Document:

Exhibit 4.1
===============================================================================

                            FORM OF TRUST AGREEMENT

                                    between

                            REGIONS ACCEPTANCE LLC,
                                 as Depositor,

                                      and

                               [OWNER TRUSTEE],
                               as Owner Trustee

                               Dated as of [___]
===============================================================================

<PAGE>

<TABLE>
<CAPTION>

                                            TABLE OF CONTENTS

                                                ARTICLE I
                                               DEFINITIONS

<S>                 <C>                                                                                          <C>
Section 1.01.       Capitalized Terms.............................................................................1
Section 1.02.       Other Definitional Provisions.................................................................4

                                                ARTICLE II
                                               ORGANIZATION

Section 2.01.       Name..........................................................................................5
Section 2.02.       Office........................................................................................5
Section 2.03.       Purposes and Powers...........................................................................5
Section 2.04.       Appointment of Owner Trustee..................................................................5
Section 2.05.       Initial Capital Contribution of Trust Estate..................................................6
Section 2.06.       Declaration of Trust..........................................................................6
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..................................9
Section 3.04.       Registration of Transfer and Exchange of Trust Certificates...................................9
Section 3.05.       Mutilated, Destroyed, Lost or Stolen Trust Certificates......................................10
Section 3.06.       Persons Deemed Owners........................................................................10
Section 3.07.       Access to List of Certificateholders' Names and Addresses....................................10
Section 3.08.       Maintenance of Office or Agency..............................................................11
Section 3.09.       Appointment of Paying Agent..................................................................11
Section 3.10.       Book-Entry Trust Certificates................................................................12
Section 3.11.       Notices to Clearing Agency...................................................................12
Section 3.12.       Definitive Trust Certificates................................................................13

                                                ARTICLE IV
                                         ACTIONS BY OWNER TRUSTEE

Section 4.01.       Prior Notice with Respect to Certain Matters.................................................13
Section 4.02.       Action by Certificateholders with Respect to Certain Matters.................................15
Section 4.03.       Action by Certificateholders with Respect to Bankruptcy......................................15
Section 4.04.       Restrictions on Certificateholders' Power....................................................15
Section 4.05.       Majority Control.............................................................................15

<PAGE>

                                                ARTICLE V
                                APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 5.01.       Establishment of Trust Accounts..............................................................16
Section 5.02.       Application of Trust Funds...................................................................16
Section 5.03.       Method of Payment............................................................................17
Section 5.04.       [Reserved]...................................................................................17
Section 5.05.       Accounting and Reports to Certificateholders, the Internal Revenue Service and Others........17
Section 5.06.       Signature on Returns; Tax Matters Partner....................................................18

                                                ARTICLE VI
                                  AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01.       General Authority............................................................................18
Section 6.02.       General Duties...............................................................................18
Section 6.03.       Action upon Instruction......................................................................19
Section 6.04.       No Duties Except as Specified in this Agreement or in Instructions...........................20
Section 6.05.       No Action Except Under Specified Documents or Instructions...................................20
Section 6.06.       Restrictions.................................................................................20

                                               ARTICLE VII
                                       CONCERNING THE OWNER TRUSTEE

Section 7.01.       Acceptance of Trusts and Duties..............................................................20
Section 7.02.       Furnishing of Documents......................................................................22
Section 7.03.       Representations and Warranties...............................................................22
Section 7.04.       Reliance; Advice of Counsel..................................................................22
Section 7.05.       Not Acting in Individual Capacity............................................................23
Section 7.06.       Owner Trustee Not Liable for Trust Certificates or for Receivables...........................23
Section 7.07.       Owner Trustee May Own Trust Certificates and Notes...........................................23
Section 7.08.       Doing Business in Other Jurisdictions........................................................23
Section 7.09.       Paying Agent; Authenticating Agent...........................................................24

                                               ARTICLE VIII
                                      COMPENSATION OF OWNER TRUSTEE

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

                                                ARTICLE IX
                                      TERMINATION OF TRUST AGREEMENT

Section 9.01.       Termination of Trust Agreement...............................................................25

<PAGE>

                                                ARTICLE X
                          SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 10.01.      Eligibility Requirements for Owner Trustee...................................................26
Section 10.02.      Resignation or Removal of Owner Trustee......................................................26
Section 10.03.      Successor Owner Trustee......................................................................27
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...................................................................29
Section 11.02.      No Legal Title to Trust Estate in Certificateholders.........................................30
Section 11.03.      Limitations on Rights of Others..............................................................30
Section 11.04.      Notices......................................................................................30
Section 11.05.      Severability.................................................................................31
Section 11.06.      Separate Counterparts........................................................................31
Section 11.07.      Successors and Assigns.......................................................................31
Section 11.08.      Covenants of the Depositor...................................................................31
Section 11.09.      No Petition..................................................................................31
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

Exhibit A         Form of Trust Certificate.....................................................................A-1
</TABLE>

<PAGE>

         This TRUST AGREEMENT, dated as of [___], is between REGIONS
ACCEPTANCE LLC, a limited liability company as depositor (the "Depositor"),
and [OWNER TRUSTEE], a [___], as owner trustee (the "Owner Trustee").

         NOW, THEREFORE, the Depositor and the Owner Trustee hereby agree 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 [___], among [__________], not acting in its individual
capacity but solely as Owner Trustee of the Trust, Regions Bank, as Owner Trust
Administrator, and [INDENTURE TRUSTEE], as Indenture Trustee.

         "Agreement" shall mean this Trust Agreement, as the same may be
amended and supplemented from time to time.

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

         "Book-Entry Trust Certificate" shall mean a beneficial interest in
the Trust Certificates, the ownership and transfer of which shall be made
through book-entries by a Clearing Agency as described in Section 3.10.

         "Certificate Balance" shall mean Class [C] Certificate Balance.

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

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

         "Certificate Owner" shall mean, with respect to a Book-Entry Trust
Certificate, a Person who is the beneficial owner of such Book-Entry Trust
Certificate, 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).

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

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

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

<PAGE>

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

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

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

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

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

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

         "Class [C] Certificateholder" or "Certificateholder" shall mean a
Person in whose name a Class [C] Certificate is registered.

         "Class [C] Rate" shall mean [___]% per annum.

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

         "Clearing Agency Participant" shall mean 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.

         "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
[ADDRESS], Attention: [___], 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.

         "Definitive Trust Certificates" shall have the meaning set forth in
Section 3.10.

         "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.

                                      2
<PAGE>

         "Exchange Act" shall mean the Securities Exchange Act of 1934, 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 [___] between the
Trust and [INDENTURE TRUSTEE], as Indenture Trustee.

         "Initial Class [  ] Certificate Balance" shall mean $[___].

         "Outstanding Amount" shall have the meaning assigned thereto in the
Indenture.

         "Owner Trustee" shall mean [OWNER TRUSTEE], a Delaware banking
corporation, 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 [PAYING AGENT].

         "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 a Payment Date, the close
of business on the day immediately preceding such Payment Date.

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

         "Residual Interest" shall mean the right to receive the amounts in
respect of the Trust Estate that are distributable to the Depositor pursuant
to the Sale and Servicing Agreement.

         "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement dated as of [___], among [__________] acting not in its individual
capacity but solely as Owner Trustee of the Trust, as issuer, the Depositor,
Regions Bank, as seller, master servicer, custodian and administrator, and
[INDENTURE TRUSTEE], as indenture trustee, as the same may be amended or
supplemented from time to time.

         "Secretary of State" shall mean the Secretary of State of the State
of Delaware.

         "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 the trust established by this Agreement or, as the
context may require, the Owner Trustee acting on behalf of the Trust.

                                      3
<PAGE>

         "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.

         (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.

                                      4
<PAGE>

                                  ARTICLE II

                                 ORGANIZATION

     Section 2.01. Name. The Trust created hereby shall be known as "Regions
Auto Receivables Trust 200_-_," 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 Trust shall have the power and authority:

          (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;

          (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 Trust is hereby authorized to engage in the foregoing activities.
The Trust 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,

                                      5
<PAGE>

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.

     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 of the Certificateholders, subject to
the obligations of Issuer under the Basic Documents. It is the intention of
the parties hereto that Issuer constitute a trust under the common 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 Certificates are held by other
than the Depositor, the Issuer will be disregarded as an entity separate from
the Depositor and the Notes will be characterized as debt. At such time that
the 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 Issuer
shall be treated as a partnership, with the assets of the partnership being
the Receivables and other assets held by the Issuer, 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
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, until the Certificates are held by more than one
Person the Issuer will not file or cause to be filed annual or other necessary
returns, reports and other forms consistent with the characterization of the
Issuer as an entity separate from its owner.

     Section 2.07. [Reserved].

     Section 2.08. Title to Trust Property. Subject to the Indenture, legal
title to all the Trust Estate shall be vested at all times in the Owner
Trustee.

     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 New York.
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

                                      6
<PAGE>

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 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 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. Net income of the Trust for
any month

                                      7
<PAGE>

as determined for federal income tax purposes (and each item of income, gain,
loss and deduction entering into the computation thereof) shall be allocated:

     (a) first, among the Certificate Owners as of the first day following the
end of such month, in proportion to their ownership of principal amount of
Trust Certificates on such date, net income in an amount up to the sum of (1)
the Class [C] Certificateholders' Monthly Interest Distributable Amount for
such month, (ii) interest on the excess, if any, of the Certificateholders'
Interest Distributable Amount for the preceding Payment Date over the amount
in respect of interest that is actually deposited in the Certificate
Distribution Account on such preceding Payment Date, to the extent permitted
by law, at the Pass-Through Rate from such preceding Payment Date through the
current Payment Date, (iii) the portion of the market discount on the
Receivables accrued during such month that is allocable to the excess, if any,
of the initial aggregate principal amount of the Trust Certificates over their
initial aggregate issue price, and (iv) any other amounts of income payable to
the Certificateholders for such month; such sum to be reduced by any
amortization by the Trust of premium on Receivables that corresponds to any
excess of the issue price of Certificates over their principal amount; and

     (b) second, to the holder of the Residual Interest, to the extent of any
remaining net income.

         If the net income of the Trust for any month is insufficient for the
allocations described in clause (a) above, subsequent net income shall first
be allocated to make up such shortfall before being allocated as provided in
the preceding sentence. 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
to the holder of the residual interest in the Trust to the extent that such
Person is reasonably expected to bear the economic burden of such net losses,
and any remaining net losses shall be allocated among the Certificate Owners
as of the first Record Date following the end of such month in proportion to
their ownership of principal amount of Trust Certificates on such Record Date.
The Trust is authorized to modify the allocations in 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
contribution by the Depositor pursuant to Section 2.05 and until the issuance
of the Trust Certificates or the transfer by the Depositor of the Residual
Interest, the Depositor shall be the sole beneficiary of the Trust.

     Section 3.02. The Trust Certificates. The Trust Certificates shall be
issued in minimum denominations of $[___] and in integral multiples of $[___]
in excess thereof; provided, however, that the Trust Certificates may be
issued in such denomination as required to include any residual amount. The
Trust Certificates shall be executed on behalf of the Trust by manual or
facsimile signature of an authorized officer of the Owner Trustee. Trust
Certificates bearing

                                      8
<PAGE>

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
Trust, shall be validly issued and entitled to the benefit of this Agreement
and shall be valid and binding obligations of the Trust, 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 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 principal amount equal to the Initial Class [C]
Certificate Balance to be executed on behalf of the Trust, authenticated and
delivered to or upon the written order of the Depositor, signed by the Owner
Trustee on behalf of the Trust, 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
[AUTHENTICATING AGENT], 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.

     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 prescribe, the
Owner Trustee shall provide for the registration of Trust Certificates and of
transfers and exchanges of Trust Certificates as herein provided. [CERTIFICATE
REGISTRAR] shall be the initial Certificate Registrar.

         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 [AUTHENTICATING AGENT]
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

                                      9
<PAGE>

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.

         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 the Certificates.

     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 notice that such Trust Certificate has
been acquired by a protected purchaser, the Owner Trustee on behalf of the
Trust shall execute and the Owner Trustee or [AUTHENTICATING AGENT], as the
Owner 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

                                      10
<PAGE>

therein. If (i) three or more Certificateholders or (ii) one or more Holders
of Trust Certificates evidencing not less than 25% of the Certificate Balance
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 [___] as its office for
such purposes. 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.

     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 Owner Trustee determines in its sole discretion
that the Paying Agent shall have failed to perform its obligations under this
Agreement in any material respect; provided, however, the Owner Trustee shall
have no duty to monitor or oversee the compliance by the Paying Agent of its
obligations under this Agreement or any other Basic Document. The Paying Agent
initially shall be [PAYING AGENT], and any co-paying agent chosen by [PAYING
AGENT]. [PAYING AGENT] shall be permitted to resign as Paying Agent upon 30
days' written notice to the Owner Trustee. In the event that [PAYING AGENT]
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 and 8.01 shall apply to
the Owner Trustee also in its role as Paying Agent, for so long as the Owner
Trustee shall act as Paying Agent and, to the extent applicable,

                                      11
<PAGE>

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. Book-Entry Trust Certificates. The Trust Certificates, upon
original issuance, will be issued in the form of a typewritten Trust
Certificate or Trust Certificates representing Book-Entry Trust Certificates,
to be delivered to The Depository Trust Company, the initial Clearing Agency,
by, or on behalf of, the Trust. Such Trust Certificate or Trust Certificates
shall initially be registered on the Certificate Register in the name of Cede
& Co., the nominee of the initial Clearing Agency, and no Certificate Owner
will receive a definitive Trust Certificate representing such Certificate
Owner's interest in such Trust Certificate, except as provided in Section
3.12. Unless and until definitive, fully registered Trust Certificates
("Definitive Trust Certificates") have been issued to Certificate Owners
pursuant to Section 3.12:

          (a) The provisions of this Section shall be in full force and
     effect;

          (b) The Certificate Registrar and the Owner Trustee shall be
     entitled to deal with the Clearing Agency for all purposes of this
     Agreement (including the payment of principal of and interest on the
     Trust Certificates and the giving of instructions or directions
     hereunder) as the sole Holder of the Trust Certificates and shall have no
     obligation to the Certificate Owners;

          (c) To the extent that the provisions of this Section conflict with
     any other provisions of this Agreement, the provisions of this Section
     shall control;

          (d) The rights of Certificate Owners shall be exercised only through
     the Clearing Agency and shall be limited to those established by law and
     agreements between such Certificate Owners and the Clearing Agency and/or
     the Clearing Agency Participants. Pursuant to the Note Depository
     Agreement, unless and until Definitive Trust Certificates are issued
     pursuant to Section 3.13, 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 Trust
     Certificates to such Clearing Agency Participants; and

          (e) Whenever this Agreement requires or permits actions to be taken
     based upon instructions or directions of Holders of Trust Certificates
     evidencing a specified percentage of the Certificate Balance, the
     Clearing Agency shall be deemed to represent such percentage only to the
     extent that it has received instructions to such effect from Certificate
     Owners and/or Clearing Agency Participants owning or representing,
     respectively, such required percentage of the beneficial interest in the
     Trust Certificates and has delivered such instructions to the Owner
     Trustee.

     Section 3.11. Notices to Clearing Agency. Whenever a notice or other
communication to the Certificateholders is required under this Agreement,
unless and until Definitive Trust Certificates shall have been issued to
Certificate Owners pursuant to Section 3.12, the Owner Trustee shall give all
such notices and communications specified herein to be given to
Certificateholders to the Clearing Agency, and shall have no obligations to
the Certificate Owners.

                                      12
<PAGE>

     Section 3.12. Definitive Trust Certificates. If (i) the Administrator
advises the Owner Trustee in writing that the Clearing Agency is no longer
willing or able to properly discharge its responsibilities with respect to the
Book-Entry Trust Certificates and the Administrator is unable to locate a
qualified successor, (ii) the Administrator at its option advises the Owner
Trustee in writing that it elects to terminate the book-entry system through
the Clearing Agency or (iii) after the occurrence of an Event of Default or a
Master Servicer Default, Certificate Owners representing beneficial interests
aggregating at least a majority of the Certificate Balance advise the Clearing
Agency in writing that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interest of the Certificate Owners,
then the Clearing Agency shall notify all Certificate Owners and the Owner
Trustee of the occurrence of any such event and of the availability of
Definitive Trust Certificates to Certificate Owners requesting the same. Upon
surrender to the Owner Trustee of the typewritten Trust Certificate or Trust
Certificates representing the Book-Entry Trust Certificates by the Clearing
Agency, accompanied by registration instructions, the Trust shall execute and
the Owner Trustee shall authenticate the Definitive Trust Certificates in
accordance with the written instructions of the Clearing Agency. None of the
Trust, the Certificate Registrar or the Owner 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
Trust Certificates, the Owner Trustee shall recognize the Holders of the
Definitive Trust Certificates as Certificateholders. The Definitive Trust
Certificates shall be printed, lithographed 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 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 Trust (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 Trust (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;

                                      13
<PAGE>

          (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 Trust 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;

          (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 Trust;

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

          (o) cause the Trust 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 Trust shall not commingle its assets with those of
any other entity. The Trust shall maintain its financial and accounting books
and records separate from those of any other entity. Except as expressly set
forth herein, the Trust shall not pay the indebtedness, operating expenses and
liabilities of any other entity. The Trust shall maintain appropriate

                                      14
<PAGE>

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 direction
of the Certificateholders, and to the extent otherwise consistent with the
Basic Documents, to (i) remove or replace the Master Servicer or the Indenture
Trustee, (ii) institute proceedings to have the Trust declared or adjudicated
a bankruptcy or insolvent, (iii) consent to the institution of bankruptcy or
insolvency proceedings against the Trust, (iv) file a petition or consent to a
petition seeking reorganization or relief on behalf of the Trust under any
applicable federal or state law relating to bankruptcy, (v) consent to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any
similar official) of the Trust or a substantial portion of the property of the
Trust, (vi) make any assignment for the benefit of the Trust's creditors,
(vii) cause the Trust to admit the writing its inability to pay its debts
generally as they become due, (viii) take any action, or cause 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 Trust or direct the Owner Trust to take
any Bankruptcy Action with respect to the Trust.

     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,
(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. Action by Certificateholders with Respect to Bankruptcy.
The Owner Trustee shall not have the power to commence a voluntary proceeding
in bankruptcy relating to the Trust 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 4.04. 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 4.05. 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 Certificate Balance. 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 Certificate Balance at the time of the delivery of such
notice.

                                      15
<PAGE>

                                  ARTICLE V

                  APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         Section 5.01. Establishment of Trust Accounts. The Owner Trustee, for
the benefit of the Certificateholders, shall cause the Paying Agent to
establish and maintain in the name of the Trust an interest distribution
account (the "Certificate Interest Distribution Account") and a principal
distribution account (the "Certificate Principal Distribution Account"), each
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Certificateholders. The title of the Certificate
Interest Distribution Account shall be "[OWNER TRUSTEE] as Owner Trustee of
Regions Auto Receivables Trust 200_-_: Certificate Interest Distribution
Account for the benefit of the Certificateholders." The title of the
Certificate Principal Distribution Account shall be "[OWNER TRUSTEE] as Owner
Trustee of Regions Auto Receivables Trust 200_-_: Certificate Principal
Distribution Account for the benefit of the Certificateholders." The
Certificate Interest Distribution Account and the Certificate Principal
Distribution Account will be maintained as Eligible Deposit Accounts.

         The Trust shall possess all right, title and interest in all funds on
deposit from time to time in the Certificate Interest Distribution Account and
the Certificate Principal Distribution Account and in all proceeds thereof.
Except as otherwise expressly provided herein, the Certificate Interest
Distribution Account and the Certificate Principal 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 Interest Distribution
Account or the Certificate Principal Distribution Account ceases to be an
Eligible Deposit Account, the Paying Agent shall within 10 Business Days (or
such longer period, not to exceed 30 calendar days, as to which each Rating
Agency may consent) establish a new Certificate Interest Distribution Account
or Certificate Principal Distribution Account, as applicable, as an Eligible
Deposit Account and shall transfer any cash or any investments to such new
Certificate Interest Distribution Account or Certificate Principal
Distribution Account, as applicable.

     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
Interest Distribution Account and amounts deposited in the Certificate
Principal 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) On each Payment Date, the holder of the Residual Interest shall
be entitled to receive amounts distributable to Regions Bank pursuant to the
Sale and Servicing Agreement.

         (d) In the event that any withholding tax is imposed on the Trust'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 or

                                      16
<PAGE>

Paying Agent is 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 Trust (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 Trust 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.

         Any Holder of a Trust Certificate that is organized under the laws of
a jurisdiction outside the United States shall, on or prior to the date such
Holder becomes a Holder, (a) so notify the Owner Trustee and the Paying Agent,
(b) (i) provide the Owner Trustee and the Paying Agent with Internal Revenue
Service form W-8BEN, W-8ECI, W-8EXP or W-8BEN (or successor forms), as
appropriate, or (ii) notify the Owner Trustee and the Paying Agent that it is
not entitled to an exemption from United States withholding tax or a reduction
in the rate thereof on payments of interest. Any such Holder agrees by its
acceptance of a Trust Certificate, on an ongoing basis, to provide like
certification for each taxable year and to notify the Owner Trustee and the
Paying Agent should subsequent circumstances arise affecting the information
provided the Owner Trustee or the Paying Agent in clauses (a) and (b) above.
The Owner Trustee and the Paying Agent shall be fully protected in relying
upon, and each Holder by its acceptance of a Trust Certificate hereunder
agrees to indemnify and hold the Owner Trustee and the Paying Agent harmless
against all claims or liability of any kind arising in connection with or
related to the Owner Trustee's and the Paying Agent's reliance upon any
documents, forms or information provided by any Holder to the Owner Trustee
and the Paying Agent.

     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 $1,000,000, 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) unless otherwise
required under the Code, 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) to enable each Certificateholder to prepare
its federal and state income tax returns, (c) file (or cause to be filed) such
tax returns relating to the Trust (including a partnership information return,
IRS Form 1065), if there is not more than one

                                      17
<PAGE>

beneficial owner of an equity interest in the Trust for 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 either a disregarded entity or as a
partnership for federal income tax purposes (as appropriate), (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 if so directed in writing by the Administrator. The
Owner Trustee shall not make the election provided under Section 754 of the
Code. The parties to this Agreement agree and acknowledge that the
Administrator shall perform the duties and obligations of the Owner Trustee
under this Section 5.05 in accordance with the Administration Agreement.

     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) Regions Bank shall be designated the "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 Trust 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 Trust is to be a party, in
each case, in such form as the Depositor shall approve, as evidenced
conclusively by the Owner Trustee's execution thereof. In addition to the
foregoing, the Owner Trustee is authorized, but shall not be obligated, to
take all actions required of the Trust pursuant to the Basic Documents. The
Owner Trustee is further authorized from time to time to take such action as
the Administrator recommends with respect to the Basic Documents.

     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 Trust 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

                                      18
<PAGE>

         (b) to cooperate with the Administrator in carrying out the
Administrator's obligation to qualify and preserve 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.

         (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 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

                                      19
<PAGE>

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 Section 6.03.

     Section 6.06. Restrictions. The Owner Trustee shall not take any action
that, to the actual knowledge of the Owner Trustee, (a) is inconsistent with
the purposes of the Trust set forth in Section 2.03 or (b) 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 any 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 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 or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 7.03
expressly made by the Owner Trustee. In particular, but not by way of
limitation (and subject to the exceptions set forth in the preceding
sentence):

                                      20
<PAGE>

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

         (b) The 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 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 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 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 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 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 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 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 to
the Owner Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred by the Owner Trustee 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
gross negligence or willful misconduct in the performance of any such act.

                                      21
<PAGE>

     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 hereby
represents and warrants to the Depositor, for the benefit of the
Certificateholders, that:

          (a) It is a banking corporation duly organized and validly existing
     in good standing under the laws of the State of Delaware. 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 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
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

                                      22
<PAGE>

accordance with the opinion or advice of any such counsel, accountants or
other such Persons.

     Section 7.05. Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created, [OWNER TRUSTEE] 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 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 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

                                      23
<PAGE>

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 Master
Servicer 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 Administrator shall be liable as
primary obligor for, and 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, except only that the
Administrator shall not be liable for or required to indemnify an Indemnified
Party from and against Expenses arising or resulting from any of the matters
described in the third sentence of Section 7.01. The indemnities contained in
this Section shall survive the resignation or termination of the Owner Trustee
or the termination of this Agreement. In any 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
this Article VIII 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.

                                      24
<PAGE>

                                  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 and 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-part 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.

         (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

                                      25
<PAGE>

such remedies shall be distributed by the Owner Trustee to the holder of the
Residual Interest, 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 which is not an affiliate of the
Depositor (but may have normal banking relationships with the Depositor and
its affiliates) organized and doing business under the laws of the State of
Delaware; authorized to exercise corporate trust powers which shall be
eligible to act as a trustee under Section 310(a) of the Trust Indenture Act;
having 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
[RATING AGENCY] and [P-1] by [RATING AGENCY], or which is otherwise acceptable
to each Rating Agency. If such corporation 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 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.

     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.

         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

                                      26
<PAGE>

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 each Rating Agency.

     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.

         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.

         Any successor Owner Trustee appointed pursuant to this Section 10.03
shall promptly file an amendment to the Certificate of Trust with the
Secretary of State identifying the name and principal place of business of
such successor Owner Trustee in the State of Delaware.

     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; and provided further, that such successor
Owner Trustee shall file an amendment to the Certificate of Trust as described
in Section 10.03.

     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

                                      27
<PAGE>

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, 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; 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

                                      28
<PAGE>

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 Amount of the Notes and the
consent of the Holders of Certificates evidencing not less than a majority of
the Certificate Balance, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of the 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 Certificate Balance 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.

         Promptly after the execution of any amendment to the Certificate of
Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State.

                                      29
<PAGE>

         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. 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.

         In connection with the execution of any amendment to this Trust
Agreement or any amendment of any other agreement to which the Issuer is a
party, the Owner Trustee shall be entitled to receive and conclusively rely
upon an Opinion of Counsel to the effect that such amendment is authorized or
permitted by the Basic Documents and that all conditions precedent in the
Basic Documents for the execution and delivery thereof by the Trust or the
Owner Trustee, as the case may be, have been satisfied.

