Document:

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                                                                     Exhibit 4.2

                                                                  EXECUTION COPY

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                                   INDENTURE

                                    between

                           AMSOUTH AUTO TRUST 2000-1

                                   as Issuer

                                      and

                           THE BANK OF NEW YORK TRUST

                    COMPANY OF FLORIDA, NATIONAL ASSOCIATION

                              as Indenture Trustee

                          Dated as of October 1, 2000

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<PAGE>

                            CROSS REFERENCE TABLE/1/

TIA                                                                    Indenture
Section                                                                Section

310  (a) (1).......................................................... 6.11
     (a) (2).......................................................... 6.11
     (a) (3).......................................................... 6.10
     (a) (4).......................................................... N.A/2/
     (a) (5).......................................................... 6.11
     (b).............................................................. 6.8; 6.11
     (c).............................................................. N.A.
311  (a).............................................................. 6.12
     (b).............................................................. 6.12
     (c).............................................................. N.A.
312  (a).............................................................. 7.1
     (b).............................................................. 7.2
     (c).............................................................. 7.2
     (d).............................................................. 7.4
313  (a).............................................................. 7.4
     (b) (1).......................................................... 7.4
     (b) (2).......................................................... 11.5
     (c).............................................................. 7.4
     (d).............................................................. 7.3
314  (a).............................................................. 11.15
     (b).............................................................. 11.1
     (c) (1).......................................................... 11.1
     (c) (2).......................................................... 11.1
     (c) (3).......................................................... 11.1
     (d).............................................................. 11.1
     (e).............................................................. 11.1
     (f).............................................................. 11.1
315  (a).............................................................. 6.1
     (b).............................................................. 6.5; 11.5
     (c).............................................................. 6.1
     (d).............................................................. 6.1
     (e).............................................................. 5.13
316  (a) (last sentence).............................................. 2.7
     (a) (1) (A)...................................................... 5.11
     (a) (1) (B)...................................................... 5.12

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/1/  Note:  This Cross Reference Table shall not, for any purpose, be deemed to
     be part of this Indenture.
/2/  N.A. means Not Applicable.
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     (a) (2).......................................................... N.A.
     (b).............................................................. 5.7
     (c).............................................................. N.A.
317  (a) (1).......................................................... 5.3
     (a) (2).......................................................... 5.3
     (b).............................................................. 3.3
318  (a).............................................................. 11.7
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                               TABLE OF CONTENTS
<TABLE>
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<S>                                                                            <C>
ARTICLE I  DEFINITIONS AND INCORPORATION BY REFERENCE.........................   2
     SECTION 1.1  Definitions.................................................   2
     SECTION 1.2  Incorporation by Reference of Trust Indenture Act...........   2
     SECTION 1.3  Other Interpretive Provisions...............................   3

ARTICLE II  THE NOTES.........................................................   3
     SECTION 2.1  Form........................................................   3
     SECTION 2.2  Execution, Authentication and Delivery......................   4
     SECTION 2.3  Temporary Notes.............................................   4
     SECTION 2.4  Registration of Transfer and Exchange.......................   5
     SECTION 2.5  Mutilated, Destroyed, Lost or Stolen Notes..................   7
     SECTION 2.6  Persons Deemed Owner........................................   8
     SECTION 2.7  Payment of Principal and Interest; Defaulted Interest.......   8
     SECTION 2.8  Cancellation................................................   9
     SECTION 2.9  Release of Collateral.......................................   9
     SECTION 2.10 Book-Entry Notes............................................   9
     SECTION 2.11 Notices to Clearing Agency..................................  10
     SECTION 2.12 Definitive Notes............................................  11
     SECTION 2.13 Authenticating Agents.......................................  11
     SECTION 2.14 Tax Treatment...............................................  12
     SECTION 2.15 Note Paying Agents..........................................  12

ARTICLE III  COVENANTS........................................................  13
     SECTION 3.1  Payment of Principal and Interest...........................  13
     SECTION 3.2  Maintenance of Office or Agency.............................  13
     SECTION 3.3  Money for Payments To Be Held in Trust......................  13
     SECTION 3.4  Existence...................................................  15
     SECTION 3.5  Protection of Trust Estate..................................  15
     SECTION 3.6  Opinions as to Trust Estate.................................  16
     SECTION 3.7  Performance of Obligations; Servicing of Receivables........  16
     SECTION 3.8  Negative Covenants..........................................  18
     SECTION 3.9  Annual Statement as to Compliance...........................  19
     SECTION 3.10 Issuer May Consolidate, Etc.................................  19
     SECTION 3.11 Successor or Transferee.....................................  21
     SECTION 3.12 No Other Business...........................................  21
     SECTION 3.13 No Borrowing................................................  21
     SECTION 3.14 Servicer's Obligations......................................  21
     SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities...........  21
     SECTION 3.16 Capital Expenditures........................................  22
</TABLE>

                                      (i)
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<TABLE>
<S>                                                                                         <C>
     SECTION 3.17 Restricted Payments......................................................   22
     SECTION 3.18 Notice of Events of Default..............................................   22
     SECTION 3.19 Further Instruments and Acts.............................................   22
     SECTION 3.20 Removal of Administrator.................................................   22

ARTICLE IV  SATISFACTION AND DISCHARGE.....................................................   23
     SECTION 4.1  Satisfaction and Discharge of Indenture..................................   23
     SECTION 4.2  Application of Trust Money...............................................   24
     SECTION 4.3  Repayment of Moneys Held by Paying Agent.................................   24

ARTICLE V  REMEDIES........................................................................   24
     SECTION 5.1  Events of Default........................................................   24
     SECTION 5.2  Acceleration of Maturity; Rescission and Annulment.......................   26
     SECTION 5.3  Collection of Indebtedness and Suits for Enforcement
                  by Indenture Trustee.....................................................   27
     SECTION 5.4  Remedies; Priorities.....................................................   29
     SECTION 5.5  Optional Preservation of the Receivables.................................   32
     SECTION 5.6  Limitation of Suits......................................................   32
     SECTION 5.7  Unconditional Rights of Noteholders To Receive
                  Principal and Interest...................................................   33
     SECTION 5.8  Restoration of Rights and Remedies.......................................   33
     SECTION 5.9  Rights and Remedies Cumulative...........................................   33
     SECTION 5.10 Delay or Omission Not a Waiver...........................................   34
     SECTION 5.11 Control by Controlling Note Class of Noteholders.........................   34
     SECTION 5.12 Waiver of Past Defaults..................................................   34
     SECTION 5.13 Undertaking for Costs....................................................   35
     SECTION 5.14 Waiver of Stay or Extension Laws.........................................   35
     SECTION 5.15 Action on Notes..........................................................   36
     SECTION 5.16 Performance and Enforcement of Certain Obligations.......................   36

ARTICLE VI  INDENTURE TRUSTEE..............................................................   37
     SECTION 6.1  Duties of Indenture Trustee..............................................   37
     SECTION 6.2  Rights of Indenture Trustee..............................................   38
     SECTION 6.3  Individual Rights of Indenture Trustee...................................   40
     SECTION 6.4  Indenture Trustee's Disclaimer...........................................   40
     SECTION 6.5  Notice of Defaults.......................................................   40
     SECTION 6.6  Reports by Indenture Trustee to Holders..................................   40
     SECTION 6.7  Compensation and Indemnity...............................................   41
     SECTION 6.8  Replacement of Indenture Trustee.........................................   41
     SECTION 6.9  Successor Indenture Trustee by Merger....................................   42
     SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee........   43
</TABLE>

                                     (ii)
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<TABLE>
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     SECTION 6.11 Eligibility; Disqualification.............................. 44
     SECTION 6.12 Preferential Collection of Claims Against Issuer........... 45

ARTICLE VII  NOTEHOLDERS' LISTS AND REPORTS.................................. 45
     SECTION 7.1  Issuer to Furnish Indenture Trustee Names and Addresses of
                  Noteholders................................................ 45
     SECTION 7.2  Preservation of Information; Communications to
                  Noteholders................................................ 46
     SECTION 7.3  Reports by Issuer.......................................... 46
     SECTION 7.4  Reports by Indenture Trustee............................... 47

ARTICLE VIII  ACCOUNTS, DISBURSEMENTS AND RELEASES........................... 47
     SECTION 8.1  Collection of Money........................................ 47
     SECTION 8.2  Trust Accounts............................................. 47
     SECTION 8.3  General Provisions Regarding Accounts...................... 50
     SECTION 8.4  Release of Trust Estate.................................... 50
     SECTION 8.5  Opinion of Counsel......................................... 51

ARTICLE IX  SUPPLEMENTAL INDENTURES.......................................... 51
     SECTION 9.1  Supplemental Indentures Without Consent of Noteholders..... 51
     SECTION 9.2  Supplemental Indentures with Consent of Noteholders........ 53
     SECTION 9.3  Execution of Supplemental Indentures....................... 55
     SECTION 9.4  Effect of Supplemental Indenture........................... 55
     SECTION 9.5  Conformity With Trust Indenture Act........................ 55
     SECTION 9.6  Reference in Notes to Supplemental Indentures.............. 55

ARTICLE X  REDEMPTION OF NOTES............................................... 56
     SECTION 10.1 Redemption................................................. 56
     SECTION 10.2 Form of Redemption Notice.................................. 56
     SECTION 10.3 Notes Payable on Redemption Date........................... 57

ARTICLE XI  MISCELLANEOUS.................................................... 57
     SECTION 11.1 Compliance Certificates and Opinions, etc.................. 57
     SECTION 11.2 Form of Documents Delivered to Indenture Trustee........... 59
     SECTION 11.3 Acts of Noteholders........................................ 60
     SECTION 11.4 Notices, etc., to Indenture Trustee, Issuer and
                  Rating Agencies............................................ 60
     SECTION 11.5 Notices to Noteholders; Waiver............................. 61
     SECTION 11.6 Alternate Payment and Notice Provisions.................... 61
     SECTION 11.7 Conflict with Trust Indenture Act.......................... 62
     SECTION 11.8 Effect of Headings and Table of Contents................... 62
     SECTION 11.9 Successors and Assigns..................................... 62
</TABLE>

                                     (iii)
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<TABLE>
<CAPTION>
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     SECTION 11.10  Separability............................................. 62
     SECTION 11.11  Benefits of Indenture.................................... 62
     SECTION 11.12  Legal Holidays........................................... 62
     SECTION 11.13  GOVERNING LAW............................................ 63
     SECTION 11.14  Counterparts............................................. 63
     SECTION 11.15  Recording of Indenture................................... 63
     SECTION 11.16  Trust Obligation......................................... 63
     SECTION 11.17  No Petition.............................................. 64
     SECTION 11.18  Inspection............................................... 64
</TABLE>
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Exhibit A-1         Form of Class A-1 Note
Exhibit A-2         Form of Class A-2 Note
Exhibit A-3         Form of Class A-3 Note
Exhibit A-4         Form of Class A-4 Note
Exhibit B           Form of Class B Note
Exhibit C           Form of Class C Note

                                     (iv)
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     INDENTURE dated as of October 1, 2000, (as from time to time amended,
supplemented or otherwise modified and in effect, this "Indenture") between
AMSOUTH AUTO Trust 2000-1 a New York common law trust ("Issuer"), and The Bank
of New York Trust Company of Florida, National Association, a national banking
association, solely as trustee and not in its individual capacity ("Indenture
Trustee").

     Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders of Issuer's 6.745% Class A-1 Asset
Backed Notes (the "Class A-1 Notes"), 6.700% Class A-2 Asset Backed Notes (the
"Class A-2 Notes"), 6.670% Class A-3 Asset Backed Notes (the "Class A-3 Notes"),
6.760% Class A-4 Asset Backed Notes (the "Class A-4 Notes" and, together with
the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the "Class A
Notes"), 7.080% Class B Asset Backed Notes (the "Class B Notes") and 7.440%
Class C Asset Backed Notes (the "Class C Notes" and, together with the Class A
Notes and Class B Notes, the "Notes"):

                                GRANTING CLAUSE

     Issuer hereby Grants to Indenture Trustee at the Closing Date, as Indenture
Trustee for the benefit of the Holders of the Notes, all of Issuer's right,
title and interest in and to (a) the Receivables, and all moneys received
thereon after the Cutoff Date; (b) the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables and any other interest
of Issuer in the Financed Vehicles and any other property that shall secure the
Receivables; (c) any proceeds with respect to the Receivables from claims on any
Insurance Policies covering Financed Vehicles or the Obligors or from claims
under any lender's single interest insurance policy naming AmSouth Bank as an
insured; (d) rebates of premiums relating to Insurance Policies and rebates of
other items such as extended warranties financed under the Receivables, in each
case, to the extent the Servicer would, in accordance with its customary
practices, apply such amounts to the Principal Balance of the related
Receivable; (e) any proceeds from (i) any Receivable repurchased by a Dealer,
pursuant to a Dealer Agreement, as a result of a breach of representation or
warranty in the related Dealer Agreement, (ii) a default by an Obligor resulting
in the repossession of the Financed Vehicle under the applicable Motor Vehicle
Loan or (iii) any Dealer Recourse or other rights relating to the Receivables
under Dealer Agreements; (f) all funds on deposit from time to time in the Trust
Accounts, and in all investments and proceeds thereof; (g) under the Purchase
Agreement, including the right of Issuer to cause AmSouth Bank to repurchase
Receivables from Issuer pursuant to the Purchase Agreement; (h) in any
instrument or document relating to the Receivables; (i) the Issuer's rights
under the Sale and Servicing Agreement; and (j) all present and future claims,
demands, causes and choses in action in respect of any or all of the foregoing
and all payments on or under and all proceeds of every

                                                                2000-1 Indenture
<PAGE>

kind and nature whatsoever in respect of any or all of the foregoing, including
all proceeds of the conversion, voluntary or involuntary, into cash or other
liquid property, all cash proceeds, accounts, accounts receivable, notes,
drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any and every kind and other
forms of obligations and receivables, instruments and other property which at
any time constitute all or part of or are included in the proceeds of any of the
foregoing (collectively, the "Collateral").

     The foregoing Grant is made in trust to secure the payment of principal of
and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction except as set forth
herein, and to secure compliance with the provisions of this Indenture, all as
provided in this Indenture.

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

 ARTICLE I  DEFINITIONS AND INCORPORATION BY REFERENCE.

     SECTION 1.1  Definitions.  Capitalized terms are used in this Indenture as
defined in Appendix X to the Sale and Servicing Agreement dated as of September
1, 2000, among AmSouth Auto Receivables LLC, as Seller, the Issuer and AmSouth
Bank, as Servicer.

     SECTION 1.2  Incorporation by Reference of Trust Indenture Act. Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

     "Commission" means the Securities and Exchange Commission.

     "indenture securities" means the Notes.

     "indenture security holder" means a Noteholder.

     "indenture to be qualified" means this Indenture.

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

                                                                2000-1 Indenture

                                       2
<PAGE>

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

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

     SECTION 1.3  Other Interpretive Provisions.  All terms defined in this
Indenture shall have the defined meanings when used in any certificate or other
document delivered pursuant hereto unless otherwise defined therein.  For
purposes of this Indenture and all such certificates and other documents, unless
the context otherwise requires: (a) accounting terms not otherwise defined in
this Indenture, and accounting terms partly defined in this Indenture to the
extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles; (b) the words "hereof," "herein" and
"hereunder" and words of similar import refer to this Indenture as a whole and
not to any particular provision of this Indenture; (c) references to any
Article, Section, Schedule or Exhibit are references to Articles, Sections,
Schedules and Exhibits in or to this Indenture and references to any paragraph,
subsection, clause or other subdivision within any Section or definition refer
to such paragraph, subsection, clause or other subdivision of such Section or
definition; (d) the term "including" means "including without limitation"; (e)
except as otherwise expressly provided herein, references to any law or
regulation refer to that law or regulation as amended from time to time and
include any successor law or regulation; (f) references to any Person include
that Person's successors and assigns; and (g) headings are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

ARTICLE II  THE NOTES.

     SECTION 2.1  Form.  The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes, Class B Notes and Class C Notes, in each case together with
Indenture Trustee's certificate of authentication, shall be in substantially the
forms set forth in Exhibits A-1, A-2, A-3, A-4, B and C, respectively, with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon as
may, consistently herewith, be determined by the officers executing such Notes,
as evidenced by their execution of the Notes.  Any portion of the text of any
Note may be set forth on the reverse thereof, with an appropriate reference
thereto on the face of the Note.

     The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as
evidenced by their execution of such Notes.

                                                                2000-1 Indenture

                                       3
<PAGE>

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

     SECTION 2.2  Execution, Authentication and Delivery.  The Notes shall be
executed on behalf of Issuer by any of its Authorized Officers. The signature of
any such Authorized Officer on the Notes may be manual or facsimile.

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

     Indenture Trustee shall upon Issuer Order authenticate and deliver Class
A-1 Notes for original issue in an aggregate principal amount of $230,000,000,
Class A-2 Notes for original issue in the aggregate principal amount of
$240,000,000, Class A-3 Notes for original issue in the aggregate principal
amount of $315,000,000, Class A-4 Notes for original issue in the aggregate
principal amount of $103,640,000, Class B Notes for original issue in the
aggregate principal amount of $28,510,000 and Class C Notes for original issue
in the aggregate principal amount of $14,260,000. The aggregate principal amount
of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, class A-4 Notes, Class B
Notes and Class C Notes outstanding at any time may not exceed such amounts
except as provided in Section 2.5.

     Each Note shall be dated the date of its authentication. The Notes shall be
issuable as registered Notes in the minimum denomination of $1,000 and in
integral multiples thereof (except for one Note of each class which may be
issued in a denomination other than an integral multiple of $1,000).

     No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose, unless there appears on such Note a certificate
of authentication substantially in the form provided for herein executed by
Indenture Trustee by the manual signature of one of its authorized signatories,
and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder.

     SECTION 2.3  Temporary Notes.  Pending the preparation of Definitive Notes,
Issuer may execute, and upon receipt of an Issuer Order, Indenture Trustee shall
authenticate and deliver, temporary Notes which are printed, lithographed,
typewritten, mimeographed or otherwise produced, of the tenor of the Definitive
Notes in lieu of which they are issued and with such variations not inconsistent
with

                                                                2000-1 Indenture

                                       4
<PAGE>

the terms of this Indenture as the officers executing such Notes may determine,
as evidenced by their execution of such Notes.

     If temporary Notes are issued, Issuer will cause Definitive Notes to be
prepared without unreasonable delay.  After the preparation of Definitive Notes,
the temporary Notes shall be exchangeable for Definitive Notes upon surrender of
the temporary Notes at the office or agency of Issuer to be maintained as
provided in Section 3.2, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Notes, Issuer shall execute and
Indenture Trustee shall authenticate and deliver in exchange therefor a like
principal amount of Definitive Notes of authorized denominations. Until so
exchanged, the temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Notes.

     SECTION 2.4  Registration of Transfer and Exchange.  Issuer shall cause to
be kept a register (the "Note Register") in which, subject to such reasonable
regulations as it may prescribe, Issuer shall provide for the registration of
Notes and the registration of transfers of Notes. Indenture Trustee or its
designee shall initially be "Note Registrar" for the purpose of registering
Notes and transfers of Notes as herein provided. Upon any resignation of any
Note Registrar, Issuer shall promptly appoint a successor or, if it elects not
to make such an appointment, assume the duties of Note Registrar.

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

     Upon surrender for registration of transfer of any Note at the office or
agency of Issuer to be maintained as provided in Section 3.2, if the
requirements of Section 8-401(1) of the UCC are met, Issuer shall execute and
upon its written request Indenture Trustee shall authenticate and the Noteholder
shall obtain from Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes, in any authorized denominations, of the same
class and a like aggregate principal amount.

     At the option of the Holder, Notes may be exchanged for other Notes in any
authorized denominations, of the same class and a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401(1) of the

                                                                2000-1 Indenture

                                       5
<PAGE>

UCC are met Issuer shall execute and upon its written request Indenture Trustee
shall authenticate and the Noteholder shall obtain from Indenture Trustee, the
Notes which the Noteholder making the exchange is entitled to receive.

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

     Every Note presented or surrendered for registration of transfer or
exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to Note Registrar duly executed by,
the Holder thereof or such Holder's attorney duly authorized in writing, with
such signature guaranteed by an "eligible guarantor institution" meeting the
requirements of Note Registrar which requirements include membership or
participation in a Securities Transfer Agents Medallion Program ("Stamp") or
such other "signature guarantee program" as may be determined by Note Registrar
in addition to, or in substitution for, Stamp, all in accordance with the
Exchange Act, and (ii) accompanied by such other documents as Indenture Trustee
may require.

     No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

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

     No Note, or any interest therein, may be transferred to an "employee
benefit plan" within the meaning of Section 3(3) of ERISA that is subject to
ERISA, a "plan" described in Section 4975(e)(1) of the Code, any entity that is
deemed to hold "plan assets" of any of the foregoing by reason of an employee
benefit plan's or other plan's investment in such entity, or any governmental
plan subject to applicable law that is substantially similar to the fiduciary
responsibility provisions of ERISA or Section 4975 of the Code, unless such
transferee represents, warrants and covenants that its purchase and holding of
such Note is and will be eligible for, and satisfies and will satisfy all the
requirements of, Department of Labor prohibited transaction class exemption
("PTE") 90-1; PTE 96-23; PTE 95-60: PTE 91-38; PTE 84-14 or another applicable
prohibited transaction exemption (or in the case of a governmental plan, will
not violate any applicable law that is substantially similar to ERISA or Section
4975 of the Code).  By its acquisition of a Note or any interest

                                                                2000-1 Indenture

                                       6
<PAGE>

therein, each transferee will be deemed to have represented, warranted and
covenanted that it satisfies the foregoing requirements and the Indenture
Trustee may rely conclusively on the same for purposes hereof.

      SECTION 2.5  Mutilated, Destroyed, Lost or Stolen Notes.  If (i) any
mutilated Note is surrendered to Indenture Trustee, or Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to Indenture Trustee such security or
indemnity as may be required by it to hold Issuer and Indenture Trustee
harmless, then, in the absence of notice to Issuer, Note Registrar or Indenture
Trustee that such Note has been acquired by a bona fide purchaser, and provided
that the requirements of Section 8-405 of the UCC are met, Issuer shall execute
and upon its written request Indenture Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Note, a replacement Note; provided that if any such destroyed, lost or stolen
Note, but not a mutilated Note, shall have become or within seven days shall be
due and payable, or shall have been called for redemption, instead of issuing a
replacement Note, Issuer may upon delivery of the security or indemnity herein
required pay such destroyed, lost or stolen Note when so due or payable or upon
the Redemption Date without surrender thereof. If, after the delivery of such
replacement Note or payment of a destroyed, lost or stolen Note pursuant to the
proviso to the preceding sentence, a bona fide purchaser of the original Note in
lieu of which such replacement Note was issued presents for payment such
original Note, Issuer and Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or
any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a bona
fide purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by
Issuer or Indenture Trustee in connection therewith.

     Upon the issuance of any replacement Note under this Section, Issuer may
require the payment by the Holder of such Note of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other reasonable expenses (including the fees and expenses of Indenture Trustee)
connected therewith.

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

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<PAGE>

     The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

     SECTION 2.6  Persons Deemed Owner.  Prior to due presentment for
registration of transfer of any Note, Issuer, Indenture Trustee and any agent of
Issuer or Indenture Trustee may treat the Person in whose name any Note is
registered (as of the day of determination) as the owner of such Note for the
purpose of receiving payments of principal of and interest, if any, on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and
neither Issuer, Indenture Trustee nor any agent of Issuer or Indenture Trustee
shall be affected by notice to the contrary.

     SECTION 2.7  Payment of Principal and Interest; Defaulted Interest.  (a)
The Notes shall accrue interest as provided in the forms of the Class A-1 Note,
Class A-2 Note, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes,
set forth in Exhibits A-1, A-2, A-3, A-4, B and C, respectively, and such
interest shall be payable on each Distribution Date as specified therein,
subject to Section 3.1. Any installment of interest or principal, if any,
payable on any Note which is punctually paid or duly provided for by Issuer on
the applicable Distribution Date shall be paid to the Person in whose name such
Note (or one or more Predecessor Notes) is registered on the Record Date, by
check mailed first-class, postage prepaid, to such Person's address as it
appears on the Note Register on such Record Date, except that, unless Definitive
Notes have been issued pursuant to Section 2.12, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payment will be made by wire
transfer in immediately available funds to the account designated by such
nominee and except for the final installment of principal payable with respect
to such Note on a Distribution Date or on the Final Scheduled Distribution Date
for such Class (and except for the Redemption Price for any Note called for
redemption pursuant to Section 10.1(a)) which shall be payable as provided
below. The funds represented by any such checks returned undelivered shall be
held in accordance with Section 3.3.

     (b)  The principal of each Note shall be payable in installments on each
Distribution Date as provided in the forms of the Class A-1 Note, Class A-2
Note, Class A-3 Note, Class A-4 Note, Class B Note and Class C Note, set forth
in Exhibits A-1, A-2, A-3, A-4, B and C, respectively. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and
payable, if not previously paid, on the date on which an Event of Default shall
have occurred and be continuing, if Indenture Trustee or the Holders of the
Notes representing not less than a majority of the Outstanding Amount of the
Controlling Note Class of Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.2 and, in such event, all
principal payments on each class of Notes shall

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<PAGE>

be made pro rata to the Noteholders of such class entitled thereto. Indenture
Trustee shall notify the Person in whose name a Note is registered at the close
of business on the Record Date preceding the Distribution Date on which Issuer
expects that the final installment of principal of and interest on such Note
will be paid. Such notice shall be mailed or transmitted by facsimile prior to
such final Distribution Date and shall specify that such final installment will
be payable only upon presentation and surrender of such Note and shall specify
the place where such Note may be presented and surrendered for payment of such
installment. Notices in connection with redemptions of Notes shall be mailed to
Noteholders as provided in Section 10.2.

     (c)  If Issuer defaults in a payment of interest on the Notes, Issuer shall
pay defaulted interest (plus interest on such defaulted interest to the extent
lawful) at the applicable Note Interest Rate on the Distribution Date following
such default.  The Issuer shall pay such defaulted interest to the Holders of
Notes on the Record Date for such following Distribution Date.

     SECTION 2.8  Cancellation.  All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than Indenture Trustee, be delivered to Indenture Trustee and shall
be promptly cancelled by Indenture Trustee. Issuer may at any time deliver to
Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder which Issuer may have acquired in any manner whatsoever, and
all Notes so delivered shall be promptly cancelled by Indenture Trustee. No
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled
as provided in this Section, except as expressly permitted by this Indenture.
All cancelled Notes may be held or disposed of by Indenture Trustee in
accordance with its standard retention or disposal policy as in effect at the
time unless Issuer shall direct by an Issuer Order that they be destroyed or
returned to it; provided that such Issuer Order is timely and the Notes have not
been previously disposed of by Indenture Trustee.

     SECTION 2.9  Release of Collateral.  Subject to Section 11.1, Indenture
Trustee shall release property from the lien of this Indenture only in
accordance with the Basic Documents and upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion
of Counsel in lieu of such Independent Certificates to the effect that the TIA
does not require any such Independent Certificates.  If the Commission shall
issue an exemptive order under TIA Section 304(d) modifying Owner Trustee's
obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and
the terms of the Basic Documents, Indenture Trustee shall release property from
the lien of this Indenture in accordance with the conditions and procedures set
forth in such exemptive order.

     SECTION 2.10  Book-Entry Notes.  The Notes, upon original issuance, will be
issued in the form of typewritten Notes representing the Book-Entry Notes, to be

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<PAGE>

delivered to The Bank of New York, as custodian for The Depository Trust
Company, the initial Clearing Agency, by, or on behalf of, Issuer. Such Notes
shall initially be registered on the Note Register in the name of Cede & Co.,
the nominee of the initial Clearing Agency, and no Note Owner will receive a
Definitive Note representing such Note Owner's interest in such Note, except as
provided in Section 2.12. Unless and until definitive, fully registered Notes
(the "Definitive Notes") have been issued to Note Owners pursuant to Section
2.12:

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

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

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

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

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

     SECTION 2.11  Notices to Clearing Agency.  Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to Section
2.12, Indenture Trustee shall give all such notices and communications specified
herein

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<PAGE>

to be given to Holders of the Notes to the Clearing Agency, and shall have no
obligation to the Note Owners.

     SECTION 2.12  Definitive Notes.  If (a) Seller advises Indenture Trustee in
writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities with respect to the Notes, and Seller is unable
to locate a qualified successor, (b) Seller at its option advises Indenture
Trustee in writing that it elects to terminate the book-entry system through the
Clearing Agency or (c) after the occurrence of an Event of Default, Note Owners
representing beneficial interests aggregating at least a majority of the
Outstanding Amount of the Notes advise Indenture Trustee through 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 Note Owners, then the
Clearing Agency shall notify all Note Owners and Indenture Trustee of the
occurrence of any such event and of the availability of Definitive Notes to Note
Owners requesting the same. Upon surrender to Indenture Trustee of the
typewritten Note or Notes representing the Book-Entry Notes by the Clearing
Agency, accompanied by registration instructions, Issuer shall execute and
Indenture Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of Issuer, Note Registrar or Indenture
Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Notes, Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

     SECTION 2.13  Authenticating Agents.  (a)  The Indenture Trustee may
appoint one or more Persons (each, an "Authenticating Agent") with power to act
on its behalf and subject to its direction in the authentication of Notes in
connection with issuance, transfers and exchanges under Sections 2.2, 2.3, 2.4,
2.5 and 9.6, as fully to all intents and purposes as though each such
Authenticating Agent had been expressly authorized by those Sections to
authenticate such Notes.  For all purposes of this Indenture, the authentication
of Notes by an Authenticating Agent pursuant to this Section shall be deemed to
be the authentication of Notes "by the Indenture Trustee."  The Indenture
Trustee shall be the Authenticating Agent in the absence of any appointment
thereof.

     (b)  Any corporation into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Authenticating Agent
shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of any Authenticating Agent, shall be the successor
of such Authenticating Agent hereunder, without the execution or filing of any
further act on the part of the parties hereto or such Authenticating Agent or
such successor corporation.

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<PAGE>

     (c)  Any Authenticating Agent may at any time resign by giving written
notice of resignation to Indenture Trustee and Owner Trustee.  Indenture Trustee
may at any time terminate the agency of any Authenticating Agent by giving
written notice of termination to such Authenticating Agent and Owner Trustee.
Upon receiving such notice of resignation or upon such a termination, Indenture
Trustee may appoint a successor Authenticating Agent and shall give written
notice of any such appointment to Owner Trustee.

     (d)  The Administrator agrees to pay to each Authenticating Agent (other
than the Indenture Trustee) from time to time reasonable compensation for its
services as agreed upon between the Authenticating Agent and the Administrative
Agent.  The provisions of Sections 2.8 and 6.4 shall be applicable to any
Authenticating Agent.

     SECTION 2.14  Tax Treatment.  Issuer has entered into this Indenture, and
the Notes shall be issued, with the intention that, for federal, state and local
income and franchise tax purposes, the Notes shall qualify as indebtedness
secured by the Trust Estate.  Issuer, by entering into this Indenture, and each
Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance
of an interest in the applicable Book-Entry Note), agree to treat the Notes for
federal, state and local income and franchise tax purposes as indebtedness.

     SECTION 2.15 Note Paying Agents.  (a)  The Indenture Trustee may appoint
one or more Note Paying Agents with the power to make payments to and
distribution from the Trust Accounts and the Reserve Account.

     (b) Any corporation into which any Note Paying Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Note Paying Agent
shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of any Note Paying Agent shall be the successor of
such Note Paying Agent hereunder, without the execution or filing of any further
act on the part of the parties hereto or such Note Paying Agent or such
successor corporation.

     (c)  Any Note Paying Agent may at any time resign by giving written notice
of resignation to Indenture Trustee and Administrator.  Indenture Trustee may at
any time terminate the agency of any Note Paying Agent by giving written notice
of termination to such Note Paying Agent.  Upon receiving such notice of
resignation or upon such a termination, Indenture Trustee may appoint a
successor Note Paying Agent and shall give written notice of any such
appointment to Administrator.

     (d)  The Indenture Trustee agrees to pay to each Note Paying Agent from
time to time reasonable compensation for its services as agreed upon between the
Note Paying Agent and the Indenture Trustee.  The provisions of Section 6.4
shall be applicable to any Note Paying Agent.

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<PAGE>

ARTICLE III  COVENANTS.

     SECTION 3.1  Payment of Principal and Interest.  Issuer will duly and
punctually pay the principal of and interest on the Notes in accordance with the
terms of the Notes and this Indenture. Without limiting the foregoing, subject
to Section 8.2(c), Issuer will cause to be distributed all amounts on deposit in
the Note Distribution Account on a Distribution Date deposited therein pursuant
to the Sale and Servicing Agreement.  Amounts properly withheld under the Code
by any Person from a payment to any Noteholder of interest and/or principal
shall be considered as having been paid by Issuer to such Noteholder for all
purposes of this Indenture.

     SECTION 3.2  Maintenance of Office or Agency.  Issuer will maintain in the
Borough of Manhattan, The City of New York, an office or agency where Notes may
be surrendered for registration of transfer or exchange, and where notices and
demands to or upon Issuer in respect of the Notes and this Indenture may be
served. Issuer hereby initially appoints Indenture Trustee to serve as its agent
for the foregoing purposes. Issuer will give prompt written notice to Indenture
Trustee of the location, and of any change in the location, of any such office
or agency. If at any time Issuer shall fail to maintain any such office or
agency or shall fail to furnish Indenture Trustee with the address thereof, such
surrenders, notices and demands may be made or served at the Corporate Trust
Office, and Issuer hereby appoints Indenture Trustee as its agent to receive all
such surrenders, notices and demands.

     SECTION 3.3  Money for Payments To Be Held in Trust.  As provided in
Section 8.2, all payments of amounts due and payable with respect to any Notes
that are to be made from amounts withdrawn from the Collection Account and the
Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf of
Issuer by Indenture Trustee or by another Paying Agent, and no amounts so
withdrawn from the Collection Account and the Note Distribution Account for
payments of Notes shall be paid over to Issuer except as provided in this
Section.

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

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

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<PAGE>

          (i)  hold all sums held by it for the payment of amounts due with
     respect to the Notes in trust for the benefit of the Persons entitled
     thereto until such sums shall be paid to such Persons or otherwise disposed
     of as provided herein and pay such sums to such Persons as in the Basic
     Documents;

          (ii)  give Indenture Trustee notice of any default by Issuer (or any
     other obligor upon the Notes) of which it has actual knowledge in the
     making of any payment required to be made with respect to the Notes;

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

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

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

     Issuer may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Issuer Order direct any
Paying Agent to pay to Indenture Trustee all sums held in trust by such Paying
Agent, such sums to be held by Indenture Trustee upon the same trusts as those
upon which the sums were held by such Paying Agent; and upon such a payment by
any Paying Agent to Indenture Trustee, such Paying Agent shall be released from
all further liability with respect to such money.

     Subject to applicable laws with respect to the escheat of funds, any money
held by Indenture Trustee or any Paying Agent in trust for the payment of any
amount due with respect to any Note and remaining unclaimed for two years after
such amount has become due and payable shall be discharged from such trust and
be paid to Issuer on Issuer Request; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to Issuer for payment
thereof (but only to the extent of the amounts so paid to Issuer), and all
liability of Indenture Trustee or such Paying Agent with respect to such trust
money shall thereupon cease; provided that Indenture Trustee or such Paying
Agent, before being required to make any such repayment, shall at the expense of
Issuer cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in The City of New York, notice that such money remains

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<PAGE>

unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such publication, any unclaimed balance of such money
then remaining will be repaid to Issuer. Indenture Trustee shall also adopt and
employ, at the expense of Issuer, any other reasonable means of notification of
such repayment (including, but not limited to, mailing notice of such repayment
to Holders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of Indenture Trustee or of any Paying
Agent, at the last address of record for each such Holder).

     SECTION 3.4  Existence.  Except as otherwise permitted by the provisions
of Section 3.10, Issuer will keep in full effect its existence, rights and
franchises as a common law under the laws of the State of New York (unless it
becomes, or any successor Issuer hereunder is or becomes, organized under the
laws of any other state or of the United States of America, in which case Issuer
will keep in full effect its existence, rights and franchises under the laws of
such other jurisdiction) and will obtain and preserve its qualification to do
business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture, the
Notes, the Collateral and each other instrument or agreement included in the
Trust Estate.

     SECTION 3.5  Protection of Trust Estate.  Issuer will from time to time
prepare (or shall cause to be prepared), execute and deliver all such
supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments,
and will take such other action necessary or advisable to:

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

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

          (c)  enforce any of the Collateral; or

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

     Issuer hereby designates Indenture Trustee its agent and attorney-in-fact
to execute any financing statement, continuation statement or other instrument
required by Issuer pursuant to this Section.

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<PAGE>

     SECTION 3.6  Opinions as to Trust Estate.  (a)  On the Closing Date,
Issuer shall furnish to Indenture Trustee an Opinion of Counsel either stating
that, in the opinion of such counsel, such action has been taken with respect to
the recording and filing of this Indenture, any indentures supplemental hereto,
and any other requisite documents, and with respect to the execution and filing
of any financing statements and continuation statements, as are necessary to
perfect and make effective the lien and security interest of this Indenture and
reciting the details of such action, or stating that, in the opinion of such
counsel, no such action is necessary to make such lien and security interest
effective.

     (b)  Within 120 days after the beginning of each calendar year, beginning
with the first calendar year beginning more than three months after the Cutoff
Date, Issuer shall furnish to Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and with
respect to the execution and filing of any financing statements and continuation
statements as are necessary to maintain the lien and security interest created
by this Indenture and reciting the details of such action or stating that in the
opinion of such counsel no such action is necessary to maintain such lien and
security interest. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the execution and filing of any
financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until April 30 in the following calendar year.

     SECTION 3.7  Performance of Obligations; Servicing of Receivables.  (a)
Issuer will not take any action and will use its best efforts not to permit any
action to be taken by others that would release any Person from any of such
Person's material covenants or obligations under any instrument or agreement
included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in this
Indenture, the Basic Documents or such other instrument or agreement.

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

     (c)  Issuer will punctually perform and observe all of its obligations and
agreements contained in this Indenture, the Basic Documents and in the
instruments

                                                                2000-1 Indenture

                                       16
<PAGE>

and agreements included in the Trust Estate, including but not limited to
preparing (or causing to prepared) and filing (or causing to be filed) all UCC
financing statements and continuation statements required to be filed by the
terms of this Indenture and the Sale and Servicing Agreement in accordance with
and within the time periods provided for herein and therein. Except as otherwise
expressly provided therein, Issuer shall not waive, amend, modify, supplement or
terminate any Basic Document or any provision thereof without the consent of
Indenture Trustee or the Holders of at least a majority of the Outstanding
Amount of the Notes.

     (d)  If Issuer shall have knowledge of the occurrence of a Servicer
Termination Event under the Sale and Servicing Agreement, Issuer shall promptly
notify Indenture Trustee and the Rating Agencies thereof in accordance with
Section 11.4, and shall specify in such notice the action, if any, Issuer is
taking in respect of such default. If a Servicer Termination Event shall arise
from the failure of Servicer to perform any of its duties or obligations under
the Sale and Servicing Agreement with respect to the Receivables, Issuer shall
take all reasonable steps available to it to remedy such failure.

     (e)  As promptly as possible after the giving of notice of termination to
Servicer of Servicer's rights and powers pursuant to Section 8.1 of the Sale and
Servicing Agreement or the Servicer's resignation in accordance with the terms
of the Sale and Servicing Agreement, the Indenture Trustee shall appoint a
successor servicer (the "Successor Servicer"), and such Successor Servicer shall
accept its appointment by a written assumption in a form acceptable to Indenture
Trustee.  In the event that a Successor Servicer has not been appointed and
accepted its appointment at the time when Servicer ceases to act as Servicer,
Indenture Trustee without further action shall automatically be appointed the
Successor Servicer.  If Indenture Trustee shall succeed to Servicer's duties as
servicer of the Receivables as provided herein, it shall do so in its individual
capacity and not in its capacity as Indenture Trustee and, accordingly, the
provisions of Article VI shall be inapplicable to Indenture Trustee in its
duties as the successor to Servicer and the servicing of the Receivables.  In
the case that Indenture Trustee becomes successor to Servicer under the Sale and
Servicing Agreement, Indenture Trustee shall be entitled to appoint as Servicer
any one of its Affiliates, or delegate any of its responsibilities as Servicer
to agents, subject to the terms of the Sale and Servicing Agreement, provided
that such appointment or delegation shall not affect or alter in any way the
liability of Indenture Trustee as a successor for the performance of the duties
and obligations of Servicer in accordance with the terms hereof.  Issuer shall
enter into an agreement with such successor for the servicing of the Receivables
(such agreement to be in form and substance satisfactory to Indenture Trustee).

