Document:

EXHIBIT 4.2

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                        [NAME OF SERVICER], as Servicer,

                                       and

                          BNP PARIBAS MORTGAGE ABS LLC
                                   as Company

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

                               SERVICING AGREEMENT

                           Dated as of _______________

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

                         ________________Mortgage Loans

                BNP Paribas Mortgage ABS LLC Trust Series 200_-__

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<PAGE>

                                TABLE OF CONTENTS

                                    ARTICLE I

                                   DEFINITIONS

   Section  1.01  Definitions
   Section  1.02  Other Definitional Provisions
   Section  1.03  Interest Calculations

                                   ARTICLE II

                         Representations and Warranties

   Section  2.01  Representations and Warranties Regarding the Servicer
   Section  2.02  Representations and Warranties of the Company
   Section  2.03  Enforcement of Representations and Warranties

                                   ARTICLE III

                 Administration and Servicing of Mortgage Loans

   Section  3.01  The Servicer
   Section  3.02  Collection of Certain Mortgage Loan Payments
   Section  3.03  Withdrawals from the Collection Account
   Section  3.04  Maintenance of Hazard Insurance; Property Protection Expenses
   Section  3.05  Modification Agreements
   Section  3.06  Trust Estate; Related Documents
   Section  3.07  Realization upon Defaulted Mortgage Loans
   Section  3.08  Company and Indenture Trustee to Cooperate
   Section  3.09  Servicing   Compensation;   Payment  of  Certain  Expenses  by
                  Servicer
   Section  3.10  Annual Statement as to Compliance
   Section  3.11  Annual Servicing Report

   Section  3.12  Access to Certain  Documentation and Information Regarding the
                  Mortgage Loans
   Section  3.13  Maintenance of Certain Servicing Insurance Policies
   Section  3.14  Information Required by the Internal Revenue Service Generally
                  and Reports of  Foreclosures  and  Abandonments  of  Mortgaged
                  Property
   Section  3.15  Optional Repurchase of Defaulted Mortgage Loans

                                   ARTICLE IV

                              Servicing Certificate

   Section  4.01  Statements to Securityholders

                                    ARTICLE V

                        Distribution and Payment Accounts

   Section  5.01  Distribution Account
   Section  5.02  Payment Account

                                   ARTICLE VI

                                  The Servicer

   Section  6.01  Liability of the Servicer
   Section  6.02  Merger or  Consolidation  of, or Assumption of the Obligations
                  of, the Servicer
   Section  6.03  Limitation on Liability of the Servicer and Others
   Section  6.04  Servicer Not to Resign
   Section  6.05  Delegation of Duties
   Section  6.06  Servicer to Pay Indenture  Trustee's and Owner  Trustee's Fees
                  and Expenses; Indemnification

                                   ARTICLE VII

                                     Default

   Section  7.01  Servicing Default
   Section  7.02  Indenture Trustee to Act; Appointment of Successor
   Section  7.03  Notification to Securityholders

                                  ARTICLE VIII

                            Miscellaneous Provisions

   Section  8.01  Amendment
   Section  8.02  Governing Law
   Section  8.03  Notices
   Section  8.04  Severability of Provisions
   Section  8.05  Third-Party Beneficiaries
   Section  8.06  Counterparts
   Section  8.07  Effect of Headings and Table of Contents
   Section  8.08  Termination  upon Purchase by the Servicer or  Liquidation  of
                  All Mortgage Loans
   Section  8.09  Certain Matters Affecting the Indenture Trustee
   Section  8.10  Authority of the Administrator

EXHIBIT A - MORTGAGE LOAN SCHEDULE
EXHIBIT B - POWER OF ATTORNEY
EXHIBIT C - CERTIFICATE PURSUANT TO SECTION 3.08
EXHIBIT D - FORM OF REQUEST FOR RELEASE

Schedule 1 - Mortgage Insurance Component Schedule

<PAGE>

         This Servicing Agreement, dated as of _______________, between [Name of
Servicer], as Servicer (the "Servicer") and BNP Paribas Mortgage ABS LLC, as
Company (the "Company"),

                          W I T N E S S E T H T H A T:

                  WHEREAS, BNP Paribas Mortgage ABS LLC, will create BNP Paribas
Mortgage ABS LLC Trust Series 200_-__, an owner trust (the "Issuing Entity")
under Delaware law, and will transfer the Mortgage Loans and all of its rights
under the Mortgage Loan Purchase Agreement to the Issuing Entity;

                  WHEREAS, pursuant to the terms of a Trust Agreement dated as
of _______________ (the "Owner Trust Agreement") between the Company, as
depositor, and ______________________, as owner trustee (the "Owner Trustee"),
the Company will sell the Mortgage Collateral to Issuing Entity in exchange for
the cash proceeds of the Securities;

                  WHEREAS, pursuant to the terms of the Trust Agreement between
the Depositor and the Owner Trustee, the Issuing Entity will issue and transfer
to or at the direction of the Depositor, the Mortgage-Backed Certificates,
Series 200_-__ (the "Certificates");

                  WHEREAS, pursuant to the terms of an Indenture dated as of
_______________ (the "Indenture") between the Issuing Entity and the Indenture
Trustee, the Issuing Entity will issue and transfer to or at the direction of
the Purchaser the Mortgage-Backed Notes, Series 200_-__ (the "Notes"),
consisting of the Notes and secured by the Mortgage Collateral;

                  WHEREAS, pursuant to the terms of the Mortgage Loan Purchase
Agreement, the Company will acquire the Initial Loans; and

                  WHEREAS, pursuant to the terms of this Servicing Agreement,
the Servicer will service the Mortgage Loans directly or through one or more
Subservicers;

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

<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

         Section  1.01   .DEFINITIONS.   For  all  purposes  of  this  Servicing
Agreement,  except as otherwise  expressly provided herein or unless the context
otherwise  requires,  capitalized  terms not otherwise defined herein shall have
the meanings  assigned to such terms in the Definitions  contained in Appendix A
to  the  Indenture  which  is  incorporated  by  reference  herein.   All  other
capitalized terms used herein shall have the meanings specified herein.

         Section 1.02 .OTHER  DEFINITIONAL  PROVISIONS.  (a)All terms defined in
this  Servicing  Agreement  shall  have the  defined  meanings  when used in any
certificate or other document made or delivered pursuant hereto unless otherwise
defined therein.

         (b) As used in this Servicing Agreement and in any certificate or other
document  made or delivered  pursuant  hereto or thereto,  accounting  terms not
defined  in  this  Servicing  Agreement  or in any  such  certificate  or  other
document,  and accounting terms partly defined in this Servicing Agreement or in
any such  certificate or other document,  to the extent not defined,  shall have
the  respective  meanings  given to them  under  generally  accepted  accounting
principles.  To the extent  that the  definitions  of  accounting  terms in this
Servicing   Agreement  or  in  any  such   certificate  or  other  document  are
inconsistent with the meanings of such terms under generally accepted accounting
principles, the definitions contained in this Servicing Agreement or in any such
certificate or other document shall control.

         (c) The words  "hereof,"  "herein,"  "hereunder"  and words of  similar
import  when used in this  Servicing  Agreement  shall  refer to this  Servicing
Agreement  as a whole  and not to any  particular  provision  of this  Servicing
Agreement;  Section and Exhibit references contained in this Servicing Agreement
are references to Sections and Exhibits in or to this Servicing Agreement unless
otherwise  specified;  and the term  "including"  shall mean "including  without
limitation".

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

         (e) Any agreement,  instrument or statute defined or referred to herein
or in any instrument or certificate  delivered in connection herewith means such
agreement,  instrument  or statute  as from time to time  amended,  modified  or
supplemented and includes (in the case of agreements or instruments)  references
to all attachments thereto and instruments incorporated therein; references to a
Person are also to its permitted successors and assigns.

         Section  1.03  .INTEREST  CALCULATIONS.  All  calculations  of interest
hereunder  that are made in respect of the Principal  Balance of a Mortgage Loan
shall  be made on a daily  basis  using a 365- day  year.  All  calculations  of
interest on the  Securities  shall be made on the basis of the actual  number of
days in an  Interest  Period and a year  assumed  to  consist  of 360 days.  The
calculation  of the  Servicing  Fee shall be made on the basis of a 360-day year
consisting of twelve 30-day  months.  All dollar  amounts  calculated  hereunder
shall be rounded to the nearest  penny with  one-half of one penny being rounded
down.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

         Section 2.01  .REPRESENTATIONS  AND WARRANTIES  REGARDING THE SERVICER.
The Servicer represents and warrants to Company,  the Issuing Entity and for the
benefit of the Indenture Trustee, as pledgee of the Mortgage Collateral, and the
Securityholders,  as of the Cut-Off Date, [the date of the Servicing Agreement],
the Closing Date [and any Deposit Date], that:

                  (i) The  Servicer is a  corporation  duly  organized,  validly
existing and in good  standing  under the laws of the State of [_______] and has
the  corporate  power to own its assets and to transact the business in which it
is currently engaged. The Servicer is duly qualified to do business as a foreign
corporation and is in good standing in each  jurisdiction in which the character
of the business  transacted by it or  properties  owned or leased by it requires
such  qualification and in which the failure to so qualify would have a material
adverse effect on the business,  properties,  assets, or condition (financial or
other) of the Servicer;

                  (ii)  The  Servicer  has the  power  and  authority  to  make,
execute,   deliver  and  perform  this  Servicing   Agreement  and  all  of  the
transactions  contemplated  under this  Servicing  Agreement,  and has taken all
necessary corporate action to authorize the execution,  delivery and performance
of this  Servicing  Agreement.  When  executed  and  delivered,  this  Servicing
Agreement  will  constitute  the  legal,  valid and  binding  obligation  of the
Servicer enforceable in accordance with its terms, except as enforcement of such
terms may be limited by  bankruptcy,  insolvency  or similar laws  affecting the
enforcement of creditors'  rights generally and by the availability of equitable
remedies;

                  (iii) The  Servicer  is not  required to obtain the consent of
any other Person or any consent,  license,  approval or  authorization  from, or
registration or declaration with, any governmental  authority,  bureau or agency
in  connection   with  the  execution,   delivery,   performance,   validity  or
enforceability of this Servicing  Agreement,  except for such consent,  license,
approval or  authorization,  or registration or declaration,  as shall have been
obtained or filed, as the case may be;

                  (iv) The  execution and delivery of this  Servicing  Agreement
and the performance of the transactions contemplated hereby by the Servicer will
not violate any  provision  of any existing  law or  regulation  or any order or
decree  of  any  court  applicable  to the  Servicer  or  any  provision  of the
Certificate of Incorporation or Bylaws of the Servicer, or constitute a material
breach of any  mortgage,  indenture,  contract or other  agreement  to which the
Servicer is a party or by which the Servicer may be bound; and

                  (v) No  litigation or  administrative  proceeding of or before
any  court,  tribunal  or  governmental  body is  currently  pending,  or to the
knowledge  of  the  Servicer  threatened,  against  the  Servicer  or any of its
properties  or with  respect  to this  Servicing  Agreement  or the Notes or the
Certificates which in the opinion of the Servicer has a reasonable likelihood of
resulting in a material adverse effect on the transactions  contemplated by this
Servicing Agreement.

         The foregoing representations and warranties shall survive any
termination of the Servicer hereunder.

         Section  2.02  .REPRESENTATIONS  AND  WARRANTIES  OF THE  COMPANY.  The
Company  hereby  represents  and warrants to the Servicer for the benefit of the
Indenture   Trustee,   as  pledgee   of  the   Mortgage   Collateral,   and  the
Securityholders,  as of the Cut-Off Date, the Closing Date and any Deposit Date,
that:

                  (i)  The  Company  is a  limited  liability  company  in  good
standing under the laws of the State of Delaware;

                  (ii) The Company has full power,  authority and legal right to
execute and deliver  this  Servicing  Agreement  and to perform its  obligations
under this Servicing Agreement,  and has taken all necessary action to authorize
the execution, delivery and performance by it of this Servicing Agreement; and

                  (iii)  The  execution  and  delivery  by the  Company  of this
Servicing  Agreement and the performance by the Company of its obligations under
this Servicing Agreement will not violate any provision of any law or regulation
governing  the  Company or any  order,  writ,  judgment  or decree of any court,
arbitrator or governmental  authority or agency applicable to the Company or any
of its assets. Such execution, delivery, authentication and performance will not
require the authorization,  consent or approval of, the giving of notice to, the
filing or registration  with, or the taking of any other action with respect to,
any  governmental  authority  or agency  regulating  the  activities  of limited
liability companies.  Such execution,  delivery,  authentication and performance
will not conflict  with,  or result in a breach or violation  of, any  mortgage,
deed of trust,  lease or other  agreement or  instrument to which the Company is
bound.

         Section  2.03  .ENFORCEMENT  OF  REPRESENTATIONS  AND  WARRANTIES.  The
Servicer, on behalf of and subject to the direction of the Indenture Trustee, as
pledgee of the Mortgage  Collateral,  or the Credit Enhancer,  shall enforce the
representations  and  warranties  of the Seller  pursuant to the  Mortgage  Loan
Purchase  Agreement.  Upon  the  discovery  by the  Seller,  the  Servicer,  the
Indenture Trustee, the Credit Enhancer, the Company or any Custodian of a breach
of any of the  representations and warranties made in the Mortgage Loan Purchase
Agreement,  in  respect of any  Mortgage  Loan which  materially  and  adversely
affects the interests of the  Securityholders or the Credit Enhancer,  the party
discovering  such breach shall give prompt  written  notice to the other parties
(any Custodian  being so obligated  under a Custodial  Agreement).  The Servicer
shall  promptly  notify the Seller of such breach and request that,  pursuant to
the terms of the Mortgage  Loan Purchase  Agreement,  the Seller either (i) cure
such breach in all material respects within 45 days (with respect to a breach of
the representations  and warranties  contained in Section 3.1(a) of the Mortgage
Loan  Purchase  Agreement)  or  90  days  (with  respect  to  a  breach  of  the
representations and warranties  contained in Section 3.1(b) of the Mortgage Loan
Purchase Agreement) from the date the Seller was notified of such breach or (ii)
purchase  such Mortgage Loan from the Company at the price and in the manner set
forth in Section 3.1(b) of the Mortgage Loan Purchase  Agreement;  PROVIDED that
the Seller  shall,  subject to the  conditions  set forth in the  Mortgage  Loan
Purchase  Agreement,  have the  option  to  substitute  an  Eligible  Substitute
Mortgage  Loan or Loans for such  Mortgage  Loan.  In the event  that the Seller
elects to substitute one or more Eligible  Substitute Mortgage Loans pursuant to
Section 3.1(b) of the Mortgage Loan Purchase Agreement, the Seller shall deliver
to the Company with respect to such  Eligible  Substitute  Mortgage  Loans,  the
original Mortgage Note, the Mortgage, and such other documents and agreements as
are required by the Mortgage Loan Purchase  Agreement.  No substitution  will be
made in any calendar month after the Determination Date for such month. Payments
due  with  respect  to  Eligible  Substitute  Mortgage  Loans  in the  month  of
substitution shall not be transferred to the Company and will be retained by the
Servicer  and  remitted  by the  Servicer  to the Seller on the next  succeeding
Payment Date  provided a payment has been received by the Company for such month
in respect of the Mortgage Loan to be removed. The Servicer shall amend or cause
to be amended the Mortgage Loan Schedule to reflect the removal of such Mortgage
Loan and the  substitution  of the Eligible  Substitute  Mortgage  Loans and the
Servicer shall promptly  deliver the amended Mortgage Loan Schedule to the Owner
Trustee and Indenture Trustee.

         It is understood and agreed that the obligation of the Seller to cure
such breach or purchase or substitute for such Mortgage Loan as to which such a
breach has occurred and is continuing shall constitute the sole remedy
respecting such breach available to the Company and the Indenture Trustee, as
pledgee of the Mortgage Collateral, against the Seller. In connection with the
purchase of or substitution for any such Mortgage Loan by the Seller, the
Company shall assign to the Seller all of the right, title and interest in
respect of the Mortgage Loan Purchase Agreement applicable to such Mortgage
Loan. Upon receipt of the Repurchase Price, or upon completion of such
substitution, the applicable Custodian shall deliver the Mortgage Files to the
Servicer, together with all relevant endorsements and assignments.

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

         Section  3.01  .THE  SERVICER.  (a)  The  Servicer  shall  service  and
administer the Mortgage Loans in the same manner as would prudent  institutional
mortgage lenders  servicing  comparable  mortgage loans for their own account in
the jurisdictions  where the related  Mortgaged  Properties are located and in a
manner consistent with the terms of this Servicing  Agreement and which shall be
normal and usual in its general  mortgage  servicing  activities  and shall have
full power and authority,  acting alone or through a subservicer,  to do any and
all things in connection  with such  servicing and  administration  which it may
deem necessary or desirable,  it being  understood,  how ever, that the Servicer
shall at all times remain responsible to the Company,  the Indenture Trustee, as
pledgee of the Mortgage Collateral,  and the Securityholders for the performance
of its duties and obligations  hereunder in accordance with the terms hereof and
the servicing  standard set forth above.  Without limiting the generality of the
foregoing,  the Servicer shall continue,  and is hereby authorized and empowered
by the Company and the Indenture Trustee, as pledgee of the Mortgage Collateral,
to execute and deliver,  on behalf of itself, the Company,  the  Securityholders
and  the  Indenture  Trustee  or  any  of  them,  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 Mortgage Loans and with respect
to the  Mortgaged  Properties.  The  Company,  the  Indenture  Trustee  and  the
Custodian, as applicable, shall furnish the Servicer with any powers of attorney
and other documents necessary or appropriate to enable the Servicer to carry out
its servicing and  administrative  duties  hereunder.  On the Closing Date,  the
Company shall deliver to the Servicer a power of attorney  substantially  in the
form of Exhibit B hereto.

         If the Mortgage  relating to a Mortgage Loan did not have a lien senior
on the related Mortgaged Property as of the Cut-Off Date, then the Servicer,  in
such  capacity,  may not  consent to the placing of a lien senior to that of the
Mortgage  on the  related  Mortgaged  Property.  If the  Mortgage  relating to a
Mortgage  Loan had a lien senior to the Mortgage  Loan on the related  Mortgaged
Property  as of the Cut-Off  Date,  then the  Servicer,  in such  capacity,  may
consent to the refinancing of such senior lien;  PROVIDED that (i) the resulting
Combined  Loan-to-Value  Ratio  of such  Mortgage  Loan is no  higher  than  the
Combined  Loan-to-Value  Ratio prior to such  refinancing  and (ii) the interest
rate for the loan  evidencing  the  refinanced  senior  lien on the date of such
refinancing  is no higher  than the  interest  rate on the loan  evidencing  the
existing senior lien immediately prior to the date of such refinancing.

         The  relationship of the Servicer (and of any successor to the Servicer
as servicer under this Servicing  Agreement) to the Company under this Servicing
Agreement is intended by the parties to be that of an independent contractor and
not that of a joint venturer, partner or agent.

         (b) The Servicer has entered into Initial Subservicing  Agreements with
the Initial  Subservicers for the servicing and  administration  of the Mortgage
Loans and may enter into additional Sub servicing  Agreements with  Subservicers
for  the  servicing  and  administration  of  certain  of  the  Mortgage  Loans.
References  in this  Servicing  Agreement to actions taken or to be taken by the
Servicer in servicing the Mortgage Loans include actions taken or to be taken by
a  Subservicer  on  behalf  of the  Servicer  and any  amount  received  by such
Subservicer  in respect of a Mortgage Loan shall be deemed to have been received
by the  Servicer  whether  or  not  actually  received  by  the  Servicer.  Each
Subservicing  Agreement  will be  upon  such  terms  and  conditions  as are not
inconsistent  with  this  Servicing  Agreement  and  as  the  Servicer  and  the
Subservicer  have agreed.  With the approval of the Servicer,  a Subservicer may
delegate  its  servicing   obligations  to  third-party   servicers,   but  such
Subservicers  will remain obligated under the related  Subservicing  Agreements.
The  Servicer  and the  Subservicer  may enter into  amendments  to the  related
Subservicing  Agreements;  PROVIDED,  HOWEVER, that any such amendments shall be
consistent with and not violate the provisions of this Servicing Agreement.  The
Servicer shall be entitled to terminate any Subservicing Agreement in accordance
with the terms and  conditions  thereof and without any  limitation by virtue of
this Servicing Agreement; PROVIDED, HOWEVER, that in the event of termination of
any  Subservicing  Agreement  by the Servicer or the  Subservicer,  the Servicer
shall  either  act as  servicer  of the  related  Mortgage  Loan or enter into a
Subservicing  Agreement with a successor  Subservicer which will be bound by the
terms of the related Subservicing  Agreement.  The Servicer shall be entitled to
enter into any agreement with a Subservicer for  indemnification of the Servicer
and nothing  contained in this Servicing  Agreement  shall be deemed to limit or
modify such indemnification.

         In the event that the rights, duties and obligations of the Servicer
are terminated hereunder, any successor to the Servicer in its sole discretion
may, to the extent permitted by applicable law, terminate the existing
Subservicing Agreement with any Subservicer in accordance with the terms of the
applicable Subservicing Agreement or assume the terminated Servicer's rights and
obligations under such subservicing arrangements which termination or assumption
will not violate the terms of such arrangements.

         As part of its servicing activities hereunder, the Servicer, for the
benefit of the Company, shall use reasonable efforts to enforce the obligations
of each Subservicer under the related Subservicing Agreement, to the extent that
the non-performance of any such obligation would have material and adverse
effect on a Mortgage Loan. Such enforcement, including, without limitation, the
legal prosecution of claims, termination of Subservicing Agreements and the
pursuit of other appropriate remedies, shall be in such form and carried out to
such an extent and at such time as the Servicer, in its good faith business
judgment, would require were it the owner of the related Mortgage Loans. The
Servicer shall pay the costs of such enforcement at its own expense, and shall
be reimbursed therefor only (i) from a general recovery resulting from such
enforcement to the extent, if any, that such recovery exceeds all amounts due in
respect of the related Mortgage Loan or (ii) from a specific recovery of costs,
expenses or attorneys fees against the party against whom such enforcement is
directed.

         Section 3.02  COLLECTION OF CERTAIN  MORTGAGE LOAN  PAYMENTS.  (a) The
Servicer shall make reasonable  efforts to collect all payments called for under
the terms and provisions of the Mortgage  Loans,  and shall,  to the extent such
procedures  shall be  consistent  with this  Servicing  Agreement,  follow  such
collection  procedures  as shall be  normal  and usual in its  general  mortgage
servicing  activities.  Consistent with the foregoing,  and without limiting the
generality of the  foregoing,  the Servicer may in its  discretion (i) waive any
late payment  charge,  penalty  interest or other fees which may be collected in
the ordinary  course of  servicing  such  Mortgage  Loan and (ii) arrange with a
Mortgagor a schedule for the payment of  principal  and interest due and unpaid;
PROVIDED  such  arrangement  is  consistent  with the  Servicer's  policies with
respect to home equity mortgage loans;  PROVIDED,  FURTHER, that notwithstanding
such  arrangement  such  Mortgage  Loans  will be  included  in the  information
regarding delinquent Mortgage Loans set forth in the Servicing Certificate.  The
Servicer  may also  extend  the Due Date for  payment  due on a  Mortgage  Loan,
PROVIDED,  HOWEVER, that the Servicer shall first determine that any such waiver
or  extension  will  not  adversely  affect  the lien of the  related  Mortgage.
Consistent  with the terms of this  Servicing  Agreement,  the Servicer may also
waive,  modify  or  vary  any  term  of any  Mortgage  Loan  or  consent  to the
postponement  of strict  compliance  with any such term or in any  manner  grant
indulgence  to any  Mortgagor if in the  Servicer's  determination  such waiver,
modification,  postponement  or  indulgence  is not  materially  adverse  to the
interests of the Securityholders or the Credit Enhancer, PROVIDED, HOWEVER, that
the  Servicer  may not modify or permit any  Subservicer  to modify any Mortgage
Loan  (including  without  limitation  any  modification  that would  change the
Mortgage  Rate,  forgive the  payment of any  principal  or interest  (unless in
connection  with the  liquidation  of the related  Mortgage  Loan) or extend the
final  maturity  date of such  Mortgage  Loan) unless such  Mortgage  Loan is in
default  or,  in the  judgment  of the  Servicer,  such  default  is  reasonably
foreseeable.

         (b) The Servicer shall establish an account (the "Collection  Account")
in which  the  Servicer  shall  deposit  or cause to be  deposited  any  amounts
representing  payments on and any  collections  in respect of the Mortgage Loans
received  by it  subsequent  to the Cut-off  Date as to any Initial  Loan or the
related  Deposit  Date as to any  Additional  Loan (other than in respect of the
payments  referred to in the  following  paragraph)  within __  Business  Day[s]
following  receipt  thereof  (or  otherwise  on or prior to the  Closing  Date),
including the following payments and collections received or made by it (without
duplication):

                  (i) all  payments of  principal of or interest on the Mortgage
Loans  received by the  Servicer  from the  respective  Subservicer,  net of any
portion of the interest  thereof  retained by the  Subservicer  as  Subservicing
Fees;

                  (ii) the  aggregate  Repurchase  Price of the  Mortgage  Loans
purchased by the Servicer pursuant to Section 3.15;

                  (iii) Net Liquidation  Proceeds net of any related Foreclosure
Profit;

                  (iv) all proceeds of any  Mortgage  Loans  repurchased  by the
Seller pursuant to the Mortgage Loan Purchase  Agreement,  and all  Substitution
Adjustment  Amounts required to be deposited in connection with the substitution
of an Eligible  Substitute  Mortgage Loan pursuant to the Mortgage Loan Purchase
Agreement;

                  (v) insurance proceeds,  other than Net Liquidation  Proceeds,
resulting from any insurance policy maintained on a Mortgaged Property; and

                  (vi) amounts  required to be paid by the Servicer  pursuant to
Section 8.08.