     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 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 any legal or equitable right, remedy or claim in the Trust Estate or
under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

     Section 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 417 20th Street North, Birmingham, Alabama 35203; 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 417 20th Street North, Birmingham, Alabama
35203, Attention: [ ].

         (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.

                                      30
<PAGE>

     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 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 GOVERNED BY AND
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

                                      31
<PAGE>

acquired by or for the account of (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 or (iii) any entity
whose underlying assets include plan assets by reason of a plan's investment
in the entity or otherwise under ERISA (each, a "Benefit Plan"). By accepting
and holding a Trust Certificate, the Holder thereof shall be deemed to have
represented and warranted that it is not a Benefit Plan.

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

                               [OWNER TRUSTEE],
                                 as Owner Trustee

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

                                      33
<PAGE>

                                                                     EXHIBIT A

                           FORM OF TRUST CERTIFICATE

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

UNLESS THIS TRUST CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY TRUST
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN 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 TRUST CERTIFICATES MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT 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 OR (III) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
REASON OF A PLAN'S INVESTMENT IN THE ENTITY (EACH, A "BENEFIT PLAN"). BY
ACCEPTING AND HOLDING A TRUST CERTIFICATE, THE HOLDER THEREOF SHALL BE DEEMED
TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT A BENEFIT PLAN.

THIS CERTIFICATE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR AN INTEREST
IN REGIONS ACCEPTANCE LLC.

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

                                      A-1
<PAGE>

NUMBER                                                               $[_______]

INITIAL CLASS [C] CERTIFICATE BALANCE: $[________]

Pass-Through Rate:  [____]%

R-1

CUSIP NO. [___________]

ISIN NO. US [___________]

                     REGIONS AUTO RECEIVABLES TRUST 200_-_

                           ASSET BACKED CERTIFICATE

evidencing a fractional undivided 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) all documents and other items contained in the Receivable
Files; (6) all of the Depositor's rights (but not its obligations) under the
Receivables Purchase Agreement; (7) 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); (8) any proceeds from any
Receivable repurchased by a Dealer pursuant to a Dealer Agreement; and (9) 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, [INDENTURE TRUSTEE] OR ANY OF THEIR RESPECTIVE
AFFILIATES.

         THIS CERTIFIES THAT CEDE & CO. is the registered owner of a
[____________] DOLLAR nonassessable, fully paid, fractional undivided interest
in Regions Auto Receivables Trust 200_-_ (the "Trust"), formed by Regions
Acceptance LLC, a limited liability company (the "Depositor").

         The Trust was created pursuant to a Trust Agreement dated as of [___]
(as amended or supplemented from time to time, the "Trust Agreement"), between
the Depositor and [OWNER TRUSTEE], 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 [___] (as amended and supplemented from time
to time, the "Sale and Servicing Agreement"), among the Trust, the Depositor,
Regions Bank, as

                                      A-2
<PAGE>

Master Servicer, Seller, Custodian and Administrator, and [INDENTURE TRUSTEE],
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 [___] (the
"Indenture"), between the Trust and [INDENTURE TRUSTEE], as indenture trustee,
are the five classes of Notes designated as "[___]% Asset Backed Notes, Class
[A-1]," "[___]% Asset Backed Notes, Class [A-2]," "[___]% Asset Backed Notes,
Class [A-3]" and "[___]% Asset Backed Notes, Class [A-4]" (collectively, the
"Class [A] Notes") and "[___]% Asset Backed Notes, Class [B]" (the "Class [B]
Notes" and together with the Class [A] 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 the
Receivables and all monies received thereon after [___], in the case of
Receivables originated on or before [___] and all monies received thereon
after the date of origination in the case of Receivables originated after
[___]), security interests in the related Financed Vehicles, certain bank
accounts and the proceeds thereof, proceeds from claims on certain insurance
policies and certain other rights under the Trust Agreement and the Sale and
Servicing Agreement, [for each Receivable with GAP protection in effect, the
amount of any remaining balance that becomes cancelable thereunder in
accordance with the terms of such protection set forth in such Receivable,]
and all proceeds 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 [___], 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.

         It is the intent of the Depositor, the Master Servicer and the
Certificateholders that at such time as there is more than one holder of an
equity interest including any Certificates in the Trust, for purposes of
federal income, state and local income and single business tax and any other
income taxes, the Trust will be treated as a partnership and the
Certificateholders will be treated as partners in that partnership. A
Certificateholder, by its acceptance of a Trust Certificate, agrees to so
treat, and to take no action inconsistent with such treatment of, the Trust
for such 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 partnership interests in the
Trust.

                                      A-3
<PAGE>

         A Certificateholder, by its acceptance of a Trust Certificate,
covenants and agrees that such Certificateholder 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, 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.

         Distributions on this Trust Certificate will be made as provided in
the Trust Agreement by the Owner Trustee or 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 distribution 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, 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 REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                      A-4
<PAGE>

         IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not
in its individual capacity, has caused this Trust Certificate to be duly
executed.

                                  REGIONS AUTO RECEIVABLES TRUST 200_-_

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

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

                 OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

[OWNER TRUSTEE],                           [OWNER TRUSTEE],
as Owner Trustee                 or        as Owner Trustee
                                           By:  [AUTHENTICATING AGENT], as
                                                Authenticating Agent
                                           By:
                                                ----------------------------
                                                Authorizing Agent

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

                                      A-5
<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 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 permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the rights of Certificateholders under the
Trust Agreement at any time by the Depositor and the Owner Trustee with the
consent of the Holders of the Trust Certificates and the Notes, each voting as
a class, evidencing not less than a majority of the Certificate Balance and
the outstanding principal balance of the Notes of each class. 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 [NAME], [LOCATION].

         Except as provided in the Trust Agreement, the Trust Certificates are
issuable only as registered Trust Certificates without coupons in
denominations of $1,000,000 and in integral multiples of $1,000 in excess
thereof; provided, however, that a single Trust Certificate may be issued in
such denomination as required to include any residual amount. 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 require payment of a sum sufficient to cover any tax
or governmental charge payable in connection therewith.

                                      A-6
<PAGE>

         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 Trust 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 last day of any Collection Period as of which the Pool Balance
is less than or equal to 10% of the Original Pool Balance.

         The Trust Certificates may not be acquired by (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 or
(c) any entity whose underlying assets include plan assets by reason of a
plan's investment in the entity or which uses plan assets to acquire Trust
Certificates (each, a "Benefit Plan"). By accepting and holding this Trust
Certificate, the Holder hereof shall be deemed to have represented and
warranted that it is not a Benefit Plan.

                                      A-7
<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.Exhibit 4.2

                    FORM OF POOLING AND SERVICING AGREEMENT

                            REGIONS ACCEPTANCE LLC
                                 as Depositor

                                 REGIONS BANK
                         as Seller and Master Servicer

                                      and

                         [__________________________]
                                  as Trustee

                   Dated as of [__________________________]

                    REGIONS AUTO RECEIVABLES TRUST 200__-__

                  [___]% Asset Backed Certificates, Class [A]
                  [___]% Asset Backed Certificates, Class [B]

<PAGE>

<TABLE>
<CAPTION>
                                                 TABLE OF CONTENTS

                                                                                                               Page
                                                                                                               ----

                                                     ARTICLE I.
                                                    Definitions

<S>          <C>
Section 1.01  Definitions.........................................................................................1
Section 1.02  Other Definitional Provisions......................................................................14

                                                    ARTICLE II.
                                               Establishment of Trust

Section 2.01  Creation of Trust..................................................................................15
Section 2.02  Acceptance by Trustee..............................................................................15
Section 2.03  Conveyance of Receivables..........................................................................15

                                                    ARTICLE III.
                                                  The Receivables

Section 3.01  Representations and Warranties of the Seller.......................................................16
Section 3.02  Representations and Warranties of the Depositor....................................................17
Section 3.03  Repurchase Upon Breach.............................................................................17
Section 3.04  Custody of Receivable Files........................................................................18
Section 3.05  Duties of Master Servicer as Custodian.............................................................18
Section 3.06  Instructions; Authority to Act.....................................................................19
Section 3.07  Custodian's Indemnification........................................................................19
Section 3.08  Effective Period and Termination...................................................................19
Section 3.09  Transfer and Delivery of Receivable Files..........................................................19

                                                    ARTICLE IV.
                                    Administration and Servicing of Receivables

Section 4.01  Duties of Master Servicer..........................................................................20
Section 4.02  Collection and Allocation of Receivable Payments...................................................21
Section 4.03  Realization Upon Receivables.......................................................................21
Section 4.04  Physical Damage Insurance..........................................................................22
Section 4.05  Maintenance of Security Interests in Financed Assets...............................................22
Section 4.06  Covenants of Master Servicer.......................................................................22
Section 4.07  Purchase of Receivables Upon Breach................................................................22
Section 4.08  Servicing Fee......................................................................................23
Section 4.09  Master Servicer's Certificate......................................................................23
Section 4.10  Annual Statement as to Compliance; Notice of Default...............................................23
Section 4.11  Annual Independent Certified Public Accountant's Report............................................24
Section 4.12  Access to Certain Documentation and Information Regarding Receivables..............................24
Section 4.13  Master Servicer Expenses...........................................................................24
Section 4.14  Appointment of Subservicer.........................................................................25

                                                         i

<PAGE>

                                                     ARTICLE V.
                          Distributions; Reserve Account; Statements to Certificateholders

Section 5.01  Establishment of Trust Accounts....................................................................25
Section 5.02  Collections........................................................................................26
Section 5.03  Application of Collections.........................................................................27
Section 5.04  Advances...........................................................................................27
Section 5.05  Additional Deposits................................................................................28
Section 5.06  Distributions......................................................................................28
Section 5.07  Reserve Account....................................................................................31
Section 5.08  Statements to Certificateholders...................................................................34
Section 5.09  Tax Returns........................................................................................35
Section 5.10  Net Deposits.......................................................................................35

                                                    ARTICLE VI.
                                                  The Certificates

Section 6.01  The Certificates...................................................................................35
Section 6.02  Authentication of Certificates.....................................................................36
Section 6.03  Registration of Transfer and Exchange of Certificates..............................................36
Section 6.04  Mutilated, Destroyed, Lost or Stolen Certificates..................................................36
Section 6.05  Persons Deemed Owners..............................................................................37
Section 6.06  Access to List of Certificateholders' Names and Addresses..........................................37
Section 6.07  Maintenance of Office or Agency....................................................................37
Section 6.08  Book-Entry Certificates............................................................................37
Section 6.09  Notices to Clearing Agency.........................................................................38
Section 6.10  Definitive Certificates............................................................................38

                                                    ARTICLE VII.
                                                   The Depositor

Section 7.01  Representations of Depositor.......................................................................39
Section 7.02  Limited Liability Company Existence................................................................40
Section 7.03  Liabilities of Depositor; Indemnities..............................................................40
Section 7.04  Merger or Consolidation of, or Assumption of the Obligations of, Depositor.........................41
Section 7.05  Limitation on Liability of Depositor and Others....................................................42
Section 7.06  Depositor May Own Certificates.....................................................................42
Section 7.07  No Transfer of Excess Amounts......................................................................42

                                                   ARTICLE VIII.
                                                The Master Servicer

Section 8.01  Representations of Master Servicer.................................................................42
Section 8.02  Indemnities of Master Servicer.....................................................................43
Section 8.03  Merger or Consolidation of, or Assumption of the Obligations of, Master Servicer...................44
Section 8.04  Limitation on Liability of Master Servicer and Others..............................................45

                                                        ii

<PAGE>

                                                    ARTICLE IX.
                                                      Default

Section 9.01  Events of Default..................................................................................45
Section 9.02  Appointment of Successor...........................................................................46
Section 9.03  Repayment of Advances..............................................................................47
Section 9.04  Notification to Certificateholders.................................................................47
Section 9.05  Waiver of Past Defaults............................................................................47

                                                     ARTICLE X.
                                                    The Trustee

Section 10.01  Duties of Trustee.................................................................................47
Section 10.02  Certain Matters Affecting Trustee.................................................................48
Section 10.03  Trustee Not Liable for Certificates or Receivables................................................49
Section 10.04  Trustee May Own Certificates......................................................................49
Section 10.05  Trustee's Fees and Expenses.......................................................................49
Section 10.06  Eligibility Requirements for Trustee..............................................................50
Section 10.07  Resignation or Removal of Trustee.................................................................50
Section 10.08  Successor Trustee.................................................................................51
Section 10.09  Merger or Consolidation of Trustee................................................................51
Section 10.10  Appointment of Co-Trustee or Separate Trustee.....................................................51
Section 10.11  Representations and Warranties of Trustee.........................................................52
Section 10.12  No Bankruptcy Petition............................................................................53
Section 10.13  Trustee's Certificate.............................................................................53
Section 10.14  Trustee's Assignment of Repurchased Receivables...................................................53

                                                    ARTICLE XI.
                                                    Termination

Section 11.01  Termination of the Trust..........................................................................53
Section 11.02  Optional Purchase of All Receivables..............................................................54

                                                    ARTICLE XII.
                                              Miscellaneous Provisions

Section 12.01  Amendment.........................................................................................55
Section 12.02  Protection of Title to Trust......................................................................56
Section 12.03  Separate Counterparts.............................................................................57
Section 12.04  Limitation on Rights of Certificateholders........................................................57
Section 12.05  Governing Law.....................................................................................58
Section 12.06  Notices...........................................................................................58
Section 12.07  Severability of Provisions........................................................................58
Section 12.08  Assignment........................................................................................58
Section 12.09  Certificates Nonassessable and Fully Paid.........................................................58
Section 12.10  Limitations on Rights of Others...................................................................58
Section 12.11  Headings..........................................................................................58

                                                        iii

<PAGE>

Section 12.12  Nonpetition Covenants.............................................................................59
</TABLE>

Exhibit A        Form of Class [A] Certificate
Exhibit B        Form of Class [B] Certificate
Exhibit C        Form of Depository Agreement
Exhibit D        Form of Master Servicer's Certificate
SCHEDULE A       Schedule of Receivables
SCHEDULE B       Location of Receivable Files

                                                        iv

<PAGE>

          POOLING AND SERVICING AGREEMENT dated as of [_______________], among
REGIONS ACCEPTANCE LLC, a Delaware limited liability company, as depositor
(the "Depositor"), REGIONS BANK, an Alabama state banking corporation, as
master servicer (the "Master Servicer"), and [TRUSTEE], a [_____] banking
corporation, as Trustee (the "Trustee").

          WHEREAS, the Depositor has purchased a portfolio of receivables
arising in connection with a pool of [retail installment sales contracts,
retail installment loans, purchase money notes or other notes], (the
"Contracts") secured by [new and used automobiles, light-duty trucks,
motorcycles, recreational vehicles, vans, minivans and/or sport utility
vehicles] financed by those Contracts and originated or acquired by the Seller
in the ordinary course of their respective businesses; and

          WHEREAS, the Depositor, the Master Servicer and the Trustee wish to
set forth the terms and conditions pursuant to which the Trust (as hereinafter
defined) will acquire the Contracts from the Depositor, and the Master
Servicer will service the Contracts on behalf of the Trust;

          NOW, THEREFORE, in consideration of the premises and the mutual
agreements hereinafter set forth, the Depositor, the Master Servicer and the
Trustee agree as follows:

                                  ARTICLE I.

                                  Definitions

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

          "Advance" means either a Precomputed Advance or a Simple Interest
Advance or both, as applicable.

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

          "Agreement" means this Pooling and Servicing Agreement.

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

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

          "Book-Entry Certificates" means, unless otherwise specified in this
Agreement, a beneficial interest in the Class [A] or Class [B] Certificates,
ownership and transfers of which shall be registered through book entries by a
Clearing Agency as described in Section 6.08.

<PAGE>

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

          "Certificate Balance" means, as of any date, the aggregate
outstanding principal amount of the Certificates at such date.

          "Certificate Owner" means, with respect to a Book-Entry Certificate,
the Person who is the beneficial owner of such Book-Entry Certificate, 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).

          "Certificate Register" and "Certificate Registrar" mean the register
maintained and the registrar appointed pursuant to Section 6.03.

          "Certificateholder" or "Holder" means a Person in whose name a
Certificate is registered in the Certificate Register.

          "Class [A] Certificate" means a [___]% Asset Backed Certificate,
Class [A], evidencing a beneficial interest in the Trust, substantially in the
form of Exhibit A hereto.

          "Class [A] Certificate Balance" means, as of any date of
determination, the Initial Class [A] Certificate Balance reduced by all
amounts previously distributed to Holders of Class [A] Certificates and
allocable to principal.

          "Class [A] Distributable Amount" means, with respect to any
Distribution Date, the sum of the Class [A] Principal Distributable Amount and
the Class [A] Interest Distributable Amount for such date.

          "Class [A] Interest Carryover Shortfall" means, with respect to any
Distribution Date, the excess of the sum of the Class [A] Monthly Interest
Distributable Amount for the preceding Distribution Date and any outstanding
Class [A] Interest Carryover Shortfall on such preceding Distribution Date,
over the amount in respect of interest that Holders of the Class [A]
Certificates actually received on such preceding Distribution Date, plus 30
days' interest on such excess, to the extent permitted by law, at the Class
[A] Pass-Through Rate.

          "Class [A] Interest Distributable Amount" means, with respect to any
Distribution Date, 30 days of interest at the Class [A] Pass-Through Rate on
the Class [A] Certificate Balance on the last day of the preceding Collection
Period.

          "Class [A] Pass-Through Rate" means [_____]% per annum.

          "Class [A] Percentage" means [_____]%.

                                      2

<PAGE>

          "Class [A] Pool Factor" means, as of the close of business on the
last day of any Collection Period, a seven-digit decimal figure equal to the
Class [A] Certificate Balance as of such Record Date divided by the Initial
Class [A] Certificate Balance.

          "Class [A] Principal Carryover Shortfall" means, as of the close of
any Distribution Date, the excess of the Class [A] Monthly Principal
Distributable Amount and any outstanding Class [A] Principal Carryover
Shortfall from the preceding Distribution Date, over the amount in respect of
principal that is actually distributed to Holders of the Class [A]
Certificates on such current Distribution Date.

          "Class [A] Principal Distributable Amount" means, with respect to
any Distribution Date, the Class [A] Percentage of the Principal Distribution
Amount. In addition, on the Final Scheduled Distribution Date, the principal
required to be included in the Class [A] Principal Distributable Amount will
include the lesser of (a) the Class [A] Percentage of (i) any Scheduled
Payments of principal due and remaining unpaid on each Precomputed Receivable
and (ii) any principal due and remaining unpaid on each Simple Interest
Receivable, in each case, in the Trust as of the Final Scheduled Maturity Date
or (b) the amount that is necessary (after giving effect to the other amounts
to be deposited in the Distribution Account on such Distribution Date and
allocable to principal) to reduce the Class [A] Certificate Balance to zero.

          "Class [B] Certificate" means a [___]% Asset Backed Certificate,
Class [B], evidencing a beneficial interest in the Trust, substantially in the
form of Exhibit B hereto.

          "Class [B] Certificate Balance" means, as of any date of
determination, the Initial Class [B] Certificate Balance reduced by all
amounts previously distributed to Holders of Class [B] Certificates (or
deposited in the Reserve Account, exclusive of the Reserve Account Initial
Deposit) and allocable to principal and by Realized Losses to the extent of
the amount of such Realized Losses paid from the Class [B] Percentage of the
Principal Distribution Amount.

          "Class [B] Distributable Amount" means, with respect to any
Distribution Date, the sum of the Class [B] Principal Distributable Amount and
the Class [B] Interest Distributable Amount.

          "Class [B] Interest Carryover Shortfall" means, with respect to any
Distribution Date, the excess of the sum of the Class [B] Interest
Distributable Amount for the preceding Distribution Date and any outstanding
Class [B] Interest Carryover Shortfall on such preceding Distribution Date,
over the amount in respect of interest that Holders of the Class [B]
Certificates actually received on such preceding Distribution Date, plus 30
days' interest on such excess, to the extent permitted by law, at the Class
[B] Pass-Through Rate.

          "Class [B] Interest Distributable Amount" means, with respect to any
Distribution Date, the sum of the Class [B] Monthly Interest Distributable
Amount for such Distribution Date and the Class [B] Interest Carryover
Shortfall for such Distribution Date. Unless otherwise specified in this
Agreement, interest with respect to the Class [B] Certificates shall be
computed on the basis of a 360-day year consisting of twelve 30-day months.

                                      3

<PAGE>

          "Class [B] Monthly Interest Distributable Amount" means, with
respect to any Distribution Date, 30 days of interest at the Class [B]
Pass-Through Rate on the Class [B] Certificate Balance on the last day of the
preceding Collection Period.

          "Class [B] Pass-Through Rate" means [___]% per annum.

          "Class [B] Percentage" means [___]%.

          "Class [B] Pool Factor" means, as of the close of business on the
last day of any Collection Period, a seven-digit decimal figure equal to the
Class [B] Certificate Balance as of such Record Date divided by the Initial
Class [B] Certificate Balance.

          "Class [B] Principal Carryover Shortfall" means, as of the close of
any Distribution Date, the excess of the Class [B] Monthly Principal
Distributable Amount and any outstanding Class [B] Principal Carryover
Shortfall from the preceding Distribution Date, over the amount in respect of
principal that is actually distributed to Holders of the Class [B]
Certificates on such current Distribution Date.

          "Class [B] Principal Distributable Amount" means, with respect to
any Distribution Date, the Class [B] Percentage of the Principal Distribution
Amount. In addition, on the Final Scheduled Distribution Date, the principal
required to be included in the Class [B] Principal Distributable Amount will
include the lesser of (a) the Class [B] Percentage of (i) any Scheduled
Payments of principal due and remaining unpaid on each Precomputed Receivable
and (ii) any principal due and remaining unpaid on each Simple Interest
Receivable, in each case, in the Trust as of the Final Scheduled Maturity Date
or (b) the amount that is necessary (after giving effect to the other amounts
to be deposited in the Distribution Account on such Distribution Date and
allocable to principal) to reduce the Class [B] Certificate Balance to zero.

          "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Securities Exchange Act of 1934, as
amended.

          "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 [______________________].

          "Code" means the Internal Revenue Code of 1986, as amended.

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

          "Collection Period" means a calendar month (or in the case of the
first Distribution Date, the period from and including the Cutoff Date to and
including the last day of the calendar month in which the Closing Date
occurs). Any amount stated as of the last day of a Collection Period or as of
the first day of a Collection Period shall give effect to the following
calculations as determined as of the close of business on such last day: (1)
all applications of collections, (2) all current and previous Payaheads, (3)
all applications of Payahead Balances, (4)

                                      4

<PAGE>

all Advances and reductions of Advances and (5) all distributions to be made
on the following Distribution Date.

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

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

          "Custodial Agreement" shall mean the Custodial Agreement, dated as
of [________, _____] by and among the Seller, the Master Servicer, the
Custodian, the Issuer, [__________] and the Indenture Trustee, as the same may
be amended, supplemented or otherwise modified and in effect from time to
time.

          "Cutoff Date" means, with respect to any Receivable, the date as of
which collections on such Receivable will be included in a Trust or the
related Trust Account pursuant to the related Agreement.

          "Dealer" means the dealer who sold a Financed Asset to an Obligor
and who originated and assigned the related Receivable to an Originator.

          "Definitive Certificates" shall have the meaning specified in
Section 6.10.

          "Delivery" means:

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

          (b) with respect to any security issued by the U.S. Treasury, the
Federal Home Loan Mortgage Corporation or by the Federal National Mortgage
Association that is a book-entry security held through the Federal Reserve
System pursuant to federal book-entry regulations, the following procedures,
all in accordance with applicable law, including applicable federal
regulations and Articles 8 and 9 of the UCC: book-entry registration of such
Trust Account Property to an appropriate book-entry account maintained with a
Federal Reserve Bank by a securities intermediary that is also a "depository"
pursuant to applicable federal regulations;

                                      5

<PAGE>

the making by such securities intermediary of entries in its books and records
crediting such Trust Account Property to the Trustee's security account at the
securities intermediary and identifying such book-entry security held through
the Federal Reserve System pursuant to federal book-entry regulations as
belonging to the Trustee; and such additional or alternative procedures as may
hereafter become appropriate to effect complete transfer of ownership of any
such Trust Account Property to the Trustee, consistent with changes in
applicable law or regulations or the interpretation thereof;

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

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

          "Depositor" means Regions Acceptance LLC, a Delaware limited
liability company, and its successors in interest to the extent permitted
hereunder.

          "Depository Agreement" means the agreement dated [_____________],
among the Trustee and The Depository Trust Company, as the initial Clearing
Agency, substantially in the form attached as Exhibit C hereto.

          "Determination Date" means, unless otherwise specified in this
Agreement, the [______] Business Day of each calendar month.

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

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

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

          "Eligible Institution" means (a) the corporate trust department of
the Trustee or any other entity specified in this Agreement or (b) a
depository institution organized under the laws of the United States of
America or any one of the states thereof or the District of Columbia (or any
domestic branch of a foreign bank), which (i) has either (A) a long-term
unsecured debt

                                      6

<PAGE>

rating of [AAA] or better by [RATING AGENCY] and [A1] or better by [RATING
AGENCY] or (B) a certificate of deposit rating of [A-1+] by [RATING AGENCY]
and [P-1] or better by [RATING AGENCY] or any other long-term, short-term or
certificate of deposit rating acceptable to the Rating Agencies and (ii) whose
deposits are insured by the FDIC. If so qualified, the Trustee or any such
other entity specified in this Agreement may be considered an Eligible
Institution for the purposes of clause (b) of this definition.

          "Eligible Investments" mean book-entry securities, negotiable
instruments or securities represented by instruments in bearer or registered
form which evidence:

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

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

          (c) commercial paper, variable amount notes or other short term debt
obligations, having, at the time of the investment or contractual commitment
to invest therein, a rating from each of the Rating Agencies in the highest
applicable rating category granted thereby;

          (d) investments in money market or common trust funds having a
rating from each of the Rating Agencies in the highest applicable rating
category granted thereby (including funds for which the Trustee or any of its
Affiliates is investment manager or advisor);

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

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

          (g) any other investment with respect to which the Trustee or the
Master Servicer has received written notification from the Rating Agencies
that the acquisition of such investment as an Eligible Investment will not
result in a withdrawal or downgrading of the ratings of the Certificates.