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

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                                       17
<PAGE>

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

     (g)  Without derogating from the absolute nature of the assignment granted
to Indenture Trustee under this Indenture or the rights of Indenture Trustee
hereunder, Issuer agrees that, unless such action is specifically permitted
hereunder or under the Basic Documents, it will not, without the prior written
consent of Indenture Trustee or the Holders of at least a majority in
Outstanding Amount of the Notes, amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral or the Basic Documents, or
waive timely performance or observance by Servicer or Seller under the Sale and
Servicing Agreement; provided that no such amendment shall (i) except for
amendments and modifications of the Receivables permitted under the Sale and
Servicing Agreement, increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made
for the benefit of the Noteholders, or (ii) reduce the aforesaid percentage of
the Notes which are required to consent to any such amendment, without the
consent of the Holders of all the Outstanding Notes. If any such amendment,
modification, supplement or waiver shall be so consented to by Indenture Trustee
or such Holders, Issuer agrees, promptly following a request by Indenture
Trustee to do so, to execute and deliver, in its own name and at its own
expense, such agreements, instruments, consents and other documents as Indenture
Trustee may deem necessary or appropriate in the circumstances.

     SECTION 3.8  Negative Covenants. So long as any Notes are Outstanding,
Issuer shall not:

          (a)  except as expressly permitted by this Indenture or the Basic
     Documents, sell, transfer, exchange or otherwise dispose of any of the
     properties or assets of Issuer, including those included in the Trust
     Estate, unless directed to do so by Indenture Trustee;

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

          (c)  dissolve or liquidate in whole or in part; or

          (d)  (i)  permit the validity or effectiveness of this Indenture to be
     impaired, or permit the lien of this Indenture to be amended, hypothecated,
     subordinated, terminated or discharged, or permit any Person to be released
     from any covenants or obligations with respect to the Notes under this

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     Indenture except as may be expressly permitted hereby, (ii) permit any
     lien, charge, excise, claim, security interest, mortgage or other
     encumbrance (other than the lien of this Indenture) to be created on or
     extend to or otherwise arise upon or burden the Trust Estate or any part
     thereof or any interest therein or the proceeds thereof (other than tax
     liens, mechanics' liens and other liens that arise by operation of law, in
     each case on a Financed Vehicle and arising solely as a result of an action
     or omission of the related Obligor) or (iii) permit the lien of this
     Indenture not to constitute a valid first priority (other than with respect
     to any such tax, mechanics' or other lien) security interest in the Trust
     Estate.

     SECTION 3.9  Annual Statement as to Compliance. Issuer will deliver to
Indenture Trustee, within 120 days after the end of each fiscal year of Issuer
(commencing 120 days after the fiscal year ended December 30, 2000), and
otherwise in compliance with the requirements of TIA Section 314(a)(4) an
Officer's Certificate stating, as to the Authorized Officer signing such
Officer's Certificate, that:

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

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

     SECTION 3.10  Issuer May Consolidate, Etc. Only on Certain Terms.  (a)
Issuer shall not consolidate or merge with or into any other Person, unless

          (i)  the Person (if other than Issuer) formed by or surviving such
     consolidation or merger shall be a Person organized and existing under the
     laws of the United States of America or any state and shall expressly
     assume, by an indenture supplemental hereto, executed and delivered to
     Indenture Trustee, in form satisfactory to Indenture Trustee, the due and
     punctual payment of the principal of and interest on all Notes and the
     performance or observance of every agreement and covenant of this Indenture
     on the part of Issuer to be performed or observed, all as provided herein;

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

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

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

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

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

     (b)  Except as expressly contemplated by the Basic Documents, Issuer shall
not convey or transfer all or substantially all of its properties or assets,
including those included in the Trust Estate, to any Person, unless

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

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

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

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

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

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

     SECTION 3.11  Successor or Transferee.  (a)  Upon any consolidation or
merger of Issuer in accordance with Section 3.10(a), the Person formed by or
surviving such consolidation or merger (if other than Issuer) shall succeed to,
and be substituted for, and may exercise every right and power of, Issuer under
this Indenture with the same effect as if such Person had been named as Issuer
herein.

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

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

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

     SECTION 3.14  Servicer's Obligations.  Issuer shall cause Servicer to
comply with the Sale and Servicing Agreement, including Sections 4.9, 4.10 and
4.11 thereof.

     SECTION 3.15  Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by the Sale and Servicing Agreement or this Indenture, Issuer shall

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<PAGE>

not make any loan or advance or credit to, or guarantee (directly or indirectly
or by an instrument having the effect of assuring another's payment or
performance on any obligation or capability of so doing or otherwise), endorse
or otherwise become contingently liable, directly or indirectly, in connection
with the obligations, stocks or dividends of, or own, purchase, repurchase or
acquire (or agree contingently to do so) any stock, obligations, assets or
securities of, or any other interest in, or make any capital contribution to,
any other Person.

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

     SECTION 3.17  Restricted Payments.  Issuer shall not, directly or
indirectly, (a) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to Owner Trustee or any owner of a beneficial interest in Issuer or
otherwise with respect to any ownership or equity interest or security in or of
Issuer or to Servicer or Administrator, (b) redeem, purchase, retire or
otherwise acquire for value any such ownership or equity interest or security or
(c) set aside or otherwise segregate any amounts for any such purpose; provided
that Issuer may make, or cause to be made, distributions to Servicer,
Administrator, Owner Trustee, Indenture Trustee and the Certificateholders as
permitted by, and to the extent funds are available for such purpose under, the
Sale and Servicing Agreement or Trust Agreement. Issuer will not, directly or
indirectly, make payments to or distributions from the Trust Accounts except in
accordance with this Indenture and the Basic Documents.

     SECTION 3.18  Notice of Events of Default.  Issuer agrees to give Indenture
Trustee and the Rating Agencies prompt written notice of each Event of Default
hereunder and each Event of Servicing Termination or default on the part of
Seller of its obligations under the Sale and Servicing Agreement.

     SECTION 3.19  Further Instruments and Acts.  Upon request of Indenture
Trustee, Issuer will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

     SECTION 3.20  Removal of Administrator.  For so long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless
the Rating Agency Condition shall have been satisfied in connection therewith.

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<PAGE>

ARTICLE IV  SATISFACTION AND DISCHARGE.

     SECTION 4.1  Satisfaction and Discharge of Indenture.  This Indenture
shall cease to be of further effect with respect to the Notes except as to (a)
rights of registration of transfer and exchange, (b) substitution of mutilated,
destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments
of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.7(a),
3.8, 3.10, 3.12, 3.13, 3.15, 3.18 and 3.20, (e) the rights, obligations and
immunities of Indenture Trustee hereunder (including the rights of Indenture
Trustee under Section 6.7 and the obligations of Indenture Trustee under Section
4.2) and (f) the rights of Noteholders as beneficiaries hereof with respect to
the property so deposited with Indenture Trustee payable to all or any of them,
and Indenture Trustee, on demand of and at the expense of Issuer, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture
with respect to the Notes, when

          (i)  either

               (A)  all Notes theretofore authenticated and delivered (other
          than (1) Notes that have been destroyed, lost or stolen and that have
          been replaced or paid as provided in Section 2.5 and (2) Notes for
          which payment money has theretofore been deposited in trust or
          segregated and held in trust by Issuer and thereafter repaid to Issuer
          or discharged from such trust, as provided in Section 3.3) have been
          delivered to Indenture Trustee for cancellation; or

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

                    (1)  have become due and payable,

                    (2)  will become due and payable at the Final Scheduled
               Distribution Date within one year, or

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

          and Issuer, in the case of clauses (1), (2) or (3), has irrevocably
          deposited or caused to be irrevocably deposited with Indenture Trustee
          cash or direct obligations of or obligations guaranteed by the United
          States of America (which will mature prior to the date such amounts
          are payable), in trust for such purpose, in an amount sufficient to
          pay and discharge the entire indebtedness on such Notes

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<PAGE>

          not theretofore delivered to Indenture Trustee for cancellation when
          due to the Final Scheduled Distribution Date or Redemption Date (if
          Notes shall have been called for redemption pursuant to Section
          10.1(a)), as the case may be;

          (ii)  Issuer has paid or caused to be paid all other sums payable
     hereunder by Issuer; and

          (ii)  Issuer has delivered to Indenture Trustee an Officer's
     Certificate, an Opinion of Counsel and (if required by the TIA or Indenture
     Trustee) an Independent Certificate from a firm of certified public
     accountants, each meeting the applicable requirements of Section 11.1(a)
     and each stating that all conditions precedent herein provided for relating
     to the satisfaction and discharge of this Indenture have been complied
     with.

     SECTION 4.2  Application of Trust Money.  All moneys deposited with
Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by
it, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent, as Servicer may direct, to
the Holders of the particular Notes for the payment or redemption of which such
moneys have been deposited with Indenture Trustee, of all sums due and to become
due thereon for principal and interest; but such moneys need not be segregated
from other funds except to the extent required herein or in the Sale and
Servicing Agreement or required by law.

     SECTION 4.3  Repayment of Moneys Held by Paying Agent.  In connection with
the satisfaction and discharge of this Indenture with respect to the Notes, all
moneys then held by any Paying Agent other than Indenture Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
Issuer, be paid to Indenture Trustee to be held and applied according to Section
3.3 and thereupon such Paying Agent shall be released from all further liability
with respect to such moneys.

ARTICLE V  REMEDIES.

     SECTION 5.1  Events of Default.  "Event of Default", wherever used herein,
means the occurrence of any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body):

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

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<PAGE>

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

          (c)  default in the observance or performance of any material covenant
     or agreement of Issuer made in this Indenture (other than a covenant or
     agreement, a default in the observance or performance of which is elsewhere
     in this Section 5.11 specifically dealt with), or any representation or
     warranty of Issuer made in this Indenture or in any certificate or other
     writing delivered pursuant hereto or in connection herewith proving to have
     been incorrect in any material respect as of the time when the same shall
     have been made, and such default shall continue or not be cured, or the
     circumstance or condition in respect of which such misrepresentation or
     warranty was incorrect shall not have been eliminated or otherwise cured,
     for a period of 30 days (or for such longer period, not in excess of 90
     days, as may be reasonably necessary to remedy such default; provided that
     such default is capable of remedy within 90 days or less and Servicer on
     behalf of Owner Trustee delivers an Officer's Certificate to Indenture
     Trustee to the effect that Issuer has commenced, or will promptly commence
     and diligently pursue, all reasonable efforts to remedy such default) after
     the earlier of discovery or the time that there shall have been given, by
     registered or certified mail, to Issuer by Indenture Trustee or to Issuer
     and Indenture Trustee by the Holders of at least 25% of the Outstanding
     Amount of the Controlling Note Class of Notes, a written notice specifying
     such default or incorrect representation or warranty and requiring it to be
     remedied and stating that such notice is a "Notice of Default" hereunder;

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

          (e)  the commencement by Issuer of a voluntary case under any
     applicable Federal or state bankruptcy, insolvency or other similar law now
     or hereafter in effect, or the consent by Issuer to the entry of an order
     for relief in an involuntary case under any such law, or the consent by
     Issuer to the appointment or taking possession by a receiver, liquidator,
     assignee, custodian, trustee, sequestrator or similar official of Issuer or
     for any substantial part of the Trust Estate, or the making by Issuer of
     any general

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<PAGE>

     assignment for the benefit of creditors, or the failure by Issuer generally
     to pay its debts as such debts become due, or the taking of action by
     Issuer in furtherance of any of the foregoing.

     Issuer shall deliver to Indenture Trustee, within five days after the
occurrence thereof, written notice in the form of an Officer's Certificate of
any event which with the giving of notice and the lapse of time would become an
Event of Default under clause (c), its status and what action Issuer is taking
or proposes to take with respect thereto.

     SECTION 5.2  Acceleration of Maturity; Rescission and Annulment. If an
Event of Default should occur and be continuing, then and in every such case
Indenture Trustee or the Holders of Notes representing not less than a majority
of the Outstanding Amount of the Controlling Note Class of Notes may declare all
the Notes to be immediately due and payable, by a notice in writing to Issuer
(and to Indenture Trustee if given by Noteholders), and upon any such
declaration the unpaid principal amount of such Notes, together with accrued and
unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.

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

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

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

               (ii)  all sums paid or advanced by Indenture Trustee hereunder
          and the reasonable compensation, expenses, disbursements and advances
          of Indenture Trustee and its agents and counsel; and

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

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

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     SECTION 5.3  Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.  (a) Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when
the same becomes due and payable, Issuer will, upon demand of Indenture Trustee,
pay to it, for the benefit of the Holders of the Notes, the whole amount then
due and payable on such Notes for principal and interest, with interest upon the
overdue principal, and, to the extent payment at such rate of interest shall be
legally enforceable, upon overdue installments of interest, at the rate
specified in Section 2.7 and in addition thereto such further amount as shall be
sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of Indenture
Trustee and its agents and counsel.

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

     (c)  If an Event of Default occurs and is continuing, Indenture Trustee
may, as more particularly provided in Section 5.4, in its discretion, proceed to
protect and enforce its rights and the rights of the Noteholders, by such
appropriate proceedings as Indenture Trustee shall deem most effective to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy or legal or equitable
right vested in Indenture Trustee by this Indenture or by law.

     (d)  In case there shall be pending, relative to Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in
the Trust Estate, proceedings under Title 11 of the United States Code or any
other applicable Federal or state bankruptcy, insolvency or other similar law,
or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of Issuer or its property or such other obligor or Person, or
in case of any other comparable judicial proceedings relative to Issuer or other
obligor upon the Notes, or to the creditors or property of Issuer or such other
obligor, Indenture Trustee, irrespective of whether the principal of any Notes
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether Indenture Trustee shall have made any
demand pursuant to the provisions of this Section, shall be entitled and
empowered, by intervention in such proceedings or otherwise:

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                                       27
<PAGE>

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

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

          (iii)  to collect and receive any moneys or other property payable or
     deliverable on any such claims and to distribute all amounts received with
     respect to the claims of the Noteholders and of Indenture Trustee on their
     behalf; and

          (iv)  to file such proofs of claim and other papers or documents as
     may be necessary or advisable in order to have the claims of Indenture
     Trustee or the Holders of Notes allowed in any judicial proceedings
     relative to Issuer, its creditors and its property;

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

     (e)  Nothing herein contained shall be deemed to authorize Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize Indenture Trustee to vote in respect of the claim of any Noteholder in
any such proceeding except, as aforesaid, to vote for the election of a trustee
in bankruptcy or similar person.

     (f)  All rights of action and of asserting claims under this Indenture, or
under any of the Notes, may be enforced by Indenture Trustee without the
possession of

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                                       28
<PAGE>

any of the Notes or the production thereof in any trial or other proceedings
relative thereto, and any such action or proceedings instituted by Indenture
Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment, subject to the payment of the expenses, disbursements and
compensation of Indenture Trustee, each predecessor Indenture Trustee and their
respective agents and attorneys, shall be for the ratable benefit of the Holders
of the Notes.

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

     SECTION 5.4  Remedies; Priorities.  (a)  If an Event of Default shall have
occurred and be continuing, Indenture Trustee may do one or more of the
following (subject to Section 5.5):

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

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

          (iii)  exercise any remedies of a secured party under the UCC and take
     any other appropriate action to protect and enforce the rights and remedies
     of Indenture Trustee and the Holders of the Notes; and

          (iv)  sell the Trust Estate or any portion thereof or rights or
     interest therein, at one or more public or private sales called and
     conducted in any manner permitted by law;

provided that Indenture Trustee may not sell or otherwise liquidate the Trust
Estate following an Event of Default unless:

     (A)  the Event of Default is of the type described in Section 5.1(a) or
(b); or

     (B)  with respect to an Event of Default described in Section 5.1(c):

          (1)  the Noteholders of all Outstanding Notes and the
     Certificateholders of all outstanding Certificates consent thereto; or

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                                       29
<PAGE>

          (2)  the proceeds of such sale or liquidation are sufficient to pay in
     full the principal of and  accrued interest on the Outstanding Notes and
     outstanding Certificates.

     (C)  with respect to any Event of Default  described in Section 5.1(d) and
(e):

          (1)  the Noteholders of Notes evidencing 100% of the principal amount
     of the Controlling Note Class consent thereto; or

          (2)  the proceeds of such sale or liquidation are sufficient to pay in
     full the principal of and the accrued interest on the Outstanding Notes; or

          (3)  the Indenture Trustee

               (x)  determines (but shall have no obligation to make such
          determination)  that  the Indenture Trust Estate will  not continue to
          provide sufficient funds for the payment of  principal of and interest
          on the Notes as they would have  become due if the Notes had not been
          declared due and payable; and

               (y)  the Indenture Trustee obtains the consent of Noteholders of
          Notes evidencing not less than 66 2/3% of the principal amount of the
          Controlling Note Class; or

In determining such sufficiency or insufficiency with respect to clause (B)(2)
and (C)(2) or (C)(3)(x), Indenture Trustee may, but need not, obtain and rely
upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

     (b)  Notwithstanding the provisions of Section 8.2, following the
occurrence and during the continuation of an Event of Default specified in
Section 5.1(a), 5.1(b), 5.1(d) or 5.1(e) which has resulted in an acceleration
of the Notes (or following the occurrence of any such event after an Event of
Default specified in Section 5.1(c) has occurred and the Trust has been
liquidated),  if Indenture Trustee collects any money or property, it shall pay
out such money or property (and other amounts including amounts held on deposit
in the Reserve Account) held as Collateral for the benefit of the Noteholders,
net of liquidation costs associated with the sale of the Trust Estate, in the
following order:

          FIRST: to Indenture Trustee for amounts due under Section 6.7 provided
     that such amount shall not exceed $200,000 in the aggregate;

          SECOND: to Servicer for due and unpaid Servicing Fees;

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          THIRD: to Class A Noteholders for amounts due and unpaid on the Class
     A Notes for interest, ratably, without preference or priority of any kind,
     according to the amounts due and payable on the Class A Notes for interest;

          FOURTH: to Noteholdes of the Class A-1 Notes for amounts and unpaid on
     the Class A-1 Notes for principal, ratably, without preference or priority
     of any kind, according to the amounts due and payable on the Class A-1
     Notes for principal, until principal amount of the Outstanding Class A-1
     Notes is reduced to zero;

          FIFTH: to Noteholders of the Class A-2 Notes, Class A-3 Notes and
     Class A-4 Notes, for amounts due and unpaid on the Class A-2 Notes, Class
     A-3 Notes and Class A-4 Notes for principal, ratably, without preference or
     priority of any kind, according to the amounts due and payable on the Class
     A-2 Notes, Class A-3 Notes and Class A-4 Notes for principal, until the
     principal amount of the Outstanding Class A-2 Notes, Class A-3 Notes and
     Class A-4 Notes is reduced to zero;

          SIXTH: to Noteholders of the Class B Notes for amounts due and unpaid
     on the Class B Notes in respect of interest, ratably, without preference or
     priority of any kind, according to the amounts due and payable on the Class
     B Notes for interest;

          SEVENTH: to Noteholders of the Class B Notes for amounts due and
     unpaid on the Class B Notes for principal, ratably, without preference or
     priority of any kind, according to the amounts due and payable on the Class
     B Notes for principal, until the principal amount of the Outstanding Class
     B Notes is reduced to zero;

          EIGHTH: to Noteholders of the Class C Notes for amounts due and unpaid
     on the Class C Notes in respect of interest, ratably, without preference or
     priority of any kind, according to the amounts due and payable on the Class
     C Notes for interest;

          NINTH: to Noteholders of the Class C Notes for amounts due and unpaid
     on the Class C Notes for principal, ratably, without preference or priority
     of any kind, according to the amounts due and payable on the Class C Notes
     for principal, until the principal amount of the Outstanding Class C Notes
     is reduced to zero;

          TENTH: to the Indenture Trustee, any amounts due under Section 6.7 not
     paid pursuant to clause FIRST above; and

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          ELEVENTH: to the Certificate Distribution Account, for distribution to
     the Certificateholders.

     Indenture Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section 5.4. At least 15 days before such record
date, Issuer shall mail to each Noteholder and Indenture Trustee a notice that
states the record date, the payment date and, based on information provided by
the Servicer, the amount to be paid. The Indenture Trustee shall not be required
to determine any amount required to be paid pursuant to any of clauses SECOND to
NINTH or clause ELEVENTH above, except in its capacity (if any) as Successor
Servicer.

     SECTION 5.5 Optional Preservation of the Receivables. If the Notes have
been declared to be due and payable under Section 5.2 following an Event of
Default and such declaration and its consequences have not been rescinded and
annulled, Indenture Trustee may, but need not, elect to maintain possession of
the Trust Estate. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and Indenture Trustee shall take such desire into account
when determining whether or not to maintain possession of the Trust Estate. In
determining whether to maintain possession of the Trust Estate, Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

     SECTION 5.6 Limitation of Suits. No Holder of any Note shall have any right
to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

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

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

          (c) such Holder or Holders have offered to Indenture Trustee indemnity
     reasonably satisfactory to it against the costs, expenses and liabilities
     to be incurred in complying with such request;

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

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

          (f) such Event of Default actually shall have occurred and shall be
continuing;

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

     In the event Indenture Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of Notes, each
representing less than a majority of the Outstanding Amount of the Controlling
Note Class of Notes, Indenture Trustee shall submit the matter to a vote of the
Controlling Note Class of Notes to determine what action, if any, shall be
taken, notwithstanding any other provisions of this Indenture.

     SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal and
Interest. Notwithstanding any other provisions in this Indenture, the Holder of
any Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Note on or after the
respective due dates thereof expressed in such Note or this Indenture (or, in
the case of redemption, on or after the Redemption Date) and to institute suit
for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder.

     SECTION 5.8 Restoration of Rights and Remedies. If Indenture Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under
this Indenture and such Proceeding has been discontinued or abandoned for any
reason or has been determined adversely to Indenture Trustee or to such
Noteholder, then and in every such case Issuer, Indenture Trustee and the
Noteholders shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of Indenture Trustee and the Noteholders shall continue
as though no such Proceeding had been instituted.

     SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise.

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The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

     SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of
Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or
remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article V or by law
to Indenture Trustee or to the Noteholders may be exercised from time to time,
and as often as may be deemed expedient, by Indenture Trustee or by the
Noteholders, as the case may be.

     SECTION 5.11 Control by Controlling Note Class of Noteholders. The Holders
of a majority of the Outstanding Amount of the Controlling Note Class Notes
shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to Indenture Trustee with respect to the
Notes or exercising any trust or power conferred on Indenture Trustee; provided
that

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

          (b) subject to the express terms of Section 5.4, any direction to
     Indenture Trustee to sell or liquidate the Trust Estate shall be by the
     Holders of Notes representing not less than 100% of the Outstanding Amount
     of the Controlling Note Class of Notes;

          (c) if the conditions set forth in Section 5.5 have been satisfied and
     Indenture Trustee elects to retain the Trust Estate pursuant to such
     Section, then any direction to Indenture Trustee by Holders of Notes
     representing less than 100% of the Outstanding Amount of the Controlling
     Note Class of Notes to sell or liquidate the Trust Estate shall be of no
     force and effect;

          (d) Indenture Trustee may take any other action deemed proper by
     Indenture Trustee that is not inconsistent with such direction; and

          (e)  such direction shall be in writing;

provided, further, that, subject to Section 6.1, Indenture Trustee need not take
any action that it determines might involve it in liability or might materially
adversely affect the rights of any Noteholders not consenting to such action.

     SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.2, the
Holders of

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<PAGE>

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

     Upon any such waiver, such Default shall cease to exist and be deemed to
have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured and not to have occurred, for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or Event of Default or impair any right consequent thereto.

     SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree,
and each Holder of any Note by such Holder's acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit
against Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to (a) any suit instituted by
Indenture Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes (or in the case of a right or remedy under this
Indenture which is instituted by the Controlling Note Class, more than 10% of
the Outstanding Amount of the Controlling Note Class) or (c) any suit instituted
by any Noteholder for the enforcement of the payment of principal of or interest
on any Note on or after the respective due dates expressed in such Note and in
this Indenture (or, in the case of redemption, on or after the Redemption Date).

      SECTION 5.14 Waiver of Stay or Extension Laws. Issuer covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and
Issuer (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any

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<PAGE>

power herein granted to Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

     SECTION 5.15 Action on Notes. Indenture Trustee's right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the
seeking, obtaining or application of any other relief under or with respect to
this Indenture. Neither the lien of this Indenture nor any rights or remedies of
Indenture Trustee or the Noteholders shall be impaired by the recovery of any
judgment by Indenture Trustee against Issuer or by the levy of any execution
under such judgment upon any portion of the Trust Estate or upon any of the
assets of Issuer. Any money or property collected by the Indenture Trustee shall
be applied in accordance with Section 5.4(b).

     SECTION 5.16 Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from Indenture Trustee to do so and at
Administrator's expense, Issuer agrees to take all such lawful action as
Indenture Trustee may request to compel or secure the performance and observance
by Seller and Servicer, as applicable, of each of their obligations to Issuer
under or in connection with the Sale and Servicing Agreement or by the Seller or
AmSouth Bank, as applicable, of each of their obligations under or in connection
with the Purchase Agreement, in each case, in accordance with the terms thereof,
and to exercise any and all rights, remedies, powers and privileges lawfully
available to Issuer under or in connection with the Sale and Servicing Agreement
and the Purchase Agreement, as the case may be, to the extent and in the manner
directed by Indenture Trustee, including the transmission of notices of default
on the part of Seller, Servicer or AmSouth Bank thereunder and the institution
of legal or administrative actions or proceedings to compel or secure
performance by Seller or Servicer of each of their obligations under the Sale
and Servicing Agreement or by the Seller or AmSouth Bank, as applicable, of each
of their obligations under or in connection with the Purchase Agreement.

     (b) If an Event of Default has occurred and is continuing, Indenture
Trustee may, and, at the direction (which direction shall be in writing or by
telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3%
of the Outstanding Amount of the Controlling Note Class of Notes shall, exercise
all rights, remedies, powers, privileges and claims of Issuer against Seller or
Servicer under or in connection with the Sale and Servicing Agreement, or
against the Seller or AmSouth Bank under the Purchase Agreement, including the
right or power to take any action to compel or secure performance or observance
by Seller, Servicer or AmSouth Bank of each of their obligations to Issuer
thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Sale and Servicing Agreement or any Purchase
Agreement, as applicable, and any right of Issuer to take such action shall be
suspended.

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<PAGE>

ARTICLE VI  INDENTURE TRUSTEE.

     SECTION 6.1 Duties of Indenture Trustee. (a) If an Event of Default has
occurred and is continuing, of which a Responsible Officer of Indenture Trustee
has actual knowledge, Indenture Trustee shall exercise the rights and powers
vested in it by this Indenture and use the same degree of care and skill in
their exercise as a prudent person would exercise or use under the circumstances
in the conduct of such person's own affairs.

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

          (i) Indenture Trustee undertakes to perform such duties and only such
     duties as are specifically set forth in this Indenture and the other Basic
     Documents to which it is a party and no implied covenants or obligations
     shall be read into this Indenture and the other Basic Documents against
     Indenture Trustee; and

          (ii) in the absence of bad faith on its part, Indenture Trustee may
     conclusively rely, as to the truth of the statements and the correctness of
     the opinions expressed therein, upon certificates or opinions furnished to
     Indenture Trustee and conforming to the requirements of this Indenture and
     the other Basic Documents; however, Indenture Trustee shall examine the
     certificates and opinions to determine whether or not they conform to the
     requirements of this Indenture and the other Basic Documents.

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

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

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

               (iii) Indenture Trustee shall not be liable with respect to any
          action it takes or omits to take in good faith in accordance with a
          direction received by it pursuant to any Basic Document or the
          direction of the Holders of a majority in principal amount of the
          required Notes.

     (d) Indenture Trustee shall not be liable for interest on any money
received by it except as Indenture Trustee may agree in writing with Issuer.

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<PAGE>

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

     (f) No provision of this Indenture or any other Basic Document shall
require Indenture Trustee to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder or
thereunder 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 indemnity
satisfactory to it against such risk or liability is not assured to it.

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

     (h) Indenture Trustee shall take all actions required to be taken by the
Indenture Trustee under the Sale and Servicing Agreement.

     SECTION 6.2 Rights of Indenture Trustee. (a) Indenture Trustee may
conclusively rely and shall be protected in acting or refraining from acting on
any document believed by it to be genuine and to have been signed or presented
by the proper person. Indenture Trustee need not investigate any fact or matter
stated in the document. The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, note or other paper or document, but the Indenture Trustee, in its sole
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Indenture Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Issuer, Seller or the Servicer, personally or
by agent or attorney.

     (b) Before Indenture Trustee acts or refrains from acting, it may require
an Officer's Certificate or an Opinion of Counsel. Indenture Trustee shall not
be liable for any action it takes, suffers or omits to take in good faith in
reliance on the Officer's Certificate or Opinion of Counsel.

     The Indenture Trustee shall be under no obligation to exercise any of the
powers vested in it by this Indenture or any other Basic Document at the request
or direction of any of the Noteholders pursuant to this Indenture, unless such
Noteholders shall have offered to the Indenture Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction.

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     (c) Indenture Trustee may execute any of the trusts or powers hereunder and
under the other Basic Documents or perform any duties hereunder or thereunder
either directly or by or through agents or attorneys or a custodian or nominee,
and Indenture Trustee shall not be responsible for any misconduct or negligence
on the part of, or for the supervision of, Seller, AmSouth Bank, or any other
such agent, attorney, custodian or nominee appointed with due care by it
hereunder. Indenture Trustee shall have no duty to monitor the performance of
Issuer.

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

     (e) Indenture Trustee may consult with counsel, and the advice or opinion
of counsel with respect to legal matters relating to this Indenture, the Notes
and the other Basic Documents shall be full and complete authorization and
protection from liability in respect to any action taken, omitted or suffered by
it hereunder or under any other Basic Document in good faith and in accordance
with the advice or opinion of such counsel.

     (f) Except in its capacity as Successor Servicer, the Indenture Trustee
shall not have any obligation or other duty to make, arrange or ensure the
completion of any recording, filing or registration of any instrument or other
document (including any UCC financing statements), or any amendments thereof or
supplements thereto, with respect to any Receivable or Financed Vehicle, or to
determine whether any such document, amendment or supplement is in suitable form
for any purpose, and shall not have any obligation or other duty with respect to
the payment of any fee, tax or other charge in connection therewith.

     (g) Except in its capacity as Successor Servicer, the Indenture Trustee
shall not have any obligation to see to the payment or discharge of any lien
securing the Receivables, the application of any payment of interest or
principal in respect of any Receivable or the transfer or delivery of property
released from any such lien, or to make any demand or give any notice with
respect thereto.

     (h) The Indenture Trustee shall not have any liability for the acts or
omissions of other parties that are not in accordance with the Basic Documents
and shall not be concerned with or accountable for the use or application of
monies deposited or withdrawn, or required to be deposited or withdrawn, to or
from any account by any other party or, to the extent directed to make any such
deposit or withdrawal by any such party, by the Indenture Trustee.

     (i) Any request or direction of the Issuer shall be sufficiently evidenced
by an Issuer Request or Issuer Order.

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<PAGE>

     (j) The Indenture Trustee shall not be required to provide any surety or
bond of any kind in connection with the acceptance or performance of its duties
hereunder or under any other Basic Document.

     (k) The Indenture Trustee shall not have any responsibility or liability
with respect to the legality, validity or enforceability of any Receivable or
the sufficiency of any agreement, instrument or other document evidencing or
otherwise related to any Receivable. The Indenture Trustee shall have no
obligation or other duty to inspect, review or otherwise examine any such
document (including any document in a Receivable File) for any purpose.

     SECTION 6.3 Individual Rights of Indenture Trustee. Indenture Trustee in
its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with Issuer or its Affiliates with the same rights it
would have if it were not Indenture Trustee. Any Note Paying Agent,
Authenticating Agent Note Registrar, co-registrar, co-paying agent or other
agent of the Indenture Trustee may do the same with like rights. However,
Indenture Trustee must comply with Sections 6.11 and 6.12.

     SECTION 6.4 Indenture Trustee's Disclaimer. Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of
this Indenture or the Notes or any other Basic Document, shall not be
accountable for Issuer's use of the proceeds from the Notes, and shall not be
responsible for any statement or omission of Issuer in the Indenture or any
other Basic Document or in any document issued in connection with the sale of
the Notes or in the Notes other than Indenture Trustee's certificate of
authentication.

     SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing and
if it is either actually known or written notice of the existence thereof has
been delivered to a Responsible Officer of Indenture Trustee, Indenture Trustee
shall mail to each Noteholder notice of the Default within 90 days after such
knowledge or notice occurs. Except in the case of a Default in payment of
principal of or interest on any Note (including payments pursuant to the
mandatory redemption provisions of such Note), Indenture Trustee may withhold
the notice if and so long as a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Noteholders.
The Indenture Trustee shall not be charged with knowledge of a Default, Event of
Default or Servicer Termination Event unless a Responsible Officer of the
Indenture Trustee has actual knowledge thereof or shall have received written
notice thereof.

     SECTION 6.6 Reports by Indenture Trustee to Holders. Indenture Trustee
shall deliver to each Noteholder such information as may be reasonably required
to enable such Holder to prepare its Federal and state income tax returns.

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<PAGE>

     SECTION 6.7 Compensation and Indemnity. Issuer shall cause the
Administrator to pay to Indenture Trustee on the Closing Date and from time to
time reasonable compensation for its services (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of an
express trust). Except as otherwise expressly provided for in this Indenture,
Issuer shall cause Administrator to reimburse Indenture Trustee upon its request
for all reasonable expenses, disbursements and advances incurred or made by
Indenture Trustee in accordance with any provision of this Indenture or any
other Basic Document (including the reasonable compensation, expenses and
disbursements of such agents and counsel as Indenture Trustee may employee in
connection with the exercise and performance of its rights and its duties
hereunder), except any such expense as may be attributable to its willful
misconduct, negligence or bad faith. Issuer shall cause the Administrator to
indemnify Indenture Trustee (individually and in its capacity as such) and its
successors, assigns, directors, officers, employees and agents from and against,
any and all loss, liability or expense (including reasonable legal fees and
expenses) incurred by Indenture Trustee in connection with the acceptance of or
administration of this trust and the performance of its duties hereunder or
thereunder, provided, however, that the Administrator shall not be liable for or
required to indemnify Indenture Trustee from and against any of the foregoing
expenses arising or resulting from Indenture Trustee's own willful misconduct,
negligence or bad faith or to the extent arising from the breach by Indenture
Trustee of any of its representations and warranties and covenants set forth
herein.

     Issuer's payment obligations to Indenture Trustee pursuant to this Section
and the Administration Agreement referenced in the preceding paragraph shall
survive the discharge of this Indenture subject to a satisfaction of the Rating
Agency Condition. When Indenture Trustee incurs expenses after the occurrence of
a Default specified in Section 5.1(d) or (e) with respect to Issuer, the
expenses are intended to constitute expenses of administration under Title 11 of
the United States Code or any other applicable Federal or state bankruptcy,
insolvency or similar law.

     SECTION 6.8 Replacement of Indenture Trustee. Indenture Trustee may resign
at any time by so notifying Issuer. The Holders of a majority in Outstanding
Amount of the Controlling Note Class of Notes may remove Indenture Trustee by so
notifying Indenture Trustee and may appoint a successor Indenture Trustee.
Issuer shall remove Indenture Trustee if:

          (a)  Indenture Trustee fails to comply with Section 6.11;

          (b)  an Insolvency Event occurs with respect to Indenture Trustee;

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

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<PAGE>

          (d)  Indenture Trustee otherwise becomes incapable of acting.

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

     A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective,
and the successor Indenture Trustee shall have all the rights, powers and duties
of Indenture Trustee under this Indenture subject to satisfaction of the Rating
Agency Condition. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders. The retiring Indenture Trustee shall promptly
transfer all property held by it as Indenture Trustee to the successor Indenture
Trustee.

     If a successor Indenture Trustee does not take office within 30 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, Issuer or the Holders of a majority in Outstanding Amount of the
Controlling Note Class of Notes may petition any court of competent jurisdiction
for the appointment of a successor Indenture Trustee.

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

     Any resignation or removal of Indenture Trustee and appointment of a
Successor Indenture Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor
Indenture Trustee pursuant to this Section 6.8 and payment of all fees and
expenses owed to the outgoing Indenture Trustee.

     Notwithstanding the resignation or removal of Indenture Trustee pursuant to
this Section, Issuer's and Administrator's obligations under Section 6.7 shall
continue for the benefit of the retiring Indenture Trustee.

     Indenture Trustee shall not be liable for the acts or omissions of any
successor Indenture Trustee.

     SECTION 6.9 Successor Indenture Trustee by Merger. If Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Indenture Trustee; provided that such
corporation or banking association

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<PAGE>

shall be otherwise qualified and eligible under Section 6.11. Indenture Trustee
shall provide the Rating Agencies and the Administrator prior written notice of
any such transaction.

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

     SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee. (a) Notwithstanding any other provisions of this Indenture, at any
time, after delivering written notice to the Administrator, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of Issuer
may at the time be located, Indenture Trustee shall have the power and may
execute and deliver all instruments to appoint one or more Persons to act as a
co-trustee or co-trustees, or separate trustee or separate trustees, of all or
any part of the Trust, and to vest in such Person or Persons, in such capacity
and for the benefit of the Noteholders, such title to the Trust, or any part
hereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as Indenture Trustee may consider
necessary or desirable. No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor trustee under Section
6.11 and no notice to Noteholders of the appointment of any co-trustee or
separate trustee shall be required under Section 6.8.

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

          (i) all rights, powers, duties and obligations conferred or imposed
     upon Indenture Trustee shall be conferred or imposed upon and exercised or
     performed by Indenture Trustee and such separate trustee or co-trustee
     jointly (it being understood that such separate trustee or co-trustee is
     not authorized to act separately without Indenture Trustee joining in such
     act), except to the extent that under any law of any jurisdiction in which
     any particular act or acts are to be performed Indenture Trustee shall be
     incompetent or unqualified to perform such act or acts, in which event such
     rights, powers, duties and obligations (including the holding of title to
     Issuer or any portion thereof in any such jurisdiction) shall be exercised
     and performed singly by

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<PAGE>

     such separate trustee or co-trustee, but solely at the direction of
     Indenture Trustee;

          (ii) no trustee hereunder shall be personally liable by reason of any
     act or omission of any other trustee hereunder, including acts or omissions
     of predecessor or successor trustees; and

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

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

     (d) Any separate trustee or co-trustee may at any time constitute Indenture
Trustee its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall invest in and be exercised by
Indenture Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee.

     SECTION 6.11 Eligibility; Disqualification. (a) Indenture Trustee shall at
all times satisfy the requirements of TIA (S) 310(a). Indenture Trustee shall
have a combined capital and surplus of at least $20,000,000 as set forth in its
most recent published annual report of condition and shall have a long term debt
rating of investment grade or better by the Rating Agencies or shall otherwise
be acceptable to the Rating Agencies. Indenture Trustee shall comply with TIA
(S) 310(b), including the optional provision permitted by the second sentence of
TIA (S) 310(b)(9); provided that there shall be excluded from the operation of
TIA (S) 310(b)(1) any indenture or indentures under which other securities of
Issuer are outstanding if the requirements for such exclusion set forth in TIA
(S) 310(b)(1) are met.

     (b) Within ninety (90) days after ascertaining the occurrence of an Event
of Default which shall not have been cured or waived, unless authorized by the
TIA or the Commission, the Indenture Trustee shall resign with respect to the
Class A

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<PAGE>

Notes, the Class B Notes and/or the Class C Notes in accordance with Section 6.8
of this Indenture, and the Issuer shall appoint a successor Indenture Trustee
for two or all of such Classes, as applicable, so that there will be separate
Indenture Trustees for the Class A Notes, the Class B Notes and the Class C
Notes. In the event the Indenture Trustee fails to comply with the terms of the
preceding sentence, the Indenture Trustee shall comply with clauses (ii) and
(iii) of TIA Section 310(b).

     (c)  In the case of the appointment hereunder of a successor Indenture
Trustee with respect to any Class of Notes pursuant to this Section 6.11,
Issuer, the retiring Indenture Trustee and the successor Indenture Trustee with
respect to such Class of Notes shall execute and deliver an indenture
supplemental hereto wherein each successor Indenture Trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, the successor Indenture
Trustee all the rights, powers, trusts and duties of the retiring Indenture
Trustee with respect to the Notes of the Class to which the appointment of such
successor Indenture Trustee relates, (ii) if the retiring Indenture Trustee is
not retiring with respect to all Classes of Notes, shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights powers,
trusts and duties of the retiring Indenture Trustee with respect to the Notes of
each Class as to which the retiring Indenture Trustee is not retiring shall
continue to be vested in the Indenture Trustee and (iii) shall add to or change
any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Indenture
Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Indenture Trustees co-trustees of the same trust
and that each such Indenture Trustee shall be a trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Indenture Trustee; and upon the removal of the retiring Indenture
Trustee shall become effective to the extent provided herein.

     SECTION 6.12  Preferential Collection of Claims Against Issuer. Indenture
Trustee shall comply with TIA (S) 311(a), excluding any creditor relationship
listed in TIA (S) 311(b). An Indenture Trustee who has resigned or been removed
shall be subject to TIA (S) 311(a) to the extent indicated.

ARTICLE VII  NOTEHOLDERS' LISTS AND REPORTS.

