are a Person who is either (A)(1) a citizen or individual
      resident of the United States, (2) a corporation, partnership or other
      entity organized in or under the laws of the United States, any state
      thereof or the District of Columbia or (3) a Person not described in
      (A)(1) or (2) whose ownership of the Trust Certificates is effectively
      connected with such Person's conduct of a trade or business within the
      United States (within the meaning of the Code) and its ownership of any
      interest in a Certificate will not result in any withholding obligation
      with respect to any payments with respect to the Trust Certificates by
      any Person (other than withholding, if any, under Section 1446 of the
      Code) or (B) an estate the income of which is includible in gross income
      for federal income tax purposes regardless of source or a trust if (1)
      the court within the United States is able to exercise primary
      supervision of the administration of such trust and one or more United
      States persons have the authority to control all substantial decisions
      of the Issuer or (2) such trust was in existence on August 20, 1996 and
      properly elected to continue to be treated as a United States person. We
      agree to provide a certification of non-foreign status signed under
      penalty of perjury and, alternatively, that if we are a Person described
      in clause (A)(3) above, we will furnish to the transferor and the Owner
      Trustee a properly executed IRS Form W-8ECI and a new IRS Form W-8ECI
      upon the expiration or obsolescence of any previously delivered form
      (and such other certifications, representations or Opinions of Counsel
      as may be requested by the transferor and the Owner Trustee).

           5. We understand that the Depositor, the Owner Trustee, the Issuer,
      J.P. Morgan Securities Inc., Morgan Keegan & Company Inc. and others
      will rely upon the truth and accuracy of the foregoing acknowledgments,
      representations and agreements, and we agree that if any of the
      acknowledgments, representations and warranties deemed to have been made
      by us by our purchase of the Certificates, for our own account or for
      one or more accounts as to each of which we exercise sole investment
      discretion, are no longer accurate, we shall promptly notify the
      Depositor, the Owner Trustee, J.P. Morgan Securities Inc. and Morgan
      Keegan & Company Inc.

           6. You are entitled to rely upon this letter and you are
      irrevocably authorized to produce this letter or a copy hereof to any
      interested party in any administrative or legal proceeding or official
      inquiry with respect to the matters covered hereby.

                                     C-3
<PAGE>

                                        Very truly yours,

                                        [NAME OF PURCHASER]

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

                                        Date:

                                      C-4

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