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

                                      7

<PAGE>

          "Event of Default" means an event specified in Section 9.01.

          "FDIC" means the Federal Deposit Insurance Corporation.

          "Final Scheduled Distribution Date" means [______________________].

          "Final Scheduled Maturity Date" means [______________________].

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

          "Initial Certificate Balance" means $[______________________].

          "Initial Class [A] Balance" means $[______________________].

          "Initial Class [B] Balance" means $[______________________].

          "Initial Collection Period" means the period beginning on, and
including, [_______________] to and including [________________].

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

          "Interest Distribution Amount" means, with respect to any
Distribution Date, the sum of the following amounts in respect of the
Receivables and the preceding Collection Period: (i) that portion of all
collections on Receivables (including Payaheads that have become due during
such Collection Period) allocable to interest, (ii) Liquidation Proceeds with
respect to the Receivables to the extent allocable to interest due thereon in
accordance with the Master Servicer's customary servicing procedures; (iii)
all Advances made by the Master Servicer of interest due on Receivables, (iv)
the Purchase Amount of each Receivable that became a Purchased Receivable
during the related Collection Period to the extent attributable to accrued
interest on such Receivable and (v) Recoveries for such Collection Period;
provided, however, that in calculating the Interest Distribution Amount the
following will be excluded: (i) amounts received on Precomputed Receivables to
the extent that the Master Servicer has previously made

                                      8

<PAGE>

an unreimbursed Precomputed Advance of interest; (ii) Liquidation Proceeds
with respect to a particular Precomputed Receivable to the extent of any
unreimbursed Precomputed Advances of interest; (iii) all payments and proceeds
(including Liquidation Proceeds) of any Purchased Receivables the Purchase
Amount of which has been included in the Interest Distribution Amount in a
prior Collection Period; (v) the sum for all Simple Interest Receivables of
collections on each such Simple Interest Receivable received during the
preceding Collection Period in excess of the amount of interest that would be
due on the aggregate Principal Balance of the Simple Interest Receivables
during such Collection Period at their respective APRs if a payment were
received on each Simple Interest Receivable during such Collection Period on
the date payment is due under the terms of the related Contract; (vi)
Liquidation Proceeds with respect to a Simple Interest Receivable attributable
to accrued and unpaid interest thereon (but not including interest for the
then current Collection Period) but only to the extent of any unreimbursed
Simple Interest Advances; and (vii) amounts released from the Pre-Funding
Account.

          "Investment Earnings" means, with respect to any Distribution Date,
the investment earnings (net of losses and investment expenses) on amounts on
deposit in the Trust Accounts to be deposited to the Distribution Account on
such Distribution Date pursuant to Section 5.01(b).

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

          "Liquidated Receivable" means any Receivable liquidated by the
Master Servicer through sale of a Financed Asset or otherwise.

          "Liquidation Proceeds" means, with respect to a Liquidated
Receivable, the monies collected in respect thereof, from whatever source,
during the Collection Period in which such Receivable became a Liquidated
Receivable, net of the sum of any amounts expended by the Master Servicer in
connection with such liquidation, plus any amounts required by law to be
remitted to the Obligor.

          "Master Servicer" means Regions Bank, as the master servicer of the
Receivables, and each successor Master Servicer pursuant to Section 8.03 or
9.02.

          "Master Servicer's Certificate" means an Officers' Certificate of
the Master Servicer delivered pursuant to Section 4.09, substantially in the
form of Exhibit D.

          "Non-Master Servicer Termination Event" shall mean the occurrence
and continuation of any one of the following events:

          (a) failure on the part of the Custodian, any Subcustodian or any
     Subservicer duly to observe or to perform any other covenants or
     agreements of the Custodian, any Subcustodian or the Subservicer set
     forth in this Agreement, the Sub-Servicing Agreement or any other Basic
     Document, which failure shall (i) materially and adversely affect the
     rights of the Noteholders, the Issuer, the Owner Trustee or the Indenture

                                      9

<PAGE>

     Trustee and (ii) continue unremedied for a period of 30 days after the
     date on which the Custodian, any Subcustodian or the Subservicer shall
     have knowledge of such failure or written notice of such failure,
     requiring the same to be remedied, shall have been given to the
     Custodian, any Subcustodian or any Subservicer, as the case may be, by
     the Issuer, the Owner Trustee or the Indenture Trustee;

          (b) the occurrence of an Insolvency Event with respect to the
     Custodian, any Subcustodian or the Subservicer;

          (c) any representation, warranty or statement of the Custodian, any
     Subcustodian or the Subservicer made in any Sub-Servicing Agreement or
     this Agreement or the other Basic Documents or any certificate, report or
     other writing delivered pursuant thereto or hereto shall prove to be
     incorrect in any material respect as of the time when the same shall have
     been made, and the incorrectness of such representation, warranty or
     statement has a material adverse effect on the Noteholders and, within 30
     days after written notice thereof shall have been given to the Custodian,
     any Subcustodian or the Subservicer, as applicable, by the Indenture
     Trustee or the Issuer, the circumstance or condition in respect of which
     such representation, warranty or statement was incorrect shall not have
     been eliminated or otherwise cured; or

          (d) an Event of Default.

          "Obligor" on a Receivable means the purchaser or co-purchasers of
the Financed Asset and any other Person who owes payments under the
Receivable.

          "Officers' Certificate" means a certificate signed by the (a)
chairman of the board, the president, any executive vice president or any vice
president and (b) any treasurer, assistant treasurer, secretary or assistant
secretary of the Depositor or the Master Servicer, as appropriate.

          "Opinion of Counsel" means one or more written opinions of counsel,
who may be an employee of or counsel to the Depositor or the Master Servicer,
which counsel shall be acceptable to the Trustee or Rating Agencies, as
applicable.

          "Original Pool Balance" means the sum, as of any date, of the Pool
Balance as of the Cutoff Date.

          "Originator" means [____________________________] which purchased a
Contract from a Dealer and sold such Contract to the Seller.

          "Outstanding Precomputed Advances" on the Precomputed Receivables
means the sum, as of the close of business on the last day of a Collection
Period, of all Precomputed Advances, reduced as provided by Section 5.04(a).

          "Outstanding Simple Interest Advances" on the Simple Interest
Receivables means the sum, as of the close of business on the last day of a
Collection Period, of all Simple Interest Advances, reduced as provided in
Section 5.04(b).

                                      10

<PAGE>

          "Payahead" on a Receivable that is a Precomputed Receivable means
the amount, as of the close of business on the last day of a Collection
Period, computed in accordance with Section 5.03 with respect to such
Receivable.

          "Payahead Account" means the account designated as such, established
and maintained pursuant to Section 5.01(c)(i).

          "Payahead Balance" on a Precomputed Receivable means the sum, as of
the close of business on the last day of a Collection Period, of all Payaheads
made by or on behalf of the Obligor with respect to such Precomputed
Receivable, as reduced by applications of previous Payaheads with respect to
such Precomputed Receivable, pursuant to Sections 5.03 and 5.04.

          "Person" means any individual, corporation, estate, partnership,
joint venture, association, joint stock company, trust, unincorporated
organization, or government or any agency or political subdivision thereof.

          "Physical Property" has the meaning assigned to such term in the
definition of "Delivery" above.

          "Pool Balance" means, as of the close of business on the last day of
a Collection Period, the aggregate Principal Balance of the Receivables as of
such date (excluding Purchased Receivables and Liquidated Receivables).

          "Precomputed Advance" means the amount, as of the close of business
on the last day of a Collection Period, which the Master Servicer is required
to advance on any Precomputed Receivable pursuant to Section 5.04(a).

          "Precomputed Receivable" means any Receivable under which the
portion of each payment allocable to earned interest (which may be referred to
in the Receivable as an add-on finance charge) and the portion allocable to
the Amount Financed are determined according to the sum of periodic balances
or the sum of monthly balances or any equivalent method, or which is a monthly
actuarial receivable.

          "Principal Balance" means the Amount Financed minus the sum, as of
the close of business on the last day of a Collection Period, of (a) with
respect to a Precomputed Receivable (i) that portion of all Scheduled Payments
due on or prior to such day allocable to principal using the actuarial or
constant yield method, (ii) any refunded portion of extended warranty
protection plan costs or of physical damage, credit life or disability
insurance premiums included in the Amount Financed, (iii) any payment of the
Purchase Amount allocable to principal and (iv) any prepayment in full or any
partial prepayments applied to reduce the Principal Balance and (b) with
respect to a Simple Interest Receivable (i) the portion of all payments made
by or on behalf of the related Obligor on or prior to such day and allocable
to principal using the Simple Interest Method and (ii) any payment of the
Purchase Amount allocable to principal; provided that the Principal Balance of
any Receivable that has become a Liquidated Receivable shall be zero.

          "Principal Distribution Amount" means, for any Distribution Date,
the sum of the following amounts with respect to the preceding Collection
Period: (i) that portion of all

                                      11

<PAGE>

collections on Receivables (including amounts withdrawn from the Payahead
Account but excluding amounts deposited into the Payahead Account) allocable
to principal; (ii) all Liquidation Proceeds attributable to the principal
amount of Receivables that became Liquidated Receivables during the Collection
Period in accordance with the Master Servicer's customary servicing
procedures, plus the amount of Realized Losses with respect to such Liquidated
Receivables; (iii) all Precomputed Advances made by the Master Servicer of
principal due on the Precomputed Receivables; (iv) to the extent attributable
to principal, the Purchase Amount received with respect to each Receivable
that became a Purchased Receivable during the related Collection Period; (v)
partial prepayments relating to refunds of extended warranty protection plan
costs or of physical damage, credit life or disability insurance policy
premiums, but only if such costs or premiums were financed by the respective
Obligor as of the date of the original Contract; and (vi) on the Final
Scheduled Distribution Date, any amounts advanced by the Master Servicer on
such Final Scheduled Distribution Date with respect to principal on the
Receivables; provided, however, that in calculating the Principal Distribution
Amount the following will be excluded: (i) amounts received on Precomputed
Receivables to the extent that the Master Servicer has previously made an
unreimbursed Precomputed Advance of principal; (ii) Liquidation Proceeds with
respect to a particular Precomputed Receivable to the extent of any
unreimbursed Precomputed Advances of principal; (iii) all payments and
proceeds (including Liquidation Proceeds) of any Purchased Receivables the
Purchase Amount of which has been included in the Principal Distribution
Amount in a prior Collection Period, and (iv) Recoveries.

          "Purchase Amount" means the amount, as of the close of business on
the last day of a Collection Period, required to prepay in full a Receivable
under the terms thereof including interest to the end of the month of
purchase.

          "Purchased Receivable" means a Receivable purchased as of the close
of business on the last day of a Collection Period by the Master Servicer
pursuant to Section 4.07 by the Depositor pursuant to Section 3.02 or by the
Seller pursuant to Section 3.01.

          "Rating Agency" means [RATING AGENCY] and [RATING AGENCY]. If no
such organization or successor is any longer in existence, "Rating Agency"
shall mean any nationally recognized statistical rating organization or other
comparable Person designated by the Depositor, notice of which designation
shall be given to the Trustee and the Master Servicer.

          "Rating Agency Condition" means, with respect to any action, that
each Rating Agency shall have been given 10 days' (or such shorter period as
shall be acceptable to each Rating Agency) prior notice thereof and that each
of the Rating Agencies shall have notified the Depositor, the Master Servicer
and the Trustee in writing that such action will not result in a reduction or
withdrawal of the then current rating of the Certificates.

          "Realized Losses" means, with respect to any Receivable that becomes
a Liquidated Receivable, the excess of the Principal Balance of such
Liquidated Receivable over Liquidation Proceeds to the extent allocable to
principal.

          "Receivable" means any Contract transferred to the Trust on the
Closing Date that is listed on Schedule A to this Agreement (which schedule
may be in the form of microfiche).

                                      12

<PAGE>

          "Receivable Files" means the documents specified in Section 3.04.

          "Receivables Purchase Agreement" means the purchase agreement dated
as of [_______] between the Seller, as seller and the Depositor, as purchaser.

          "Record Date" with respect to each Distribution Date means the first
day of the calendar month in which such Distribution Date occurs, unless
otherwise specified in this Agreement.

          "Recoveries" means, with respect to any Receivable that becomes a
Liquidated Receivable, monies collected in respect thereof, from whatever
source, during any Collection Period following the Collection Period in which
such Receivable became a Liquidated Receivable, net of the sum of any amounts
expended by the Master Servicer for the account of the Obligor and any amounts
required by law to be remitted to the Obligor.

          "Regions Bank" means Regions Bank, an Alabama state banking
corporation and a wholly-owned subsidiary of Regions Financial Corporation.

          "Reserve Account" means the account designated as such, established
and maintained pursuant to Section 5.07.

          "Reserve Account Initial Deposit" means, with respect to the Closing
Date and taking into account any transfer of Subsequent Receivables on such
date, an amount equal to the Specified Reserve Account Balance on the Closing
Date (which is equal to $[________________]) and, with respect to each
Subsequent Transfer Date after the Closing Date, an amount equal to [___]% of
the Principal Balance of the Subsequent Receivables transferred to the Trust
on such Subsequent Transfer Date.

          "Reserve Account Property" has the meaning assigned thereto in
Section 5.07(b).

          "Scheduled Payment" on a Precomputed Receivable means that portion
of the payment required to be made by the Obligor during each Collection
Period sufficient to amortize the Principal Balance thereof under the
actuarial method over the term of the Receivable and to provide interest at
the APR.

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

          "Servicing Fee" means the fee payable to the Master Servicer for
services rendered during each Collection Period, determined pursuant to
Section 4.08.

          "Servicing Rate" means [___]% per annum.

          "Simple Interest Advance" means the amount of interest, as of the
close of business on the last day of a Collection Period, which the Master
Servicer is required to advance on the Simple Interest Receivables pursuant to
Section 5.04(b).

                                      13

<PAGE>

          "Simple Interest Method" means the method of allocating a fixed
level payment to principal and interest, pursuant to which the portion of such
payment that is allocated to interest is equal to the product of the fixed
rate of interest multiplied by the unpaid principal balance multiplied by the
period of time elapsed since the preceding payment of interest was made and
the remainder of such payment is allocable to principal.

          "Simple Interest Receivable" means any Receivable under which the
portion of a payment allocable to interest and the portion allocable to
principal is determined in accordance with the Simple Interest Method.

          "Specified Reserve Account Balance" means [STATE FORMULA].

          "Subcustodian" shall mean [__________], a [___________] corporation
and any successor.

          "Subservicer" shall mean [__________], a [___________] corporation,
in its capacity as the subservicer of the Receivables under Section 4.01, and,
upon succession in accordance herewith, each successor subservicer in the same
capacity pursuant to 4.01.

          "Sub-Servicing Agreement" shall mean any subservicing agreement
between the Master Servicer and a subservicer, as the same may be amended,
supplemented or otherwise modified and in effect from time to time, including
the [_____] Sub-Servicing Agreement.

          "Total Distribution Amount" means, for each Distribution Date, the
sum of the Interest Distribution Amount and the Principal Distribution Amount
(other than the portion thereof attributable to Realized Losses).

          "Trust" shall have the meaning set forth in this Agreement.

          "Trustee" means [TRUSTEE], a [_____], not in its individual
capacity, but as Trustee under this pooling and servicing agreement, or, its
successors in interest and any successor Trustee hereunder.

          "Trustee Officer" means the chairman or vice-chairman of the board
of directors, the chairman or vice-chairman of the executive committee of the
board of directors, the president, any vice president, the secretary, any
assistant secretary, the treasurer, any assistant treasurer, the cashier, any
assistant cashier, any trust officer or assistant trust officer, the
controller and any assistant controller or any other officer of the Trustee
customarily performing functions similar to those performed by any of the
above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject.

          "UCC" means the Uniform Commercial Code as in effect in the relevant
jurisdiction on the date thereof.

          Section 1.02. Other Definitional Provisions. (a) All terms defined
in this Agreement shall have the defined meanings when used in any certificate
or other document made or delivered pursuant hereto or thereto unless
otherwise defined therein.

                                      14

<PAGE>

          (b) As used herein and in any certificate or other document made or
delivered pursuant hereto, accounting terms not defined herein or in any such
certificate or other document, and accounting terms partly defined herein 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 herein or
in any such certificate or other document are inconsistent with the meanings
of such terms under generally accepted accounting principles, the definitions
contained herein, or in any such certificate or other document shall control.

          (c) The words "hereof," "herein," "hereunder" and word of similar
import when used herein shall refer to this Agreement as a whole and not to
any particular provision of this Agreement; Article, Section, Schedule and
Exhibit references contained in this Agreement are references to Articles,
Sections, Schedules and Exhibits in or to this Agreement, respectively; and
the term "including" and its variations shall mean "including without
limitation".

          (d) The definitions contained in this Agreement are applicable to
the singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such terms.

          (e) 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.

                            Establishment of Trust

          Section 2.01. Creation of Trust. Upon the execution of this
Agreement by the parties hereto, there is hereby created a separate trust,
which shall be known as Regions Auto Receivables Trust 200__-__ (the "Trust").
The Trust shall be administered pursuant to the provisions of this Agreement
for the benefit of the Certificateholders.

          Section 2.02. Acceptance by Trustee. The Trustee hereby accepts all
consideration conveyed by the Depositor pursuant to Section 2.03 and declares
that it will hold such consideration upon the trusts set forth herein for the
benefit of the Certificateholders, subject to the terms and provisions of this
Agreement.

          Section 2.03. Conveyance of Receivables. In consideration of the
Trustee's delivery on the Closing Date to or upon the order of the Depositor
of Class [A] Certificates in an initial aggregate principal amount equal to
the Initial Class [A] Balance and Class [B] Certificates in an initial
aggregate principal amount equal to the Initial Class [B] Balance, the
Depositor does hereby sell, transfer, assign, set over and otherwise convey to
the Trustee for the benefit of the Certificateholders, without recourse
(subject to the obligations set forth herein), all right, title and interest
of the Depositor in and to:

                                      15

<PAGE>

          (1) the Receivables, and all moneys due thereon on or after
          __________, in the case of Precomputed Receivables, and all moneys
          received thereon on and after __________, in the case of Simple
          Interest Receivables;

          (2) the security interests in the Financed Assets granted by
          Obligors pursuant to the Receivables and any other interest of the
          Seller or the Depositor in such Financed Assets;

          (3) any proceeds with respect to the Receivables from claims on any
          physical damage, credit life or disability insurance policies
          covering Financed Assets or Obligors;

          (4) any proceeds from recourse to Dealers on Receivables with
          respect to which the Master Servicer has determined in accordance
          with its customary servicing procedures that eventual payment in
          full is unlikely;

          (5) any Financed Asset that shall have secured any such Receivable
          and shall have been acquired by or on behalf of the Seller, the
          Depositor, the Master Servicer or the Trust;

          (6) all right, title and interest of the Depositor under the
          Receivables Purchase Agreement, including, without limitation, the
          right of the Depositor to cause the Seller to purchase Receivables
          under certain circumstances.

          (7) the proceeds of any and all of the foregoing.

                                 ARTICLE III.

                                The Receivables

          Section 3.01. Representations and Warranties of the Seller. (a) The
Seller has made each of the representations and warranties set forth under
Section 3.02(b) of the Receivables Purchase Agreement and has consented to the
assignment by the Depositor to the Trust of the Depositor's rights with
respect thereto. Such representations and warranties speak as of the execution
and delivery of this Agreement and as of the Closing Date, but shall survive
the sale, transfer and assignment of the Receivables to the Trust. Pursuant to
Section 2.02 of this Agreement, the Depositor has sold, assigned, transferred
and conveyed to the Trust, as part of the assets of the Trust, its rights
under the Receivables Purchase Agreement, including the representations and
warranties of the Seller in Section 3.02(b) therein, upon which the Trustee
relies in accepting the Receivables and delivering the Certificates, together
with all rights of the Depositor with respect to any breach thereof, including
the right to require the Seller to repurchase Receivables in accordance with
the Receivables Purchase Agreement. It is understood and agreed that the
representations and warranties referred to in this Section shall survive the
delivery of the Receivable Files to the Trustee or any custodian.

          (b) the Seller hereby agrees that the Trustee shall have the right,
on behalf of the Trust and the Certificateholders, to enforce any and all
rights under the Receivables Purchase Agreement assigned to the Trust herein,
including the right to cause the Sellers to repurchase any

                                      16

<PAGE>

Receivable with respect to which it is in breach of any of its representations
and warranties set forth in Section 3.02(b) therein, directly against the
Sellers as though the Trustee, as trustee of the Trust, were a party to the
Receivables Purchase Agreement, and the Trustee shall not be obligated to
exercise any such rights indirectly through the Depositor.

          Section 3.02. Representations and Warranties of the Depositor. The
Depositor makes the following representations and warranties as to the
Receivables on which the Trustee relies in accepting the Receivables and
delivering the Certificates and the Security Insurer relies in issuing the
Policy. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date, but shall survive the
sale, transfer and assignment of the Receivables by the Depositor to the
Trust.

          (a) Title. It is the intention of the Depositor that (i) the
transfer and assignment herein contemplated constitute a sale of the
Receivables from the Depositor to the Trust, conveying good title thereto,
free and clear of any Liens or rights of other Persons and (ii) the beneficial
interest in and title to the Receivables not be part of the debtor's estate in
the event of the filing of a bankruptcy petition by or against the Depositor
under any bankruptcy law. No Receivable has been sold, transferred, assigned
or pledged by the Depositor to any Person other than the Trust. Immediately
prior to the transfer and assignment herein contemplated, the Depositor had
good and marketable title to each Receivable, free and clear of all Liens and
rights of others and, immediately upon the transfer thereof, the Trust shall
have good and marketable title to each such Receivable, free and clear of all
Liens and rights of others; and the transfer has been perfected under the UCC.

          (b) All Filings Made. All filings (including UCC filings) necessary
in any jurisdiction to give the Trust a first perfected ownership interest in
the Receivables shall have been made.

          Section 3.03. Repurchase Upon Breach. The Depositor, the Master
Servicer or the Trustee, as the case may be, shall inform the other parties to
this Agreement promptly, in writing, upon the discovery of any breach of the
Depositor's representations and warranties made pursuant to Section 3.01 of
this Agreement or Section [___] of the Receivable Purchase Agreement or of the
Depositor's representations and warranties made pursuant to Section 3.02
above. Unless any such breach shall have been cured by the last day of the
second Collection Period following the discovery thereof by the Trustee or
receipt by the Trustee of notice from the Depositor or the Master Servicer of
such breach, the Depositor shall be obligated to repurchase any Receivable
materially and adversely affected by any such breach as of such last day (or,
at the Depositor's option, the last day of the first Collection Period
following such discovery or notice). In consideration of the repurchase of any
Receivable, the Depositor shall remit the Purchase Amount, in the manner
specified in Section 5.05 provided, however, that the obligation of the
Depositor to repurchase any receivable arising solely as a result of a breach
of the Seller's representations and warranties under Section 3.02 of the
Receivables Purchase Agreement is subject to the receipt by the Depositor of
the Purchase Amount from the Seller. Subject to the provisions of Section
7.03, the sole remedy of the Trustee, the Trust or the Certificateholders with
respect to a breach of representations and warranties pursuant to Section 3.01
and 3.02 and the Agreement contained in this Section shall be to require the
Depositor to repurchase Receivables pursuant to this Section, subject to the
conditions contained herein or to enforce the

                                      17

<PAGE>

Seller's obligation to the Depositor to repurchase such Receivables pursuant
to the Receivables Purchase Agreement.

          Section 3.04. Custody of Receivable Files. To assure uniform quality
in servicing the Receivables and to reduce administrative costs, the Trustee,
upon the execution and delivery of this Agreement, hereby revocably appoints
the Master Servicer, and the Master Servicer hereby accepts such appointment,
to act as the agent of the Trustee as custodian of the following documents or
instruments which are hereby constructively delivered to the Trustee as of the
Cutoff Date with respect to each Receivable:

               (i) the original of the Receivable;

               (ii) the original credit application fully executed by the
     Obligor;

               (iii) the original certificate of title or such documents that
     the Master Servicer or the Depositor shall keep on file, in accordance
     with its customary procedures, evidencing the security interest of the
     Depositor in the Financed Asset; and

               (iv) any and all other documents that the Master Servicer or
     the Depositor shall keep on file, in accordance with its customary
     procedures, relating to a Receivable, an Obligor or a Financed Asset.

The custodian may delegate or subcontract out its duties as custodian;
provided that no such delegation or subcontract arrangement shall relieve the
custodian of its duties and obligations hereunder. The Trustee and the Seller
hereby acknowledge and consent to the delegation by the initial custodian of
its duties and obligations to [_______], as agent of the Issuer and the
Trustee.

          Section 3.05. Duties of Master Servicer as Custodian. (a)
Safekeeping. The Master Servicer shall hold the Receivable Files as custodian
on behalf of the Trustee for the benefit of all present and future
Certificateholders, and shall maintain such accurate and complete accounts,
records and computer systems pertaining to each Receivable File as shall
enable the Trustee to comply with this Agreement. In performing its duties as
custodian the Master Servicer shall act with reasonable care, using that
degree of skill and attention that the Master Servicer exercises with respect
to the receivable files relating to all comparable [new and used automobiles,
light-duty trucks, motorcycles, recreational vehicles, vans, minivans and/or
sport utility vehicles] receivables that the Master Servicer services for
itself or others consistent with the procedures employed by institutions that
act as custodian for comparable automotive receivables. The Master Servicer
shall conduct, or cause to be conducted, periodic audits of the Receivable
Files held by it under this Agreement, and of the related accounts, records
and computer systems, in such a manner as shall enable the Trustee to verify
the accuracy of the Master Servicer's record keeping. The Master Servicer
shall promptly report to the Trustee any failure on its part to hold the
Receivable Files and maintain its accounts, records and computer systems as
herein provided and shall promptly take appropriate action to remedy any such
failure. Nothing herein shall be deemed to require an initial review or any
periodic review by the Trustee of the Receivable Files. The Master Servicer
may delegate or subcontract out its duties as custodian hereunder to an entity
acceptable to the Insurer; provided that no such delegation or subcontract
arrangement shall relieve the custodian of its duties and obligations
hereunder.