     SECTION 7.1  Issuer to Furnish Indenture Trustee Names and Addresses of
Noteholders. Issuer will furnish or cause to be furnished to Indenture Trustee
(a) not more than five days after the earlier of (i) each Record Date and (ii)
three months after the last Record Date, a list, in such form as Indenture
Trustee may reasonably require, of the names and addresses of the Holders as of
such Record Date, (b) at such other times as Indenture Trustee may request in
writing, within 30 days after receipt by Issuer of any such request, a list of
similar form and content as of a date

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<PAGE>

not more than 10 days prior to the time such list is furnished; provided that so
long as (i) Indenture Trustee or its designee is Note Registrar, or (ii) the
Notes are Book-Entry Notes, no such list shall be required to be furnished and
in such case, upon the written request of Issuer or Owner Trustee, Indenture
Trustee or its designee will promptly furnish Owner Trustee a list of
Noteholders as of the date specified by Owner Trustee.

     SECTION 7.2  Preservation of Information; Communications to Noteholders.
(a) Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Holders contained in the most recent
list furnished to Indenture Trustee as provided in Section 7.1 and the names and
addresses of Holders received by Indenture Trustee in its capacity as Note
Registrar. Indenture Trustee may destroy any list furnished to it as provided in
such Section 7.1 upon receipt of a new list so furnished.

     (b)  Noteholders may communicate pursuant to TIA (S) 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes. Upon receipt by the Indenture Trustee of any request by three or more
Noteholders or by one or more Noteholders of Notes evidencing not less than 25%
of the Outstanding Amount of Notes to receive a copy of the current list of
Noteholders (whether or not made pursuant to TIA (S) 312(b)), the Indenture
Trustee shall promptly notify the Administrator thereof by providing to the
Administrator a copy of such request and a copy of the list of Noteholders
produced in response thereto.

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

     SECTION 7.3  Reports by Issuer.  Issuer shall:

          (i)  file with Indenture Trustee, at the time that Issuer is required
     to file the same with the Commission, copies of the annual reports and of
     the information, documents and other reports (or copies of such portions of
     any of the foregoing as the Commission may from time to time by rules and
     regulations prescribe) which Issuer may be required to file with the
     Commission pursuant to Section 13 or 15(d) of the Exchange Act;

          (ii)  file with Indenture Trustee and the Commission in accordance
     with rules and regulations prescribed from time to time by the Commission
     such additional information, documents and reports with respect to
     compliance by Issuer with the conditions and covenants of this Indenture as
     may be required from time to time by such rules and regulations; and

          (iii)  supply to Indenture Trustee (and Indenture Trustee shall
     transmit by mail to all Noteholders described in TIA (S) 313(c)) such
     summaries of any

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<PAGE>

     information, documents and reports required to be filed by Issuer pursuant
     to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules
     and regulations prescribed from time to time by the Commission.

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

     SECTION 7.4  Reports by Indenture Trustee.  If required by TIA (S) 313(a),
within 60 days after each April 30, beginning with April 30, 2001, Indenture
Trustee shall mail to each Noteholder as required by TIA (S) 313(c) a brief
report dated as of such date that complies with TIA (S) 313(a). Indenture
Trustee also shall comply with TIA (S) 313(b)(1). A copy of each report at the
time of its mailing to Noteholders shall be filed by Indenture Trustee with the
Commission and each stock exchange, if any, on which the Notes are listed.
Issuer shall notify Indenture Trustee if and when the Notes are listed on any
stock exchange.

ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES.

     SECTION 8.1  Collection of Money.  Except as otherwise expressly provided
herein, Indenture Trustee may demand payment or delivery of, and shall receive
and collect, directly and without intervention or assistance of any fiscal agent
or other intermediary, all money and other property payable to or receivable by
Indenture Trustee pursuant to this Indenture. Indenture Trustee shall apply all
such money received by it as provided in this Indenture. Except as otherwise
expressly provided in this Indenture, if any default occurs in the making of any
payment or performance under any agreement or instrument that is part of the
Trust Estate, Indenture Trustee may take such action as may be appropriate to
enforce such payment or performance, including the institution and prosecution
of appropriate proceedings. Any such action shall be without prejudice to any
right to claim a Default or Event of Default under this Indenture and any right
to proceed thereafter as provided in Article V.

     SECTION 8.2  Trust Accounts.  (a) On or prior to the Closing Date, Issuer
shall cause Servicer to establish, in the name of Indenture Trustee, for the
benefit of the Noteholders and the Certificateholders, the Trust Accounts as
provided in Section 5.1 of the Sale and Servicing Agreement.

     (b)  On or before each Distribution Date, the Issuer shall cause the Seller
and Servicer to deposit all Available Collections with respect to the Collection
Period preceding such Distribution Date in the Collection Account as provided in
Sections 5.2 and 5.4 of the Sale and Servicing Agreement. On or before each
Deposit Date, all amounts required to be withdrawn from the Reserve Account and
deposited in the Collection Account pursuant to Section 5.5 of the Sale and
Servicing Agreement shall be withdrawn by the Indenture Trustee from the Reserve

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<PAGE>

Account and deposited to the Collection Account as provided therein, as to which
Issuer shall cause Servicer to timely provide the related instructions.

     (c)  On each Distribution Date, the Indenture Trustee (based on the
information contained in the Servicer's Report delivered on or before the
related Determination Date pursuant to Section 4.9 of the Sale and Servicing
Agreement) shall make the withdrawals from the Collection Account and make
deposits, distributions and payments, to the extent of funds on deposit in the
Collection Account with respect to the Collection Period preceding such
Distribution Date (including funds, if any, deposited therein from the Reserve
Account), in accordance with the provisions of Section 5.5(b) of the Sale and
Servicing Agreement (as to which Issuer shall cause Servicer to timely provide
the related instructions).

     (i)  On each Distribution Date, the Indenture Trustee (based on the
          information contained in the Servicer's Report delivered on or before
          the related Determination Date pursuant to Section 4.9 of the Sale and
          Servicing Agreement) shall withdraw the funds on deposit in the
          Interest Distribution Account with respect to the Collection Period
          preceding such Distribution Date and make distributions and payments
          in the following order of priority:

     (A)  first, to the Noteholders of Class A Notes, the Accrued Class A Note
          Interest; provided that if there are not sufficient funds available to
          pay the entire amount of the Accrued Class A Note Interest, the
          amounts available shall be applied to the payment of such interest on
          the Class A Notes on a pro rata basis based upon the amount of
          interest due on each Class of Class A Notes;

     (B)  second, to the Noteholders of Class B Notes, the Accrued Class B Note
          Interest; provided that if there are not sufficient funds available to
          pay the entire amount of the Accrued Class B Note Interest, the
          amounts available shall be applied to the payment of such interest on
          the Class B Notes on a pro rata basis; and

     (C)  third, to the Noteholders of Class C Notes, the Accrued Class C Note
          Interest; provided that if there are not sufficient funds available to
          pay the entire amount of the Accrued Class C Note Interest, the
          amounts available shall be applied to the payment of such interest on
          the Class C Notes on a pro rata basis.

     (d)  On each Distribution Date, the Indenture Trustee (based on the
information contained in the Servicer's Report delivered on or before the
related Determination Date pursuant to Section 4.9 of the Sale and Servicing
Agreement) shall withdraw the funds on deposit in the Principal Distribution
Account with

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<PAGE>

respect to the Collection Period preceding such Distribution Date and make
distributions and payments in the following order of priority:

     (i)    first, to the Noteholders of the Class A-1 Notes in reduction of
            principal until the principal amount of the Outstanding Class A-1
            Notes has been paid in full; provided that if there are not
            sufficient funds available to pay the principal amount of the
            Outstanding Class A-1 Notes in full, the amounts available shall be
            applied to the payment of principal on the Class A-1 Notes on a pro
            rata basis;

     (ii)   second, to the Noteholders of the Class A-2 Notes in reduction of
            principal until the principal amount of the Outstanding Class A-2
            Notes has been paid in full; provided that if there are not
            sufficient funds available to pay the principal amount of the
            Outstanding Class A-2 Notes in full, the amounts available shall be
            applied to the payment of principal on the Class A-2 Notes on a pro
            rata basis;

     (iii)  third, to the Noteholders of the Class A-3 Notes in reduction of
            principal until the principal amount of the Outstanding Class A-3
            Notes has been paid in full; provided that if there are not
            sufficient funds available to pay the principal amount of the
            Outstanding Class A-3 Notes in full, the amounts available shall be
            applied to the payment of principal on the Class A-3 Notes on a pro
            rata basis;

     (iv)   fourth, to the Noteholders of the Class A-4 Notes in reduction of
            principal until the principal amount of the Outstanding Class A-4
            Notes has been paid in full; provided that if there re not
            sufficient funds available to pay the principal amount of the
            Outstanding Class A-4 Notes in full, the amounts available shall be
            applied to the payment of principal on the Class A-4 Notes on a pro
            rata basis;

     (v)    fifth, to the Noteholders of the Class B Notes in reduction of
            principal until the principal amount of the Outstanding Class B
            Notes has been paid in full; provided that if there are not
            sufficient funds available to pay the principal amount of the
            Outstanding Class B Notes in full, the amounts available shall be
            applied to the payment of principal on the Class B Notes on a pro
            rata basis;

     (vi)   sixth, to the Noteholders of the Class C Notes in reduction of
            principal until the principal amount of the Outstanding Class C
            Notes has been paid in full; provided that if there are not
            sufficient funds available to pay the principal amount of the
            Outstanding Class C Notes in full, the amounts available shall be
            applied to the payment of principal on the Class C Notes on a pro
            rata basis;

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<PAGE>

     (vi)    seventh, any remaining amounts, to the Certificate Distribution
             Account.

     SECTION 8.3  General Provisions Regarding Accounts.  (a) The funds in the
Trust Accounts shall be invested in Eligible Investments in accordance with and
subject to Section 5.1(b) of the Sale and Servicing Agreement. Indenture Trustee
shall not be directed to make any investment of any funds or to sell any
investment held in any of the Trust Accounts unless the security interest
Granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further
action by any Person, and, in connection with any direction to Indenture Trustee
to make any such investment or sale, if requested by Indenture Trustee, Issuer
shall deliver to Indenture Trustee an Opinion of Counsel, acceptable to
Indenture Trustee, to such effect.

     (b)  Subject to Section 6.1(c), Indenture Trustee shall not in any way be
held liable by reason of any insufficiency in any of the Trust Accounts
resulting from any loss on any Eligible Investment included therein except for
losses attributable to Indenture Trustee's failure to make payments on such
Eligible Investments issued by Indenture Trustee, in its commercial capacity as
principal obligor and not as trustee, in accordance with their terms.

     (c)  If (i) investment directions shall not have been given for any funds
on deposit in the Trust Accounts to Indenture Trustee by 11:00 a.m. Eastern Time
(or such other time as may be agreed by Issuer, Servicer and Indenture Trustee)
on any Business Day; (ii) a Default or Event of Default shall have occurred and
be continuing with respect to the Notes but the Notes shall not have been
declared due and payable pursuant to Section 5.2, or (iii) if such Notes shall
have been declared due and payable following an Event of Default, amounts
collected or receivable from the Trust Estate are being applied in accordance
with Section 5.5 as if there had not been such a declaration; then Indenture
Trustee shall, to the fullest extent practicable, invest and reinvest funds in
the Trust Accounts in one or more Eligible Investments in accordance with the
standing instructions most recently given by the Servicer. Indenture Trustee
shall not be liable for losses in respect of such investments in Eligible
Investments that comply with the requirements of the Basic Documents.

     SECTION 8.4  Release of Trust Estate.  (a) Subject to the payment of its
fees and expenses pursuant to Section 6.7, Indenture Trustee may, and when
required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture or any other Basic Document, or
convey Indenture Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture or
such other document. No party relying upon an instrument executed by Indenture
Trustee as provided in this Article VIII shall be bound to ascertain Indenture
Trustee's authority, inquire into the satisfaction of any conditions precedent
or see to the application of any moneys.

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<PAGE>

     (b)  Indenture Trustee shall, at such time as there are no Notes
outstanding and all sums due Indenture Trustee pursuant to Section 6.7 have been
paid, release any remaining portion of the Trust Estate that secured the Notes
from the lien of this Indenture and release to Issuer or any other Person
entitled thereto any funds then on deposit in the Trust Accounts. Indenture
Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.4(b) only upon receipt of an Issuer Request accompanied by an
Officer's Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA (S)(S) 314(c) and 314(d)(1)
meeting the applicable requirements of Section 11.1.

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, acknowledges that from time to
time the Indenture Trustee shall release the lien of this Indenture on any
Receivable to be sold to (i) Seller in accordance with Section 3.3 of the Sale
and Servicing Agreement, (ii) to Servicer in accordance with Section 4.7 of the
Sale and Servicing Agreement and (iii) to AmSouth Bank pursuant to Section 3.4
of the Purchase Agreement.

     SECTION 8.5  Opinion of Counsel.  Indenture Trustee shall receive at least
seven days' notice when requested by Issuer to take any action pursuant to
Section 8.4(a), accompanied by copies of any instruments involved, and Indenture
Trustee may also require as a condition to such action, an Opinion of Counsel,
in form and substance satisfactory to Indenture Trustee, stating the legal
effect of any such action, outlining the steps required to complete the same,
and concluding that all conditions precedent to the taking of such action have
been complied with and such action will not materially and adversely impair the
security for the Notes or the rights of the Noteholders in contravention of the
provisions of this Indenture; provided that such Opinion of Counsel shall not be
required to express an opinion as to the fair value of the Trust Estate. Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to
Indenture Trustee in connection with any such action.

ARTICLE IX SUPPLEMENTAL INDENTURES.

     SECTION 9.1  Supplemental Indentures Without Consent of Noteholders.
Without the consent of the Holders of any Notes but with prior written notice to
the Rating Agencies by Issuer, as evidenced to Indenture Trustee, Issuer and
Indenture Trustee, when authorized by an Issuer Order, at any time and from time
to time, may enter into one or more indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act as in force at the date of
the execution thereof), in form satisfactory to Indenture Trustee, for any of
the following purposes:

          (i)  to correct or amplify the description of any property at any time
     subject to the lien of this Indenture, or better to assure, convey and
     confirm unto Indenture Trustee any property subject or required to be
     subjected to the

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<PAGE>

     lien of this Indenture, or to subject to the lien of this Indenture
     additional property;

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

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

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

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

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

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

          (viii)  (A) to add, modify or eliminate such provisions of the
     Indenture as may be necessary or advisable in order to enable all or a
     portion of Issuer to qualify as, and to permit an election to be made to
     cause all or a portion of Issuer to be treated as, a "financial asset
     securitization investment trust" under the Code, and (B) in connection with
     any such election, to modify or eliminate existing provisions set forth in
     this Indenture relating to the intended federal income tax treatment of the
     Notes or Certificates and Issuer in the absence of the election; it being a
     condition to any such amendment that the Rating Agency Condition shall have
     been satisfied; and

          (ix)  to add, modify or eliminate such provisions as may be necessary
     or advisable in order to enable (a) the transfer to Issuer of all or any
     portion

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<PAGE>

     of the Receivables to be recognized as a sale under GAAP by Seller to
     Issuer, (b) Issuer to avoid becoming a member of Seller's consolidated
     group under GAAP or (c) the Seller, AmSouth Bank or any of other Affiliates
     to otherwise comply with or obtain more favorable treatment under any law
     or regulation or any accounting rule or principle; it being a condition to
     any such amendment that the Rating Agency Condition shall have been
     satisfied.

     Indenture Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

     Issuer and Indenture Trustee, when authorized by an Issuer Order, may, also
without the consent of any of the Holders of the Notes but with prior written
notice to the Rating Agencies by Issuer, as evidenced to Indenture Trustee,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided that such action shall not,
as evidenced by an Opinion of Counsel, adversely affect in any material respect
the interests of any Noteholder.

     SECTION 9.2  Supplemental Indentures with Consent of Noteholders.  Issuer
and Indenture Trustee, when authorized by an Issuer Order, also may, with prior
notice to the Rating Agencies and with the consent of the Holders of not less
than a majority of the Outstanding Amount of the Notes, by Act of such Holders
delivered to Issuer and Indenture Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Note affected thereby:

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

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

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

          (iv)  reduce the percentage of the Outstanding Amount of the Notes or
     Controlling Note Class required to direct Indenture Trustee to direct
     Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4;

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

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

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

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

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

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     Promptly after the execution by Issuer and Indenture Trustee of any
supplemental indenture pursuant to this Section, Indenture Trustee shall mail to
the Holders of the Notes to which such amendment or supplemental indenture
relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of Indenture Trustee to mail such notice, or
any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

     SECTION 9.3  Execution of Supplemental Indentures.  In executing, or the
additional trusts created by, any supplemental indenture permitted by this
Article IX or the modifications thereby of the trusts created by this Indenture,
Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and
6.2, shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by
this Indenture. Indenture Trustee may, but shall not be obligated to, enter into
any such supplemental indenture that affects Indenture Trustee's own rights,
duties, liabilities or immunities under this Indenture or otherwise.

     SECTION 9.4  Effect of Supplemental Indenture.  Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and be deemed to be modified and amended in accordance therewith with respect
to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of
Indenture Trustee, Issuer and the Holders of the Notes shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

     SECTION 9.5  Conformity With Trust Indenture Act.  Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the Trust Indenture Act as then in effect
so long as this Indenture shall then be qualified under the Trust Indenture Act.

     SECTION 9.6  Reference in Notes to Supplemental Indentures.  Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by Indenture Trustee shall,
bear a notation furnished by Issuer as to any matter provided for in such
supplemental indenture. If Issuer shall so determine, new Notes so modified as
to conform, in the opinion of Issuer, to any such supplemental indenture may be
prepared and executed by Issuer and authenticated and delivered by Indenture
Trustee in exchange for Outstanding Notes.

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ARTICLE X  REDEMPTION OF NOTES.

     SECTION 10.1  Redemption.  The Notes are subject to redemption in whole,
but not in part, at the direction of Servicer pursuant to Section 9.1(a) of the
Sale and Servicing Agreement, on any Distribution Date on which Servicer
exercises its option to purchase the Trust Estate pursuant to said Section
9.1(a), for a purchase price equal to the Redemption Price; provided that Issuer
has available funds sufficient to pay the Redemption Price. Servicer or Issuer
shall furnish the Rating Agencies notice of such redemption. If the Notes are to
be redeemed pursuant to this Section 10.1(a), Servicer or Issuer shall furnish
notice of such election to Indenture Trustee not later than 25 days prior to the
Redemption Date and Issuer shall deposit with Indenture Trustee in the Note
Distribution Account the Redemption Price of the Notes to be redeemed whereupon
all such Notes shall be due and payable on the Redemption Date upon the
furnishing of a notice complying with Section 10.2 to each Holder of the Notes.

     SECTION 10.2  Form of Redemption Notice.  (a)  Notice of redemption under
Section 10.1(a) shall be given by Indenture Trustee by facsimile or by first-
class mail, postage prepaid, transmitted or mailed prior to the applicable
Redemption Date to each Holder of Notes, as of the close of business on the
Record Date preceding the applicable Redemption Date, at such Holder's address
appearing in the Note Register.

          All notices of redemption shall state:

               (i)  the Redemption Date;

               (ii)  the Redemption Price;

               (iii)  that the Record Date otherwise applicable to such
          Redemption Date is not applicable and that payments shall be made only
          upon presentation and surrender of such Notes and the place where such
          Notes are to be surrendered for payment of the Redemption Price (which
          shall be the office or agency of Issuer to be maintained as provided
          in Section 3.2); and

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

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

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     (b)  Prior notice of redemption under Section 10.1(b) is not required to be
given to Noteholders.

     SECTION 10.3  Notes Payable on Redemption Date.  The Notes to be redeemed
shall, following notice of redemption as required by Section 10.2 (in the case
of redemption pursuant to Section 10.1(a)), on the Redemption Date become due
and payable at the Redemption Price and (unless Issuer shall default in the
payment of the Redemption Price) no interest shall accrue on the Redemption
Price for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Price.

ARTICLE XI  MISCELLANEOUS.

     SECTION 11.1  Compliance Certificates and Opinions, etc.  (a)  Upon any
application or request by Issuer to Indenture Trustee to take any action under
any provision of this Indenture, Issuer shall furnish to Indenture Trustee (i)
an Officer's Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with,
(ii) an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with and (iii) (if required by
the TIA) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of this Section, except that, in the case of
any such application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

     Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

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

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

          (iii)  a statement that, in the opinion of each such signatory, such
     signatory has made such examination or investigation as is necessary to
     enable such signatory to express an informed opinion as to whether or not
     such covenant or condition has been complied with; and

          (iv)  a statement as to whether, in the opinion of each such signatory
     such condition or covenant has been complied with.

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          (b)  (i)  Prior to the deposit of any Collateral or other property or
     securities with Indenture Trustee that is to be made the basis for the
     release of any property or securities subject to the lien of this
     Indenture, Issuer shall, in addition to any obligation imposed in Section
     11.1(a) or elsewhere in this Indenture, furnish to Indenture Trustee an
     Officer's Certificate certifying or stating the opinion of each person
     signing such certificate as to the fair value (within 90 days of such
     deposit) to Issuer of the Collateral or other property or securities to be
     so deposited.

          (ii)  Whenever Issuer is required to furnish to Indenture Trustee an
     Officer's Certificate certifying or stating the opinion of any signer
     thereof as to the matters described in clause (i), Issuer shall also
     deliver to Indenture Trustee an Independent Certificate as to the same
     matters, if the fair value to Issuer of the securities to be so deposited
     and of all other such securities made the basis of any such withdrawal or
     release since the commencement of the then-current fiscal year of Issuer,
     as set forth in the certificates delivered pursuant to clause (i) and this
     clause (ii), is 10% or more of the Outstanding Amount of the Notes, but
     such a certificate need not be furnished with respect to any securities so
     deposited, if the fair value thereof to Issuer as set forth in the related
     Officer's Certificate is less than $25,000 or less than one percent of the
     Outstanding Amount of the Notes.

          (iii)  Other than with respect to the release of any Purchased
     Receivables or Defaulted Receivables, whenever any property or securities
     are to be released from the lien of this Indenture, Issuer shall also
     furnish to Indenture Trustee an Officer's Certificate certifying or stating
     the opinion of each person signing such certificate as to the fair value
     (within 90 days of such release) of the property or securities proposed to
     be released and stating that in the opinion of such person the proposed
     release will not impair the security under this Indenture in contravention
     of the provisions hereof.

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

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          (v)  Notwithstanding Section 2.9 or any other provision of this
     Section, Issuer may without compliance with the requirements of the other
     provisions of this section 11.1, (A) collect, liquidate, sell or otherwise
     dispose of Receivables as and to the extent permitted or required by the
     Basic Documents and (B) make cash payments out of the Trust Accounts as and
     to the extent permitted or required by the Basic Documents.

          SECTION 11.2  Form of Documents Delivered to Indenture Trustee.  In
     any case where several matters are required to be certified by, or covered
     by an opinion of, any specified Person, it is not necessary that all such
     matters be certified by, or covered by the opinion of, only one such
     Person, or that they be so certified or covered by only one document, but
     one such Person may certify or give an opinion with respect to some matters
     and one or more other such Persons as to other matters, and any such Person
     may certify or give an opinion as to such matters in one or several
     documents.

          Any certificate or opinion of an Authorized Officer of Issuer may be
     based, insofar as it relates to legal matters, upon an opinion of counsel,
     unless such officer knows, or in the exercise of reasonable care should
     know, that the opinion with respect to the matters upon which his or her
     certificate or opinion is based are erroneous. Any such certificate of an
     Authorized Officer or Opinion of Counsel may be based, insofar as it
     relates to factual matters, upon a certificate or opinion of, or
     representations by, an officer or officers of Servicer, Seller,
     Administrator or Issuer, stating that the information with respect to such
     factual matters is in the possession of Servicer, Seller, Administrator or
     Issuer, unless such counsel knows, or in the exercise of reasonable care
     should know, that the certificate or opinion or representations with
     respect to such matters are erroneous.

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

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

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      SECTION 11.3 Acts of Noteholders. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Noteholders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Noteholders in person
or by agents duly appointed in writing; and except as herein otherwise expressly
provided such action shall become effective when such instrument or instruments
are delivered to Indenture Trustee, and, where it is hereby expressly required,
to Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.1) conclusive in
favor of Indenture Trustee and Issuer, if made in the manner provided in this
Section.

          (b)  The fact and date of the execution by any person of any such
     instrument or writing may be proved in any customary manner of Indenture
     Trustee.

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

          (d)  Any request, demand, authorization, direction, notice, consent,
     waiver or other action by the Holder of any Notes shall bind the Holder of
     every Note issued upon the registration thereof or in exchange therefor or
     in lieu thereof, in respect of anything done, omitted or suffered to be
     done by Indenture Trustee or Issuer in reliance thereon, whether or not
     notation of such action is made upon such Note.

      SECTION 11.4  Notices, etc., to Indenture Trustee, Issuer and Rating
Agencies.  Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this
Indenture to be made upon, given or furnished to or filed with:

     (a)  Indenture Trustee by any Noteholder, Administrator or Issuer shall be
sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall
be deemed to have been duly given upon receipt to Indenture Trustee at its
Corporate Trust Office, or

     (b)  Issuer by Indenture Trustee or by any Noteholder shall be sufficient
for every purpose hereunder if personally delivered, delivered by overnight
courier or mailed certified mail, return receipt requested and shall be deemed
to have been duly given upon receipt to Issuer addressed to: AmSouth Auto Trust
2000-1, in care of 1900 5/th/ Avenue North AmSouth/SONAT Tower, Birmingham,
Alabama, 35288, with a copy to Administrator at Fifth Avenue North AmSouth/SONAT
Tower, Birmingham, Alabama, 35288, Attention: David Parks, or at any other
address

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previously furnished in writing to Indenture Trustee by Issuer or Administrator.
Issuer shall promptly transmit any notice received by it from the Noteholders to
Indenture Trustee.

     Notices required to be given to the Rating Agencies by Issuer, Indenture
Trustee or Owner Trustee shall be in writing, personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested to (i) in
the case of Moody's, at the following address: Moody's Investors Service, Inc.,
99 Church Street, New York, New York 10004 and (ii) in the case of S&P, at the
following address: Standard & Poor's Ratings Services, 55 Water Street, New
York, New York 10041-0003, Attention of Asset Backed Surveillance Department; or
as to each of the foregoing, at such other address as shall be designated by
written notice to the other parties.

      SECTION 11.5  Notices to Noteholders; Waiver.  Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

     Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Noteholders shall be filed with Indenture Trustee but such
filing shall not be a condition precedent to the validity of any action taken in
reliance upon such a waiver.

     In case, by reason of the suspension of regular mail service as a result of
a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be satisfactory to Issuer shall be deemed to be a sufficient
giving of such notice.

     Where this Indenture provides for notice to the Rating Agencies, failure to
give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute a Default or Event of
Default.

      SECTION 11.6  Alternate Payment and Notice Provisions. Notwithstanding any
provision of this Indenture or any of the Notes to the contrary, Issuer may
enter

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into any agreement with any Holder of a Note providing for a method of payment,
or notice by Indenture Trustee or any Paying Agent to such Holder, that is
different from the methods provided for in this Indenture for such payments or
notices, provided that such methods are reasonable and consented to by Indenture
Trustee. Issuer will furnish to the trustee a copy of each such agreement and
Indenture Trustee will cause payments to be made and notices to be given in
accordance with such agreements.

     SECTION 11.7  Conflict with Trust Indenture Act.  If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required to
be included in this indenture by any of the provisions of the Trust Indenture
Act, such required provision shall control.

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

     SECTION 11.8  Effect of Headings and Table of Contents.  The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

     SECTION 11.9  Successors and Assigns.  All covenants and agreements in this
Indenture and the Notes by Issuer shall bind its successors and assigns, whether
so expressed or not. All agreements of Indenture Trustee in this Indenture shall
bind its successors.

     SECTION 11.10  Separability.  In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

     SECTION 11.11  Benefits of Indenture.  Nothing in this Indenture or in the
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder, and any other person with an ownership interest in any part
of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

     SECTION 11.12  Legal Holidays.  In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect

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<PAGE>

as if made on the date on which nominally due, and no interest shall accrue for
the period from and after any such nominal date.

     SECTION 11.13  GOVERNING LAW.  THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

      SECTION 11.14  Counterparts.  This Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
instrument.

      SECTION 11.15  Recording of Indenture.  If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by Issuer and at its expense accompanied by an Opinion of Counsel
delivered to the Indenture Trustee (which may be counsel to Owner Trustee or any
other counsel reasonably acceptable to Indenture Trustee) to the effect that
such recording is necessary either for the protection of the Noteholders or any
other person secured hereunder or for the enforcement of any right or remedy
granted to Indenture Trustee under this Indenture.

      SECTION 11.16  Trust Obligation.  (a)  No recourse may be taken, directly
or indirectly, with respect to the obligations of Issuer, Owner Trustee or
Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) Seller,
(ii) Indenture Trustee or Owner Trustee in its individual capacity, (iii) any
owner of a beneficial interest in Issuer, (iv) any partner, owner, member,
beneficiary, agent, officer, director, employee or agent of Seller, Indenture
Trustee or Owner Trustee in its individual capacity as such, (v) or any holder
of a beneficial interest in Issuer, Seller, Owner Trustee or Indenture Trustee
or of any successor or assign of Seller, Indenture Trustee or Owner Trustee in
its individual capacity as such, except as any such Person may have expressly
agreed (it being understood that Indenture Trustee and Owner Trustee have no
such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of Issuer
hereunder, Owner Trustee shall be subject to, and entitled to the benefits of,
the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

     (b) In furtherance of and not in derogation of the foregoing, to the extent
Seller enters into other securitization transactions, each Noteholder, by
accepting a

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Note, acknowledges and agrees that it shall have no right, title or interest in
or to any assets or interests therein of Seller (other than the Trust Property
and Reserve Account relating to this transaction) conveyed or purported to be
conveyed by Seller to another securitization trust or other Person or Persons in
connection therewith (whether by way of a sale, capital contribution or by
virtue of the granting of a lien) ("Other Assets"). To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentences of this Section, a Noteholder either (i) asserts an interest or claim
to, or benefit from, Other Assets, whether asserted against or through Seller or
any other Person owned by Seller, or (ii) is deemed to have any such interest,
claim or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Federal Bankruptcy Code or any
successor provision having similar effect under the Bankruptcy Code), and
whether deemed asserted against or through Seller or any other Person owned by
Seller, then each Noteholder, by accepting a Note, further acknowledges and
agrees that any such interest, claim or benefit in or from Other Assets is and
shall be expressly subordinated to the indefeasible payment in full of all
obligations and liabilities of Seller which, under the terms of the relevant
documents relating to the securitization of such Other Assets, are entitled to
be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to priority of distribution or application under
applicable law, including insolvency laws, and whether asserted against Seller
or any other Person owned by Seller), including the payment of post-petition
interest on such other obligations and liabilities. This subordination agreement
shall be deemed a subordination agreement within the meaning of Section 510(a)
of the Bankruptcy Code. Each Noteholder, by acceptance of a Note, further
acknowledges and agrees that no adequate remedy at law exists for a breach of
this Section 11.16(b) and the terms of this Section 11.16(b) may be enforced by
an action for specific performance. The provisions of this Section 11.16(b)
shall be for the third party benefit of those entitled to rely thereon and shall
survive the termination of this Agreement.

      SECTION 11.17 No Petition.  Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time institute against Seller or Issuer, or join in
any institution against Seller or Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States Federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, this Indenture or any of the Basic
Documents.

      SECTION 11.18 Inspection. Issuer agrees that, on reasonable prior notice,
it will permit any representative of Indenture Trustee, during Issuer's normal
business hours, to examine all the books of account, records, reports, and other
papers of Issuer, to make copies and extracts therefrom, to cause such books to
be
                                                                2000-1 Indenture

                                       64
<PAGE>

audited by Independent certified public accountants, and to discuss Issuer's
affairs, finances and accounts with Issuer's officers, employees, and
independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested. Indenture Trustee shall and shall cause
its representatives to hold in confidence all such information except to the
extent disclosure may be required by law (and all reasonable applications for
confidential treatment are unavailing) and except to the extent that Indenture
Trustee may reasonably determine that such disclosure is consistent with its
obligations hereunder.

     SECTION 11.19 Confidential Information.  Any Holder, by its acceptance of a
Note, shall be deemed to have agreed to keep any information obtained by it
pursuant to Section 4.12 of the Sale and Servicing Agreement confidential and
not to use such information for any other purpose, except as required by
applicable law.

                                                                2000-1 Indenture

                                       65
<PAGE>

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

                                        AMSOUTH AUTO TRUST 2000-1

                                        By:  THE CHASE MANHATTAN BANK, not in
                                             its individual capacity but solely
                                             as Owner Trustee,

                                           By:  /s/ Patricia M. Russo
                                               ------------------------------
                                           Name: Patricia M. Russo
                                           Title: Vice President

                                        THE BANK OF NEW YORK TRUST COMPANY OF
                                        FLORIDA, NATIONAL ASSOCIATION
                                        not in its individual capacity
                                        but solely as Indenture Trustee,

                                        By:  /s/ Eileen Barat
                                            ---------------------------------
                                        Name: Eileen Barat
                                        Title: Vice President

                                                                2000-1 Indenture

                                      D-1
<PAGE>

                                                                     EXHIBIT A-1

                            FORM OF CLASS A-1 NOTE

REGISTERED                                                         $230,000,000
No. R-1                                                     CUSIP NO. 03216TAA8

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

                           AMSOUTH AUTO TRUST 2000-1

                      6.745% CLASS A-1 ASSET BACKED NOTES

     AmSouth Auto Trust 2000-1, a trust existing under the laws of the State of
New York (herein referred to as the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO
HUNDRED THIRTY MILLION DOLLARS ($230,000,000) payable on each Distribution Date
in an amount equal to the aggregate amount, if any, payable to Noteholders of
Class A-1 Notes on such Distribution Date from the Principal Distribution
Account in respect of principal on the Class A-1 Notes pursuant to Section 3.1
of the Indenture dated as of October 1, 2000 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Indenture"), between the
Issuer and The Bank of New York Trust Company of Florida, National Association,
a national banking association, as Indenture Trustee (in such capacity the
"Indenture Trustee"); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the November 15, 2001 Distribution Date
(the "Class A-1 Final Scheduled Distribution Date").  Capitalized terms used but
not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid, or
made available for payment, on the principal amount of this Note outstanding on
the preceding Distribution Date (after giving effect

                                       1
<PAGE>

to all payments of principal made on the preceding Distribution Date), subject
to certain limitations contained in Section 3.1 of the Indenture. Interest on
this Note will accrue for each Distribution Date from and including the previous
Distribution Date on which interest has been paid (or, in the case of the
initial Distribution Date, from the Closing Date) to but excluding such
Distribution Date. Interest will be computed on the basis of actual days elapsed
and a 360-day year. Such principal of and interest on this Note shall be paid in
the manner specified on the reverse hereof.

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

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

     Unless the certificate of authentication hereon has been executed pursuant
to Section 2.13 of the Indenture by the Authenticating Agent whose name appears
below by manual signature, this Note shall not be entitled to any benefit under
the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

              [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                       2
<PAGE>

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

Date: October 19, 2000

                                  AMSOUTH AUTO TRUST 2000-1

                                  By: THE CHASE MANHATTAN BANK, not
                                      in its individual capacity but solely as
                                      Owner Trustee of AmSouth Auto Trust 2000-1

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

                         CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-1 Notes designated above and referred to in the
within-mentioned Indenture.

Date: October 19, 2000

                              THE BANK OF NEW YORK, not in its individual
                              capacity but solely as Authenticating Agent

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

                                       3
<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 6.745% Class A-1 Asset Backed Notes (the "Class A-1 Notes")
which, together with the Issuer's 6.700% Class A-2 Asset Backed Notes (the
"Class A-2 Notes"), 6.670% Class A-3 Asset Backed Notes (the "Class A-3 Notes"),
6.760% Class A-4 Asset Backed Notes (the "Class A-4 Notes" and, together with
the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the "Class A
Notes"), 7.080% Class B Asset Backed Notes (the "Class B Notes") and 7.440%
Class C Asset Backed Notes (the "Class C Notes" and, together with the Class A
Notes and the Class B Notes, the "Notes"), are issued under the Indenture, to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the
Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all
terms of the Indenture.

     The Class A-1 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.  The Class
A-1 Notes are senior in right of payment to the Class A-2 Notes, the Class A-3
Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes, each as and
to the extent provided in the Indenture.

     Principal of the Class A-1 Notes will be payable on each Distribution Date
in an amount described on the face hereof. "Distribution Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing November 15, 2000.  All principal payments
on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders
entitled thereto.

     As described on the face hereof, the entire unpaid principal amount of this
Note shall be due and payable on the Class A-1 Final Scheduled Distribution
Date. Notwithstanding the foregoing, if an Event of Default should occur and be
continuing, then and in every such case the Indenture Trustee or the Holders of
Notes representing not less than a majority of the Outstanding Amount of the
Controlling Note Class of Notes may declare all the Notes to be immediately due
and payable, by a notice in writing to Issuer (and to the Indenture Trustee if
given by Noteholders), and upon any such declaration the unpaid principal amount
of such Notes, together with accrued and unpaid interest thereon through the
date of acceleration, shall become immediately due and payable in the manner
provided in Section 5.2 of the Indenture. In such event, all payments on the
Class A-1 Notes will be made in accordance with the provisions of the Indenture.

     Payments of interest on this Note on each Distribution Date, together with
the installment of principal, if any, to the extent not in full payment of this
Note, shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the Record Date, by check mailed first-
class, postage prepaid, to such Person's address as it appears on the Note
Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.12 of the Indenture, with respect to Notes
registered on the Record Date in the name of

                                       4
<PAGE>

the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment will be made by wire transfer in immediately available funds to the
account designated by such nominee and except for the final installment of
principal payable with respect to such Note on a Distribution Date or on the
Final Scheduled Distribution Date for such Class (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.1(a) of the
Indenture) which shall be payable as provided below. The funds represented by
any such checks returned undelivered shall be held in accordance with Section
3.3 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
date on which an Event of Default shall have occurred and be continuing, if
Indenture Trustee or the Holders of the Notes representing not less than a
majority of the Outstanding Amount of the Controlling Note Class of Notes have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture and, in such event, all principal payments on each
class of Notes shall be made pro rata to the Noteholders of such class entitled
thereto. Indenture Trustee shall notify the Person in whose name a Note is
registered at the close of business on the Record Date preceding the
Distribution Date on which Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
or transmitted by facsimile prior to such final Distribution Date and shall
specify that such final installment will be payable only upon presentation and
surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. Notices in connection
with redemptions of Notes shall be mailed to Noteholders as provided in Section
10.2 of the Indenture.

     Payments of interest on this Note on each Distribution Date, together with
the installment of principal, if any, to the extent not in full payment of this
Note, shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the Record Date, by check mailed first-
class, postage prepaid, to such Person's address as it appears on the Note
Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.12 of the Indenture, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payment will be made by wire
transfer in immediately available funds to the account designated by such
nominee and except for the final installment of principal payable with respect
to such Note on a Distribution Date or on the Final Scheduled Distribution Date
for such Class (and except for the Redemption Price for any Note called for
redemption pursuant to Section 10.1(a) of the Indenture) which shall be payable
as provided below. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.3 of the Indenture. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and
payable, if not previously paid, on the date on which an Event of Default shall
have occurred and be continuing, if Indenture Trustee or the Holders of the
Notes representing not less than a majority of the Outstanding Amount of the
Controlling Note Class of Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.2 of the Indenture and, in such
event, all principal payments on each class of Notes shall be made pro rata to
the Noteholders of such class entitled thereto. Indenture Trustee shall notify
the Person in whose name a Note is registered at the close of business on the
Record Date preceding the Distribution

                                       5
<PAGE>

Date on which Issuer expects that the final installment of principal of and
interest on such Note will be paid. Such notice shall be mailed or transmitted
by facsimile prior to such final Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2
of the Indenture.

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

     As provided in the Indenture, the Class A Notes, the Class B Notes and the
Class C Notes may be redeemed, in whole but not in part, in the manner and to
the extent described in the Indenture and the Sale and Servicing Agreement.