PROVIDED, HOWEVER, that with respect to each Collection Period, the Servicer
shall be permitted to retain from payments in respect of interest on the
Mortgage Loans, the Servicing Fee for such Collection Period. The foregoing
requirements respecting deposits to the Collection Account are exclusive, it
being understood that, without limiting the generality of the foregoing, the
Servicer need not deposit in the Collection Account amounts representing
Foreclosure Profits, fees (including annual fees) or late charge penalties,
payable by Mortgagors, or amounts received by the Servicer for the accounts of
Mortgagors for application towards the payment of taxes, insurance premiums,
assessments and similar items. In the event any amount not required to be
deposited in the Collection Account is so deposited, the Servicer may at any
time withdraw such amount from the Collection Account, any provision herein to
the contrary notwithstanding. The Collection Account may contain funds that
belong to one or more trust funds created for the notes or certificates of other
series and may contain other funds respecting payments on mortgage loans
belonging to the Servicer or serviced or serviced by it on behalf of others.
Notwithstanding such commingling of funds, the Servicer shall keep records that
accurately reflect the funds on deposit in the Collection Account that have been
identified by it as being attributable to the Mortgage Loans and shall hold all
collections in the Collection Account to the extent they represent collections
on the Mortgage Loans for the benefit of the Company, the Indenture Trustee, the
Securityholders and the Credit Enhancer, as their interests may appear. The
Servicer shall remit all Foreclosure Profits to itself as additional servicing
compensation.

         The Servicer may cause the institution maintaining the Collection
Account to invest any funds in the Collection Account in Eligible Investments
(including obligations of the Servicer or any of its Affiliates, if such
obligations otherwise qualify as Eligible Investments), which shall mature not
later than the Business Day next preceding the Payment Date and shall not be
sold or disposed of prior to its maturity. Except as provided above, all income
and gain realized from any such investment shall be for the benefit of the
Servicer and shall be subject to its withdrawal or order from time to time. The
amount of any losses incurred in respect of the principal amount of any such
investments shall be deposited in the Collection Account by the Servicer out of
its own funds immediately as realized.

         (c) The  Servicer  will  require  each  Subservicer  to hold all  funds
constituting  collections on the Mortgage Loans,  pending  remittance thereof to
the Servicer,  in one or more accounts  meeting the  requirements of an Eligible
Account, and invested in Eligible Investments,  unless, all such collections are
remitted  on a daily  basis to the  Servicer  for  deposit  into the  Collection
Account.

         Section 3.03  WITHDRAWALS  FROM THE  COLLECTION  ACCOUNT.  The Servicer
shall,  from  time  to  time as  provided  herein,  make  withdrawals  from  the
Collection  Account of amounts on deposit therein  pursuant to Section 3.02 that
are attributable to the Mortgage Loans for the following purposes:

                  (i) to deposit in the  Distribution  Account,  on the Business
Day prior to each Payment  Date,  an amount  equal to the  Security  Collections
required to be distributed on such Payment Date;

                  (ii) to the extent  deposited to the  Collection  Account,  to
reimburse itself or the related Subservicer for previously unreimbursed expenses
incurred in maintaining  individual insurance policies pursuant to Section 3.04,
or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable
pursuant  to the terms of this  Servicing  Agreement  (to the extent not payable
pursuant  to Section  3.09),  such  withdrawal  right  being  limited to amounts
received  on  particular  Mortgage  Loans  (other than any  Repurchase  Price in
respect  thereof) which represent late recoveries of the payments for which such
advances were made, or from related Liquidation  Proceeds or the proceeds of the
purchase of such Mortgage Loan;

                  (iii) to pay to itself out of each payment received on account
of interest on a Mortgage Loan as  contemplated by Section 3.09, an amount equal
to the related  Servicing  Fee (to the extent not  retained  pursuant to Section
3.02),  and to pay to any  Subservicer  any  Subservicing  Fees  not  previously
withheld by the Subservicer;

                  (iv) to the extent deposited in the Collection  Account to pay
to itself as additional servicing compensation any interest or investment income
earned on funds deposited in the Collection  Account and Payment Account that it
is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;

                  (v) to the extent deposited in the Collection  Account, to pay
to itself as additional servicing compensation any Foreclosure Profits;

                  (vi) to pay to  itself  or the  Seller,  with  respect  to any
Mortgage Loan or property acquired in respect thereof that has been purchased or
otherwise  transferred to the Seller,  the Servicer or other entity, all amounts
received thereon and not required to be distributed to Securityholders as of the
date on which the related Purchase Price or Repurchase Price is determined;

                  (vii) to withdraw any other amount deposited in the Collection
Account that was not required to be deposited therein pursuant to Section 3.02;

                  (viii) to pay to the Seller the amount,  if any,  deposited in
the Collection  Account by the Indenture  Trustee upon release  thereof from the
Funding Account representing payments for Additional Loans; and

                  (ix) after the occurrence of an Amortization  Event, to pay to
the Seller, the Excluded Amount.

Since, in connection with withdrawals pursuant to clauses (iii), (iv), (vi) and
(vii), the Servicer's entitlement thereto is limited to collections or other
recoveries on the related Mortgage Loan, the Servicer shall keep and maintain
separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose
of justifying any withdrawal from the Collection Account pursuant to such
clauses. Notwithstanding any other provision of this Servicing Agreement, the
Servicer shall be entitled to reimburse itself for any previously unreimbursed
expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to
the terms of this Servicing Agreement that the Servicer determines to be
otherwise nonrecoverable (except with respect to any Mortgage Loan as to which
the Repurchase Price has been paid), by withdrawal from the Collection Account
of amounts on deposit therein attributable to the Mortgage Loans on any Business
Day prior to the Payment Date succeeding the date of such determination.

         Section 3.04  .MAINTENANCE  OF HAZARD  INSURANCE;  PROPERTY  PROTECTION
EXPENSES.  The Servicer  shall cause to be  maintained  for each  Mortgage  Loan
hazard  insurance  naming  the  Servicer  or related  Subservicer  as loss payee
thereunder  providing  extended coverage in an amount which is at least equal to
the lesser of (i) the maximum insurable value of the improvements  securing such
Mortgage Loan from time to time or (ii) the combined  principal balance owing on
such  Mortgage Loan and any mortgage loan senior to such Mortgage Loan from time
to time.  The Servicer  shall also cause to be maintained  on property  acquired
upon  foreclosure,  or deed in lieu of  foreclosure,  of any Mortgage Loan, fire
insurance  with  extended  coverage in an amount  which is at least equal to the
amount necessary to avoid the application of any  co-insurance  clause contained
in the related hazard insurance policy.  Amounts collected by the Servicer under
any such policies (other than amounts to be applied to the restoration or repair
of the related Mortgaged  Property or property thus acquired or amounts released
to the Mortgagor in accordance with the Servicer's normal servicing  procedures)
shall be deposited in the Collection Account to the extent called for by Section
3.02. In cases in which any Mortgaged Property is located at any time during the
life of a  Mortgage  Loan in a  federally  designated  flood  area,  the  hazard
insurance to be  maintained  for the related  Mortgage  Loan shall include flood
insurance  (to the  extent  available).  All such  flood  insurance  shall be in
amounts  equal to the lesser of (i) the amount  required to  compensate  for any
loss or damage to the Mortgaged  Property on a  replacement  cost basis and (ii)
the  maximum  amount  of such  insurance  available  for the  related  Mortgaged
Property under the national flood insurance  program  (assuming that the area in
which such Mortgaged Property is located is participating in such program).  The
Servicer  shall be under no obligation  to require that any  Mortgagor  maintain
earthquake or other additional insurance and shall be under no obligation itself
to maintain any such additional  insurance on property  acquired in respect of a
Mortgage Loan,  other than pursuant to such  applicable  laws and regulations as
shall at any time be in force and as shall require such additional insurance. If
the  Servicer  shall obtain and maintain a blanket  policy  consistent  with its
general mortgage servicing  activities  insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations  as set forth in the first  sentence of this Section  3.04, it being
understood and agreed that such policy may contain a deductible clause, in which
case the Servicer  shall, in the event that there shall not have been maintained
on the related Mortgaged  Property a policy complying with the first sentence of
this Section 3.04 and there shall have been a loss which would have been covered
by such  policy,  deposit in the  Collection  Account  the amount not  otherwise
payable under the blanket policy  because of such  deductible  clause.  Any such
deposit by the Servicer shall be made on the last Business Day of the Collection
Period in the month in which  payments  under any such  policy  would  have been
deposited in the  Collection  Account.  In  connection  with its  activities  as
administrator  and  servicer  of the  Mortgage  Loans,  the  Servicer  agrees to
present,  on behalf of itself,  the Company,  the Issuing Entity,  the Indenture
Trustee and the Securityholders, claims under any such blanket policy.

         Section  3.05  MODIFICATION  AGREEMENTS.  The  Servicer or the related
Subservicer,  as the case may be,  shall be entitled  to (A) execute  assumption
agreements,   substitution  agreements,   and  instruments  of  satisfaction  or
cancellation  or of partial or full release or discharge,  or any other document
contemplated by this Servicing  Agreement and other comparable  instruments with
respect  to the  Mortgage  Loans and with  respect to the  Mortgaged  Properties
subject to the  Mortgages  (and the  Company  shall  promptly  execute  any such
documents  on  request of the  Servicer)  and (B)  approve  the  granting  of an
easement thereon in favor of another Person, any alteration or demolition of the
related  Mortgaged  Property or other  similar  matters,  if it has  determined,
exercising its good faith business judgment in the same manner as it would if it
were the owner of the related  Mortgage  Loan,  that the  security  for, and the
timely and full  collectability  of, such  Mortgage  Loan would not be adversely
affected  thereby.  A partial  release  pursuant to this  Section  3.05 shall be
permitted only if the Combined  Loan-to-Value Ratio for such Mortgage Loan after
such partial release does not exceed the Combined  Loan-to-Value  Ratio for such
Mortgage Loan as of the Cut-Off  Date.  Any fee collected by the Servicer or the
related Subservicer for processing such request will be retained by the Servicer
or such Subservicer as additional servicing compensation.

         Section 3.06 .TRUST ESTATE; RELATED DOCUMENTS. (a) When required by the
provisions of this Servicing Agreement, the Company shall execute instruments to
release  property  from the terms of this  Servicing  Agreement,  or convey  the
Company's  interest in the same, in a manner and under  circumstances  which are
not  inconsistent  with the  provisions of this  Servicing  Agreement.  No party
relying upon an  instrument  executed by the Company as provided in this Article
III  shall be bound to  ascertain  the  Company's  authority,  inquire  into the
satisfaction  of any  conditions  precedent  or see  to the  application  of any
moneys.

         (b) If from time to time the Servicer  shall  deliver to the Company or
the related Custodian copies of any written assurance,  assumption  agreement or
substitution  agreement or other similar agreement pursuant to Section 3.05, the
Company  or the  related  Custodian  shall  check  that  each of such  documents
purports to be an original  executed  copy (or a copy of the  original  executed
document if the original  executed copy has been submitted for recording and has
not yet been returned) and, if so, shall file such  documents,  and upon receipt
of the original executed copy from the applicable recording office or receipt of
a copy thereof  certified  by the  applicable  recording  office shall file such
originals or certified copies with the Related Documents.  If any such documents
submitted by the Servicer do not meet the above  qualifications,  such documents
shall  promptly  be returned  by the  Company or the  related  Custodian  to the
Servicer, with a direction to the Servicer to forward the correct documentation.

         (c) Upon Company Request accompanied by an Officers' Certificate of the
Servicer pursuant to Section 3.09 of this Servicing Agreement to the effect that
a Mortgage  Loan has been the subject of a final payment or a prepayment in full
and the related  Mortgage  Loan has been  terminated or that  substantially  all
Liquidation  Proceeds  which  have  been  determined  by  the  Servicer  in  its
reasonable  judgment to be finally  recoverable  have been  recovered,  and upon
deposit to the Collection  Account of such final monthly payment,  prepayment in
full together with accrued and unpaid  interest to the date of such payment with
respect to such  Mortgage  Loan or, if  applicable,  Liquidation  Proceeds,  the
Company shall promptly release the Related Documents to the Servicer, along with
such documents as the Servicer or the Mortgagor may request as  contemplated  by
the Servicing Agreement to evidence  satisfaction and discharge of such Mortgage
Loan. If from time to time and as  appropriate  for the servicing or foreclosure
of any Mortgage Loan, the Servicer requests the Company or the related Custodian
to release  the  Related  Documents  and  delivers to the Company or the related
Custodian a trust receipt reasonably  satisfactory to the Company or the related
Custodian  and signed by a Responsible  Officer of the Servicer,  the Company or
the related  Custodian shall release the Related  Documents to the Servicer.  If
such Mortgage Loans shall be liquidated and the Company or the related Custodian
receives a certificate  from the Servicer as provided above,  then, upon request
of the Company or the related  Custodian  shall release the trust receipt to the
Servicer.

         Section 3.07 REALIZATION  UPON DEFAULTED  MORTGAGE LOANS. With respect
to such of the Mortgage Loans as come into and continue in default, the Servicer
will decide  whether to foreclose  upon the Mortgaged  Properties  securing such
Mortgage Loans or write off the unpaid  principal  balance of the Mortgage Loans
as bad  debt;  provided  that if the  Servicer  has  actual  knowledge  that any
Mortgaged  Property is affected by hazardous or toxic wastes or  substances  and
that the  acquisition  of such  Mortgaged  Property  would  not be  commercially
reasonable,  then the  Servicer  will not cause the Company to acquire  title to
such Mortgaged  Property in a foreclosure or similar  proceeding.  In connection
with such  foreclosure  or other  conversion,  the  Servicer  shall  follow such
practices  (including,  in the case of any default on a related senior  mortgage
loan, the advancing of funds to correct such default) and procedures as it shall
deem  necessary  or  advisable  and as shall be normal and usual in its  general
mortgage servicing activities; PROVIDED that the Servicer shall not be liable in
any respect  hereunder  if the  Servicer is acting in  connection  with any such
foreclosure or attempted  foreclosure which is not completed or other conversion
in a manner that is consistent with the provisions of this Servicing  Agreement.
The foregoing is subject to the proviso that the Servicer  shall not be required
to  expend  its own  funds in  connection  with any fore  closure  or  attempted
foreclosure which is not completed or towards the correction of any default on a
related  senior  mortgage loan or  restoration  of any property  unless it shall
determine that such expenditure will increase Net Liquidation  Proceeds.  In the
event of a determination  by the Servicer that any such  expenditure  previously
made pursuant to this Section 3.07 will not be reimbursable from Net Liquidation
Proceeds,  the  Servicer  shall be  entitled  to  reimbursement  of its funds so
expended pursuant to Section 3.03.

         Notwithstanding any provision of this Servicing Agreement, a Mortgage
Loan may be deemed to be finally liquidated if substantially all amounts
expected by the Servicer to be received in connection with the related defaulted
Mortgage Loan have been received; PROVIDED, HOWEVER, any subsequent collections
with respect to any such Mortgage Loan shall be deposited to the Collection
Account. For purposes of determining the amount of any Liquidation Proceeds or
Insurance Proceeds, or other unscheduled collections, the Servicer may take into
account minimal amounts of additional receipts expected to be received or any
estimated additional liquidation expenses expected to be incurred in connection
with the related defaulted Mortgage Loan.

         In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale
shall be issued to the Company and the Indenture Trustee as their interests may
appear, or to their respective nominee on behalf of Securityholders.
Notwithstanding any such acquisition of title and cancellation of the related
Mortgage Loan, such Mortgaged Property shall (except as otherwise expressly
provided herein) be considered to be an outstanding Mortgage Loan held as an
asset of the Company until such time as such property shall be sold. Consistent
with the foregoing for purposes of all calculations hereunder, so long as such
Mortgaged Property shall be considered to be an outstanding Mortgage Loan it
shall be assumed that, notwithstanding that the indebtedness evidenced by the
related Mortgage Note shall have been discharged, such Mortgage Note in effect
at the time of any such acquisition of title before any adjustment thereto by
reason of any bankruptcy or similar proceeding or any moratorium or similar
waiver or grace period will remain in effect.

         Any proceeds from foreclosure proceedings or the purchase or repurchase
of any Mortgage Loan pursuant to the terms of this Servicing Agreement, as well
as any recovery resulting from a collection of Liquidation Proceeds or Insurance
Proceeds, will be applied in the following order of priority: first, to
reimburse the Servicer or the related Subservicer in accordance with Section
3.07; second, to all Servicing Fees payable therefrom; third, to the extent of
accrued and unpaid interest on the related Mortgage Loan, at the Net Mortgage
Rate to the Due Date prior to the Payment Date on which such amounts are to be
deposited in the Payment Account; fourth, as a recovery of principal on the
Mortgage Loan; and fifth, to Foreclosure Profits.

         Section 3.08 COMPANY AND INDENTURE  TRUSTEE TO COOPERATE.  On or before
each  Payment  Date,  the  Servicer  will  notify the  Indenture  Trustee or the
relevant  Custodian,  with a copy to the Company,  of the  termination of or the
payment in full and the  termination  of any Mortgage  Loan during the preceding
Collection   Period,   which   notification  shall  be  by  a  certification  in
substantially the form attached hereto as Exhibit C (which  certification  shall
include a statement to the effect that all amounts  received in connection  with
such  payment  which are  required to be  deposited  in the  Collection  Account
pursuant to Section  3.02 have been so  deposited  or  credited)  of a Servicing
Officer. Upon receipt of payment in full, the Servicer is authorized to execute,
pursuant to the  authorization  contained in Section 3.01, if the assignments of
Mortgage  have been  recorded  as  required  under the  Mortgage  Loan  Purchase
Agreement,  an instrument of satisfaction regarding the related Mortgage,  which
instrument  of  satisfaction  shall be recorded  by the  Servicer if required by
applicable law and be delivered to the Person entitled thereto. It is understood
and agreed that any expenses  incurred in  connection  with such  instrument  of
satisfaction  or transfer  shall be  reimbursed  from  amounts  deposited in the
Collection  Account.  From time to time and as appropriate  for the servicing or
foreclosure  of any  Mortgage  Loan,  the  Indenture  Trustee  or  the  relevant
Custodian  shall,  upon request of the  Servicer  and delivery to the  Indenture
Trustee or  relevant  Custodian,  with a copy to the  Company,  of a Request for
Release, in the form annexed hereto as Exhibit D, signed by a Servicing Officer,
release or cause to be released  the related  Mortgage  File to the Servicer and
the Company and Indenture Trustee shall promptly execute such documents,  in the
forms provided by the Servicer, as shall be necessary for the prosecution of any
such  proceedings or the taking of other servicing  actions.  Such trust receipt
shall obligate the Servicer to return the Mortgage File to the Indenture Trustee
or the related  Custodian  (as specified in such receipt) when the need therefor
by the Servicer no longer exists  unless the Mortgage Loan shall be  liquidated,
in which case,  upon receipt of a certificate of a Servicing  Officer similar to
that hereinabove specified, the trust receipt shall be released to the Servicer.

         In order to facilitate the foreclosure of the Mortgage securing any
Mortgage Loan that is in default following recordation of the assignments of
Mortgage in accordance with the provisions of the Mortgage Loan Purchase
Agreement, the Company shall, if so requested in writing by the Servicer,
promptly execute an appropriate assignment in the form provided by the Servicer
to assign such Mortgage Loan for the purpose of collection to the Servicer (any
such assignment shall unambiguously indicate that the assignment is for the
purpose of collection only), and, upon such assignment, such assignee for
collection will thereupon bring all required actions in its own name and
otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net
Liquidation Proceeds, exclusive of Foreclosure Profits, received with respect
thereto in the Collection Account. In the event that all delinquent payments due
under any such Mortgage Loan are paid by the Mortgagor and any other defaults
are cured then the assignee for collection shall promptly reassign such Mortgage
Loan to the Company and return all Related Documents to the place where the
related Mortgage File was being maintained.

         In connection with the Company's obligation to cooperate as provided in
this Section 3.08 and all other provisions of this Servicing Agreement requiring
the Company to authorize or permit any actions to be taken with respect to the
Mortgage Loans, the Indenture Trustee, as pledgee of the Mortgage Collateral in
the Company, expressly agrees, on behalf of the Company, to take all such
actions on behalf of the Company and to promptly execute and return all
instruments reasonably required by the Servicer in connection therewith;
PROVIDED that if the Servicer shall request a signature of the Indenture
Trustee, on behalf of the Company, the Servicer will deliver to the Indenture
Trustee an Officer's Certificate stating that such signature is necessary or
appropriate to enable the Servicer to carry out its servicing and administrative
duties under this Servicing Agreement.

         Section 3.09  SERVICING  COMPENSATION;  PAYMENT OF CERTAIN  EXPENSES BY
SERVICER.  The  Servicer  shall be  entitled  to receive  the  Servicing  Fee in
accordance with Section 3.03 as compensation for its services in connection with
servicing the Mortgage Loans. Moreover, additional servicing compensation in the
form of late  payment  charges and certain  other  receipts  not  required to be
deposited  in the  Collection  Account as  specified  in  Section  3.02 shall be
retained by the  Servicer.  The  Servicer  shall be required to pay all expenses
incurred by it in connection with its activities hereunder (including payment of
all other fees and expenses not expressly stated hereunder to be for the account
of the Securityholders,  including, without limitation, the fees and expenses of
the Administrator, Owner Trustee, Indenture Trustee and any Custodian) and shall
not be  entitled  to  reimbursement  therefor  except as  specifically  provided
herein.

         Section 3.10 ANNUAL  STATEMENT  AS TO  COMPLIANCE.  The  Servicer  will
deliver to the Company,  the Issuing  Entity and the Indenture  Trustee,  with a
copy to the Credit  Enhancer,  not later than  February 28 of each calendar year
beginning  in  2007,  an  Officer's   Certificate   (an  "Annual   Statement  of
Compliance")  stating,  as to each signatory  thereof,  that (i) a review of the
activities of the Servicer during the preceding calendar year and of performance
under this Agreement or other applicable servicing agreement has been made under
such officer's  supervision  and (ii) to the best of such  officers'  knowledge,
based on such review,  the Servicer has fulfilled all of its  obligations  under
this Agreement or other applicable  servicing agreement in all material respects
throughout  such  year,  or,  if there has been a failure  to  fulfill  any such
obligation in any material  respect,  specifying each such failure known to such
officer  and the nature  and  status of cure  provisions  thereof.  Such  Annual
Statement of Compliance shall contain no restrictions or limitations on its use.
In the event that the Servicer has delegated any servicing responsibilities with
respect to the Mortgage  Loans to a  subservicer,  the Servicer  shall deliver a
similar  Annual  Statement of  Compliance by that  subservicer  to the Indenture
Trustee as described above as and when required with respect to the Servicer.

         If the Servicer cannot deliver the related Annual Statement of
Compliance by February 28th of such year, the Indenture Trustee, at its sole
option, may permit a cure period for the Servicer to deliver such Annual
Statement of Compliance, but in no event later than March 10th of such year.

         Failure of the Servicer to timely comply with this Section 3.10 shall
be deemed a Servicing Default, and the Indenture Trustee may, in addition to
whatever rights the Indenture Trustee may have under this Agreement and at law
or equity or to damages, including injunctive relief and specific performance,
upon notice immediately terminate all the rights and obligations of the Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof
without compensating the Servicer for the same. This paragraph shall supercede
any other provision in this Agreement or any other agreement to the contrary.

         Section 3.11 ASSESSMENTS OF COMPLIANCE AND ATTESTATION  REPORTS. On and
after January 1, 2006,  the Servicer  shall service and  administer the Mortgage
Loans in accordance with all applicable  requirements of the Servicing Criteria.
Pursuant  to Rules  13a-18  and  15d-18  of the  Exchange  Act and Item  1123 of
Regulation  AB, the Servicer shall deliver to the Company,  the Issuing  Entity,
the Indenture Trustee, the Depositor, the Credit Enhancer and each Rating Agency
on or before  February 28 of each  calendar  year  beginning  in 2007,  a report
regarding  the   Servicer's   assessment  of  compliance   (an   "Assessment  of
Compliance") with the Servicing Criteria during the preceding calendar year. The
Assessment  of  Compliance  must be  reasonably  satisfactory  to the  Indenture
Trustee,  and as set forth in Regulation AB, the  Assessment of Compliance  must
contain the following:

         (a)      A statement by such officer of its responsibility for
assessing compliance with the Servicing Criteria applicable to the Servicer;

         (b)      A statement by such officer that such officer used the
Servicing Criteria attached as Exhibit [__] hereto, and which will also be
attached to the Assement of Compliance, to assess compliance with the Servicing
Criteria applicable to the Servicer;

         (c)      An assessment by such officer of the Servicer's compliance
with the applicable Servicing Criteria for the period consisting of the
preceding calendar year, including disclosure of any material instance of
noncompliance with respect thereto during such period, which assessment shall be
based on the activities it performs with respect to asset-backed securities
transactions taken as a whole involving the Servicer, that are backed by the
same asset type as the Mortgage Loans;

         (d)      A statement that a registered public accounting firm has
issued an attestation report on the Servicer's Assessment of Compliance for the
period consisting of the preceding calendar year; and

         (e)      A statement as to which of the Servicing Criteria, if any, are
not applicable to the Servicer, which statement shall be based on the activities
it performs with respect to asset-backed securities transactions taken as a
whole involving the Servicer, that are backed by the same asset type as the
Mortgage Loans.