                                      18

<PAGE>

          (b) Maintenance of and Access to Records. The Master Servicer shall
maintain each Receivable File at one of its offices or the office of the
Subcustodian specified in Schedule B to this Agreement or at such other office
as shall be specified to the Trustee by written notice not later than 30 days
after any change in location. The Master Servicer shall make available to the
Trustee or its duly authorized representatives, attorneys or auditors a list
of locations of the Receivable Files and the related accounts, records and
computer systems maintained by the Master Servicer at such times during normal
business hours as the Trustee shall instruct.

          (c) Release of Documents. Upon instruction from the Trustee, the
Master Servicer shall release any Receivable File to the Trustee, the
Trustee's agent or the Trustee's designee, as the case may be, at such place
or places as the Trustee may designate, as soon as practicable.

          Section 3.06. Instructions; Authority to Act. The Master Servicer
shall be deemed to have received proper instructions with respect to the
Receivable Files upon its receipt of written instructions signed by a Trustee
Officer.

          Section 3.07. Custodian's Indemnification. The Master Servicer as
custodian shall indemnify the Trustee and each of its officers, directors,
employees and agents for any and all liabilities, obligations, losses,
compensatory damages, payments, costs, or expenses of any kind whatsoever that
may be imposed on, incurred by or asserted against the Trustee or any of its
officers, directors, employees or agents as the result of any improper act or
omission in any way relating to the maintenance and custody by the Master
Servicer as custodian of the Receivable Files; provided, however, that the
Master Servicer shall not be liable to the Trustee or any such officers,
director, employee or agent of the Trustee for any portion of any such amount
resulting from the willful misfeasance, bad faith or negligence of the Trustee
or any such officer, director, employee or agent of the Trustee.

          Section 3.08. Effective Period and Termination. The Master
Servicer's appointment as custodian shall become effective as of the Cutoff
Date and shall continue in full force and effect until terminated pursuant to
this Section. If __________ shall resign as Master Servicer in accordance with
the provisions hereof, or if all of the rights and obligations of any Master
Servicer shall have been terminated under Section 9.01, the appointment of
such Master Servicer as custodian shall be terminated by the Trustee or by
Holders of the Class [A] Certificates evidencing not less than [___]% of the
Class [A] Certificate Balance, in the same manner as the Trustee or such
Holders may terminate the rights and obligations of the Master Servicer under
Section 9.01. The Trustee may terminate the Master Servicer's appointment as
custodian, with cause, at any time upon written notification to the Master
Servicer, and without cause upon 30 days' prior written notification. As soon
as practicable after any termination of such appointment, the Master Servicer
shall deliver the Receivable Files to the Trustee or the Trustee's agent at
such place or places as the Trustee may reasonably designate.

          Section 3.09. Transfer and Delivery of Receivable Files. Following
the occurrence of a Non-Master Servicer Default, Certificateholders of
Certificates evidencing not less than 25% of the Outstanding Amount of the
Certificates may instruct the Master Servicer and the custodian to transfer
and deliver and the Master Servicer and the custodian shall transfer

                                      19

<PAGE>

and deliver, the Receivable Files to the Trustee or a successor custodian. The
Master Servicer and the predecessor custodian shall pay all costs and expenses
of any such transfer of the Receivable Files.

                                 ARTICLE IV.

                  Administration and Servicing of Receivables

          Section 4.01. Duties of Master Servicer. The Master Servicer, as
agent for the Trustee (to the extent provided herein), shall manage, service,
administer and make collections on the Receivables (other than Purchased
Receivables) with reasonable care, using that degree of skill and attention
that the Master Servicer exercises with respect to all comparable receivables
that it services for itself or others. The Master Servicer may engage agents
and subservicers, including the Subservicer, to fulfill its duties hereunder;
provided, that such subservicer does not primarily service the Contracts from
inside the State of Florida. All amounts payable to the subservicer shall be
paid by the master servicer and shall not be obligations of the Issuer or paid
from the Trust property. No such delegation or engagement of agents,
subservicers or subcontractors by the Master Servicer shall relieve the Master
Servicer of its responsibilities with respect to any of its duties hereunder.
The Master Servicer's duties shall include collection and posting of all
payments, responding to inquiries of Obligors on such Receivables,
investigating delinquencies, sending payment coupons to Obligors, reporting
tax information to Obligors, accounting for collections, furnishing monthly
and annual statements to the Trustee with respect to distributions, and making
Advances pursuant to Section 5.04. Subject to the provisions of Section 4.02,
the Master Servicer shall follow its customary standards, policies and
procedures in performing its duties as Master Servicer. Without limiting the
generality of the foregoing, the Master Servicer is authorized and empowered
by the Trustee to execute and deliver, on behalf of itself, the Trust, the
Certificateholders, the Trustee, or any of them, any and all instruments of
satisfaction or cancellation, or partial or full release or discharge, and all
other comparable instruments, with respect to such Receivables or to the
Financed Assets securing such Receivables. If the Master Servicer shall
commence a legal proceeding to enforce a Receivable, the Trustee (in the case
of any Receivable other than a Purchased Receivable) shall thereupon be deemed
to have automatically assigned, solely for the purpose of collection, such
Receivable to the Master Servicer. If in any enforcement suit or legal
proceeding it shall be held that the Master Servicer may not enforce a
Receivable on the ground that it shall not be a real party in interest or a
holder entitled to enforce such Receivable, the Trustee shall, at the Master
Servicer's expense and direction, take steps to enforce such Receivable,
including bringing suit in its name or the name of the Certificateholders. The
Trustee shall, upon written request of the Master Servicer, furnish the Master
Servicer with any powers of attorney and other documents reasonably necessary
or appropriate to enable the Master Servicer to carry out its servicing and
administrative duties hereunder.

          The Master Servicer may engage agents and subservicers, including
the Subservicer, to fulfill its duties hereunder; provided, that such
Subservicer does not primarily service the Receivables from inside the State
of Florida. The Master Servicer has appointed [_________] to act as
Subservicer pursuant to the [_________] Sub-Servicing Agreement and the Seller
and the Indenture Trustee hereby acknowledge and consent to such appointment.
All amounts payable to any Subservicer shall be paid by the Master Servicer
and shall not be obligations of the Indenture

                                      20

<PAGE>

Trustee, the Owner Trustee or the Issuer or paid from the Trust Estate and no
appointment of a Subservicer shall result in any additional expense to the
Indenture Trustee, the Owner Trustee, the Noteholders, the Certificateholders
or the Issuer. No such delegation or engagement of agents, Subservicers or
subcontractors by the Master Servicer shall relieve the Master Servicer of its
responsibilities with respect to any of its duties hereunder. References in
this Agreement to actions taken or to be taken by the Master Servicer include
actions taken or to be taken by a Subservicer on behalf of the Master
Servicer. For purposes of this Agreement, the Master Servicer shall each be
deemed to have received any payment when a subservicer retained by it receives
such payment.

          References to the customary servicing standards (and procedures),
customary and usual procedures, customary standards and customary collections
policy of the Master Servicer and similar expressions used in this Agreement
shall be deemed to refer to the standards, procedures and policies of the
Master Servicer or such standards, procedures and policies as the Master
Servicer requires that its agents, subservicers or subcontractors follow.

          Neither the Master Servicer nor any Subservicer shall perform any
non-ministerial duties in the State of Florida without first providing an
Opinion of Counsel in form and substance acceptable to the Indenture Trustee
to the effect that the performance of such non-ministerial duties will not
adversely affect the tax treatment of the Issuer.

          Section 4.02. Collection and Allocation of Receivable Payments. The
Master Servicer shall make reasonable efforts to collect all payments called
for under the terms and provisions of the Receivables as and when the same
shall become due and shall follow such collection procedures as it follows
with respect to all comparable [new and used automobiles, light-duty trucks,
motorcycles, recreational vehicles, vans, minivans and/or sport utility
vehicles] receivables that it services for itself or others. The Master
Servicer shall allocate collections between principal and interest in
accordance with the customary servicing procedures it follows with respect to
all comparable [new and used automobiles, light-duty trucks, motorcycles,
recreational vehicles, vans, minivans and/or sport utility vehicles]
receivables that it services for itself or others. The Master Servicer may
grant extensions, rebates or adjustments on a Receivable, which shall not, for
the purposes of this Agreement, modify the original due dates or amounts of
the Scheduled Payments on a Precomputed Receivable or the original due dates
or amounts of the originally scheduled payments of interest on Simple Interest
Receivables; provided, however, that if the Master Servicer extends the date
for final payment by the Obligor of any Receivable beyond the Final Scheduled
Maturity Date, it shall promptly repurchase such Receivable from the Trust in
accordance with the terms of Section 4.07. The Master Servicer may in its
discretion waive any late payment charge or any other fees that may be
collected in the ordinary course of servicing a Receivable. The Master
Servicer shall not agree to any alteration of the interest rate on any
Receivable or of the amount of any Scheduled Payment on Precomputed
Receivables or the originally scheduled payments on Simple Interest
Receivables.

          Section 4.03. Realization Upon Receivables. On behalf of the Trust,
the Master Servicer shall use its best efforts, consistent with its customary
servicing procedures, to repossess or otherwise convert the ownership of the
Financed Asset securing any Receivable as to which the Master Servicer shall
have determined eventual payment in full is unlikely. The Master Servicer
shall follow such customary and usual practices and procedures as it shall
deem

                                      21

<PAGE>

necessary or advisable in its servicing of such receivables, which shall
include reasonable efforts to realize upon any recourse, if any, to Dealers
and selling the Financed Asset at public or private sale. The foregoing shall
be subject to the provision that, in any case in which the Financed Asset
shall have suffered damage, the Master Servicer shall not expend funds in
connection with the repair or the repossession of such Financed Asset unless
it shall determine in its discretion that such repair and/or repossession will
increase the Liquidation Proceeds by an amount greater than the amount of such
expenses.

          Section 4.04. Physical Damage Insurance. The Master Servicer, in
accordance with its customary servicing procedures, shall require that each
Obligor shall have obtained physical damage insurance covering the Financed
Asset as of the execution of the Receivable.

          Section 4.05. Maintenance of Security Interests in Financed Assets.

          (a) The Master Servicer shall, in accordance with its customary
servicing procedures, take such steps as are necessary to maintain perfection
of the security interest created by each Receivable in the related Financed
Asset; provided, however, that except as provided in Section 4.05(b), the
Master Servicer shall not be required to perfect or reperfect the security
interest in the Financed Assets in the name of the Issuer or the Trustee. The
Trustee hereby authorizes the Master Servicer to take such steps as are
necessary to re-perfect such security interest on behalf of the Trust in the
event of the relocation of a Financed Asset or for any other reason.

          (b) [The Depositor, the Trustee and the Master Servicer hereby agree
that, upon the occurrence of a Non-Master Servicer Termination Event, the
[______] may take or cause to be taken such actions as may, in the opinion of
counsel to the [______] , be necessary to perfect or re-perfect the security
interests in the Financed Assets in the name of the Issuer or the Trustee,
including by amending the title documents of the Financed Assets. The Master
Servicer hereby agrees to pay all expenses related to such perfection or
reperfection and to take all action necessary therefor. If such expenses are
not paid within 15 days after delivery of any invoice therefor, such expenses
shall be paid pursuant to Section [_______].]

          Section 4.06. Covenants of Master Servicer. The Master Servicer
shall not release the Financed Asset securing any Receivable from the security
interest granted by such Receivable in whole or in part except in the event of
payment in full by the Obligor thereunder or repossession, nor shall the
Master Servicer impair the rights of the Trust or the Certificateholders in
such Receivables, nor shall the Master Servicer increase the number of
scheduled payments due under a Receivable.

          Section 4.07. Purchase of Receivables Upon Breach. The Master
Servicer or the Trustee shall inform the other party and the Depositor
promptly, in writing, upon the discovery of any breach pursuant to Section
4.02, 4.05 or 4.06. Unless the breach shall have been cured by the last day of
the second Collection Period following such discovery (or, at the Master
Servicer's election, the last day of the first following Collection Period),
the Master Servicer shall purchase any Receivable materially and adversely
affected by such breach as of such last day. If the Master Servicer takes any
action in any Collection Period pursuant to Section 4.02 that impairs the
right of the Trustee, the Trust or the Certificateholders in any Receivable or
as

                                      22

<PAGE>

otherwise provided in Section 4.02, the Master Servicer shall purchase such
Receivable as of the last day of such Collection Period. In consideration of
the purchase of any such Receivable pursuant to either of the two preceding
sentences, the Master Servicer shall remit the Purchase Amount in the manner
specified in Section 5.05. For purposes of this Section, the Purchase Amount
shall consist in part of a release by the Master Servicer of all rights of
reimbursement with respect to Outstanding Precomputed Advances or Outstanding
Simple Interest Advances on the Receivable. Subject to Section 8.02, the sole
remedy of the Trustee, the Trust or the Certificateholders with respect to a
breach pursuant to Section 4.02, 4.05 or 4.06 shall be to require the Master
Servicer to repurchase Receivables pursuant to this Section. The Trustee shall
have no duty to conduct any affirmative investigation as to the occurrence of
any condition requiring the repurchase of any Receivable pursuant to this
Section.

          Section 4.08. Servicing Fee. The Servicing Fee for a Distribution
Date shall equal the product of (a) one twelfth, (b) the Servicing Rate and
(c) the Pool Balance as of the first day of the preceding Collection Period.
The Master Servicer shall also be entitled to all late fees, prepayment
charges (including, in the case of a Receivable that provides for payments
according to the "Rule of 78s" and that is prepaid in full, the difference
between the Principal Balance of such Receivable (plus accrued interest to the
date of prepayment) and the principal balance of such Receivable computed
according to the "Rule of 78s") and other administrative fees or similar
charges allowed by applicable law with respect to the Receivables, collected
(from whatever source) on the Receivables, plus any reimbursement pursuant to
Section 8.02.

          Section 4.09. Master Servicer's Certificate. Not later than [11:00
a.m. (New York time)] on each Determination Date, the Master Servicer shall
deliver to the Trustee, the Rating Agencies and the Depositor, a Master
Servicer's Certificate containing all information necessary to make the
distributions on the related Distribution Date pursuant to Section 5.06
(including, if required, withdrawals from any Reserve Account, withdrawals
from or deposits to the Payahead Account and Precomputed Advances by the
Master Servicer pursuant to Section 5.04) for the related Collection Period.
Receivables to be purchased by the Master Servicer or to be repurchased by the
Depositor or the Seller shall be identified by the Master Servicer by account
number with respect to such Receivable (as specified in Schedule A).

          Section 4.10. Annual Statement as to Compliance; Notice of Default;
Sarbanes-Oxley. (a) The Master Servicer shall deliver to the Trustee, on or
before [___________] of each year, an Officers' Certificate, dated as of
[_____________] of the preceding year, stating that (A) a review of the
activities of the Master Servicer during the preceding 12-month period (or
such shorter period as shall have elapsed since the Closing Date) and of its
performance hereunder and under this Agreement has been made under such
officers' supervision and (B) to the best of such officers' knowledge, based
on such review, the Master Servicer has fulfilled all its obligations under
this Agreement throughout such year or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to such
officers and the nature and status thereof. The Trustee shall send a copy of
such certificate and the report referred to in Section 4.11 to the Rating
Agencies. A copy of such certificate and the report referred to in Section
4.11 may be obtained by any Certificateholder by a request in writing to the
Trustee addressed to the Corporate Trust Office.

                                      23

<PAGE>

          (b) The Master Servicer shall deliver to the Trustee and to the
Rating Agencies, promptly after having obtained knowledge thereof, but in no
event later than 5 Business Days thereafter, written notice in an Officers'
Certificate of any event which with the giving of notice or lapse of time, or
both, would become an Event of Default under Section 9.01, clause (a) or (b).

          (c) The Master Servicer shall provide on a timely basis for filing
with the applicable reports of the Issuer under the Securities Exchange Act of
1934, as amended, the certifications required by Section 302 of the
Sarbanes-Oxley Act of 2002 to be included in those reports.

          Section 4.11. Annual Independent Certified Public Accountant's
Report. The Master Servicer shall cause a firm of independent certified public
accountants, which may also render other services to the Master Servicer, the
Depositor or their Affiliates, to deliver to the Owner Trustee and the Trustee
on or before [__________] of each year beginning [________ ], [ ], a report
addressed to the Board of Directors of the Master Servicer, to the effect that
such firm has examined the financial statements of the Master Servicer and
issued its report thereon and that such examination (1) was made in accordance
with generally accepted auditing standards and accordingly included such tests
of the accounting records and such other auditing procedures as such firm
considered necessary in the circumstances; (2) included tests relating to
[automotive] [recreation vehicle] loans serviced for others in accordance with
the requirements of the Uniform Single Attestation Program for Mortgage
Bankers (the "Program"), to the extent the procedures in such Program are
applicable to the servicing obligations set forth in this Agreement; and (3)
except as described in the report, disclosed no exceptions or errors in the
records relating to [automobile and light-duty truck] [recreational vehicle]
loans serviced for others that, in the firm's opinion, paragraph four of such
Program requires such firm to report. In rendering its report such firm may
rely, as to matters relating to the servicing of the Receivables by any
Subservicers, upon comparable reports of firms of independent certified public
accountants rendered on the basis of examinations conducted in accordance with
the same standards (rendered within one year of such report) with respect to
those Subservicers.

          Such report will also indicate that the firm is independent of the
Master Servicer and any Subservicer within the meaning of the Code of
Professional Ethics of the American Institute of Certified Public Accountants.

          Section 4.12. Access to Certain Documentation and Information
Regarding Receivables. The Master Servicer shall provide to the
Certificateholders access to the Receivable Files in such cases where the
Certificateholder shall be required by applicable statutes or regulations to
review such documentation. Access shall be afforded without charge, but only
upon reasonable request and during the normal business hours at the offices of
the Master Servicer. Nothing in this Section shall affect the obligation of
the Master Servicer to observe any applicable law prohibiting disclosure of
information regarding the Obligors, and the failure of the Master Servicer to
provide access to information as a result of such obligation shall not
constitute a breach of this Section.

          Section 4.13. Master Servicer Expenses. The Master Servicer shall be
required to pay all expenses incurred by it in connection with its activities
hereunder, including fees and

                                      24

<PAGE>

disbursements of independent accountants, taxes imposed on the Master Servicer
and expenses incurred in connection with distributions and reports to
Certificateholders.

          Section 4.14. Appointment of Subservicer. The Master Servicer may at
any time appoint a subservicer to perform all or any portion of its
obligations as Master Servicer hereunder; provided that the Rating Agency
Condition shall have been satisfied in connection therewith; and, provided,
further, that the Master Servicer shall remain obligated and shall be liable
to the Trustee and the Certificateholders for the servicing and administering
of the Receivables in accordance with the provisions hereof without diminution
of such obligation and liability by virtue of the appointment of such
subservicer and to the same extent and under the same terms and conditions as
if the Master Servicer alone were servicing and administering the Receivables.
The fees and expenses of the subservicer shall be as agreed between the Master
Servicer and its subservicer from time to time, and none of the Trust, the
Trustee or the Certificateholders shall have any responsibility therefor.
Neither the Master Servicer nor any Subservicer shall perform any
non-ministerial duties in the State of Florida without first providing an
Opinion of Counsel in form and substance acceptable to the Indenture Trustee
to the effect that the performance of such non-ministerial duties will not
adversely affect the tax treatment of the Issuer.

                                  ARTICLE V.

                        Distributions; Reserve Account;
                       Statements to Certificateholders

          Section 5.01. Establishment of Trust Accounts. (a) (i) The Master
Servicer, for the benefit of the Certificateholders, shall establish and
maintain in the name of the Trustee an Eligible Deposit Account (the
"Collection Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Certificateholders.
Investment earnings on funds in the Collection Account shall be paid to the
Master Servicer as additional servicing compensation.

               (ii) The Master Servicer, for the benefit of the
     Certificateholders, shall establish and maintain in the name of the
     Trustee a non-interest bearing account (the "Distribution Account"),
     bearing a designation clearly indicating that the funds deposited therein
     are held for the benefit of the Certificateholders.

          (b) Funds on deposit in the Collection Account shall be invested by
the Trustee in Eligible Investments selected in writing by the Master Servicer
or an investment manager selected by the Master Servicer, which investment
manager shall have agreed to comply with the terms of this Agreement as they
relate to investing such funds; provided, however, that it is understood and
agreed that the Trustee shall not be liable for any loss arising from such
investment in Eligible Investments. All such Eligible Investments shall be
held by the Trustee for the benefit of the Master Servicer, and on each
Distribution Date all interest and other investment income (net of losses and
investment expenses) on funds on deposit therein shall be paid to the Master
Servicer. Other than as permitted by the Rating Agencies, funds on deposit in
the Collection Account shall be invested in Eligible Investments that will
mature (A) not later than the Business Day immediately preceding the next
Distribution Date or (B) on such next

                                      25

<PAGE>

Distribution Date if either (x) such investment is held in the corporate trust
department of the institution with which the Collection Account is then
maintained and is invested in a time deposit of (the Trustee) rated at least
[A-1] by [RATING AGENCY] and [P-1] by [RATING AGENCY] (such account being
maintained within the corporate trust department of the Trustee) or (y) the
Trustee (so long as the short-term unsecured debt obligations of the Trustee
are either (1) rated at least [P-1] by [RATING AGENCY] and [A-1] by [RATING
AGENCY] on the date such investment is made or (2) guaranteed by an entity
whose short-term unsecured debt obligations are rated at least [P-1] by
[RATING AGENCY] and [A-1] by [RATING AGENCY] on the date such investment is
made) has agreed to advance funds on such Distribution Date to the
Distribution Account in the amount payable on such investment on such
Distribution Date pending receipt thereof to the extent necessary to make
distributions on such Distribution Date. The guarantee referred to in clause
(y) of the preceding sentence shall be subject to the Rating Agency Condition.
For the purpose of the foregoing, unless the Trustee affirmatively agrees in
writing to make such advance with respect to such investment prior to the time
an investment is made, it shall not be deemed to have agreed to make such
advance. Funds deposited in the Collection Account upon the maturity of any
Eligible Investments on the day immediately preceding a Distribution Date are
not required to be invested overnight. If, at any time, the Collection Account
ceases to be an Eligible Deposit Account, the Trustee (or the Master Servicer
on its behalf) shall within 10 Business Days (or such longer period, not to
exceed 30 calendar days, as to which each Rating Agency may consent) establish
a new Collection Account as an Eligible Deposit Account and shall transfer any
cash and/or any investments to such new account.

          (c) (i) The Master Servicer shall establish and maintain with the
Trustee an Eligible Deposit Account (the "Payahead Account"). The Payahead
Account shall not be property of the Trust.

              (ii) The Master Servicer shall on or prior to each Distribution
     Date (and prior to deposits to the Distribution Account) transfer from
     the Collection Account to the Payahead Account all Payaheads as described
     in Section 5.03 received by the Master Servicer during the Collection
     Period. Notwithstanding the foregoing and the first sentence of Section
     5.02, for so long as the Master Servicer is permitted to make monthly
     remittances to the Collection Account pursuant to Section 5.02, Payaheads
     need not be remitted to and deposited in the Payahead Account but instead
     may be remitted to and held by the Master Servicer. So long as such
     condition is met, the Master Servicer shall not be required to segregate
     or otherwise hold separate any Payaheads remitted to the Master Servicer
     as aforesaid but shall be required to remit Payaheads to the Collection
     Account in accordance with Section 5.06(a).

          Section 5.02. Collections. The Master Servicer shall remit within
two Business Days of receipt thereof to the Collection Account all payments by
or on behalf of the Obligors with respect to the Receivables (other than
Purchased Receivables) and all Liquidation Proceeds, both as collected during
the Collection Period. Notwithstanding the foregoing, for so long as (i)
Regions Bank remains the Master Servicer, (ii) no Event of Default shall have
occurred and be continuing and (iii)(x) Regions Bank maintains a short-term
rating of at least [A-1] by [RATING AGENCY] and [P-1] by [RATING AGENCY] (and
for five Business Days following a reduction in either such rating) or (y)
prior to ceasing daily remittances, the Rating Agency

                                      26

<PAGE>

Condition shall have been satisfied (and any conditions or limitations imposed
by the Rating Agencies in connection therewith are complied with), the Master
Servicer shall remit such collections with respect to the preceding calendar
month to the Collection Account on the Determination Date immediately
preceding the related Distribution Date. For purposes of this Article V the
phrase "payments by or on behalf of Obligors" shall mean payments made with
respect to the Receivables by Persons other than the Master Servicer or the
Depositor.

          Section 5.03. Application of Collections. All collections for the
Collection Period shall be applied by the Master Servicer as follows:

          With respect to each Receivable (other than a Purchased Receivable),
          payments by or on behalf of the Obligor shall be applied first, in
          the case of Precomputed Receivables, to reduce Outstanding
          Precomputed Advances as described in Section 5.04(a) and, in the
          case of Simple Interest Receivables, to reduce Outstanding Simple
          Interest Advances to the extent described in Section 5.04(b). Next,
          any excess shall be applied, in the case of Precomputed Receivables,
          to the Scheduled Payment and, in the case of Simple Interest
          Receivables, to interest and principal in accordance with the Simple
          Interest Method. With respect to Precomputed Receivables, any
          remaining excess shall be added to the Payahead Balance, and shall
          be applied to prepay the Precomputed Receivable, but only if the sum
          of such excess and the previous Payahead Balance shall be sufficient
          to prepay the Receivable in full. Otherwise, any such remaining
          excess payments shall constitute a Payahead and shall increase the
          Payahead Balance.