     The transfer of this Note is subject to the restrictions on transfer
specified on the face hereof and to the other limitations set forth in the
Indenture. Subject to the satisfaction of such restrictions and limitations, the
transfer of this Note may be registered on the Note Register upon surrender of
this Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Noteholder hereof or such Noteholder's attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees.  No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee, each in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer,
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee, each in its individual capacity, or
(iv) any holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may
have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in

                                       6
<PAGE>

the Basic Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

     In furtherance of and not in derogation of the foregoing paragraph, to the
extent Seller enters into other securitization transactions, each Noteholder or
Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, acknowledges and agrees that it shall have no
right, title or interest in or to any assets or interests therein of Seller
(other than the Trust Property and Reserve Account relating to this transaction)
conveyed or purported to be conveyed by Seller to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) ("Other Assets").
To the extent that, notwithstanding the agreements and provisions contained in
the preceding sentences of this paragraph, a Noteholder or Note Owner either (i)
asserts an interest or claim to, or benefit from, Other Assets, whether asserted
against or through Seller or any other Person owned by Seller, or (ii) is deemed
to have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Federal
Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), and whether deemed asserted against or through Seller or any
other Person owned by Seller, then each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, further acknowledges and agrees that any such interest, claim or benefit
in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full of all obligations and liabilities of Seller which,
under the terms of the relevant documents relating to the securitization of such
Other Assets, are entitled to be paid from, entitled to the benefits of, or
otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to priority of
distribution or application under applicable law, including insolvency laws, and
whether asserted against Seller or any other Person owned by Seller), including
the payment of post-petition interest on such other obligations and liabilities.
This subordination agreement shall be deemed a subordination agreement within
the meaning of Section 510(a) of the Bankruptcy Code.  each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial
interest in a Note, further acknowledges and agrees that no adequate remedy at
law exists for a breach of this paragraph and the terms of this paragraph may be
enforced by an action for specific performance.  The provisions of this
paragraph shall be for the third party benefit of those entitled to rely thereon
and shall survive the termination of this Agreement.

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

                                       7
<PAGE>

federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the other Basic Documents.

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

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

     The Indenture permits (with certain exceptions requiring the consent of all
Noteholders adversely affected) the Issuer and the Indenture Trustee to enter
into one or more supplemental indentures without the consent of the Noteholders
provided certain conditions are satisfied.  The Indenture also contains
provisions permitting the Noteholders of Notes evidencing specified percentages
of the Outstanding Amount or of the Controlling Note Class, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Noteholder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon
all future Noteholders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note.

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

     The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

     THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICTS OF LAW PROVISIONS.

                                       8
<PAGE>

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

                                       9
<PAGE>

                                   ASSIGNMENT

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

     ___________________________

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

______________________________________________________________________________
                        (name and address of assignee)

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

Dated: ___________________, 200_

                                    By:  */____________________________

                                    Signature Guaranteed:

                                         */____________________________

*/   NOTICE:  The signature to this assignment must correspond with the name of
the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever.  Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar.

                                       10
<PAGE>

                                                                     EXHIBIT A-2

                            FORM OF CLASS A-2 NOTE

REGISTERED                                                          $240,000,000
No. R-1                                                     CUSIP NO.  03216TAB6

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

                           AMSOUTH AUTO TRUST 2000-1

                     6.700 % CLASS A-2 ASSET BACKED NOTES

     AmSouth Auto Trust 2000-1, a trust existing under the laws of the State of
New York (herein referred to as the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO
HUNDRED FORTY MILLION DOLLARS ($240,000,000) payable on each Distribution Date
in an amount equal to the aggregate amount, if any, payable to Noteholders of
Class A-2 Notes on such Distribution Date from the Principal Distribution
Account in respect of principal on the Class A-2 Notes pursuant to Section 3.1
of the Indenture dated as of October 1, 2000 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Indenture"), between the
Issuer and The Bank of New York Trust Company of Florida, National Association,
a national banking association, as Indenture Trustee (in such capacity the
"Indenture Trustee"); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the February 17, 2003 Distribution Date
(the "Class A-2 Final Scheduled Distribution Date"). Capitalized terms used but
not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid, or
made available for payment, on the principal amount of this Note outstanding on
the preceding Distribution Date (after giving effect
<PAGE>

to all payments of principal made on the preceding Distribution Date), subject
to certain limitations contained in Section 3.1 of the Indenture. Interest on
this Note will accrue for each Distribution Date from and including the
fifteenth day of the calendar month immediately preceding such Distribution Date
(or, in the case of the initial Distribution Date, from the Closing Date) to but
excluding the fifteenth day of the following calendar month. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

     Unless the certificate of authentication hereon has been executed pursuant
to Section 2.13 of the Indenture by the Authenticating Agent whose name appears
below by manual signature, this Note shall not be entitled to any benefit under
the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

              [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                       2

<PAGE>

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

Date: October 19, 2000

                              AMSOUTH AUTO TRUST 2000-1

                              By:   THE CHASE MANHATTAN BANK, not
                                    in its individual capacity but solely
                                    as Owner Trustee of AmSouth Auto
                                    Trust 2000-1

                              By:   __________________________________
                                    Authorized Officer

                                       3
<PAGE>

                         CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-2 Notes designated above and referred to in the
within-mentioned Indenture.

Date: October 19, 2000

                              THE BANK OF NEW YORK, not in its individual
                              capacity but solely as Authenticating Agent

                              By:   __________________________________
                                    Authorized Officer

                                       4

<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 6.700% Class A-2 Asset Backed Notes (the "Class A-2 Notes")
which, together with the Issuer's 6.745% Class A-1 Asset Backed Notes (the
"Class A-1 Notes"), 6.670% Class A-3 Asset Backed Notes (the "Class A-3 Notes")
and 6.760% Class A-4 Asset Backed Notes (the "Class A-4 Notes" and, together
with the Class A-1 Notes, the Class A-3 Notes and the Class A-4 Notes, the
"Class A Notes"), 7.080% Class B Asset Backed Notes (the "Class B Notes") and
7.440% Class C Asset Backed Notes (the "Class C Notes" and, together with the
Class A Notes and the Class B Notes, the "Notes"), are issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
are subject to all terms of the Indenture.

     The Class A-2 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
A-2 Notes are subordinated in right of payment to the Class A-1 Notes and are
senior in right of payment to the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes and the Class C Notes, each as and to the extent provided in the
Indenture.

     Principal of the Class A-2 Notes will be payable on each Distribution Date
in an amount described on the face hereof. "Distribution Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing November 15, 2000. All principal payments on
the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled
thereto.

     As described on the face hereof, the entire unpaid principal amount of this
Note shall be due and payable on the Class A-2 Final Scheduled Distribution
Date. Notwithstanding the foregoing, if an Event of Default should occur and be
continuing, then and in every such case the Indenture Trustee or the Holders of
Notes representing not less than a majority of the Outstanding Amount of the
Controlling Note Class of Notes may declare all the Notes to be immediately due
and payable, by a notice in writing to Issuer (and to the Indenture Trustee if
given by Noteholders), and upon any such declaration the unpaid principal amount
of such Notes, together with accrued and unpaid interest thereon through the
date of acceleration, shall become immediately due and payable in the manner
provided in Section 5.2 of the Indenture. In such event, all payments on the
Class A-2 Notes will be made in accordance with the provisions of the Indenture.

     Payments of interest on this Note on each Distribution Date, together with
the installment of principal, if any, to the extent not in full payment of this
Note, shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the Record Date, by check mailed first-
class, postage prepaid, to such Person's address as it appears on the Note
Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.12 of the Indenture, with respect to Notes
registered on the Record Date in the name of

                                       5
<PAGE>

the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment will be made by wire transfer in immediately available funds to the
account designated by such nominee and except for the final installment of
principal payable with respect to such Note on a Distribution Date or on the
Final Scheduled Distribution Date for such Class (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.1(a) of the
Indenture) which shall be payable as provided below. The funds represented by
any such checks returned undelivered shall be held in accordance with Section
3.3 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
date on which an Event of Default shall have occurred and be continuing, if
Indenture Trustee or the Holders of the Notes representing not less than a
majority of the Outstanding Amount of the Controlling Note Class of Notes have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture and, in such event, all principal payments on each
class of Notes shall be made pro rata to the Noteholders of such class entitled
thereto. Indenture Trustee shall notify the Person in whose name a Note is
registered at the close of business on the Record Date preceding the
Distribution Date on which Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
or transmitted by facsimile prior to such final Distribution Date and shall
specify that such final installment will be payable only upon presentation and
surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. Notices in connection
with redemptions of Notes shall be mailed to Noteholders as provided in Section
10.2 of the Indenture.

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

     As provided in the Indenture, the Class A Notes, the Class B Notes and the
Class C Notes may be redeemed, in whole but not in part, in the manner and to
the extent described in the Indenture and the Sale and Servicing Agreement.

     The transfer of this Note is subject to the restrictions on transfer
specified on the face hereof and to the other limitations set forth in the
Indenture. Subject to the satisfaction of such restrictions and limitations, the
transfer of this Note may be registered on the Note Register upon surrender of
this Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Noteholder hereof or such Noteholder's attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                                       6
<PAGE>

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee, each in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer,
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee, each in its individual capacity, or
(iv) any holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may
have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the
Indenture, the Noteholder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

     In furtherance of and not in derogation of the foregoing paragraph, to the
extent Seller enters into other securitization transactions, each Noteholder or
Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, acknowledges and agrees that it shall have no
right, title or interest in or to any assets or interests therein of Seller
(other than the Trust Property and Reserve Account relating to this transaction)
conveyed or purported to be conveyed by Seller to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) ("Other Assets").
To the extent that, notwithstanding the agreements and provisions contained in
the preceding sentences of this paragraph, a Noteholder or Note Owner either (i)
asserts an interest or claim to, or benefit from, Other Assets, whether asserted
against or through Seller or any other Person owned by Seller, or (ii) is deemed
to have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Federal
Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), and whether deemed asserted against or through Seller or any
other Person owned by Seller, then each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, further acknowledges and agrees that any such interest, claim or benefit
in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full of all obligations and liabilities of Seller which,
under the terms of the relevant documents relating to the securitization of such
Other Assets, are entitled to be paid from, entitled to the benefits of, or
otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to priority of
distribution or application under applicable law, including insolvency laws, and
whether asserted against

                                       7
<PAGE>

Seller or any other Person owned by Seller), including the payment of post-
petition interest on such other obligations and liabilities. This subordination
agreement shall be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, further acknowledges and agrees that no adequate remedy at law exists for
a breach of this paragraph and the terms of this paragraph may be enforced by an
action for specific performance. The provisions of this paragraph shall be for
the third party benefit of those entitled to rely thereon and shall survive the
termination of this Agreement.

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

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

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

     The Indenture permits (with certain exceptions requiring the consent of all
Noteholders adversely affected) the Issuer and the Indenture Trustee to enter
into one or more supplemental indentures without the consent of the Noteholders
provided certain conditions are satisfied. The Indenture also contains
provisions permitting the Noteholders of Notes evidencing specified percentages
of the Outstanding Amount or of the Controlling Note Class, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Noteholder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon
all future Noteholders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note.

                                       8
<PAGE>

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

     The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

     THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICTS OF LAW PROVISIONS.

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

                                       9
<PAGE>

                                   ASSIGNMENT

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

     ___________________________

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

______________________________________________________________________________
                        (name and address of assignee)

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

Dated: ___________________, 200_

                                    By:  */____________________________

                                    Signature Guaranteed:

                                         */____________________________

*/   NOTICE: The signature to this assignment must correspond with the name of
the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever.  Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar.

                                      10

<PAGE>

                                                                     EXHIBIT A-3

                            FORM OF CLASS A-3 NOTE

REGISTERED                                                          $315,000,000
No. R-1                                                     CUSIP NO.  03216TAC4

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

                           AMSOUTH AUTO TRUST 2000-1

                      6.670% CLASS A-3 ASSET BACKED NOTES

     AmSouth Auto Trust 2000-1, a trust existing under the laws of the State of
New York (herein referred to as the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of THREE
HUNDRED FIFTEEN MILLION DOLLARS ($315,000,000) payable on each Distribution Date
in an amount equal to the aggregate amount, if any, payable to Noteholders of
Class A-3 Notes on such Distribution Date from the Principal Distribution
Account in respect of principal on the Class A-3 Notes pursuant to Section 3.1
of the Indenture dated as of October 1, 2000 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Indenture"), between the
Issuer and The Bank of New York Trust Company of Florida, National Association,
a national banking association, as Indenture Trustee (in such capacity the
"Indenture Trustee"); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the July 15, 2004 Distribution Date
(the "Class A-3 Final Scheduled Distribution Date").  Capitalized terms used but
not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid, or
made available for payment, on the principal amount of this Note outstanding on
the preceding Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain

                                       1

<PAGE>

limitations contained in Section 3.1 of the Indenture.  Interest on this Note
will accrue for each Distribution Date from and including the fifteenth day of
the calendar month immediately preceding such Distribution Date (or, in the case
of the initial Distribution Date, from the Closing Date) to but excluding the
fifteenth day of the following calendar month.  Interest will be computed on the
basis of a 360-day year of twelve 30-day months.  Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

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

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

     Unless the certificate of authentication hereon has been executed pursuant
to Section 2.13 of the Indenture by the Authenticating Agent whose name appears
below by manual signature, this Note shall not be entitled to any benefit under
the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

              [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                       2

<PAGE>

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

Date: October 19, 2000

                                        AMSOUTH AUTO TRUST 2000-1

                                        By:  THE CHASE MANHATTAN BANK, not in
                                             its individual capacity but solely
                                             as Owner Trustee of AmSouth Auto
                                             Trust 2000-1

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

                                       3

<PAGE>

                         CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-3 Notes designated above and referred to in the
within-mentioned Indenture.

Date: October 19, 2000

                                        THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Authenticating Agent

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

                                       4

<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 6.670% Class A-3 Asset Backed Notes (the "Class A-3 Notes")
which, together with the Issuer's 6.745% Class A-1 Asset Backed Notes (the
"Class A-1 Notes"), 6.700% Class A-2 Asset Backed Notes (the "Class A-2 Notes"),
6.760% Class A-4 Asset Backed Notes (the "Class A-4 Notes" and, together with
the Class A-1 Notes, the Class A-2 Notes and the Class A-4 Notes, the "Class A
Notes"), 7.080% Class B Asset Backed Notes (the "Class B Notes") and 7.440%
Class C Asset Backed Notes (the "Class C Notes" and, together with the Class A
Notes and the Class B Notes, the "Notes"), are issued under the Indenture, to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the
Issuer, the Indenture Trustee and the Noteholders.  The Notes are subject to all
terms of the Indenture.

     The Class A-3 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
A-3 Notes are subordinated in right of payment to the Class A-1 Notes and the
Class A-2 Notes and are senior in right of payment to the Class A-4 Notes, the
Class B Notes and the Class C Notes, each as and to the extent provided in the
Indenture.

     Principal of the Class A-3 Notes will be payable on each Distribution Date
in an amount described on the face hereof. "Distribution Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing November 15, 2000.  All principal payments
on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders
entitled hereto.

     As described on the face hereof, the entire unpaid principal amount of this
Note shall be due and payable on the Class A-3 Final Scheduled Distribution
Date.  Notwithstanding the foregoing, if an Event of Default should occur and be
continuing, then and in every such case the Indenture Trustee or the Holders of
Notes representing not less than a majority of the Outstanding Amount of the
Controlling Note Class of Notes may declare all the Notes to be immediately due
and payable, by a notice in writing to Issuer (and to the Indenture Trustee if
given by Noteholders), and upon any such declaration the unpaid principal amount
of such Notes, together with accrued and unpaid interest thereon through the
date of acceleration, shall become immediately due and payable in the manner
provided in Section 5.2 of the Indenture.  In such event, all payments on the
Class A-3 Notes will be made in accordance with the provisions of the Indenture.

     Payments of interest on this Note on each Distribution Date, together with
the installment of principal, if any, to the extent not in full payment of this
Note, shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the Record Date, by check mailed first-
class, postage prepaid, to such Person's address as it appears on the Note
Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.12 of the Indenture, with respect to Notes
registered on the Record Date in the name of

                                       5

<PAGE>

the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment will be made by wire transfer in immediately available funds to the
account designated by such nominee and except for the final installment of
principal payable with respect to such Note on a Distribution Date or on the
Final Scheduled Distribution Date for such Class (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.1(a) of the
Indenture) which shall be payable as provided below. The funds represented by
any such checks returned undelivered shall be held in accordance with Section
3.3 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
date on which an Event of Default shall have occurred and be continuing, if
Indenture Trustee or the Holders of the Notes representing not less than a
majority of the Outstanding Amount of the Controlling Note Class of Notes have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture and, in such event, all principal payments on each
class of Notes shall be made pro rata to the Noteholders of such class entitled
thereto. Indenture Trustee shall notify the Person in whose name a Note is
registered at the close of business on the Record Date preceding the
Distribution Date on which Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
or transmitted by facsimile prior to such final Distribution Date and shall
specify that such final installment will be payable only upon presentation and
surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. Notices in connection
with redemptions of Notes shall be mailed to Noteholders as provided in Section
10.2 of the Indenture.

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

     As provided in the Indenture, the Class A Notes, the Class B Notes and the
Class C Notes may be redeemed, in whole but not in part, in the manner and to
the extent described in the Indenture and the Sale and Servicing Agreement.

     The transfer of this Note is subject to the restrictions on transfer
specified on the face hereof and to the other limitations set forth in the
Indenture. Subject to the satisfaction of such restrictions and limitations, the
transfer of this Note may be registered on the Note Register upon surrender of
this Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Noteholder hereof or such Noteholder's attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees.  No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                                       6
<PAGE>

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee, each in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer,
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee, each in its individual capacity, or
(iv) any holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may
have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the
Indenture, the Noteholder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

     In furtherance of and not in derogation of the foregoing paragraph, to the
extent Seller enters into other securitization transactions, each Noteholder or
Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, acknowledges and agrees that it shall have no
right, title or interest in or to any assets or interests therein of Seller
(other than the Trust Property and Reserve Account relating to this transaction)
conveyed or purported to be conveyed by Seller to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) ("Other Assets").
To the extent that, notwithstanding the agreements and provisions contained in
the preceding sentences of this paragraph, a Noteholder or Note Owner either (i)
asserts an interest or claim to, or benefit from, Other Assets, whether asserted
against or through Seller or any other Person owned by Seller, or (ii) is deemed
to have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Federal
Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), and whether deemed asserted against or through Seller or any
other Person owned by Seller, then each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, further acknowledges and agrees that any such interest, claim or benefit
in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full of all obligations and liabilities of Seller which,
under the terms of the relevant documents relating to the securitization of such
Other Assets, are entitled to be paid from, entitled to the benefits of, or
otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to priority of
distribution or application under applicable law, including insolvency laws, and
whether asserted against

                                       7
<PAGE>

Seller or any other Person owned by Seller), including the payment of post-
petition interest on such other obligations and liabilities.  This subordination
agreement shall be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code.  each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, further acknowledges and agrees that no adequate remedy at law exists for
a breach of this paragraph and the terms of this paragraph may be enforced by an
action for specific performance.  The provisions of this paragraph shall be for
the third party benefit of those entitled to rely thereon and shall survive the
termination of this Agreement.

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

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

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

     The Indenture permits (with certain exceptions requiring the consent of all
Noteholders adversely affected) the Issuer and the Indenture Trustee to enter
into one or more Supplemental indentures without the consent of the Noteholders
provided certain conditions are satisfied.  The Indenture also contains
provisions permitting the Noteholders of Notes evidencing specified percentages
of the Outstanding Amount or of the Controlling Note Class, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Noteholder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon
all future Noteholders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note.

                                       8
<PAGE>

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

     The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

     THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICTS OF LAW PROVISIONS.

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

                                      9
<PAGE>

                                   ASSIGNMENT

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

     ___________________________

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

______________________________________________________________________________
                         (name and address of assignee)

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

Dated: ___________________, 200_

                                    By:  */____________________________

                                    Signature Guaranteed:

                                         */____________________________

*/   NOTICE: The signature to this assignment must correspond with the name of
the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever.  Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar.

                                      10
<PAGE>
                                                                    EXHIBIT A-4
                            FORM OF CLASS A - 4 NOTE
REGISTERED                                                          $103,640,000
No. R-1                                                      CUSIP NO. 03216TAD2

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

                           AMSOUTH AUTO TRUST 2000-1

                      6.760% CLASS A-4 ASSET BACKED NOTES

AmSouth Auto Trust 2000-1, a trust existing under the laws of the State of New
York (herein referred to as the "Issuer"), for value received, hereby promises
to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED
THREE MILLION SIX HUNDRED FORTY THOUSAND DOLLARS ($103,640,000) payable on each
Distribution Date in an amount equal to the aggregate amount, if any, payable to
Noteholders of Class A-4 Notes on such Distribution Date from the Principal
Distribution Account in respect of principal on the Class A-4 Notes pursuant to
Section 3.1 of the Indenture dated as of October 1, 2000 (as from time to time
amended, supplemented or otherwise modified and in effect, the "Indenture"),
between the Issuer and The Bank of New York Trust Company of Florida, National
Association, a national banking association, as Indenture Trustee (in such
capacity the "Indenture Trustee"); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the February 15, 2005
Distribution Date (the "Class A-4 Final Scheduled Distribution Date").
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid, or
made available for payment, on the principal amount of this Note outstanding on
the preceding Distribution Date (after giving effect

                                       1
<PAGE>

to all payments of principal made on the preceding Distribution Date), subject
to certain limitations contained in Section 3.1 of the Indenture.  Interest on
this Note will accrue for each Distribution Date from and including the
fifteenth day of the calendar month immediately preceding such Distribution Date
(or, in the case of the initial Distribution Date, from the Closing Date) to but
excluding the fifteenth day of the following calendar month.  Interest will be
computed on the basis of a 360-day year of twelve 30-day months.  Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

     Unless the certificate of authentication hereon has been executed pursuant
to Section 2.13 of the Indenture by the Authenticating Agent whose name appears
below by manual signature, this Note shall not be entitled to any benefit under
the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                       2
<PAGE>

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

Date: October 19, 2000

                                     AMSOUTH AUTO TRUST 2000-1

                                     By:   THE CHASE MANHATTAN BANK, not
                                           in its individual capacity but solely
                                           as Owner Trustee of AmSouth Auto
                                           Trust 2000-1

                                           By:   _______________________________
                                                 Authorized Officer

                                       3
<PAGE>

                         CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-4 Notes designated above and referred to in the
within-mentioned Indenture.

Date: October 19, 2000

                              THE BANK OF NEW YORK, not in its individual
                              capacity but solely as Authenticating Agent

                              By:   __________________________________
                                    Authorized Officer

                                       4
<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 6.760% Class A-4 Asset Backed Notes (the "Class A-4 Notes")
which, together with the Issuer's 6.745% Class A-1 Asset Backed Notes (the
"Class A-1 Notes"), 6.700% Class A-2 Asset Backed Notes (the "Class A-2 Notes"),
6.670% Class A-3 Asset Backed Notes (the "Class A-3 Notes" and, together with
the Class A-1 Notes, the Class A-2 Notes and the Class A-4 Notes, the "Class A
Notes"), 7.080% Class B Asset Backed Notes (the "Class B Notes") and 7.440%
Class C Asset Backed Notes (the "Class C Notes" and, together with the Class A
Notes and the Class B Notes, the "Notes"), are issued under the Indenture, to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the
Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all
terms of the Indenture.

     The Class A-4 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
A-4 Notes are subordinated in right of payment to the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes and are senior in right of payment to the
Class B Notes and the Class C Notes, each as and to the extent provided in the
Indenture.

     Principal of the Class A-4 Notes will be payable on each Distribution Date
in an amount described on the face hereof. "Distribution Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing November 15, 2000. All principal payments on
the Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled
thereto.

     As described on the face hereof, the entire unpaid principal amount of this
Note shall be due and payable on the Class A-4 Final Scheduled Distribution
Date. Notwithstanding the foregoing, if an Event of Default should occur and be
continuing, then and in every such case the Indenture Trustee or the Holders of
Notes representing not less than a majority of the Outstanding Amount of the
Controlling Note Class of Notes may declare all the Notes to be immediately due
and payable, by a notice in writing to Issuer (and to the Indenture Trustee if
given by Noteholders), and upon any such declaration the unpaid principal amount
of such Notes, together with accrued and unpaid interest thereon through the
date of acceleration, shall become immediately due and payable in the manner
provided in Section 5.2 of the Indenture. In such event, all payments on the
Class A-1 Notes will be made in accordance with the provisions of the Indenture.

     Payments of interest on this Note on each Distribution Date, together with
the installment of principal, if any, to the extent not in full payment of this
Note, shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the Record Date, by check mailed first-
class, postage prepaid, to such Person's address as it appears on the Note
Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.12 of the Indenture, with respect to Notes
registered on the Record Date in the name of

                                       5
<PAGE>

the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment will be made by wire transfer in immediately available funds to the
account designated by such nominee and except for the final installment of
principal payable with respect to such Note on a Distribution Date or on the
Final Scheduled Distribution Date for such Class (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.1(a) of the
Indenture) which shall be payable as provided below. The funds represented by
any such checks returned undelivered shall be held in accordance with Section
3.3 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
date on which an Event of Default shall have occurred and be continuing, if
Indenture Trustee or the Holders of the Notes representing not less than a
majority of the Outstanding Amount of the Controlling Note Class of Notes have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture and, in such event, all principal payments on each
class of Notes shall be made pro rata to the Noteholders of such class entitled
thereto. Indenture Trustee shall notify the Person in whose name a Note is
registered at the close of business on the Record Date preceding the
Distribution Date on which Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
or transmitted by facsimile prior to such final Distribution Date and shall
specify that such final installment will be payable only upon presentation and
surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. Notices in connection
with redemptions of Notes shall be mailed to Noteholders as provided in Section
10.2 of the Indenture.

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

     As provided in the Indenture, the Class A Notes, the Class B Notes and the
Class C Notes may be redeemed, in whole but not in part, in the manner and to
the extent described in the Indenture and the Sale and Servicing Agreement.

     The transfer of this Note is subject to the restrictions on transfer
specified on the face hereof and to the other limitations set forth in the
Indenture. Subject to the satisfaction of such restrictions and limitations, the
transfer of this Note may be registered on the Note Register upon surrender of
this Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Noteholder hereof or such Noteholder's attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                                       6
<PAGE>

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee, each in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer,
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee, each in its individual capacity, or
(iv) any holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may
have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the
Indenture, the Noteholder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

     In furtherance of and not in derogation of the foregoing paragraph, to the
extent Seller enters into other securitization transactions, each Noteholder or
Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, acknowledges and agrees that it shall have no
right, title or interest in or to any assets or interests therein of Seller
(other than the Trust Property and Reserve Account relating to this transaction)
conveyed or purported to be conveyed by Seller to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) ("Other Assets").
To the extent that, notwithstanding the agreements and provisions contained in
the preceding sentences of this paragraph, a Noteholder or Note Owner either (i)
asserts an interest or claim to, or benefit from, Other Assets, whether asserted
against or through Seller or any other Person owned by Seller, or (ii) is deemed
to have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Federal
Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), and whether deemed asserted against or through Seller or any
other Person owned by Seller, then each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, further acknowledges and agrees that any such interest, claim or benefit
in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full of all obligations and liabilities of Seller which,
under the terms of the relevant documents relating to the securitization of such
Other Assets, are entitled to be paid from, entitled to the benefits of, or
otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to priority of
distribution or application under applicable law, including insolvency laws, and
whether asserted against

                                       7
<PAGE>

Seller or any other Person owned by Seller), including the payment of post-
petition interest on such other obligations and liabilities. This subordination
agreement shall be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, further acknowledges and agrees that no adequate remedy at law exists for
a breach of this paragraph and the terms of this paragraph may be enforced by an
action for specific performance. The provisions of this paragraph shall be for
the third party benefit of those entitled to rely thereon and shall survive the
termination of this Agreement.

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

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

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

     The Indenture permits (with certain exceptions requiring the consent of all
Noteholders adversely affected) the Issuer and the Indenture Trustee to enter
into one or more supplemental indentures without the consent of the Noteholders
provided certain conditions are satisfied. The Indenture also contains
provisions permitting the Noteholders of Notes evidencing specified percentages
of Outstanding Amount or of the Controlling Note Class, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Noteholder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon
all future Noteholders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note.

                                       8
<PAGE>

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

     The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

     THE NOTES ARE ISSUABLE ONLY IN REGISTERED FORM IN DENOMINATIONS AS PROVIDED
IN THE INDENTURE, SUBJECT TO CERTAIN LIMITATIONS THEREIN SET FORTH.

     THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICTS OF LAW PROVISIONS.

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

                                       9
<PAGE>

                                   ASSIGNMENT

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

     ___________________________

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

______________________________________________________________________________
                         (name and address of assignee)

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

Dated: ___________________, 200__

                                    By:  */____________________________

                                         Signature Guaranteed:

                                         */____________________________

*/   NOTICE:  The signature to this assignment must correspond with the name of
the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar.

                                      10
<PAGE>
                                                                       EXHIBIT B

                             FORM OF CLASS B NOTE
REGISTERED                                                           $28,510,000
No. R-1                                                      CUSIP NO. 03216TAE0

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

                           AMSOUTH AUTO TRUST 2000-1

                       7.080% CLASS B ASSET BACKED NOTES

     AmSouth Auto Trust 2000-1, a trust existing under the laws of the State of
New York (herein referred to as the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
TWENTY-EIGHT MILLION FIVE HUNDRED TEN THOUSAND DOLLARS ($28,510,000) payable on
each Distribution Date in an amount equal to the aggregate amount, if any,
payable to Noteholders of Class B Notes on such Distribution Date from the
Principal Distribution Account in respect of principal on the Class B Notes
pursuant to Section 3.1 of the Indenture dated as of October 1, 2000 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York Trust Company of
Florida, National Association, a national banking association, as Indenture
Trustee (in such capacity the "Indenture Trustee"); provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the July 15, 2005 Distribution Date (the "Class B Final Scheduled
Distribution Date") and the Redemption Date, if any, pursuant to Section 10.1(a)
of the Indenture. Capitalized terms used but not defined herein are defined in
Article I of the Indenture, which also contains rules as to construction that
shall be applicable herein.

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid, or
made available for payment, on the

                                       1
<PAGE>

principal amount of this Note outstanding on the preceding Distribution Date
(after giving effect to all payments of principal made on the preceding
Distribution Date), subject to certain limitations contained in Section 3.1 of
the Indenture. Interest on this Note will accrue for each Distribution Date from
and including the fifteenth day of the calendar month immediately preceding such
Distribution Date (or, in the case of the initial Distribution Date, from the
Closing Date) to but excluding the fifteenth day of the following calendar
month. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

     Unless the certificate of authentication hereon has been executed pursuant
to Section 2.13 of the Indenture by the Authenticating Agent whose name appears
below by manual signature, this Note shall not be entitled to any benefit under
the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                       2
<PAGE>

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

Date: October 19, 2000

                                        AMSOUTH AUTO TRUST 2000-1

                                        By:  THE CHASE MANHATTAN BANK, not in
                                             its individual capacity but solely
                                             as Owner Trustee of AmSouth Auto
                                             Trust 2000-1

                                        By:  __________________________________
                                             Authorized Officer

                                       3
<PAGE>

                         CERTIFICATE OF AUTHENTICATION

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

Date: October 19, 2000

                                        THE BANK OF NEW YORK, not in its
                                        individual capacity but solely as
                                        Authenticating Agent

                                        By:  __________________________________
                                             Authorized Officer

                                       4
<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 7.080% Class B Asset Backed Notes (the "Class B Notes") which,
together with the Issuer's 6.745% Class A-1 Asset Backed Notes (the "Class A-1
Notes"), 6.700% Class A-2 Asset Backed Notes (the "Class A-2 Notes"), 6.670%
Class A-3 Asset Backed Notes (the "Class A-3 Notes"), 6.760% Class A-4 Asset
Backed Notes (the "Class A-4 Notes" and, together with the Class A-1 Notes, the
Class A-2 Notes and the Class A-3 Notes, the "Class A Notes"), and 7.440% Class
C Asset Backed Notes (the "Class C Notes" and, together with the Class A Notes
and the Class B Notes, the "Notes"), are issued under the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Noteholders. The Notes are subject to all terms of the
Indenture.

     The Class B Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated in right of payment to the Class A Notes and are senior
in right of payment to the Class C Notes, each as and to the extent provided in
the Indenture.

     Principal of the Class B Notes will be payable on each Distribution Date in
an amount described on the face hereof. "Distribution Date" means the fifteenth
day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing November 15, 2000. All principal payments on
the Class B Notes shall be made pro rata to the Class B Noteholders entitled
thereto.

     As described on the face hereof, the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the Class B Final Scheduled
Distribution Date or the Redemption Date, if any, pursuant to Section 10.1(a) of
the Indenture. Notwithstanding the foregoing, if an Event of Default should
occur and be continuing, then and in every such case the Indenture Trustee or
the Holders of Notes representing not less than a majority of the Outstanding
Amount of the Controlling Note Class of Notes may declare all the Notes to be
immediately due and payable, by a notice in writing to Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the
unpaid principal amount of such Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and
payable in the manner provided in Section 5.2 of the Indenture. In such event,
all payments on the Class B Notes will be made in accordance with the provisions
of the Indenture.

     Payments of interest on this Note on each Distribution Date, together with
the installment of principal, if any, to the extent not in full payment of this
Note, shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the Record Date, by check mailed first-
class, postage prepaid, to such Person's address as it appears on the Note
Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.12 of the Indenture, with respect to Notes
registered on the Record Date in the name of

                                       5
<PAGE>

the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment will be made by wire transfer in immediately available funds to the
account designated by such nominee and except for the final installment of
principal payable with respect to such Note on a Distribution Date or on the
Final Scheduled Distribution Date for such Class (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.1(a) of the
Indenture) which shall be payable as provided below. The funds represented by
any such checks returned undelivered shall be held in accordance with Section
3.3 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
date on which an Event of Default shall have occurred and be continuing, if
Indenture Trustee or the Holders of the Notes representing not less than a
majority of the Outstanding Amount of the Controlling Note Class of Notes have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture and, in such event, all principal payments on each
class of Notes shall be made pro rata to the Noteholders of such class entitled
thereto. Indenture Trustee shall notify the Person in whose name a Note is
registered at the close of business on the Record Date preceding the
Distribution Date on which Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
or transmitted by facsimile prior to such final Distribution Date and shall
specify that such final installment will be payable only upon presentation and
surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. Notices in connection
with redemptions of Notes shall be mailed to Noteholders as provided in Section
10.2 of the Indenture.

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

     As provided in the Indenture, the Class A Notes, the Class B Notes and the
Class C Notes may be redeemed, in whole but not in part, in the manner and to
the extent described in the Indenture and the Sale and Servicing Agreement.

     The transfer of this Note is subject to the restrictions on transfer
specified on the face hereof and to the other limitations set forth in the
Indenture. Subject to the satisfaction of such restrictions and limitations, the
transfer of this Note may be registered on the Note Register upon surrender of
this Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Noteholder hereof or such Noteholder's attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                                       6
<PAGE>

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee, each in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer,
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee, each in its individual capacity, or
(iv) any holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may
have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the
Indenture, the Noteholder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

     In furtherance of and not in derogation of the foregoing paragraph, to the
extent Seller enters into other securitization transactions, each Noteholder or
Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, acknowledges and agrees that it shall have no
right, title or interest in or to any assets or interests therein of Seller
(other than the Trust Property and Reserve Account relating to this transaction)
conveyed or purported to be conveyed by Seller to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) ("Other Assets").
To the extent that, notwithstanding the agreements and provisions contained in
the preceding sentences of this paragraph, a Noteholder or Note Owner either (i)
asserts an interest or claim to, or benefit from, Other Assets, whether asserted
against or through Seller or any other Person owned by Seller, or (ii) is deemed
to have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Federal
Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), and whether deemed asserted against or through Seller or any
other Person owned by Seller, then each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, further acknowledges and agrees that any such interest, claim or benefit
in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full of all obligations and liabilities of Seller which,
under the terms of the relevant documents relating to the securitization of such
Other Assets, are entitled to be paid from, entitled to the benefits of, or
otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to priority of
distribution or application under applicable law, including insolvency laws, and
whether asserted against

                                       7
<PAGE>

Seller or any other Person owned by Seller), including the payment of post-
petition interest on such other obligations and liabilities. This subordination
agreement shall be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, further acknowledges and agrees that no adequate remedy at law exists for
a breach of this paragraph and the terms of this paragraph may be enforced by an
action for specific performance. The provisions of this paragraph shall be for
the third party benefit of those entitled to rely thereon and shall survive the
termination of this Agreement.

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

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

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

     The Indenture permits (with certain exceptions requiring the consent of all
Noteholders adversely affected) the Issuer and the Indenture Trustee to enter
into one or more supplemental indentures without the consent of the Noteholders
provided certain conditions are satisfied. The Indenture also contains
provisions permitting the Noteholders of Notes evidencing specified percentages
of the Outstanding Amount or of the Controlling Note Class, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Noteholder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon
all future Noteholders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note.

                                       8
<PAGE>

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

     The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

     THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICTS OF LAW PROVISIONS.

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

                                       9
<PAGE>

                                   ASSIGNMENT

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

     ___________________________

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

______________________________________________________________________________
                         (name and address of assignee)

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

Dated: ___________________, 200_

                                    By:  */____________________________

                                    Signature Guaranteed:

                                         */____________________________

*/   NOTICE:  The signature to this assignment must correspond with the name of
the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever.  Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar.

                                      10
<PAGE>

                                                                       EXHIBIT C
                             FORM OF CLASS C NOTE
REGISTERED                                                           $14,260,000
No. R-1                                                      CUSIP NO. 03216TAF7

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

                           AMSOUTH AUTO TRUST 2000-1

                       7.440% CLASS C ASSET BACKED NOTES

     AmSouth Auto Trust 2000-1, a trust existing under the laws of the State of
New York (herein referred to as the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
FOURTEEN MILLION TWO HUNDRED SIXTY THOUSAND DOLLARS ($14,260,000) payable on
each Distribution Date in an amount equal to the aggregate amount, if any,
payable to Noteholders of Class C Notes on such Distribution Date from the
Principal Distribution Account in respect of principal on the Class C Notes
pursuant to Section 3.1 of the Indenture dated as of October 1, 2000 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York Trust Company of
Florida, National Association, a national banking association, as Indenture
Trustee (in such capacity the "Indenture Trustee"); provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the February 15, 2007 Distribution Date (the "Class C Final Scheduled
Distribution Date") and the Redemption Date, if any, pursuant to Section 10.1(a)
of the Indenture. Capitalized terms used but not defined herein are defined in
Article I of the Indenture, which also contains rules as to construction that
shall be applicable herein.

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid, or
made available for payment, on the

                                       1
<PAGE>

principal amount of this Note outstanding on the preceding Distribution Date
(after giving effect to all payments of principal made on the preceding
Distribution Date), subject to certain limitations contained in Section 3.1 of
the Indenture.  Interest on this Note will accrue for each Distribution Date
from and including the fifteenth day of the calendar month immediately preceding
such Distribution Date (or, in the case of the initial Distribution Date, from
the Closing Date) to but excluding the fifteenth day of the following calendar
month.  Interest will be computed on the basis of a 360-day year of twelve
30-day months.  Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

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

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

     Unless the certificate of authentication hereon has been executed pursuant
to Section 2.13 of the Indenture by the Authenticating Agent whose name appears
below by manual signature, this Note shall not be entitled to any benefit under
the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                       2
<PAGE>

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

Date: October 19, 2000

                                  AMSOUTH AUTO TRUST 2000-1

                                  By:   THE CHASE MANHATTAN BANK, not
                                        in its individual capacity but solely as
                                        Owner Trustee of AmSouth Auto
                                        Trust 2000-1

                                  By:   __________________________________
                                        Authorized Officer

                                       3
<PAGE>

                         CERTIFICATE OF AUTHENTICATION

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

Date: October 19, 2000

                                     THE BANK OF NEW YORK, not in its individual
                                     capacity but solely as Authenticating Agent

                                     By:   __________________________________
                                           Authorized Officer

                                       4
<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 7.440% Class C Asset Backed Notes (the "Class C Notes") which,
together with the Issuer's 6.745% Class A-1 Asset Backed Notes (the "Class A-1
Notes"), 6.700% Class A-2 Asset Backed Notes (the "Class A-2 Notes"), 6.670%
Class A-3 Asset Backed Notes (the "Class A-3 Notes"), 6.760% Class A-4 Asset
Backed Notes (the "Class A-4 Notes" and, together with the Class A-1 Notes, the
Class A-2 Notes and the Class A-3 Notes, the "Class A Notes") and 7.080% Class B
Asset Backed Notes (the "Class B Notes" and, together with the Class A Notes and
the Class C Notes, the "Notes"), are issued under the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Noteholders. The Notes are subject to all terms of the
Indenture.

     The Class C Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.  The Class
C Notes are subordinated in right of payment to the Class A Notes and the Class
B Notes as and to the extent provided in the Indenture.

     Principal of the Class C Notes will be payable on each Distribution Date in
an amount described on the face hereof. "Distribution Date" means the fifteenth
day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing November 15, 2000.  All principal payments
on the Class C Notes shall be made pro rata to the Class C Noteholders entitled
thereto.

     As described on the face hereof, the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the Class C Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to Section 10.1(a)
of the Indenture.  Notwithstanding the foregoing, if an Event of Default should
occur and be continuing, then and in every such case the Indenture Trustee or
the Holders of Notes representing not less than a majority of the Outstanding
Amount of the Controlling Note Class of Notes may declare all the Notes to be
immediately due and payable, by a notice in writing to Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the
unpaid principal amount of such Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and
payable in the manner provided in Section 5.2 of the Indenture.  In such event,
all payments on the Class C Notes will be made in accordance with the provisions
of the Indenture.

