Document:

Exhibit 4.4(b)

 

Schedule identifying omitted documents and
setting forth the differences 

between the omitted documents and Exhibit 4.4(a) to this Report on Form 8-K

 

This schedule
identifies certain documents omitted from this Report on Form 8-K (the “Omitted
Documents”) and the differences between the Omitted Documents and Exhibit
4.4(a) to this Report on Form 8-K (“Exhibit 4.4(a)”).

 

For purposes
of this Exhibit 4.4(b), the following terms are referred to herein as the
“Variable Terms”.

 

Trust:

Contract Number:

Effective
Date:

Related Series
of Notes: Same as the number of the Trust

Deposit:  Principal Amount of the Notes issued by the
Trust, plus $15

Credit to:
Same as Contract Number

Contract Type:

 

o Fixed Rate Contract
Terms

Interest Rate:

Sinking Fund:

Additional/Other
Terms:

o Floating Rate Contract
Terms

Initial
Interest Rate:

Sinking Fund:

Additional/Other
Terms:

o Amortizing Contract
Terms

Interest Rate:

Sinking Fund:

Additional/Other
Terms:

o Discount Contract
Terms

Interest Rate:

Sinking Fund:

Additional/Other
Terms:

 

Riders

o Additional Events of
Default

o Survivor’s Option

o Redemption Provisions

o Repayment Options

 

 

1.
Omitted Document 1: 
Funding Agreement issued by Protective Life Insurance Company to
Protective Life Secured Trust 2006-3 (the “Trust”)

 

Differences:

 

The Variable
Terms of the funding agreement represented by Omitted Document 1 differ from
the terms set forth in Exhibit 4.4(a) as and to the extent the terms set forth
in the Pricing Supplement filed by Protective Life Insurance Company with the
Securities and Exchange Commission pursuant to Rule 424(b) of the rules and
regulations of the SEC under the Securities Act of 1933, as amended, with
respect to the notes issued by the Trust differ from the analogous terms set
forth in Exhibit 4.4(a).

 

2.
Omitted Document 2: 
Funding Agreement issued by Protective Life Insurance Company to
Protective Life Secured Trust 2006-4 (the “Trust”)

 

Differences:

 

The Variable
Terms of the funding agreement represented by Omitted Document 2 differ from
the terms set forth in Exhibit 4.4(a) as and to the extent the terms set forth
in the Pricing Supplement filed by Protective Life Insurance Company with the
Securities and Exchange Commission pursuant to Rule 424(b) of the rules and
regulations of the SEC under the Securities Act of 1933, as amended, with
respect to the notes issued by the Trust differ from the analogous terms set
forth in Exhibit 4.4(a).

 

3.
Omitted Document 3: 
Funding Agreement issued by Protective Life Insurance Company to Protective
Life Secured Trust 2006-5 (the “Trust”)

 

Differences:

 

The Variable
Terms of the funding agreement represented by Omitted Document 3 differ from
the terms set forth in Exhibit 4.4(a) as and to the extent the terms set forth
in the Pricing Supplement filed by Protective Life Insurance Company with the
Securities and Exchange Commission pursuant to Rule 424(b) of the rules and
regulations of the SEC under the Securities Act of 1933, as amended, with
respect to the notes issued by the Trust differ from the analogous terms set
forth in Exhibit 4.4(a).

 

4.
Omitted Document 4: 
Funding Agreement issued by Protective Life Insurance Company to
Protective Life Secured Trust 2006-6 (the “Trust”)

 

Differences:

 

The Variable
Terms of the funding agreement represented by Omitted Document 4 differ from
the terms set forth in Exhibit 4.4(a) as and to the extent the terms set forth
in the Pricing Supplement filed by Protective Life Insurance Company with the
Securities and Exchange Commission pursuant to Rule 424(b) of the rules and
regulations of the SEC under the Securities Act of 1933, as amended, with
respect to the notes issued by the Trust differ from the analogous terms set
forth in Exhibit 4.4(a).Exhibit 4.5(a)

 

OMNIBUS INSTRUMENT

 

WHEREAS, parties named herein desire to enter into
certain Program Documents, each such document dated as of the date specified in
this Omnibus Instrument, relating to the issuance by Protective Life Secured
Trust 2006-2 (the “Trust”) of Notes to investors under Protective Life
Insurance Company’s (“Protective Life”) secured notes program;

 

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

 

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

 

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

 

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

 

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

 

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

 

1

 

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

 

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

 

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

 

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

 

2

 

SECTION A

 

Trust Agreement

 

Section A-1.                              Delaware Statutory
Trust

 

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

 

STATUTORY
TRUST AGREEMENT

by and among

AMACAR Pacific Corp., as Trust Beneficial Owner and Administrator

and

Wilmington Trust Company, as Delaware Trustee

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

 

W I  T  N  E  S  S
E  T  H:

 

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

 

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

 

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

 

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

 

3

 

Statement on Form S-3 (Registration No. 333-126757)
and all capitalized terms not otherwise defined herein (including the recitals
hereof) shall have the meaning set forth in the Standard Statutory Trust Terms
(the Standard Statutory Trust Terms and this Statutory Trust Agreement,
collectively, the “Trust Agreement”).