         Such report at a minimum shall address each of the Servicing Criteria
specified on Exhibit [__] hereto which are indicated as applicable to the
Servicer.

         On or before February 28 of each calendar year beginning in 2007, the
Servicer shall furnish to the Company, the Issuing Entity, the Indenture
Trustee, the Depositor, the Credit Enhancer and each Rating Agency a report (an
"Attestation Report") by a registered public accounting firm that attests to,
and reports on, the Assessment of Compliance made by the Company, as required by
Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB,
which Attestation Report must be made in accordance with standards for
attestation reports issued or adopted by the Public Company Accounting Oversight
Board.

         The Servicer shall cause any subservicer, and each subcontractor
determined by the Servicer to be "participating in the servicing function"
within the meaning of Item 1122 of Regulation AB, to deliver to the Company, the
Issuing Entity, the Indenture Trustee, the Depositor, the Credit Enhancer and
each Rating Agency an Assessment of Compliance and Attestation Report as and
when provided above.

         Such Assessment of Compliance, as to any subservicer, shall at a
minimum address each of the Servicing Criteria specified on Exhibit [__] hereto
which are indicated as applicable to any "primary servicer." Notwithstanding the
foregoing, as to any subcontractor, an Assessment of Compliance is not required
to be delivered unless it is required as part of a Form 10-K with respect to the
Trust Fund.

         If the Servicer cannot deliver any Assessment of Compliance or
Attestation Report by February 28th of such year, the Indenture Trustee, at its
sole option, may permit a cure period for the Servicer to deliver such
Assessment of Compliance or Attestation Report, but in no event later than March
10th of such year.

         Failure of the Master Servicer to timely comply with this Section 3.11
shall be deemed a Servicing Default, and the Indenture Trustee may, in addition
to whatever rights the Indenture Trustee may have under this Agreement and at
law or equity or to damages, including injunctive relief and specific
performance, upon notice immediately terminate all the rights and obligations of
the Servicer under this Agreement and in and to the Mortgage Loans and the
proceeds thereof without compensating the Servicer for the same. This paragraph
shall supercede any other provision in this Agreement or any other agreement to
the contrary.

         The Indenture Trustee shall also provide an Assessment of Compliance
and Attestation Report, as and when provided above, which shall at a minimum
address each of the Servicing Criteria specified on Exhibit [__] hereto which
are indicated as applicable to the "indenture trustee" or "securities
administrator." In addition, the Indenture Trustee shall cause the Custodian to
deliver to the Indenture Trustee and the Depositor an Assessment of Compliance
and Attestation Report, as and when provided above, which shall at a minimum
address each of the Servicing Criteria specified on Exhibit [__] hereto which
are indicated as applicable to a "custodian." Notwithstanding the foregoing, as
to any Custodian, an Assessment of Compliance is not required to be delivered
unless it is required as part of a Form 10-K with respect to the Trust Fund.

         Section 3.12 ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE MORTGAGE  LOANS.  Whenever  required by statute or regulation,  the Servicer
shall provide to the Credit Enhancer, any Securityholder upon reasonable request
(or a regulator  for a  Securityholder)  or the  Indenture  Trustee,  reasonable
access to the  documentation  regarding  the  Mortgage  Loans such access  being
afforded  without  charge but only upon  reasonable  request  and during  normal
business  hours at the offices of the  Servicer.  Nothing in this  Section  3.12
shall derogate from the obligation of the Servicer to observe any applicable law
prohibiting  disclosure of information  regarding the Mortgagors and the failure
of the  Servicer to provide  access as provided in this Section 3.12 as a result
of such obligation shall not constitute a breach of this Section 3.12.

         Section 3.13 MAINTENANCE OF CERTAIN SERVICING INSURANCE POLICIES.  The
Servicer shall during the term of its service as servicer  maintain in force (i)
a  policy  or  policies  of  insurance  covering  errors  and  omissions  in the
performance of its obligations as servicer hereunder and (ii) a fidelity bond in
respect of its officers,  employees or agents.  Each such policy or policies and
bond shall be at least equal to the  coverage  that would be required by FNMA or
FHLMC, whichever is greater, for Persons performing servicing for mortgage loans
purchased by such entity.

         Section  3.14  INFORMATION  REQUIRED BY THE INTERNAL  REVENUE  SERVICE
GENERALLY AND REPORTS OF FORECLOSURES  AND  ABANDONMENTS OF MORTGAGED  PROPERTY.
The Servicer shall prepare and deliver all federal and state information reports
when and as required by all  applicable  state and federal  income tax laws.  In
particular,  with respect to the requirement  under Section 6050J of the Code to
the effect that the Servicer or Subservicer  shall make reports of  foreclosures
and abandonments of any mortgaged  property for each year beginning in ____, the
Servicer or Subservicer  shall file reports relating to each instance  occurring
during the  previous  calendar  year in which the  Servicer (i) on behalf of the
Company,  acquires an interest in any Mortgaged Property through  foreclosure or
other comparable  conversion in full or partial satisfaction of a Mortgage Loan,
or (ii)  knows or has  reason  to know  that  any  Mortgaged  Property  has been
abandoned.  The reports  from the Servicer or  Subservicer  shall be in form and
substance sufficient to meet the reporting requirements imposed by Section 6050J
and Section 6050H (reports relating to mortgage interest received) of the Code.

         Section  3.15  OPTIONAL   REPURCHASE  OF  DEFAULTED   MORTGAGE   LOANS.
Notwithstanding any provision in Section 3.07 to the contrary,  the Servicer may
repurchase  any Mortgage  Loan  delinquent in payment for a period of 60 days or
longer for a price equal to the Repurchase Price.

         Section 3.16 INTENTION OF THE PARTIES AND  INTERPRETATION.  Each of the
parties  acknowledges  and agrees that the purpose of Sections  3.10 and 3.11 of
this Agreement is to facilitate  compliance with the provisions of Regulation AB
promulgated  by the  SEC  under  the  1934  Act (17  C.F.R.  ss.ss.  229.1100  -
229.1123), as such may be amended from time to time and subject to clarification
and  interpretive  advice  as may be issued by the staff of the SEC from time to
time.  Therefore,  each of the parties  agrees that (a) the  obligations  of the
parties  hereunder  shall be interpreted in such a manner as to accomplish  that
purpose,  (b)  the  parties'  obligations  hereunder  will be  supplemented  and
modified as necessary to be consistent  with any such  amendments,  interpretive
advice or guidance,  convention or consensus  among active  participants  in the
asset-backed  securities markets,  advice of counsel, or otherwise in respect of
the  requirements  of Regulation  AB, (c) the parties shall comply with requests
made by the  Indenture  Trustee or the  Depositor  for delivery of additional or
different information as the Indenture Trustee or the Depositor may determine in
good faith is necessary to comply with the  provisions of Regulation AB, and (d)
no amendment of this  Agreement  shall be required to effect any such changes in
the   parties'   obligations   as  are   necessary   to   accommodate   evolving
interpretations of the provisions of Regulation AB.

                                   ARTICLE IV

                              SERVICING CERTIFICATE

         Section 4.01  STATEMENTS TO  SECURITYHOLDERS.  (a) With respect to each
Payment  Date,  the  Servicer  shall  forward to the  Indenture  Trustee and the
Indenture  Trustee  pursuant to Section 3.26 of the  Indenture  shall forward or
cause to be forwarded by mail to each Certificateholder,  Noteholder, the Credit
Enhancer,  the Depositor,  the Owner Trustee,  the Certificate  Paying Agent and
each Rating Agency,  a statement  setting forth the following  information as to
the Notes and Certificates, to the extent applicable:

                  (i) the aggregate amount of (a) Security Interest  Collections
with respect to the Notes and the Certificates, (b) aggregate Security Principal
Collections  with  respect to the Notes and the  Certificates  and (c)  Security
Collections for the related  Collection Period with respect to the Notes and the
Certificates;

                  (ii) the amount of such distribution to the Securityholders of
the Notes and the Certificates  applied to reduce the principal  balance thereof
and  separately  stating  the  portion  thereof in  respect  of the  Accelerated
Principal  Distribution  Amount and the amount to be  deposited  in the  Funding
Account on such Payment Date;

                  (iii) the amount of such  distribution to the  Securityholders
of the Notes and the Certificates  allocable to interest and separately  stating
the portion thereof in respect of overdue accrued interest;

                  (iv) the Credit  Enhancement  Draw  Amount,  if any,  for such
Payment  Date  and the  aggregate  amount  of  prior  draws  thereunder  not yet
reimbursed;

                  (v) the aggregate Principal Balance of (a) the ________ Loans,
(b) the ______ Loans,  (c) the _________  Loans,  as of the end of the preceding
Collection Period and (d) all of the Mortgage Loans;

                  (vi) the Weighted  Average Net  Mortgage  Rate for the related
Collection  Period and the Weighted  Average Net Mortgage Rate for the aggregate
of the Stated  Principal  Balance of (A) all of the  Mortgage  Loans and (B) the
Adjustable Rate Mortgage Loans, for the following Collection Period;

                  (vii) the Special Capital Distribution Amount and the Required
Special  Capital  Distribution  Amount,  in each case as the end of the  related
Collection Period; and

                  (viii)  the  aggregate  amount of  Additional  Loans  acquired
during the previous  Collection  Period with amounts in respect of Net Principal
Collections from the Funding Account;

                  (ix) the  aggregate  Liquidation  Loss Amounts with respect to
the related Collection Period, the amount of any remaining Carryover Loss Amount
with respect to the Notes and Certificates,  respectively,  and the aggregate of
the Liquidation Loss Amounts from all Collection  Periods to date expressed as a
percentage of the sum of (a) the Cut-Off Date Pool Balance and (b) the amount by
which the Pool Balance as of the latest date that the Additional Loans have been
transferred to the Company exceeds the Cut-Off Date Pool Balance;

                  (x)  any  unpaid  interest  on  the  Notes  and  Certificates,
respectively, after such Distribution Date;

                  (xi) the  aggregate  Principal  Balance of each Class of Notes
and of the Certificates  after giving effect to the distribution of principal on
such Payment Date;

                  (xii) the  respective  Security  Percentage  applicable to the
Notes and Certificates, after application of payments made on such Payment Date;

                  (xiii) the amount distributed  pursuant to Section 3.05(a)(xi)
of the Indenture on such Payment Date;

                  (xiv)  the   applicable   record   dates,   accrual   periods,
determination  dates for  calculating  distributions  and  general  distribution
dates;

                  (xv) the total cash flows  received  and the  general  sources
thereof;

                  (xvi)  the  related  amount of the  Servicing  Fees paid to or
retained by the Master Servicer for the related Due Period;

                  (xvii)  the  amount  of any Net Swap  Payment  payable  to the
Derivative Administrator, any Net Swap Payment payable to the Swap Provider, any
Swap Termination  Payment payable to the Derivative  Administrator  and any Swap
Termination Payment payable to the Swap Provider;

                  (xviii) the Interest  Carry Forward  Amount and any Basis Risk
Shortfall Carry Forward Amount for each Class of Certificates;

                  (xix)  the  Certificate   Principal   Balance  or  Certificate
Notional  Amount,  as  applicable,  of each Class after giving effect (i) to all
distributions  allocable  to principal  on such  Distribution  Date and (ii) the
allocation of any Applied Realized Loss Amounts for such Distribution Date;

                  (xx) the number and Stated  Principal  Balance of the Mortgage
Loans in each Loan  Group in  respect  of which  (A) one  Scheduled  Payment  is
Delinquent,  (B) two  Scheduled  Payments  are  Delinquent,  (C)  three  or more
Scheduled  Payments are Delinquent  and (D)  foreclosure  proceedings  have been
commenced,  in each  case as of the  close  of  business  on the last day of the
calendar month preceding such Distribution Date and separately  identifying such
information  for the (1) first lien  Mortgage  Loans,  (2) second lien  Mortgage
Loans,  and (3)  Adjustable  Rate  Mortgage  Loans,  in each  such  Loan  Group;
PROVIDED,  HOWEVER, that such information will not be provided on the statements
relating to the first Payment Date;

                  (xxi) the amount of Advances  included in the  distribution on
such  Distribution  Date (including the general  purpose of such Advances),  the
aggregate  amount  of  unreimbursed  Advances  at the close of  business  on the
Distribution Date, and the general source of funds for reimbursements;

                  (xxii) the cumulative  amount of Applied Realized Loss Amounts
to date;

                  (xxiii) if applicable,  material modifications,  extensions or
waivers to Mortgage Loan terms, fees, penalties or payments during the preceding
calendar month or that have become material over time;

                  (xxiv) with respect to any Mortgage  Loan that was  liquidated
during the  preceding  calendar  month,  the loan  number  and Stated  Principal
Balance of, and Realized Loss on, such Mortgage Loan as of the close of business
on the Determination Date preceding such Distribution Date;

                  (xxv) the  total  number  and  principal  balance  of any real
estate owned or REO Properties as of the close of business on the  Determination
Date preceding such Distribution Date;

                  (xxvi)  the  three  month  rolling   average  of  the  percent
equivalent  of a  fraction,  the  numerator  of  which is the  aggregate  Stated
Principal  Balance of the Mortgage Loans that are 60 days or more  delinquent or
are in bankruptcy or foreclosure or are REO  Properties,  and the denominator of
which is the aggregate Stated Principal  Balance of all of the Mortgage Loans in
each  case as of the close of  business  on the last day of the  calendar  month
preceding such Distribution Date and separately identifying such information for
the (1) first lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans;

                  (xxvii) the  Realized  Losses  during the  related  Prepayment
Period and the  cumulative  Realized  Losses  through  the end of the  preceding
month;

                  (xxviii) whether a Trigger Event exists;

                  (xxix) updated pool  composition  data including the following
with respect to each Loan Group: average loan balance, weighted average mortgage
rate, weighted average loan-to-value ratio at origination, weighted average FICO
at origination  weighted  average  remaining  term; and [NOTE - Item  1121(a)(8)
requires updated pool composition information,  the foregoing is a suggestion of
what to provide]

                  (xxx) information about any additions of, substitutions for or
removal  of any  Mortgage  Loans  from the Trust  Fund,  and any  changes in the
underwriting,  acquisition or selection  criteria as to any Mortgage Loans added
to the Trust Fund.

         In the case of information furnished pursuant to clauses (ii) and (iii)
above, the amounts shall be expressed as an aggregate dollar amount per Note or
Certificate with a $1,000 denomination.

         Prior to the close of business on the Business Day next succeeding each
Determination Date, the Servicer shall furnish a written statement to the
Company, the Owner Trustee, the Depositor, the Certificate Paying Agent and the
Indenture Trustee setting forth (i) all the foregoing information, (ii) the
aggregate amounts required to be withdrawn from the Collection Account and
deposited into the Payment Account on the Business Day preceding the Payment
Date pursuant to Section 3.03 and (iii) the amounts (A) withdrawn from the
Payment Account and deposited to the Funding Account pursuant to Section 8.02(b)
of the Indenture and (B) withdrawn from the Funding Account and deposited to the
Collection Account pursuant to Section 8.02(c)(i) of the Indenture. The
determination by the Servicer of such amounts shall, in the absence of obvious
error, be presumptively deemed to be correct for all purposes hereunder and the
Owner Trustee and Indenture Trustee shall be protected in relying upon the same
without any independent check or verification. In addition, upon the Company's
written request, the Servicer shall promptly furnish information reasonably
requested by the Company that is reasonably available to the Servicer to enable
the Company to perform its federal and state income tax reporting obligations.

                                   ARTICLE V

                        DISTRIBUTION AND PAYMENT ACCOUNTS

         Section 5.01  DISTRIBUTION  ACCOUNT.  The Servicer shall  establish and
maintain a separate  trust  account  (the  "Distribution  Account")  titled "BNP
Paribas  Mortgage  ABS  LLC  Trust  Series  2000_-_,  [for  the  benefit  of the
Noteholders,  the  Certificateholders  and the Credit  Enhancer  pursuant to the
Indenture,  dated as of  _______________,  between BNP Paribas  Mortgage ABS LLC
Trust Series 200_-_ and [Name of Indenture  Trustee].  The Distribution  Account
shall be an Eligible  Account.  On the Business Day prior to each Payment  Date,
(i) amounts deposited into the Distribution  Account pursuant to Section 3.03(i)
hereof will be  distributed  by the Servicer in accordance  with Section ____ of
the [Trust]  Agreement,  and (ii) the portion of such amounts then distributable
with respect to the  Mortgage  Collateral  shall be  deposited  into the Payment
Account.  [The Servicer shall invest or cause the  institution  maintaining  the
Distribution Account to invest the funds in the Distribution Account in Eligible
Investments  designated  in the name of the  [Servicer],  which shall mature not
later than the Business Day next  preceding the Payment Date next  following the
date of such investment  (except that (i) any investment in the institution with
which the Distribution Account is maintained may mature on such Payment Date and
(ii) any other  investment may mature on such Payment Date if the Servicer shall
advance funds on such Payment Date to the Payment  Account in the amount payable
on such  investment on such Payment Date,  pending receipt thereof to the extent
necessary  to make  distributions  on the  Securities)  and shall not be sold or
disposed  of prior to  maturity.  All  income  and gain  realized  from any such
investment  shall be for the benefit of the Servicer and shall be subject to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such investments  shall be deposited in the Distribution  Account
by the Servicer out of its own funds immediately as realized.]

         Section 5.02 PAYMENT ACCOUNT. The Indenture Trustee shall establish and
maintain   a   separate   trust   account   (the   "Payment   Account")   titled
"________________________________,  as Indenture Trustee, for the benefit of the
Noteholders,  the Certificate  Paying Agent and the Credit Enhancer  pursuant to
the Indenture, dated as of _______________, between BNP Paribas Mortgage ABS LLC
Trust  Series  200_-__  and  __________________________________".   The  Payment
Account shall be an Eligible Account.  On each Payment Date,  amounts on deposit
in the  Payment  Account  will  be  distributed  by  the  Indenture  Trustee  in
accordance with Section 3.05 of the Indenture. The Indenture Trustee shall, upon
written request from the Servicer,  invest or cause the institution  maintaining
the  Payment  Account to invest  the funds in the  Payment  Account in  Eligible
Investments  designated in the name of the Indenture Trustee, which shall mature
not later than the Business Day next  preceding the Payment Date next  following
the date of such  investment  (except that (i) any investment in the institution
with which the Payment Account is maintained may mature on such Payment Date and
(ii) any other  investment  may  mature on such  Payment  Date if the  Indenture
Trustee shall  advance funds on such Payment Date to the Payment  Account in the
amount payable on such investment on such Payment Date,  pending receipt thereof
to the extent  necessary to make  distributions on the Securities) and shall not
be sold or disposed of prior to maturity.  All income and gain realized from any
such investment shall be for the benefit of the Servicer and shall be subject to
its withdrawal or order from time to time. The amount of any losses  incurred in
respect of any such investments shall be deposited in the Payment Account by the
Servicer out of its own funds immediately as realized.

                                   ARTICLE VI

                                  THE SERVICER

         Section 6.01 LIABILITY OF THE SERVICER. The Servicer shall be liable in
accordance herewith only to the extent of the obligations  specifically  imposed
upon and undertaken by the Servicer herein.

         Section  6.02  Merger  or  Consolidation   of,  or  Assumption  of  the
Obligations  of, the Servicer.  Any  corporation  into which the Servicer may be
merged or converted  or with which it may be  consolidated,  or any  corporation
resulting  from any merger,  conversion or  consolidation  to which the Servicer
shall be a party, or any corporation succeeding to the business of the Servicer,
shall be the  successor of the  Servicer,  hereunder,  without the  execution or
filing of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding.

         The Servicer may assign its rights and delegate its duties and
obligations under this Servicing Agreement; PROVIDED that the Person accepting
such assignment or delegation shall be a Person which is qualified to service
mortgage loans on behalf of FNMA or FHLMC, is reasonably satisfactory to the
Indenture Trustee (as pledgee of the Mortgage Collateral), the Company and the
Credit Enhancer, is willing to service the Mortgage Loans and executes and
delivers to the Indenture Trustee and the Company an agreement, in form and
substance reasonably satisfactory to the Credit Enhancer, the Indenture Trustee
and the Company, which contains an assumption by such Person of the due and
punctual performance and observance of each covenant and condition to be
performed or observed by the Servicer under this Servicing Agreement; PROVIDED
further that each Rating Agency's rating of the Securities in effect immediately
prior to such assignment and delegation will not be qualified, reduced, or
withdrawn as a result of such assignment and delegation (as evidenced by a
letter to such effect from each Rating Agency) or considered to be below
investment grade without taking into account the Credit Enhancement Instrument.

         Section  6.03  LIMITATION  ON  LIABILITY  OF THE  SERVICER  AND OTHERS.
Neither the Servicer nor any of the directors or officers or employees or agents
of the Servicer shall be under any liability to the Company, the Issuing Entity,
the Owner Trustee,  the Indenture Trustee or the  Securityholders for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this Servicing  Agreement,  PROVIDED,  HOWEVER,  that this  provision  shall not
protect  the  Servicer  or any such Person  against  any  liability  which would
otherwise  be imposed by reason of its willful  misfeasance,  bad faith or gross
negligence  in the  performance  of its  duties  hereunder  or by  reason of its
reckless disregard of its obligations and duties hereunder. The Servicer and any
director or officer or employee or agent of the  Servicer may rely in good faith
on any document of any kind PRIMA FACIE  properly  executed and submitted by any
Person respecting any matters arising  hereunder.  The Servicer and any director
or officer or  employee or agent of the  Servicer  shall be  indemnified  by the
Company and held  harmless  against any loss,  liability or expense  incurred in
connection  with any legal action  relating to this  Servicing  Agreement or the
Securities,  including  any amount  paid to the Owner  Trustee or the  Indenture
Trustee pursuant to Section 6.06(b),  other than any loss,  liability or expense
related to any  specific  Mortgage  Loan or Mortgage  Loans  (except as any such
loss,  liability  or expense  shall be otherwise  reimbursable  pursuant to this
Servicing  Agreement) and any loss,  liability or expense  incurred by reason of
its willful misfeasance, bad faith or gross negligence in the performance of its
duties  hereunder or by reason of its reckless  disregard of its obligations and
duties  hereunder.  The Servicer shall not be under any obligation to appear in,
prosecute or defend any legal action  which is not  incidental  to its duties to
service the Mortgage  Loans in accordance  with this  Servicing  Agreement,  and
which in its  opinion  may  involve it in any  expense or  liability;  PROVIDED,
HOWEVER,  that the Servicer may in its sole discretion undertake any such action
which it may deem necessary or desirable in respect of this Servicing Agreement,
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Securityholders  hereunder.  In such event,  the  reasonable  legal expenses and
costs of such action and any liability  resulting  therefrom  shall be expenses,
costs and  liabilities of the Company,  and the Servicer shall be entitled to be
reimbursed therefor. The Servicer's right to indemnity or reimbursement pursuant
to this  Section  6.03 shall  survive  any  resignation  or  termination  of the
Servicer pursuant to Section 6.04 or 7.01 with respect to any losses,  expenses,
costs or  liabilities  arising  prior to such  resignation  or  termination  (or
arising from events that occurred prior to such resignation or termination).

         Section  6.04  SERVICER  NOT TO RESIGN.  Subject to the  provisions  of
Section  6.02,  the Servicer  shall not resign from the  obligations  and duties
hereby imposed on it except (i) upon  determination  that the performance of its
obligations or duties hereunder are no longer  permissible  under applicable law
or are in  material  conflict  by  reason  of  applicable  law  with  any  other
activities  carried  on by it or  its  subsidiaries  or  Affiliates,  the  other
activities of the Servicer so causing such a conflict being of a type and nature
carried on by the Servicer or its subsidiaries or Affiliates at the date of this
Servicing Agreement or (ii) upon satisfaction of the following  conditions:  (a)
the Servicer has proposed a successor servicer to the Company, the Administrator
and the  Indenture  Trustee in writing and such proposed  successor  servicer is
reasonably  acceptable to the Company, the Administrator,  the Indenture Trustee
and the Credit Enhancer; (b) each Rating Agency shall have delivered a letter to
the  Company,  the  Credit  Enhancer  and the  Indenture  Trustee  prior  to the
appointment of the successor  servicer stating that the proposed  appointment of
such successor  servicer as Servicer  hereunder will not result in the reduction
or  withdrawal  of the  then  current  rating  of the  Securities;  and (c) such
proposed successor servicer is reasonably  acceptable to the Credit Enhancer, as
evidenced  by a letter  to the  Company  and the  Indenture  Trustee;  PROVIDED,
HOWEVER,  that no such  resignation by the Servicer shall become effective until
such successor servicer or, in the case of (i) above, the Indenture Trustee,  as
pledgee  of  the  Mortgage   Collateral,   shall  have  assumed  the  Servicer's
responsibilities and obligations  hereunder or the Indenture Trustee, as pledgee
of the  Mortgage  Collateral,  shall have  designated  a  successor  servicer in
accordance  with  Section  7.02.  Any such  resignation  shall not  relieve  the
Servicer of responsibility for any of the obligations specified in Sections 7.01
and 7.02 as  obligations  that survive the  resignation  or  termination  of the
Servicer. The Servicer shall have no claim (whether by subrogation or otherwise)
or other  action  against  any  Securityholder  or the Credit  Enhancer  for any
amounts  paid by the  Servicer  pursuant  to any  provision  of  this  Servicing
Agreement.  Any such  determination  permitting the  resignation of the Servicer
shall be  evidenced  by an Opinion of Counsel to such  effect  delivered  to the
Indenture Trustee and the Credit Enhancer.