          Section 5.04. Advances. (a) As of the close of business on the last
day of each Collection Period, if the payments by or on behalf of the Obligor
on a Precomputed Receivable (other than a Purchased Receivable) shall be less
than the Scheduled Payment, the Payahead Balance shall be applied by the
Master Servicer to the extent of the shortfall and such Payahead Balance shall
be reduced accordingly. Next, the Master Servicer shall advance any remaining
shortfall (such amount a "Precomputed Advance"), to the extent that the Master
Servicer, at its sole discretion, shall determine that the Precomputed Advance
shall be recoverable from the Obligor, the Purchase Amount, Liquidation
Proceeds or proceeds of any other Precomputed Receivables. With respect to
each Precomputed Receivable, the Precomputed Advance shall increase
Outstanding Precomputed Advances. Outstanding Precomputed Advances shall be
reduced by subsequent payments by or on behalf of the Obligor, collections of
Liquidation Proceeds in respect of Precomputed Receivables, or payments of the
Purchase Amount in respect of Precomputed Receivables.

          If the Master Servicer shall determine that an Outstanding
Precomputed Advance with respect to any Precomputed Receivable shall not be
recoverable as aforesaid, the Master Servicer shall be reimbursed from any
collections made on other Precomputed Receivables in the Trust, and
Outstanding Precomputed Advances with respect to such Precomputed Receivable
shall be reduced accordingly.

          (b) As of the close of business on the last day of each Collection
Period, the Master Servicer shall advance an amount equal to the amount of
interest due on the Simple Interest Receivables at their respective APR's for
the related Collection Period (assuming the

                                      27

<PAGE>

Simple Interest Receivables pay on their respective due dates) minus the
amount of interest actually received on the Simple Interest Receivables during
the related Collection Period (such amount, a "Simple Interest Advance"). With
respect to each Simple Interest Receivable, the Simple Interest Advance shall
increase Outstanding Simple Interest Advances. If such calculation results in
a negative number, an amount equal to the absolute value of such negative
number shall be paid to the Master Servicer and the amount of Outstanding
Simple Interest Advances shall be reduced by such amount. In addition, in the
event that a Simple Interest Receivable becomes a Liquidated Receivable,
Liquidation Proceeds with respect to such Simple Interest Receivable
attributable to accrued and unpaid interest thereon (but not including
interest for the then current Collection Period) shall be paid to the Master
Servicer to reduce Outstanding Simple Interest Advances, but only to the
extent of any Outstanding Simple Interest Advances. The Master Servicer shall
not make any advance with respect to principal of Simple Interest Receivables.

          Section 5.05. Additional Deposits. The Master Servicer shall deposit
in the Collection Account the aggregate Advances pursuant to Section 5.04. To
the extent that the Master Servicer fails to make a Simple Interest Advance
pursuant to Section 5.04(b) on the date required, the Trustee shall withdraw
such amount (or, if determinable, such portion of such amount as does not
represent advances for delinquent interest) from the Reserve Account and
deposit such amount in the Collection Account. The Master Servicer and the
Depositor shall deposit or cause to be deposited in the Collection Account the
aggregate Purchase Amount with respect to Purchased Receivables, and the
Master Servicer shall deposit therein all amounts to be paid under Section
11.02. The Master Servicer shall deposit the aggregate Purchase Amount with
respect to Purchased Receivables when such obligations are due, unless the
Master Servicer shall not be required to make daily deposits pursuant to
Section 5.02.

          Section 5.06. Distributions. (a) On each Distribution Date, the
Trustee shall cause to be transferred:

               (i) From the Payahead Account, or from the Master Servicer in
     the event that the second and third sentences of Section 5.01(c)(ii) are
     applicable, to the Collection Account, in immediately available funds,
     the aggregate previous Payaheads to be applied to Scheduled Payments for
     the related Collection Period on, or as prepayments in full of,
     Precomputed Receivables or prepayments for the related Collection Period,
     pursuant to Sections 5.03 and 5.04, in the amounts set forth in the
     Master Servicer's Certificate delivered on the related Determination
     Date. A single, net transfer may be made.

               (ii) From the Collection Account to the Distribution Account,
     in immediately available funds, the entire amount then on deposit in the
     Collection Account; provided, however, that in the event that the Master
     Servicer is required to make deposits to the Collection Account on a
     daily basis pursuant to Section 5.02, the amount of the funds transferred
     from the Collection Account to the Distribution Account will include only
     those funds that were deposited in the Collection Account for the
     Collection Period related to such Distribution Date.

                                      28

<PAGE>

          (b) On or prior to each Determination Date, the Master Servicer
shall calculate the Total Distribution Amount, the Interest Distribution
Amount, the Principal Distribution Amount, the Class [A] Distributable Amount,
and the Class [B] Distributable Amount, and, based on the Total Distribution
Amount and the other amounts to be distributed on the related Distribution
Date, determine the amount distributable to Holders of each class of
Certificates.

          (c) On each Distribution Date, the Trustee (based on the information
contained in the Master Servicer's Certificate delivered on the related
Determination Date pursuant to Section 5.09) shall distribute amounts on
deposit in the Distribution Account and, if applicable, the Reserve Account,
in the manner and priority set forth below:

               (i) to the Master Servicer, from the Interest Distribution
     Amount, the Servicing Fee and all unpaid Servicing Fees from prior
     Collection Periods;

               (ii) to the Class [A] Certificateholders:

                    (A) from the Class [A] Percentage of the Interest
          Distribution Amount (as such Interest Distribution Amount has been
          reduced by Servicing Fee payments), the sum of the Class [A]
          Interest Distributable Amount and the Class [A] Interest Carryover
          Shortfall as of the close of the preceding Distribution Date;

                    (B) from the Class [A] Percentage of the Principal
          Distribution Amount (other than the portion thereof attributable to
          Realized Losses), the sum of the Class [A] Principal Distributable
          Amount and the Class [A] Principal Carryover Shortfall as of the
          close of the preceding Distribution Date;

               (iii) to the Class [B] Certificateholders:

                    (A) from the Class [B] Percentage of the Interest
               Distribution Amount (as such Interest Distribution Amount has
               been reduced by Servicing Fee payments), the sum of the Class
               [B] Interest Distributable Amount and the Class [B] Interest
               Carryover Shortfall as of the close of the preceding
               Distribution Date; and

                    (B) from the Class [B] Percentage of the Principal
               Distribution Amount, the sum of the Class [B] Principal
               Distributable Amount and the Class [B] Principal Carryover
               Shortfall as of the close of the preceding Distribution Date.

          (d) The rights of the Class [B] Certificateholders to receive
distributions in respect of the Class [B] Certificates shall be and hereby are
subordinated to the rights of the Class [A] Certificateholders to receive
distributions in respect of the Class [A] Certificates and the rights of the
Master Servicer to receive the Servicing Fee (and any accrued and unpaid
Servicing Fees from prior Collection Periods) in the event of delinquency or
defaults on the Receivables. In addition, the Class [A] Certificateholders and
the Class [B] Certificateholders shall have the respective rights to receive
funds from the Reserve Account in the order of priority

                                      29

<PAGE>

set forth below. Such subordination and withdrawals from the Reserve Account
shall be effected as follows, and all payments shall be effected by applying
funds in the following order:

               (i) If the Class [A] Percentage of the Interest Distribution
     Amount (as such Interest Distribution Amount has been reduced by
     Servicing Fee payments) is less than the sum of the Class [A] Interest
     Distributable Amount and any Class [A] Interest Carryover Shortfall from
     the preceding Distribution Date, the Class [A] Certificateholders shall
     be entitled to receive distributions in respect of such deficiency first,
     from the Class [B] Percentage of the Interest Distribution Amount;
     second, if such amounts are insufficient, from amounts on deposit in the
     Reserve Account; and third, if such amounts are insufficient, from the
     Class [B] Percentage of the Principal Distribution Amount (other than the
     portion thereof attributable to Realized Losses).

               (ii) If the Class [A] Percentage of the Principal Distribution
     Amount (other than the portion thereof attributable to Realized Losses)
     is less than the sum of the Class [A] Principal Distributable Amount and
     the Class [A] Principal Carryover Shortfall from the preceding
     Distribution Date, the Class [A] Certificateholders shall be entitled to
     receive distributions in respect of such deficiency first, from the Class
     [B] Percentage of the Principal Distribution Amount (other than the
     portion thereof attributable to Realized Losses); second, if such amounts
     are insufficient, from amounts on deposit in the Reserve Account; and
     third, if such amounts are insufficient, from the Class [B] Percentage of
     the Interest Distribution Amount.

               (iii) If the Class [B] Percentage of the Interest Distribution
     Amount, less the portion thereof, if any, distributed to the Class [A]
     Certificateholders pursuant to clause (i) above, is less than the Class
     [B] Interest Distributable Amount, the Class [B] Certificateholders shall
     be entitled to receive such deficiency from amounts on deposit in the
     Reserve Account (after giving effect to any withdrawals therefrom
     pursuant to clauses (i) and (ii) above).

               (iv) If the Class [B] Percentage of the Principal Distribution
     Amount (other than the portion thereof attributable to Realized Losses),
     less the portion thereof, if any, distributed to the Class [A]
     Certificateholders pursuant to clause (ii) above, is less than the Class
     [B] Principal Distributable Amount, the Class [B] Certificateholders
     shall be entitled to receive such deficiency from amounts on deposit in
     the Reserve Account (after giving effect to any withdrawals therefrom
     pursuant to clauses (i), (ii) and (iii) above).

          (e) On each Distribution Date, the Trustee shall distribute any
amounts remaining in the Distribution Account after making the distributions
described in Sections 5.06(c) and (d) above in the following amounts and in
the following order of priority: (i) into the Reserve Account until the amount
on deposit therein equals the Specified Reserve Account Balance and (ii) to
the Depositor.

          (f) Subject to Section 11.01 respecting the final payment upon
retirement of each Certificate, the Master Servicer shall on each Distribution
Date instruct the Trustee to distribute to each Certificateholder of record on
the preceding Record Date either by wire

                                      30

<PAGE>

transfer in immediately available funds to the account of such Holder at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided to the Master Servicer appropriate
instructions prior to such Distribution Date and such Holder's Certificates of
either Class in the aggregate evidence a denomination of not less than
$1,000,000, or, if not, by check mailed to such Certificateholder at the
address of such Holder appearing in the Certificate Register, the amounts to
be distributed to such Certificateholder pursuant to such Holder's
Certificates.

          Section 5.07. Reserve Account. (a) In order to effectuate the
subordination provided for herein and to assure that sufficient amounts to
make required distributions to Certificateholders will be available, the
Master Servicer shall establish and maintain an Eligible Deposit Account (the
"Reserve Account"), bearing a designation clearly indicating that the funds
deposited therein are held in trust for the benefit of the Certificateholders.
The Reserve Account will include the money and other property deposited and
held therein pursuant to Section 5.06(e), 5.08(a) and this Section.

          On or prior to the Closing Date, the Seller shall deposit an amount
equal to the Reserve Account Initial Deposit into the Reserve Account. The
Reserve Account and the Reserve Account Property shall not be part of the
Trust, but instead will be held by the Trustee, as collateral agent, for the
benefit of the Holders of the Certificates. The Seller hereby acknowledges
that the Reserve Account Initial Deposit (and any investment earnings thereon)
is owned directly by it, and the Seller hereby agrees to treat the same as its
assets (and earnings) for federal income tax and all other purposes.

          (b) In order to give effect to the subordination provided for herein
and to assure the availability of the amounts maintained in the Reserve
Account, the Seller hereby sells, conveys and transfers to the Trustee, as
collateral agent, and its successors and assigns, the Reserve Account Initial
Deposit and all proceeds thereof and hereby pledges to the Trustee as
collateral agent, and its successors and assigns, all other amounts deposited
in or credited to the Reserve Account from time to time under this Agreement,
all Eligible Investments made with amounts on deposit therein, all earnings
and distributions thereon and proceeds thereof (other than proceeds
constituting net investment earnings attributable to the Reserve Account
Property) subject, however, to the limitations set forth below, and solely for
the purpose of securing and providing for payment of the Class [A]
Distributable Amount and the Class [B] Distributable Amount in accordance with
Section 5.06 and this Section (all the foregoing, subject to the limitations
set forth below, the "Reserve Account Property"), to have and to hold all the
aforesaid property, rights and privileges unto the Trustee, its successors and
assigns, in trust for the uses and purposes, and subject to the terms and
provisions, set forth in this Section. The Trustee hereby acknowledges such
transfer and accepts the trusts hereunder and shall hold and distribute the
Reserve Account Property in accordance with the terms and provisions of this
Section.

          (c) Consistent with the limited purposes for which such trust is
granted, the amounts on deposit in the Reserve Account on each Distribution
Date shall be available for distribution as provided in Section 5.06, in
accordance with and subject to the following: if the amount on deposit in the
Reserve Account (after giving effect to all deposits thereto and withdrawals
therefrom on such Distribution Date) is greater than the Specified Reserve
Account

                                      31

<PAGE>

Balance, the Trustee shall release and distribute all such amounts to the
Seller. Upon any such distribution to the Seller, the Certificateholders will
have no further rights in, or claims to, such amounts.

          (d) Funds on deposit in the Reserve Account shall be invested by the
Trustee, as collateral agent, in Eligible Investments selected in writing by
the Seller or an investment manager selected by the Master Servicer, which
investment manager shall have agreed to comply with the terms of this
Agreement as they relate to investing such funds; provided, however, that it
is understood and agreed that the Trustee shall not be liable for any loss
arising from such investment in Eligible Investments. Other than as permitted
by the Rating Agencies, funds on deposit in the Reserve Account shall be
invested in Eligible Investments that will mature (A) not later than the
Business Day immediately preceding the next Distribution Date or (B) on such
next Distribution Date if either (x) such investment is held in the corporate
trust department of the institution with which the Reserve Account is then
maintained and is invested in a time deposit of (the Trustee) rated at least
[A-1] by [RATING AGENCY] and [P-1] by [RATING AGENCY] (such account being
maintained within the corporate trust department of the Trustee) or (y) the
Trustee (so long as the short-term unsecured debt obligations of the Trustee
are either (1) rated at least [P-1] by [RATING AGENCY] and [A-1] by [RATING
AGENCY] on the date such investment is made or (2) guaranteed by an entity
whose short-term unsecured debt obligations are rated at least [P-1] by
[RATING AGENCY] and [A-1] by [RATING AGENCY] on the date such investment is
made) has agreed to advance funds on such Distribution Date to the
Distribution Account in the amount payable on such investment on such
Distribution Date pending receipt thereof to the extent necessary to make
distributions on such Distribution Date. The guarantee referred to in clause
(y) of the preceding sentence shall be subject to the Rating Agency Condition.
For the purpose of the foregoing, unless the Trustee affirmatively agrees in
writing to make such advance with respect to such investment prior to the time
an investment is made, it shall not be deemed to have agreed to make such
advance. Funds deposited in the Reserve Account upon the maturity of any
Eligible Investments on the day immediately preceding a Distribution Date are
not required to be invested overnight. If, at any time, the Reserve Account
ceases to be an Eligible Deposit Account, the Trustee as collateral agent (or
the Master Servicer on its behalf) shall within 10 Business Days (or such
longer period, not to exceed 30 calendar days, as to which each Rating Agency
may consent) establish a new Reserve Account as an Eligible Deposit Account
and shall transfer any cash and/or any investments to such new account.

          Investment earnings attributable to the Reserve Account Property
shall not be available to satisfy the subordination provisions of this
Agreement and shall not otherwise be subject to any claims or rights of the
Certificateholders or the Master Servicer. All such investments shall be made
in the name of the Trustee or its nominee, as collateral agent, and all net
income and gain realized thereon shall be solely for the benefit of the Seller
and shall be payable by the Trustee to the Seller on each Distribution Date.
Realized losses, if any, on investments of the Reserve Account Property shall
be charged first against undistributed investment earnings attributable to the
Reserve Account Property and then against the Reserve Account Property.

          (e) With respect to the Reserve Account Property, the Seller, on
behalf of itself, its successors and assigns, and the Trustee agree that:

                                      32

<PAGE>

               (i) Any Reserve Account Property that is held in deposit
     accounts shall be held solely in the name of the Trustee, as collateral
     agent, at an Eligible Institution. Each such deposit account shall be
     subject to the exclusive custody and control of the Trustee, and the
     Trustee shall have sole signature authority with respect thereto.

               (ii) Any Reserve Account Property that constitutes Physical
     Property shall be delivered to the Trustee, as collateral agent, in
     accordance with paragraph (a) of the definition of "Delivery" and shall
     be held, pending maturity or disposition, solely by the Trustee, as
     collateral agent, or a securities intermediary (as such term is defined
     in Article 8 of the UCC) acting solely for the Trustee, as collateral
     agent.

               (iii) Any Reserve Account Property that is a book-entry
     security held through the Federal Reserve System pursuant to federal
     book-entry regulations shall be delivered in accordance with paragraph
     (b) of the definition of "Delivery" and shall be maintained by the
     Trustee, as collateral agent, pending maturity or disposition, through
     continued book-entry registration of such Reserve Account Property as
     described in such paragraph.

               (iv) Any Reserve Account Property that is an "uncertificated
     security" under Article 8 of the UCC and that is not governed by clause
     (C) above shall be delivered to the Trustee, as collateral agent, in
     accordance with paragraph (c) of the definition of "Delivery" and shall
     be maintained by the Trustee, as collateral agent, pending maturity or
     disposition, through continued registration of the Trustee's (or its
     custodian's or its nominee's) ownership of such security, in its capacity
     as collateral agent.

          Effective upon Delivery of any Reserve Account Property in the form
of Physical Property, book-entry securities or uncertificated securities, the
Trustee shall be deemed to have purchased such Reserve Account Property for
value, in good faith and without notice of any adverse claim thereto.

          (f) Each of the Seller and the Master Servicer agrees to take or
cause to be taken such further actions, to execute, deliver and file or cause
to be executed, delivered and filed such further documents and instruments
(including any UCC financing statements or this Agreement) as may be
determined to be necessary in an Opinion of Counsel to the Seller delivered to
the Trustee in order to perfect the interests created by this Section and
otherwise fully to effectuate the purposes, terms and conditions of this
Section. The Seller shall:

               (i) promptly execute, deliver and file any financing
     statements, amendments, continuation statements, assignments,
     certificates, and other documents with respect to such interests and
     perform all such other acts as may be necessary in order to perfect or to
     maintain the perfection of the Trustee's security interest; and

               (ii) file the necessary financing statements or amendments
     thereto within five days, and promptly notify the Trustee of any such
     filing, after the occurrence of any of the following: (1) any change in
     its corporate name or any trade name; (2) any

                                      33

<PAGE>

     change in the location of its chief executive office or principal place
     of business; and (3) any merger or consolidation or other change in its
     identity or corporate structure and promptly notify the Trustee of any
     such filings.

          (g) The Trustee shall not enter into any subordination or
inter-creditor agreement with respect to the Reserve Account Property.

          (h) Following the payment in full of the Certificate Balance and of
all other amounts owing or to be distributed under this Agreement to
Certificateholders and the termination of the Trust, any amount remaining on
deposit in the Reserve Account shall be distributed to the Seller.

          Section 5.08. Statements to Certificateholders. On each Distribution
Date, the Master Servicer shall provide to the Trustee for the Trustee to
forward to each Certificateholder of record as of the most recent Record Date,
a statement setting forth at least the following information as to each Class
of Certificates to the extent applicable:

               (i) the amount of such distribution allocable to principal of
     each class of Certificates;

               (ii) the amount of such distribution allocable to interest of
     each class of Certificates;

               (iii) the Pool Balance as of the close of business on the last
     day of the preceding Collection Period;

               (iv) the Class [A] Certificate Balance and Class [B]
     Certificate Balance and the Class [A] Pool Factor and Class [B] Pool
     Factor after giving effect to all payments reported under clause (i)
     above on such date;

               (v) the amount of the Servicing Fee paid to the Master Servicer
     with respect to the related Collection Period or Collection Periods, as
     the case may be;

               (vi) the amount of the Class [A] Principal Carryover Shortfall
     and Class [A] Interest Carryover Shortfall and Class [B] Principal
     Carryover Shortfall and Class [B] Interest Carryover Shortfall, as
     applicable, if any, on such Distribution Date and the change in the Class
     [A] Principal Carryover Shortfall and Class [A] Interest Carryover
     Shortfall and Class [B] Principal Carryover Shortfall and Class [B]
     Interest Carryover Shortfall, as applicable, from the preceding
     Distribution Date;

               (vii) the amount of aggregate Realized Losses, if any, for the
     second preceding Collection Period;

               (viii) the aggregate Purchase Amounts for Receivables, if any,
     that were repurchased in such period;

                                      34

<PAGE>

               (ix) the amount otherwise distributable to the Class [B]
     Certificateholders that is distributed to Class [A] Certificateholders on
     such Distribution Date;

               (x) the balance of the Reserve Account on such Distribution
     Date, after giving effect to deposits and withdrawals made on such
     Distribution Date;

               (xi) the aggregate Payahead Balance and the change in such
     balance from the preceding Distribution Date;

               (xii) for Distribution Dates during the Funding Period (if
     any), the remaining Pre-Funded Amount; and

               (xiii) for the first Distribution Date that is on or
     immediately following the end of the Funding Period (if any), the amount
     of any remaining Pre-Funded Amount that has not been used to fund the
     purchase of Subsequent Receivables and is passed through as payments of
     principal of the Certificates.

Each amount set forth pursuant to subclauses (i), (ii), (v) or (vi) above
shall be expressed as a dollar amount per $1,000 of original principal balance
of a Class [A] or Class [B] Certificate, as applicable.

          Section 5.09. Tax Returns. The Trustee shall deliver to each Holder
of a Certificate, as may be required by the Code and applicable Treasury
Regulations, such information as may be required to enable each Holder to
prepare its federal and state income tax returns.

          Section 5.10. Net Deposits. As an administrative convenience, unless
the Master Servicer is required to remit collections daily, the Master
Servicer will be permitted to make the deposit of collections on the
Receivables, aggregate Advances and Purchase Amounts for or with respect to
each Collection Period net of distributions to be made to the Master Servicer
with respect to such Collection Period. The Master Servicer, however, will
account to the Trustee and to the Certificateholders as if all deposits,
distributions and transfers were made individually.

                                 ARTICLE VI.

                               The Certificates

          Section 6.01. The Certificates. Unless otherwise specified in this
Agreement, the Certificates shall be issued in fully registered form in
minimum denominations of $1,000. The Certificates shall be executed on behalf
of the Trust by manual or facsimile signature of an authorized officer of the
Trustee. 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 Trust, shall be validly issued
and entitled to the benefit of this Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such offices
at the date of authentication and delivery of such Certificates.

                                      35

<PAGE>

          A transferee of a Certificate shall become a Certificateholder and
shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder upon such transferee's acceptance of a Certificate
duly registered in such transferee's name pursuant to Section 6.03.

          Section 6.02. Authentication of Certificates. The Trustee shall
cause the Certificates to be executed on behalf of the Trust, authenticated
and delivered to or upon the written order of the Depositor, signed by its
chairman of the board, its president, any vice president, secretary, or
assistant treasurer, without further corporate action by the Depositor, in
authorized denominations, pursuant to this Agreement. No Certificate shall
entitle its Holder to any benefit under this Agreement or shall be valid for
any purpose unless there shall appear on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A or Exhibit B,
as appropriate, executed by the Trustee by manual signature. Such
authentication shall constitute conclusive evidence that such Certificate
shall have been duly authenticated and delivered hereunder. All Certificates
shall be dated the date of their authentication.

          Section 6.03. Registration of Transfer and Exchange of Certificates.
The Certificate Registrar shall keep or cause to be kept, at the office or
agency maintained pursuant to Section 6.08, a Certificate Register in which,
subject to such reasonable regulations as it may prescribe, the Trustee shall
provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. Unless otherwise specified in this Agreement,
the Trustee shall be the initial Certificate Registrar.

          Upon surrender for registration of transfer of any Certificate at
the Corporate Trust Office, the Trustee shall execute, authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Certificates in authorized denominations of a like aggregate amount dated
the date of authentication by the Trustee. At the option of a Holder,
Certificates may be exchanged for other Certificates of authorized
denominations of a like aggregate amount upon surrender at the Corporate Trust
Office of the Certificates to be exchanged.

          Every Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer
in form satisfactory to the Trustee and the Certificate Registrar duly
executed by the Holder or such Holder's attorney duly authorized in writing.
Each Certificate surrendered for registration of transfer and exchange shall
be cancelled and subsequently disposed of by the Trustee.

          No service charge shall be made for any registration of transfer or
exchange of Certificates, but the Trustee 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 Certificates.

          Section 6.04. Mutilated, Destroyed, Lost or Stolen Certificates. If
(a) any mutilated 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 Certificate and (b)
there shall be delivered to the Certificate Registrar and the Trustee such
security or indemnity as may be required by them to save each of them
harmless, then in the

                                      36

<PAGE>

absence of notice that such Certificate has been acquired by a bona fide
purchaser, the Trustee on behalf of the Trust shall execute, and the Trustee
shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
tenor and denomination. In connection with the issuance of any new Certificate
under this Section, the Trustee and 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 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 Certificate shall be found at any time.

          Section 6.05. Persons Deemed Owners. Prior to due presentation of a
Certificate for registration of transfer, the Trustee or the Certificate
Registrar may treat the Person in whose name any Certificate shall be
registered as the owner of such Certificate for the purpose of receiving
distributions pursuant to Section 5.06 and for all other purposes whatsoever,
and neither the Trustee nor the Certificate Registrar shall be bound by any
notice to the contrary.

          Section 6.06. Access to List of Certificateholders' Names and
Addresses. The Trustee shall furnish or cause to be furnished to the Master
Servicer, within 15 days after receipt by the Trustee of a request therefor
from the Master Servicer in writing, a list, in such form as the Master
Servicer may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. If three or more
Certificateholders, or one or more Holders of Class [A] Certificates
evidencing not less than 25% of the Certificate Balance apply in writing to
the 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 Certificates and such application shall be
accompanied by a copy of the communication that such applicants propose to
transmit, then the Trustee shall, within five Business Days after the receipt
for such application, afford such applicants access during normal business
hours to the current list of Certificateholders. Each Holder, by receiving and
holding a Certificate, shall be deemed to have agreed to hold neither the
Master Servicer nor the Trustee accountable by reason of the disclosure of its
name and address, regardless of the source from which such information was
derived.