 

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

 

ARTICLE 1

 

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

 

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

 

ARTICLE 2

 

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

 

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

 

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

 

Section 2.04  Additional Terms. None.

 

4

 

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

 

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

 

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

 

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

 

5

 

Section A-2.                              Delaware Common Law
Trust

 

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

 

COMMON
LAW TRUST AGREEMENT

by and among

AMACAR Pacific Corp., as Trust Beneficial Owner and Administrator

and

Wilmington Trust Company, as Trustee

 

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

 

W I  T  N  E  S  S
E  T  H:

 

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

 

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

 

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

 

WHEREAS, the parties hereto desire to incorporate by
reference those certain Standard Common Law Trust Terms, dated July 21,
2005 (the “Standard Common Law Trust Terms”), filed as Exhibit 4.9
to Protective Life Insurance Company’s Registration Statement on Form S-3
(Registration No. 333-126757) and all capitalized terms not otherwise
defined herein (including the recitals hereof) shall have the meaning set forth
in the Standard Common Law Trust Terms (the Standard Common Law Trust Terms and
this Common Law Trust Agreement, collectively, the “Trust Agreement”).

 

6

 

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

 

ARTICLE 1

 

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

 

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

 

ARTICLE 2

 

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

 

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

 

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

 

Section 2.04  Additional Terms. None.

 

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

 

7

 

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

 

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

 

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

 

8

 

SECTION B

 

Administrative Services Agreement

 

ADMINISTRATIVE
SERVICES AGREEMENT

by and among

The Protective Life Secured Trust

specified in the Omnibus Instrument

and

AMACAR Pacific Corp.,

as Administrator

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

 

W I  T  N  E  S  S
E  T  H:

 

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

 

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

 

WHEREAS, the parties hereto desire to incorporate by
reference those certain Standard Administrative Services Terms, dated July 21,
2005 (the “Standard Administrative Services Terms”), filed as Exhibit 4.12
to Protective Life Insurance Company’s Registration Statement on Form S-3
(Registration No. 333-126757) and all capitalized terms not otherwise
defined herein (including the recitals hereof) shall have the meaning set forth
in the Standard Administrative Services Terms (the Standard Administrative
Services Terms and this Administrative Services Agreement, collectively, the “Administrative
Services Agreement”).

 

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

 

9

 

ARTICLE 1

 

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

 

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

 

ARTICLE 2

 

Section 2.01  Additional Terms. None.

 

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

 

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

 

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

 

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

 

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

 

10

 

SECTION C

 

Expense and Indemnity Agreement

 

EXPENSE
AND INDEMNITY AGREEMENT

 

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

 

WHEREAS, in consideration of the Service Providers (as
defined in the Standard Expense and Indemnity Agreement Terms, dated July 21,
2005 (the “Standard Expense and Indemnity Agreement Terms”), filed as Exhibit 10.1
to Protective Life Insurance Company’s Registration Statement on Form S-3
(Registration No. 333-126757)) providing services to the Trust in
connection with the Program and pursuant to the Program Documents under which
the Service Providers will have certain duties and obligations, Protective Life
hereby agrees to the following compensation arrangements and terms of
indemnity; and

 

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

 

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

 

ARTICLE 1

 

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

 

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

 

11

 

ARTICLE 2

 

Section 2.01  Additional Terms. None.

 

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

 

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

 

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

 

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

 

12

 

SECTION D

 

License Agreement

 

LICENSE
AGREEMENT

 

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

 

W I  T  N  E  S  S
E  T  H:

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 1

 

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

 

13

 

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

 

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

 

ARTICLE 2

 

Section 2.01  Additional Terms. None.

