PROTECTIVE LIFE CORP
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<TYPE>EX-10
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<FILENAME>ex10l1plc.htm
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<H3 ALIGN=Right>Exhibit 10(l)(1)<BR><BR><BR><BR></h3>



      <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 31, 2001</FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Protective Life Insurance Company<br>
2801 Highway 280 South<br>
Birmingham, Alabama  35223<br>
Attention:  Carl Thigpen</FONT></P>

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<TD WIDTH=5%><FONT SIZE=3></FONT></TD>
<TD WIDTH=5%><FONT SIZE=3>Re:</FONT></TD>
<TD WIDTH=90%><FONT SIZE=3>
Lease Agreement dated as of February 1, 2000 between Wachovia Capital
Investments, Inc., as the Lessor, and Protective Life Insurance Company, as the
Lessee, as amended (as amended, the &#147;Lease&#148;); and Investment and
Participation Agreement dated as of February 1, 2000 by and among Protective
Life Insurance Company, as the Company, Wachovia Capital Investment as Lessor,
and the Lease Participants, as amended (as amended, the &#147;Investment
Agreement&#148;)</FONT></TD>
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Gentlemen:

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized
terms used herein shall have the meanings attributable thereto in the Investment
Agreement. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has requested that Lessor and Lease Participants consent and allow the
Company to sublease a portion of the Facility. Subject to the terms and
conditions set forth herein, the Lessor and each Lease Participant hereby (i)
consents to the subleasing of the Facility and (ii) waives the requirement in
Section 21(c) of the Lease that any sublease shall not have a sublease term
ending after the then current Scheduled Lease Termination Date. Such consent and
waiver shall apply only to a maximum of six (6) subleases affecting in the
aggregate a maximum of 60,000 square feet of the Facility. Each sublease shall
have a lease term no longer than ten (10) years. This consent and waiver is
expressly conditioned upon the Lessor and one other Lease Participant approving
each subtenant prior to the Company executing such sublease. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing consent and waiver is strictly limited to its terms. By granting the
foregoing consent and waiver, Lessor and each Lease Participant specifically
does not consent to or waive any other provisions contained in the Lease, the
Investment Agreement or any of the other Operative Documents. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
its acknowledgment and acceptance hereinbelow, such of the Company and the
Guarantor hereby (i) consents to the aforedescribed subleasing requirements and
limitations, (ii) agrees to be bound thereby, and (iii) restates and reaffirms
its respective obligations under the Operative Documents without defense,
counterclaim or setoff. </FONT></P>




<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
letter may be executed by the parties hereto on any number of separate
counterparts, each of which be an original, but all such counterparts shall
together constitute but one and the same instrument. </FONT></P>

<pre>
                                                    Yours truly,



                                                     WACHOVIA CAPITAL INVESTMENTS, INC.

                                                     By: <u>/s/Douglas N. Vestal</u>
                                                              Name:  Douglas N. Vestal
                                                              Title: Vice President


                                                     SUNTRUST BANK

                                                     By:  <u>/s/Natlee Bolden</u>
                                                               Name:  Natlee Bolden
                                                               Title: Assistant Vice President



                                                     LASALLE BANK NATIONAL ASSOCIATION

                                                     By:  <u>/s/George L. Kumis</u>
                                                               Name:  George L. Kumis
                                                               Title: Senior Vice President



Acknowledged and Agreed:

PROTECTIVE LIFE INSURANCE COMPANY

By:<u>/s/Carl Thigpen</u>
        Name:  Carl Thigpen
        Title: Vice President

PROTECTIVE LIFE CORPORATION

By:<u>/s/Carl Thigpen</u>
        Name:  Carl Thigpen
        Title: Vice President

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