          Section 6.07. Maintenance of Office or Agency. The Trustee shall
maintain in the Borough of Manhattan, The City of New York, an office or
offices or agency or agencies where Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Trustee in respect of the Certificates and this Agreement may be served.
The Trustee initially designates the Corporate Trust Office as specified in
this Agreement as its office for such purposes. The Trustee shall give prompt
written notice to the Master Servicer and to Certificateholders of any change
in the location of the Certificate Register or any such office or agency.

          Section 6.08. Book-Entry Certificates. The Class [A] Certificates
and, if so specified in this Agreement, the Class [B] Certificates may be
issued in the form of one or more typewritten Certificates representing
Book-Entry Certificates, to be delivered by, or on behalf of, the Depositor to
the initial Clearing Agency, which, unless otherwise specified in this
Agreement, shall be The Depository Trust Company. In such case, the
Certificates delivered to the Depository Trust Company shall initially be
registered on the Certificate Register in the name

                                      37

<PAGE>

of Cede & Co., the nominee of the initial Clearing Agency, and no Certificate
Owner will receive a definitive certificate representing such Certificate
Owner's interest in the Certificates, except as provided in Section 6.10.
Unless and until definitive, fully registered Certificates (the "Definitive
Certificates") have been issued to such Certificate Owners pursuant to Section
6.10:

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

               (ii) the Depositor, the Master Servicer, the Certificate
     Registrar and the Trustee may deal with the Clearing Agency for all
     purposes (including the making of distributions on such Certificates) as
     the sole Holder of such Certificates and shall have no obligation to the
     related Certificate Owners;

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

               (iv) the rights of such Certificate Owners shall be exercised
     only through the Clearing Agency and shall be limited to those
     established by law and agreements between such Certificate Owners and the
     Clearing Agency and/or the Clearing Agency Participants. Pursuant to the
     Depository Agreement, unless and until Definitive Certificates are issued
     pursuant to Section 6.10, the initial Clearing Agency will make
     book-entry transfers among the Clearing Agency Participants and receive
     and transmit distributions of principal and interest on such Certificates
     to such Clearing Agency Participants; and

               (v) whenever this Agreement requires or permits actions to be
     taken based upon instructions or directions of Holders of Certificates
     evidencing a specified percentage of the Certificate Balance, the
     Clearing Agency shall be deemed to represent such percentage only to the
     extent that it has received instructions to such effect from Certificate
     Owners and/or Clearing Agency Participants owning or representing,
     respectively, such required percentage of the beneficial interest in such
     Certificates and has delivered such instructions to the Trustee.

          Section 6.09. Notices to Clearing Agency. Whenever notice or other
communication to the Certificateholders is required under this Agreement,
unless and until Definitive Certificates shall have been issued to Certificate
Owners pursuant to Section 6.10, the Trustee and the Master Servicer shall
give all such notices and communications specified herein to be given to
Certificate Owners to the Clearing Agency.

          Section 6.10. Definitive Certificates. If (i) the Master Servicer
advises the Trustee in writing that the Clearing Agency is no longer willing
or able to properly discharge its responsibilities under the Depository
Agreement and the Trustee or the Depositor is unable to locate a qualified
successor, (ii) the Depositor at its option advises the Trustee in writing
that it elects to terminate the book-entry system through the Clearing Agency
or (iii) after the occurrence of an Event of Default, Certificate Owners
representing beneficial interests aggregating not less than a majority of the
aggregate outstanding principal amount of the Book-Entry Certificates advise
the Trustee and 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 the

                                      38

<PAGE>

Certificate Owners, then the Clearing Agency shall notify all Certificate
Owners and the Trustee of the occurrence of such event and of the availability
of Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Trustee of the typewritten Certificates representing the
Book-Entry Certificates by the Clearing Agency, accompanied by registration
instructions, the Trustee shall execute and authenticate the Definitive
Certificates in accordance with the instructions of the Clearing Agency. None
of the Depositor, the Certificate Registrar or the 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 Certificates, the Trustee shall recognize the Holders of the
Definitive Certificates as Certificateholders hereunder. The Definitive
Certificates shall be printed, lithographed or engraved or may be produced in
any other manner as is reasonably acceptable to the Trustee, as evidenced by
its execution thereof.

                                 ARTICLE VII.

                                 The Depositor

          Section 7.01. Representations of Depositor. The Depositor makes the
following representations on which the Trustee shall be deemed to have relied
in accepting the Receivables in trust and executing and authenticating the
Certificates. The representations speak as of the execution and delivery of
this Agreement and as of the Closing Date, in the case of Initial Receivables
and as of the applicable Subsequent Transfer Date, in the case of Subsequent
Receivables, if any, and shall survive the sale of the Receivables to the
Trustee.

               (i) Organization and Good Standing. The Depositor is duly
     organized and validly existing as a limited liability company in good
     standing under the laws of the State of Delaware, with all requisite
     power and authority to own its properties and to conduct its business as
     such properties are currently owned and such business is presently
     conducted, and had at all relevant times, and has, the power, authority
     and legal right to acquire and own the Receivables.

               (ii) Due Qualification. The Depositor is duly qualified to do
     business as a foreign limited liability company in good standing, and has
     obtained all necessary licenses and approvals in all jurisdictions in
     which the ownership or lease of property or the conduct of its business
     shall require such qualifications.

               (iii) Power and Authority. The Depositor has the limited
     liability company power and authority to execute and deliver this
     Agreement and to carry out its respective terms; the Depositor has full
     power and authority to sell and assign the property to be sold and
     assigned to and deposited with the Trustee as part of the Trust, and the
     Depositor shall have duly authorized such sale and assignment to the
     Trustee, as applicable, by all necessary limited liability company
     action; and the execution, delivery and performance of this Agreement and
     of each Subsequent Transfer Assignment or Eligible Investment Transfer
     Assignment, as applicable, shall have been duly authorized by the
     Depositor by all necessary limited liability company action.

                                      39

<PAGE>

               (iv) Binding Obligation. This Agreement, each Subsequent
     Transfer Assignment and Eligible Investment Transfer Assignment, when
     executed and delivered by the Depositor, shall constitute legal, valid
     and binding obligations of the Depositor enforceable in accordance with
     their respective terms.

               (v) No Violation. The consummation of the transactions
     contemplated by this Agreement and the fulfillment of the terms hereof
     and thereof 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; or 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 this Agreement); or 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.

               (vi) No Proceedings. To the Depositor's best knowledge, 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 or the Certificates; (ii)
     seeking to prevent the issuance of the Certificates or the consummation
     of any of the transactions contemplated by this Agreement; (iii) seeking
     any determination or ruling that might materially and adversely affect
     the performance by the Depositor of its obligations under, or the
     validity or enforceability of, this Agreement or the Certificates, or
     (iv) that might adversely affect the federal income tax attributes of the
     Certificates.

          Section 7.02. Limited Liability Company Existence. Subject to
Section 7.04, during the term of this Agreement, the Depositor will keep in
full force and effect its existence, rights and franchises as a limited
liability company under the laws of the jurisdiction of its organization and
will obtain and preserve its qualification to do business in each jurisdiction
in which such qualification is or shall be necessary to protect the validity
and enforceability of this Agreement and each other instrument or agreement
necessary or appropriate to the proper administration of this Agreement and
the transactions contemplated hereby; provided that nothing herein shall
prohibit the Depositor from converting into another form of entity provided
that it complies with this Section 7.02 in all other respects except as to
form. In addition, all transactions and dealings between the Depositor and its
Affiliates will be conducted on an arm's-length basis.

          Section 7.03. Liabilities of Depositor; Indemnities. The Depositor
shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Depositor under this Agreement.

               (i) The Depositor shall indemnify, defend and hold harmless the
     Trustee and the Trust from and against any taxes that may at any time be
     asserted against

                                      40

<PAGE>

     the Trustee or the Trust with respect to the transactions contemplated in
     this Agreement, including any sales, gross receipts, tangible personal
     property, privilege, or license taxes (but, in the case of the Trust, not
     including any taxes asserted with respect to, and as the date of, the
     sale of the Receivables to the Trust or the issuance and original sale of
     the Certificates, or asserted with respect to ownership of the
     Receivables, or federal or other income taxes arising out of the
     distributions on the Certificates) and costs and expenses in defending
     against the same.

               (ii) The Depositor shall indemnify, defend and hold harmless
     the Trustee and the Certificateholders from and against any loss,
     liability or expense incurred by reason of (a) the Depositor's willful
     misfeasance, bad faith or negligence in the performance of its duties
     under this Agreement, or by reason of reckless disregard of its
     obligations and duties under this Agreement, and (b) the Depositor's or
     Trust's violation of federal or state securities laws in connection with
     the offering and sale of the Certificates.

               (iii) The Depositor shall indemnify, defend and hold harmless
     the Trustee and its officers, directors, employees and agents from and
     against all costs, expenses, losses, claims, damages and liabilities
     arising out of or incurred in connection with the acceptance or
     performance of the trusts and duties in this Agreement contained, except
     to the extent that such cost, expense, loss, claim, damage or liabilities
     shall be due to the willful misfeasance, bad faith or negligence (except
     for errors in judgment) of the Trustee.

          Indemnification under this Section shall survive the resignation or
removal of the Trustee and the termination of this Agreement and shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Depositor shall have made any indemnity payments to the Trustee pursuant to
this Section and the Trustee thereafter shall collect any of such amounts from
others, the Trustee shall promptly repay such amounts to the Depositor,
without interest.

          Section 7.04. Merger or Consolidation of, or Assumption of the
Obligations of, Depositor. Any Person (a) into which the Depositor may be
merged or consolidated, (b) which may result from any merger or consolidation
to which the Depositor shall be a party or (c) which may succeed to the
properties and assets of the Depositor substantially as a whole, which Person
in any of the foregoing cases executes an agreement of assumption to perform
every obligation of the Depositor under this Agreement, shall be the successor
to the Depositor hereunder without the execution or filing of any document or
any further act by any of the parties to this Agreement; provided, however,
that (i) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Section 3.01 shall have been
breached and no Event of Default, and no event which, after notice or lapse of
time, or both, would become an Event of Default shall have happened and be
continuing, (ii) the Depositor shall have delivered to the Trustee an
Officers' Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply
with this Section and that all conditions precedent, if any, provided for in
this Agreement relating to such transaction have been complied with, (iii) the
Rating Agency Requirement shall have been satisfied with respect to such
transaction and (iv) the Depositor shall have delivered to the Trustee an
Opinion of Counsel stating that, in the opinion of such Counsel, either (A)
all financing statements and

                                      41

<PAGE>

continuation statements and amendments thereto have been executed and filed
that are necessary fully to preserve and protect the interest of the Trustee
in the Receivables and reciting the details of such filings or (B) no such
action shall be necessary to preserve and protect such interest.
Notwithstanding anything herein to the contrary, the execution of the
foregoing agreement of assumption and compliance with clauses (i), (ii), (iii)
and (iv) above shall be conditions to the consummation of the transactions
referred to in clauses (a), (b) or (c) above.

          Section 7.05. Limitation on Liability of Depositor and Others. The
Depositor and any director, officer, employee or agent of the Depositor may
rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any
matters arising hereunder. The Depositor shall not be under any obligation to
appear in, prosecute or defend any legal action that shall not be incidental
to its obligations under this Agreement and that in its opinion may involve it
in any expense or liability.

          Section 7.06. Depositor May Own Certificates. The Depositor and any
Affiliate thereof may in its individual or any other capacity become the owner
or pledgee of Certificates with the same rights as it would have if it were
not the Depositor or an Affiliate thereof, except as otherwise provided
herein.

          Section 7.07. No Transfer of Excess Amounts. The Depositor hereby
covenants that, except as otherwise provided in this Agreement, it will not
transfer, pledge or assign to any Person any part of its right to receive any
amounts in excess of the Reserve Account Specified Amount pursuant to Section
5.07(c) and (h) unless it has first delivered to the Trustee and each Rating
Agency an Opinion of Counsel in form and substance satisfactory to the Trustee
stating that such transfer will not (i) adversely affect the status of the
Trust as a grantor trust pursuant to subpart E, part I of subchapter J of the
Code or (ii) cause the Reserve Account to be taxable as a corporation under
the Code. The Depositor shall give written notice to each Rating Agency of any
proposed transfer, pledge or assignment to any Person of all or any part of
its right to receive such excess amounts.

                                ARTICLE VIII.

                              The Master Servicer

          Section 8.01. Representations of Master Servicer. The Master
Servicer makes the following representations on which the Trustee shall be
deemed to have relied in accepting the Receivables in trust and executing and
authenticating the Certificates. The representations speak as of the execution
and delivery of this Agreement and as of the Closing Date, in the case of the
Initial Receivables and as of the applicable Subsequent Transfer Date, in the
case of the Subsequent Receivables, if any, and shall survive the sale of the
Receivables to the Trustee.

          (a) Organization and Good Standing. The Master Servicer is an
Alabama state banking corporation duly organized and validly existing as a
banking institution under the laws of Alabama and continues to hold a [valid
certificate] to do business as such. The Master Servicer is duly authorized to
own its properties and transact its business and is in good standing in each
jurisdiction in which the character of the business transacted by it or any
properties

                                      42

<PAGE>

owned or leased by it requires such authorization and in which the failure to
be so authorized would have a material adverse effect on the business,
properties, assets, or condition (financial or other) of the Master Servicer
and its subsidiaries, considered as one enterprise. The Master Servicer has,
and at all relevant times had, the power, authority and legal right to
acquire, own, and service the Receivables.

          (b) Due Qualification. The Master Servicer has obtained all
necessary licenses and approvals, in all jurisdictions where the failure to do
so would materially and adversely affect the Master Servicer's ability to
acquire, own and service the Receivables.

          (c) Power and Authority. The Master Servicer has the power and
authority to execute and deliver this Agreement and to carry out their
respective terms; and the execution, delivery and performance of this
Agreement has been duly authorized by the Master Servicer by all necessary
corporate action.

          (d) Binding Obligation. This Agreement constitutes the legal, valid
and binding obligations of the Master Servicer enforceable in accordance with
their respective terms.

          (e) No Violation. The consummation of the transactions contemplated
by this Agreement and the fulfillment of the terms hereof and thereof shall
not conflict with, result in any breach of any of the terms and provisions of,
or constitute (with or without notice or lapse of time) a default under, the
articles of incorporation or bylaws of the Master Servicer, or any material
indenture, agreement or other instrument to which the Master Servicer is a
party or by which it is bound; or result in the creation or imposition of any
Lien upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument (other than this Agreement); or violate any law
or, to the best of the Master Servicer's knowledge, any order, rule or
regulation applicable to the Master Servicer of any court or of any federal or
state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Master Servicer or its
properties.

          (f) No Proceedings. To the Master Servicer's best knowledge, there
are no proceedings or investigations pending, or threatened, before any court,
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Master Servicer or its properties: (i) asserting
the invalidity of this Agreement or the Certificates, (ii) seeking to prevent
the issuance of the Certificates or the consummation of any of the
transactions contemplated by this Agreement, (iii) seeking any determination
or ruling that might materially and adversely affect the performance by the
Master Servicer of its obligations under, or the validity or enforceability
of, this Agreement or the Certificates, or (iv) relating to the Master
Servicer and which might adversely affect the federal income tax attributes of
the Certificates.

          (g) No Insolvent Obligors. As of the related Cutoff Date, no Obligor
on a Receivable shall be shown on the Receivable Files as the subject of a
bankruptcy proceeding.

          Section 8.02. Indemnities of Master Servicer. The Master Servicer
shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Master Servicer under this Agreement.

                                      43

<PAGE>

          (a) The Master Servicer shall defend, indemnify and hold harmless
the Trustee, the Trust, the Certificateholders and the Depositor from and
against any and all costs, expenses, losses, damages, claims, and liabilities,
arising out of or resulting from the use, ownership or operation by the Master
Servicer or any Affiliate thereof of a Financed Asset.

          (b) The Master Servicer shall indemnify, defend and hold harmless
the Trustee, the Depositor, the Trust and the Certificateholders from and
against any and all costs, expenses, losses, claims, damages, and liabilities
to the extent that such cost, expense, loss, claim, damage, or liability arose
out of, or was imposed upon any such Person through, the negligence, willful
misfeasance or bad faith of the Master Servicer in the performance of its
duties under this Agreement or by reason of reckless disregard of its
obligations and duties under this Agreement.

          For purposes of this Section, in the event of the termination of the
rights and obligations of [________] (or any successor thereto pursuant to
Section 8.03) as Master Servicer pursuant to Section 9.01, or a resignation by
such Master Servicer pursuant to this Agreement, such Master Servicer shall be
deemed to be the Master Servicer pending appointment of a successor Master
Servicer (other than the Trustee) pursuant to Section 9.02.

          Indemnification under this Section shall survive the resignation or
removal of the Trustee or the termination of this Agreement and shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Master Servicer shall have made any indemnity payments pursuant to this
Section and the recipient thereafter collects any of such amounts from others,
such Person shall promptly repay such amounts to the Master Servicer, without
interest.

          Section 8.03. Merger or Consolidation of, or Assumption of the
Obligations of, Master Servicer. Any Person (a) into which the Master Servicer
may be merged or consolidated, (b) which may result from any merger or
consolidation to which the Master Servicer shall be a party, (c) which may
succeed to the properties and assets of the Master Servicer substantially as a
whole or (d) which may execute an agreement of assumption to perform every
obligation of the Master Servicer hereunder shall be the successor to the
Master Servicer under this Agreement without further act on the part of any of
the parties to this Agreement; provided, however, that (i) immediately after
giving effect to such transaction, no Event of Default and no event which,
after notice or lapse of time, or both, would become an Event of Default shall
have happened and be continuing, (ii) the Master Servicer shall have delivered
to the Trustee an Officers' Certificate and an Opinion of Counsel each stating
that such consolidation, merger or succession and such agreement of assumption
comply with this Section and that all conditions precedent provided for in
this Agreement relating to such transaction have been complied with, (iii) the
Rating Agency Condition shall have been satisfied with respect to such
transaction and (iv) the Master Servicer shall have delivered to the Trustee
an Opinion of Counsel stating that, in the opinion of such counsel, either (A)
all financing statements and continuation statements and amendments thereto
have been executed and filed that are necessary fully to preserve and protect
the interest of the Trustee in the Receivables and reciting the details of
such filings or (B) no such action shall be necessary to preserve and protect
such interest. Notwithstanding anything herein to the contrary, the execution
of the foregoing agreement of assumption and compliance with clauses (i),
(ii), (iii) and (iv) above shall be conditions to the consummation of the
transactions referred to in clauses (a), (b) or (c) above.

                                      44

<PAGE>

          Section 8.04. Limitation on Liability of Master Servicer and Others.
Neither the Master Servicer nor any of the directors, officers, employees or
agents of the Master Servicer shall be under any liability to the Trust or the
Certificateholders, except as provided under this Agreement, for any action
taken or for refraining from the taking of any action pursuant to this
Agreement or for errors in judgment; provided, however, that this provision
shall not protect the Master Servicer or any such Person against any liability
that would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties under this Agreement. The Master Servicer and any
director, officer, employee or agent of the Master Servicer may rely in good
faith on any document of any kind prima facie properly executed and submitted
by any Person respecting any matters arising under this Agreement.

          Except as provided in this Agreement, the Master Servicer shall not
be under any obligation to appear in, prosecute or defend any legal action
that shall not be incidental to its duties to service the Receivables in
accordance with this Agreement and that in its opinion may involve it in any
expense or liability; provided, however, that the Master Servicer may
undertake any reasonable action that it may deem necessary or desirable in
respect of this Agreement and the rights and duties of the parties to this
Agreement and the interests of the Certificateholders under this Agreement.

                                 ARTICLE IX.

                                    Default

          Section 9.01. Events of Default. If any one of the following events
("Events of Default") shall occur and be continuing:

          (a) Any failure by the Master Servicer to deliver to the Trustee for
deposit to the Collection Account or the Distribution Account any proceeds or
payment required to be so delivered under the terms of the Certificates and
this Agreement that shall continue unremedied for a period of three Business
Days after written notice of such failure is received by the Master Servicer
from the Trustee or after discovery of such failure by an officer of the
Master Servicer; or

          (b) Failure by the Master Servicer or the Depositor, as the case may
be, duly to observe or to perform in any material respect any other covenants
or agreements of the Master Servicer or the Depositor (as the case may be) set
forth in the Certificates or in this Agreement, which failure shall (a)
materially and adversely affect the rights of Certificateholders and (b)
continue unremedied for a period of [_] days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been
given (1) to the Master Servicer or the Depositor (as the case may be) by the
Trustee or (2) to the Master Servicer or the Depositor (as the case may be)
and to the Trustee by the Holders of Class [A] Certificates evidencing not
less than 25% of the Class [A] Certificate Balance; or

          (c) [The occurrence of an Insolvency Event with respect to the
Master Servicer or the Depositor];

                                      45

<PAGE>

then, and in each and every case, so long as the Event of Default shall not
have been remedied, either the Trustee or the Holders of Class [A]
Certificates evidencing not less than [a majority] of the Class [A]
Certificate Balance, by notice then given in writing to the Master Servicer
(and to the Trustee if given by Certificateholders) may terminate all of the
rights and obligations (other than the obligations set forth in Section 8.02)
of the Master Servicer under this Agreement. On or after the receipt by the
Master Servicer of such written notice, all authority and power of the Master
Servicer under this Agreement, whether with respect to the Certificates or the
Receivables or otherwise, shall, without further action, pass to and be vested
in the Trustee or such successor Master Servicer as may be appointed under
Section 9.02; and, without limitation, the Trustee is hereby authorized and
empowered to execute and deliver, on behalf of the predecessor Master
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of the Receivables and related
documents, or otherwise. The predecessor Master Servicer shall cooperate with
the successor Master Servicer and the Trustee in effecting the termination of
the responsibilities and rights of the predecessor Master Servicer under this
Agreement, including the transfer to the successor Master Servicer for
administration by it of all cash amounts that shall at the time be held by the
predecessor Master Servicer for deposit, or shall thereafter be received with
respect to any Receivable. All reasonable costs and expenses (including
attorneys' fees) incurred in connection with transferring the Receivable Files
to the successor Master Servicer and amending this Agreement to reflect such
succession as Master Servicer pursuant to this Section shall be paid by the
predecessor Master Servicer upon presentation of reasonable documentation of
such costs and expenses. Upon receipt of notice of the occurrence of an Event
of Default, the Trustee shall give notice thereof to the Rating Agencies.

          Section 9.02. Appointment of Successor. (a) Upon the Master
Servicer's receipt of notice of termination pursuant to Section 9.01 or the
Master Servicer's resignation in accordance with the terms of this Agreement,
the predecessor Master Servicer shall continue to perform its functions as
Master Servicer under this Agreement, in the case of termination, only until
the date specified in such termination notice or, if no such date is specified
in a notice of termination, until receipt of such notice and, in the case of
resignation, until the later of (x) the date 45 days from the delivery to the
Trustee of written notice of such resignation (or written confirmation of such
notice) in accordance with the terms of this Agreement and (y) the date upon
which the predecessor Master Servicer shall become unable to act as Master
Servicer, as specified in the notice of resignation and accompanying Opinion
of Counsel. In the event of the Master Servicer's termination hereunder, the
Trustee shall appoint a successor Master Servicer, and the successor Master
Servicer shall accept its appointment by a written assumption in form
acceptable to the Trustee. In the event that a successor Master Servicer has
not been appointed at the time when the predecessor Master Servicer has ceased
to act as Master Servicer in accordance with this Section, the Trustee without
further action shall automatically be appointed the successor Master Servicer
and shall be entitled to the Servicing Fee. Notwithstanding the above, the
Trustee shall, if it shall be legally unable so to act, appoint, or petition a
court of competent jurisdiction to appoint, any established institution having
a net worth of not less than $100,000,000 and whose regular business shall
include the servicing of [new and used automobiles, light-duty trucks,
motorcycles, recreational vehicles, vans, minivans and/or sport utility
vehicles] receivables as the successor to the Master Servicer under this
Agreement.

                                      46

<PAGE>

          (b) Upon appointment, the successor Master Servicer (including the
Trustee acting as successor Master Servicer) shall be the successor in all
respects to the predecessor Master Servicer and shall be subject to all the
responsibilities, duties and liabilities arising thereafter relating thereto
placed on the predecessor Master Servicer and shall be entitled to the
Servicing Fee and all of the rights granted to the predecessor Master Servicer
by the terms and provisions of this Agreement.

          (c) The Master Servicer may not resign unless it is prohibited from
serving as such by law.

          Section 9.03. Repayment of Advances. If the Master Servicer shall
change, the predecessor Master Servicer shall be entitled to receive
reimbursement for Outstanding Advances pursuant to Sections 5.03 and 5.04 with
respect to all Advances made by the predecessor Master Servicer.

          Section 9.04. Notification to Certificateholders. Upon any
termination of, or appointment of a successor to, the Master Servicer pursuant
to this Article XVIII, the Trustee shall give prompt written notice thereof to
Certificateholders and to the Rating Agencies.

          Section 9.05. Waiver of Past Defaults. The Holders of Class [A]
Certificates evidencing not less than a majority of the Class [A] Certificate
Balance may, on behalf of all Holders of Certificates, waive any default by
the Master Servicer in the performance of its obligations hereunder and its
consequences, except a default in making any required deposits to or payments
from the Trust Accounts in accordance with this Agreement. Upon any such
waiver of a past default, such default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been remedied for every
purpose of this Agreement. No such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.

                                  ARTICLE X.

                                  The Trustee

          Section 10.01. Duties of Trustee. (a) If an Event of Default has
occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this Agreement and use the same degree of care and skill in
their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs; provided, however,
that if the Trustee shall assume the duties of the Master Servicer pursuant to
Section 9.02, the Trustee in performing such duties shall use the degree of
skill and attention customarily exercised by a servicer with respect to
automobile receivables that it services for itself or others.