 

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

 

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

 

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

 

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

 

14

 

SECTION E

 

Indenture

 

INDENTURE

 

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

 

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

 

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

 

W I  T  N  E  S  S
E  T  H:

 

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

 

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

 

WHEREAS, the parties hereto desire to incorporate by
reference those certain Standard Indenture Terms dated as of August 17,
2005 (the “Standard Indenture Terms”), filed as Exhibit 4.1 to
Protective Life Insurance Company’s Registration Statement on Form S-3
(Registration No. 333-126757) and all capitalized terms not otherwise
defined herein (including the recitals hereof) shall have the meaning set forth
in the Standard Indenture Terms (the Standard Indenture Terms and this
Indenture, collectively, the “Indenture”);

 

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

 

15

 

ARTICLE 1

 

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

 

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

 

ARTICLE 2

 

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

 

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

 

Section 2.03  Additional Terms. None.

 

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

 

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

 

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

 

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

 

16

 

 

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

 

17

 

SECTION
F

 

Selling
Agent Agreement

 

SELLING AGENT AGREEMENT

by and among

The Protective Life Secured Trust

specified in the Omnibus Instrument

and

Protective Life Insurance Company

and

The Agents specified in the Pricing Supplement

 

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

 

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

 

ARTICLE 1

 

Section 1.01  Incorporation by Reference.  All terms, provisions and agreements set
forth in the Standard Selling Agent Agreement Terms, dated as of July 21, 2005
(the “Standard Selling Agent Agreement Terms”), filed as Exhibit 1.1 to
Protective Life Insurance Company’s Registration Statement on Form S-3
(Registration No. 333-126757) (except to the extent expressly modified
herein) are hereby incorporated herein by reference with the same force and
effect as though fully set forth herein and all capitalized terms not otherwise
defined herein (including recitals hereof) shall have the meanings set forth in
the Standard Selling Agent Agreement Terms (the Standard Selling Agent
Agreement Terms and this Selling Agent Agreement, collectively, the “Selling
Agent Agreement”).  To the extent
that the terms set forth in Article 2 of this Agreement are inconsistent with
the terms of the Standard Selling Agent Agreement Terms, the terms set forth in
Article 2 herein shall apply.

 

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

 

18

 

ARTICLE 2

 

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

 

ARTICLE 3

 

Section 3.01  Additional Terms.  None.

 

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

 

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

 

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

 

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

 

19

 

SECTION
G

 

Distribution
Agreement

 

DISTRIBUTION AGREEMENT

by and among

The Protective Life Secured Trust

specified in the Omnibus Instrument

and

Protective Life Insurance Company

and

The Dealers specified in the Pricing Supplement

 

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

 

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

 

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

 

WHEREAS,
the parties hereto desire to incorporate by reference those certain Standard
Distribution Agreement Terms, dated as of July 21, 2005 (the “Standard Distribution Agreement Terms”),
filed as Exhibit 1.3 to Protective Life Insurance Company’s Registration
Statement on Form S-3 (Registration No. 333-126757) and all
capitalized terms not otherwise defined herein (including the recitals hereof)
shall have the meaning set forth in the Standard Distribution Agreement Terms
(the Standard Distribution Agreement Terms and this Distribution Agreement,
collectively, the “Distribution
Agreement”).

 

20

 

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

 

ARTICLE 1

 

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

 

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

 

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

 

Section 1.04  Additional Terms.  None.

 

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

 

ARTICLE 2

 

Section 2.01  Purchase/Solicitation of Purchases of
Notes.

 

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

 

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

 

21

 

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

 

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

 

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

 

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

 

ARTICLE 3

 

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

 

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

 

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

 

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

 

22

 

SECTION
H

 

COORDINATION
AGREEMENT

 

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

 

W I  T
N  E  S  S  E  T  H:

 

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

 

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

 

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

 

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

 

ARTICLE 1

 

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

 

Section 1.02           Issuance
and Purchase of the Notes.

 

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

 

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

 

23

 

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

 

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

 

ARTICLE 2

 

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

 

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

 

ARTICLE 3

 

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

 

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

 

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

 

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

 

24

 

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

 

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

 

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

 

ARTICLE 4

 

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

 

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

 

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

 

25

 

SECTION
I

 

Miscellaneous
and Execution Pages

 

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

 

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

 

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

 

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

 

26

 

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

 

 

	
   

  	
  PROTECTIVE LIFE CORPORATION (in

  executing below agrees and becomes a party

  to the License Agreement set forth in

  Section D herein).

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Judy
  Wilson

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Judy Wilson

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
						

 

Protective Life Secured
Trust 2006-2

Omnibus Instrument 

Execution Page 1 of 7

 

	
   

  	
  PROTECTIVE LIFE INSURANCE COMPANY (in executing
  below agrees and becomes a party to (i) the Expense and Indemnity
  Agreement set forth in Section C herein, (ii) if the Trust is issuing
  InterNotes® to retail investors, the Selling Agent Agreement set forth in
  Section F herein, (iii) if the Trust is issuing secured medium-term
  notes to investors, the Distribution Agreement set forth in Section G herein
  and (iv) the Coordination Agreement set forth in Section H herein).