     Payments of interest on this Note on each Distribution Date, together with
the installment of principal, if any, to the extent not in full payment of this
Note, shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the Record Date, by check mailed first-
class, postage prepaid, to such Person's address as it appears on the Note
Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.12 of the Indenture, with respect to Notes
registered on the Record Date in the name of

                                       5
<PAGE>

the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment will be made by wire transfer in immediately available funds to the
account designated by such nominee and except for the final installment of
principal payable with respect to such Note on a Distribution Date or on the
Final Scheduled Distribution Date for such Class (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.1(a) of the
Indenture) which shall be payable as provided below. The funds represented by
any such checks returned undelivered shall be held in accordance with Section
3.3 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
date on which an Event of Default shall have occurred and be continuing, if
Indenture Trustee or the Holders of the Notes representing not less than a
majority of the Outstanding Amount of the Controlling Note Class of Notes have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 of the Indenture and, in such event, all principal payments on each
class of Notes shall be made pro rata to the Noteholders of such class entitled
thereto. Indenture Trustee shall notify the Person in whose name a Note is
registered at the close of business on the Record Date preceding the
Distribution Date on which Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
or transmitted by facsimile prior to such final Distribution Date and shall
specify that such final installment will be payable only upon presentation and
surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. Notices in connection
with redemptions of Notes shall be mailed to Noteholders as provided in Section
10.2 of the Indenture.

     The Issuer shall pay interest on overdue installments of interest at the
Class C Interest Rate to the extent lawful.

     As provided in the Indenture, the Class A Notes, the Class B Notes and the
Class C Notes may be redeemed, in whole but not in part, in the manner and to
the extent described in the Indenture and the Sale and Servicing Agreement.

     The transfer of this Note is subject to the restrictions on transfer
specified on the face hereof and to the other limitations set forth in the
Indenture. Subject to the satisfaction of such restrictions and limitations, the
transfer of this Note may be registered on the Note Register upon surrender of
this Note for registration of transfer at the office or agency designated by the
Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Noteholder hereof or such Noteholder's attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees.  No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                                       6
<PAGE>

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee, each in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer,
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee, each in its individual capacity, or
(iv) any holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee, each in its individual capacity, except as any such Person may
have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the
Indenture, the Noteholder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

     In furtherance of and not in derogation of the foregoing paragraph, to the
extent Seller enters into other securitization transactions, each Noteholder or
Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, acknowledges and agrees that it shall have no
right, title or interest in or to any assets or interests therein of Seller
(other than the Trust Property and Reserve Account relating to this transaction)
conveyed or purported to be conveyed by Seller to another securitization trust
or other Person or Persons in connection therewith (whether by way of a sale,
capital contribution or by virtue of the granting of a lien) ("Other Assets").
To the extent that, notwithstanding the agreements and provisions contained in
the preceding sentences of this paragraph, a Noteholder or Note Owner either (i)
asserts an interest or claim to, or benefit from, Other Assets, whether asserted
against or through Seller or any other Person owned by Seller, or (ii) is deemed
to have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Federal
Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), and whether deemed asserted against or through Seller or any
other Person owned by Seller, then each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, further acknowledges and agrees that any such interest, claim or benefit
in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full of all obligations and liabilities of Seller which,
under the terms of the relevant documents relating to the securitization of such
Other Assets, are entitled to be paid from, entitled to the benefits of, or
otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to priority of
distribution or application under applicable law, including insolvency laws, and
whether asserted against

                                       7
<PAGE>

Seller or any other Person owned by Seller), including the payment of post-
petition interest on such other obligations and liabilities.  This subordination
agreement shall be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, further acknowledges and agrees that no adequate remedy at law exists for
a breach of this paragraph and the terms of this paragraph may be enforced by an
action for specific performance.  The provisions of this paragraph shall be for
the third party benefit of those entitled to rely thereon and shall survive the
termination of this Agreement.

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

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

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

     The Indenture permits (with certain exceptions requiring the consent of all
Noteholders adversely affected) the Issuer and the Indenture Trustee to enter
into one or more supplemental indentures without the consent of the Noteholders
provided certain conditions are satisfied.  The Indenture also contains
provisions permitting the Noteholders of Notes evidencing specified percentages
of the Outstanding Amount or of the Controlling Note Class, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Noteholder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon
all future Noteholders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note.

                                       8
<PAGE>

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

     The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

     THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICTS OF LAW PROVISIONS.

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

                                      9
<PAGE>

                                   ASSIGNMENT

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

     ___________________________

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

______________________________________________________________________________
                         (name and address of assignee)

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

Dated: ___________________, 200_

                                    By:  */____________________________

                                    Signature Guaranteed:

                                         */____________________________

*/   NOTICE:  The signature to this assignment must correspond with the name of
the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever.  Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar.

                                      10<PAGE>
                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

                              SALE AND SERVICING
                                   AGREEMENT

                                     among

                           AMSOUTH AUTO TRUST 2000-1

                                      as

                                    Issuer

                         AMSOUTH AUTO RECEIVABLES LLC

                                      as

                                    Seller

                                 AMSOUTH BANK,

                                  as Servicer

                                      and

                          THE BANK OF NEW YORK TRUST

                   COMPANY OF FLORIDA, NATIONAL ASSOCIATION

                             as Indenture Trustee

                          Dated as of October 1, 2000

                                             2000-1 SALE AND SERVICING AGREEMENT
<PAGE>

                               TABLE OF CONTENTS
                               -----------------

                                                                           Page
                                                                           ----

ARTICLE I.  DEFINITIONS.....................................................  1
     SECTION 1.1.  Definitions..............................................  1
     SECTION 1.2.  Other Interpretive Provisions............................  1

ARTICLE II.  CONVEYANCE OF RECEIVABLES......................................  2
     SECTION 2.1.  Conveyance of Receivables................................  2

ARTICLE III.  THE RECEIVABLES...............................................  3
     SECTION 3.1.  Representations and Warranties with
                   respect to the Receivable................................  3
     SECTION 3.2.  Repurchase upon Breach...................................  4
     SECTION 3.3.  Custodian of Receivable Files............................  5

ARTICLE IV.  ADMINISTRATION AND SERVICING OF RECEIVABLES....................  8
     SECTION 4.1.  Duties of Servicer.......................................  8
     SECTION 4.2.  Collection of Receivable Payments........................  9
     SECTION 4.3.  Realization upon Receivables.............................  9
     SECTION 4.4.  Physical Damage Insurance................................ 10
     SECTION 4.5.  Maintenance of Security Interests in Financed Vehicles... 11
     SECTION 4.6.  Covenants of Servicer.................................... 11
     SECTION 4.7.  Purchase by Servicer upon Breach......................... 11
     SECTION 4.8.  Servicing Fee............................................ 12
     SECTION 4.9.  Servicer's Report........................................ 12
     SECTION 4.10.  Annual Statement as to Compliance; Notice of Default.... 12
     SECTION 4.11.  Annual Independent Certified Public
                    Accountants' Report..................................... 13
     SECTION 4.12.  Access to Certain Documentation and Information
                    Regarding Receivables................................... 13
     SECTION 4.13.  Reports to the Commission............................... 14
     SECTION 4.14.  Reports to the Rating Agencies.......................... 14
     SECTION 4.15.  Servicer Expenses....................................... 14

ARTICLE V.  DISTRIBUTIONS; RESERVE ACCOUNT;
     STATEMENTS TO CERTIFICATEHOLDERS
     AND NOTEHOLDERS........................................................ 14
     SECTION 5.1.  Establishment of Collection Account...................... 14
     SECTION 5.2.  Collections.............................................. 17
     SECTION 5.3.  [Reserved]............................................... 17
     SECTION 5.4.  Additional Deposits...................................... 17
     SECTION 5.5.  Distributions............................................ 18
     SECTION 5.6.  Statements to Certificateholders and Noteholders......... 19
     SECTION 5.7.  Net Deposits............................................. 20
<PAGE>

     SECTION 5.8.   Reserve Account.......................................  21

ARTICLE VI.  SELLER.......................................................  23
     SECTION 6.1.   Representations of Seller.............................  23
     SECTION 6.2.   Continued Existence...................................  25
     SECTION 6.3.   Liability of Seller; Indemnities......................  25
     SECTION 6.4.   Merger or Consolidation of, or Assumption of the
                      Obligations of, Seller..............................  26
     SECTION 6.5.   Limitation on Liability of Seller and Others..........  26
     SECTION 6.6.   Seller May Own Certificates or Notes..................  27
     SECTION 6.7.   Security Interest.....................................  27
     SECTION 6.8.   Indebtedness of Seller................................  27

ARTICLE VII.  SERVICER....................................................  27
     SECTION 7.1.   Representations of Servicer...........................  27
     SECTION 7.2.   Indemnities of Servicer...............................  29
     SECTION 7.3.   Merger or Consolidation of, or Assumption of the
                      Obligations of, Servicer............................  30
     SECTION 7.4.   Limitation on Liability of Servicer and Others........  30
     SECTION 7.5.   AmSouth Bank Not To Resign as Servicer................  31
     SECTION 7.6.   Existence.............................................  31
     SECTION 7.7.   Servicer May Own Notes or Certificates................  31

ARTICLE VIII.  SERVICER TERMINATION EVENTS................................  32
     SECTION 8.1.   Servicer Termination Event............................  32
     SECTION 8.2.   Appointment of Successor..............................  33
     SECTION 8.3.   Payment of Servicing Fee..............................  34
     SECTION 8.4.   Notification to Noteholders and Certificateholders....  34
     SECTION 8.5.   Waiver of Past Defaults...............................  34

ARTICLE IX.  TERMINATION..................................................  35
     SECTION 9.1.   Optional Purchase of All Receivables;
                      Termination Notice..................................  35

ARTICLE X.  MISCELLANEOUS PROVISIONS......................................  35
     SECTION 10.1.  Amendment.............................................  35
     SECTION 10.2.  Protection of Title to Trust Property.................  36
     SECTION 10.3.  Notices...............................................  38
     SECTION 10.4.  Assignment............................................  39
     SECTION 10.5.  Litigation and Indemnities............................  39
     SECTION 10.6.  Limitations on Rights of Others.......................  39
     SECTION 10.7.  Severability..........................................  40
     SECTION 10.8.  Separate Counterparts.................................  40
     SECTION 10.9.  Headings..............................................  40
     SECTION 10.10. Governing Law.........................................  40
<PAGE>

     SECTION 10.11.  Assignment to Indenture Trustee........................ 40
     SECTION 10.12.  Nonpetition Covenant................................... 40
     SECTION 10.13.  Limitation of Liability of Owner
                       Trustee and Indenture Trustee........................ 40
     SECTION 10.14.  Further Assurances..................................... 41
     SECTION 10.15.  No Waiver; Cumulative Remedies......................... 41

                                   SCHEDULES

Schedule A     --   Schedule of Receivables
Schedule B     --   Location of Receivables

                                    EXHIBITS

Exhibit A      --   Form of Servicer's Report

                                    APPENDIX

Appendix X     --   Definitions
<PAGE>

     SALE AND SERVICING AGREEMENT dated as of October 1, 2000, (this
"Agreement") among AMSOUTH AUTO TRUST 2000-1, a New York common law trust
("Issuer"), AMSOUTH AUTO RECEIVABLES LLC, a Delaware limited liability company
(in its capacity as seller, "Seller"), AMSOUTH BANK, a banking corporation
organized under the laws of the State of Alabama (in its capacity as servicer,
"Servicer") and THE BANK OF NEW YORK TRUST COMPANY OF FLORIDA, NATIONAL
ASSOCIATION, a national banking association (in its capacity as indenture
trustee, "Indenture Trustee").

     WHEREAS, Issuer desires to purchase from Seller a portfolio of receivables
arising in connection with Motor Vehicle Loans secured by new and used
automobiles and light trucks purchased from motor vehicle dealers by AmSouth
Bank and sold to Seller under the Purchase Agreement;

     WHEREAS, Seller is willing to sell such receivables to Issuer; and

     WHEREAS, Servicer is willing to service such receivables.

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

                           ARTICLE I.  DEFINITIONS.

     SECTION 1.1.  Definitions. Capitalized terms are used in this Agreement as
defined in Appendix X to this Agreement.

     SECTION 1.2.  Other Interpretive Provisions. For purposes of this
Agreement, unless the context otherwise requires: (a) accounting terms not
otherwise defined in this Agreement, and accounting terms partly defined in this
Agreement to the extent not defined, shall have the respective meanings given to
them under generally accepted accounting principles; (b) terms defined in
Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise
defined in this Agreement are used as defined in that Article; (c) the words
"hereof," "herein" and "hereunder" and words of similar import refer to this
Agreement as a whole and not to any particular provision of this Agreement; (d)
references to any Article, Section, Schedule, Appendix or Exhibit are references
to Articles, Sections, Schedules, Appendices and Exhibits in or to this
Agreement and references to any paragraph, subsection, clause or other
subdivision within any Section or definition refer to such paragraph,
subsection, clause or other subdivision of such Section or definition; (e) the
term "including" means "including without limitation"; (f) except as otherwise
expressly provided herein, references to any law or regulation refer to that law
or regulation as amended from time to time and include any successor law or
regulation; (g) references to any Person include that Person's successors and
assigns; and (h) headings are for purposes of reference only and shall not
otherwise affect the meaning or interpretation of any provision hereof.

                                             2000-1 SALE AND SERVICING AGREEMENT

<PAGE>

                    ARTICLE II.  CONVEYANCE OF RECEIVABLES.

     SECTION 2.1. Conveyance of Receivables. In consideration of Issuer's
delivery to, or upon the order of, Seller of Notes and Certificates, in
aggregate principal amounts equal to the initial principal amounts of the Notes
and the initial Certificate Percentage Interests, respectively, Seller does
hereby sell, transfer, assign, set over and otherwise convey to Issuer, without
recourse, subject to the obligations herein (collectively, the "Trust
Property"):

     (a)  all right, title and interest of Seller in and to the Receivables, and
all moneys received thereon after the Cutoff Date;

     (b)  all right, title and interest of Seller in the security interests in
the Financed Vehicles granted by Obligors pursuant to the Receivables and any
other interest of Seller in the Financed Vehicles and any other property that
shall secure the Receivables;

     (c)  the interest of Seller in any proceeds with respect to the Receivables
from claims on any Insurance Policies covering Financed Vehicles or the Obligors
or from claims under any lender's single interest insurance policy naming
AmSouth Bank as an insured;

     (d)  rebates of premiums relating to Insurance Policies and rebates of
other items such as extended warranties financed under the Receivables, in each
case, to the extent the Servicer would, in accordance with its customary
practices, apply such amounts to the Principal Balance of the related
Receivable;

     (e)  the interest of Seller in any proceeds from (i) any Receivable
repurchased by a Dealer, pursuant to a Dealer Agreement, as a result of a breach
of representation or warranty in the related Dealer Agreement, (ii) a default by
an Obligor resulting in the repossession of the Financed Vehicle under the
applicable Motor Vehicle Loan or (iii) any Dealer Recourse or other rights
relating to the Receivables under Dealer Agreements;

     (f)  all right, title and interest in all funds on deposit from time to
time in the Certificate Distribution Account and the Trust Accounts, and in all
investments and proceeds thereof (but excluding all investment income thereon);

     (g)  all right, title and interest of Seller under the Purchase Agreement,
including the right of Seller to cause AmSouth Bank to repurchase Receivables
from Seller pursuant to the Purchase Agreement;

     (h)  all right, title and interest of Seller in any instrument or document
relating to the Receivables; and

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

                                             2000-1 SALE AND SERVICING AGREEMENT

                                       2

<PAGE>

     The sale, transfer, assignment, setting over and conveyance made hereunder
shall not constitute and is not intended to result in an assumption by Issuer of
any obligation of AmSouth Bank or Seller to the Obligors, the Dealers or any
other Person in connection with the Receivables and the other assets and
properties conveyed hereunder or any agreement, document or instrument related
thereto.

     It is the express intention of Seller and Issuer that (i) the assignment
and transfer herein contemplated constitute a sale of the Receivables and the
other Trust Property described above, conveying good title thereto free an clear
of any liens, encumbrances, security interests or rights of other Persons, from
Seller to Issuer and (ii) the Receivables and the other Trust Property described
above not be a part of Seller's estate in the event of a bankruptcy or
insolvency of Seller.  If, notwithstanding the intention of Seller and Issuer,
such conveyance is deemed to be a pledge in connection with a financing or is
otherwise deemed not to be a sale, Seller hereby grants, and the parties intend
that Seller shall have granted, to Issuer a first priority perfected security
interest in all of Seller's right, title and interest in the items of the Trust
Property and all proceeds of the foregoing, and that this Agreement shall
constitute a security agreement under applicable law and Issuer shall have all
of the rights and remedies of a secured party and creditor under the UCC as in
force in the relevant jurisdictions.

                         ARTICLE III  THE RECEIVABLES.

     SECTION 3.1. Representations and Warranties with respect to the
Receivables. (a) AmSouth Bank has made the representations and warranties set
forth in Section 3.3 of the Purchase Agreement, and has consented to the
assignment by Seller to Issuer of Seller's rights with respect thereto. Pursuant
to Section 2.1 of this Agreement, Seller has transferred to Issuer all of
Seller's right, title and interest in, to and under the Purchase Agreement,
including the representations and warranties of AmSouth Bank therein, upon which
Issuer relies in accepting the Receivables, together with all rights of Seller
with respect to any breach thereof, including the right to require AmSouth Bank
to purchase Receivables in accordance with the Purchase Agreement.

     (b)  Seller hereby makes the following representations and warranties as to
each Receivable conveyed by it to Issuer hereunder on which Issuer shall rely in
acquiring the Receivables.  Unless otherwise indicated, such representations and
warranties shall speak as of the Closing Date, but shall survive the transfer
and assignment of the Receivables to Issuer and the pledge thereof to Indenture
Trustee pursuant to the Indenture.

          (i)  Good Title. It is the intention of Seller that the transfer and
     assignment herein contemplated constitute a sale of the Receivables from
     Seller to Issuer and that the beneficial interest in and title to the
     Receivables not be part of Seller's estate in the event of the filing of a
     bankruptcy petition by or against Seller under any bankruptcy law. No
     Receivable has been sold, transferred, assigned, or pledged by Seller to
     any Person other than Issuer. Immediately prior to the transfer and
     assignment herein contemplated, Seller

                                                 2000-1 SALE SERVICING AGREEMENT
                                       3
<PAGE>

     had good and marketable title to the Receivable free and clear of any Lien
     and had full right and power to transfer and assign the Receivable to
     Issuer and immediately upon the transfer and assignment of the Receivable
     to Issuer, Issuer shall have good and marketable title to the Receivable,
     free and clear of any Lien; and Issuer's interest in the Receivable
     resulting from the transfer has been perfected under the UCC.

          (ii) No Assignment. As of the Closing Date, Seller shall not have
     taken any action to convey any right to any Person that would result in
     such Person having a right to payments received under the Insurance
     Policies or Dealer Agreements, or payments due under the Receivable, that
     is senior to, or equal with, that of Issuer.

          (iii)  Marking Records.  By the Closing Date, Seller shall have caused
     the portions of Seller's electronic master record of Motor Vehicle Loans
     relating to the Receivables to be clearly and unambiguously marked to show
     that the Receivables are owned by Issuer in accordance with the terms of
     this Agreement.

     SECTION 3.2. Repurchase upon Breach. Seller, Servicer, Indenture Trustee or
Owner Trustee, as the case may be, shall inform the other parties to this
Agreement promptly, in writing, upon the discovery (or, with respect to the
Indenture Trustee or Owner Trustee, upon actual knowledge of a Responsible
Officer) of any breach or failure to be true of the representations or
warranties made by AmSouth Bank in Section 3.3 of the Purchase Agreement or made
by Seller in Section 3.1, provided that the failure to give such notice shall
not affect any obligation of AmSouth Bank or Seller. If the breach or failure
shall not have been cured by the last day of the Collection Period which
includes the 60th day (or if AmSouth Bank or Seller, as applicable, elects, the
30th day) after the date on which Seller becomes aware of, or receives written
notice from Owner Trustee, Indenture Trustee or Servicer of, such breach or
failure, and such breach or failure materially and adversely affects the
interests of Issuer and the Holders in any Receivable, AmSouth Bank or Seller,
as applicable, shall repurchase each such affected Receivable from Issuer as of
such last day of such Collection Period at a purchase price equal to the
Purchase Amount for such Receivable as of such last day of such Collection
Period, which amount shall be deposited in the Collection Account, and, with
respect to breaches of any representation or warranty made by AmSouth Bank in
Section 3.3 of the Purchase Agreement, Seller shall enforce the obligation of
AmSouth Bank under the Purchase Agreement to purchase the affected Receivables.
Notwithstanding the foregoing, any such breach or failure with respect to the
representations and warranties contained in Section 3.1 will not be deemed to
have such a material and adverse effect with respect to a Receivable if the
facts resulting in such breach or failure do not affect the ability of Issuer to
receive and retain payment in full on such Receivable. In consideration of the
repurchase of a Receivable hereunder, Seller shall remit the Purchase Amount of
such Receivable, no later than the close of business on the next Deposit Date,
in the manner specified in Section 5.4. The sole remedy (except as provided in
Section 4.2 of the Purchase Agreement and Section 6.3 of this Agreement) of
Issuer, the Owner Trustee, the Indenture Trustee or the Holders with respect to
a breach or failure to be true of the representations or warranties made by
Seller pursuant to Section 3.1 shall be to require Seller to repurchase
Receivables pursuant to this Section; provided that this Section shall not limit
the
                                             2000-1 SALE AND SERVICING AGREEMENT
                                       4
<PAGE>

right of the Servicer, Owner Trustee or Indenture Trustee to enforce (or to
cause Seller to enforce) the obligation of AmSouth Bank pursuant to the Purchase
Agreement.

     With respect to all Receivables repurchased pursuant to this Section 3.2,
Issuer shall assign to AmSouth Bank or Seller, as applicable, without recourse,
all of Issuer's right, title and interest in and to such Receivables and all
security and documents, relating thereto.

     SECTION 3.3. Custodian of Receivable Files. (a) Custody. To assure uniform
quality in servicing the Receivables and to reduce administrative costs, Issuer,
upon the execution and delivery of this Agreement, revocably appoints Custodian,
as agent, and Custodian accepts such appointment, to act as agent on behalf of
Issuer to maintain custody of the following documents or instruments, which are
hereby constructively delivered to Issuer with respect to each Receivable
(collectively, a "Receivable File"):

          (i)  the fully executed original Receivable;

          (ii) the original credit application, fully executed by the Obligor or
     a photocopy thereof, or a record thereof on a computer file, diskette or on
     microfiche;

          (iiI) the original certificate of title, or such other documents as
     AmSouth Bank keeps on file, in accordance with its customary procedures,
     evidencing the security interest of AmSouth Bank in the Financed Vehicle;

          (iv) originals or true copies of all documents, instruments or
     writings relating to extensions, amendments or waivers of the Receivable or
     a photocopy thereof, or a record thereof on a computer file, diskette or on
     microfiche; and

          (v)  any and all other documents or electronic records that AmSouth
     Bank or Servicer, as the case may be, keeps on file, in accordance with its
     customary procedures, relating to the Receivable, any Insurance Policies,
     the Obligor or the Financed Vehicle.

     (b)  Safekeeping. Servicer, in its capacity as Custodian, shall hold the
Receivable Files as agent on behalf of Issuer and maintain such accurate and
complete accounts, records and computer systems pertaining to each Receivable as
shall enable Servicer and Issuer to comply with the terms and provisions of this
Agreement applicable to them. In performing its duties as Custodian hereunder,
Custodian shall act with reasonable care, exercising the degree of skill,
attention and care that Custodian exercises with respect to receivable files
relating to other similar motor vehicle loans owned and/or serviced by Custodian
and that is consistent with industry standards. In accordance with its customary
practice with respect to its retail installment sale contracts, Custodian 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, and shall maintain the Receivable Files in such a manner as shall
enable the Owner Trustee and the Indenture Trustee to verify, if the Owner
Trustee or the Indenture Trustee so elects, the accuracy of the record keeping
of Custodian.  Custodian shall promptly report to

                                             2000-1 SALE AND SERVICING AGREEMENT
                                       5
<PAGE>

Owner Trustee any failure on its part to hold the Receivable Files and maintain
its accounts, records and computer systems as herein provided, and promptly take
appropriate action to remedy any such failure. Custodian hereby acknowledges
receipt of the Receivable File for each Receivable listed on the Schedule of
Receivables. Nothing herein shall be deemed to require Issuer, Owner Trustee or
Indenture Trustee to verify the accuracy of the record keeping of the Custodian.

     (c)  Maintenance of and Access to Records. Custodian shall maintain each
Receivable File at the location specified in Schedule B to this Agreement, or at
such other office of Custodian within the United States (or, in the case of any
successor Custodian, within the State in which its principal place of business
is located) as shall be specified to Issuer by 30 days' prior written notice.
Custodian shall make available to Owner Trustee, Indenture Trustee and their
respective agents (or, when requested in writing by Owner Trustee or Indenture
Trustee, their respective attorneys or auditors) the Receivable Files and the
related accounts, records and computer systems maintained by Custodian at such
times as Owner Trustee or Indenture Trustee shall instruct for purposes of
inspecting, auditing or making copies of abstracts of the same, but only upon
reasonable notice and during the normal business hours at the respective offices
of Custodian.

     (d)  Release of Documents. Upon written instructions from Indenture Trustee
(or, if no Notes are then Outstanding, Owner Trustee), Custodian shall release
any document in the Receivable Files to Indenture Trustee or Owner Trustee or
its respective agent or designee, as the case may be, at such place or places as
Indenture Trustee or Owner Trustee may designate, as soon thereafter as is
practicable. Any document so released shall be handled by Indenture Trustee or
Owner Trustee with due care and returned to Custodian for safekeeping as soon as
Indenture Trustee or Owner Trustee or its respective agent or designee, as the
case may be, shall have no further need therefor.

     (e)  Title to Receivables. Custodian agrees that, in respect of any
Receivable File held by Custodian hereunder, Custodian will not at any time have
or in any way attempt to assert any interest in such Receivable File or the
related Receivable, other than solely for the purpose of collecting or enforcing
the Receivable for the benefit of Issuer and that the entire equitable interest
in such Receivable and the related Receivable File shall at all times be vested
in Issuer.

     (f)  Instructions; Authority to Act. Custodian shall be deemed to have
received proper instructions with respect to the Receivable Files upon its
receipt of written instructions signed by an Authorized Officer of Indenture
Trustee or Owner Trustee, as applicable. A certified copy of excerpts of certain
resolutions of the Board of Directors of Indenture Trustee or Owner Trustee, as
applicable, shall constitute conclusive evidence of the authority of any such
Authorized Officer to act and shall be considered in full force and effect until
receipt by Custodian of written notice to the contrary given by Indenture
Trustee or Owner Trustee, as applicable.

     (g)  Custodian's Indemnification.  Subject to Section 10.5, Custodian shall
indemnify and hold harmless Issuer, Owner Trustee (individually and in such
capacity) and Indenture

                                             2000-1 Sale and Servicing Agreement

                                       6
<PAGE>

Trustee (individually and in such capacity), and each of their respective
officers, directors, employees and agents and the Holders from and against any
and all liabilities, obligations, losses, compensatory damages, payments, costs
or expenses (including reasonable legal fees and expenses if any) of any kind
whatsoever that may be imposed on, incurred or asserted against Issuer, Owner
Trustee, Indenture Trustee or the Holders as the result of any act or omission
of Custodian relating to the maintenance and custody of the Receivable Files;
provided that Custodian shall not be liable hereunder to the Owner Trustee or
Indenture Trustee to the extent that such liabilities, obligations, losses,
compensatory damages, payments, costs or expenses result from the willful
misfeasance, bad faith or negligence of Owner Trustee or Indenture Trustee, as
the case may be. Indemnification under this subsection (g) shall survive
termination of this Agreement and the resignation or removal of Owner Trustee or
Indenture Trustee, as the case may be. If Custodian shall have made any
indemnity payments to Owner Trustee or Indenture Trustee pursuant to this
Section and Owner Trustee or Indenture Trustee thereafter shall collect any of
such amounts from Persons other than Custodian, Owner Trustee or Indenture
Trustee, as the case may be, shall, as soon as practicable following such
receipt thereof, repay such amounts to Custodian, without interest.

     (h)  Effective Period and Termination. 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 subsection (h). If Servicer shall
resign as Servicer in accordance with Section 7.5 or if all of the rights and
obligations of Servicer shall have been terminated under Section 8.1, the
appointment of Servicer as Custodian hereunder may be terminated by the Owner
Trustee or Indenture Trustee or by the Holders of Notes evidencing not less than
25% of the aggregate Outstanding Amount of the Notes of the Controlling Note
Class (or, if no Notes are then Outstanding, the Holders of Certificates
representing not less than 50% of the Certificate Percentage Interests), in each
case in the same manner as Owner Trustee or Indenture Trustee or such Holders
may terminate the rights and obligations of Servicer under Section 8.1. The
Indenture Trustee, or, if no Notes are then Outstanding, the Owner Trustee at
the direction of Holders of Certificates evidencing not less than 50% of the
Certificate Percentage Interests, may terminate Servicer's appointment as
Custodian hereunder at any time with cause.  As soon as practicable after any
termination of such appointment Servicer shall deliver, or cause to be
delivered, the Receivable Files to Indenture Trustee or Owner Trustee, as
applicable, or its respective agent or designee at such place or places as
Indenture Trustee or Owner Trustee, as applicable, may reasonably designate.
Notwithstanding any termination of Servicer as Custodian hereunder (other than
in connection with a termination resulting from the termination of Servicer, as
such, pursuant to Section 8.1), from and after the date of such termination, and
for so long as Servicer is acting as such pursuant to this Agreement, Indenture
Trustee shall provide, or cause the successor Custodian to provide, access to
the Receivable Files to Servicer, at such times as Servicer shall reasonably
request, for the purpose of carrying out its duties and responsibilities with
respect to the servicing of the Receivables hereunder.

     (i)  Delegation. Custodian may, at any time without notice or consent,
delegate any or all of its duties under the Basic Documents to any Affiliate;
provided that no such delegation shall relieve Custodian of its responsibility
with respect to such duties and Custodian shall

                                             2000-1 SALE AND SERVICING AGREEMENT
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<PAGE>

remain obligated and liable to Issuer and the Holders for its duties hereunder
as if Custodian alone were performing such duties.

           ARTICLE IV.  ADMINISTRATION AND SERVICING OF RECEIVABLES.

     SECTION 4.1. Duties of Servicer. (a)  Servicer is hereby authorized to act
as agent for Issuer and in such capacity shall manage, service, administer and
make collections on the Receivables (other than Purchased Receivables), and
perform the other actions required by Servicer under this Agreement, with
reasonable care. Without limiting the standard set forth in the preceding
sentence, Servicer shall use a degree of skill, attention and care that is not
less than Servicer exercises with respect to comparable Motor Vehicle Loans that
it services for itself or others and that is consistent with prudent industry
standards. Servicer's duties shall include the collection and posting of all
payments, responding to inquiries by Obligors on the Receivables, or by federal,
state or local governmental authorities, investigating delinquencies, sending
payment coupons or monthly invoices to Obligors, reporting required tax
information to Obligors, accounting for Collections, furnishing monthly and
annual statements to Owner Trustee and Indenture Trustee with respect to
distributions, providing collection and repossession services in the event of
Obligor default and performing the other duties specified herein.

     Without limiting the generality of the foregoing, Servicer is hereby
authorized and empowered by Issuer to execute and deliver, on behalf of itself,
Indenture Trustee, Issuer, Owner Trustee and the Holders, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge, and all other comparable instruments, with respect to the Receivables
or to the Financed Vehicles, all in accordance with this Agreement; provided
that notwithstanding the foregoing, Servicer shall not, except pursuant to an
order from a court of competent jurisdiction, release an Obligor from payment of
any unpaid amount under any Receivable or waive the right to collect the unpaid
balance of any Receivable from the Obligor, except in connection with a de
minimis deficiency which Servicer would not attempt to collect in accordance
with its customary procedures. If Servicer shall commence a legal proceeding to
enforce a Receivable, Issuer shall thereupon be deemed to have automatically
assigned such Receivable to Servicer, which assignment shall be solely for
purposes of collection. Owner Trustee shall furnish Servicer with any powers of
attorney and other documents or instruments necessary or appropriate to enable
Servicer to carry out its servicing and administrative duties hereunder.

     (b)  Servicer may, at any time without notice (except that Servicer shall
give written notice to each Rating Agency, the Indenture Trustee and the Owner
Trustee of any delegation outside the ordinary course of business or of a
substantial portion of its servicing business) or consent, delegate (i) any or
all duties under this Agreement to any Person that is an Affiliate of the
Servicer, so long as AmSouth Bank acts as Servicer, or (ii) specific duties to
sub-contractors who are in the business of performing such duties; provided that
no such delegation shall relieve Servicer of its responsibility with respect to
such duties and Servicer shall remain obligated and liable to Issuer, the
Indenture Trustee, the Owner Trustee and the Holders for servicing and

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<PAGE>

administering the Receivables in accordance with this Agreement as if Servicer
alone were performing such duties.

     (c)  The Servicer shall pay the Administrator the fee pursuant to the
Administration Agreement.

     SECTION 4.2. Collection of Receivable Payments. (a)  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
otherwise act with respect to the Receivables, the Physical Damage Insurance
Policies, the Dealer Agreements and related property in such manner as will, in
the reasonable judgment of Servicer, maximize the amount to be received by
Issuer with respect thereto, in accordance with the standard of care required by
Section 4.1. Servicer shall be entitled to grant extensions, rebates or
adjustments on a Receivable, or amend or modify any Receivable in accordance
with its customary procedures if Servicer believes in good faith that such
amendment or modification is in Issuer's best interests; provided that Servicer
may not, unless ordered by a court of competent jurisdiction or otherwise
required by applicable law, (i) extend a Receivable beyond August 30, 2006 or
(ii) reduce the Principal Balance or Contract Rate of any Receivable. If
Servicer fails to comply with the provisions of the preceding sentence, Servicer
shall be required to purchase the Receivable or Receivables affected thereby,
for the Purchase Amount, in the manner specified in Section 4.7 as of the last
day of the Collection Period in which such failure occurs. Servicer may, in its
discretion (in accordance with its customary standards, policies and
procedures), waive any prepayment charge, late payment charge, extension fee or
any other fee that may be collected in the ordinary course of servicing a
Receivable.

     (b)  If in the course of collecting payments under the Receivables,
Servicer determines to set off any obligation of Servicer to an Obligor against
an amount payable by the Obligor with respect to such Receivable, Servicer shall
deposit the amount so set off in the Collection Account, no later than the close
of business on the Deposit Date for the Collection Period in which the set-off
occurs. All references herein to payments or Liquidation Proceeds collected by
Servicer shall include amounts set-off by Servicer.

     SECTION 4.3. Realization upon Receivables. On behalf of Issuer, Servicer
shall charge off a Receivable in accordance with its customary standards (and,
in no event later than 120 days after a Receivable shall have become delinquent)
and shall use reasonable efforts, consistent with its customary standards, to
repossess and liquidate the Financed Vehicle securing any Defaulted Receivable
as soon as feasible after such Receivable becomes a Defaulted Receivable, in
accordance with the standard of care required by Section 4.1. In taking such
action, Servicer shall follow such customary and usual practices and procedures
as it shall deem necessary or advisable in its servicing of Motor Vehicle Loans,
and as are otherwise consistent with the standard of care required under Section
4.1, which shall include exercising any rights under the Dealer Agreements and
selling the Financed Vehicle at public or private sale. Servicer shall be
entitled to recover all reasonable expenses incurred by it in the course of
repossessing and liquidating a Financed Vehicle into cash proceeds or pursuing
any deficiency claim against the

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<PAGE>

related Obligor, but only out of the cash proceeds of such Financed Vehicle or
any deficiency obtained from the Obligor. The foregoing shall be subject to the
provision that, in any case in which a Financed Vehicle shall have suffered
damage, Servicer shall not expend funds in connection with the repair or the
repossession of such Financed Vehicle unless it shall determine in its
discretion that such repair and/or repossession will increase the Liquidation
Proceeds of the related Receivable by an amount equal to or greater than the
amount of such expenses.

     If Servicer elects to commence a legal proceeding to enforce a Dealer
Agreement, the act of commencement shall be deemed to be an automatic assignment
from Issuer to Servicer of the rights under such Dealer Agreement. If, however,
in any enforcement suit or legal proceeding, it is held that Servicer may not
enforce a Dealer Agreement on the grounds that it is not a real party in
interest or a Person entitled to enforce the Dealer Agreement, Owner Trustee, on
behalf of Issuer and the Indenture Trustee, subject to the Indenture, at
Servicer's expense, or Seller, at Servicer's expense, shall take such steps as
Servicer deems necessary to enforce the Dealer Agreement, including bringing
suit in Issuer's name or the name of Owner Trustee or Indenture Trustee.

     SECTION 4.4  Physical Damage Insurance. (a)  The Receivables require that
each Financed Vehicle be insured under a Physical Damage Insurance Policy.  If
Servicer receives notice that an Obligor has failed to obtain or maintain a
Physical Damage Insurance Policy covering the related Financed Vehicle, Servicer
shall use reasonable efforts in accordance with its customary servicing
procedures to enforce the rights of the holder of the Receivable under the
Receivable to require the Obligor to obtain such physical damage insurance,
provided that Servicer shall not be required to take such actions if there is in
place a lender's single interest policy with respect to the related Financed
Vehicle that complies with Servicer's customary requirements. It is understood
that Servicer will not "force-place" any Physical Damage Insurance Policy on any
Financed Vehicle.

     (b)  Servicer may sue to enforce or collect upon the Physical Damage
Insurance Policies, in its own name, if possible, or as agent for Issuer. If
Servicer elects to commence a legal proceeding to enforce a Physical Damage
Insurance Policy, the act of commencement shall be deemed to be an automatic
assignment of the rights of Issuer under such Physical Damage Insurance Policy
to Servicer for purposes of collection only. If, however, in any enforcement
suit or legal proceeding it is held that Servicer may not enforce a Physical
Damage Insurance Policy on the grounds that it is not a real party in interest
or a holder entitled to enforce the Physical Damage Insurance Policy, Owner
Trustee, on behalf of Issuer and the Indenture Trustee, subject to the
Indenture, at Servicer's expense and written direction, or Seller, at Servicer's
expense, shall take such steps as Servicer deems necessary to enforce such
Physical Damage Insurance Policy, including bringing suit in Issuer's name or
the name of Owner Trustee or Indenture Trustee. Servicer shall make all claims
and enforce its rights under any lender's single interest insurance policy (to
the extent such claims or rights relate to Receivables) for the benefit of the
Issuer and shall treat as Collections all related proceeds of such policies.

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<PAGE>

     SECTION 4.5  Maintenance of Security Interests in Financed Vehicles.
Servicer, in accordance with the standard of care required under Section 4.1,
shall take such reasonable steps as are necessary and as are consistent with its
customary business practices to maintain perfection of the security interest
created by each Receivable in the related Financed Vehicle for the benefit of
Issuer and the Indenture Trustee. Issuer hereby authorizes Servicer, and
Servicer hereby agrees, to take such reasonable steps as are necessary and as
are consistent with its customary business practices to re-perfect such security
interest on behalf of Issuer in the event Servicer receives notice of the
relocation of a Financed Vehicle.

     SECTION 4.6  Covenants of Servicer. Servicer makes the following covenants
on which Issuer relies in acquiring the Receivables:

     (a)  Security Interest to Remain in Force. Servicer shall not release any
Financed Vehicle from the security interest granted by the related Receivable in
whole or in part, except upon payment in full of the Receivable or as otherwise
contemplated herein.

     (b)  No Impairment. Servicer shall not impair in any material respect the
rights of the Issuer or the Holders in the Receivables, the Dealer Agreements or
the Physical Damage Insurance Policies or, subject to clause (c), otherwise
amend or alter the terms thereof if, as a result of such amendment or
alteration, the interests of Issuer and the Holders hereunder would be
materially adversely affected.

     (c)  Amendments. Servicer shall not amend or otherwise modify any
Receivable (including the grant of any extension thereunder), except in
accordance with Section 4.2.

     SECTION 4.7  Purchase by Servicer upon Breach. Seller, Servicer, Indenture
Trustee or Owner Trustee, as the case may be, shall inform the other parties
promptly, in writing, upon the discovery (or, in the case of the Indenture
Trustee or Owner Trustee, upon actual knowledge of a Responsible Officer) of any
breach by Servicer of its covenants under Section 4.5 or 4.6; provided that the
failure to give such notice shall not affect any obligation of Servicer. Unless
the breach shall have been cured by the last day of the Collection Period which
includes the 60th day (or the 30th day, if Servicer so elects) after the date on
which Servicer becomes aware of, or receives written notice of, such breach, and
such breach materially and adversely affects the interests of Issuer and the
Holders in any Receivable, Servicer shall purchase such Receivable from Issuer
as of the last day of the Collection Period at a purchase price equal to the
Purchase Amount for such Receivable as of the last day of such Collection
Period; provided that in the case of a breach of the covenant contained in
Section 4.6(c), Servicer shall be obligated to purchase the affected Receivable
or Receivables on the Business Day preceding the Deposit Date immediately
succeeding the Collection Period during which Servicer becomes aware of, or
receives written notice of, such breach. In consideration of the purchase of a
Receivable hereunder, Servicer shall remit the Purchase Amount of such
Receivable in the manner specified in Section 5.4. The sole remedy (except as
provided in Section 7.2) of Issuer, Owner Trustee, Indenture Trustee or the
Holders against Servicer with respect to a breach pursuant to Section 4.5 or 4.6
shall be to require Servicer to repurchase Receivables pursuant to this Section.