          (b) Except during the continuance of an Event of Default:

               (i) the Trustee undertakes to perform such duties and only such
     duties as are specifically set forth in this Agreement and no implied
     covenants or obligations shall be read into this Agreement against the
     Trustee; and

               (ii) in the absence of bad faith on its part, the Trustee may
     conclusively rely, as to the truth of the statements and the correctness
     of the opinions

                                      47

<PAGE>

     expressed therein, upon certificates or opinions furnished to the Trustee
     and conforming to the requirements of this Agreement; provided, however,
     that the Trustee shall examine the certificates and opinions to determine
     whether or not they conform to the requirements of this Agreement.

          (c) The Trustee shall take and maintain custody of the Schedule of
Receivables included as an exhibit to this Agreement and shall retain all
Master Servicer's Certificates identifying Receivables that become Purchased
Receivables and Liquidated Receivables.

          (d) The Trustee shall not be liable with respect to any action
taken, suffered or omitted to be taken in good faith in accordance with this
Agreement or at the direction of the Holders of Class [A] Certificates
evidencing not less than 25% of the Class [A] Certificate Balance relating to
the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the
Trustee under this Agreement;

          (e) The 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 clause (d) of
     this Section;

               (ii) the Trustee shall not be liable for any error of judgment
     made in good faith by a Trustee Officer unless it is proved that the
     Trustee was negligent in ascertaining the pertinent facts; and

               (iii) the 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 this Agreement.

          (f) No provision of this Agreement shall require the Trustee to
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.

          Section 10.02. Certain Matters Affecting Trustee. Except as
otherwise provided in Section 10.01:

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

          (b) The Trustee may consult with counsel, and the advice or opinion
of counsel with respect to legal matters or relating to this Agreement or the
Certificates shall be full and complete authorization and protection from
liability in respect of any action taken, suffered or omitted by it under this
Agreement in good faith and in accordance with such advice or opinion of such
counsel.

                                      48

<PAGE>

          (c) The 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 at the request, order or direction
of any of the Certificateholders pursuant to the provisions of this Agreement,
unless such Certificateholders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities that may be
incurred therein or thereby.

          (d) The Trustee shall not be liable for any action taken, suffered
or omitted by it in good faith which it believes to be authorized or within
its rights or powers conferred upon it by this Agreement; provided, that such
conduct does not constitute willful misconduct, bad faith or negligence on the
part of the Trustee.

          (e) The Trustee may execute any of the trusts or powers or perform
any duties hereunder either directly or by or through agents or attorneys or a
custodian, and the Trustee shall not be responsible for any misconduct or
negligence of any such agent, attorney or custodian appointed with due care by
it hereunder.

          Section 10.03. Trustee Not Liable for Certificates or Receivables.
The recitals contained herein and in the Certificates (other than the
certificate of authentication on the Certificates) shall be taken as the
statements of the Depositor or the Master Servicer, as the case may be, and
the Trustee assumes no responsibility for the correctness thereof. The Trustee
shall make no representations as to the validity or sufficiency of this
Agreement or of the Certificates (other than the certificate of authentication
on the Certificates), or of any Receivable or related document. The 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 Asset or the maintenance of any such perfection and priority, or for
or with respect to the efficacy of the Trust or its ability to generate the
payments to be distributed to Certificateholders under this Agreement,
including, without limitation: the existence, condition and ownership of any
Financed Asset; the existence and enforceability of any insurance thereon; the
existence and contents of any Receivable or 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 this
Agreement or in any related document and the accuracy of any such warranty or
representation or any action of the Master Servicer taken in the name of the
Trustee.

          Section 10.04. Trustee May Own Certificates. The Trustee in its
individual or any other capacity may become the owner or pledgee of
Certificates and may deal with the Depositor and the Master Servicer in
banking transactions with the same rights as it would have if it were not
Trustee.

          Section 10.05. Trustee's Fees and Expenses. The Master Servicer
shall pay to the Trustee, and the Trustee shall be entitled to receive,
reasonable compensation as shall have been separately agreed upon before the
date of this Agreement between the Seller and the Trustee (which shall not be
limited by any provision of law regarding the compensation of a trustee of an
express trust) for all services rendered by it in the execution of the trusts
created by this

                                      49

<PAGE>

Agreement and in the exercise and performance of any of the Trustee's powers
and duties under this Agreement. The Trustee shall be entitled to be
reimbursed by the Seller for its reasonable expenses under this Agreement,
including the reasonable compensation, expenses and disbursements of such
agents, representatives, experts and counsel as the Trustee may employ in
connection with the exercise and performance of its rights and duties under
this Agreement.

          Section 10.06. Eligibility Requirements for Trustee. The Trustee
shall at all times be a corporation having an office in the same state as the
location of the Corporate Trust Office; organized and doing business under the
laws of such state or the United States of America; authorized under such laws
to exercise corporate trust powers; having 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) a rating of at
least [Baa3] by [RATING AGENCY]. If such corporation 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 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 Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect specified in Section
10.07.

          Section 10.07. Resignation or Removal of Trustee. The Trustee may at
any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Master Servicer. Upon receiving such notice of
resignation, the Master Servicer shall promptly appoint a successor Trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor Trustee. If
no successor Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

          If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 10.06 and shall fail to resign after written
request therefor by the Master Servicer, or if at any time the Trustee shall
be legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then
the Master Servicer may remove the Trustee. If the Master Servicer shall
remove the Trustee under the authority of the immediately preceding sentence,
the Master Servicer shall promptly appoint a successor Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to
the outgoing Trustee so removed and one copy to the successor Trustee, and
shall pay all fees owed to the outgoing Trustee.

          Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Trustee
pursuant to Section 10.08 and payment of all fees and expenses owed to the
outgoing Trustee. The Master Servicer shall provide notice of such resignation
or removal of the Trustee to each of the Rating Agencies.

                                      50

<PAGE>

          Section 10.08. Successor Trustee. Any successor Trustee appointed
pursuant to Section 10.07 shall execute, acknowledge and deliver to the Master
Servicer and to its predecessor Trustee an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of
the predecessor Trustee shall become effective and such successor 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 Trustee. The predecessor
Trustee shall upon payment of its fees and expenses deliver to the successor
Trustee all documents and statements and monies held by it under this
Agreement; and the Master Servicer and the predecessor 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
Trustee all such rights, powers, duties and obligations.

          No successor Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Trustee shall be
eligible pursuant to Section 10.06.

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

          Section 10.09. Merger or Consolidation of Trustee. Any corporation
into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be eligible pursuant to Section 10.06, 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. The Trustee
shall mail notice of any such merger or consolidation to the Rating Agencies.

          Section 10.10. 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 or any Financed Asset may at the time be located, the Master
Servicer and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the
Trustee to act as co-trustee, jointly with the Trustee, or separate trustee or
separate trustees, of all or any part of the Trust, and to vest in such
Person, in such capacity and for the benefit of the Certificateholders, such
title to the Trust or any part thereof and, subject to the other provisions of
this Section, such powers, duties, obligations, rights, and trusts as the
Master Servicer and the Trustee may consider necessary or desirable. If the
Master Servicer shall not have joined in such appointment within 15 days after
the receipt by it of a request so to do, the 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
Trustee pursuant to Section 10.06 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 10.08.

                                      51

<PAGE>

          Each 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 any such separate trustee or co-trustee shall be conferred
     upon and exercised or performed by the 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 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
     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 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 Trustee;

               (ii) No trustee under this Agreement shall be personally liable
     by reason of any act or omission of any other trustee under this
     Agreement; and

               (iii) The Master Servicer and the 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 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
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 Trustee. Each such instrument shall be filed with the
Trustee and a copy thereof given to the Master Servicer.

          Any separate trustee or co-trustee may at any time appoint the
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 Trustee, to the extent permitted by law, without the
appointment of a new or successor co-trustee or separate trustee.

          Section 10.11. Representations and Warranties of Trustee. The
Trustee shall make the following representations and warranties on which the
Depositor and Certificateholders shall be deemed to rely:

               (i) The Trustee is a banking corporation duly organized,
     validly existing and in good standing under the laws of its place of
     incorporation.

               (ii) The Trustee has full corporate power, authority and legal
     right to execute and deliver, and to perform its obligations under, this
     Agreement, and shall have

                                      52

<PAGE>

     taken all necessary action to authorize the execution and delivery of,
     and the performance of its obligations under, this Agreement.

               (iii) This Agreement shall have been duly executed and
     delivered by the Trustee.

          Section 10.12. No Bankruptcy Petition. The Trustee, by entering into
this Agreement, and each Certificateholder, by accepting a Certificate, hereby
covenant and agree that they will not at any time institute against, or join
any other Person in instituting against, the Depositor or the Trust any
bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other similar proceedings under any federal or state
bankruptcy or similar law in connection with the Certificates or this
Agreement.

          Section 10.13. Trustee's Certificate. On or as soon as practicable
after each Record Date as of which Receivables shall be assigned to the
Depositor or the Master Servicer pursuant to Section 10.14, the Trustee shall
execute a Trustee's Certificate, based on the information contained in the
Master Servicer's Certificate for the related Collection Period, amounts
deposited to the Collection Account and notices received pursuant to this
Agreement, identifying the Receivables repurchased by the Depositor pursuant
to Section 3.02 or purchased by the Master Servicer pursuant to Section 4.07
or Section 11.02 during such Collection Period, and shall deliver such
Trustee's Certificate, accompanied by a copy of the Master Servicer's
Certificate for such Collection Period, to the Depositor or the Master
Servicer, as applicable. The Trustee's Certificate submitted with respect to
such Distribution Date shall operate, as of such Distribution Date, as an
assignment, without recourse, representation or warranty, to the Depositor or
the Master Servicer, as applicable, of all the Trustee's right, title and
interest in and to any such Repurchased Receivable and to the other property
conveyed to the Trust with respect thereto, and all security and documents
relating thereto, such assignment being an assignment outright and not for
security.

          Section 10.14. Trustee's Assignment of Repurchased Receivables. With
respect to all Receivables repurchased by the Depositor pursuant to Section
3.02 or purchased by the Master Servicer pursuant to Section 4.07 or Section
11.02, the Trustee shall by a Trustee's Certificate assign, without recourse,
representation or warranty, to the Depositor or the Master Servicer, as
applicable, all the Trustee's right, title and interest in and to any such
Receivable and the other property conveyed to the Trust with respect thereto,
and all security and documents relating thereto, such assignment being an
assignment outright and not for security.

                                 ARTICLE XI.

                                  Termination

          Section 11.01. Termination of the Trust. (a) The respective
obligations and responsibilities of the Depositor, the Master Servicer and the
Trustee created hereby and the Trust created by this Agreement shall terminate
(i) upon the payment to Certificateholders of all amounts required to be paid
to them pursuant to this Agreement and the disposition of all property held as
part of the Trust and (ii) at the time provided in Section 11.02; provided,
however, that in no event shall the trust created by this Agreement continue
beyond the

                                      53

<PAGE>

expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late ambassador of the United States to the Court of
St. James's, living on the date of this Agreement. The Master Servicer shall
promptly notify the Trustee of any prospective termination pursuant to this
Section.

          (b) Except as provided in Section 11.01(a), neither the Depositor
nor any Owner shall be entitled to revoke or terminate the Trust.

          (c) Notice of any termination of the Trust, specifying the
Distribution Date upon which Certificateholders shall surrender their
Certificates to the Trustee for payment of the final distribution and
cancellation of the Certificates, shall be given by the Trustee by letter to
Certificateholders mailed not earlier than the 15th day and not later than the
25th day of the month next preceding the specified Distribution Date stating
(A) the Distribution Date upon which final payment of the Certificates shall
be made upon presentation and surrender of the Certificates at the office of
the Trustee therein designated, (B) the amount of such final payment and (C)
that the Record Date otherwise applicable to such Distribution Date is not
applicable, payments being made only upon presentation and surrender of the
Certificates at the office of the Trustee therein specified. The Trustee shall
give such notice to the Certificate Registrar (if other than the Trustee) at
the time such notice is given to Certificateholders. Upon presentation and
surrender of the Certificates, the Trustee shall cause to be distributed to
Certificateholders amounts distributable on such Distribution Date pursuant to
Section 5.06.

          In the event that all of the Certificateholders shall not surrender
their Certificates for cancellation within six months after the date specified
in the above mentioned written notice, the Trustee shall give a second written
notice to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If
within one year after such second notice all of the Certificates shall not
have been surrendered for cancellation, the Trustee may take appropriate
steps, or may appoint an agent to take appropriate steps, to contact the
remaining Certificateholders concerning surrender of their 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 Trustee to the
Depositor.

          Section 11.02. Optional Purchase of All Receivables. On the last day
of any Collection Period as of which the Pool Balance shall be less than or
equal to [ ]% of the Original Pool Balance, the [Master Servicer] shall have
the option to purchase the corpus of the Trust; provided, however, that the
amount to be paid for such purchase (as set forth in the following sentence)
shall be sufficient to pay the full amount of principal and interest then due
and payable on any outstanding Certificates in full and to pay any amounts due
to the Trustee and provided, further, that the Master Servicer may not effect
any such purchase if at such time the rating of ____________'s long-term debt
obligations is less than [Baa3] by [RATING AGENCY], unless the Trustee shall
have received an Opinion of Counsel to the effect that such purchase would not
constitute a fraudulent conveyance. To exercise such option, the Master
Servicer shall deposit an amount into the Collection Account pursuant to
Section 5.05 equal to the lesser of (i) the fair market value of such
receivables and (ii) the aggregate Purchase Amount for the Receivables
(including defaulted Receivables), plus the appraised value of any other
property held by the Trust, such value to be determined by an appraiser
mutually agreed upon by

                                      54

<PAGE>

the Master Servicer and the Trustee. The Master Servicer thereafter shall
succeed to all interests in and to the Trust.

                                 ARTICLE XII.

                           Miscellaneous Provisions

          Section 12.01. Amendment. This Agreement may be amended by the
Depositor, the Master Servicer and the Trustee, without the consent of 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 provision in this Agreement or of
modifying in any manner the rights of the Certificateholders; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel
delivered to the Trustee, adversely affect in any material respect the
interests of any Certificateholder.

          This Agreement may also be amended from time to time by the
Depositor, the Master Servicer and the Trustee with the consent of the Holders
of Class [A] Certificates and Class [B] Certificates (which consent shall be
conclusive and binding on such Holders and on all future Holders of such
Certificates and of any Certificates issued upon the transfer therefor or in
exchange thereof or in lieu thereof, whether or not notation of such consent
is made upon the Certificates), each voting as a class, evidencing not less
than a majority of the Class [A] Certificate Balance and Class [B] Certificate
Balance, respectively, 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 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 on any
Certificate or (b) reduce the aforesaid percentage of the Class [A]
Certificate Balance and Class [B] Certificate Balance required to consent to
any such amendment without the consent of the Holders of all Certificates then
outstanding.

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

          It shall not be necessary for the consent of Certificateholders
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) and of
evidencing the authorization of any action by Certificateholders shall be
subject to such reasonable requirements as the Trustee may prescribe.

          Prior to the execution of any amendment to this Agreement, the
Trustee shall be entitled to receive and rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized or permitted by
this Agreement and the Opinion of Counsel referred to in this Section 12.01.
The Trustee may, but shall not be obligated to, enter into any such amendment
that affects the Trustee's own rights, duties or immunities under this
Agreement or otherwise.

                                      55

<PAGE>

          Section 12.02. Protection of Title to Trust. (a) The Depositor shall
execute and file such financing statements and cause to be executed and filed
such continuation statements, all in such manner and in such places as may be
required by law fully to preserve, maintain and protect the interest of the
Certificateholders and the Trustee in the Receivables and in the proceeds
thereof. The Depositor shall deliver (or cause to be delivered) to the Trustee
file-stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing.

          (b) Neither the Depositor nor the Master Servicer shall change its
name, identity or corporate structure in any manner that would, could or might
make any financing statement or continuation statement filed in accordance
with paragraph (a) above seriously misleading within the meaning of Section
9-506 of the UCC, unless it shall have given the Trustee at least five days'
prior written notice thereof and shall have promptly filed appropriate
amendments to all previously filed financing statements or continuation
statements.

          (c) Each of the Depositor and the Master Servicer shall have an
obligation to give the Trustee at least 60 days' prior written notice of any
relocation of its principal executive office if, as a result of such
relocation, the applicable provisions of the UCC would require the filing of
any amendment of any previously filed financing or continuation statement or
of any new financing statement, and shall promptly file any such amendment or
new financing statement. The Master Servicer shall at all times maintain its
principal executive office and each office from which it shall service
Receivables within the United States of America.

          (d) The Master Servicer shall maintain accounts and records as to
each Receivable accurately and in sufficient detail to permit (i) the reader
thereof to know at any time the status of such Receivable, including payments
and recoveries made and payments owing (and the nature of each) and (ii)
reconciliation between payments or recoveries on (or with respect to) each
Receivable and the amounts from time to time deposited in the Distribution
Account and Payahead Account in respect of such Receivable.

          (e) The Master Servicer shall maintain its computer systems so that,
from and after the time of sale under this Agreement of the Receivables to the
Trustee, the Master Servicer's master computer records (including any back-up
archives) that refer to a Receivable shall indicate clearly the interest of
the Trust, in such Receivable, and that such Receivable is owned by the
Trustee. Indication of the Trustee's ownership of a Receivable shall be
deleted from or modified on the Master Servicer's computer systems when, and
only when, such Receivable shall have been paid in full or repurchased.

          (f) If at any time the Depositor or the Master Servicer shall
propose to sell, grant a security interest in, or otherwise transfer any
interest in automotive receivables to, any prospective purchaser, lender or
other transferee, the Master Servicer shall give to such prospective
purchaser, lender or other transferee computer tapes, records or print-outs
(including any restored from back-up archives) that, if they shall refer in
any manner whatsoever to any Receivable, shall indicate clearly that such
Receivable has been sold and is owned by the Trustee.

                                      56

<PAGE>

          (g) The Master Servicer shall permit the Trustee and its agents at
any time during normal business hours to inspect, audit and make copies of and
abstracts from the Master Servicer's records regarding any Receivable.

          (h) Upon request, the Master Servicer shall furnish to the Trustee,
within five Business Days, a list of all Receivables (by contract number and
name of Obligor) then held as part of the Trust, together with a
reconciliation of such list to the Schedule of Receivables and to each of the
Master Servicer's Certificates furnished before such request indicating
removal of Receivables from the Trust.

          Section 12.03. 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 12.04. Limitation on Rights of Certificateholders. (a) The
death or incapacity of any Certificateholder shall not operate to terminate
this Agreement or the Trust, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the
Trust, nor otherwise affect the rights, obligations and liabilities of the
parties to this Agreement or any of them.

          (b) No Certificateholder shall have any right to vote (except as
provided in Section 12.01 or 9.05) or in any manner otherwise control the
operation and management of the Trust or the obligations of the parties to
this Agreement; nor shall any provision in this Agreement or contained in the
Certificates be construed so as to constitute the Certificateholders from time
to time as partners or members of an association; nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken pursuant to any provision of this Agreement.

          (c) No Certificateholder shall have any right to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this
Agreement, unless: (i) such Holder previously shall have given to the Trustee
written notice of a continuing Event of Default; (ii) the Holders of
Certificates evidencing not less than 25% of the Certificate Balance shall
have made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee under this Agreement and shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby; (iii) the
Trustee, for 60 days after its receipt of such notice, request and offer of
indemnity shall have neglected or refused to institute any such action, suit
or proceeding; and (iv) during such 60-day period no request or waiver
inconsistent with such written request shall have been given to the Trustee by
Holders representing a majority of the Certificate Balance. It is understood
and intended that no one or more Holders of Certificates shall have any right
in any manner whatever by virtue of, or by availing of, any provisions of this
Agreement to affect, disturb or prejudice the rights of any other Holders of
Certificates, or to obtain or seek to obtain priority over or preference to
any other such Holder, or to enforce any right under this Agreement, except in
the manner provided in this Agreement.

                                      57

<PAGE>

          Section 12.05. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS THAT WOULD APPLY THE LAW OF ANY JURISDICTION OTHER
THAN THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          Section 12.06. Notices. All demands, notices and communications upon
or to the Depositor, the Master Servicer, the Trustee or the Rating Agencies
under this Agreement shall be in writing, personally delivered or mailed by
certified mail, return receipt requested, and shall be deemed to have been
duly given upon receipt (a) in the case of the Depositor, to Regions
Acceptance LLC, 417 20th Street North, Birmingham, Alabama 35203, (216)
575-2000; (b) in the case of the Master Servicer, to Regions Bank, 417 20th
Street North, Birmingham, Alabama 35203, (216) 575-2000; (c) in the case of
the Trustee, at the Corporate Trust Office; (d) in the case of [RATING
AGENCY], to [RATING AGENCY], [ADDRESS]; and (e) in the case of [RATING
AGENCY], to [RATING AGENCY] [ADDRESS], Attention: [ ]. Any notice required or
permitted to be mailed to a Certificateholder shall be given by first class
mail, postage prepaid, at the address of such Holder 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 the Certificateholder shall receive such notice.

          Section 12.07. Severability of Provisions. 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 of this
Agreement, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other
jurisdiction.

          Section 12.08. Assignment. [Notwithstanding anything to the contrary
contained herein, except as provided in Sections 7.04 and 8.03 and as provided
in the provisions of this Agreement concerning the resignation of the Master
Servicer, this Agreement may not be assigned by the Depositor or the Master
Servicer without the prior written consent of the Trustee and the Holders of
Certificates evidencing not less than 66% of the Certificate Balance.]

          Section 12.09. Certificates Nonassessable and Fully Paid.
Certificateholders shall not be personally liable for obligations of the
Trust. The interests represented by the Certificates shall be nonassessable
for any losses or expenses of the Trust or for any reason whatsoever.

          Section 12.10. Limitations on Rights of Others. The provisions of
this Agreement are solely for the benefit of the Depositor, the Master
Servicer, the Trustee and the Certificateholders, and nothing in this
Agreement, whether express or implied, shall be construed to give any other
Person any legal or equitable right, remedy or claim in respect of the Trust
or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

          Section 12.11. 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.

                                      58

<PAGE>

          Section 12.12. Nonpetition Covenants. (a) Notwithstanding any prior
termination of this Agreement, the Master Servicer and the Depositor shall
not, prior to the date that is one year and one day after the termination of
this Agreement with respect to the Trust, acquiesce to, petition or otherwise
invoke or cause the Trust to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against the Trust
under any federal or state bankruptcy, insolvency or similar law, or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator,
or other similar official of the Trust or any substantial part of its
property, or ordering the winding up or liquidation of the affairs of the
Trust.

          (b) Notwithstanding any prior termination of this Agreement, the
Master Servicer shall not, prior to the date that is one year and one day
after the termination of this Agreement with respect to the Depositor,
acquiesce to, petition or otherwise invoke or cause the Depositor to invoke
the process of any court or government authority for the purpose of commencing
or sustaining a case against the Depositor under any federal or state
bankruptcy, insolvency or similar law, appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator, or other similar official of the
Depositor or any substantial part of its property, or ordering the winding up
or liquidation of the affairs of the Depositor.

          Section 12.13. Entity Obligation. No recourse may be taken, directly
or indirectly, against any partner, incorporator, authorized person, member,
subscriber to the capital stock or membership interests, stockholder,
director, officer or employee of the Depositor, the Master Servicer, the
Custodian, the Seller or the Administrator, with respect to their respective
obligations and indemnities under this Agreement or any certificate or other
writing delivered in connection herewith or therewith.

                            *     *     *

                                      59

<PAGE>

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

                                          REGIONS ACCEPTANCE LLC, as Depositor

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

                                          [TRUSTEE], as Trustee

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

                                          REGIONS BANK, as Seller and Master
                                          Servicer

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

                                      60

<PAGE>

                                      A-6

                                                                     EXHIBIT A

                         FORM OF CLASS [A] CERTIFICATE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN 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.

DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CLASS [A]
CERTIFICATE WILL BE MADE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS [B] CERTIFICATE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

------------------------------------------------------------------------
NUMBER                                          /                      $
------------------------------------------------------------------------
R-                                              /              CUSIP NO.
------------------------------------------------------------------------

                     REGIONS AUTO RECEIVABLES TRUST 200_-_

                  [____]% ASSET BACKED CERTIFICATE, CLASS [A]

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of [retail installment sales contracts,
retail installment loans, purchase money notes or other notes] secured by [new
and used automobiles, light-duty trucks, motorcycles, recreational vehicles,
vans, minivans and/or sport utility vehicles] financed by those contracts.

(This Class [A] Certificate does not represent an interest in or obligation of
Regions Acceptance LLC or any of its Affiliates, except to the extent
described below.)

          THIS CERTIFIES THAT _______________________________________ is the
registered owner of [______________________________________] DOLLARS
nonassessable, fully-paid, fractional undivided interest in Regions Auto
Receivables Trust 200_-_ (the "Trust") formed pursuant to the Pooling and
Servicing Agreement (the "Agreement") dated as of [_________________], among
Regions Acceptance LLC, a Delaware limited liability company, as depositor
(the "Depositor"), Regions Bank, as master servicer (the "Master Servicer")
and [Trustee], a [_______] banking corporation, as trustee (the "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 Agreement.

          This Certificate is one of a duly authorized series of Certificates,
designated as the [_____]% Asset Backed Certificates, Class [A] (herein called
the "Class [A] Certificates"), all

                                     A-1

<PAGE>

issued under the Agreement, to which Agreement reference is hereby made for a
statement of the respective rights and obligations thereunder of the
Depositor, the Master Servicer, the Trustee and Holders of the Certificates.
The Class [A] Certificates are subject to all terms of the Agreement.

          The property of the Trust includes a pool of [retail installment
sales contracts, retail installment loans, purchase money notes or other
notes] secured by [new and used automobiles, light-duty trucks, motorcycles,
recreational vehicles, vans, minivans and/or sport utility vehicles] (the
"Receivables") financed by those contracts, all monies due under such
Receivables on or after the related Cutoff Date, in the case of Precomputed
Receivables, or received on or after the related Cutoff Date, in the case of
Simple Interest Receivables, security interests in the assets financed
thereby, certain bank accounts and the proceeds thereof, proceeds from claims
on certain insurance policies and all proceeds of the foregoing.