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Judy
  Wilson

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Judy Wilson

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  

 

Protective Life Secured
Trust 2006-2

Omnibus Instrument

Execution Page 2 of 7

 

	
   

  	
  PROTECTIVE LIFE SECURED TRUST specified in the Omnibus
  Instrument (in executing below agreement and becomes a party to (i) the
  Administrative Services Agreement set forth in Section B herein,
  (ii) the Expense and Indemnity Agreement set forth in Section C herein,
  (iii) the License Agreement set forth in Section D herein, (iv) the
  Indenture set forth in Section E herein (v) if the Trust is issuing
  InterNotes® to retail investors, the Selling Agent Agreement set forth in
  Section F herein, (vi) if the Trust is issuing secured medium-term notes
  to investors, the Distribution Agreement set forth in Section G herein and
  (vii) the Coordination Agreement set forth in Section H herein).

  
	
   

  	
   

  
	
   

  	
  By: Wilmington Trust Company, solely in its capacity
  as trustee of the Trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jennifer
  A. Luce

  	
   

  
	
   

  	
   

  	
  Name: Jennifer A. Luce

  
	
   

  	
   

  	
  Title: Financial Services Officer

  

 

Protective Life Secured
Trust 2006-2

Omnibus Instrument

Execution Page 3 of 7

 

	
   

  	
  WILMINGTON TRUST COMPANY (in executing below agrees
  and becomes a party to (i) (a) if the Trust is a Delaware statutory
  trust, the Statutory Trust Agreement set forth in Section A-1 herein as
  Delaware Trustee or (b) if the Trust is a Delaware common law trust, the
  Common Law Trust Agreement set forth in Section A-2 herein as trustee and
  (ii) the Expense and Indemnity Agreement set forth in Section C herein).

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   /s/ Jennifer
  A. Luce

  	
   

  
	
   

  	
   

  	
  Name: Jennifer A. Luce

  
	
   

  	
   

  	
  Title: Financial Services Officer

  

 

Protective Life Secured
Trust 2006-2

Omnibus Instrument

Execution Page 4 of 7

 

	
   

  	
  AMACAR PACIFIC CORP. (in executing below agrees and
  becomes a party to (i) the Statutory Trust Agreement or Common Law Trust
  Agreement set forth in Sections A-1 and A-2, respectively, as the case may
  be, as Trust Beneficial Owner and Administrator, (ii) the Administrative
  Services Agreement, set forth in Section B herein as Administrator and
  (iii) the Expense and Indemnity Agreement as set forth in Section C
  herein).

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Evelyn
  Echevarria

  	
   

  
	
   

  	
   

  	
  Name: Evelyn Echevarria

  
	
   

  	
   

  	
  Title: Vice President

  

 

Protective Life Secured
Trust 2006-2

Omnibus Instrument

Execution Page 5 of 7

 

	
   

  	
  THE BANK OF NEW YORK (in executing below agrees and
  becomes a party to (i) the Indenture set forth in Section E herein, not
  in its individual capacity but solely in its capacity as Indenture Trustee,
  Registrar, Transfer Agent, Paying Agent and Calculation Agent, (ii)  the
  Expense and Indemnity Agreement set forth in Section C herein, not in its
  individual capacity but solely in its capacity as Indenture Trustee and
  (iii) the Coordination Agreement set forth in Section H herein, not in
  its individual capacity but solely in its capacity as Indenture Trustee).

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Joseph A.
  Lloret

  	
   

  
	
   

  	
   

  	
  Name: Joseph A. Lloret

  
	
   

  	
   

  	
  Title: Assistant Vice President

  

 

Protective Life Secured
Trust 2006-2

Omnibus Instrument

Execution Page 6 of 7

 

	
   

  	
  INCAPITAL LLC (in executing below agrees and becomes
  a party to the Selling Agent Agreement set forth in Section F herein on
  behalf of itself and each of the agents named in the Pricing Supplement).

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Joseph J.
  Novak

  	
   

  
	
   

  	
   

  	
  Name: Joseph J. Novak

  
	
   

  	
   

  	
  Title: Secretary

  

 

Protective Life Secured
Trust 2006-2

Omnibus Instrument

Execution Page 7 of 7

 

SCHEDULE 1

 

Selling
Agent Agreement Specifications

 

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

 

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

 

c/o Incapital LLC

One North LaSalle Street, Suite 3500

Chicago, Illinois 60602

 

Sch 1-Page 1

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