         Section 6.05 DELEGATION OF DUTIES.  In the ordinary course of business,
the Servicer at any time may delegate any of its duties hereunder to any Person,
including any of its Affiliates, who agrees to conduct such duties in accordance
with standards  comparable to those with which the Servicer complies pursuant to
Section 3.01. Such delegation  shall not relieve the Servicer of its liabilities
and  responsibilities  with  respect to such duties and shall not  constitute  a
resignation within the meaning of Section 6.04.

         Section 6.06  SERVICER TO PAY INDENTURE  TRUSTEE'S AND OWNER  TRUSTEE'S
FEES AND EXPENSES; INDEMNIFICATION. (a) The Servicer covenants and agrees to pay
to the Owner Trustee,  the Indenture Trustee and any co-trustee of the Indenture
Trustee from time to time, and the Owner Trustee,  the Indenture Trustee and any
such co-trustee shall be entitled to, reasonable  compensation  (which shall not
be limited by any provision of law in regard to the compensation of a trustee of
an express trust) for all services  rendered by each of them in the execution of
the  trusts  created  under the Trust  Agreement  and the  Indenture  and in the
exercise  and  performance  of any of the  powers  and  duties  under  the Trust
Agreement  or the  Indenture,  as the case may be,  of the  Owner  Trustee,  the
Indenture Trustee and any co-trustee, and the Servicer will pay or reimburse the
Indenture  Trustee and any co-trustee upon request for all reasonable  expenses,
disbursements  and  advances  incurred or made by the  Indenture  Trustee or any
co-trustee in accordance with any of the provisions of this Servicing  Agreement
except  any  such  expense,  disbursement  or  advance  as may  arise  from  its
negligence or bad faith.

         (b) The Servicer  agrees to  indemnify  the  Indenture  Trustee and the
Owner Trustee for, and to hold the Indenture  Trustee and the Owner Trustee,  as
the case may be,  harmless  against,  any loss,  liability  or expense  incurred
without  negligence  or willful  misconduct  on its part,  arising out of, or in
connection with, the acceptance and administration of the Company and the assets
thereof,  including the costs and expenses (including  reasonable legal fees and
expenses) of defending  itself against any claim in connection with the exercise
or performance of any of its powers or duties under any Basic Document, provided
that:

                  (i) with respect to any such claim,  the Indenture  Trustee or
Owner Trustee,  as the case may be, shall have given the Servicer written notice
thereof promptly after the Indenture  Trustee or Owner Trustee,  as the case may
be, shall have actual knowledge thereof;

                  (ii)  while  maintaining  control  over its own  defense,  the
Company,  the  Indenture  Trustee or Owner  Trustee,  as the case may be,  shall
cooperate and consult fully with the Servicer in preparing such defense; and

                  (iii) notwithstanding  anything in this Servicing Agreement to
the contrary,  the Servicer  shall not be liable for  settlement of any claim by
the Indenture  Trustee or the Owner  Trustee,  as the case may be,  entered into
without  the  prior  consent  of  the  Servicer,  which  consent  shall  not  be
unreasonably withheld.

No termination of this Servicing Agreement shall affect the obligations created
by this Section 6.06 of the Servicer to indemnify the Indenture Trustee and the
Owner Trustee under the conditions and to the extent set forth herein.

         Notwithstanding the foregoing, the indemnification provided by the
Servicer in this Section 6.06(b) shall not pertain to any loss, liability or
expense of the Indenture Trustee or the Owner Trustee, including the costs and
expenses of defending itself against any claim, incurred in connection with any
actions taken by the Indenture Trustee or the Owner Trustee at the direction of
the Noteholders or Certificateholders, as the case may be, pursuant to the terms
of this Servicing Agreement.

                                  ARTICLE VII

                                     DEFAULT

         Section 7.01  SERVICING  DEFAULT.  If any one of the  following  events
("Servicing Default") shall occur and be continuing:

                  (i) Any failure by the  Servicer to deposit in the  Collection
Account,  the Funding Account or Payment Account any deposit required to be made
under the terms of this Servicing  Agreement  which  continues  unremedied for a
period of five Business  Days after the date upon which  written  notice of such
failure shall have been given to the Servicer by the Company, the Issuing Entity
or the Indenture Trustee or to the Servicer, the Company, the Issuing Entity and
the Indenture Trustee by the Credit Enhancer; or

                  (ii)  Failure on the part of the  Servicer  duly to observe or
perform  in any  material  respect  any other  covenants  or  agreements  of the
Servicer  set forth in the  Securities  or in this  Servicing  Agreement,  which
failure,  in each case,  materially  and  adversely  affects  the  interests  of
Securityholders  or the Credit  Enhancer and which  continues  unremedied  for a
period  of 45 days  after  the date on which  written  notice  of such  failure,
requiring the same to be remedied,  and stating that such notice is a "Notice of
Default"  hereunder,  shall have been given to the Servicer by the Company,  the
Issuing  Entity or the Indenture  Trustee or to the Servicer,  the Company,  the
Issuing Entity and the Indenture Trustee by the Credit Enhancer; or

                  (iii) The entry against the Servicer of a decree or order by a
court or agency or supervisory authority having jurisdiction in the premises for
the  appointment  of a  trustee,  conservator,  receiver  or  liquidator  in any
insolvency, conservatorship,  receivership, readjustment of debt, marshalling of
assets  and  liabilities  or  similar  proceedings,  or for  the  winding  up or
liquidation  of its  affairs,  and the  continuance  of any such decree or order
unstayed and in effect for a period of 60 consecutive days; or

                  (iv)  The  Servicer  shall  voluntarily  go into  liquidation,
consent to the  appointment  of a conservator,  receiver,  liquidator or similar
person in any  insolvency,  readjustment  of debt,  marshalling  of  assets  and
liabilities  or similar  proceedings  of or  relating  to the  Servicer or of or
relating to all or substantially all of its property,  or a decree or order of a
court,  agency or supervisory  authority having jurisdiction in the premises for
the appointment of a conservator,  receiver, liquidator or similar person in any
insolvency,  readjustment  of debt,  marshalling  of assets and  liabilities  or
similar proceedings,  or for the winding-up or liquidation of its affairs, shall
have been  entered  against  the  Servicer  and such  decree or order shall have
remained in force undischarged, unbonded or unstayed for a period of 60 days; or
the Servicer shall admit in writing its inability to pay its debts  generally as
they become due, file a petition to take advantage of any applicable  insolvency
or reorganization  statute,  make an assignment for the benefit of its creditors
or voluntarily suspend payment of its obligations; or

                  (v) Any  failure  by the  Seller (so long as the Seller is the
Servicer)  or the  Servicer,  as the  case may be,  to pay  when due any  amount
payable  by it  under  the  terms of the  Insurance  Agreement  which  continues
unremedied  for a period of three (3)  Business  Days  after the date upon which
written  notice of such failure  shall have been given to the Seller (so long as
the Seller is the Servicer) or the Servicer, as the case may be; or

                  (vi) Failure on the part of the Seller or the Servicer to duly
perform in any  material  respect  any  covenant or  agreement  set forth in the
Insurance Agreement, which failure in each case materially and adversely affects
the interests of the Credit Enhancer and continues unremedied for a period of 60
days after the date on which written notice of such failure,  requiring the same
to be remedied,  shall have been given to the Depositor,  the Indenture Trustee,
the Seller or the Servicer, as the case may be, by the Credit Enhancer.

then, and in every such case, other than that set forth in (vi) hereof, so long
as a Servicing Default shall not have been remedied by the Servicer, either the
Company, subject to the direction of the Indenture Trustee as pledgee of the
Mortgage Collateral, with the consent of the Credit Enhancer, or the Credit
Enhancer, by notice then given in writing to the Servicer (and to the Company
and the Issuing Entity if given by the Credit Enhancer) and in the case of the
event set forth in (vi) hereof, the Credit Enhancer with the consent of
Securityholders at least 51% of the aggregate Principal Balance of the Notes and
the Certificates may terminate all of the rights and obligations of the Servicer
as servicer under this Servicing Agreement other than its right to receive
servicing compensation and expenses for servicing the Mortgage Loans hereunder
during any period prior to the date of such termination and the Company, subject
to the direction of the Indenture Trustee as pledgee of the Mortgage Collateral,
with the consent of the Credit Enhancer, or the Credit Enhancer may exercise any
and all other remedies available at law or equity. Any such notice to the
Servicer shall also be given to each Rating Agency, the Credit Enhancer, the
Company and the Issuing Entity. On or after the receipt by the Servicer of such
written notice, all authority and power of the Servicer under this Servicing
Agreement, whether with respect to the Securities or the Mortgage Loans or
otherwise, shall pass to and be vested in the Company, subject to the direction
of the Indenture Trustee as pledgee of the Mortgage Collateral, pursuant to and
under this Section 7.01; and, without limitation, the Company is hereby
authorized and empowered to execute and deliver, on behalf of the 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 each Mortgage Loan and related documents, or otherwise. The
Servicer agrees to cooperate with the Company in effecting the termination of
the responsibilities and rights of the Servicer hereunder, including, without
limitation, the transfer to the Indenture Trustee for the administration by it
of all cash amounts relating to the Mortgage Loans that shall at the time be
held by the Servicer and to be deposited by it in the Collection Account, or
that have been deposited by the Servicer in the Collection Account or thereafter
received by the Servicer with respect to the Mortgage Loans. All reasonable
costs and expenses (including, but not limited to, attorneys' fees) incurred in
connection with amending this Servicing Agreement to reflect such succession as
Servicer pursuant to this Section 7.01 shall be paid by the predecessor Servicer
(or if the predecessor Servicer is the Indenture Trustee, the initial Servicer)
upon presentation of reasonable documentation of such costs and expenses.

         Notwithstanding any termination of the activities of the Servicer
hereunder, the Servicer shall be entitled to receive, out of any late collection
of a payment on a Mortgage Loan which was due prior to the notice terminating
the Servicer's rights and obligations hereunder and received after such notice,
that portion to which the Servicer would have been entitled pursuant to Sections
3.03 and 3.09 as well as its Servicing Fee in respect thereof, and any other
amounts payable to the Servicer hereunder the entitlement to which arose prior
to the termination of its activities hereunder.

         Notwithstanding the foregoing, a delay in or failure of performance
under Section 7.01(i) or under Section 7.01(ii) after the applicable grace
periods specified in such Sections, shall not constitute a Servicer Default if
such delay or failure could not be prevented by the exercise of reasonable
diligence by the Servicer and such delay or failure was caused by an act of God
or the public enemy, acts of declared or undeclared war, public disorder,
rebellion or sabotage, epidemics, landslides, lightning, fire, hurricanes,
earthquakes, floods or similar causes. The preceding sentence shall not relieve
the Servicer from using reasonable efforts to perform its respective obligations
in a timely manner in accordance with the terms of this Servicing Agreement and
the Servicer shall provide the Indenture Trustee, the Credit Enhancer and the
Securityholders with notice of such failure or delay by it, together with a
description of its efforts to so perform its obligations. The Servicer shall
immediately notify the Indenture Trustee, the Credit Enhancer and the Owner
Trustee in writing of any Servicer Default.

         Section 7.02 INDENTURE TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR. (a) On
and after the time the  Servicer  receives a notice of  termination  pursuant to
Section 7.01 or sends a notice  pursuant to Section 6.04, the Indenture  Trustee
on behalf of the  Noteholders  shall be the  successor  in all  respects  to the
Servicer in its  capacity as servicer  under this  Servicing  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Servicer
by the terms and provisions  hereof.  Nothing in this Servicing  Agreement or in
the Trust  Agreement  shall be  construed  to permit or  require  the  Indenture
Trustee to (i) succeed to the  responsibilities,  duties and  liabilities of the
initial  Servicer in its  capacity as Seller under the  Mortgage  Loan  Purchase
Agreement,  (ii) be responsible  or  accountable  for any act or omission of the
Servicer  prior to the  issuance  of a notice of  termination  hereunder,  (iii)
require  or  obligate  the  Indenture  Trustee,  in its  capacity  as  successor
Servicer, to purchase, repurchase or substitute any Mortgage Loan, (iv) fund any
losses on any  Eligible  Investment  directed by any other  Servicer,  or (v) be
responsible  for  the  representations  and  warranties  of  the  Servicer.   As
compensation   therefor,  the  Indenture  Trustee  shall  be  entitled  to  such
compensation  as the Servicer  would have been  entitled to hereunder if no such
notice of  termination  had been given.  Notwithstanding  the above,  (i) if the
Indenture  Trustee is  unwilling to act as  successor  Servicer,  or (ii) if the
Indenture  Trustee is legally unable so to act, the Indenture  Trustee on behalf
of the Mortgage  Collateral  holders may (in the  situation  described in clause
(i)) or shall (in the situation  described in clause (ii)) appoint or petition a
court of  competent  jurisdiction  to appoint any  established  housing and home
finance  institution,  bank or other  mortgage loan or home equity loan servicer
having a net worth of not less than $10,000,000 as the successor to the Servicer
hereunder in the assumption of all or any part of the  responsibilities,  duties
or  liabilities  of the Servicer  hereunder;  provided  that any such  successor
Servicer shall be acceptable to the Credit Enhancer,  as evidenced by the Credit
Enhancer's  prior  written  consent  which  consent  shall  not be  unreasonably
withheld  and  provided  further  that the  appointment  of any  such  successor
Servicer  will not result in the  qualification,  reduction or withdrawal of the
ratings assigned to the Securities by the Rating Agencies.  Pending  appointment
of a  successor  to the  Servicer  hereunder,  unless the  Indenture  Trustee is
prohibited  by law from so  acting,  the  Indenture  Trustee  shall  act in such
capacity as  hereinabove  provided.  In  connection  with such  appointment  and
assumption,  the  successor  shall be  entitled to receive  compensation  out of
payments  on Mortgage  Loans in an amount  equal to the  compensation  which the
Servicer would otherwise have received  pursuant to Section 3.09 (or such lesser
compensation  as the Indenture  Trustee and such  successor  shall  agree).  The
appointment  of a  successor  Servicer  shall not  affect any  liability  of the
predecessor  Servicer which may have arisen under this Servicing Agreement prior
to its termination as Servicer (including, without limitation, the obligation to
purchase Mortgage Loans pursuant to Section 3.01, to pay any deductible under an
insurance policy pursuant to Section 3.04 or to indemnify the Indenture  Trustee
pursuant to Section  6.06),  nor shall any successor  Servicer be liable for any
acts or omissions of the predecessor Servicer or for any breach by such Servicer
of any of its  representations or warranties  contained herein or in any related
document or agreement.  The Indenture Trustee and such successor shall take such
action,  consistent  with this  Servicing  Agreement,  as shall be  necessary to
effectuate any such succession.

         (b) Any  successor,  including the  Indenture  Trustee on behalf of the
Noteholders, to the Servicer as servicer shall during the term of its service as
servicer  (i)  continue to service and  administer  the  Mortgage  Loans for the
benefit of the  Securityholders,  (ii) maintain in force a policy or policies of
insurance covering errors and omissions in the performance of its obligations as
Servicer hereunder and a fidelity bond in respect of its officers, employees and
agents to the same extent as the  Servicer  is so  required  pursuant to Section
3.13.

         (c) Any successor  Servicer,  including the Indenture Trustee on behalf
of the Mortgage  Collateral  holders,  shall not be deemed in default or to have
breached its duties hereunder if the predecessor  Servicer shall fail to deliver
any required deposit to the Collection  Account or otherwise  cooperate with any
required servicing transfer or succession hereunder.

         Section 7.03 NOTIFICATION TO  SECURITYHOLDERS.  Upon any termination or
appointment  of a successor  to the  Servicer  pursuant  to this  Article VII or
Section 6.04, the Indenture  Trustee shall give prompt written notice thereof to
the  Securityholders,  the Credit Enhancer,  the Company, the Issuing Entity and
each Rating Agency.

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

         Section 8.01  AMENDMENT.  This Servicing  Agreement may be amended from
time to time by the parties  hereto,  provided that any amendment be accompanied
by a letter from the Rating  Agencies that the amendment  will not result in the
downgrading  or withdrawal of the rating then assigned to the Securities and the
consent of the Credit Enhancer and the Indenture Trustee.

         Section 8.02 GOVERNING LAW. THIS SERVICING AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES  HEREUNDER  SHALL BE DETERMINED  IN ACCORDANCE  WITH
SUCH LAWS.

         Section 8.03 NOTICES. All demands, notices and communications hereunder
shall be in writing  and shall be deemed to have been duly  given if  personally
delivered at or mailed by certified mail,  return receipt  requested,  to (a) in
the case of the Servicer, [Name and Address of Servicer], (b) in the case of the
Credit  Enhancer,   ________________,   ________,   ______________,   Attention:
_________________,  ___________________________,  (c) in the  case of  [Moody's,
___________,  4th Floor, 99 Church Street, New York, New York 10007], (d) in the
case of [Standard & Poor's,  26 Broadway,  15th Floor, New York, New York 10004,
Attention:  Residential  Mortgage  Surveillance  Group],  (e) in the case of the
Owner Trustee,  the Corporate  Trust Office,  and (f) in the case of the Issuing
Entity,   to  BNP  Paribas   Mortgage   ABS  LLC  Trust  Series   200_-__,   c/o
______________________,    __________________,    __________,    ______________,
Attention:  _______________________,   with  a  copy  to  the  Administrator  at
______________  or,  as to each  party,  at  such  other  address  as  shall  be
designated  by such party in a written  notice to each other party.  [Any notice
required or permitted to be mailed to a  Securityholder  shall be given by first
class mail, postage prepaid,  at the address of such  Securityholder as shown in
the Register.  Any notice so mailed within the time prescribed in this Servicing
Agreement shall be conclusively presumed to have been duly given, whether or not
the  Securityholder  receives such notice. Any notice or other document required
to be delivered or mailed by the Indenture Trustee to any Rating Agency shall be
given  on a  reasonable  efforts  basis  and only as a matter  of  courtesy  and
accommodation  and the Indenture  Trustee shall have no liability for failure to
deliver such notice or document to any Rating Agency.]

         Section  8.04  SEVERABILITY  OF  PROVISIONS.  If any one or more of the
covenants, agreements,  provisions or terms of this Servicing Agreement shall be
for any  reason  whatsoever  held  invalid,  then  such  covenants,  agreements,
provisions  or terms shall be deemed  severable  from the  remaining  covenants,
agreements,  provisions or terms of this Servicing Agreement and shall in no way
affect the validity or  enforceability of the other provisions of this Servicing
Agreement or of the Securities or the rights of the Securityholders thereof.

         Section 8.05 THIRD-PARTY  BENEFICIARIES.  This Servicing Agreement will
inure  to  the  benefit  of  and  be  binding  upon  the  parties  hereto,   the
Securityholders,  the Credit Enhancer,  the Owner Trustee, the Indenture Trustee
and their  respective  successors  and  permitted  assigns.  Except as otherwise
provided in this  Servicing  Agreement,  no other  Person will have any right or
obligation hereunder.

         Section  8.06  COUNTERPARTS.  This  instrument  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 8.07 EFFECT OF HEADINGS AND TABLE OF CONTENTS.  The Article and
Section  headings herein and the Table of Contents are for convenience  only and
shall not affect the construction hereof.

         Section 8.08  TERMINATION  UPON PURCHASE BY THE SERVICER OR LIQUIDATION
OF ALL MORTGAGE LOANS. The respective  obligations and  responsibilities  of the
Servicer and the Company  created  hereby shall  terminate  upon the last action
required to be taken by the Issuing Entity  pursuant to the Trust  Agreement and
by the Indenture Trustee pursuant to the Indenture following the earlier of:

                  (i)  the  date on or  before  which  the  Indenture  or  Trust
Agreement is terminated, or

                  (ii) the  purchase  by the  Servicer  from the  Company of all
Mortgage  Loans and all property  acquired in respect of any Mortgage  Loan at a
price equal to the greater of (a) 100% of the unpaid  Principal  Balance of each
Mortgage Loan, plus accrued and unpaid interest  thereon at the Weighted Average
Net Mortgage Rate up to the day preceding the Payment Date on which such amounts
are to be distributed to Securityholders,  plus any amounts due and owing to the
Credit  Enhancer under the Insurance  Agreement and (b) the fair market value of
the Mortgage Loans as determined by two bids from  competitive  participants  in
the adjustable home equity loan market.

The right of the Servicer to purchase the assets of the Company pursuant to
clause (ii) above is conditioned upon the Pool Balance as of the Final Scheduled
Payment Date being less than ten percent of the aggregate of the Cut-Off Date
Principal Balances of the Mortgage Loans. If such right is exercised by the
Servicer, the Servicer shall deposit the amount calculated pursuant to clause
(ii) above with the Indenture Trustee pursuant to Section 4.10 of the Indenture
and, upon the receipt of such deposit, the Indenture Trustee or relevant
Custodian shall release to the Servicer, the files pertaining to the Mortgage
Loans being purchased.

         The Servicer, at its expense, shall prepare and deliver to the
Indenture Trustee and the Owner Trustee for execution, at the time the Mortgage
Loans are to be released to the Servicer, appropriate documents assigning each
such Mortgage Loan from the Company to the Servicer or the appropriate party.

         Section 8.09 CERTAIN MATTERS AFFECTING THE INDENTURE  TRUSTEE.  For all
purposes of this Servicing Agreement, in the performance of any of its duties or
in the exercise of any of its powers  hereunder,  the Indenture Trustee shall be
subject to and entitled to the benefits of Article VI of the Indenture.

         [Section 8.10 AUTHORITY OF THE ADMINISTRATOR. Each of the parties to
this Agreement acknowledges that the Issuing Entity and the Owner Trustee have
each appointed the Administrator to act as its agent to perform the duties and
obligations of the Issuing Entity hereunder. Unless otherwise instructed by the
Issuing Entity or the Owner Trustee, copies of all notices, requests, demands
and other documents to be delivered to the Issuing Entity or the Owner Trustee
pursuant to the terms hereof shall be delivered to the Administrator. Unless
otherwise instructed by the Issuing Entity or the Owner Trustee, all notices,
requests, demands and other documents to be executed or delivered, and any
action to be taken, by the Issuing Entity or the Owner Trustee pursuant to the
terms hereof may be executed, delivered and/or taken by the Administrator
pursuant to the Administration Agreement.]

<PAGE>

                  IN WITNESS  WHEREOF,  the Servicer and the Company have caused
this  Servicing  Agreement to be duly executed by their  respective  officers or
representatives all as of the day and year first above written.

                                     [NAME OF SERVICER],
                                              as Servicer

                                     By_________________________________
                                              Title:

                                     BNP PARIBAS MORTGAGE ABS LLC
                                              as Company

                                     By_________________________________
                                              Title:

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

                             (Provided Upon Request)

<PAGE>

                                    EXHIBIT B

                                POWER OF ATTORNEY

                             (Provided Upon Request)

<PAGE>

                                    EXHIBIT C

                      CERTIFICATE PURSUANT TO SECTION 3.08

                             (Provided Upon Request)

<PAGE>

                                    EXHIBIT D

                           FORM OF REQUEST FOR RELEASE

DATE:

TO:

RE:               REQUEST FOR RELEASE OF DOCUMENTS

In connection with your administration of the Mortgage Collateral, we request
the release of the Mortgage File described below.

Servicing Agreement Dated:
Series #:
Account #:
Pool #:
Loan #:
Borrower Name(s):
Reason for Document Request: (circle one)         Mortgage Loan
                                                  Prepaid in Full
                                                  Mortgage Loan Repurchased

"We hereby certify that all amounts received or to be received in connection
with such payments which are required to be deposited have been or will be so
deposited as provided in the Servicing Agreement."

____________________________________
[Name of Servicer]
Authorized Signature

________________________________________________________________________________

________________________________________________________________________________
TO CUSTODIAN/INDENTURE TRUSTEE: Please acknowledge this request, and check off
documents being enclosed with a copy of this form. You should retain this form
for your files in accordance with the terms of the Servicing Agreement.