          Under the Agreement, there will be distributed on the [______] day
of each month or, if such [______] day is not a Business Day, the next
Business Day (each, a "Distribution Date"), commencing on
[______________________], to the Person in whose name this Class [A]
Certificate is registered at the close of business on the first day of the
month in which such Distribution Date occurs (the "Record Date"), such
Certificateholder's fractional undivided interest in the amount to be
distributed to Class [A] Certificateholders on such Distribution Date.

          It is the intent of the Depositor, the Master Servicer, the Trustee
and the Certificateholders that, for purposes of federal income, state and
local income and single business tax and any other income taxes, the Trust
will be treated as a grantor trust and the Certificates will be treated as
interests in a grantor trust. The Depositor, the Master Servicer, the Trustee
and the Certificateholders, by acceptance of a Certificate or of a beneficial
interest in a Certificate, as the case may be, agree to treat, and to take no
action inconsistent with the treatment of, the Certificates for such tax
purposes as interests in a grantor trust.

          Distributions on this Class [A] Certificate will be made as provided
in the Agreement by the Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the
presentation or surrender of this Class [A] Certificate or the making of any
notation hereon, except that with respect to Class [A] Certificates 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. Except as otherwise provided in the Agreement and notwithstanding the
above, the final distribution on this Class [A] Certificate will be made after
due notice by the Trustee of the pendency of such distribution and only upon
presentation and surrender of this Class [A] Certificate at the office or
agency maintained for that purpose by the Trustee in the Borough of Manhattan,
The City of New York.

          Reference is hereby made to the further provisions of this Class [A]
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.

                                     A-2

<PAGE>

          Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Trustee, by manual signature, this
Class [A] Certificate shall not entitle the Holder hereof to any benefit under
the Agreement or be valid for any purpose.

          THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          IN WITNESS WHEREOF, the Trustee, on behalf of the Trust and not in
its individual capacity, has caused this Class [A] Certificate to be duly
executed.

Date:                         REGIONS AUTO RECEIVABLES TRUST
                                 200__-__

                              By:  [TRUSTEE],
                                   not in its individual capacity but solely
                                   as Trustee,

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

                         CERTIFICATE OF AUTHENTICATION

This is one of the Class [A] Certificates referred to in the within-mentioned
Agreement.

Date:

                              [TRUSTEE],
                              as Trustee

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

                                     A-3

<PAGE>

                      (REVERSE OF CLASS [A] CERTIFICATE)

          The Class [A] Certificates do not represent an obligation of, or an
interest in, the Depositor, the Master Servicer, the Trustee 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
Agreement. In addition, this Class [A] 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
Agreement. A copy of the 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 Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer and the Trustee and the rights of the
Certificateholders at any time by the Depositor, the Master Servicer and the
Trustee with the consent of the Holders of Certificates evidencing not less
than a majority of the Certificate Balance. Any such consent by the Holder of
this Class [A] Certificate shall be conclusive and binding on such Holder and
on all future Holders of this Certificate and of any Class [A] 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 Class [A]
Certificate. The Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the
Certificates.

          As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Class [A] Certificate is registerable
in the Certificate Register upon surrender of this Class [A] Certificate for
registration of transfer at the offices or agencies of the Certificate
Registrar maintained by the Trustee in the Borough of Manhattan, The City of
New York, accompanied by a written instrument of transfer in form satisfactory
to the 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 Class [A] 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 Agreement is
[________________________________].

          Except as provided in the Agreement, the Class [A] Certificates are
issuable only as registered certificates without coupons in a minimum
denomination of $[________]. As provided in the Agreement and subject to
certain limitations therein set forth, Class [A] Certificates are exchangeable
for new Class [A] Certificates of authorized denominations evidencing the same
aggregate denomination, as requested by the Holder surrendering the same. No
service charge will be made for any such registration of transfer or exchange,
but the Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

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

                                     A-4

<PAGE>

          The obligations and responsibilities created by the 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
Agreement and the disposition of all property held by the Trust. The Master
Servicer of the Receivables may at its option purchase the Trust property at a
price specified in the Agreement, and such purchase of the Receivables and
other property of the Trust will effect early retirement of the Certificates;
however, such right of purchase is exercisable only as of the last day of any
Collection Period as of which the Pool Balance is less than or equal to [__]%
of the Original Pool Balance.

                                     A-5

<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 Class [A] Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing _________________________ to transfer
said Class [A] 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 as
     it appears upon the face of the within Class [A] Certificate in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by a member firm of the New York Stock
     Exchange or a commercial bank or trust company.

                                     A-6

<PAGE>

                                                                     EXHIBIT B

                         FORM OF CLASS [B] CERTIFICATE

THIS CLASS [B] CERTIFICATE IS SUBORDINATE TO THE PRIOR RIGHTS OF THE CLASS [A]
CERTIFICATES IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CLASS [B]
CERTIFICATE WILL BE MADE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS [B] CERTIFICATE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

------------------------------------------------------------------------
NUMBER                                          /                      $
------------------------------------------------------------------------
R-                                              /              CUSIP NO.
------------------------------------------------------------------------

                     REGIONS AUTO RECEIVABLES TRUST 200_-_

                  [____]% ASSET BACKED CERTIFICATE, CLASS [B]

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of [retail installment sales contracts,
retail installment loans, purchase money notes or other notes] secured by [new
and used automobiles, light-duty trucks, motorcycles, recreational vehicles,
vans, minivans and/or sport utility vehicles] financed by those contracts.

(This Class [B] Certificate does not represent an interest in or obligation of
Regions Acceptance LLC or any of its Affiliates, except to the extent
described below.)

          THIS CERTIFIES THAT ____________________________________ is the
registered owner of [____________________________] DOLLARS nonassessable,
fully-paid, fractional undivided interest in Regions Auto Receivables Trust
200_-_ (the "Trust") formed pursuant to a Pooling and Servicing Agreement (the
"Agreement") dated as of [_________________], among Regions Acceptance LLC, a
Delaware limited liability company, as depositor (the "Depositor"), Regions
Bank, as master servicer (the "Master Servicer") and [Trustee], a
[Jurisdiction] banking corporation, as trustee (the "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 Agreement.

          This Certificate is one of a duly authorized series of Certificates,
designated as the [____]% Asset Backed Certificates, Class [B] (herein called
the "Class [B] Certificates") all, issued under the Agreement, to which
Agreement reference is hereby made for a statement of the respective rights
and obligations thereunder of the Depositor, the Master Servicer, the Trustee
and Holders of the Certificates. The Class [B] Certificates are subject to all
terms of the Agreement.

                                     B-1

<PAGE>

          The property of the Trust includes a pool of [retail installment
sales contracts, retail installment loans, purchase money notes or other
notes] secured by [new and used automobiles, light-duty trucks, motorcycles,
recreational vehicles, vans, minivans and/or sport utility vehicles] (the
"Receivables") financed by those contracts, all monies due under such
Receivables on or after [___________________], in the case of Precomputed
Receivables, or received on or after [__________________], in the case of
Simple Interest Receivables, security interests in the vehicles financed
thereby, certain bank accounts and the proceeds thereof, proceeds from claims
on certain insurance policies and all proceeds of the foregoing.

          Under the Agreement, there will be distributed on the [________] day
of each month or, if such [_______] day is not a Business Day, the next
Business Day (each, a "Distribution Date"), commencing on
[______________________], to the Person in whose name this Class [B]
Certificate is registered at the close of business on the first day of the
month in which such Distribution Date occurs (the "Record Date"), subject to
the prior rights of the Class [A] Certificateholders, such Certificateholder's
fractional undivided interest in the amount to be distributed to Class [B]
Certificateholders on such Distribution Date.

          It is the intent of the Depositor, the Master Servicer, the Trustee
and the Certificateholders that, for purposes of federal income, state and
local income and single business tax and any other income taxes, the Trust
will be treated as a grantor trust and the Certificates will be treated as
interests in a grantor trust. The Depositor, the Master Servicer, the Trustee
and the Certificateholders, by acceptance of a Certificate or of a beneficial
interest in a Certificate, as the case may be, agree to treat, and to take no
action inconsistent with the treatment of, the Certificates for such tax
purposes as interests in a grantor trust.

          Distributions on this Class [B] Certificate will be made as provided
in the Agreement by the Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the
presentation or surrender of this Class [B] Certificate or the making of any
notation hereon, except that with respect to Class [B] Certificates 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. Except as otherwise provided in the Agreement and notwithstanding the
above, the final distribution on this Class [B] Certificate will be made after
due notice by the Trustee of the pendency of such distribution and only upon
presentation and surrender of this Class [B] Certificate at the office or
agency maintained for that purpose by the Trustee in the Borough of Manhattan,
The City of New York.

          Reference is hereby made to the further provisions of this Class [B]
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 Trustee, by manual signature, this
Class [B] Certificate shall not entitle the Holder hereof to any benefit under
the Agreement or be valid for any purpose.

          THIS CLASS [B] CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT

                                     B-2

<PAGE>

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.

                                     B-3

<PAGE>

          IN WITNESS WHEREOF, the Trustee, on behalf of the Trust and not in
its individual capacity, has caused this Class [B] Certificate to be duly
executed.

Date:                      REGIONS AUTO RECEIVABLES
                              TRUST 200__-__

                           By:  [TRUSTEE],
                                not in its individual capacity but solely
                                as Trustee,

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

                         CERTIFICATE OF AUTHENTICATION

          This is one of the Class [B] Certificates referred to in the
within-mentioned Trust Agreement.

Date:                      [TRUSTEE],
                           as Trustee

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

                                     B-4

<PAGE>

                      (REVERSE OF CLASS [B] CERTIFICATE)

          The Class [B] Certificates do not represent an obligation of, or an
interest in, the Depositor, the Master Servicer, the Trustee 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
Agreement. In addition, this Class [B] 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
Agreement. A copy of the 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 Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the
Master Servicer and the Trustee with the consent of the Holders of
Certificates evidencing not less than a majority of the Certificate Balance.
Any such consent by the Holder of this Class [B] Certificate shall be
conclusive and binding on such Holder and on all future Holders of this Class
[B] Certificate and of any Class [B] 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 Class [B] Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

          Except as provided in the Agreement, the Class [B] Certificates are
issuable only as registered certificates without coupons in a minimum
denominations of $[________]. As provided in the Agreement and subject to
certain limitations therein set forth, Class [B] Certificates are exchangeable
for new Class [B] Certificates of authorized denominations evidencing the same
aggregate denomination, as requested by the Holder surrendering the same. No
service charge will be made for any such registration of transfer or exchange,
but the Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

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

          The obligations and responsibilities created by the 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
Agreement and the disposition of all property by the Trust. The Master
Servicer of the Receivables may at its option purchase the Trust property at a
price specified in the Agreement, and such purchase of the Receivables and
other property of the Trust will effect early retirement of the Class [B]
Certificates; however, such right of purchase is exercisable only as of the
last day of any Collection Period as of which the Pool Balance is less than or
equal to [ ]% of the Original Pool Balance.

                                     B-5

<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 Class [B] Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing ________________________ to transfer
said Class [B] 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 as
     it appears upon the face of the within Class [B] Certificate in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by a member firm of the New York Stock
     Exchange or a commercial bank or trust company.

                                      B-6

<PAGE>

                                                                     EXHIBIT C

                        (FORM OF DEPOSITORY AGREEMENT)

                           Letter of Representations
                    (To be Completed by Issuer and Trustee)

                               (Name of Issuer)

                               (Name of Trustee)

                                                              ----------------
                                                                    (Date)

Attention: General Counsel's Office
THE DEPOSITORY TRUST COMPANY
55 Water Street; 49th Floor
New York, NY 10041-0099

          Re:___________________________

                    --------------------------
                        (Issue Description)

Ladies and Gentlemen:

          This letter sets forth our understanding with respect to certain
matters relating to the above-referenced issue (the "Securities"). Trustee
will act as trustee with respect to the Securities pursuant to a trust
indenture dated __, 200_ (the "Document"). _________________________________
(the "Underwriter") is distributing the Securities through The Depository
Trust Company ("DTC").

          To induce DTC to accept the Securities as eligible for deposit at
DTC, and to act in accordance with its Rules with respect to the Securities,
Issuer and Trustee make the following representations to DTC:

          (1) Prior to closing on the Securities on ________________, 200_,
there shall be deposited with DTC one Security certificate registered in the
name of DTC's nominee, Cede & Co., for each stated maturity of the Securities
in the face amounts set forth on Schedule A hereto, the total of which
represents 100% of the principal amount of such Securities. If, however, the
aggregate principal amount of any maturity exceeds $[ ] million, one
certificate will be issued with respect to each $[ ] million of principal
amount and an additional certificate will be issued with respect to any
remaining principal amount. Each $[ ] million certificate shall bear the
following legend:

                                     C-1

<PAGE>

          Unless this certificate is presented by an authorized representative
          of The Depository Trust Company, a New York corporation ("DTC"), to
          Issuer or its agent for registration of transfer, exchange, or
          payment, and any certificate issued is registered in the name of
          Cede & Co. or in 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.

          (2) In the event of any solicitation of consents from or voting by
holders of the Securities, Issuer or Trustee shall establish a record date for
such purposes (with no provision for revocation of consents or votes by
subsequent holders) and shall, to the extent possible, send notice of such
record date to DTC not less than 15 calendar days in advance of such record
date. Notices to DTC pursuant to this Paragraph by telecopy shall be sent to
DTC's Reorganization Department at (212) 709-6896 or (212) 709-6897, and
receipt of such notices shall be confirmed by telephoning (212) 709-6870.
Notices to DTC pursuant to this Paragraph by mail or by any other means shall
be sent to DTC's Reorganization Department as indicated in Paragraph 4.

          (3) In the event of a full or partial redemption, Issuer or Trustee
shall send a notice to DTC specifying: (a) the amount of the redemption or
refunding; (b) in the case of a refunding, the maturity date(s) established
under the refunding; and (c) the date such notice is to be mailed to Security
holders or published (the "Publication Date"). Such notice shall be sent to
DTC by a secure means (e.g., legible telecopy, registered or certified mail,
overnight delivery) in a timely manner designed to assure that such notice is
in DTC's possession no later than the close of business on the business day
before or, if possible, two business days before the Publication Date. Issuer
or Trustee shall forward such notice either in a separate secure transmission
for each CUSIP number or in a secure transmission for multiple CUSIP numbers
(if applicable) which includes a manifest or list of each CUSIP number
submitted in that transmission. (The party sending such notice shall have a
method to verify subsequently the use of such means and the timeliness of such
notice.) The Publication Date shall be not less than 30 days nor more than 60
days prior to the redemption date or, in the case of an advance refunding, the
date that the proceeds are deposited in escrow. Notices to DTC pursuant to
this Paragraph by telecopy shall be sent to DTC's Call Notification Department
at (516) 227-4039 or (516) 227-4190. If the party sending the notice does not
receive a telecopy receipt from DTC confirming that the notice has been
received, such party shall telephone (516) 227-4070. Notices to DTC pursuant
to this Paragraph by mail or by any other means shall be sent to:

                    Manager; Call Notification Department
                    The Depository Trust Company
                    711 Stewart Avenue
                    Garden City, NY 11530-4719

          (4) In the event of an invitation to tender the Securities, notice
by Issuer or Trustee to Security holders specifying the terms of the tender
and the Publication Date of such notice shall be sent to DTC by a secure means
in the manner set forth in the preceding

                                     C-2

<PAGE>

Paragraph. Notices to DTC pursuant to this Paragraph and notices of other
corporate actions (including mandatory tenders, exchanges, and capital
changes) by telecopy shall be sent to DTC's Reorganization Department at (212)
709-1093 or (212) 709-1094, and receipt of such notices shall be confirmed by
telephoning (212) 709-6884. Notices to DTC pursuant to the above by mail or by
any other means shall be sent to:

                    Manager; Reorganization Department
                    Reorganization Window
                    The Depository Trust Company
                    7 Hanover Square; 23rd Floor
                    New York, NY 10004-2695

          (5) All notices and payment advices sent to DTC shall contain the
CUSIP number of the Securities.

          (6) Trustee shall send DTC written notice with respect to the dollar
amount per $1,000 original face value (or other minimum authorized
denomination if less than $1,000 face value) payable on each payment date
allocated as to the interest and principal portions thereof preferably 5, but
not less than 2, business days prior to such payment date. Such notices, which
shall also contain the current pool factor and Trustee contact's name and
telephone number, shall be sent by telecopy to DTC's Dividend Department at
(212) 709-1723, or if by mail or by any other means to:

                    Manager; Announcements
                    Dividend Department
                    The Depository Trust Company
                    7 Hanover Square; 22nd Floor
                    New York, NY 10004-2695

          (7) (NOTE: ISSUER MUST REPRESENT ONE OF THE FOLLOWING, AND CROSS OUT
THE OTHER:) (The interest accrual period is record date to record date.) (The
interest accrual period is payment date to payment date.)

          (8) Interest payments and principal payments that are part of
periodic principal-and-interest payments shall be received by Cede & Co., as
nominee of DTC, or its registered assigns in same-day funds on each payment
date (or the equivalent in accordance with existing arrangements between
Issuer or Trustee and DTC). Such payments shall be made payable to the order
of Cede & Co. Absent any other existing arrangements, such payments shall be
addressed as follows:

                    Manager; Cash Receipts
                    Dividend Department
                    The Depository Trust Company
                    7 Hanover Square; 24th Floor
                    New York, NY 10004-2695

          (9) (NOTE: ISSUER MUST REPRESENT ONE OF THE FOLLOWING, AND CROSS OUT
THE OTHER:)

                                     C-3

<PAGE>

          Securities Eligible for DTC's Same-Day Funds Settlement ("SDFS")
System. Other principal payments (redemption payments) shall be made in
same-day funds by Trustee in the manner set forth in the SDFS Paying Agent
Operating Procedures, a copy of which previously has been furnished to
Trustee.

          Securities Eligible for DTC's Next-Day Funds Settlement ("NDFS")
System. Other principal payments (redemption payments) shall be made in
next-day funds by Trustee to Cede & Co., as nominee of DTC, or its registered
assigns, on each payment date. Such payments shall be made payable to the
order of Cede & Co., and shall be addressed as follows:

                    NDFS Redemptions Manager
                    Reorganization/Redemptions Department
                    The Depository Trust Company
                    7 Hanover Square; 23rd Floor
                    New York, NY 10004-2695

          (10) DTC may direct Issuer or Trustee to use any other number or
address as the number or address to which notices or payments of interest or
principal may be sent.

          (11) In the event of a redemption, acceleration, or any other
similar transaction (e.g., tender made and accepted in response to Issuer's or
Trustee's invitation) necessitating a reduction in the aggregate principal
amount of Securities outstanding or an advance refunding of part of the
Securities outstanding, DTC, in its discretion: (a) may request Issuer or
Trustee to issue and authenticate a new Security certificate; or (b) may make
an appropriate notation on the Security certificate indicating the date and
amount of such reduction in principal except in the case of final maturity, in
which case the certificate will be presented to Issuer or Trustee prior to
payment, if required.

          (12) In the event that Issuer determines that beneficial owners of
Securities shall be able to obtain certificated Securities, Issuer or Trustee
shall notify DTC of the availability of certificates. In such event, Issuer or
Trustee shall issue, transfer, and exchange certificates in appropriate
amounts, as required by DTC and others.

          (13) DTC may discontinue providing its services as securities
depository with respect to the Securities at any time by giving reasonable
notice to Issuer or Trustee (at which time DTC will confirm with Issuer or
Trustee the aggregate principal amount of Securities outstanding). Under such
circumstances, at DTC's request Issuer and Trustee shall cooperate fully with
DTC by taking appropriate action to make available one or more separate
certificates evidencing Securities to any DTC Participant having Securities
credited to its DTC accounts.

          (14) Issuer: (a) understands that DTC has no obligation to, and will
not, communicate to its Participants or to any person having an interest in
the Securities any information contained in the Security certificate(s); and
(b) acknowledges that neither DTC's Participants nor any person having an
interest in the Securities shall be deemed to have notice of the provisions of
the Security certificates by virtue of submission of such certificate(s) to
DTC.

          (15) Nothing herein shall be deemed to require Trustee to advance
funds on behalf of Issuer.

                                     C-4

<PAGE>

<TABLE>
<S>                                                   <C>
Notes:                                                 Very truly yours,
A. If there is a Trustee (as
defined in this Letter of                              (Authorized Officer's Signature)
Representations), Trustee as well as
Issuer must sign this Letter.  If
there is no Trustee, in signing this                   _____________________________________
Letter Issuer itself undertakes to                                   (Issuer)
perform all of the obligations set
forth herein.

                                                       By:__________________________________
                                                           (Authorized Officer's Signature)

B. Schedule B contains
statements that DTC believes                           _____________________________________
accurately describe DTC, the
method (Trustee) of effecting book-
entry transfers of securities
distributed through DTC, and
certain related matters.                               By:__________________________________
                                                           (Authorized Officer's Signature)

                                                                [_______________________________]
                                                                           (Administrator)

                                                                By:________________________________
                                                                   (Authorized Officer's Signature)
</TABLE>

Received and Accepted:
THE DEPOSITORY TRUST COMPANY

By:___________________________

cc:      Underwriter
         Underwriter's Counsel

                                     C-5

<PAGE>

                                                                    SCHEDULE A

                               (Describe Issue)

CUSIP            Principal Amount           Maturity Date         Interest Rate
---------------  -------------------------  --------------------  -------------

                                     C-6

<PAGE>

                                   EXHIBIT D

                        FORM OF SERVICER'S CERTIFICATE

                    REGIONS AUTO RECEIVABLES TRUST 200__-__
                  [___]% Asset Backed Certificates, Class [A]
                  [___]% Asset Backed Certificates, Class [B]

Distribution Date:

Collection Period:

          Under the Pooling and Servicing Agreement dated as of
[_____________] by and among Regions Acceptance LLC, as Depositor, Regions
Bank, as Master Servicer, and [Trustee], as Trustee, the Master Servicer is
required to prepare certain information each month regarding current
distributions to Certificateholders and the performance of the Trust during
the previous month. The information that is required to be prepared with
respect to the Distribution Date and Collection Period listed above is set
forth below. Certain of the information is presented on the basis of an
original principal amount of $[ ] per Class [A] Certificate or Class [B]
Certificate, as appropriate, and certain other information is presented based
upon the aggregate amounts for the Trust as a whole.

A.   Information Regarding the Current Monthly Distribution.

     1.   Class [A] Certificates.

               (a)  The aggregate amount of the distribution

    ...........................................................................

               (b)  The amount of the distribution set forth in

                         paragraph A.1.(a) above in respect of interest

          $[_________]

               (c) The amount of the distribution set forth in

                         paragraph A.1.(a) above in respect of principal

          $[_________]

               (d)  The amount of the distribution set forth in

                         paragraph A.1.(a) above per $[          ] interest

          $[_________]

               (e)  The amount of the distribution set forth in

                                     D-1

<PAGE>

                         paragraph A.1.(b) above per $[           ] interest

          $[_________]

               (f)  The amount of the distribution set forth in

                         paragraph A.1.(c) above per $[           ] interest

          $[_________]

     2.   Class [B] Certificates.

               (a)  The aggregate amount of the distribution

    ...........................................................................

          $_________

               (b)  The amount of the distribution set forth in

                         paragraph A.2(a) above in respect of interest

          $[_________]

               (c)  The amount of the distribution set forth in

                         paragraph A.2(a) above in respect of principal

          $[_________]

               (d)  The amount of the distribution set forth in

                         paragraph A.2(a) above per $[           ] interest

          $[_________]

               (e)  The amount of the distribution set forth in

                         paragraph A.2(b) above per $[            ] interest

          $[_________]

                           (f) The amount of the distribution set forth in

                         paragraph A.2(c) above per $[           ] interest
          $[_________]

B.   Information Regarding the Performance of the Trust.

     1.   Pool Balance and Certificate Balances.

                                     D-2

<PAGE>

               (a)  The Pool Balance close of business on the last

                         day of the preceding Collection Period     $[_________]

               (b)  The Class [A] Certificate Balance as of the

         close of business on the last day of the
         preceding Collection Period, after giving
         effect to payments allocated to principal
                         set forth in Paragraph A.1(c) above $[_________]

               (c)  The Class [B] Certificate Balance as of the

         close of business of the last day of the
         preceding Collection Period, after giving
         effect to payments allocated to principal
                         set forth in paragraph A.2(c) above $[_________]

               (d)  The Class [A] Pool Factor and the

         Class [B] Pool Factor as of the close
         of business on the last day of the
................................................................................

     2.   Servicing Fee and Advances.

               (a)  The aggregate amount of the Servicing

    Fee paid to the Master Servicer with respect

                         to the preceding Collection Period  $[_________]

               (b)  The amount of such Servicing Fee per

................................................................................

               (c)  The amount of any unpaid Servicing Fee   $[_________]

               The change in the amount of any unpaid

     Servicing Fee from the previous

................................................................................

               (d)  Aggregate Advances on such

................................................................................

     3.   Payment Shortfalls.

                                     D-3

<PAGE>

               (a)  The amount of the Class [A] Interest Carryover

                         Shortfall after giving effect to the payments

                         set forth in paragraph A.1(b) above $[_________]

               (b)  The amount of the Class [A] Principal Carryover

                         Shortfall after giving effect to the payment

                         set forth in paragraph A.1(c) above $[_________]

               (c)  The amount of the Class [B] Interest Carryover

                         Shortfall after giving effect to the payments

                         set forth in paragraph A.2(b) above $[_________]

               (d)  The amount of the Class [B] Principal Carryover

                         Shortfall after giving effect to the payments

                         set forth in paragraph A.2(c) above $[_________]

               (e)  The amount otherwise distributable to

                         Class [B] Certificateholders that is distributed

................................................................................

     4.   Payahead Account.

               (a)  The aggregate Payahead Balance $[_________]

               (b)  The change in the Payahead Balance from

................................................................................

     5.   Reserve Account.

               (a)  The Reserve Account balance after

     giving effect to distributions made on

................................................................................

               (b)  The change in the Reserve Account

................................................................................

                                     D-4

<PAGE>

                                                                    SCHEDULE A

                            SCHEDULE OF RECEIVABLES

                                     D-5

<PAGE>

                                                                    SCHEDULE B

                         LOCATION OF RECEIVABLE FILES

                                     D-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]