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<PAGE>

     With respect to all Receivables purchase pursuant to this Section 4.7,
Issuer shall assign to Servicer, without recourse, representation or warranty,
all of Issuer's right, title and interest in and to such Receivables and all
security and documents relating thereto.

     SECTION 4.8.  Servicing Fee.  The servicing fee for each Distribution Date
shall equal the product of (i) one-twelfth, (ii the Servicing Fee Rate and (ii
the Pool Balance as of the opening of business on the first day of the related
Collection Period (the "Servicing Fee"). Servicer shall also be entitled to
retain any late fees, extension fees, prepayment charges and certain non-
sufficient funds charges and other administrative fees or similar charges
allowed by applicable law with respect to Receivables collected (from whatever
source) on the Receivables and shall be paid any interest earned on deposits in
the Trust Accounts and Certificate Distribution Account (the "Supplemental
Servicing Fee").  It is understood and agreed that Available Collections shall
not include any amounts retained by Servicer which constitute Supplemental
Servicing Fees.  The Servicing Fee in respect of a Collection Period (together
with any portion of the Servicing Fee that remains unpaid from prior
Distribution Dates), if the Rating Agency Condition is satisfied, may be paid at
the beginning of such Collection Period out of Collections for such Collection
Period.

     SECTION 4.9.  Servicer's Report.  (a) On each Determination Date, Servicer
shall deliver to Owner Trustee, Indenture Trustee, each Paying Agent and Seller,
with a copy to the Rating Agencies, a Servicer's Report substantially in the
form of Exhibit A, containing all information necessary to make the transfers
and distributions pursuant to Sections 5.4 and 5.5 (including amounts required
to be transferred from the Reserve Account to the Collection Account) for the
Collection Period preceding the date of such Servicer's Report together with all
information necessary for the Owner Trustee to send statements to
Certificateholders pursuant to Section 5.6 and Indenture Trustee to send copies
of statements received by the Indenture Trustee to Noteholders pursuant to the
Indenture and Section 5.6 of this Agreement. Receivables to be purchased by
Servicer or to be repurchased by AmSouth Bank shall be identified by Servicer by
account number with respect to such Receivable (as specified in the Schedule of
Receivables).

     (b) Servicer shall provide Indenture Trustee with a database file for the
Receivables at or prior to the Closing Date (but with information as of the
close of business on the Cutoff Date).

     SECTION 4.10.  Annual Statement as to Compliance; Notice of Default.  (a)
Servicer shall deliver to Owner Trustee, Indenture Trustee and each Rating
Agency, on or before April 30 of each year beginning on April 30, 2001, an
Officer's Certificate, dated as of December 31 of the preceding year, stating
that (i) a review of the activities of Servicer during the preceding 12-month
period (or, in the case of the first such report, during the period from the
Closing Date to April 30, 2001) and of its performance under this Agreement has
been made under such officer's supervision and (ii to the best of such officer's
knowledge, based on such review, Servicer has fulfilled all its obligations in
all material respects under this Agreement throughout such year or, if there
exists any uncured default in the fulfillment of any such obligation, specifying
each such default known to such officer and the nature and status thereof. A
copy of such certificate and

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                                       12
<PAGE>

the report referred to in Section 4.11 may be obtained by any Noteholder by a
request in writing to Indenture Trustee addressed to the Corporate Trust Office.

     (b) Servicer shall deliver to Owner Trustee, Indenture Trustee and the
Rating Agencies, promptly after having obtained knowledge thereof, but in no
event later than five (5) Business Days thereafter, written notice in an
Officer's Certificate of any event which constitutes, or with the giving of
notice or lapse of time, or both, would become a Servicer Termination Event
under Section 8.1.

     SECTION 4.1.  Annual Independent Certified Public Accountants' Report.  The
Servicer shall cause a firm of independent certified public accountants (who may
also render other services to the Servicer or Seller) to deliver to the Seller,
Owner Trustee, Indenture Trustee and each Rating Agency on or before April 30 of
each year beginning on April 30, 2002, a report to the effect that, as to
objectively determinable matters, such firm has examined the Servicer's
assertion that it has fulfilled its obligations in all material respects under
this Agreement for the twelve months ended December 31 of the preceding year
(or, in the case of the first such certificate, from the Closing Date until
December 31, 2001) set forth in the Officer's Certificate delivered pursuant to
Section 4.10(a), and that (1) such examination was made in accordance with the
standards established by the American Institute of Certified Public Accountants,
(2) except as described in the report, the assertions in the Officer's
Certificate are, as to objectively determinable matters, fairly stated in all
material respects and (3) that the firm is independent of Servicer within the
meaning of the Code of Professional Ethics of the American Institute of
Certified Public Accountants.

     In the event such firm requires the Indenture Trustee or Owner Trustee to
agree to the procedures performed by such firm, Servicer shall direct the
Indenture Trustee or Owner Trustee, as the case may be, in writing to so agree;
it being understood and agreed that the Indenture Trustee or Owner Trustee, as
the case may be, will deliver such letter of agreement in conclusive reliance
upon the direction of Servicer, and the Indenture Trustee or Owner Trustee, as
the case may be, need not make any independent inquiry or investigation as to,
and shall have no obligation or liability in respect of, the sufficiency,
validity or correctness of such procedures.

     SECTION 4.12.  Access to Certain Documentation and Information Regarding
Receivables.  Servicer shall provide to the Owner Trustee, Indenture Trustee,
Certificateholders, Noteholders, Bank Regulatory Authorities, and the
supervisory agents and examiners of Bank Regulatory Authorities access to the
Receivable Files, as to the latter in such cases where the Certificateholders,
Noteholders or Bank Regulatory Authorities shall be required by applicable
statutes or regulations to review such documentation as demonstrated by evidence
satisfactory to Servicer in its reasonable judgment. Access shall be afforded
without charge, but only upon reasonable request and during the normal business
hours at the respective offices of Servicer. Nothing in this Section shall
affect the obligation of Servicer to observe any applicable law prohibiting
disclosure of information regarding the Obligors and the failure of Servicer to
provide access to information as a result of such obligation shall not
constitute a breach of this Section. Any Holder, by its acceptance of a
Certificate or Note, as applicable, shall be deemed to

                                             2000-1 SALE AND SERVICING AGREEMENT

                                      13

<PAGE>

have agreed to keep any information obtained by it pursuant to this Section
confidential and not to use such information for any other purpose, except as
required by applicable law.

     SECTION 4.13.  Reports to the Commission.  Servicer shall, on behalf of the
Issuer, cause to be filed with the Commission any periodic reports required to
be filed under the provisions of the Exchange Act, and the rules and regulations
of the Commission thereunder. Seller shall, at its expense, cooperate in any
reasonable request made by Servicer in connection with such filings.

     SECTION 4.14.  Reports to the Rating Agencies.  Servicer shall deliver to
each Rating Agency a copy of all reports  or notices furnished or delivered
pursuant to this Article and a copy of any amendments, supplements or
modifications to this Agreement and any other information reasonably requested
by such Rating Agency to monitor this transaction.

     SECTION 4.15.  Servicer Expenses.  Except as otherwise provided herein,
Servicer shall be required to pay all expenses incurred by it in connection with
its activities hereunder, including fees and disbursements of the Owner Trustee,
Indenture Trustee, independent accountants, taxes imposed on Servicer and
expenses incurred in connection with distributions and reports to
Certificateholders and Noteholders.

                   ARTICLE V.  DISTRIBUTIONS; RESERVE ACCOUNT;
                        STATEMENTS TO CERTIFICATEHOLDERS
                                AND NOTEHOLDERS.

     SECTION 5.1.  Establishment of Collection Account. (a) Servicer shall cause
to be established:

          (i)   For the benefit of the Noteholders and the Certificateholders,
     in the name of Indenture Trustee, an Eligible Deposit Account (the
     "Collection Account"), bearing a designation clearly indicating that the
     funds deposited therein are held for the benefit of the Noteholders and the
     Certificateholders, which Eligible Deposit Account shall be established and
     maintained with the Indenture Trustee or its designee..

          (ii)  For the benefit of the Noteholders, in the name of Indenture
     Trustee, an Eligible Deposit Account (the "Note Distribution Account"),
     bearing a designation clearly indicating that the funds deposited therein
     are held for the benefit of the Noteholders, which Eligible Deposit Account
     shall be established and maintained with the Indenture Trustee or its
     designee.

          (iii)  An administrative subaccount within the Note Distribution
     Account at the Eligible Institution then maintaining the Note Distribution
     Account, which subaccount shall be designated the "Interest Distribution
     Account".  The Interest Distribution Account is established and maintained
     solely for administrative purposes.

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<PAGE>

          (iv)  An administrative subaccount within the Note Distribution
     Account at the Eligible Institution then maintaining the Note Distribution
     Account, which subaccount shall be designated the "Principal Distribution
     Account".  The Principal Distribution Account is established and maintained
     solely for administrative purposes.

          (v)   For the benefit of the Seller and Goldman, Sachs & Co. in the
     name of Indenture Trustee, an Eligible Deposit Account (the "Funding
     Account"), bearing a designation clearly indicating that the funds
     deposited therein are held for the benefit of the Seller and Goldman, Sachs
     & Co.  On the Closing Date, Goldman, Sachs & Co. will deposit
     $929,851,078.92 into the Funding Account.  The Seller hereby directs the
     Indenture Trustee to cause the Notes to be transferred to Goldman, Sachs &
     Co. on the book entry system of The Depository Trust Company on the Closing
     Date.  Immediately after the Notes are transferred to Goldman, Sachs & Co.
     pursuant to the preceding sentence, the Indenture Trustee shall wire all of
     the amounts on deposit in the Funding Account, in immediately available
     funds, to the Seller pursuant to written wiring instructions of the Seller.
     Notwithstanding the foregoing, if the Indenture Trustee does not cause the
     Notes to be transferred to Goldman, Sachs & Co. on the book entry system of
     The Depository Trust Company by 2:00 New York time on the Closing Date, the
     Indenture Trustee shall wire all of the amounts on deposit in the Funding
     Account, in immediately available funds, to Goldman, Sachs & Co., pursuant
     to written instructions of Goldman, Sachs & Co.

     (b) Funds on deposit in the Collection Account and the Note Distribution
Account (collectively, the "Trust Accounts") shall be invested by Indenture
Trustee with respect to the Trust Accounts and by Owner Trustee with respect to
the Certificate Distribution Account (or any custodian with respect to funds on
deposit in any such account) in Eligible Investments selected in writing by
Servicer and of which Servicer provides notification (pursuant to standing
instructions or otherwise); provided that it is understood and agreed that
neither Servicer, Indenture Trustee nor Owner Trustee shall be liable for any
loss arising from such investment in Eligible Investments. All such Eligible
Investments shall be held by or on behalf of Indenture Trustee for the benefit
of the Noteholders and the Certificateholders or by Owner Trustee for the
benefit of Certificateholders, as applicable; provided that on each Distribution
Date all interest and other investment income (net of losses and investment
expenses) (other than from the Deposit Date to the Distribution Date) on funds
on deposit in the Trust Accounts shall be distributed to Servicer and all
interest and other investment income (net of losses and investment expenses)
from the Deposit Date to the Distribution Date on funds on deposit in the Trust
Accounts shall be distributed to the Indenture Trustee, and in each case shall
not be available to pay the distributions provided for in Section 5.5 and shall
not otherwise be subject to any claims or rights of Holders.  Funds on deposit
in the Trust Accounts shall be invested in Eligible Investments that will mature
so that such funds will be available at the close of business on the Deposit
Date preceding the next Distribution Date; provided that upon satisfaction of
the Rating Agency Condition and with the approval of the Indenture Trustee,
funds on deposit in the Trust Accounts may be invested in Eligible Investments
that mature on such Distribution Date.  No Eligible Investment shall be sold or
otherwise disposed of prior to its scheduled maturity unless a

                                             2000-1 SALE AND SERVICING AGREEMENT

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<PAGE>

default occurs with respect to such Eligible Investment and Servicer directs
Indenture Trustee in writing to dispose of such Eligible Investment.  Funds
deposited in the Trust Accounts or Certificate Distribution Account on a Deposit
Date shall be invested overnight.

     (c) Indenture Trustee shall possess all right, title and interest in all
funds on deposit from time to time in the Trust Accounts and in all proceeds
thereof (excluding investment income thereon) and all such funds, investments
and proceeds shall be part of the Owner Trust Estate. Except as otherwise
provided herein, the Trust Accounts shall be under the sole dominion and control
of Indenture Trustee for the benefit of the Noteholders and the
Certificateholders; provided, however, the Indenture Trustee shall not be
charged with any obligation for the benefit of the Certificateholders except as
provided by the terms of this Agreement. If, at any time, any of the Trust
Accounts or the Certificate Distribution Account ceases to be an Eligible
Deposit Account, the Servicer or Owner Trustee, as applicable, shall within 10
Business Days (or such longer period as to which each Rating Agency may consent)
establish a new Trust Account or Certificate Distribution Account, as
applicable, as an Eligible Deposit Account and shall transfer any cash and/or
any investments to such new Trust Account or new Certificate Distribution
Account, as applicable. In connection with the foregoing, Servicer agrees that,
in the event that the Collection Account is not an account with Indenture
Trustee or its designee, Servicer shall notify Indenture Trustee in writing
promptly upon the Collection Account ceasing to be an Eligible Deposit Account.

     (d) With respect to the Trust Account Property, Servicer and the Indenture
Trustee agree that:

          (i)   any Trust Account Property that is held in deposit accounts
     shall be held solely in the Eligible Deposit Accounts and, except as
     otherwise provided herein, each such Eligible Deposit Account shall be
     subject to the exclusive custody and control of Indenture Trustee, and,
     except as otherwise provided in the Basic Documents, Indenture Trustee and
     its designee shall have sole signature authority with respect thereto;

          (ii)  any Trust Account Property that constitutes Physical Property
     shall be delivered to Indenture Trustee or its designee, in accordance with
     paragraph (a) of the definition of "Delivery" and shall be held, pending
     maturity or disposition, solely by Indenture Trustee or such designee, or a
     financial intermediary (as such term is defined in Section 8-313(4) of the
     UCC) acting solely for Indenture Trustee or such designee;

          (iii)  any Trust Account Property that is a book-entry security held
     through the Federal Reserve System pursuant to Federal book-entry
     regulations shall be delivered in accordance with paragraph (b) of the
     definition of "Delivery" and shall be maintained by Indenture Trustee or
     its designee or a financial intermediary (as such term is defined in
     Section 8-313(4) of the UCC) acting solely for Indenture Trustee or such
     designee, pending maturity or disposition, through continued book-entry
     registration of such Trust Account Property as described in such paragraph;
     and

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<PAGE>

          (iv)  any Trust Account Property that is an "uncertificated security"
     under Article 8 of the UCC and that is not governed by clause (iii) above
     shall be delivered to Indenture Trustee or its designee in accordance with
     paragraph (c) of the definition of "Delivery" and shall be maintained by
     Indenture Trustee or such designee, or a financial intermediary (as such
     term is defined in Section 8-313(4) of the UCC) acting solely for Indenture
     Trustee or such designee, pending maturity or disposition, through
     continued registration of Indenture Trustee's (or its designee's) ownership
     of such security.

Effective upon Delivery of any Trust Account Property, Servicer shall be deemed
to have represented that it has purchased such Trust Account Property for value,
in good faith and without notice of any adverse claim thereto.

      SECTION 5.2.  Collections.  (a) 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 any amounts
constituting Supplemental Servicing Fees) and all Liquidation Proceeds, both as
collected during the Collection Period. Notwithstanding the foregoing, if
AmSouth Bank is the Servicer and (i) shall have the Required Rating or (ii)
Indenture Trustee otherwise shall have received written notice from each of the
Rating Agencies that the then outstanding rating on the Notes would not be
lowered, qualified or withdrawn as a result, Servicer may deposit all amounts
referred to above for any Collection Period into the Collection Account not
later than 11:00 a.m. (New York time) on the Deposit Date with respect to such
Collection Period; provided that (i) if a Servicer Termination Event has
occurred and is continuing, (ii) Servicer has been terminated as such pursuant
to Section 8.1 or (iii) Servicer ceases to have the Required Rating, Servicer
shall deposit such amounts (including any amounts then being held by Servicer)
into the Collection Account as provided in the preceding sentence. 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 Servicer,
Seller or any Affiliate.

     (b) With respect to each Receivable (other than a Purchased Receivable),
collections and payments by or on behalf of the Obligor (other than any amounts
constituting Supplemental Servicing Fees) for each Collection Period shall be
applied to interest and principal in accordance with the Simple Interest Method,
as applied by Servicer. Any excess shall be applied to prepay the Receivable.

     SECTION 5.3.  [Reserved].

     SECTION 5.4.  Additional Deposits. Servicer and Seller shall deposit or
cause to be deposited in the Collection Account the aggregate Purchase Amounts
with respect to Purchased Receivables and Servicer shall deposit therein all
amounts, if any, to be paid under Section 9.1. All such deposits shall be made
not later than the 11:00 a.m. (New York time) on the Deposit Date following the
end of the related Collection Period.

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     SECTION 5.5.  Distributions. (a) On or before 11:00 a.m. (New York time) on
the Business Day immediately preceding the Deposit Date related to each
Distribution Date, Servicer shall instruct Indenture Trustee in writing (based
on the information contained in the Servicer's Report delivered on the related
Determination Date pursuant to Section 4.9) to withdraw from the Reserve Account
and deposit in the Collection Account, and Indenture Trustee shall so withdraw
and deposit in the Collection Account by 11:00 a.m. (New York time) on such
Deposit Date, the Reserve Account Excess Amount, if any, and the Reserve Account
Transfer Amount, if any, for such Distribution Date.

     (b) Subject to the last paragraph of this Section 5.5(b), on or before
11:00 a.m. (New York time) on the Business Day immediately preceding the Deposit
Date related to each Distribution Date, Servicer shall instruct Indenture
Trustee in writing (based on the information contained in the Servicer's Report
delivered on the related Determination Date pursuant to Section 4.9) to make,
and Indenture Trustee shall make, the following deposits, distributions and
payments from the Collection Account by 11:00 a.m. (New York time) on such
Distribution Date, to the extent of the Total Distribution Amount in the
following order of priority:

          (i)   first, to the Servicer, the Servicing Fee and all unpaid
     Servicing Fees from prior Collection Periods;

          (ii)  second, to the Interest Distribution Account, the Accrued Class
     A Note Interest;

          (iii)  third, to the Principal Distribution Account, the First
     Priority Principal Distribution Amount, if any;

          (iv)  fourth, to the Interest Distribution Account, the Accrued Class
     B Note Interest;

          (v)   fifth, to the Principal Distribution Account, the Second
     Priority Principal Distribution Amount, if any;

          (vi)  sixth, to the Interest Distribution Account, the Accrued Class C
     Note Interest;

          (vii)  seventh, to the Reserve Account, the amount, if any, required
     to reinstate the amount in the Reserve Account up to the Specified Reserve
     Account Balance;

          (viii)  eighth, to the Principal Distribution Account, the Regular
     Principal Distribution Amount, if any; and

          (ix)  ninth, to the Certificate Distribution Account, the Total
     Distribution Amount remaining on deposit in the Collection  Account.

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Notwithstanding any other provision of this Section 5.5, following the
occurrence and during the continuation of an Event of Default specified in
Section 5.1(a), 5.1(b), 5.1(d) or 5.1(e) of the Indenture which has resulted in
an acceleration of the Notes (or following the occurrence of any such event
after an Event of Default specified in Section 5.1(c) of the Indenture has
occurred and the Trust has been liquidated), the Servicer shall instruct the
Indenture Trustee at or before aforesaid time to transfer the funds on deposit
in the Collection Account pursuant to Section 5.4(b) of the Indenture.

     In the event that the Collection Account is maintained with an institution
other than Indenture Trustee, Servicer shall instruct and cause such institution
to make all deposits and distributions pursuant to this Section 5.5(b) on the
related Deposit Date.

     (c) Indenture Trustee shall continue to perform its duties under this
Agreement after the Outstanding Amount of the Notes has been reduced to zero and
the Indenture has been discharged in accordance with its terms.  The
protections, immunities and standard of care afforded the Indenture Trustee
under the Indenture shall apply to the performance of its duties hereunder.

     SECTION 5.6.  Statements to Certificateholders and Noteholders. On each
Determination Date, Servicer shall provide to Indenture Trustee (with a copy to
each Rating Agency) written instructions for Indenture Trustee to forward to
each Noteholder of record, to each Paying Agent, if any, and to Owner Trustee
for Owner Trustee to forward to each Certificateholder of record, a statement
substantially in the form of Exhibit B setting forth at least the following
information (based on the information contained in the Servicer's Report
delivered on the related Determination Date pursuant to Section 4.9) as to the
Notes and the Certificates to the extent applicable:

     (a) the amount of such distribution allocable to principal of each class of
Notes;

     (b) the amount of such distribution allocable to interest on or with
respect to each class of Notes;

     (c) the Reserve Account Transfer Amount, if any, for such Distribution
Date, the Specified Reserve Account Balance for such Distribution Date, the
amount deposited into the Reserve Account on such Distribution Date, and the
balance of the Reserve Account (if any) on such Distribution Date, after giving
effect to changes therein on such Distribution Date;

     (d) the Specified Overcollateralization Amount and the Specified Credit
Enhancement Amount as of such Distribution Date;

     (e) the amount of the Servicing Fee paid to Servicer with respect to the
related Collection Period and with respect to previously accrued and unpaid
Servicing Fees;

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     (f)  the Noteholders' Interest Carryover Shortfall if any, in each case as
applicable to each class of Securities, and the change in such amounts from the
preceding statement;

     (g)  the amount of any previously due and unpaid payment of principal on
the Notes, and the change in such amount from that of the prior Distribution
Date;

     (h)  the aggregate outstanding principal balance of each class of the Notes
and the Note Pool Factor for each such class after giving effect to payments
allocated to principal reported under clause (a) above;

     (i)  the aggregate Purchase Amounts paid by Seller or Servicer with respect
to the related Collection Period;

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

     (k)  the number, and aggregate Principal Balance outstanding, of
Receivables past due 30-59, 60-89 and 90 and over days;

     (l)  the weighted average Contract Rates of the Receivables, weighted based
on the Principal Balance of each such Receivable as of the last day of the
related Collection Period;

     (m)  the weighted average remaining term to maturity of the Receivables,
weighted based on the Principal Balance of each such Receivable as of the last
day of the related Collection Period;

     (n)  the amount of the aggregate Principal Balances of any Receivables that
became Defaulted Receivables, if any, during such Collection Period;

     (o)  the aggregate net losses on the Receivables incurred during the period
from the Cutoff Date to and including the last day of the related Collection
Period; and

     (p) the amount distributed to Certificateholders.

Each amount set forth pursuant to paragraph (a), (b), (e) or (f) above relating
to the Notes shall be expressed as a dollar amount per $1,000 of the initial
principal balance of the Notes (or Class thereof).

      SECTION 5.7.  Net Deposits.  As an administrative convenience, unless
Servicer is required to remit Collections within two Business Days of receipt
thereof, Servicer will be permitted to make the deposit of Collections and
Purchase Amounts for or with respect to the Collection Period net of
distributions to be made to Servicer with respect to the Collection Period.
Servicer, however, will account to Owner Trustee, Indenture Trustee, the
Noteholders and the Certificateholders as if all deposits, distributions and
transfers were made individually.

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     SECTION 5.8.  Reserve Account.  (a) Seller shall establish and maintain in
the name of the Indenture Trustee, as secured party of AmSouth Auto Receivables
LLC and agent for the Issuer and the Noteholders, an Eligible Deposit Account
(the "Reserve Account"). The Reserve Account and any amounts therein shall not
be property of Issuer, but shall be pledged to the Indenture Trustee and held
for the benefit of the Noteholders and Certificateholders. The Reserve Account
shall be established and maintained with the Indenture Trustee or its designee
(the "Securities Intermediary"). On the Closing Date, Seller shall deposit or
cause to be deposited in the Reserve Account an amount equal to the Reserve
Account Deposit.

     (b)  In order to provide for the prompt payment to the Holders and to
assure availability of the amounts maintained in the Reserve Account:

          (i)  Seller, on behalf of itself and its successors and assigns, and
solely for the purpose of providing for payment of the distributions provided
for in Section 5.5, hereby grants a security interest in and pledges to
Indenture Trustee and its successors and assigns, as agent for the benefit of
the Issuer, the Noteholders and the Certificateholders, all of its right, title
and interest in and to the Reserve Account, subject, however, to the limitations
set forth in this Agreement, and all proceeds of the foregoing, including all
securities, investments, general intangibles, financial assets and investment
property from time to time credited to and any security entitlement to the
Reserve Account; and

          (ii)  Seller hereby grants a security interest and pledges to
Indenture Trustee and its successors and assigns as agent for the benefit of the
Issuer, the Noteholders and the Certificateholders, the Reserve Account Deposit
and all proceeds thereof; and solely for the purpose of providing for payment of
the distributions provided for in Section 5.5, (all of the foregoing, subject to
the limitations set forth in this Section, the "Reserve Account Property"), to
have and to hold all the aforesaid property, rights and privileges unto
Indenture Trustee, its successors and assigns, in trust for the uses and
purposes, and subject to the terms and provisions, set forth in this Section.
Indenture Trustee hereby acknowledges such transfer and accepts the trust
hereunder and shall hold and distribute the Reserve Account Property in
accordance with the terms and provisions of this Section.

     (c)  Indenture Trustee shall, at the written direction of Servicer, direct
the Securities Intermediary to invest funds on deposit in the Reserve Account in
Eligible Investments selected by Servicer and confirmed in writing by Servicer
to Indenture Trustee; provided that it is understood and agreed that none of
Indenture Trustee, Securities Intermediary, Servicer or Issuer shall be liable
for any loss arising from such investment in Eligible Investments. Funds on
deposit in the Reserve Account shall be invested in Eligible Investments that
will mature so that all such funds will be available at the close of business on
the Business Day preceding the next Deposit Date; provided that to the extent
permitted by the Rating Agencies following written request by Servicer, funds on
deposit in the Reserve Account may be invested in Eligible Investments that
mature later than such Deposit Date. Funds deposited in the Reserve Account on a
Deposit Date upon the maturity of any Eligible Investments are not required to
be (but may be) invested overnight.

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<PAGE>

     Seller will treat the funds, Eligible Investments and other assets in the
Reserve Account as its own for Federal, state and local income tax and franchise
tax purposes and will report on its tax returns all income, gain and loss from
the Reserve Account.

     (d)  The Securities Intermediary hereby expressly agrees with the Indenture
Trustee that: (i) all matters relating to the Reserve Account shall be governed
by the laws of the State of New York; (ii) all Eligible Investments held by the
Securities Intermediary on behalf of the Indenture Trustee in the Reserve
Account shall be treated as "financial assets" (as defined in Article 8 of the
New York Uniform Commercial Code; (iii) the Securities Intermediary will treat
the Indenture Trustee as entitled to exercise the rights comprising the
investments or financial assets credited to the Reserve Account; (iv) the
financial assets credited to the Reserve Account shall not be registered in the
name of, payable to the order of, or specially indorsed to the Indenture
Trustee; and (v) the Securities Intermediary will not agree to comply with
entitlement orders originated by any Person with respect to the investments or
financial assets held in the Reserve Account other than the Indenture Trustee.

     (e)  The Reserve Account shall be under the sole custody and control of
Indenture Trustee. If, at any time, the Reserve Account ceases to be an Eligible
Deposit Account, Seller 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 or cause to be transferred any cash and/or any investments that are in
the existing account which is no longer an Eligible Deposit Account to such new
Reserve Account.

     (f)  With respect to the Reserve Account Property, Seller, Issuer and the
Indenture Trustee agree that the Reserve Account Deposit and all other funds and
Reserve Account Property shall be delivered to Indenture Trustee or its designee
for credit to the Reserve Account. In addition:

          (i)  any Reserve Account Property that constitutes Physical Property
     shall be delivered to Indenture Trustee or its designee in accordance with
     paragraph (a) of the definition of "Delivery" and shall be held, pending
     maturity or disposition, solely by Indenture Trustee or such designee or a
     financial intermediary (as such term is defined in Section 8-313(4) of the
     UCC) acting solely for Indenture Trustee or such designee;

          (ii)  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 Indenture Trustee or
     its designee or a financial intermediary (as such term is defined in
     Section 8-313(4) of the UCC) acting solely for Indenture Trustee or such
     designee, pending maturity or disposition, through continued book entry
     registration of such Reserve Account Property as described in such
     paragraph; and

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<PAGE>

          (ii)  any Reserve Account Property that is an "uncertificated
     security" under Article 8 of the UCC and that is not governed by clause
     (ii) above shall be delivered to Indenture Trustee or its designee in
     accordance with paragraph (c) of the definition of "Delivery" and shall be
     maintained by Indenture Trustee or such designee or a financial
     intermediary (as such term is defined in Section 8-313(4) of the UCC)
     acting solely for Indenture Trustee or such designee, pending maturity or
     disposition, through continued registration of Indenture Trustee's (or its
     designee's) ownership of such security.

Effective upon the crediting of any Reserve Account Property to the Reserve
Account, Servicer shall be deemed to have represented that it has purchased such
Reserve Account Property for value, in good faith and without notice of any
adverse claim thereto.

     (g)  Seller and Servicer agree 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 Seller delivered to Owner Trustee and Indenture Trustee in
order to perfect the interests created by this Section 5.8 and otherwise fully
to effectuate the purposes, terms and conditions of this Section 5.8. Seller and
Servicer shall:

          (1)  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
     Indenture Trustee's security interest; and

          (2)  make the necessary filings of financing statements or amendments
     thereto within five days after the occurrence of any of the following: (1)
     any change in their respective names or any trade names, (2) any change in
     the location of their respective chief executive offices or principal
     places of business and (3) any merger or consolidation or other change in
     their respective identities or corporate structures; and shall promptly
     notify Owner Trustee and Indenture Trustee of any such filings.

     (h)  Investment earnings attributable to the Reserve Account Property and
proceeds therefrom shall be held by Indenture Trustee in the Reserve Account and
will be available to pay the distributions provided for in Section 5.5.

                              ARTICLE VI. SELLER.

      SECTION 6.1.  Representations of Seller.  Seller makes the following
representations on which Issuer is deemed to have relied in acquiring the
Receivables and the other properties and rights included in the Owner Trust
Estate and the Indenture Trustee is deemed to have relied in accepting
administration of its trusts. The representations speak as of the execution and
delivery of this Agreement and shall survive the sale of the Receivables to
Issuer and the pledge thereof to Indenture Trustee pursuant to the Indenture.

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                                      23
<PAGE>

     (a)  Organization and Good Standing.  Seller has been duly organized and is
validly existing as a Delaware limited liability company in good standing under
the laws of the State of Delaware, with the power and authority to own its
properties and to conduct its business as such properties are presently owned
and such business is presently conducted and had at all relevant times, and has,
full power, authority and legal right to acquire, own and sell the Receivables
and the other properties and rights included in the Owner Trust Estate assigned
to Issuer pursuant to Article II.

     (b)  Due Qualification.  Seller is duly qualified to do business as a
foreign corporation 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, except where
the failure to so obtain would not have a material adverse impact either on
Seller, the transactions contemplated in the Basic Documents or the Receivables.

     (c)  Power and Authority.  Seller has the power, authority and legal right
to execute and deliver this Agreement and the Basic Documents to which it is a
party and to carry out their respective terms and to sell and assign the
property to be sold and assigned to and deposited with Issuer as the Owner Trust
Estate; and the execution, delivery and performance of this Agreement and the
Basic Documents to which it is a party have been duly authorized by Seller by
all necessary action.

     (d)  No Consent Required.  No approval, authorization, consent, license or
other order or action of, or filing or registration with, any governmental
authority, bureau or agency is required in connection with the execution,
delivery or performance of this Agreement or the Basic Documents to which it is
a party or the consummation of the transactions contemplated hereby or thereby,
other than (i) as may be required under the blue sky or securities laws of any
State or the Securities Act of 1933, as amended, and (ii) the filing of UCC
financing statements.

     (e)  Valid Sale; Binding Obligation.  Seller intends this Agreement to
effect a valid sale, transfer, and assignment of the Receivables and the other
properties and rights included in the Owner Trust Estate conveyed by Seller to
Issuer hereunder, enforceable against creditors of and purchasers from Seller;
and each of this Agreement and the Basic Documents to which it is a party
constitutes a legal, valid and binding obligation of Seller, enforceable against
Seller in accordance with its respective terms, subject, as to enforceability,
to applicable bankruptcy, insolvency, reorganization, conservatorship,
receivership, liquidation and other similar laws affecting enforcement of the
rights of creditors generally and to equitable limitations on the availability
of specific remedies.

     (f)  No Violation.  The execution, delivery and performance by Seller of
this Agreement and the Basic Documents to which it is a party and the
consummation of the transactions contemplated hereby and thereby will not
conflict with, result in any material breach of any of the terms and provisions
of, constitute (with or without notice or lapse of time) a material default
under or result in the creation or imposition of any Lien upon any of its
material properties pursuant to the terms of, (i) the limited liability company
agreement of Seller, (ii) any

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material indenture, contract, lease, mortgage, deed of trust or other instrument
or agreement to which Seller is a party or by which Seller is bound, or (iii)
any law, order, rule or regulation applicable to Seller of any federal or state
regulatory body, any court, administrative agency, or other governmental
instrumentality having jurisdiction over Seller.

     (g) No Proceedings. There are no proceedings or investigations pending, or,
to the knowledge of Seller, threatened, before any court, regulatory body,
administrative agency, or other tribunal or governmental instrumentality having
jurisdiction over Seller or its properties: (i) asserting the invalidity of this
Agreement, any other Basic Document, the Notes or the Certificates, (ii) seeking
to prevent the issuance of the Notes or Certificates or the consummation of any
of the transactions contemplated by this Agreement or any other Basic Document,
(iii) seeking any determination or ruling that might materially and adversely
affect the performance by Seller of its obligations under, or the validity or
enforceability of, this Agreement, any other Basic Document, the Notes or the
Certificates, to the extent applicable, or (iv) that may materially and
adversely affect the federal or state income, excise franchise or similar tax
attributes of Issuer, the Notes or the Certificates.

     (h) Chief Executive Office. The chief executive office of Seller is 1900
5th Avenue North, AmSouth/SONAT Tower, Birmingham, Alabama 35288.

     SECTION 6.2. Continued Existence. During the term of this Agreement,
subject to Section 6.4, Seller will keep in full force and effect its existence,
rights and franchises as a limited liability company organized under the laws of
the State of Delaware and will obtain and preserve its qualification to do
business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Agreement, the
Basic Documents and each other instrument or agreement necessary or appropriate
to the proper administration of this Agreement and the transactions contemplated
hereby.

     SECTION 6.3. Liability of Seller; Indemnities.  Subject to Section 10.5,
Seller shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by Seller under this Agreement.

     (a) Seller shall indemnify, defend and hold harmless Issuer, Owner Trustee
(individually and in its capacity as such), Indenture Trustee (individually and
in its capacity as such), the Certificateholders and the Noteholders and the
respective officers, directors, employees and agents of Issuer, Owner Trustee
and Indenture Trustee from and against any and all costs, expenses, losses,
claims, damages and liabilities to the extent arising out of, or imposed upon
such Person through or as a result of (i) Seller's willful misfeasance, bad
faith or gross negligence (other than errors in judgment) in the performance of
its duties under this Agreement, or by reason of breach of contract or reckless
disregard of its obligations and duties under this Agreement or any other Basic
Document and (ii) Seller's violation of Federal or state securities laws in
connection with the offering and sale of the Notes and the Certificates or in
connection with any application relating to the Notes or Certificates under any
state securities laws.

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<PAGE>

     (b) Seller shall pay any and all taxes levied or assessed upon the Issuer
or upon all or any part of the Owner Trust Estate.

Indemnification under this Section shall survive the resignation or removal of
Owner Trustee or Indenture Trustee and the termination of this Agreement or any
other Basic Document, and shall include reasonable fees and expenses of counsel
and other expenses of litigation. If Seller shall have made any indemnity
payments pursuant to this Section and the Person to or on behalf of whom such
payments are made thereafter shall collect any of such amounts from others, such
Person shall promptly repay such amounts to Seller, without interest.

      SECTION 6.4. Merger or Consolidation of, or Assumption of the Obligations
of, Seller. Any Person (a) into which Seller may be merged or consolidated, (b)
which may result from any merger or consolidation to which Seller shall be a
party or (c) which may succeed to the properties and assets of Seller
substantially as a whole, shall be the successor to Seller without the execution
or filing of any document or any further act by any of the parties to this
Agreement; provided that Seller hereby covenants that it will not consummate any
of the foregoing transactions except upon satisfaction of the following: (i) the
surviving Seller if other than AmSouth Auto Receivables LLC, executes an
agreement of assumption to perform every obligation of Seller under this
Agreement, (ii) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Section 3.1 or 6.1 shall have been
breached, (iii) Seller shall have delivered to Owner Trustee and Indenture
Trustee an Officer's Certificate and an Opinion of Counsel each stating that
such consolidation, merger or succession and such agreement of assumption comply
with this Section and that all conditions precedent, if any, provided for in
this Agreement relating to such transaction have been complied with, and that
the Rating Agency Condition shall have been satisfied with respect to such
transaction, (iv) the surviving Seller shall have a consolidated net worth at
least equal to that of the predecessor Seller, (v) such transaction will not
result in a material adverse federal or state tax consequence to Issuer, the
Noteholders or the Certificateholders and (vi) unless AmSouth Auto Receivables
LLC is the surviving entity, Seller shall have delivered to Owner Trustee and
Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion
of such counsel, 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 Owner Trustee and Indenture Trustee,
respectively, in the Receivables and reciting the details of such filings, or
(B) stating that, in the opinion of such counsel, no such action shall be
necessary to preserve and protect such interests.

      SECTION 6.5. Limitation on Liability of Seller and Others. Seller and any
director or officer or employee or agent of Seller 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 under any Basic
Document (provided that such reliance shall not limit in any way Seller's
obligations under Section 3.2 or 6.3). Seller 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.

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<PAGE>

     SECTION 6.6. Seller May Own Certificates or Notes. Seller and any
Affiliate thereof may in its individual or any other capacity become the owner
or pledgee of Certificates or Notes with the same rights as it would have if it
were not Seller or an Affiliate thereof, except as expressly provided herein or
in any Basic Document. Except as set forth herein or in the other Basic
Documents, Notes and Certificates so owned by or pledged to Seller or any such
Affiliate shall have an equal and proportionate benefit under the provisions of
this Agreement and the other Basic Documents, without preference, priority, or
distinction as among all of the Notes and Certificates of the same class.

     SECTION 6.7. Security Interest.  During the term of this Agreement, Seller
will not take any action to assign the security interest in any Financed
Vehicles other than pursuant to the Basic Documents.

     SECTION 6.8. Indebtedness of Seller.  Seller shall provide written notice
to the Rating Agencies at least thirty (30) days prior to the date it incurs any
material indebtedness or assumes or guarantees any material indebtedness of any
other entity in connection with the acquisition or transfer of receivables
(other than the Receivables) or the issuance and sale of securities (other than
the Notes and Certificates) secured by or evidencing beneficial ownership
interests in such receivables, or incurs any material, non-incidental
indebtedness in connection with the accomplishment of any of the foregoing.

                              ARTICLE VII  SERVICER.

     SECTION 7.1. Representations of Servicer. Servicer makes the following
representations on which Issuer is deemed to have relied in acquiring the
Receivables and the other properties and rights included in the Owner Trust
Estate and the Indenture Trustee and the Owner Trustee are deemed to have relied
in accepting administration of their trusts. The representations speak as of the
execution and delivery of the Agreement and shall survive the sale, transfer and
assignment of the Receivables to Issuer and the pledge thereof to Indenture
Trustee pursuant to the Indenture.

     (a) Organization and Good Standing. Servicer has been duly organized and is
validly existing as a state banking corporation in good standing under the laws
of the State of Alabama, with the power and authority to own its properties and
to conduct its business as such properties are presently owned and such business
is presently conducted, and had at all relevant times, and shall have, the
power, authority and legal right to service the Receivables and the other
properties and rights included in the Owner Trust Estate.

     (b) Due Qualification. Servicer is duly qualified to do business as a
foreign corporation 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 (including the servicing of the Receivables as
required by this Agreement) shall require such qualifications.

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<PAGE>

     (c) Power and Authority. Servicer has the power, authority and legal right
to execute and deliver this Agreement and the Basic Documents to which it is a
party and to carry out their respective terms; and the execution, delivery and
performance of this Agreement and the Basic Documents to which it is a party
have been duly authorized by Servicer by all necessary corporate action.