           Enclosed Documents:     [  ]     Promissory Note
                                   [  ]     Primary Insurance Policy
                                   [  ]     Mortgage or Deed of Trust
                                   [  ]     Assignment(s) of Mortgage or
                                                     Deed of Trust
                                   [  ]     Title Insurance Policy
                                   [  ]     Other:  ___________________________

_________________________________
Name

_________________________________
Title

_________________________________
Date

<PAGE>

                                   Schedule 1

                      Mortgage Insurance Component Schedule

                             (Provided Upon Request)EXHIBIT 4.3

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

                          BNP PARIBAS MORTGAGE ABS LLC

                                  as Depositor

                                       and

                             ---------------------,

                                as Owner Trustee

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

                                 TRUST AGREEMENT

                          Dated as of ________________

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

                    $_________ Mortgage-Backed Certificates,
                                 Series 200_-__

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

<PAGE>

                                TABLE OF CONTENTS

SECTION

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01.         Definitions
Section 1.02.         Other Definitional Provisions

                                   ARTICLE II

                                  ORGANIZATION

Section 2.01.         Name
Section 2.02.         Office
Section 2.03.         Purposes and Powers
Section 2.04.         Appointment of Owner Trustee
Section 2.05.         Initial Capital Contribution of Owner Trust Estate
Section 2.06.         Declaration of Trust
Section 2.07.         Liability of the Holder of the Certificates
Section 2.08.         Title to Trust Property
Section 2.09.         Situs of Trust
Section 2.10.         Representations and Warranties of the Depositor
Section 2.11.         Payment of Trust Fees

                                   ARTICLE III

               CONVEYANCE OF THE MORTGAGE COLLATERAL; CERTIFICATES

Section 3.01.         Conveyance of the Mortgage Collateral
Section 3.02.         Initial Ownership
Section 3.03.         The Certificates
Section 3.04.         Authentication of Certificates
Section 3.05.         Registration of and Limitations on Transfer and Exchange
                        of Certificates
Section 3.06.         Mutilated, Destroyed, Lost or Stolen Certificates
Section 3.07.         Persons Deemed Certificateholders
Section 3.08.         Access to List of Certificateholders' Names and Addresses
Section 3.09.         Maintenance of Office or Agency
Section 3.10.         Certificate Paying Agent
Section 3.11.         Ownership

                                   ARTICLE IV

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 4.01.         General Authority
Section 4.02.         General Duties
Section 4.03.         Action Upon Instruction
Section 4.04.         No Duties Except as Specified under Specified Documents or
                      in Instructions
Section 4.05.         Restrictions
Section 4.06.         Prior Notice to Certificateholders with Respect to Certain
                        Matters
Section 4.07.         Action by Certificateholders with Respect to Certain
                        Matters
Section 4.08.         Action by Certificateholders with Respect to Bankruptcy
Section 4.09.         Restrictions on Certificateholders' Power
Section 4.10.         Majority Control

                                    ARTICLE V

                           APPLICATION OF TRUST FUNDS

Section 5.01.         Distributions
Section 5.02.         Method of Payment
Section 5.03.         Signature on Returns
Section 5.04.         Statements to Certificateholders
Section 5.05.         Tax Reporting; Tax Elections

                                   ARTICLE VI

                          CONCERNING THE OWNER TRUSTEE

Section 6.01.         Acceptance of Trusts and Duties
Section 6.02.         Furnishing of Documents
Section 6.03.         Representations and Warranties
Section 6.04.         Reliance; Advice of Counsel
Section 6.05.         Not Acting in Individual Capacity
Section 6.06.         Owner Trustee Not Liable for Certificates or Related
                        Documents
Section 6.07.         Owner Trustee May Own Certificates and Notes

                                   ARTICLE VII

                          COMPENSATION OF OWNER TRUSTEE

Section 7.01.         Owner Trustee's Fees and Expenses
Section 7.02.         Indemnification

                                  ARTICLE VIII

                         TERMINATION OF TRUST AGREEMENT

Section 8.01.         Termination of Trust Agreement
Section 8.02.         Dissolution upon Bankruptcy of the Holder of the
                        Designated Certificate

                                   ARTICLE IX

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 9.01.         Eligibility Requirements for Owner Trustee
Section 9.02.         Replacement of Owner Trustee
Section 9.03.         Successor Owner Trustee
Section 9.04.         Merger or Consolidation of Owner Trustee
Section 9.05.         Appointment of Co-trustee or Separate Trustee

                                    ARTICLE X

                                  MISCELLANEOUS

Section 10.01.        Amendments
Section 10.02.        No Legal Title to Owner Trust Estate
Section 10.03.        Limitations on Rights of Others
Section 10.04.        Notices
Section 10.05.        Severability
Section 10.06.        Separate Counterparts
Section 10.07.        Successors and Assigns
Section 10.08.        [No Petition
Section 10.09.        No Recourse
Section 10.10.        Headings
Section 10.11.        Governing Law
Section 10.12.        Integration

EXHIBIT

Exhibit A - Form of Certificate
Exhibit B - Certificate of Trust of BNP Paribas Mortgage ABS LLC
                  Trust Series 200_-__
Exhibit C - Form of Certificate of Non-Foreign Status
Exhibit D - Form of Investment Letter
Exhibit E - Form of Investment Letter for Certificates

<PAGE>

         This Trust  Agreement,  dated as of  ________________  (as amended from
time to time, this "Trust  Agreement"),  between BNP Paribas Mortgage ABS LLC, a
Delaware  limited  liability   company,   as  Depositor  (the  "Depositor")  and
______________________,  a Delaware  ___________________,  as Owner Trustee (the
"Owner Trustee"),

                                WITNESSETH THAT:

         In consideration of the mutual agreements herein contained, the
Depositor and the Owner Trustee agree as follows:

                                   ARTICLE I

                                   DEFINITIONS

         Section 1.01  DEFINITIONS.  For all  purposes of this Trust  Agreement,
except as otherwise  expressly  provided herein or unless the context  otherwise
requires, capitalized terms not otherwise defined herein shall have the meanings
assigned to such terms in the Indenture. All other capitalized terms used herein
shall have the meanings specified herein.

         Section 1.02 OTHER DEFINITIONAL PROVISIONS.

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

         (b) As used in this Trust  Agreement  and in any  certificate  or other
document  made or delivered  pursuant  hereto or thereto,  accounting  terms not
defined in this Trust  Agreement or in any such  certificate or other  document,
and  accounting  terms  partly  defined in this Trust  Agreement  or in any such
certificate  or  other  document  to the  extent  not  defined,  shall  have the
respective   meanings  given  to  them  under  generally   accepted   accounting
principles. To the extent that the definitions of accounting terms in this Trust
Agreement or in any such certificate or other document are inconsistent with the
meanings of such terms  under  generally  accepted  accounting  principles,  the
definitions  contained  in this Trust  Agreement or in any such  certificate  or
other document shall control.

         (c) The words  "hereof,"  "herein,"  "hereunder"  and words of  similar
import when used in this Trust  Agreement shall refer to this Trust Agreement as
a whole and not to any particular provision of this Trust Agreement; Section and
Exhibit references  contained in this Trust Agreement are references to Sections
and Exhibits in or to this Trust Agreement unless otherwise  specified;  and the
term "including" shall mean "including without limitation".

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

         (e) Any agreement,  instrument or statute defined or referred to herein
or in any instrument or certificate  delivered in connection herewith means such
agreement,  instrument  or statute  as from time to time  amended,  modified  or
supplemented and includes (in the case of agreements or instruments)  references
to all attachments thereto and instruments incorporated therein; references to a
Person are also to its permitted successors and assigns.

                                   ARTICLE II

                                  ORGANIZATION

         Section 2.01 NAME.  The trust  created  hereby (the  "Trust")  shall be
known as "BNP Paribas  Mortgage ABS LLC Trust Series  200_-_," in which name the
Owner Trustee may conduct the business of the Trust,  make and execute contracts
and other instruments on behalf of the Trust and sue and be sued.

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

         Section 2.03 PURPOSES AND POWERS. The purpose of the Trust is to engage
in the following activities:

                  (i) to issue  the  Notes  pursuant  to the  Indenture  and the
         Certificates pursuant to this Trust Agreement and to sell the Notes and
         the Certificates;

                  (ii) to pay the  organizational,  start-up  and  transactional
         expenses of the Trust;

                  (iii) to  assign,  grant,  transfer,  pledge  and  convey  the
         Mortgage  Collateral  pursuant to the Indenture and to hold, manage and
         distribute  to the  Certificateholders  pursuant  to  Section  5.01 any
         portion  of the  Mortgage  Collateral  released  from the Lien of,  and
         remitted to the Trust pursuant to the Indenture;

                  (iv) to enter into and perform its obligations under the Basic
         Documents to which it is to be a party;

                  (v) to engage in those  activities,  including  entering  into
         agreements,  that are  necessary,  suitable or convenient to accomplish
         the  foregoing  or  are  incidental  thereto  or  connected  therewith,
         including,  without limitation,  to accept additional  contributions of
         equity that are not subject to the Lien of the Indenture; and

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

The Trust is hereby authorized to engage in the foregoing activities. The Trust
shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Trust Agreement or the
Basic Documents [while any Note is outstanding and] [without the consent of __%
of the Certificateholders].

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

         Section 2.05 INITIAL CAPITAL  CONTRIBUTION  OF OWNER TRUST ESTATE.  The
Depositor hereby sells, assigns, transfers,  conveys and sets over to the Trust,
as of the date hereof,  the sum of $1.00. The Owner Trustee hereby  acknowledges
receipt in trust from the  Depositor,  as of the date hereof,  of the  foregoing
contribution,  which shall  constitute the initial corpus of the Trust and shall
be deposited in the  Certificate  Distribution  Account.  The Owner Trustee also
acknowledges  on behalf of the trust  receipt of the Mortgage  Collateral  and a
Surety  Bond  assigned  to the Trust  pursuant  to  Section  3.01,  which  shall
constitute the Owner Trust Estate.

         Section 2.06  DECLARATION OF TRUST.  The Owner Trustee hereby  declares
that it shall  hold the Owner  Trust  Estate in trust  upon and  subject  to the
conditions  set forth herein for the use and benefit of the  Certificateholders,
subject to the  obligations  of the Trust under the Basic  Documents.  It is the
intention  of the parties  hereto that the Trust  constitute  a statutory  trust
under the Statutory Trust Statute and that this Trust  Agreement  constitute the
governing instrument of such statutory trust. It is the intention of the parties
hereto that,  for income and franchise tax purposes,  the Trust shall be treated
as a  corporation,  with the  assets of the  corporation  being the Owner  Trust
Estate,  the [equity interest in the corporation] being the Certificates and the
Notes being debt of the  corporation  and the provisions of this Agreement shall
be interpreted to further this intention.  Except as otherwise  provided in this
Trust Agreement,  the rights of the Certificateholders  will be those of [equity
owners of the Trust] formed under the Delaware  [corporation  law].  The parties
agree that, unless otherwise required by appropriate tax authorities,  the Trust
will file or cause to be filed annual or other  necessary  returns,  reports and
other forms consistent with the  characterization  of the Trust as a corporation
for such tax purposes.  Effective as of the date hereof, the Owner Trustee shall
have all rights,  powers and duties set forth herein and in the Statutory  Trust
Statute with respect to accomplishing the purposes of the Trust.

         Section  2.07  LIABILITY  OF THE  HOLDER OF THE  CERTIFICATES.  (a) The
Holders of the Certificates  shall be liable directly to and shall indemnify any
injured party for all losses, claims,  damages,  liabilities and expenses of the
Trust (including Expenses, to the extent not paid out of the Owner Trust Estate)
to the extent that the Holders of the Certificates  would be liable if the Trust
were a corporation under [Delaware corporate law]; provided,  however,  that the
Holders of the Certificates shall not be liable for payments required to be made
on  the  Notes  or  the   Certificates,   or  for  any  losses   incurred  by  a
Certificateholder  in the  capacity  of an  investor  in the  Certificates  or a
Noteholder  in the  capacity  of an  investor  in the Notes.  The Holders of the
Certificates shall be liable for any entity level taxes imposed on the Trust. In
addition,  any third party creditors of the Trust, including the Credit Enhancer
(other  than in  connection  with the  obligations  described  in the  preceding
sentence for which the Holders of the Certificates shall not be liable) shall be
deemed third party  beneficiaries  of this  paragraph.  The  obligations  of the
Holders of the  Certificates  under this  paragraph  shall be  evidenced  by the
Certificates.

         (b) Subject to subsection (a) above,  the  Certificateholders  shall be
entitled to the same limitation of personal  liability  extended to stockholders
of private  corporations for profit organized under the General  Corporation Law
of the State of Delaware.

         Section  2.08 TITLE TO TRUST  PROPERTY.  Legal title to the Owner Trust
Estate  shall be vested at all times in the  Trust as a  separate  legal  entity
except where  applicable law in any  jurisdiction  requires title to any part of
the Owner  Trust  Estate to be vested in a trustee  or  trustees,  in which case
title shall be deemed to be vested in the Owner Trustee,  a co-trustee  and/or a
separate trustee, as the case may be.

         Section 2.09 SITUS OF TRUST. The Trust will be located and administered
in the State of Delaware.  All bank accounts  maintained by the Owner Trustee on
behalf of the Trust  shall be located in the State of  Delaware  or the State of
________.  The  Trust  shall not have any  employees  in any  state  other  than
Delaware;  provided, however, that nothing herein shall restrict or prohibit the
Owner Trustee from having  employees  within or without the State of Delaware or
taking  actions  outside the State of  Delaware in order to comply with  Section
2.03.  Payments  will be  received  by the Trust only in  Delaware,  New York or
________, and payments will be made by the Trust only from Delaware, New York or
________.  The only office of the Trust will be at the Corporate Trust Office in
Delaware.

         Section 2.10  REPRESENTATIONS  AND  WARRANTIES  OF THE  DEPOSITOR.  The
Depositor hereby represents and warrants to the Owner Trustee that:

                  (i) The Depositor is duly organized and validly  existing as a
         limited  liability company in good standing under the laws of the State
         of  Delaware,  with power and  authority to own its  properties  and to
         conduct its business as such  properties  are currently  owned and such
         business is presently conducted.

                  (ii) The  Depositor  is duly  qualified  to do  business  as a
         foreign limited liability company in good standing and has obtained all
         necessary  licenses  and  approvals in all  jurisdictions  in which the
         ownership or lease of its property or the conduct of its business shall
         require  such  qualifications  and in which the  failure  to so qualify
         would  have a  material  adverse  effect on the  business,  properties,
         assets or condition (financial or other) of the Depositor.

                  (iii) The Depositor has the power and authority to execute and
         deliver this Trust Agreement and to carry out its terms;  the Depositor
         has full power and authority to sell and assign the property to be sold
         and assigned to and  deposited  with the Trust as part of the Trust and
         the Depositor has duly  authorized such sale and assignment and deposit
         to the  Trust  by all  necessary  company  action;  and the  execution,
         delivery  and  performance  of this  Trust  Agreement  have  been  duly
         authorized by the Depositor by all necessary company action.

                  (iv) The consummation of the transactions contemplated by this
         Trust Agreement and the fulfillment of the terms hereof do not conflict
         with,  result in any breach of any of the terms and  provisions  of, or
         constitute  (with or without  notice or lapse of time) a default under,
         the  limited  liability   agreement  and  company  resolutions  of  the
         Depositor, or any indenture, agreement or other instrument to which the
         Depositor  is a party  or by  which  it is  bound;  nor  result  in the
         creation or imposition of any Lien upon any of its properties  pursuant
         to the  terms  of any such  indenture,  agreement  or other  instrument
         (other than pursuant to the Basic  Documents);  nor violate any law or,
         to the best of the Depositor's knowledge, any order, rule or regulation
         applicable  to the  Depositor  of any court or of any  federal or state
         regulatory   body,   administrative   agency   or  other   governmental
         instrumentality   having   jurisdiction   over  the  Depositor  or  its
         properties.

         Section 2.11 PAYMENT OF TRUST FEES.  The Owner  Trustee shall cause the
Administrator  (i) to pay the Trust's fees and expenses incurred with respect to
the performance of the Trust's duties under the Indenture from amounts  received
pursuant  to  Section  3.05(x)  under  the  Indenture  and  (ii) to  notify  the
Certificate Paying Agent of such fees and expenses incurred thereunder.

                                  ARTICLE III

                     CONVEYANCE OF THE MORTGAGE COLLATERAL;
                                  CERTIFICATES

         Section 3.01  CONVEYANCE  OF THE MORTGAGE  COLLATERAL.  The  Depositor,
concurrently  with the  execution  and delivery  hereof,  does hereby  transfer,
convey,  sell and assign to the Trust, on behalf of the Holders of the Notes and
the Certificates and the Credit Enhancer, without recourse, all its right, title
and interest in and to the Mortgage Collateral.  The Depositor will also provide
the Trust with a Surety Bond.

         The parties hereto intend that the transaction set forth herein be a
sale by the Depositor to the Trust of all of its right, title and interest in
and to the Mortgage Collateral. In the event that the transaction set forth
herein is not deemed to be a sale, the Depositor hereby grants to the Trust a
security interest in all of its right, title and interest in, to and under the
Owner Trust Estate, all distributions thereon and all proceeds thereof; and this
Trust Agreement shall constitute a security agreement under applicable law.

         Section 3.02 INITIAL OWNERSHIP.  Upon the formation of the Trust by the
contribution by the Depositor  pursuant to Section 2.05 and until the conveyance
of the  Mortgage  Collateral  pursuant to Section  3.01 and the  issuance of the
Certificates, the Depositor shall be the sole Certificateholder.

         Section  3.03 THE  CERTIFICATES.  The  Certificates  shall be issued in
minimum  denominations  of  $[250,000]  and in integral  multiples of $10,000 in
excess  thereof;  except  for one  Certificate  that  may not be in an  integral
multiple of $10,000;  provided,  however, that the Designated Certificate issued
pursuant  to  Section  3.11 may be  issued  in the  amount  of  $_________.  The
Certificates  shall be  executed  on behalf of the Trust by manual or  facsimile
signature of an authorized officer of the Owner Trustee and authenticated in the
manner  provided in Section 3.04.  Certificates  bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures  shall have
been affixed, authorized to sign on behalf of the Trust, shall be validly issued
and entitled to the benefit of this Trust Agreement,  notwithstanding  that such
individuals  or any of them shall have ceased to be so  authorized  prior to the
authentication and delivery of such Certificates or did not hold such offices at
the date of  authentication  and delivery of such  Certificates.  A Person shall
become a  Certificateholder  and shall be  entitled to the rights and subject to
the obligations of a  Certificateholder  hereunder upon such Person's acceptance
of a Certificate  duly  registered in such  Person's  name,  pursuant to Section
3.05.

         A transferee of a Certificate shall become a Certificateholder and
shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder upon such transferee's acceptance of a Certificate
duly registered in such transferee's name pursuant to and upon satisfaction of
the conditions set forth in Section 3.05.

         Section 3.04  AUTHENTICATION  OF  CERTIFICATES.  Concurrently  with the
acquisition  of the Mortgage  Collateral  by the Trust,  the Owner Trustee shall
cause the  Certificates  in an aggregate  principal  amount equal to the Initial
Principal  Balance of the  Certificates  to be  executed on behalf of the Trust,
authenticated  and  delivered  to or upon the  written  order of the  Depositor,
signed by its  chairman  of the  board,  its  president  or any vice  president,
without further company action by the Depositor, in authorized denominations. No
Certificate  shall entitle its holder to any benefit under this Trust  Agreement
or be valid for any purpose  unless  there shall  appear on such  Certificate  a
certificate of authentication  substantially in the form set forth in Exhibit A,
executed by the Owner Trustee or ____________________, by manual signature; such
authentication shall constitute  conclusive evidence that such Certificate shall
have been duly authenticated and delivered hereunder.  All Certificates shall be
dated the date of their authentication.

         Section 3.05  REGISTRATION  OF AND LIMITATIONS ON TRANSFER AND EXCHANGE
OF  CERTIFICATES.  The Certificate  Registrar shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 3.09, a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the [Owner
Trustee] shall provide for the registration of Certificates and of transfers and
exchanges  of  Certificates  as herein  provided.  _____________________________
shall be the initial Certificate Registrar. If the Certificate Registrar resigns
or  is  removed,  the  Owner  Trustee  shall  appoint  a  successor  Certificate
Registrar.

         Subject to satisfaction of the conditions set forth below and to the
provisions of Section 3.11 with respect to the Designated Certificate, upon
surrender for registration of transfer of any Certificate at the office or
agency maintained pursuant to Section 3.09, the Owner Trustee shall execute,
authenticate and deliver (or shall cause __________________________________ as
its authenticating agent to authenticate and deliver) in the name of the
designated transferee or transferees, one or more new Certificates in authorized
denominations of a like aggregate amount dated the date of authentication by the
Owner Trustee or any authenticating agent. At the option of a Holder,
Certificates may be exchanged for other Certificates of authorized denominations
of a like aggregate amount upon surrender of the Certificates to be exchanged at
the office or agency maintained pursuant to Section 3.09.

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

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

         No Person shall become a Certificateholder until it shall establish its
non-foreign status by submitting to the Certificate Paying Agent an IRS Form W-9
and the Certificate of Non-Foreign Status set forth in Exhibit C hereto.

         No transfer of a Certificate shall be made unless such transfer is
exempt from the registration requirements of the Securities Act and any
applicable state securities laws or is made in accordance with said Act and
laws. In the event of any such transfer, the Certificate Registrar or the
Depositor shall prior to such transfer require the transferee to execute (i) (a)
an investment letter (in substantially the form attached hereto as Exhibit D) in
form and substance reasonably satisfactory to the Certificate Registrar and the
Depositor certifying to the Trust, the Owner Trustee, the Certificate Registrar
and the Depositor that such transferee is a "qualified institutional buyer"
under Rule 144A under the Securities Act, or (b) solely with respect to the
Designated Certificate, an investment letter (in substantially the form attached
hereto as Exhibit E), acceptable to and in form and substance reasonably
satisfactory to the Certificate Registrar and the Depositor, which investment
letters shall not be an expense of the Trust, the Owner Trustee, the Certificate
Registrar, the Servicer or the Depositor and (ii) the Certificate of Non-Foreign
Status (in substantially the form attached hereto as Exhibit C) acceptable to
and in form and substance reasonably satisfactory to the Certificate Registrar
and the Depositor, which certificate shall not be an expense of the Trust, the
Owner Trustee, the Certificate Registrar or the Depositor. The Holder of a
Certificate desiring to effect such transfer shall, and does hereby agree to,
indemnify the Trust, the Owner Trustee, the Certificate Registrar, the Servicer
and the Depositor against any liability that may result if the transfer is not
so exempt or is not made in accordance with such federal and state laws.

         No transfer of a Certificate shall be made unless the Certificate
Registrar shall have received either (i) a representation letter from the
proposed transferee of such Certificate to the effect that such proposed
transferee is not an employee benefit plan subject to the fiduciary
responsibility provisions of ERISA, or Section 4975 of the Code, or a Person
acting on behalf of any such plan or using the assets of any such plan, which
representation letter shall not be an expense of the Trust, Owner Trustee, the
Certificate Registrar, the Servicer or the Depositor or (ii) in the case of any
such certificate presented for registration in the name of an employee benefit
plan subject to the fiduciary responsibility provisions of ERISA, or Section
4975 of the Code (or comparable provisions of any subsequent enactments), or a
trustee of any such plan, or any other Person who is using the assets of any
such plan to effect such acquisition, an Opinion of Counsel, in form and
substance reasonably satisfactory to, and addressed and delivered to, the Trust,
the Certificate Registrar and the Depositor, to the effect that the purchase or
holding of such Certificate will not result in the assets of the Owner Trust
Estate being deemed to be "plan assets" and subject to the fiduciary
responsibility provisions of ERISA or the prohibited transaction provisions of
the Code, will not constitute or result in a prohibited transaction within the
meaning of Section 406 or Section 407 of ERISA or Section 4975 of the Code, and
will not subject the Trust, the Owner Trustee, the Certificate Registrar or the
Depositor to any obligation or liability (including obligations or liabilities
under ERISA or Section 4975 of the Code) in addition to those explicitly
undertaken in this Trust Agreement which Opinion of Counsel shall not be an
expense of the Trust, the Owner Trustee, the Certificate Registrar or Depositor.

         Section 3.06 MUTILATED,  DESTROYED, LOST OR STOLEN CERTIFICATES. If (a)
any mutilated Certificate shall be surrendered to the Certificate Registrar,  or
if the Certificate  Registrar shall receive  evidence to its satisfaction of the
destruction,  loss or theft of any  Certificate and (b) there shall be delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be  required by them to save each of them  harmless,  then in the absence of
notice to the Certificate  Registrar or the Owner Trustee that such  Certificate
has been acquired by a bona fide  purchaser,  the Owner Trustee shall execute on
behalf of the Trust and the Owner  Trustee or  ________________,  as the Trust's
authenticating agent, shall authenticate and deliver, in exchange for or in lieu
of any such mutilated,  destroyed, lost or stolen Certificate, a new Certificate
of like tenor and  denomination.  In  connection  with the  issuance  of any new
Certificate  under this  Section  3.06,  the Owner  Trustee  or the  Certificate
Registrar may require the payment of a sum  sufficient to cover any tax or other
governmental charge that may be imposed in connection  therewith.  Any duplicate
Certificate  issued  pursuant to this Section 3.06 shall  constitute  conclusive
evidence of ownership in the Trust, as if originally issued,  whether or not the
lost, stolen or destroyed Certificate shall be found at any time.

         Section  3.07   PERSONS   DEEMED   CERTIFICATEHOLDERS.   Prior  to  due
presentation of a Certificate for  registration of transfer,  the Owner Trustee,
the Certificate  Registrar or any Certificate  Paying Agent may treat the Person
in whose name any Certificate is registered in the  Certificate  Register as the
owner of such Certificate for the purpose of receiving distributions pursuant to
Section 5.02 and for all other purposes  whatsoever,  and none of the Trust, the
Owner Trustee,  the Certificate  Registrar or any Paying Agent shall be bound by
any notice to the contrary.