     (d) No Consent Required. No approval, authorization, consent, license or
other order or action of, or filing or registration with, any governmental
authority, bureau or agency is required in connection with the execution,
delivery or performance of this Agreement, the Basic Documents to which it is a
party or the consummation of the transactions contemplated hereby or thereby,
other than (i) as may be required under the blue sky or securities laws of any
State or the Securities Act of 1933, as amended, and (ii) the filing of UCC
financing statements.

     (e) Binding Obligation. Each of this Agreement and the Basic Documents to
which it is a party constitutes a legal, valid and binding obligation of
Servicer, enforceable against Servicer in accordance with its respective terms,
subject, as to enforceability, to applicable bankruptcy, insolvency,
reorganization, conservatorship, receivership, liquidation and other similar
laws affecting enforcement of the rights of creditors of banks generally and to
equitable limitations on the availability of specific remedies.

     (f) No Violation. The execution, delivery and performance by Servicer of
this Agreement and the Basic Documents to which it is a party and the
consummation of the transactions contemplated hereby and thereby will not
conflict with, result in any material breach of any of the terms and provisions
of, constitute (with or without notice or lapse of time) a material default
under, or result in the creation or disposition of any Lien upon any of its
material properties pursuant to the terms of, (i) the [certificate of
incorporation] or bylaws of Servicer, (ii) any material indenture, contract,
lease, mortgage, deed of trust or other instrument or agreement to which
Servicer is a party or by which Servicer is bound, or (iii) any law, order, rule
or regulation applicable to Servicer of any federal or state regulatory body,
any court, administrative agency, or other governmental instrumentality having
jurisdiction over Servicer.

     (g) No Proceedings. There are no proceedings or investigations pending, or,
to Servicer's knowledge, threatened, before any court, regulatory body,
administrative agency, or tribunal or other governmental instrumentality having
jurisdiction over Servicer or its properties: (i) asserting the invalidity of
this Agreement, any other Basic Document, the Notes or the Certificates, (ii)
seeking to prevent the issuance of the Certificates or the Notes or the
consummation of any of the transactions contemplated by this Agreement or any
other Basic Document, (iii) seeking any determination or ruling that might
materially and adversely affect the performance by Servicer of its obligations
under, or the validity or enforceability of, this Agreement, any other Basic
Document, the Notes or the Certificates, to the extent applicable, or (iv) that
may materially and adversely affect the federal or state income, excise,
franchise or similar tax attributes of the Certificates.

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     SECTION 7.2. Indemnities of Servicer.  (a) Subject to Section 10.5,
Servicer shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by Servicer under this Agreement.

     (b) Servicer shall indemnify, defend and hold harmless Issuer, Owner
Trustee (individually and in its capacity as such), Indenture Trustee
(individually and in its capacity as such), Seller, the Certificateholders and
the Noteholders and any of the respective officers, directors, employees and
agents of Issuer, Owner Trustee, Indenture Trustee or Seller from any and all
costs, expenses, losses, claims, damages and liabilities (including reasonable
attorneys' fees and expenses) to the extent arising out of, or imposed upon any
such Person through, the gross negligence, willful misfeasance, breach of
contract or bad faith (other than errors in judgment) of Servicer in the
performance of its obligations and duties under this Agreement or any other
Basic Document or in the performance of the obligations and duties of any
subcustodian or subservicer in the performance of its obligations and duties
under any custody or subservicing agreement.  Notwithstanding the foregoing, if
Servicer is rendered unable, in whole or in part, by virtue of an act of God,
act of war, fires, earthquake or other natural disasters, to satisfy its
obligations under this Agreement, Servicer shall not be deemed to have breached
any such obligation upon the sending of written notice of such event to the
other parties hereto, for so long as Servicer remains unable to perform such
obligation as a result of such event.  This provision shall not be construed to
limit Servicer's or any other party's rights, obligations, liabilities, claims
or defenses which arise as a matter of law or pursuant to any other provision of
this Agreement.

     (c) Servicer shall indemnify, defend and hold harmless Issuer, Owner
Trustee, and Indenture Trustee and their respective officers, directors,
employees and agents from and against any taxes that may at any time be asserted
against any such Person with respect to the transactions contemplated in this
Agreement or in the other Basic Documents, including any sales, gross receipts,
general corporation, tangible or intangible personal property, franchise,
privilege, or license taxes, or any taxes of any kind which may be asserted (not
including any Federal or other income taxes arising out of transactions
contemplated by this Agreement and the other Basic Documents) against the
Issuer, and costs and expenses in defending against the same.

     (d) Servicer shall indemnify, defend and hold harmless Issuer, Owner
Trustee (individually and in its capacity as such), Indenture Trustee
(individually and in its capacity as such), Seller, Certificateholders and the
Noteholders or any of the respective officers, directors, employees and agents
of Issuer, Owner Trustee, Indenture Trustee or Seller from any and all costs,
expenses, losses, claims, damages and liabilities (including reasonable
attorneys' fees and expenses) to the extent arising out of or imposed upon any
such Person as a result of any compensation payable to any subcustodian or
subservicer (including any fees payable in connection with the release of any
Receivable File from the custody of such subservicer or in connection with the
termination of the servicing activities of such subservicer with respect to any
Receivable) whether pursuant to the terms of any subservicing agreement or
otherwise.

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<PAGE>

     (e) Servicer shall indemnify, defend and hold harmless Issuer, Owner
Trustee (individually and in its capacity as such), Indenture Trustee
(individually and in its capacity as such), Seller, the Certificateholders and
the Noteholders or any of the respective directors, officers, employees and
agents of Issuer, Owner Trustee, Indenture Trustee and Seller from and against
any and all costs, expenses, losses, damages, claims and liabilities, including
reasonable fees and expenses of counsel and expenses of litigation, arising out
of or resulting from the use, ownership, or operation by the Servicer or any
Affiliate thereof of any Financed Vehicle.

Indemnification under this Section shall survive the resignation or removal of
Owner Trustee or Indenture Trustee and the termination of this Agreement and the
other Basic Documents, as applicable, and shall include reasonable fees and
expenses of counsel and other expenses of litigation. If Servicer shall have
made any indemnity payments pursuant to this Section and the Person to or on
behalf of whom such payments are made thereafter shall collect any of such
amounts from others, such Person shall promptly repay such amounts to Servicer,
without interest.

     SECTION 7.3. Merger or Consolidation of, or Assumption of the Obligations
of, Servicer.  Any Person (a) into which Servicer may be merged or consolidated,
(b) which may result from any merger or consolidation to which Servicer shall be
a party, (c) which may succeed to the properties and assets of Servicer,
substantially as a whole, or (d) 50% of the voting stock of which is owned
directly or indirectly by AmSouth Bancorporation, may become the successor to
Servicer; provided that, unless AmSouth Bank is the surviving party to such
transaction, Servicer hereby covenants that it will not consummate any of the
foregoing transactions except upon satisfaction of the following: (i) the
surviving Servicer if other than AmSouth Bank, executes an agreement of
assumption to perform every obligation of Servicer under this Agreement, (ii)
immediately after giving effect to such transaction, no representation or
warranty made pursuant to Section 7.1 shall have been breached and no Servicer
Termination Event, and no event that, after notice or lapse of time, or both,
would become a Servicer Termination Event shall have occurred and be continuing,
(iii) Servicer shall have delivered to Owner Trustee and Indenture Trustee an
Officer's Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply with
this Section and that all conditions precedent, if any, provided for in this
Agreement relating to such transaction have been complied with, and that the
Rating Agency Condition shall have been satisfied with respect to such
transaction, (iv) the surviving Servicer shall have a consolidated net worth at
least equal to that of the predecessor Servicer, and (v) such transaction will
not result in a material adverse Federal or state tax consequence to Issuer, the
Noteholders or the Certificateholders.

     SECTION 7.4. Limitation on Liability of Servicer and Others.  Neither
Servicer nor any of its directors, officers, employees or agents shall be under
any liability to Issuer, the Noteholders or the Certificateholders, except as
provided under this Agreement, for any action taken or for refraining from the
taking of any action by Servicer or any subservicer pursuant to this Agreement
or for errors in judgment; provided that this provision shall not protect
Servicer or any such person against any liability that would otherwise be
imposed by reason of willful

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<PAGE>

misfeasance, bad faith, breach of contract or gross negligence in the
performance of duties (except for errors in judgment) under this Agreement.
Servicer or any subservicer and any of their respective directors, officers,
employees or agents 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, 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 that Servicer may (but shall not be required to) undertake any
reasonable action that it may deem necessary or desirable in respect of the
Basic Documents to protect the interests of the Certificateholders under this
Agreement and the Noteholders under the Indenture. In such event, the legal
expense and costs of such action and any liability resulting therefrom shall be
expenses, costs and liabilities of the Servicer.

     SECTION 7.5. AmSouth Bank Not To Resign as Servicer. Subject to the
provisions of Section 7.3, AmSouth Bank hereby agrees not to resign from the
obligations and duties hereby imposed on it as Servicer under this Agreement
except upon determination that the performance of its duties hereunder shall no
longer be permissible under applicable law or if such resignation is required by
regulatory authorities. Notice of any such determination permitting the
resignation of AmSouth as Servicer shall be communicated to Owner Trustee and
Indenture Trustee at the earliest practicable time (and, if such communication
is not in writing, shall be confirmed in writing at the earliest practicable
time) and any such determination shall be evidenced by an Opinion of Counsel to
such effect delivered to Owner Trustee and Indenture Trustee concurrently with
or promptly after such notice. No such resignation shall become effective until
the earlier of Indenture Trustee or a Successor Servicer having assumed the
responsibilities and obligations of the resigning Servicer in accordance with
Section 8.2 or the date upon which any regulatory authority requires such
resignation.

     SECTION 7.6. Existence.  Subject to the provisions of Section 7.3, during
the term of this Agreement, AmSouth Bank will keep in full force and effect and
its existence, rights and franchises as an Alabama state banking corporation and
as a foreign corporation in all jurisdictions which the ownership or lease of
property or the conduct of its business (including the servicing of Receivables
as required by this Agreement) shall require such qualifications.

     SECTION 7.7. Servicer May Own Notes or Certificates.  The Servicer, and any
Affiliate of the Servicer, may, in its individual or any other capacity, become
the owner or pledgee of Notes or Certificates with the same rights as it would
have if it were not the Servicer or an Affiliate thereof, except as expressly
provided herein or in any Basic Document. Except as set forth herein or in the
other Basic Documents, Notes and Certificates so owned by or pledged to Servicer
or any such Affiliate shall have an equal and proportionate benefit under the
provisions of this Agreement and the other Basic Documents, without preference,
priority, or distinction as among all of the Notes and Certificates of the same
class.

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<PAGE>

                  ARTICLE VIII  SERVICER TERMINATION EVENTS.

     SECTION 8.1. Servicer Termination Event.  If any one of the following
events (a "Servicer Termination Event") shall occur and be continuing:

     (a) any failure by Servicer to deliver to Indenture Trustee and Owner
Trustee the Servicer's Report in accordance with Section 4.9, or any failure by
Servicer (either as such or as "Seller" under the Purchase Agreement) or Seller
to deliver to Indenture Trustee or Owner Trustee for deposit in any of the Trust
Accounts or the Certificate Distribution Account any required payment or to
direct Indenture Trustee or Owner Trustee to make any required distributions
therefrom that shall continue unremedied for a period of five Business Days
after written notice of such failure is received by Servicer from Owner Trustee
or Indenture Trustee or after discovery of such failure by an Authorized Officer
of Servicer; or

     (b) failure on the part of Servicer or Seller duly to observe or to perform
in any material respect any other covenants or agreements of Servicer or Seller,
as applicable, set forth in this Agreement or any other Basic Document to which
it is a party, which failure shall (i) materially and adversely affect the
rights of either the Certificateholders or Noteholders and (ii) continue
unremedied for a period of 60 days after discovery of such failure by an
Authorized Officer of Servicer or after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given (A) to
Servicer or Seller by Owner Trustee or Indenture Trustee or (B) to Servicer or
Seller and to Owner Trustee and Indenture Trustee by the Holders of Notes
evidencing not less than 25% of the Outstanding Amount of the Notes of the
Controlling Note Class or, if no Notes are outstanding, Holders of Certificates
evidencing not less than 25% of the outstanding Certificate Percentage
Interests, as applicable (or for such longer period, not in excess of 120 days,
as may be reasonably necessary to remedy such default; provided that such
default is capable of remedy within 120 days and Servicer delivers an Officer's
Certificate to Owner Trustee and Indenture Trustee to such effect and to the
effect that Servicer or Seller, as applicable, has commenced or will promptly
commence, and will diligently pursue, all reasonable efforts to remedy such
default); or

     (c) an Insolvency Event occurs with respect to Servicer or Seller or any of
their respective successors;

then, and in each and every case, so long as any Servicer Termination Event
shall not have been remedied, either Indenture Trustee, or the Holders of Notes
evidencing greater than 50% of the Outstanding Amount of the Notes of the
Controlling Note Class (or, if no Notes are then Outstanding, either the Owner
Trustee or the Holders of Certificates evidencing greater than 50% of the
Certificate Percentage Interests), by notice then given in writing to Servicer
(and to Owner Trustee or Indenture Trustee, as applicable, if given by the
Holders, and the Rating Agencies) may terminate all the rights and obligations
(other than the obligations set forth in Section 7.2) of Servicer under this
Agreement and the rights and obligations of any subcustodian or subservicer
pursuant to the terms of any related custody or subservicing agreement. On or
after the receipt by Servicer of such written notice, all authority and power of
Servicer under this

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<PAGE>

Agreement, whether with respect to the Notes, the Certificates or the
Receivables or otherwise, shall, without further action, pass to and be vested
in Indenture Trustee or such Successor Servicer as may be appointed under
Section 8.2; and, without limitation, Indenture Trustee and Owner Trustee are
hereby authorized and empowered to execute and deliver, on behalf of the
predecessor 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 Servicer shall cooperate with the
Successor Servicer, Indenture Trustee and Owner Trustee in effecting the
termination of the responsibilities and rights of the predecessor Servicer under
this Agreement, including the transfer to the Successor Servicer for
administration by it of all cash amounts that shall at the time be held by the
predecessor Servicer for deposit, or shall thereafter be received by it with
respect to a Receivable. Servicer shall promptly transfer its electronic records
relating to the Receivables to the Successor Servicer in such electronic form as
the Successor Servicer may reasonably request and shall promptly transfer to the
Successor Servicer all other records, correspondence and documents necessary for
the continued servicing of the Receivables in the manner and at such times as
the Successor Servicer shall reasonably request. All reasonable costs and
expenses (including attorneys' fees) incurred in connection with transferring
the Receivable Files to the Successor Servicer and amending this Agreement to
reflect such succession as Servicer pursuant to this Section shall be paid by
the predecessor Servicer upon presentation of reasonable documentation of such
costs and expenses.

      SECTION 8.2. Appointment of Successor.  (a) Upon Servicer's receipt of
notice of termination, pursuant to Section 8.1 or Servicer's resignation (if and
to the extent permitted in accordance with the terms of this Agreement), the
predecessor Servicer shall continue to perform its functions as 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 earlier of (i) the date 45 days from the delivery to Owner Trustee and
Indenture Trustee of written notice of such resignation (or written confirmation
of such notice) in accordance with the terms of this Agreement and (ii) the date
upon which the predecessor Servicer shall become unable to act as Servicer, as
specified in the notice of resignation and accompanying Opinion of Counsel. In
the event of Servicer's termination or resignation hereunder, Indenture Trustee
shall appoint a Successor Servicer (which may be the Indenture Trustee), and the
Successor Servicer shall accept its appointment by a written assumption in form
acceptable to Owner Trustee and Indenture Trustee. In the event that a Successor
Servicer has not been appointed at the time when the predecessor Servicer has
ceased to act as Servicer in accordance with this Section, Indenture Trustee
without further action shall automatically be appointed the Successor Servicer
and Indenture Trustee shall be entitled to the Servicing Fee.  Notwithstanding
the above, Indenture Trustee shall, if it shall be unwilling or 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 $50,000,000 and
whose regular business shall include the servicing of consumer receivables, as
the successor to Servicer under this Agreement; provided, that the appointment
of any such Successor Servicer will not result in

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<PAGE>

the withdrawal, qualification or reduction of the outstanding rating assigned to
the Certificates or Notes by any Rating Agency.

     (b) Upon appointment, the Successor Servicer (including Indenture Trustee
acting as Successor Servicer) shall be the successor in all respects to the
predecessor Servicer and shall be subject to all the responsibilities, duties
and liabilities arising thereafter relating thereto placed on the predecessor
Servicer and shall be entitled to the Servicing Fee and all the rights granted
to the predecessor Servicer by the terms and provisions of this Agreement. No
Successor Servicer shall be liable for any acts or omissions of any predecessor
Servicer.

     (c) A transfer of servicing hereunder shall not affect the rights and
duties of the parties hereunder (including the obligations and indemnities of
the predecessor Servicer pursuant to Section 4.7, 7.1 or 7.2) other than those
relating to the management, administration, servicing, custody or collection of
the Receivables and the other rights and properties included in the Owner Trust
Estate. The Successor Servicer shall, upon its appointment pursuant to Section
8.2 and as part of its duties and responsibilities under this Agreement,
promptly take all action it deems necessary or appropriate so that the
predecessor Servicer (in whatever capacity) is paid or reimbursed all amounts it
is entitled to receive under this Agreement on each Distribution Date subsequent
to the date on which it is terminated as Servicer hereunder.

     SECTION 8.3. Payment of Servicing Fee.  If Servicer shall be replaced, the
predecessor Servicer shall be entitled to receive any accrued and unpaid
Servicing Fees and any Supplemental Servicing Fees accrued and unpaid or
received to the effective date of the termination of the predecessor Servicer,
in each case, in accordance with Section 4.8.

     SECTION 8.4. Notification to Noteholders and Certificateholders.  Upon any
termination of, or appointment of a successor to, Servicer pursuant to this
Article VIII, Owner Trustee shall give prompt written notice thereof to
Certificateholders and Indenture Trustee shall give prompt written notice
thereof to Noteholders.

     SECTION 8.5. Waiver of Past Defaults.  The Holders of Notes evidencing not
less than a majority of the Outstanding Amount of the Notes of the Controlling
Note Class (or the Holders of Certificates evidencing not less than a majority
of the outstanding Certificate Percentage Interests, as applicable, in the case
of any default which does not adversely affect Indenture Trustee or the
Noteholders) may, on behalf of all Noteholders and Certificateholders, waive in
writing any default by Servicer in the performance of its obligations hereunder
and its consequences, except a default in making any required deposits to any of
the Trust Accounts in accordance with this Agreement. Upon any such waiver of a
past default, such default shall cease to exist, and any Servicer Termination
Event arising therefrom shall be deemed to have been remedied for every purpose
of this Agreement. No such waiver shall extend to any subsequent or other
default or impair any right consequent thereto.

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                            ARTICLE IX.  TERMINATION.

     SECTION 9.1. Optional Purchase of All Receivables; Termination Notice.  (a)
On the last day of any Collection Period immediately preceding a Determination
Date as of which the then outstanding Pool Balance is 5% or less of the Original
Pool Balance, Servicer shall have the option to purchase the Owner Trust Estate
other than the Trust Accounts, the Certificate Distribution Account and any
funds or investments therein. To exercise such option, Servicer shall deposit
pursuant to Section 5.4 in the Collection Account an amount which, when added to
the amounts on deposit in the Collection Account for such Distribution Date,
equals the sum of (a) the unpaid principal amount of the then outstanding Notes,
plus accrued and unpaid interest thereon, plus (b) any amounts owed to
Certificateholders.  The Notes and the Certificates will be redeemed
concurrently therewith.

     (b) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder.

     (c) Notice of any termination of Issuer shall be given by Servicer to Owner
Trustee, Indenture Trustee and the Rating Agencies as soon as practicable after
Servicer has received notice thereof.

                     ARTICLE X.  MISCELLANEOUS PROVISIONS.

     SECTION 10.1  Amendment. (a) This Agreement may be amended by Seller,
Servicer, Owner Trustee and Indenture Trustee, but without the consent of any of
the Noteholders or the Certificateholders:

          (i)  to cure any ambiguity or defect, 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 that such action shall not, as evidenced
     by an Opinion of Counsel delivered to Owner Trustee and Indenture Trustee,
     adversely affect in any material respect the interests of any Noteholder or
     Certificateholder;

          (ii) (A) to add, modify or eliminate such provisions as may be
     necessary or advisable in order to enable all or a portion of Issuer to
     qualify as, and to permit an election to be made to cause all or a portion
     of Issuer to be treated as, a "financial asset securitization investment
     trust" under the Code and (B) in connection with any such election, to
     modify or eliminate existing provisions set forth in this Agreement
     relating to the intended federal income tax treatment of the Notes or
     Certificates and Issuer in the absence of the election; it being a
     condition to any such amendment that the Rating Agency Condition shall have
     been satisfied; and

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<PAGE>

          (iii)  to add, modify or eliminate such provisions as may be necessary
     or advisable in order to enable (a) the transfer to Issuer of all or any
     portion of the Receivables to be recognized as a sale under generally
     accepted accounting principles ("GAAP") by Seller to Issuer, (b) Issuer to
     avoid becoming a member of Seller's consolidated group under GAAP or (c)
     the Seller, AmSouth Bank or any of its Affiliates to otherwise comply with
     or obtain more favorable treatment under any law or regulation or any
     accounting rule or principle; it being a condition to any such amendment
     that the Rating Agency Condition shall have been satisfied.

     (b) This Agreement may also be amended from time to time by Seller,
Servicer, Owner Trustee and Indenture Trustee, with the consent of the Holders
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 Percentage Interests 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 that no such amendment shall (i) increase or
reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on Receivables or distributions that shall be required
to be made for the benefit of the Noteholders or the Certificateholders or (ii)
reduce the aforesaid percentage of the Outstanding Amount of the Notes and the
Certificate Percentage Interests, the Holders of which are required to consent
to any such amendment, without the consent of the Holders of all the outstanding
Notes and the Holders of all the outstanding Certificates of each class affected
thereby.

     (c) Prior to the execution of any such amendment or consent, Servicer shall
furnish written notification of the substance of such amendment or consent to
each Rating Agency. Promptly after the execution of any such amendment or
consent, Servicer shall furnish written notification of the substance of such
amendment or consent to each Noteholder and Certificateholder.

     (d) 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.

     (e) Prior to the execution of any amendment to this Agreement, Owner
Trustee and Indenture Trustee shall be entitled to receive and conclusively rely
upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement and that all conditions precedent to
the execution and delivery of such amendment have been satisfied and the Opinion
of Counsel referred to in Section 10.2(i)(1) has been delivered. Owner Trustee
and Indenture Trustee may, but shall not be obligated to, enter into any such
amendment which affects Owner Trustee's or Indenture Trustee's, as applicable,
own rights, duties or immunities under this Agreement or otherwise.

     SECTION 10.2  Protection of Title to Trust Property.  (a)  Seller shall
execute and file such financing statements and cause to be executed and filed
such continuation statements, all in

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<PAGE>

such manner and in such places as may be required by law fully to preserve,
maintain and protect the interest of Issuer and the interests of Indenture
Trustee in the Receivables and the proceeds thereof. Seller shall deliver (or
cause to be delivered) to Owner Trustee and Indenture Trustee file-stamped
copies of, or filing receipts for, any document filed as provided above, as soon
as available following such filing.

     (b) Neither Seller nor 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 (S) 9-402(7) of the UCC, unless it
shall have given Owner Trustee and Indenture Trustee at least five days' prior
written notice thereof and shall have promptly filed appropriate amendments to
all previously filed financing statements or continuation statements.

     (c) Each of Seller and Servicer shall have an obligation to give Owner
Trustee and Indenture 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. Servicer shall at all times maintain each office from which it shall
service Receivables, and its principal executive office, within the United
States of America.

     (d) 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 Collection Account in respect of such
Receivable.

     (e) Servicer shall maintain its computer systems so that, from and after
the time of sale under this Agreement of the Receivables, Servicer's master
computer records (including any backup archives) that refer to a Receivable
shall indicate clearly the interest of Issuer and Indenture Trustee in such
Receivable and that such Receivable is owned by Issuer and has been pledged to
Indenture Trustee pursuant to the Indenture. Indication of Issuer's and
Indenture Trustee's interest in a Receivable shall be deleted from or modified
on Servicer's computer systems when, and only when, the related Receivable shall
have been paid in full or repurchased by Seller or purchased by Servicer.

     (f) If at any time Seller or 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, Servicer
shall give to such prospective purchaser, lender or other transferee computer
tapes, records or printouts (including any restored from backup archives) that,
if they shall refer in any manner whatsoever to any Receivable, shall indicate
clearly that such Receivable has been sold and is owned by Issuer and has been
pledged to Indenture Trustee.

                                             2000-1 SALE AND SERVICING AGREEMENT

                                       37
<PAGE>

     (g)  Servicer, upon receipt of reasonable prior notice, shall permit
Indenture Trustee, Owner Trustee and their respective agents at any time during
normal business hours to inspect, audit and make copies of and abstracts from
Servicer's records regarding any Receivable.

     (h)  Upon request at any time Owner Trustee or Indenture Trustee shall have
reasonable grounds to believe that such request is necessary in connection with
the performance of its duties under this Agreement or any of the Basic
Documents, Servicer shall furnish to Owner Trustee or to Indenture Trustee,
within thirty Business Days, a list of all Receivables (by contract number and
name of Obligor) then owned by Issuer, together with a reconciliation of such
list to the Schedule of Receivables and to each of Servicer's Reports furnished
before such request indicating removal of Receivables from Issuer.

     (i)  Servicer shall deliver to Owner Trustee and Indenture Trustee:

          (1) promptly after the execution and delivery of this Agreement and of
     each amendment thereto, an Opinion of Counsel either (A) stating that, in
     the opinion of such counsel, all financing statements and continuation
     statements have been executed and filed that are necessary fully to
     preserve and protect the interest of Issuer and Indenture Trustee in the
     Receivables, and reciting the details of such filings or referring to prior
     Opinions of Counsel in which such details are given, or (B) stating that,
     in the opinion of such counsel, no such action shall be necessary to
     preserve and protect such interest; and

          (2) within 120 days after the beginning of each calendar year
     beginning with the first calendar year beginning more than four months
     after the Cutoff Date, an Opinion of Counsel, dated as of a date during
     such 120-day period, either (A) stating that, in the opinion of such
     counsel, all financing statements and continuation statements have been
     executed and filed that are necessary fully to preserve and protect the
     interest of Issuer and Indenture Trustee in the Receivables, and reciting
     the details of such filings or referring to prior Opinions of Counsel in
     which such details are given, or (B) stating that, in the opinion of such
     counsel, no such action shall be necessary to preserve and protect such
     interest.

     Each Opinion of Counsel referred to in clause (1) or (2) above shall
specify any action necessary (as of the date of such opinion) to be taken in the
following year to preserve and protect such interest.

     (j)  Servicer shall cause Seller, to the extent required by applicable law,
to cause the Certificates and the Notes to be registered with the Commission
pursuant to Section 12(b) or Section 12(g) of the Exchange Act within the time
periods specified in such sections.

     SECTION 10.3  Notices.  All demands, notices and communications upon or to
Seller, Servicer, Owner Trustee, Indenture Trustee or the Rating Agencies under
this Agreement shall be in writing, personally delivered, sent by overnight
courier or mailed by certified mail, return receipt requested, and shall be
deemed to have been duly given upon receipt (a) in the case of

                                             2000-1 SALE AND SERVICING AGREEMENT

                                       38
<PAGE>

Seller, to AmSouth Auto Receivables LLC, 1900 5th Avenue North, AmSouth/SONAT
Tower, Birmingham, Alabama, 35288, Attention: R. Mark Graf (b) in the case of
Servicer, to AmSouth Bank, 1900 5th Avenue North, AmSouth/SONAT Tower,
Birmingham, Alabama, 35203, Attention: David Parks (c) in the case of Issuer or
Owner Trustee, at the Corporate Trust Office, (d) in the case of Indenture
Trustee, at the Corporate Trust Office, (e) in the case of Moody's, to Moody's
Investors Service, Inc., to 99 Church Street, New York, New York 10004,
Attention of Asset Backed Securities Group, and (f) in the case of Standard &
Poor's, to Standard & Poor's Ratings Services, a division of The McGraw-Hill
Companies, Inc., 55 Water Street, New York, New York 10041-0003, Attention of
Asset Backed Surveillance Department. Any notice required or permitted to be
mailed to a Noteholder or Certificateholder shall be given by first class mail,
postage prepaid, at the address of such Person as shown in the Note Register or
the Certificate Register, as applicable. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Noteholder or Certificateholder shall receive such
notice.

     SECTION 10.4. Assignment.  Notwithstanding anything to the contrary
contained herein, except as provided in Sections 4.1, 6.4 and 7.3 and as
provided in the provisions of this Agreement concerning the resignation of
Servicer, this Agreement may not be assigned by Seller or Servicer without the
prior written consent of the Owner Trustee, Indenture Trustee, the Noteholders
evidencing not less than 66 2/3% of the Outstanding Amount of the Notes and the
Certificateholders evidencing not less than 66 2/3% of the outstanding
Certificate Percentage Interests.

     SECTION 10.5. Litigation and Indemnities.  If any suit, action, proceeding
(including any governmental or regulatory investigation), claim or demand shall
be brought or asserted against any Person in respect of which indemnity may be
sought pursuant to Sections 6.3 and 7.2, such Person (the "Indemnified Person")
shall promptly notify the person against whom such indemnity may be sought (the
"Indemnifying Person") in writing, and the Indemnifying Person, upon request of
the Indemnified Person, shall retain counsel reasonably satisfactory to the
Indemnified Person to represent the Indemnified Person and any others the
Indemnifying Person may designate in such proceeding and shall pay the
reasonable fees and expenses of such counsel related to such proceeding.  The
Indemnifying Person shall not be liable for any settlement of any claim or
proceeding effected without written consent, but if settled with such consent of
ir there be a final judgment for the plaintiff, the Indemnifying Person agrees
to indemnify any Indemnified Person from and against any loss or liability by
reason of such settlement or judgment.  No Indemnifying Person shall, without
the prior written consent of the Indemnified Person, effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Person
is or could have been a party and indemnity could have been sought hereunder by
such Indemnified Person, unless such settlement includes an unconditional
release of such Indemnified Person from all liability on claims that are the
subject matter of such proceeding.

     SECTION 10.6. Limitations on Rights of Others.  The provisions of this
Agreement are solely for the benefit of Seller, Servicer, Issuer, Owner Trustee
(individually and in its capacity

                                             2000-1 SALE AND SERVICING AGREEMENT

                                       39
<PAGE>

as such) and Indenture Trustee (individually and in its capacity as such) and
for the benefit of the Certificateholders and the Noteholders, as third-party
beneficiaries, 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 Owner Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

     SECTION 10.7. 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 create or render unenforceable
such provision in any other jurisdiction.

     SECTION 10.8. 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 10.9. Headings.  The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

     SECTION 10.10. 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, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 10.11. Assignment to Indenture Trustee.  Seller hereby acknowledges
and consents to any pledge, assignment and grant of a security interest by
Issuer to Indenture Trustee pursuant to the Indenture for the benefit of the
Noteholders of all right, title and interest of Issuer in, to and under the
Receivables and/or the assignment of any or all of Issuer's rights and
obligations hereunder to Indenture Trustee.

     SECTION 10.12. Nonpetition Covenant.  Notwithstanding any prior termination
of this Agreement, Owner Trustee, Indenture Trustee, Servicer and Seller shall
not, prior to the date which is one year and one day after the termination of
this Agreement with respect to Issuer, acquiesce, petition or otherwise invoke
or cause Issuer to invoke the process of any court or government authority for
the purpose of commencing or sustaining a case against Issuer under any Federal
or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of Issuer or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of Issuer.  This Section 10.2 shall survive the
termination of this Agreement.

     SECTION 10.13. Limitation of Liability of Owner Trustee and Indenture
Trustee.  (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been

                                             2000-1 SALE AND SERVICING AGREEMENT

                                       40

<PAGE>

countersigned by The Chase Manhattan Bank not in its individual capacity but
solely in its capacity as Owner Trustee of Issuer and in no event shall The
Chase Manhattan Bank in its individual capacity or, except as expressly provided
in the Trust Agreement, as Owner Trustee have any liability for the
representations, warranties, covenants, agreements or other obligations of
Issuer hereunder or in any of the certificates, notices or agreements delivered
pursuant hereto, as to all of which recourse shall be had solely to the assets
of Issuer. For all purposes of this Agreement, in the performance of its duties
or obligations hereunder or in the performance of any duties or obligations of
Issuer hereunder, Owner Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement.

     (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been accepted by The Bank of New York Trust Company of Florida,
National Association not in its individual capacity but solely as Indenture
Trustee and in no event shall it have any liability for the representations,
warranties, covenants, agreements or other obligations of Issuer hereunder or in
any of the certificates, notices or agreements delivered pursuant hereto, as to
all of which recourse shall be had solely to the assets of Issuer.  For the
purposes of this Agreement, in the performance of its duties or obligations
hereunder, Indenture Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Article VI of the Indenture..

     SECTION 10.14. Further Assurances. Seller and the Servicer agree to do and
perform, from time to time, any and all acts and to execute any and all further
instruments required or reasonably requested by Owner Trustee or Indenture
Trustee more fully to effect the purposes of this Agreement, including, without
limitation, the execution of any financing statements or continuation statements
relating to the Receivables for filing under the provisions of the UCC of any
applicable jurisdiction.

     SECTION 10.15. No Waiver; Cumulative Remedies. No failure to exercise and
no delay in exercising, on the part of the Owner Trustee, Indenture Trustee, the
Noteholders or the Certificateholders, any right, remedy, power or privilege
hereunder, shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges therein provided are
cumulative and not exhaustive of any rights, remedies, powers and privileges
provided by law.

                                             2000-1 SALE AND SERVICING AGREEMENT

                                       41
<PAGE>

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

                           AMSOUTH AUTO TRUST 2000-1

                           By:  THE CHASE MANHATTAN BANK, not in its
                                individual capacity, but solely as Owner Trustee

                           By: /s/ Patricia M. Russo
                              --------------------------------------------------
                           Name: Patricia M. Russo
                           Title: Vice President

                           AMSOUTH AUTO RECEIVABLES LLC,

                           By: /s/ R. Mark Graf
                              --------------------------------------------------
                           Name: R. Mark Graf
                           Title: President

                           AMSOUTH BANK, Servicer,

                           By: /s/ R. Mark Graf
                              --------------------------------------------------
                           Name: R. Mark Graf
                           Title: Senior Vice President

                                             2000-1 SALE AND SERVICING AGREEMENT

                                      S-1

<PAGE>

Acknowledged and Agreed to:

The Bank of New York Trust Company
of Florida, National Association,
not in its individual capacity
but solely as Indenture Trustee,

By:  /s/ Eileen Barat
    --------------------------
Name: Eileen Barat
Title: Vice President

                                             2000-1 SALE AND SERVICING AGREEMENT

                                      S-2

<PAGE>

                                                                      SCHEDULE A

                (Delivered on Disk to Trustee and Owner Trustee)

                                             2000-1 SALE AND SERVICING AGREEMENT

                                 Schedule A-1
<PAGE>

                                                                      SCHEDULE B

                         Location of Receivables Files
                         -----------------------------

The Receivables sold by AmSouth Bank to Seller and sold by Seller to Issuer are
located at the offices of AmSouth Bank listed below

                                             2000-1 SALE AND SERVICING AGREEMENT

                                 Schedule B-1
<PAGE>

                                                                       EXHIBIT A

                           Form of Servicer's Report
                           -------------------------

                                             2000-1 SALE AND SERVICING AGREEMENT

                                  Exhibit A-1
<PAGE>

                                                                      APPENDIX X

                                  DEFINITIONS

     "Accrued Class A Note Interest" shall mean, with respect to any
Distribution Date, the sum of the Class A Noteholders' Monthly Accrued Interest
for such Distribution Date and the Class A Noteholders' Interest Carryover
Shortfall for such Distribution Date.

     "Accrued Class B Note Interest" shall mean, with respect to any
Distribution Date, the sum of the Class B Noteholders' Monthly Accrued Interest
for such Distribution Date and the Class B Noteholders' Interest Carryover
Shortfall for such Distribution Date.

     "Accrued Class C Note Interest" shall mean, with respect to any
Distribution Date, the sum of the Class C Noteholders' Monthly Accrued Interest
for such Distribution Date and the Class C Noteholders' Interest Carryover
Shortfall for such Distribution Date.

     "Act" is defined in Section 11.3(a) of the Indenture.

     "Administration Agreement" means the Administration Agreement among AmSouth
Bank, as Administrator, AmSouth Auto Trust 2000-1, as Issuer, and The Bank of
New York Trust Company of Florida, National Association, as Indenture Trustee,
dated October 1, 2000, as the same may be amended and supplemented from time to
time.

     "Administration Fee" is defined in Section 4 of the Administration
Agreement.

     "Administrator" means AmSouth Bank, in its capacity as administrator under
the Administration Agreement, and each successor Administrator.

     "Affiliate" means, with respect to any specified Person, any other Person
controlling, controlled by or under common control with such specified Person.
For the purposes of this definition, "control" when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing. A Person shall not be
deemed to be an Affiliate of any specified Person solely because such other
Person has the contractual right or obligation to manage such specified Person
or act as servicer with respect to the financial assets of such specified Person
unless such other Person controls the specified Person through equity ownership
or otherwise.

     "AmSouth Bank" means AmSouth Bank, a banking corporation organized under
the laws of the State of Alabama.

                              Appendix X, Page 1
<PAGE>

     "Authenticating Agent" is defined in Section 2.13 of the Indenture.

     "Authorized Officer" means, with respect to Issuer and Servicer, any
officer of Owner Trustee or Servicer, as applicable, who is authorized to act
for Owner Trustee or Servicer, as applicable, in matters relating to Issuer and
who is identified on the list of Authorized Officers delivered by each of Owner
Trustee and Servicer to Indenture Trustee on the Closing Date (as such list may
be modified or supplemented from time to time thereafter).

     "Available Collections" shall mean, for any Distribution Date, the sum of
the following amounts with respect to the Collection Period preceding such
Distribution Date: (i) all payments collected with respect to the Receivables;
(ii) all Liquidation Proceeds attributable to Receivables which became
Liquidated Receivables during such Collection Period in accordance with the
Servicer's customary servicing procedures, and all recoveries in respect of
Liquidated Receivables which were written off in prior Collection Periods; (iii)
the Purchase Amount received with respect to each Receivable that became a
Purchased Receivable during such Collection Period; and (vi) partial prepayments
of any refunded item included in the principal balance of a Receivable, such as
extended warranty protection plan costs, or physical damage, credit life,
disability insurance premiums; provided, however, that in calculating the
Available Collections the following will be excluded: (1) all payments and
proceeds (including Liquidation Proceeds) of any Receivables the Purchase Amount
of which has been included in the Available Funds in a prior Collection Period
and (2) amounts consisting of the Supplemental Servicing Fee.

     "Available Funds" shall mean, for any Distribution Date, the sum of the
Available Collections for such Distribution Date and the Reserve Account Excess
Amount for such Distribution Date.

     "Bank Regulatory Authorities" means the Federal Reserve Board, the Federal
Deposit Insurance Corporation and Office of the Comptroller of Currency.

     "Basic Documents" means the Purchase Agreement, the Indenture, the Note
Depository Agreement, the Sale and Servicing Agreement, the Trust Agreement, the
Administration Agreement, the Notes, the Certificates and other documents and
certificates delivered in connection therewith.

     "Benefit Plan" is defined in Section 3.12 of the Trust Agreement.

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

     "Business Day" means a day that is not a Saturday or a Sunday and that in
the States of New York, Alabama and the State in which the Corporate Trust
Office is located is neither a legal holiday nor a day on which banking
institutions are authorized by law, regulation or executive order to be closed.

                              Appendix X, Page 2
<PAGE>

     "Certificate" means a certificate evidencing the beneficial interest of a
Certificateholder in the Trust, substantially in the form of Exhibit A to the
Trust Agreement.

     "Certificate Account Property" means the Certificate Distribution Account,
all amounts and investments held from time to time therein (whether in the form
of deposit account, Physical Property, book entry securities, uncertificated
securities or otherwise), and all proceeds of the foregoing.

     "Certificate Distribution Account" is defined in Section 5.1 of the Trust
Agreement.

     "Certificate Paying Agent" shall mean any paying agent or co-paying agent
appointed pursuant to Section 3.10 of the Trust Agreement and shall initially be
the Owner Trustee.

     "Certificate Percentage Interest" shall mean with respect to any
Certificate, the percentage interest of ownership in the Issuer represented
thereby as set forth on the face thereof.

     "Certificate Register" and "Certificate Registrar" means the register
mentioned and the registrar appointed pursuant to Section 3.4 of the Trust
Agreement.

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

     "Class" shall mean a class of Notes, which may be the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes or
Class C Notes.

     "Class A Notes" shall mean, collectively, the Class A-1 Notes, the Class A-
2 Notes, the Class A-3 Notes and, the Class A-4 Notes.

     "Class A Noteholders' Interest Carryover Shortfall" shall mean, with
respect to any Distribution Date, the excess of the Class A Noteholders' Monthly
Accrued Interest for the preceding Distribution Date and any outstanding Class A
Noteholders' Interest Carryover Shortfall on such preceding Distribution Date,
over the amount in respect of interest that is actually paid to Noteholders of
Class A Notes on such preceding Distribution Date, plus interest on the amount
of interest due but not paid to Noteholders of Class A Notes on the preceding
Distribution Date, to the extent permitted by law, at the respective Interest
Rates borne by such Class A Notes for the related Interest Period.

     "Class A Noteholders' Monthly Accrued Interest" shall mean, with respect to
any Distribution Date, the aggregate interest accrued for the related Interest
Period on the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes at the respective Interest Rate for such Class and on the
outstanding principal amount of the Notes of each such Class on the immediately
preceding Distribution Date or the Closing Date, as the case may be, after
giving effect to all payments of principal to the Noteholders of the Notes of
such Class on or prior to such preceding Distribution Date.

                              Appendix X, Page 3
<PAGE>

     "Class A-1 Final Scheduled Distribution Date" shall mean the November 15,
2001 Distribution Date.

     "Class A-1 Interest Rate" means 6.745% per annum.  Interest with respect to
the Class A-1 Notes shall be computed on the basis of actual days elapsed and a
360-day year for all purposes of the Basic Documents.

     "Class A-1 Noteholder" shall mean the Person in whose name a Class A-1 Note
is registered on the Note Register.

     "Class A-1 Notes" means the Class A-1 6.745% Asset Backed Notes,
substantially in the form of Exhibit A-1 to the Indenture.

     "Class A-2 Final Scheduled Distribution Date" shall mean the February 17,
2003 Distribution Date.

     "Class A-2 Interest Rate" means 6.700% per annum.  Interest with respect to
the Class A-2 Notes shall be computed on the basis of a 360-day year consisting
of twelve 30-day months for all purposes of the Basic Documents.

     "Class A-2 Noteholder" shall mean the Person in whose name a Class A-2 Note
is registered on the Note Register.

     "Class A-2 Notes" means the Class A-2 6.700% Asset Backed Notes,
substantially in the form of Exhibit A-2 to the Indenture.

     "Class A-3 Final Scheduled Distribution Date" shall mean the July 15, 2004
Distribution Date.

     "Class A-3 Interest Rate" means 6.670% per annum.  Interest with respect to
the Class A-3 Notes shall be computed on the basis of a 360-day year consisting
of twelve 30-day months for all purposes of the Basic Documents.

     "Class A-3 Noteholder" shall mean the Person in whose name a Class A-3 Note
is registered on the Note Register.

     "Class A-3 Notes" means the Class A-3 6.670% Asset Backed Notes,
substantially in the form of Exhibit A-3 to the Indenture.

     "Class A-4 Final Scheduled Distribution Date" shall mean the February 15,
2005 Distribution Date.

                              Appendix X, Page 4
<PAGE>

     "Class A-4 Interest Rate" means 6.760% per annum.  Interest with respect to
the Class A-4 Notes shall be computed on the basis of a 360-day year consisting
of twelve 30-day months for all purposes of the Basic Documents.

     "Class A-4 Noteholder" shall mean the Person in whose name a Class A-4 Note
is registered on the Note Register.

     "Class A-4 Notes" means the Class A-4 6.760% Asset Backed Notes,
substantially in the form of Exhibit A-4 to the Indenture.

     "Class B Final Scheduled Distribution Date" shall mean the July 15, 2005
Distribution Date.

     "Class B Noteholder" shall mean the Person in whose name a Class B Note is
registered on the Note Register.

     "Class B Noteholders' Interest Carryover Shortfall" shall mean, with
respect to any Distribution Date, the excess of the Class B Noteholders' Monthly
Accrued Interest for the preceding Distribution Date and any outstanding Class B
Noteholders' Interest Carryover Shortfall on such preceding Distribution Date,
over the amount in respect of interest that is actually paid to Noteholders of
Class B Notes on such preceding Distribution Date, plus interest on the amount
of interest due but not paid to Noteholders of Class B Notes on the preceding
Distribution Date, to the extent permitted by law, at the Class B Rate for the
related Interest Period.

     "Class B Noteholders' Monthly Accrued Interest" shall mean, with respect to
any Distribution Date, the aggregate interest accrued for the related Interest
Period on the Class B Notes at the Class B Rate on the outstanding principal
amount of the Class B Notes on the immediately preceding Distribution Date or
the Closing Date, as the case may be, after giving effect to all payments of
principal to the Noteholders of the Class B Notes on or prior to such preceding
Distribution Date.

     "Class B Interest Rate" means 7.080% per annum.  Interest with respect to
the Class B Notes shall be computed on the basis of a 360-day year consisting of
twelve 30-day months for all purposes of the Basic Documents.

     "Class B Noteholder" shall mean the Person in whose name a Class B Note is
registered on the Note Register.

     "Class B Notes" means the Class B 7.080% Asset Backed Notes, substantially
in the form of Exhibit B to the Indenture.

     "Class C Final Scheduled Distribution Date" shall mean the February 15,
2007 Distribution Date.

                              Appendix X, Page 5
<PAGE>

     "Class C Noteholder" shall mean the Person in whose name a Class C Note is
registered on the Note Register.

     "Class C Noteholders' Interest Carryover Shortfall" shall mean, with
respect to any Distribution Date, the excess of the Class C Noteholders' Monthly
Accrued Interest for the preceding Distribution Date and any outstanding Class C
Noteholders' Interest Carryover Shortfall on such preceding Distribution Date,
over the amount in respect of interest that is actually paid to Noteholders of
Class C Notes on such preceding Distribution Date, plus interest on the amount
of interest due but not paid to Noteholders of Class C Notes on the preceding
Distribution Date, to the extent permitted by law, at the Class C Rate for the
related Interest Period.

     "Class C Noteholders' Monthly Accrued Interest" shall mean, with respect to
any Distribution Date, the aggregate interest accrued for the related Interest
Period on the Class C Notes at the Class C Rate on the outstanding principal
amount of the Class C Notes on the immediately preceding Distribution Date or
the Closing Date, as the case may be, after giving effect to all payments of
principal to the Noteholders of the Class C Notes on or prior to such preceding
Distribution Date.

     "Class C Interest Rate" means 7.440% per annum. Interest with respect to
the Class C Notes shall be computed on the basis of a 360-day year consisting of
twelve 30-day months for all purposes of the Basic Documents.

     "Class C Noteholder" shall mean the Person in whose name a Class C Note is
registered on the Note Register.

     "Class C Notes" means the Class C 7.440% Asset Backed Notes, substantially
in the form of Exhibit C to the Indenture.

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

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

     "Closing Date" means October 19, 2000.

     "Code" means the Internal Revenue Code of 1986 and Treasury Regulations
promulgated thereunder.

     "Collateral" is defined in the Granting Clause of the Indenture.

     "Collection Account" means the account designated as such, established and
maintained pursuant to Section 5.1 of the Sale and Servicing Agreement.

                              Appendix X, Page 6
<PAGE>

     "Collection Period" means, (a) in the case of the initial Collection
Period, the period from but not including the Cutoff Date to and including
October 31, 2000 and (b) thereafter, each calendar month during the term of the
Sale and Servicing Agreement. With respect to any Determination Date, Deposit
Date or Distribution Date, the "related Collection Period" means the Collection
Period preceding the month in which such Determination Date, Deposit Date or
Distribution Date occurs.

     "Collections" means all collections on the Receivables and any proceeds
from Insurance Policies and lender's single interest insurance policies.

     "Commission" means the Securities and Exchange Commission.

     "Contract Rate" means, with respect to a Receivable, the rate per annum of
interest charged on the outstanding principal balance of such Receivable.

     "Controlling Note Class" shall mean, with respect to any Notes Outstanding,
the Class A Notes (voting together as a single class) as long as any Class A
Notes are Outstanding, and thereafter the Class B Notes as long as any Class B
Notes are Outstanding, and thereafter the Class C Notes as long as any Class C
Notes are Outstanding (excluding Notes held by the Seller, the Servicer or their
Affiliates).

     "Corporate Trust Office" means:

          (a)  as used in the Indenture, or otherwise with respect to Indenture
     Trustee, the principal office of Indenture Trustee at which at any
     particular time its corporate trust business shall be administered which
     office at date of the execution of the Indenture is located at 800 Brickell
     Avenue, Suite 300, Miami, Florida 33131, Attention ABS Group, AmSouth 2000-
     1, Attention: Corporate Trust, ABS Group, AmSouth 2000-1 or at such other
     address as Indenture Trustee may designate from time to time by notice to
     the Noteholders, Servicer and Issuer, or the principal corporate trust
     office of any successor Indenture Trustee (the address of which the
     successor Indenture Trustee will notify the Noteholders and Issuer); and

          (b)  as used in the Trust Agreement, or otherwise with respect to
     Owner Trustee, the principal corporate trust office of Owner Trustee
     located at 450 West 33/rd/ Street, 14/th/ Floor, New York, New York 10001;
     or at such other address as Owner Trustee may designate by notice to the
     Certificateholders and Depositor, or the principal corporate trust office
     of any successor Owner Trustee (the address of which the successor owner
     trustee will notify the Certificateholders and Depositor).

     "Custodian" means Servicer in its capacity as agent of Issuer, as custodian
of the Receivable Files.

     "Cutoff Date" means the close of business on September 30, 2000.

                              Appendix X, Page 7
<PAGE>

     "Cutoff Date Principal Balance" means, with respect to any Receivable, the
Initial Principal Balance of such Receivable minus the sum of the portion of all
payments received under such Receivable from or on behalf of the related Obligor
on or prior to the Cutoff Date and allocable to principal in accordance with the
terms of the Receivable.

     "Dealer" means, with respect to any Receivable, the seller of the related
Financed Vehicle.

     "Dealer Agreement" means an agreement between an Originator and a Dealer
pursuant to which such Originator acquires Motor Vehicle Loans from the Dealer
or gives such Dealer the right to induce persons to apply to such Originator for
loans in connection with the retail sale of Motor Vehicles by such Dealer.

     "Dealer Recourse" means, with respect to any Dealer, any rights and
remedies against such Dealer under the related Dealer Agreement (other than with
respect to any breach of representation or warranty thereunder) with respect to
credit losses on a Receivable secured by a Financed Vehicle sold by such Dealer.

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

     "Defaulted Receivable" means, with respect to any Collection Period, a
Receivable (other than a Purchased Receivable) which Servicer has determined to
charge off during such Collection Period in accordance with its customary
servicing practices (and, in no event later than 120 days after a Receivable
shall have become delinquent); provided that any Receivable which Seller or
Servicer is obligated to repurchase or purchase shall be deemed to have become a
Defaulted Receivable during a Collection Period if AmSouth Bank, Seller or
Servicer fails to deposit the related Purchase Amount on the related Deposit
Date when due.

     "Definitive Notes" is defined in Section 2.10 of the Indenture.

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

          (a)  with respect to bankers' acceptances, commercial paper,
     negotiable certificates of deposit and other obligations that constitute
     "instruments" within the meaning of Section 9-105(l)(i) of the UCC and are
     susceptible of physical delivery, transfer thereof to Indenture Trustee or
     its nominee or custodian by physical delivery to Indenture Trustee or its
     nominee or custodian endorsed to, or registered in the name of, Indenture
     Trustee or its nominee 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, Indenture Trustee or its nominee or custodian
     or endorsed in blank to a financial intermediary (as defined in Section
     8-313 of the UCC, and which may be the Indenture Trustee or The Bank of New
     York and the making by such "financial intermediary" of entries on its
     books and records identifying such certificated securities as belonging to
     Indenture Trustee or its nominee or custodian and the

                              Appendix X, Page 8
<PAGE>

     sending by such financial intermediary of a confirmation of the purchase of
     such certificated security by Indenture Trustee or its nominee or
     custodian, or (ii) by delivery thereof to a "clearing corporation" (as
     defined in Section 8-102(3) 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 a financial intermediary by the amount of such
     certificated security, the identification by the clearing corporation of
     the certificated securities for the sole and exclusive account of the
     financial intermediary, the maintenance of such certificated securities by
     such clearing corporation or a "custodian bank" (as defined in Section
     8-102(4) of the UCC) or the nominee of either subject to the clearing
     corporation's exclusive control, the sending of a confirmation by the
     financial intermediary of the purchase by Indenture Trustee or its nominee
     or custodian of such securities and the making by such financial
     intermediary of entries on its books and records identifying such
     certificated securities as belonging to Indenture Trustee or its nominee or
     custodian (all of the foregoing, "Physical Property"), and, in any event,
     any such Physical Property in registered form shall be in the name of
     Indenture Trustee or its nominee or custodian; 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
     Indenture Trustee or its nominee or custodian, consistent with changes in
     applicable law or regulations or the interpretation thereof;

          (b)  with respect to any securities 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 financial intermediary
     which is also a "depository" pursuant to applicable Federal regulations and
     issuance by such financial intermediary of a deposit advice or other
     written confirmation of such book-entry registration to Indenture Trustee
     or its nominee or custodian of the purchase by Indenture Trustee or its
     nominee or custodian of such book-entry securities; the making by such
     financial intermediary of entries in its books and records identifying such
     book entry security held through the Federal Reserve System pursuant to
     Federal book-entry regulations as belonging to Indenture Trustee or its
     nominee or custodian and indicating that such custodian holds such Trust
     Account Property solely as agent for Indenture Trustee or its nominee or
     custodian; and such additional or alternative procedures as may hereafter
     become appropriate to effect complete transfer of ownership of any such
     Trust Account Property to Indenture Trustee or its nominee or custodian,
     consistent with changes in applicable law or regulations or the
     interpretation thereof; and

          (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 financial intermediary, the sending of a
     confirmation by the financial intermediary of the purchase by Indenture
     Trustee or its nominee or custodian of such uncertificated security and the
     making

                              Appendix X, Page 9
<PAGE>

     by such financial intermediary of entries on its books and records
     identifying such uncertificated certificates as belonging to Indenture
     Trustee or its nominee or custodian.

     "Deposit Date" means, with respect to any Collection Period, the Business
Day preceding the related Distribution Date.

     "Depositor" means Seller in its capacity as Depositor under the Trust
Agreement.

     "Determination Date" means with respect to any Collection Period, the
Business Day preceding the related Distribution Date by two Business Days.

     "Distribution Date" means the 15th day of each month (or, if the 15th day
is not a Business Day, the next succeeding Business Day), commencing November
15, 2000.

     "Dollar" and the sign "$" mean lawful money of the United States.

     "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 acting in its fiduciary capacity
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), having corporate trust powers and acting as trustee for funds deposited
in such account, so long as the long-term unsecured debt of such depository
institution shall have a credit rating from each Rating Agency in one of its
generic rating categories which signifies investment grade. Any such trust
account may be maintained with the Owner Trustee, Indenture Trustee or any of
their respective Affiliates and any such trust account (other than the Reserve
Account) may be maintained with AmSouth Bank, or any of its Affiliates, if such
accounts meet the requirements described in clause (b) of the preceding
sentence.

     "Eligible Institution" means a depository institution (which may be
Servicer, Owner Trustee or Indenture Trustee, or any of their respective
Affiliates) 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), (a) which has (i) either a long-term senior unsecured debt rating
of AA-or a short-term senior unsecured debt or certificate of deposit rating of
A-1+ or better by Standard & Poor's and (ii)(A) a short-term senior unsecured
debt rating of A-l or better by Standard & Poor's and (B) a short-term senior
unsecured debt rating of P-1 or better by Moody's, or any other long-term,
short-term or certificate of deposit rating acceptable to the Rating Agencies
and (b) whose deposits are insured by the Federal Deposit Insurance Corporation.
If so qualified, Servicer, any Affiliate of Servicer, Owner Trustee or Indenture
Trustee may be considered an Eligible Institution.

     "Eligible Investments" shall mean any one or more of the following types of
investments:

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

                              Appendix X, Page 10
<PAGE>

          (b) demand deposits, time deposits or certificates of deposit of any
     depository institution (including any Affiliate of Seller and the Indenture
     Trustee, Owner Trustee or any Affiliate of Indenture Trustee or Owner
     Trustee) or trust company incorporated under the laws of the United States
     of America or any state thereof or the District of Columbia (or any
     domestic branch of a foreign bank) and subject to supervision and
     examination by Federal or state banking or depository institution
     authorities (including depository receipts issued by any such institution
     or trust company as custodian with respect to any obligation referred to in
     clause (a) above or a portion of such obligation for the benefit of the
     holders of such depository receipts); provided that at the time of the
     investment or contractual commitment to invest therein (which shall be
     deemed to be made again each time funds are reinvested following each
     Distribution Date), the commercial paper or other short-term senior
     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) of such depository institution or trust company shall
     have a credit rating from Standard & Poor's of A-1+ and from Moody's of
     P-1;

          (c) commercial paper (including commercial paper of any Affiliate of
     Seller and the Indenture Trustee, Owner Trustee or any Affiliate of
     Indenture Trustee or Owner Trustee) having, at the time of the investment
     or contractual commitment to invest therein, a rating from Standard &
     Poor's of A-1+ and from Moody's of P-1;

          (d) investments in money market funds (including funds for which
     Indenture Trustee or Owner Trustee or any of their respective Affiliates or
     any of Seller's Affiliates is investment manager or advisor) having a
     rating from Standard & Poor's of AAA-m or AAAm-G and from Moody's of Aaa;

          (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) referred to in clause (b) above; and

          (g) any other investment with respect to which each Rating Agency has
     provided written notice that such investment would not cause such Rating
     Agency to downgrade, qualify or withdraw its then current rating of any
     class of Notes.

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

     "Event of Default" is defined in Section 5.1 of the Indenture.

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

                              Appendix X, Page 11
<PAGE>

     "Executive Officer" means, with respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief
Accounting Officer, President, Executive Vice President, any Vice President, the
Secretary or the Treasurer of such corporation; and with respect to any limited
liability company or partnership, a similar official with respect to any direct
or indirect member or general partner thereof.

     "Financed Vehicle" means a new or used automobile or light duty truck,
together with all accessions thereto, securing an Obligor's indebtedness under
the respective Receivable.

     "First Priority Principal Distribution Amount" shall mean, with respect to
any Distribution Date, an amount equal to the excess, if any, of (a) the
aggregate outstanding principal amount of the Class A Notes as of the preceding
Distribution Date (after giving effect to any principal payments made on the
Class A Notes on such preceding Distribution Date) over (b) the Pool Balance at
the end of the Collection Period preceding such  Distribution  Date; provided,
however, that the First Priority Principal Distribution Amount shall not exceed
the sum of the aggregate outstanding principal amount of all of the Notes on
such Distribution Date (prior to giving effect to any principal payments made on
the Notes on such Distribution Date); and provided, further, that the First
Priority Principal Distribution Amount on and after the Final Scheduled
Distribution Date of a Class of Class A Notes shall not be less than the amount
that is necessary to reduce the outstanding principal amount of such Class of
Class A Notes and all earlier maturing classes of Class A Notes to zero.

     "GAAP" is defined in Section 10.1 of the Sale and Servicing Agreement.

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

     "Holder" means, as the context may require, a Certificateholder or a
Noteholder or both.

     "Indemnified Parties" is defined in Section 8.2 of the Trust Agreement.

     "Indenture" means the Indenture dated as of October 1, 2000, between Issuer
and Indenture Trustee, as the same may be amended and supplemented from time to
time.

                              Appendix X, Page 12
<PAGE>

     "Indenture Trustee" means The Bank of New York Trust Company of Florida,
National Association, not in its individual capacity but as trustee under the
Indenture, or any successor trustee under the Indenture.

     "Independent" means, when used with respect to any specified Person, that
the person (a) is in fact independent of Issuer, any other obligor upon the
Notes, Seller and any Affiliate of any of the foregoing persons, (b) does not
have any direct financial interest or any material indirect financial interest
(other than less than 5% of the outstanding amount of any publicly traded
security) in Issuer, any such other obligor, Seller or any Affiliate of any of
the foregoing Persons and (c) is not connected with Issuer, any such other
obligor, Seller or any Affiliate of any of the foregoing Persons as an officer,
employee, promoter, underwriter, trustee, partner, director or Person performing
similar functions.

     "Independent Certificate" means a certificate or opinion to be delivered to
Indenture Trustee under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.1 of the Indenture, made by an
Independent appraiser or other expert appointed by an Issuer Order and approved
by the Administrator in the exercise of reasonable care, and such opinion or
certificate shall state that the signer has read the definition of "Independent"
in the Indenture and that the signer is Independent within the meaning thereof.

     "Initial Principal Balance" means, in respect of a Receivable, the amount
advanced under the Receivable toward the purchase price of the Financed Vehicle
and related costs, including accessories, service and warranty contracts,
insurance premiums, other items customarily financed as part of retail motor
vehicle loans and/or retail installment sales contracts and other fees charged
by AmSouth Bank or the applicable Dealer and included in the amount to be
financed, the total of which is shown as the initial principal balance in the
note and security agreement or retail installment sale contract evidencing and
securing such Receivable.

     "Insolvency Event" means, for 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 (including any
receiver appointed under the Financial Institutions Reform, Recovery and
Enforcement Act of 1989, as amended), liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of
its property, or ordering the winding-up or liquidation of such Person's
affairs, and such decree or order shall remain unstayed and in effect for a
period of 60 consecutive days; or (b) the commencement by such Person of a
voluntary case under any applicable Federal or state bankruptcy, insolvency or
other similar law now or hereafter in effect, or the consent by such Person to
the entry of an order for relief in an involuntary case under any such law, or
the consent by such Person to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or the
making by such Person of any general assignment for the benefit of creditors, or
the failure by such Person generally to pay its debts as such debts become due,
or the taking of action by such Person in furtherance of any of the foregoing.

                              Appendix X, Page 13
<PAGE>

     "Insurance Policies" means, all credit life and disability insurance
policies maintained by the Obligors and all Physical Damage Insurance Policies.

     "Interest Distribution Account" shall mean the administrative subaccount of
the Note Distribution Account established and maintained as such pursuant to
Section 5.1 of the Sale and Servicing Agreement.

     "Interest Period" shall mean, with respect to any Distribution Date (i)
with respect to the Class A-1 Notes from and including the Closing Date (in the
case of the first Distribution Date) or from and including the most recent
Distribution Date on which interest has been paid to but excluding the following
Distribution Date and (ii) with respect to each Class of Notes other than the
Class A-1 Notes from and including the Closing Date (in the case of the first
Distribution Date) or from and including the fifteenth day of the calendar
month  preceding each Distribution Date to but excluding the fifteenth day of
the following calendar month.

     "Interest Rate" means, with respect to the (a) Class A-1 Notes, the Class
A-1 Interest Rate, (b) Class A-2 Notes, the Class A-2 Interest Rate, (c) Class
A-3 Notes, the Class A-3 Interest Rate, (d) Class A-4 Notes, the Class A-4
Interest Rate, (e) Class B Notes, the Class B Interest Rate and (f) Class C
Notes, the Class C Interest Rate.

     "IRS" shall mean the Internal Revenue Service.

     "Issuer" means AmSouth Auto Trust 2000-1.

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

     "Lien" means a security interest, lien, charge, pledge, preference,
participation interest or encumbrance of any kind, other than liens for taxes
not yet due and payable, mechanics' or materialmen's liens and other liens for
work, labor or materials, and any other liens that may attach by operation of
law.

     "Liquidation Proceeds" means, with respect to any Receivable that has
become a Defaulted Receivable, (a) insurance proceeds received by Servicer with
respect to the Insurance Policies, (b) amounts received by Servicer in
connection with such Defaulted Receivable pursuant to the exercise of rights
under that Receivable and (c) the monies collected by Servicer (from whatever
source, including proceeds of a sale of a Financed Vehicle, a deficiency balance
recovered after the charge-off of the related Receivable or as a result of any
Dealer Recourse) on such Defaulted Receivable net of any expenses incurred by
Servicer in connection therewith and any payments required by law to be remitted
to the Obligor.

     "Moody's" means Moody's Investors Service, Inc., or its successor.

     "Motor Vehicle" means a new or used automobile or light duty truck.

                              Appendix X, Page 14
<PAGE>

     "Motor Vehicle Loan" means retail installment sales contract secured by a
Motor Vehicle originated by a Dealer and purchased by AmSouth Bank.

     "Note" means a Class A Note, Class B Note or Class C Note.

     "Note Distribution Account" means the account designated as such,
established and maintained as such pursuant to Section 5.1 of the Sale and
Servicing Agreement.

     "Note Depository Agreement" means the letter of representations among the
Issuer, the Note Paying Agent and The Depository Trust Company, as the initial
Clearing Agency, dated as of the Closing Date, relating to the Notes, as the
same may be amended or supplemented from time to time.

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

     "Note Paying Agent" shall mean the Indenture Trustee or any other Person
that meets the eligibility standards for the Indenture Trustee specified in
Section 6.11 of the Indenture and is authorized by the Issuer to make payments
to and distributions from the Trust Accounts, including payment of principal of
or interest on the Notes on behalf of the Issuer.

     "Note Pool Factor" for each class of Notes as of the close of business on a
Distribution Date means a seven-digit decimal figure equal to the outstanding
principal balance of such class of Notes divided by the original outstanding
principal balance of such class of Notes. The Note Pool Factor for each class of
Notes will be 1.0000000 as of the Cutoff Date; thereafter, the Note Pool Factor
for each class of Notes will decline to reflect reductions in the outstanding
principal balance of such class of Notes.

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

     "Note Register" and "Note Registrar" are defined in Section 2.4 of the
Indenture.

     "Obligor" means, with respect to a Receivable, the borrower or co-borrowers
under the related Receivable and any co-signer of the Receivable or other Person
who owes or may be primarily or secondarily liable for payments under such
Receivable.

     "Officer's Certificate" means: (a) for purposes of the Indenture, a
certificate signed by any Authorized Officer of Issuer, under the circumstances
described in, and otherwise complying with, the applicable requirements of
Section 11.1 and TIA (S) 314, and delivered to Indenture Trustee; and (b)
otherwise, a certificate signed by the chairman, the president, any vice
president or the treasurer of Seller or Servicer, as the case may be, and
delivered to Indenture Trustee. Unless otherwise

                              Appendix X, Page 15
<PAGE>

specified, any reference in the Indenture to an Officer's Certificate shall be
to an Officer's Certificate of any Authorized Officer of Issuer.

     "Opinion of Counsel" means one or more written opinions of counsel who may,
except as otherwise expressly provided in the Indenture, be employees of or
counsel to Issuer and who shall be satisfactory to Issuer, Owner Trustee or
Indenture Trustee, as applicable, and which opinion or opinions shall be
addressed to Issuer, Owner Trustee, or Indenture Trustee, as applicable and
shall be in form and substance satisfactory to the Issuer, Owner Trustee, and
Indenture Trustee, as applicable.

     "Original Pool Balance" means the Pool Balance as of the Cutoff Date, which
is $950,415,639.

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

          (a) Notes theretofore canceled by Note Registrar or delivered to Note
     Registrar for cancellation;

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

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

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

     "Outstanding Amount" means the aggregate principal amount of all Notes, or
class of Notes, as applicable, Outstanding at the date of determination.

                              Appendix X, Page 16
<PAGE>

     "Owner Trust Estate" means all right, title and interest of Issuer in and
to the property and rights assigned to Issuer 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
Issuer from time to time, including any rights of Owner Trustee and Issuer
pursuant to the Sale and Servicing Agreement.

     "Owner Trustee" means The Chase Manhattan Bank, a bank holding company
incorporated in the State of New York, not in its individual capacity but solely
as owner trustee under the Trust Agreement, and any successor Owner Trustee
hereunder.

     "Paying Agent" means: (a) when used in the Indenture or otherwise with
respect to the Notes, Indenture Trustee or any other Person that meets the
eligibility standards for Indenture Trustee specified in Section 6.11 of the
Indenture and is authorized by Issuer to make the payments to and distributions
from the Collection Account and the Note Distribution Account, including payment
of principal of or interest on the Notes on behalf of Issuer; and (b) when used
in the Trust Agreement or otherwise with respect to the Certificates, Owner
Trustee or any other paying agent or co-paying agent appointed pursuant to
Section 3.9 of the Trust Agreement.

     "Person" means a legal person, including any individual, corporation,
estate, partnership, limited liability company, joint venture, association,
joint stock company, trust, unincorporated organization, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

     "Physical Damage Insurance Policy" means a theft and physical damage
insurance policy maintained by the Obligor under a Receivable, providing
coverage against loss or damage to or theft of the related Financed Vehicle.

     "Physical Property" is defined in the definition of "Delivery" above.

     "Pool Balance" means, at any time, the aggregate Principal Balance of the
Receivables (excluding Purchased Receivables and Defaulted Receivables) at such
time.

     "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.5 of the Indenture in lieu of a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note.

     "Principal Balance" means, as of any time, for any Receivable, the
principal balance of such Receivable under the terms of the Receivable
determined in accordance with the Servicer's customary practices.

                              Appendix X, Page 17
<PAGE>

     "Principal Distribution Account" shall mean the administrative subaccount
of the Note Distribution Account established and maintained as such pursuant to
Section 5.1 of the Sale and Servicing Agreement.

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

     "Purchase Agreement" means the agreement dated as of October 1, 2000
between AmSouth Bank and Seller under which AmSouth Bank sold the Receivables to
Seller.

     "Purchase Amount" of any Receivable means, with respect to any Deposit Date
and the last day of the related Collection Period, an amount equal to the sum of
(a) the outstanding Principal Balance of such Receivable as of the last day of
such Collection Period and (b) the amount of accrued and unpaid interest on such
Principal Balance at the related Contract Rate from the date a payment was last
made by or on behalf of the Obligor through and including the last day of such
Collection Period, in each case after giving effect to the receipt of monies
collected on such Receivable in such Collection Period.

     "Purchased Receivable" means a Receivable purchased as of the close of
business on the last day of a Collection Period by Servicer pursuant to Section
4.7 of the Sale and Servicing Agreement or repurchased by Seller pursuant to
Section 3.3 of the Sale and Servicing Agreement.

     "Rating Agencies" means Moody's and Standard & Poor's.

     "Rating Agency Condition" means, with respect to any action, that each
Rating Agency shall have been given 10 days' prior notice thereof (or such
shorter period as shall be acceptable to the Rating Agencies) and that none of
the Rating Agencies shall have notified Seller, Servicer, Owner Trustee or
Indenture Trustee in writing that such action will, in and of itself, result in
a reduction, qualification or withdrawal of the then current rating of any class
of Notes, or the Certificates.

     "Receivable" means each Motor Vehicle Loan described in the Schedule of
Receivables, but excluding (i) Defaulted Receivables to the extent the Principal
Balances thereof have been deposited in the Collection Account and (ii) any
Purchased Receivables.

     "Receivable Files" is defined in Section 3.4 of the Sale and Servicing
Agreement.

     "Record Date" means, with respect to any Distribution Date or Redemption
Date, the close of business on the day immediately preceding such Distribution
Date or Redemption Date; or, if Definitive Notes or Definitive Certificates have
been issued, the last day of the month preceding such Distribution Date or
Redemption Date.

     "Redemption Date" means in the case of a redemption of the Notes pursuant
to Section 10.1(a) of the Indenture or a payment to Noteholders pursuant to
Section 10.1(b) of the Indenture, the Distribution Date specified by Servicer or
Issuer pursuant to such Section 10.1(a) or (b).

                              Appendix X, Page 18
<PAGE>

     "Redemption Price" means, in the case of a redemption of the Notes pursuant
to Section 10.1(a) of the Indenture, an amount equal to the unpaid principal
amount of the then outstanding Notes plus accrued and unpaid interest thereon to
but excluding the Redemption Date.

     "Regular Principal Distribution Amount" shall mean, with respect to any
Distribution Date, an amount not less than zero equal to (x) the greater of (i)
aggregate outstanding principal amount of the Class A-1 Notes as of the
preceding Distribution Date (after giving effect to any principal payments made
on the Class A-1 Notes on such preceding Distribution Date) or the Closing Date,
as the case may be; and (ii) the excess, if any, of (a) the sum of the aggregate
outstanding principal amount of all the Notes as of the preceding Distribution
Date (after giving effect to any principal payments made on the Notes on such
preceding Distribution Date) or the Closing Date, as the case may be, over (b)
the Pool Balance at the end of the Collection Period preceding such Distribution
Date less the Specified Overcollateralization Amount with respect to such
Distribution Date, minus (y) the sum of the First Priority Principal
Distribution Amount, if any, and the Second Priority Principal Distribution
Amount, if any, each with respect to such Distribution Date; provided, however,
that the Regular Principal Distribution Amount shall not exceed the sum of the
aggregate outstanding principal amount of all of the Notes on such Distribution
Date (after giving effect to any principal payments made on the Notes on such
Distribution Date in respect of the First Priority Principal Distribution
Amount, if any, and the Second Priority Principal Distribution Amount, if any);
and provided, further that the Regular Principal Distribution Amount on or after
the Class C Final Scheduled Distribution Date shall not be less than the amount
that is necessary to reduce the outstanding principal amount of the Class C
Notes to zero;

     "Related Agreements" shall have the meaning specified in the recitals to
the Administration Agreement.

     "Required Rating" means a rating with respect to short term deposit
obligations of at least P-1 by Moody's and at least A-1 by Standard & Poor's.

     "Reserve Account" means the account designated as such, established and
maintained pursuant to Section 5.8 of the Sale and Servicing Agreement.

     "Reserve Account Deposit" means an amount equal to $7,128,117.29.

     "Reserve Account Excess Amount" means, with respect to any Distribution
Date, means an amount equal to the excess, if any, of (a) the amount of cash or
other immediately available funds in the Reserve Account on that Distribution
Date, prior to giving effect to any withdrawals from the Reserve Account
relating to that Distribution Date, over (b) the Specified Reserve Account
Balance with respect to that Distribution Date.

     "Reserve Account Property" means the Reserve Account, the Reserve Account
Deposit and all proceeds of the Reserve Account and the Reserve Account Deposit,
including all securities, investments, general intangibles, financial assets and
investment property from time to time credited to and any security entitlement
to the Reserve Account.

                              Appendix X, Page 19
<PAGE>

     "Reserve Account Transfer Amount" means, with respect to any Distribution
Date, an amount equal to the lesser of (a) the amount of cash or other
immediately available funds on deposit in the Reserve Account on such
Distribution Date (after giving effect to any withdrawal of the Reserve Account
Excess Amount on such Distribution Date, but before giving effect to any other
withdrawals therefrom relating to such Distribution Date) and (b) the amount, if
any, by which (i) the Total Required Payments for such Distribution Date exceeds
(ii) the Available Funds for such Distribution Date.

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

     "Sale and Servicing Agreement" means the Sale and Servicing Agreement among
Issuer, Indenture Trustee, AmSouth Bank, as Servicer, and AmSouth Auto
Receivables LLC, as Seller, dated as of October 1, 2000, as the same may be
amended and supplemented from time to time.

     "Schedule of Receivables" means, with respect to the Motor Vehicle Loans to
be conveyed to Seller by AmSouth Bank and to Issuer by Seller, the list
identifying such Motor Vehicle Loans delivered to Indenture Trustee at the
Closing.

     "Second Priority Principal Distribution Amount" shall mean, with respect to
any Distribution Date, an amount not less than zero equal to (i) the excess, if
any, of (a) the sum of the aggregate outstanding principal amount of the Class A
Notes and Class B Notes as of the preceding Distribution Date (after giving
effect to any principal payments made on the Class A Notes and Class B Notes on
such preceding Distribution Date) over (b) the Pool Balance at the end of the
Collection Period preceding such Distribution Date, minus (ii) the First
Priority Principal Distribution Amount, if any, with respect to such
Distribution Date; provided, however, that the Second Priority Principal
Distribution Amount shall not exceed the aggregate outstanding principal amount
of the Notes on such Distribution Date (after giving effect to any principal
payments made on the Notes on such Distribution Date in respect of the First
Priority Principal Distribution Amount, if any); and provided, further that the
Second Priority Principal Distribution Amount on or after the Class B Final
Scheduled Distribution Date shall not be less than the amount that is necessary
to reduce the outstanding principal amount of the Class B Notes to zero.

     "Securities Act" shall mean the Securities Act of 1933, as amended.

     "Securities Intermediary" is defined in Section 5.8 of the Sale and
Servicing Agreement.

     "Seller" means AmSouth Auto Receivables LLC, a Delaware corporation, and
any successor pursuant to Section 6.4 of the Sale and Servicing Agreement.

                              Appendix X, Page 20
<PAGE>

     "Servicer" means AmSouth Bank and each Successor Servicer.

     "Servicer Termination Event" means an event specified in Section 8.1 of the
Sale and Servicing Agreement.

     "Servicer's Report" means a report of Servicer delivered pursuant to
Section 4.9 of the Sale and Servicing Agreement, substantially in the form of
Exhibit C to that agreement.

     "Servicing Fee" is defined in Section 4.8 of the Sale and Servicing
Agreement.

     "Servicing Fee Rate" means 1.00% per annum.

     "Simple Interest Method" means the method of allocating a fixed level
payment monthly installments between principal and interest, pursuant to which
such payment is allocated first to accrued and unpaid interest at the Contract
Rate on the unpaid principal balance 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 Credit Enhancement Amount" means, for any Distribution Date, the
greatest of (i) $7,128,117.29, (ii) 3.25% of the Pool Balance at the end of the
related Collection Period, or (iii) the aggregate principal balance of the
Receivables that are delinquent 90 or more days and are not Defaulted
Receivables at the end of the Collection Period preceding such Distribution
Date; provided, however, that the Specified Credit Enhancement Amount with
respect to any Distribution Date shall not exceed the sum of the aggregate
outstanding principal amount of all the Notes as of the preceding Distribution
Date (after giving effect to any principal payments made on the Notes on such
preceding Distribution Date).

     "Specified Overcollateralization Amount" means, for any Distribution Date,
the excess, if any, of (a) the Specified Credit Enhancement Amount with respect
to such Distribution Date, over (b) the Specified Reserve Account Balance with
respect to such Distribution Date.

     "Specified Reserve Account Balance" means, for any Distribution Date, the
lesser of (a) $7,128,117.29 and (b) the aggregate outstanding principal amount
of the Notes (after giving effect to any distributions on the Notes on such
Distribution Date).

     "Standard & Poor's" means Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc., or its successor.

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

                              Appendix X, Page 21
<PAGE>

     "Successor Servicer" is defined in Section 3.7(e) of the Indenture.

     "Supplemental Servicing Fee" is defined in Section 4.8 of the Sale and
Servicing Agreement.

     "Total Distribution Amount" means, for each Distribution Date, the sum of
(a) the Available Funds, and (b) the Reserve Account Transfer Amount, in each
case in respect of such Distribution Date.

     "Total Required Payment" shall mean, with respect to any Distribution Date,
the sum of the Servicing Fee and all unpaid Servicing Fees from prior Collection
Periods, the Accrued Class A Note Interest, the First Priority Principal
Distribution Amount, the Accrued Class B Note Interest, the Second Priority
Principal Distribution Amount and the Accrued Class C Note Interest and on and
after the Class C Final Scheduled Distribution Date, an amount that is necessary
to reduce the outstanding principal amount of the Class C Notes to zero;
provided, however, that following the occurrence and during the continuation of
an Event of Default which has resulted in an acceleration of the Notes, on any
Distribution Date until the Distribution Date on which the outstanding principal
amount of all the Notes has been paid in full, the Total Required Payment shall
mean the sum of the Servicing Fee and all unpaid Servicing Fees from prior
Collection Periods, the Accrued Class A Note Interest, the Accrued Class B Note
Interest, the Accrued Class C Note Interest and the amount necessary to reduce
the outstanding principal amount of all the Notes to zero.

     "Treasury Regulations" means regulations, including proposed or temporary
regulations, promulgated under the Code.

     "Trust" shall mean AmSouth Auto Trust 2000-1, a New York common law trust
established pursuant to the Trust Agreement.

     "Trust Accounts" is defined in Section 5.1 of the Sale and Servicing
Agreement.

     "Trust Account Property" means the Trust Accounts, all amounts and
investments held from time to time in any Trust Account (whether in the form of
deposit accounts, Physical Property, book-entry securities, uncertificated
securities or otherwise), and all proceeds of the foregoing.

     "Trust Agreement" means the Amended and Restated Trust Agreement dated as
of October 1, 2000, between Depositor and Owner Trustee, as the same may be
amended and supplemented from time to time.

     "Trust Estate" means all money, instruments, rights and other property that
are subject or intended to be subject to the lien and security interest of the
Indenture for the benefit of the Noteholders (including all property and
interests Granted to Indenture Trustee), including all proceeds thereof.

                              Appendix X, Page 22
<PAGE>

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

     "Trust Property" shall have the meaning set forth in Section 2.1 of the
Sale and Servicing Agreement.

     "UCC" means the Uniform Commercial Code, as in effect in the relevant
jurisdiction.

                              Appendix X, Page 23

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