         Section 3.08 ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND ADDRESSES.
The  Certificate  Registrar  shall  furnish  or  cause  to be  furnished  to the
Depositor or the Owner Trustee,  within 15 days after receipt by the Certificate
Registrar of a written request therefor from the Depositor or the Owner Trustee,
a list, in such form as the Depositor or the Owner Trustee,  as the case may be,
may reasonably require, of the names and addresses of the  Certificateholders as
of the most  recent  Record  Date.  Each  Holder,  by  receiving  and  holding a
Certificate,  shall be deemed to have  agreed not to hold any of the Trust,  the
Depositor,  the Holder of the Designated Certificate,  the Certificate Registrar
or the Owner  Trustee  accountable  by reason of the  disclosure of its name and
address, regardless of the source from which such information was derived.

         Section  3.09  MAINTENANCE  OF OFFICE OR AGENCY.  The Owner  Trustee on
behalf of the Trust, shall maintain in the Borough of Manhattan, The City of New
York,  an office or  offices or agency or  agencies  where  Certificates  may be
surrendered  for  registration  of transfer or  exchange  and where  notices and
demands to or upon the Owner  Trustee in  respect  of the  Certificates  and the
Basic  Documents  may be served.  The Owner  Trustee  initially  designates  the
Corporate Trust Office of the Owner Trustee as its office for such purposes. The
Owner Trustee shall give prompt written  notice to the Depositor,  the Holder of
the  Designated  Certificate  and the  Certificateholders  of any  change in the
location of the Certificate Register or any such office or agency.

         Section 3.10 CERTIFICATE PAYING AGENT. (a) The Certificate Paying Agent
shall make distributions to Certificateholders from the Certificate Distribution
Account  on  behalf  of the  Trust  in  accordance  with the  provisions  of the
Certificates  and Section 5.01 hereof from payments  remitted to the Certificate
Paying Agent by the Indenture Trustee pursuant to Section 3.05 of the Indenture.
The Trust hereby  appoints  __________________  as Certificate  Paying Agent and
_________________  hereby  accepts such  appointment  and further agrees that it
will  be  bound  by the  provisions  of this  Trust  Agreement  relating  to the
Certificate Paying Agent and shall:

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

                  (ii) give the Owner Trustee notice of any default by the Trust
         of which it has actual  knowledge in the making of any payment required
         to be made with respect to the Certificates;

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

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

                  (v) comply with all  requirements  of the Code with respect to
         the withholding from any payments made by it on any Certificates of any
         applicable  withholding  taxes imposed  thereon and with respect to any
         applicable reporting requirements in connection therewith; and

                  (vi)  deliver  to the Owner  Trustee  a copy of the  report to
         Certificateholders  prepared  with  respect to each Payment Date by the
         Servicer pursuant to Section 4.01 of the Servicing Agreement.

         (b) On the second LIBOR  Business  Day  immediately  preceding  (i) the
Closing Date in the case of the first Interest  Period and (ii) the first day of
each succeeding  Interest Period,  the Certificate  Paying Agent shall determine
LIBOR and the  Certificate  Rate for such  Interest  Period and shall inform the
Servicer and the Depositor at their  respective  facsimile  numbers given to the
Certificate Paying Agent in writing thereof.

         (c) The Trust may revoke such power and remove the  Certificate  Paying
Agent  if  the  Administrator   determines  in  its  sole  discretion  that  the
Certificate Paying Agent shall have failed to perform its obligations under this
Trust Agreement in any material respect.  __________________  shall be permitted
to resign as  Certificate  Paying Agent upon 30 days written notice to the Owner
Trustee;  provided  ________________ is also resigning as Paying Agent under the
Indenture at such time. In the event that ___________________ shall no longer be
the  Certificate  Paying Agent under this Trust Agreement and Paying Agent under
the Indenture, the Administrator shall appoint a successor to act as Certificate
Paying Agent  (which  shall be a bank or trust  company) and which shall also be
the successor Paying Agent under the Indenture.  The  Administrator  shall cause
such successor  Certificate  Paying Agent or any additional  Certificate  Paying
Agent appointed by the Administrator to execute and deliver to the Owner Trustee
an  instrument to the effect set forth in this Section 3.10 as it relates to the
Certificate  Paying  Agent.  The  Certificate  Paying  Agent  shall  return  all
unclaimed funds to the Trust and upon removal of a Certificate Paying Agent such
Certificate  Paying Agent shall also return all funds in its  possession  to the
Trust.  The provisions of Sections 6.01,  6.03, 6.04 and 7.01 shall apply to the
Certificate  Paying  Agent  to the  extent  applicable.  Any  reference  in this
Agreement to the  Certificate  Paying Agent shall  include any  co-paying  agent
unless the context requires otherwise.

         (d) The  Certificate  Paying Agent shall  establish  and maintain  with
itself a trust  account (the  "Certificate  Distribution  Account") in which the
Certificate Paying Agent shall,  deposit, on the same day as it is received from
the Indenture Trustee,  each remittance received by the Certificate Paying Agent
with respect to payments made pursuant to the Indenture.  The Certificate Paying
Agent  shall  make  all  distributions  of  principal  of  and  interest  on the
Certificates, from moneys on deposit in the Certificate Distribution Account.

         Section  3.11  [OWNERSHIP.  The  Certificates  shall,  for  income  and
franchise  tax  purposes,  be treated as the equity  interest of the Trust.  The
Certificates  shall not be  transferred  unless (a) the  transferee  shall be an
Affiliate of the Seller, unless the prior written consent of the Credit Enhancer
is  obtained,  which  will  not be  unreasonably  withheld,  (b) the  applicable
provisions of Section 3.05 are satisfied, (c) the Certificate Registrar receives
an Opinion of Counsel to the effect that the transfer of the Certificates  shall
not cause  the Trust to be  subject  to an entity  level tax and (d) the  Rating
Agencies shall consent to such transfer.]

                                   ARTICLE IV

                             AUTHORITY AND DUTIES OF
                                  OWNER TRUSTEE

         Section 4.01 GENERAL  AUTHORITY.  The Owner Trustee is  authorized  and
directed to execute and deliver the Basic  Documents to which the Trust is to be
a party and each  certificate  or other  document  attached  as an exhibit to or
contemplated  by the Basic Documents to which the Trust is to be a party and any
amendment or other agreement or instrument  described  herein,  in each case, in
such form as the Administrator shall approve,  as evidenced  conclusively by the
Owner  Trustee's  execution  thereof.  In addition to the  foregoing,  the Owner
Trustee is authorized,  but shall not be obligated, to take all actions required
of the Trust  pursuant  to the Basic  Documents.  The Owner  Trustee  is further
authorized  from time to time to take such action as the  Administrator  directs
with respect to the Basic Documents.

         Section 4.02 GENERAL DUTIES.  It shall be the duty of the Owner Trustee
to discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Trust  Agreement and the Basic Documents to which the Trust is
a party and to administer  the Trust in the interest of the  Certificateholders,
subject to the Basic  Documents  and in accordance  with the  provisions of this
Trust  Agreement.  Notwithstanding  the  foregoing,  the Owner  Trustee shall be
deemed to have  discharged its duties and  responsibilities  hereunder and under
the  Basic  Documents  to  the  extent  the  Administrator  has  agreed  in  the
Administration Agreement to perform such acts or to discharge such duties of the
Owner Trustee or the Trust hereunder or under any Basic Document,  and the Owner
Trustee shall not be held liable for the default or failure of the Administrator
to carry out its obligations under the Administration Agreement.

         Section 4.03 ACTION UPON INSTRUCTION.  (a) Subject to Article IV and in
accordance with the terms of the Basic Documents,  the Certificateholders may by
written  instruction  direct the Owner  Trustee in the  management of the Trust.
Such  direction  may be  exercised  at any time by  written  instruction  of the
Certificateholders pursuant to Article IV.

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

         (c) Whenever the Owner Trustee is unable to decide between  alternative
courses of action  permitted or required by the terms of this Trust Agreement or
under any Basic Document, or in the event that the Owner Trustee is unsure as to
the  application of any provision of this Trust  Agreement or any Basic Document
or any such provision is ambiguous as to its  application,  or is, or appears to
be, in conflict with any other applicable  provision,  or in the event that this
Trust Agreement  permits any  determination by the Owner Trustee or is silent or
is  incomplete  as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee shall promptly
give notice (in such form as shall be appropriate  under the  circumstances)  to
the  Certificateholders   (with  a  copy  to  the  Credit  Enhancer)  requesting
instruction  as to the  course of action to be  adopted,  and to the  extent the
Owner Trustee acts in good faith in accordance  with any written  instruction of
the  Certificateholders  received,  the  Owner  Trustee  shall  not be liable on
account  of such  action  to any  Person.  If the Owner  Trustee  shall not have
received  appropriate  instruction within 10 days of such notice (or within such
shorter  period of time as reasonably  may be specified in such notice or may be
necessary under the  circumstances)  it may, but shall be under no duty to, take
or refrain from taking such action not inconsistent with this Trust Agreement or
the  Basic  Documents,  as it  shall  deem to be in the  best  interests  of the
Certificateholders,  and the Owner Trustee shall have no liability to any Person
for such action or inaction.

         Section 4.04 NO DUTIES EXCEPT AS SPECIFIED UNDER SPECIFIED DOCUMENTS OR
IN  INSTRUCTIONS.  The Owner  Trustee  shall not have any duty or  obligation to
manage, make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner  Trustee  is a party,  except as  expressly  provided  (i) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee  pursuant to this Trust  Agreement,  (ii) in  accordance  with the Basic
Documents and (iii) in accordance with any document or instruction  delivered to
the Owner Trustee pursuant to Section 4.03; and no implied duties or obligations
shall be read into this Trust Agreement or any Basic Document  against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or  continuation  statement  in any  public  office at any time or to  otherwise
perfect or maintain the  perfection of any security  interest or lien granted to
it hereunder or to prepare or file any Securities and Exchange Commission filing
for the Trust or to record this Trust Agreement or any Basic Document. The Owner
Trustee nevertheless agrees that it will, at its own cost and expense,  promptly
take all action as may be necessary  to  discharge  any liens on any part of the
Owner Trust  Estate that result from  actions by, or claims  against,  the Owner
Trustee that are not related to the ownership or the administration of the Owner
Trust Estate.

         Section 4.05  RESTRICTIONS.  (a) The Owner  Trustee  shall not take any
action  (x) that is  inconsistent  with the  purposes  of the Trust set forth in
Section 2.03 or (y) that, to the actual  knowledge of the Owner  Trustee,  would
result in the Trust  becoming  taxable as a corporation  for federal  income tax
purposes.  The  Certificateholders  shall not direct  the Owner  Trustee to take
action that would violate the provisions of this Section 4.06.

         (b) The Owner  Trustee  shall not convey or transfer any of the Trust's
properties  or assets,  including  those  included in the Trust  Estate,  to any
person  unless  (a) it shall have  received  an Opinion of Counsel to the effect
that such  transaction will not have any material adverse tax consequence to the
Trust or any  Certificateholder  and (b) such  conveyance or transfer  shall not
violate the provisions of Section 3.16(b) of the Indenture.

         Section 4.06 PRIOR NOTICE TO CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN
MATTERS. With respect to the following matters, the Owner Trustee shall not take
action  unless at least 30 days  before  the  taking of such  action,  the Owner
Trustee  shall have notified the  Certificateholders  in writing of the proposed
action and the  Certificateholders  shall not have notified the Owner Trustee in
writing   prior  to  the  30th  day  after  such   notice  is  given  that  such
Certificateholders have withheld consent or provided alternative direction:

         (a) the  initiation of any claim or lawsuit by the Trust (except claims
or lawsuits brought in connection with the collection of cash  distributions due
and owing under the Mortgage Collateral) and the compromise of any action, claim
or  lawsuit  brought  by or  against  the  Trust  (except  with  respect  to the
aforementioned  claims or lawsuits for collection of cash  distributions due and
owing under the Mortgage Collateral);

         (b) the election by the Trust to file an  amendment to the  Certificate
of Trust  (unless  such  amendment  is required to be filed under the  Statutory
Trust Statute);

         (c) the  amendment  of the  Indenture  by a  supplemental  indenture in
circumstances where the consent of any Noteholder is required;

         (d) the  amendment  of the  Indenture  by a  supplemental  indenture in
circumstances  where the  consent of any  Noteholder  is not  required  and such
amendment materially adversely affects the interest of the Certificateholders;

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

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

         Section  4.07  ACTION BY  CERTIFICATEHOLDERS  WITH  RESPECT  TO CERTAIN
MATTERS.  The Owner Trustee shall not have the power,  except upon the direction
of the  Certificateholders,  and with the consent of the Credit Enhancer, to (a)
remove the Administrator under the Administration  Agreement pursuant to Section
8 thereof,  (b) appoint a successor  Administrator  pursuant to Section 8 of the
Administration  Agreement, (c) remove the Servicer under the Servicing Agreement
pursuant to Sections  7.01 and 8.05 thereof or (d) except as expressly  provided
in the Basic  Documents,  sell the Mortgage  Collateral after the termination of
the  Indenture.  The Owner  Trustee  shall take the  actions  referred to in the
preceding   sentence   only   upon   written    instructions   signed   by   the
Certificateholders and with the consent of the Credit Enhancer.

         Section 4.08 ACTION BY  CERTIFICATEHOLDERS  WITH RESPECT TO BANKRUPTCY.
The Owner Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy  relating to the Trust  without the unanimous  prior  approval of all
Certificateholders  and with the consent of the Credit Enhancer and the delivery
to the Owner Trustee by each such  Certificateholder of a certificate certifying
that such Certificateholder reasonably believes that the Trust is insolvent.

         Section   4.09   RESTRICTIONS   ON   CERTIFICATEHOLDERS'   POWER.   The
Certificateholders shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Trust Agreement or any of the Basic
Documents or would be contrary to Section  2.03,  nor shall the Owner Trustee be
obligated to follow any such direction, if given.

         Section 4.10 MAJORITY CONTROL. Except as expressly provided herein, any
action that may be taken by the  Certificateholders  under this Trust  Agreement
may be taken by the Holders of Certificates  evidencing not less than a majority
of the outstanding  Principal Balance of the  Certificates.  Except as expressly
provided herein, any written notice of the Certificateholders delivered pursuant
to this Trust  Agreement shall be effective if signed by holders of Certificates
evidencing not less than a majority of the outstanding  Principal Balance of the
Certificates at the time of the delivery of such notice.

                                   ARTICLE V

                           APPLICATION OF TRUST FUNDS

         Section 5.01  DISTRIBUTIONS.  (a) On each Payment Date, the Certificate
Paying Agent shall distribute to the  Certificateholders all funds on deposit in
the  Certificate  Distribution  Account and  available  therefor (as provided in
Section 3.05 of the Indenture),  as principal and the  Certificate  Distribution
Amount for such Payment Date.  All  distributions  made pursuant to this Section
shall  be  made on a pro  rata  basis  to the  Certificateholders  based  on the
Certificate  Principal  Balances  thereof;  provided  however that any amount on
deposit in the  Certificate  Distribution  Account  relating to a payment to the
Certificate  Paying Agent pursuant to Section 3.05(xi) of the Indenture shall be
distributed solely to the Designated Certificate.

         (b)  In  the  event  that  any   withholding  tax  is  imposed  on  the
distributions (or allocations of income) to a Certificateholder,  such tax shall
reduce the amount otherwise distributable to the Certificateholder in accordance
with this Section 5.01. The  Certificate  Paying Agent is hereby  authorized and
directed to retain or cause to be retained from amounts otherwise  distributable
to the  Certificateholders  sufficient  funds for the payment of any tax that is
legally  owed by the Trust (but such  authorization  shall not prevent the Owner
Trustee from contesting any such tax in appropriate proceedings, and withholding
payment  of  such  tax,  if  permitted  by  law,  pending  the  outcome  of such
proceedings).  The  amount of any  withholding  tax  imposed  with  respect to a
Certificateholder shall be treated as cash distributed to such Certificateholder
at the time it is withheld by the  Certificate  Paying Agent and remitted to the
appropriate taxing authority.  If there is a possibility that withholding tax is
payable with respect to a  distribution  (such as a  distribution  to a non-U.S.
Certificateholder),  the  Certificate  Paying  Agent may in its sole  discretion
withhold such amounts in accordance with this paragraph (b).

         (c) All  calculations  of the  Certificate  Distribution  Amount on the
Certificates  shall be made on the  basis  of the  actual  number  of days in an
Interest Period and a year assumed to consist of 360 days.

         (d)  Distributions to  Certificateholders  shall be subordinated to the
creditors of the Trust, including the Noteholders.

         Section   5.02   METHOD  OF  PAYMENT.   Subject  to  Section   8.01(c),
distributions  required to be made to  Certificateholders on any Payment Date as
provided in Section  5.01 shall be made to each  Certificateholder  of record on
the preceding Record Date either by, in the case of any Certificateholder owning
Certificates  having  denominations   aggregating  at  least  $1,000,000,   wire
transfer,  in immediately  available  funds,  to the account of such Holder at a
bank  or  other  entity  having  appropriate   facilities   therefor,   if  such
Certificateholder  shall have provided to the Certificate  Registrar appropriate
written  instructions at least five Business Days prior to such Payment Date or,
if not, by check mailed to such  Certificateholder at the address of such Holder
appearing in the Certificate Register.

         Section 5.03  SIGNATURE  ON RETURNS.  The Owner  Trustee  shall sign on
behalf of the Trust the tax returns of the Trust.

         Section 5.04  STATEMENTS TO  CERTIFICATEHOLDERS.  On each Payment Date,
the Certificate Paying Agent shall send to each  Certificateholder the statement
or statements  provided to the Owner Trustee and the Certificate Paying Agent by
the Servicer pursuant to Section 4.01 of the Servicing Agreement with respect to
such Distribution Date.

         Section  5.05  TAX  REPORTING;   TAX  ELECTIONS.   The  Holder  of  the
Certificate  shall cause the Trust to file  federal and state income tax returns
and  information  statements  as a  corporation  for each of its taxable  years.
Within 90 days after the end of each calendar year, the Holder of the Designated
Certificate  shall  cause  the Trust to  provide  to each  Certificateholder  an
Internal  Revenue  Service  "K-1" or any  successor  schedule  and  supplemental
information,  if required by law, to enable each  Certificateholder  to file its
federal and state income tax returns.  The Holder of the Designated  Certificate
may from time to time make and revoke  such tax  elections  with  respect to the
Trust as it deems necessary or desirable in its sole discretion to carry out the
business of the Trust or the  purposes of this Trust  Agreement  if permitted by
applicable law.  Notwithstanding the foregoing, an election under Section 754 of
the Code shall not be made without the written consent of a majority in interest
of the Holders of the  Certificates.  The Holder of the  Designated  Certificate
shall serve as tax matters partner for the Trust.

                                   ARTICLE VI

                              CONCERNING THE OWNER
                                     TRUSTEE

         Section 6.01 ACCEPTANCE OF TRUSTS AND DUTIES. The Owner Trustee accepts
the  trusts  hereby  created  and agrees to perform  its duties  hereunder  with
respect  to such  trusts but only upon the terms of this  Trust  Agreement.  The
Owner Trustee and the Certificate Paying Agent also agree to disburse all moneys
actually  received by it  constituting  part of the Owner Trust  Estate upon the
terms of the Basic Documents and this Trust  Agreement.  The Owner Trustee shall
not be answerable or accountable hereunder or under any Basic Document under any
circumstances,  except (i) for its own  willful  misconduct,  negligence  or bad
faith or negligent  failure to act or (ii) in the case of the  inaccuracy of any
representation or warranty contained in Section 6.03 expressly made by the Owner
Trustee.  In  particular,  but  not by way of  limitation  (and  subject  to the
exceptions set forth in the preceding sentence):

         (a) The Owner  Trustee  shall not be liable with  respect to any action
taken or omitted to be taken by it in accordance  with the  instructions  of the
Administrator or the Certificateholders;

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

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

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

         (e) The execution,  delivery,  authentication  and performance by it of
this Trust Agreement will not require the authorization, consent or approval of,
the giving of notice to, the filing or  registration  with, or the taking of any
other action with respect to, any governmental authority or agency;

         (f) The Owner Trustee shall not be liable for the default or misconduct
of the Administrator,  the Holder of the Designated Certificate,  the Depositor,
Indenture  Trustee or the Servicer under any of the Basic Documents or otherwise
and the Owner  Trustee  shall have no  obligation  or  liability  to perform the
obligations of the Trust under this Trust  Agreement or the Basic Documents that
are  required to be  performed  by the  Administrator  under the  Administration
Agreement,  the  Indenture  Trustee  under the Indenture or the Seller under the
Mortgage Loan Purchase Agreement; and

         (g) The Owner  Trustee  shall be under no obligation to exercise any of
the rights or powers vested in it or duties imposed by this Trust Agreement,  or
to institute,  conduct or defend any  litigation  under this Trust  Agreement or
otherwise or in relation to this Trust Agreement or any Basic  Document,  at the
request,  order  or  direction  of any of the  Certificateholders,  unless  such
Certificateholders  have  offered to the Owner  Trustee  security  or  indemnity
satisfactory  to it against  the costs,  expenses  and  liabilities  that may be
incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee
to perform any  discretionary  act enumerated in this Trust  Agreement or in any
Basic Document shall not be construed as a duty, and the Owner Trustee shall not
be  answerable  for other  than its  negligence  or  willful  misconduct  in the
performance of any such act.

         Section 6.02  FURNISHING OF DOCUMENTS.  The Owner Trustee shall furnish
to the  Securityholders  promptly upon receipt of a written  reasonable  request
therefor,  duplicates  or copies of all  reports,  notices,  requests,  demands,
certificates,  financial  statements and any other instruments  furnished to the
Trust under the Basic Documents.

         Section 6.03  REPRESENTATIONS AND WARRANTIES.  The Owner Trustee hereby
represents   and   warrants   to  the   Depositor,   for  the   benefit  of  the
Certificateholders, that:

         (a) It is a banking  corporation duly organized and validly existing in
good  standing  under the laws of the State of  Delaware.  It has all  requisite
corporate  power and authority to execute,  deliver and perform its  obligations
under this Trust Agreement.

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

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

         (d) This Trust  Agreement,  assuming due  authorization,  execution and
delivery by the Owner Trustee and the Depositor,  constitutes a valid, legal and
binding  obligation of the Owner Trustee,  enforceable  against it in accordance
with  the  terms   hereof   subject  to   applicable   bankruptcy,   insolvency,
reorganization,   moratorium  and  other  laws  affecting  the   enforcement  of
creditors' rights generally and to general  principles of equity,  regardless of
whether such enforcement is considered in a proceeding in equity or at law;

         (e) The Owner  Trustee is not in default  with  respect to any order or
decree of any court or any order,  regulation  or demand of any Federal,  state,
municipal or governmental  agency,  which default might have  consequences  that
would  materially  and adversely  affect the  condition  (financial or other) or
operations  of the Owner Trustee or its  properties  or might have  consequences
that would materially adversely affect its performance hereunder;

         (f) No  litigation  is pending  or, to the best of the Owner  Trustee's
knowledge,  threatened  against  the Owner  Trustee  which  would  prohibit  its
entering into this Trust  Agreement or  performing  its  obligations  under this
Trust Agreement;

         Section 6.04 RELIANCE;  ADVICE OF COUNSEL.  (a) The Owner Trustee shall
incur no liability to anyone in acting upon any signature,  instrument,  notice,
resolution,  request,  consent,  order,  certificate,  report, opinion, bond, or
other  document or paper  believed by it to be genuine and  believed by it to be
signed by the proper party or parties.  The Owner Trustee may accept a certified
copy of a resolution  of the board of directors or other  governing  body of any
corporate  party as  conclusive  evidence  that  such  resolution  has been duly
adopted  by such body and that the same is in full force and  effect.  As to any
fact or  matter  the  method  of  determination  of  which  is not  specifically
prescribed  herein,  the Owner  Trustee  may for all  purposes  hereof rely on a
certificate,  signed by the president or any vice  president or by the treasurer
or other  authorized  officers of the relevant  party, as to such fact or matter
and such  certificate  shall constitute full protection to the Owner Trustee for
any action taken or omitted to be taken by it in good faith in reliance thereon.

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

         Section 6.05 NOT ACTING IN INDIVIDUAL  CAPACITY.  Except as provided in
this Article VI, in accepting the trusts hereby  created  ______________________
acts solely as Owner Trustee hereunder and not in its individual  capacity,  and
all  Persons  having  any  claim  against  the  Owner  Trustee  by reason of the
transactions  contemplated  by this Trust  Agreement or any Basic Document shall
look only to the Owner Trust Estate for payment or satisfaction thereof.

         Section  6.06 OWNER  TRUSTEE  NOT LIABLE  FOR  CERTIFICATES  OR RELATED
DOCUMENTS. The recitals contained herein and in the Certificates (other than the
signatures  of the  Owner  Trustee  on the  Certificates)  shall be taken as the
statements of the Depositor, and the Owner Trustee assumes no responsibility for
the correctness  thereof.  The Owner Trustee makes no  representations as to the
validity or sufficiency of this Trust Agreement, of any Basic Document or of the
Certificates   (other  than  the   signatures   of  the  Owner  Trustee  on  the
Certificates) or the Notes, or of any Related Documents. The Owner Trustee shall
at no time have any  responsibility or liability with respect to the sufficiency
of the  Owner  Trust  Estate or its  ability  to  generate  the  payments  to be
distributed to Certificateholders  under this Trust Agreement or the Noteholders
under the  Indenture,  including,  the compliance by the Depositor or the Seller
with any  warranty  or  representation  made under any Basic  Document or in any
related document or the accuracy of any such warranty or representation,  or any
action of the  Administrator,  the  Certificate  Paying Agent,  the  Certificate
Registrar or the Indenture Trustee taken in the name of the Owner Trustee.

         Section 6.07 OWNER TRUSTEE MAY OWN  CERTIFICATES  AND NOTES.  The Owner
Trustee in its  individual or any other capacity may become the owner or pledgee
of  Certificates  or Notes  and may deal with the  Depositor,  the  Seller,  the
Certificate Paying Agent, the Certificate  Registrar,  the Administrator and the
Indenture  Trustee in  transactions  with the same rights as it would have if it
were not Owner Trustee.

                                  ARTICLE VII

                              COMPENSATION OF OWNER
                                     TRUSTEE

         Section 7.01 OWNER TRUSTEE'S FEES AND EXPENSES. The Owner Trustee shall
receive  as  compensation  for its  services  hereunder  such  fees as have been
separately  agreed upon before the date hereof,  and the Owner  Trustee shall be
reimbursed for its reasonable  expenses hereunder and under the Basic Documents,
including  the  reasonable  compensation,  expenses  and  disbursements  of such
agents, representatives, experts and counsel as the Owner Trustee may reasonably
employ in  connection  with the exercise and  performance  of its rights and its
duties  hereunder and under the Basic Documents  pursuant to Section 3.08 of the
Servicing Agreement.

         Section 7.02 INDEMNIFICATION.  The Holder of the Designated Certificate
shall indemnify,  defend and hold harmless the Owner Trustee and its successors,
assigns, agents and servants (collectively,  the "Indemnified Parties") from and
against, any and all liabilities,  obligations,  losses, damages, taxes, claims,
actions and suits, and any and all reasonable costs,  expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively,  "Expenses") which may at any time be imposed on, incurred by, or
asserted against the Owner Trustee or any Indemnified  Party in any way relating
to or arising out of this Trust Agreement,  the Basic Documents, the Owner Trust
Estate,  the  administration of the Owner Trust Estate or the action or inaction
of the Owner Trustee hereunder, provided, that:

                  (i) the  Holder  of the  Designated  Certificate  shall not be
         liable for or  required  to  indemnify  an  Indemnified  Party from and
         against Expenses arising or resulting from the Owner Trustee's  willful
         misconduct, negligence or bad faith or as a result of any inaccuracy of
         a representation  or warranty  contained in Section 6.03 expressly made
         by the Owner Trustee;

                  (ii) with  respect to any such claim,  the  Indemnified  Party
         shall  have  given the  Holder of the  Designated  Certificate  written
         notice thereof  promptly after the Indemnified  Party shall have actual
         knowledge thereof;

                  (iii) while  maintaining  control  over its own  defense,  the
         Holder of the Designated Certificate shall consult with the Indemnified
         Party in preparing such defense; and

                  (iv)  notwithstanding   anything  in  this  Agreement  to  the
         contrary,  the Holder of the Designated Certificate shall not be liable
         for  settlement  of any  claim by an  Indemnified  Party  entered  into
         without the prior consent of the Holder of the  Designated  Certificate
         which consent shall not be unreasonably withheld.

         The indemnities contained in this Section shall survive the resignation
or termination of the Owner Trustee or the termination of this Trust Agreement.
In the event of any claim, action or proceeding for which indemnity will be
sought pursuant to this Section, the Owner Trustee's choice of legal counsel, if
other than the legal counsel retained by the Owner Trustee in connection with
the execution and delivery of this Trust Agreement, shall be subject to the
approval of the Holder of the Designated Certificate, which approval shall not
be unreasonably withheld. In addition, upon written notice to the Owner Trustee
and with the consent of the Owner Trustee which consent shall not be
unreasonably withheld, the Holder of the Designated Certificate has the right to
assume the defense of any claim, action or proceeding against the Owner Trustee.

                                  ARTICLE VIII

                              TERMINATION OF TRUST
                                    AGREEMENT

         Section 8.01 TERMINATION OF TRUST  AGREEMENT.  (a) This Trust Agreement
(other than  Article  VIII) and the Trust shall  terminate  and be of no further
force or effect  upon the  earliest  of (i) upon the final  distribution  of all
moneys or other  property or proceeds  of the Owner Trust  Estate in  accordance
with the terms of the Indenture and this Trust Agreement,  (ii) the Payment Date
in ____________,  (iii) at the time provided in Section 8.02 or (iv) purchase by
the Servicer of all  Mortgage  Loans  pursuant to Section 8.08 of the  Servicing
Agreement. The bankruptcy, liquidation,  dissolution, death or incapacity of any
Certificateholder,  other  than the  Holder  of the  Designated  Certificate  as
described  in  Section  8.02,  shall not (x)  operate  to  terminate  this Trust
Agreement   or  the  Trust  or  (y)  entitle  such   Certificateholder's   legal
representatives  or  heirs  to claim an  accounting  or to take  any  action  or
proceeding  in any court for a partition or winding up of all or any part of the
Trust or the Owner Trust Estate or (z) otherwise affect the rights,  obligations
and liabilities of the parties hereto.

         (b) Except as provided in Section 8.01(a),  none of the Depositor,  the
Holder of the  Designated  Certificate or any other  Certificateholder  shall be
entitled to revoke or terminate the Trust.

         (c) Notice of any termination of the Trust, specifying the Payment Date
upon  which   Certificateholders  shall  surrender  their  Certificates  to  the
Certificate Paying Agent for payment of the final distribution and cancellation,
shall be given by the Certificate  Paying Agent by letter to  Certificateholders
and the Credit Enhancer mailed within five Business Days of receipt of notice of
such  termination from the  Administrator,  stating (i) the Payment Date upon or
with  respect  to which  final  payment of the  Certificates  shall be made upon
presentation  and surrender of the Certificates at the office of the Certificate
Paying Agent therein  designated,  (ii) the amount of any such final payment and
(iii) that the Record Date  otherwise  applicable  to such  Payment  Date is not
applicable,  payments  being made only upon  presentation  and  surrender of the
Certificates at the office of the Certificate  Payment Agent therein  specified.
The Certificate Paying Agent shall give such notice to the Owner Trustee and the
Certificate  Registrar  at the time such notice is given to  Certificateholders.
Upon  presentation  and surrender of the  Certificates,  the Certificate  Paying
Agent shall cause to be distributed to Certificateholders  amounts distributable
on such Payment Date pursuant to Section 5.01.

         In the event that all of the Certificateholders shall not surrender
their Certificates for cancellation within six months after the date specified
in the above mentioned written notice, the Certificate Paying Agent shall give a
second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. Subject to applicable laws with respect to escheat of funds, if within
one year following the Payment Date on which final payment of the Certificates
was to have been made pursuant to Section 3.03 of the Indenture, all the
Certificates shall not have been surrendered for cancellation, the Certificate
Paying Agent may take appropriate steps, or may appoint an agent to take
appropriate steps, to contact the remaining Certificateholders concerning
surrender of their Certificates, and the cost thereof shall be paid out of the
funds and other assets that shall remain subject to this Trust Agreement. Any
funds remaining in the Certificate Distribution Account after exhaustion of such
remedies shall be distributed by the Certificate Paying Agent to the Holder of
the Designated Certificate.

         (d) Upon the  winding  up of the Trust and its  termination,  the Owner
Trustee  shall  cause  the  Certificate  of Trust to be  cancelled  by  filing a
certificate of  cancellation  with the Secretary of State in accordance with the
provisions of Section 3810(c) of the Statutory Trust Statute.

         Section  8.02   DISSOLUTION  UPON  BANKRUPTCY  OF  THE  HOLDER  OF  THE
DESIGNATED  CERTIFICATE.  In the event that an Insolvency Event shall occur with
respect to the Holder of the Designated  Certificate,  this Trust  Agreement and
the Trust shall be terminated in accordance with Section 8.01, 90 days after the
date of such Insolvency Event, unless, before the end of such 90-day period, the
Owner  Trustee shall have received  written  instructions  from (a) if no Credit
Enhancer Default shall have occurred and be continuing,  Holders of Certificates
(other than the Holder of the Designated Certificate) representing more than 50%
of the  Principal  Balance of the  Certificates  (not  including  the  Principal
Balance  of  the  Designated  Certificate),  to the  effect  that  such  Holders
disapprove of the termination of the Trust or (b) if a Credit  Enhancer  Default
shall have occurred and be continuing,  (i) each of the Holders of  Certificates
and (ii) each of the  Holders of the  Notes,  to the  effect  that such  Holders
disapprove of the termination of the Trust. Promptly after the occurrence of any
Insolvency  Event with respect to the Holder of the Designated  Certificate  (A)
the Holder of the Designated  Certificate shall give the Indenture Trustee,  the
Credit Enhancer and the Owner Trustee  written notice of such Insolvency  Event,
(B) the Owner Trustee  shall,  upon the receipt of such written  notice from the
Holder  of  the  Designated  Certificate,  give  prompt  written  notice  to the
Certificateholders of the occurrence of such event and (C) the Indenture Trustee
shall give prompt  written  notice of such event to the  Noteholders;  provided,
however,  that any failure to give a notice  required by this sentence shall not
prevent or delay,  in any manner,  a  termination  of the Trust  pursuant to the
first  sentence  of this  Section  8.02.  Upon a  termination  pursuant  to this
Section,  the Owner Trustee shall direct the Indenture  Trustee promptly to sell
the assets of the Trust  (other  than the  Payment  Account)  in a  commercially
reasonable manner and on commercially reasonable terms. The proceeds of any such
sale of the assets of the Trust shall be  deposited  to the Payment  Account for
distribution in accordance with Section 5.04(b) of the Indenture.

                                   ARTICLE IX

                            SUCCESSOR OWNER TRUSTEES
                          AND ADDITIONAL OWNER TRUSTEES

         Section 9.01  ELIGIBILITY  REQUIREMENTS  FOR OWNER  TRUSTEE.  The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Statutory Trust Statute;  authorized to exercise  corporate trust
powers;  having a  combined  capital  and  surplus of at least  $50,000,000  and
subject to  supervision  or  examination  by federal or state  authorities;  and
having (or having a parent that has) a rating of at least  [Baa3] by  [Moody's].
If such  corporation  shall  publish  reports  of  condition  at least  annually
pursuant to law or to the requirements of the aforesaid supervising or examining
authority,  then for the  purpose of this  Section,  the  combined  capital  and
surplus  of such  corporation  shall be deemed to be its  combined  capital  and
surplus as set forth in its most recent  report of  condition so  published.  In
case at any time the Owner Trustee shall cease to be eligible in accordance with
the provisions of this Section 9.01, the Owner Trustee shall resign  immediately
in the manner and with the effect specified in Section 9.02.

         Section 9.02 REPLACEMENT OF OWNER TRUSTEE. The Owner Trustee may at any
time resign and be discharged  from the trusts hereby  created by giving 30 days
prior written notice thereof to the  Administrator,  the Credit Enhancer and the
Depositor.  Upon receiving such notice of resignation,  the Administrator  shall
promptly  appoint a  successor  Owner  Trustee  with the  consent  of the Credit
Enhancer which will not be  unreasonably  withheld,  by written  instrument,  in
duplicate,  one copy of which  instrument  shall be delivered  to the  resigning
Owner Trustee and to the successor Owner Trustee.  If no successor Owner Trustee
shall have been so appointed and have accepted  appointment within 30 days after
the giving of such  notice of  resignation,  the  resigning  Owner  Trustee  may
petition any court of competent  jurisdiction for the appointment of a successor
Owner Trustee.

         If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 9.01 and shall fail to resign after
written request therefor by the Administrator, or if at any time the Owner
Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the Owner
Trustee. If the Administrator shall remove the Owner Trustee under the authority
of the immediately preceding sentence, the Administrator shall promptly appoint
a successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one
copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing
Owner Trustee.

         Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 9.03 and payment of all fees and expenses owed to
the outgoing Owner Trustee. The Administrator shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

         Section 9.03  SUCCESSOR  OWNER  TRUSTEE.  Any  successor  Owner Trustee
appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to the
Administrator and to its predecessor Owner Trustee an instrument  accepting such
appointment under this Trust Agreement, and thereupon the resignation or removal
of the  predecessor  Owner Trustee shall become  effective,  and such  successor
Owner Trustee,  without any further act, deed or conveyance,  shall become fully
vested with all the rights,  powers,  duties and  obligations of its predecessor
under this Trust  Agreement,  with like effect as if  originally  named as Owner
Trustee.  The  predecessor  Owner  Trustee  shall  upon  payment of its fees and
expenses deliver to the successor Owner Trustee all documents and statements and
monies  held by it under this Trust  Agreement;  and the  Administrator  and the
predecessor Owner Trustee shall execute and deliver such instruments and do such
other things as may  reasonably be required for fully and certainly  vesting and
confirming in the successor  Owner Trustee all such rights,  powers,  duties and
obligations.

         No successor Owner Trustee shall accept appointment as provided in this
Section 9.03 unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.01.

         Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section 9.03, the Administrator shall mail notice thereof to all
Certificateholders, the Indenture Trustee, the Noteholders and the Rating
Agencies. If the Administrator shall fail to mail such notice within 10 days
after acceptance of such appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Administrator.

         Section 9.04 MERGER OR CONSOLIDATION OF OWNER TRUSTEE.  Any Person into
which the Owner  Trustee  may be merged  or  converted  or with  which it may be
consolidated,   or  any  Person   resulting  from  any  merger,   conversion  or
consolidation  to which  the  Owner  Trustee  shall be a  party,  or any  Person
succeeding to all or  substantially  all of the corporate  trust business of the
Owner Trustee,  shall be the successor of the Owner Trustee  hereunder,  without
the execution or filing of any  instrument or any further act on the part of any
of  the  parties  hereto,  anything  herein  to  the  contrary  notwithstanding;
provided,  that such  Person  shall be eligible  pursuant  to Section  9.01 and,
provided,  further,  that the Owner  Trustee shall mail notice of such merger or
consolidation to the Rating Agencies.

         Section  9.05   APPOINTMENT   OF   CO-TRUSTEE   OR  SEPARATE   TRUSTEE.
Notwithstanding  any other provisions of this Trust Agreement,  at any time, for
the purpose of meeting any legal  requirements of any  jurisdiction in which any
part of the Owner Trust Estate may at the time be located, the Administrator and
the Owner  Trustee  acting  jointly  shall have the power and shall  execute and
deliver  all  instruments  to  appoint  one  or  more  Persons  approved  by the
Administrator  and Owner  Trustee to act as  co-trustee,  jointly with the Owner
Trustee,  or as separate  trustee or  trustees,  of all or any part of the Owner
Trust Estate,  and to vest in such Person,  in such capacity,  such title to the
Trust or any part thereof and,  subject to the other provisions of this Section,
such powers, duties, obligations, rights and trusts as the Administrator and the
Owner Trustee may consider  necessary or desirable.  If the Administrator  shall
not have joined in such appointment  within 15 days after the receipt by it of a
request  so to do,  the Owner  Trustee  alone  shall have the power to make such
appointment.  No co-trustee or separate trustee under this Trust Agreement shall
be  required  to meet the terms of  eligibility  as a  successor  Owner  Trustee
pursuant to Section 9.01 and no notice of the  appointment  of any co-trustee or
separate trustee shall be required pursuant to Section 9.03.

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

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

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

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

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

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

                                   ARTICLE X

                                  MISCELLANEOUS

         Section 10.01 AMENDMENTS.  (a) This Trust Agreement may be amended from
time to time by the parties hereto as specified in this Section [, provided that
any amendment,  except as provided in subparagraph  (e) below, be accompanied by
an Opinion of Counsel to the Owner Trustee to the effect that such amendment (i)
complies  with the  provisions of this Section and (ii) will not cause the Trust
to be subject to an entity level tax].

         (b) If the purpose of the amendment (as detailed therein) is to correct
any mistake,  eliminate any  inconsistency,  cure any ambiguity or deal with any
matter not covered  (i.e.  to give  effect to the intent of the parties  and, if
applicable,  to the  expectations of the Holders),  it shall not be necessary to
obtain the consent of any Holders, but the Owner Trustee shall be furnished with
(A) a letter from the Rating  Agencies that the amendment will not result in the
downgrading or withdrawal of the rating then assigned to any Security and (B) an
Opinion of Counsel to the effect that such action will not  adversely  affect in
any material respect the interests of any Holders, and the consent of the Credit
Enhancer shall be obtained.

         (c) If the purpose of the amendment is to prevent the imposition of any
federal  or state  taxes at any time  that any  Security  is  outstanding  (i.e.
technical  in nature),  it shall not be  necessary  to obtain the consent of any
Holder, but the Owner Trustee shall be furnished with an Opinion of Counsel that
such  amendment is necessary or helpful to prevent the  imposition of such taxes
and is not  materially  adverse  to any  Holder  and the  consent  of the Credit
Enhancer shall be obtained.

         (d) If the purpose of the  amendment  is to add or  eliminate or change
any provision of the Trust  Agreement  other than as contemplated in (b) and (c)
above,  the amendment shall require (A) an Opinion of Counsel to the effect that
such action will not adversely  affect in any material  respect the interests of
any  Holders  and (B)  either  (a) a letter  from  the  Rating  Agency  that the
amendment  will not result in the  downgrading  or withdrawal of the rating then
assigned  to  any  security  or (b)  the  consent  of  Holders  of  Certificates
evidencing  a majority  of the  Principal  Balance of the  Certificates  and the
Indenture Trustee; provided, however, that no such amendment shall (i) reduce in
any manner the amount  of, or delay the timing of,  payments  received  that are
required to be distributed on any Certificate without the consent of the related
Certificateholder  and  the  Credit  Enhancer,  or  (ii)  reduce  the  aforesaid
percentage of  Certificates  the Holders of which are required to consent to any
such amendment, without the consent of the Holders of all such Certificates then
outstanding.

         (e) If the  purpose of the  amendment  is to provide for the holding of
any of the  Certificates  in  book-entry  form,  it shall require the consent of
Holders of all such Certificates then outstanding; provided, that the Opinion of
Counsel specified in subparagraph (a) above shall not be required.

         (f) If the purpose of the  amendment  is to provide for the issuance of
additional  certificates  representing an interest in the Trust, it shall not be
necessary to obtain the consent of any Holder,  but the Owner  Trustee  shall be
furnished with (A) an Opinion of Counsel to the effect that such action will not
adversely  affect in any material respect the interests of any Holders and (B) a
letter  from the  Rating  Agencies  that the  amendment  will not  result in the
downgrading  or  withdrawal  of the rating then assigned to any Security and the
consent of the Credit Enhancer shall be obtained.

         (g) Promptly after the execution of any such amendment or consent,  the
Owner  Trustee  shall  furnish  written  notification  of the  substance of such
amendment  or consent to each  Certificateholder,  the  Indenture  Trustee,  the
Credit Enhancer and each of the Rating  Agencies.  It shall not be necessary for
the consent of  Certificateholders  or the  Indenture  Trustee  pursuant to this
Section  10.01 to approve  the  particular  form of any  proposed  amendment  or
consent,  but it shall be sufficient if such consent shall approve the substance
thereof.  The manner of  obtaining  such  consents  (and any other  consents  of
Certificateholders  provided  for in this Trust  Agreement or in any other Basic
Document)  and of  evidencing  the  authorization  of the  execution  thereof by
Certificateholders shall be subject to such reasonable requirements as the Owner
Trustee may prescribe.

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

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

         Section   10.02  NO   LEGAL   TITLE  TO   OWNER   TRUST   ESTATE.   The
Certificateholders  shall not have  legal  title to any part of the Owner  Trust
Estate. The  Certificateholders  shall be entitled to receive distributions with
respect to their undivided  beneficial  interest therein only in accordance with
Articles V and IX. No transfer, by operation of law or otherwise,  of any right,
title or interest of the  Certificateholders  to and in their ownership interest
in the Owner Trust Estate shall operate to terminate this Trust Agreement or the
trusts  hereunder or entitle any  transferee to an accounting or to the transfer
to it of legal title to any part of the Owner Trust Estate.

         Section 10.03 LIMITATIONS ON RIGHTS OF OTHERS. Except for Section 2.07,
the  provisions of this Trust  Agreement are solely for the benefit of the Owner
Trustee,  the  Depositor,   the  Holder  of  the  Designated  Certificate,   the
Certificateholders,  the  Administrator,  the Credit Enhancer and, to the extent
expressly  provided  herein,  the  Indenture  Trustee and the  Noteholders,  and
nothing in this Trust  Agreement  (other than Section 2.07),  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
Trust Agreement or any covenants, conditions or provisions contained herein.

         Section 10.04  NOTICES.  (a) Unless  otherwise  expressly  specified or
permitted  by the terms  hereof,  all  notices  shall be in writing and shall be
deemed given upon receipt , if to the Owner Trustee,  addressed to the Corporate
Trust Office;  if to the Depositor,  addressed to BNP Paribas  Mortgage ABS LLC,
______________________________;  Attention:  _________________; if to the Credit
Enhancer,  addressed to  ___________,  Attention:  _________________,  if to the
Rating Agencies, addressed to ________________________  Attention: __________or,
as to each party,  at such other address as shall be designated by such party in
a written notice to each other party.

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

         (c) A copy of any notice  delivered  to the Owner  Trustee or the Trust
shall also be delivered to the Depositor and the Administrator.

         Section 10.05 SEVERABILITY.  Any provision of this Trust Agreement that
is  prohibited  or  unenforceable   in  any  jurisdiction   shall,  as  to  such
jurisdiction,   be   ineffective   to  the   extent  of  such   prohibition   or
unenforceability  without  invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

         Section  10.06  SEPARATE  COUNTERPARTS.  This  Trust  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 10.07 SUCCESSORS AND ASSIGNS. All representations,  warranties,
covenants and  agreements  contained  herein shall be binding upon, and inure to
the benefit of, each of the Depositor,  the Owner Trustee and its successors and
each  Certificateholder  and its successors and permitted assigns, all as herein
provided and the Credit  Enhancer.  Any  request,  notice,  direction,  consent,
waiver  or other  instrument  or action by a  Certificateholder  shall  bind the
successors and assigns of such Certificateholder.

         Section 10.08 [NO PETITION.  The Owner  Trustee,  by entering into this
Trust Agreement and each Certificateholder,  by accepting a Certificate,  hereby
covenant  and  agree  that  they  will not at any  time  institute  against  the
Depositor or the Trust, or join in any institution  against the Depositor or the
Trust of, any  bankruptcy  proceedings  under any United States federal or state
bankruptcy  or  similar  law  in  connection   with  any   obligations   to  the
Certificates, the Notes, this Trust Agreement or any of the Basic Documents.]

         Section  10.09 NO  RECOURSE.  Each  Certificateholder  by  accepting  a
Certificate  acknowledges that such  Certificateholder's  Certificates represent
beneficial  interests  in the Trust only and do not  represent  interests  in or
obligations of the  Depositor,  the Holder of the  Designated  Certificate,  the
Seller,  the  Administrator,  the Owner  Trustee,  the Indenture  Trustee or any
Affiliate  thereof and no  recourse  may be had  against  such  parties or their
assets,  except as may be  expressly  set forth or  contemplated  in this  Trust
Agreement, the Certificates or the Basic Documents.

         Section  10.10  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 10.11 GOVERNING LAW. THIS TRUST AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE  WITH THE LAWS OF THE STATE OF  DELAWARE,  WITHOUT  REFERENCE  TO ITS
CONFLICT OF LAW  PROVISIONS,  AND THE  OBLIGATIONS,  RIGHTS AND  REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 10.12 INTEGRATION.  This Trust Agreement constitutes the entire
agreement  among the parties hereto  pertaining to the subject matter hereof and
supersedes all prior agreements and understanding pertaining thereto.

<PAGE>

         IN WITNESS WHEREOF, the Depositor and the Owner Trustee have caused
their names to be signed hereto by their respective officers thereunto duly
authorized, all as of the day and year first above written.

                                 BNP PARIBAS MORTGAGE ABS LLC

                                 By:_______________________________________
                                    Name:
                                    Title:

                                 ______________________,  not in its individual
                                 capacity but solely as Owner Trustee

                                 By:_______________________________________
                                    Name:
                                    Title:

Acknowledged and Agreed:
_________________________
         __________, as Certificate Registrar
         and Certificate Paying Agent

By:_________________________________________
Name:
Title:

<PAGE>

                                    EXHIBIT A

                              [Form of Certificate]

                                     [Face]

         THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.05 OF THE TRUST AGREEMENT REFERRED
TO HEREIN.

         NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE
REGISTRAR SHALL HAVE RECEIVED EITHER (I) A REPRESENTATION LETTER FROM THE
TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN
EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR A
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN,
OR (II) IF THIS CERTIFICATE IS PRESENTED FOR REGISTRATION IN THE NAME OF A PLAN
SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA, OR SECTION 4975 OF
THE CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS), OR A TRUSTEE
OF ANY SUCH PLAN, OR ANY OTHER PERSON WHO IS USING THE ASSETS OF ANY SUCH PLAN
TO EFFECT SUCH ACQUISITION, AN OPINION OF COUNSEL TO THE EFFECT THAT THE
PURCHASE OR HOLDING OF THIS CERTIFICATE WILL NOT RESULT IN THE ASSETS OF THE
OWNER TRUST ESTATE BEING DEEMED TO BE "PLAN ASSETS" AND SUBJECT TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR THE PROHIBITED TRANSACTION PROVISIONS OF
THE CODE, WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED TRANSACTION WITHIN THE
MEANING OF SECTION 406 OR SECTION 407 OF ERISA OR SECTION 4975 OF THE CODE, AND
WILL NOT SUBJECT THE OWNER TRUSTEE OR THE DEPOSITOR TO ANY OBLIGATION OR
LIABILITY.

         NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE
REGISTRAR SHALL HAVE RECEIVED A CERTIFICATE OF NON-FOREIGN STATUS CERTIFYING AS
TO THE TRANSFEREE'S STATUS AS A U.S. PERSON OR CORPORATION UNDER U.S. LAW.

         THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE
SELLER, THE DEPOSITOR, THE SERVICER, THE INDENTURE TRUSTEE, OR THE OWNER TRUSTEE
OR ANY OF THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE TRUST
AGREEMENT OR THE BASIC DOCUMENTS.

Certificate No._____                  Original principal amount ("Denomination")
                                      of this Certificate:  $______________

Aggregate Denominations of all Certificates: $

Pass-Through Rate:  Floating

Cut-Off Date:

First Payment Date: ___________, ____

CUSIP NO. __________

                BNP PARIBAS MORTGAGE ABS LLC TRUST SERIES 200_-_

         Evidencing a fractional undivided equity interest in the Owner Trust
Estate, the property of which consists primarily of the Mortgage Collateral in
_________________________, a corporation sold by BNP PARIBAS MORTGAGE ABS LLC,
as depositor.

         This certifies that [name of Holder] is the registered owner of the
Percentage Interest represented hereby in the BNP Paribas Mortgage ABS LLC Trust
Series 200_-_ (the "Trust").

         The Trust was created pursuant to an Trust Agreement dated as of (as
amended and supplemented from time to time, the "Trust Agreement") between the
Depositor and ______________________, as owner trustee (as amended and
supplemented from time to time, the "Owner Trustee", which term includes any
successor entity under the Trust Agreement), a summary of certain of the
pertinent provisions of which is set forth hereinafter. This Certificate is
issued under and is subject to the terms, provisions and conditions of the Trust
Agreement, to which Trust Agreement the Holder of this Certificate by virtue of
the acceptance hereof assents and by which such Holder is bound.

         This Certificate is one of a duly authorized issue of Mortgage-Backed
Certificates, Series 200_-__ (herein called the "Certificates") issued under the
Trust Agreement to which reference is hereby made for a statement of the
respective rights thereunder of the Depositor, the Owner Trustee and the Holders
of the Certificates and the terms upon which the Certificates are executed and
delivered. All terms used in this Certificate which are defined in the Trust
Agreement shall have the meanings assigned to them in the Trust Agreement. The
Owner Trust Estate consists of the Mortgage Collateral in the BNP Paribas
Mortgage ABS LLC Trust Series 200_-____ and a Surety Bond. The rights of the
Holders of the Certificates are subordinated to the rights of the Holders of the
Notes, as set forth in the [Indenture].

         There will be distributed on the [twenty-fifth] day of each month or,
if such day is not a Business Day, the next Business Day (each, a "Payment
Date"), commencing in _____________, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such Payment Date (the "Record Date"), such
Certificateholder's Percentage Interest (obtained by dividing the Denomination
of this Certificate by the aggregate Denominations of all Certificates) in the
amount to be distributed to Certificateholders on such Payment Date.

         The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the funds on deposit in the Payment Account that
have been released from the Lien of the Indenture for payment hereunder and that
neither the Owner Trustee in its individual capacity nor the Depositor is
personally liable to the Certificateholders for any amount payable under this
Certificate or the Trust Agreement or, except as expressly provided in the Trust
Agreement, subject to any liability under the Trust Agreement.

         The Holder of this Certificate acknowledges and agrees that its rights
to receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Indenture, dated as of _________,
____, between the Trust and __________________________________, as Indenture
Trustee (the "Indenture").

         It is the intent of the Depositor and the Certificateholders that, for
purposes of federal income, state and local income and single business tax and
any other income taxes, the Trust will be treated as a corporation. The
Depositor and each Certificateholder, by acceptance of a Certificate, agree to
treat, and to take no action inconsistent with the treatment of, the
Certificates for such tax purposes as an equity interest in a corporation.

         Each Certificateholder, by its acceptance of a Certificate, covenants
and agrees that such Certificateholder will not at any time institute against
the Depositor, or join in any institution against the Depositor or the Trust of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Certificates, the Notes, the Trust Agreement or any of the Basic Documents.

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

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

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

<PAGE>

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

<PAGE>

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

                                 BNP  PARIBAS  MORTGAGE  ABS LLC
                                 TRUST SERIES 200_-_

                                 by  _____________________,  not
                                 in its indi-vidual capacity but
                                 solely as Owner Trustee

Dated:                           _______________________________
                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

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

____________________________________________,
not in its individual capacity
but solely as Owner Trustee

By:_________________________________________
         Authorized Signatory

or _________________________________________
   as Authenticating Agent of the Trust

By:_________________________________________
         Authorized Signatory

<PAGE>

                            [REVERSE OF CERTIFICATE]

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

         The Trust Agreement permits the amendment thereof as specified below,
provided that any amendment be accompanied by the consent of the Credit Enhancer
and an Opinion of Counsel to the Owner Trustee to the effect that such amendment
complies with the provisions of the Trust Agreement and will not cause the Trust
to be subject to an entity level tax. If the purpose of the amendment is to
correct any mistake, eliminate any inconsistency, cure any ambiguity or deal
with any matter not covered, it shall not be necessary to obtain the consent of
any Holder, but the Owner Trustee shall be furnished with a letter from the
Rating Agencies that the amendment will not result in the downgrading or
withdrawal of the rating then assigned to any Security. If the purpose of the
amendment is to prevent the imposition of any federal or state taxes at any time
that any Security is outstanding, it shall not be necessary to obtain the
consent of the any Holder, but the Owner Trustee shall be furnished with an
Opinion of Counsel that such amendment is necessary or helpful to prevent the
imposition of such taxes and is not materially adverse to any Holder. If the
purpose of the amendment is to add or eliminate or change any provision of the
Trust Agreement, other than as specified in the preceding two sentences, the
amendment shall require either (a) a letter from the Rating Agencies that the
amendment will not result in the downgrading or withdrawal of the rating then
assigned to any Security or (b) the consent of Holders of the Certificates
evidencing a majority of the Percentage Interests of the Certificates and the
Indenture Trustee; PROVIDED, HOWEVER, that no such amendment shall (i) reduce in
any manner the amount of, or delay the time of, payments received that are
required to be distributed on any Certificate without the consent of the related
Certificateholder, or (ii) reduce the aforesaid percentage of Certificates the
Holders of which are required to consent to any such amendment without the
consent of the Holders of all such Certificates then outstanding.

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

         Except as provided in the Trust Agreement, the Certificates are
issuable only in minimum denominations of $10,000 and in integral multiples of
$10,000 in excess thereof, except for one Certificate that may not be in an
integral multiple of $10,000. As provided in the Trust Agreement and subject to
certain limitations therein set forth, Certificates are exchangeable for new
Certificates of authorized denominations evidencing the same aggregate
denomination, as requested by the Holder surrendering the same. No service
charge will be made for any such registration of transfer or exchange, but the
Owner Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

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

         The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate (i) upon the final distribution of all
moneys or other property or proceeds of the Owner Trust Estate in accordance
with the terms of the Indenture and the Trust Agreement, (ii) the Payment Date
in ____________, or (iii) upon the bankruptcy or insolvency of the Holder of the
Designated Certificate and the satisfaction of other conditions specified in
Section 8.02 of the Trust Agreement.

<PAGE>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

________________________________________________________________________________
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing to transfer said Certificate on the books of the
Certificate Registrar, with full power of substitution in the premises.

Dated:

                                                                     */
                                            -------------------------
                                               Signature Guaranteed:

                                                                      */
                                            -------------------------

-------------------------------
*/ NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

         The assignee  should  include the following for the  information of the
Certificate Paying Agent:

         Distribution  shall be made by wire transfer in  immediately  available
funds  to  ___________________________________________________________  for  the
account    of    ________________________________________,     account    number
______________, or, if mailed by check, to ______________.

         Applicable statements should be mailed to__________________.

                                   ____________________________________
                                   Signature of assignee or agent
                                   (for authorization of wire transfer only)

<PAGE>

                                    EXHIBIT B
                             TO THE TRUST AGREEMENT

                             CERTIFICATE OF TRUST OF
                BNP PARIBAS MORTGAGE ABS LLC TRUST SERIES 200_-_

         THIS Certificate of Trust of BNP Paribas Mortgage ABS LLC Trust Series
200_-_ (the "Trust"), dated ___________, ____, is being duly executed and filed
by ______________________, a Delaware banking corporation, as trustee, to form a
statutory trust under the Delaware Statutory Trust Act (12 DEL. CODE, ss. 3801
ET SEQ.).

         1. NAME. The name of the statutory trust formed hereby is BNP Paribas
Mortgage ABS LLC Trust Series 200_-_.

         2. DELAWARE TRUSTEE. The name and business address of the trustee of
the Trust in the State of Delaware is ______________________,
__________________, __________, ______________, Attention:_____________________.

         IN WITNESS WHEREOF, the undersigned, being the sole trustee of the
Trust, has executed this Certificate of Trust as of the date first above
written.

                                        ________________________________________
                                        not in its individual capacity but
                                        solely as owner trustee under a Trust
                                        Agreement dated as of _________, ___,

                                       By:  ____________________________________
                                            Name:
                                            Title:

<PAGE>

                                    EXHIBIT C

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:
                         _______________________________
                         _______________________________
                         _______________________________
                         _______________________________

         The undersigned seller, as registered holder (the "Seller"), intends to
transfer the Rule 144A Securities described above to the undersigned buyer (the
"Buyer").

         1. In connection with such transfer and in accordance with the
agreements pursuant to which the Rule 144A Securities were issued, the Seller
hereby certifies the following facts: Neither the Seller nor anyone acting on
its behalf has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.

         2. The Buyer warrants and represents to, and covenants with, the Owner
Trustee and the Depositor (as defined in the Trust Agreement (the "Agreement"),
dated as of _________, ____ between BNP Paribas Mortgage ABS LLC, as Depositor
and ______________________, as Owner Trustee pursuant to Section 3.05 of the
Agreement and __________________________________ as indenture trustee, as
follows:

                  a. The Buyer understands that the Rule 144A Securities have
         not been registered under the 1933 Act or the securities laws of any
         state.

                  b. The Buyer considers itself a substantial, sophisticated
         institutional investor having such knowledge and experience in
         financial and business matters that it is capable of evaluating the
         merits and risks of investment in the Rule 144A Securities.

                  c. The Buyer has been furnished with all information regarding
         the Rule 144A Securities that it has requested from the Seller, the
         Indenture Trustee, the Owner Trustee or the Servicer.

                  d. Neither the Buyer nor anyone acting on its behalf has
         offered, transferred, pledged, sold or otherwise disposed of the Rule
         144A Securities, any interest in the Rule 144A Securities or any other
         similar security to, or solicited any offer to buy or accept a
         transfer, pledge or other disposition of the Rule 144A Securities, any
         interest in the Rule 144A Securities or any other similar security
         from, or otherwise approached or negotiated with respect to the Rule
         144A Securities, any interest in the Rule 144A Securities or any other
         similar security with, any person in any manner, or made any general
         solicitation by means of general advertising or in any other manner, or
         taken any other action, that would constitute a distribution of the
         Rule 144A Securities under the 1933 Act or that would render the
         disposition of the Rule 144A Securities a violation of Section 5 of the
         1933 Act or require registration pursuant thereto, nor will it act, nor
         has it authorized or will it authorize any person to act, in such
         manner with respect to the Rule 144A Securities.

                  e. The Buyer is a "qualified institutional buyer" as that term
         is defined in Rule 144A under the 1933 Act and has completed either of
         the forms of certification to that effect attached hereto as Annex 1 or
         Annex 2. The Buyer is aware that the sale to it is being made in
         reliance on Rule 144A. The Buyer is acquiring the Rule 144A Securities
         for its own account or the accounts of other qualified institutional
         buyers, understands that such Rule 144A Securities may be resold,
         pledged or transferred only (i) to a person reasonably believed to be a
         qualified institutional buyer that purchases for its own account or for
         the account of a qualified institutional buyer to whom notice is given
         that the resale, pledge or transfer is being made in reliance on Rule
         144A, or (ii) pursuant to another exemption from registration under the
         1933 Act.

         [3. The Buyer warrants and represents to, and covenants with, the
Seller, the Indenture Trustee, Owner Trustee, Servicer and the Depositor that
either (1) the Buyer is (A) not an employee benefit plan (within the meaning of
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA")), or a plan (within the meaning of Section 4975(e)(1) of the Internal
Revenue Code of 1986 ("Code")), which (in either case) is subject to ERISA or
Section 4975 of the Code (both a "Plan"), and (B) is not directly or indirectly
purchasing the Rule 144A Securities on behalf of, as investment manager of, as
named fiduciary of, as trustee of, or with "plan assets" of a Plan, or (2) the
Buyer understands that registration of transfer of any Rule 144A Securities to
any Plan, or to any Person acting on behalf of any Plan, will not be made unless
such Plan delivers an opinion of its counsel, addressed and satisfactory to the
Certificate Registrar and the Depositor, to the effect that the purchase and
holding of the Rule 144A Securities by, on behalf of or with "plan assets" of
any Plan would not constitute or result in a prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, and would not subject the
Depositor, the Servicer, the Indenture Trustee or the Trust to any obligation or
liability (including liabilities under ERISA or Section 4975 of the Code) in
addition to those undertaken in the Agreement or any other liability.]

         4. This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.

         IN WITNESS WHEREOF, each of the parties has executed this document as
of the date set forth below.

_________________________________        :     ______________________________
Print Name of Seller                           Print Name of Buyer
                                         :
By: _____________________________              By:___________________________
    Name:                                :         Name:
    Title                                          Title
                                         :
Taxpayer Identification:                       Taxpayer Identification:
                                         :
No.______________________________              No. __________________________
                                         :
Date:____________________________              Date:_________________________

<PAGE>

                                                            ANNEX 1 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

         The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

         1. As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.

         2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested on a
discretionary basis $____________________(1) in securities (except for the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.

         ___      CORPORATION, ETC. The Buyer is a corporation (other than a
                  bank, savings and loan association or similar institution),
                  Massachusetts or similar business trust, partnership, or
                  charitable organization described in Section 501(c)(3) of the
                  Internal Revenue Code.

         ___      BANK. The Buyer (a) is a national bank or banking institution
                  organized under the laws of any State, territory or the
                  District of Columbia, the business of which is substantially
                  confined to banking and is supervised by the State or
                  territorial banking commission or similar official or is a
                  foreign bank or equivalent institution, and (b) has an audited
                  net worth of at least $25,000,000 as demonstrated in its
                  latest annual financial statements, a copy of which is
                  attached hereto.

         ___      SAVINGS AND LOAN. The Buyer (a) is a savings and loan
                  association, building and loan association, cooperative bank,
                  homestead association or similar institution, which is
                  supervised and examined by a State or Federal authority having
                  supervision over any such institutions or is a foreign savings
                  and loan association or equivalent institution and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual financial statements.

         ___      BROKER-DEALER.  The Buyer is a dealer  registered  pursuant to
                  Section 15 of the Securities Exchange Act of 1934.

         ___      INSURANCE COMPANY. The Buyer is an insurance company whose
                  primary and predominant business activity is the writing of
                  insurance or the reinsuring of risks underwritten by insurance
                  companies and which is subject to supervision by the insurance
                  commissioner or a similar official or agency of a State or
                  territory or the District of Columbia.

         ___      STATE OR LOCAL PLAN. The Buyer is a plan established and
                  maintained by a State, its political subdivisions, or any
                  agency or instrumentality of the State or its political
                  subdivisions, for the benefit of its employees.

         ___      ERISA PLAN. The Buyer is an employee benefit plan within the
                  meaning of Title I of the Employee Retirement Income Security
                  Act of 1974.

         ___      INVESTMENT  ADVISER.   The  Buyer  is  an  investment  adviser
                  registered under the Investment Advisers Act of 1940.

         ___      SBIC.  The  Buyer  is  a  Small  Business  Investment  Company
                  licensed  by the  U.S.  Small  Business  Administration  under
                  Section 301(c) or (d) of the Small Business  Investment Act of
                  1958.

         ___      BUSINESS   DEVELOPMENT   COMPANY.  The  Buyer  is  a  business
                  development  company as defined in Section  202(a)(22)  of the
                  Investment Advisers Act of 1940.

         ___      TRUST FUND. The Buyer is a trust fund whose trustee is a bank
                  or trust company and whose participants are exclusively (a)
                  plans established and maintained by a State, its political
                  subdivisions, or any agency or instrumentality of the State or
                  its political subdivisions, for the benefit of its employees,
                  or (b) employee benefit plans within the meaning of Title I of
                  the Employee Retirement Income Security Act of 1974, but is
                  not a trust fund that includes as participants individual
                  retirement accounts or H.R. 10 plans.

         3. The term "SECURITIES" as used herein DOES NOT INCLUDE (i) securities
of issuers that are affiliated with the Buyer, (ii) securities that are part of
an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

         4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

         5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

         ___      ___      Will the Buyer be purchasing the Rule 144A
         Yes      No       Securities only for the Buyer's own account?

         6. If the answer to the foregoing question is "no", the Buyer agrees
that, in connection with any purchase of securities sold to the Buyer for the
account of a third party (including any separate account) in reliance on Rule
144A, the Buyer will only purchase for the account of a third party that at the
time is a "qualified institutional buyer" within the meaning of Rule 144A. In
addition, the Buyer agrees that the Buyer will not purchase securities for a
third party unless the Buyer has obtained a current representation letter from
such third party or taken other appropriate steps contemplated by Rule 144A to
conclude that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

         7. The Buyer will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Buyer's purchase of Rule 144A Securities will
constitute a reaffirmation of this certification as of the date of such
purchase.

                                            ____________________________________
                                            Print Name of Buyer

                                            By:_________________________________
                                                     Name:
                                                     Title:

                                            Date:_______________________________

------------------------------
(1) Buyer must own and/or invest on a discretionary basis at least $100,000,000
in securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
invest on a discretionary basis at least $10,000,000 in securities.
<PAGE>

                                                            ANNEX 2 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

         The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

         1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.

         2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

         ____     The Buyer owned $___________________ in securities (other than
                  the excluded securities referred to below) as of the end of
                  the Buyer's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A).

         ____     The Buyer is part of a Family of Investment Companies which
                  owned in the aggregate $______________ in securities (other
                  than the excluded securities referred to below) as of the end
                  of the Buyer's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A).

         3. The term "FAMILY OF INVESTMENT COMPANIES" as used herein means two
or more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

         4. The term "SECURITIES" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer or are part of the Buyer's Family
of Investment Companies, (ii) bank deposit notes and certificates of deposit,
(iii) loan participations, (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

         5. The Buyer is familiar with Rule 144A and understands that each of
the parties to which this certification is made are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer's own account.

         6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.

                                            ____________________________________
                                            Print Name of Buyer

                                            By:_________________________________
                                               Name:
                                               Title:

                                            IF AN ADVISOR:

                                            ____________________________________
                                            Print Name of Buyer

                                            Date:_______________________________

<PAGE>

                                    EXHIBIT D

                        CERTIFICATE OF NON-FOREIGN STATUS

         This Certificate of Non-Foreign Status ("certificate") is delivered
pursuant to Section 3.03 of the Trust Agreement, dated as of _________, ____
(the "Trust Agreement"), between BNP Paribas Mortgage ABS LLC, as depositor and
______________________, as Owner Trustee, in connection with the acquisition of,
transfer to or possession by the undersigned, whether as beneficial owner (the
"Beneficial Owner"), or nominee on behalf of the Beneficial Owner of the
Mortgage-Backed Certificates, Series 200_-__ (the "Certificate"). Capitalized
terms used but not defined in this certificate have the respective meanings
given them in the Trust Agreement.

         Each holder must complete Part I, Part II (if the holder is a nominee),
and in all cases sign and otherwise complete Part III. In addition, each holder
shall submit with the Certificate an IRS Form W-9 relating to such holder.

         To confirm to the Trust that the provisions of Sections 871, 881 or
1446 of the Internal Revenue Code (relating to withholding tax on foreign
partners) do not apply in respect of the Certificate held by the undersigned,
the undersigned hereby certifies:

Part I - Complete Either A or B

         A.       Individual as Beneficial Owner

                  1.       I am (The  Beneficial  Owner is ) not a  non-resident
                           alien for purposes of U.S. income taxation;

                  2.       My (The  Beneficial  Owner's)  name and home  address
                           are:
                           ____________________________________
                           ____________________________________
                           ____________________________________; and

                  3.       My   (The   Beneficial    Owner's)   U.S.    taxpayer
                           identification  number  (Social  Security  Number) is
                           _______________________.

         B.       Corporate, Partnership or Other Entity as Beneficial Owner

                  1.       __________________________  (Name  of the  Beneficial
                           Owner)   is  not  a  foreign   corporation,   foreign
                           partnership,  foreign  trust or  foreign  estate  (as
                           those  terms  are  defined  in the Code and  Treasury
                           Regulations;

                  2.       The  Beneficial  Owner's  office address and place of
                           incorporation        (if        applicable)        is
                           _______________________________; and

                  3.       The Beneficial  Owner's U.S. employer  identification
                           number is __________________________.

Part II - Nominees

         If the undersigned is the nominee for the Beneficial Owner, the
undersigned certifies that this certificate has been made in reliance upon
information contained in:

         _____    an IRS Form W-9

         _____    a form such as this or substantially similar

         provided to the undersigned by an appropriate person and (i) the
         undersigned agrees to notify the Trust at least thirty (30) days prior
         to the date that the form relied upon becomes obsolete, and (ii) in
         connection with change in Beneficial Owners, the undersigned agrees to
         submit a new Certificate of Non-Foreign Status to the Trust promptly
         after such change.

Part III - Declaration

         The undersigned, as the Beneficial Owner or a nominee thereof, agrees
to notify the Trust within sixty (60) days of the date that the Beneficial Owner
becomes a foreign person. The undersigned understands that this certificate may
be disclosed to the Internal Revenue Service by the Trust and any false
statement contained therein could be punishable by fines, imprisonment or both.

         Under penalties of perjury, I declare that I have examined this
certificate and to the best of my knowledge and belief it is true, correct and
complete and will further declare that I will inform the Trust of any change in
the information provided above, and, if applicable, I further declare that I
have the authority* to sign this document.

__________________________
    Name

__________________________
    Title (if applicable)

__________________________
    Signature and Date

         *Note: If signed pursuant to a power of attorney, the power of attorney
must accompany this certificate.

<PAGE>

                                    EXHIBIT E

                    FORM OF INVESTMENT LETTER [NON-RULE 144A]

                                     [DATE]

[Certificate Registrar]

         Re:      BNP  Paribas   Mortgage   ABS  LLC  Trust   Series   200_-_  ,
                  MORTGAGE-BACKED    CERTIFICATES,    SERIES    200_-__,    (THE
                  "CERTIFICATES")

Ladies and Gentlemen:

         In connection with our acquisition of the above-captioned Certificates,
we certify that (a) we understand that the Certificates are not being registered
under the Securities Act of 1933, as amended (the "Act"), or any state
securities laws and are being transferred to us in a transaction that is exempt
from the registration requirements of the Act and any such laws, (b) we are an
"accredited investor," as defined in Regulation D under the Act, and have such
knowledge and experience in financial and business matters that we are capable
of evaluating the merits and risks of investments in the Certificates, (c) we
have had the opportunity to ask questions of and receive answers from the
Depositor concerning the purchase of the Certificates and all matters relating
thereto or any additional information deemed necessary to our decision to
purchase the Certificates, (d) we are not an employee benefit plan that is
subject to the Employee Retirement Income Security Act of 1974, as amended, or a
plan that is subject to Section 4975 of the Internal Revenue Code of 1986, as
amended, nor are we acting on behalf of any such plan, (e) we are acquiring the
Certificates for investment for our own account and not with a view to any
distribution of such Certificates (but without prejudice to our right at all
times to sell or otherwise dispose of the Certificates in accordance with clause
(g) below), (f) we have not offered or sold any Certificates to, or solicited
offers to buy any Certificates from, any person, or otherwise approached or
negotiated with any person with respect thereto, or taken any other action which
would result in a violation of Section 5 of the Act, and (g) we will not sell,
transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
or other disposition is made pursuant to an effective registration statement
under the Act or is exempt from such registration requirements, and if
requested, we will at our expense provide an opinion of counsel satisfactory to
the addressees of this certificate that such sale, transfer or other disposition
may be made pursuant to an exemption from the Act, (2) the purchaser or
transferee of such Certificate has executed and delivered to you a certificate
to substantially the same effect as this certificate, and (3) the purchaser or
transferee has otherwise complied with any conditions for transfer set forth in
the Trust Agreement.

<PAGE>

                                  Very truly yours,

                                  [TRANSFEREE]

                                  By:___________________________________
                                  Authorized Officer

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