Document:

EXHIBIT 4.1

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                    WELLS FARGO ASSET SECURITIES CORPORATION

                                   (Depositor)

                                       and

                             WELLS FARGO BANK, N.A.

                              (Master Servicer)

                                       and

                       HSBC BANK USA, NATIONAL ASSOCIATION

                                    (Trustee)

                         POOLING AND SERVICING AGREEMENT

                         Dated as of September 28, 2006

                                 $696,102,523.48

                       Mortgage Pass-Through Certificates
                                Series 2006-AR17

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                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01  Definitions.....................................................

Section 1.02  Acts of Holders.................................................

Section 1.03  Effect of Headings and Table of Contents........................

Section 1.04  Benefits of Agreement...........................................

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                      ORIGINAL ISSUANCE OF THE CERTIFICATES

Section 2.01  Conveyance of Mortgage Loans....................................

Section 2.02  Acceptance by Custodian.........................................

Section 2.03  Representations and Warranties of the Master Servicer and
               the Depositor..................................................

Section 2.04  Execution and Delivery of Certificates..........................

Section 2.05  Designation of Certificates; Designation of Startup Day
               and Latest Possible Maturity Date..............................

                                   ARTICLE III

                  ADMINISTRATION OF THE TRUST ESTATE; SERVICING
                              OF THE MORTGAGE LOANS

Section 3.01  Certificate Account.............................................

Section 3.02  Permitted Withdrawals from the Certificate Account..............

Section 3.03  Advances by Master Servicer and Trustee.........................

Section 3.04  Custodian to Cooperate;
               Release of Owner Mortgage Loan Files and Retained
               Mortgage Loan Files............................................

Section 3.05  Annual Compliance Statements....................................

Section 3.06  Title, Management and Disposition of Any REO Mortgage
               Loan...........................................................

Section 3.07  Amendments to Servicing Agreements,
               Modification of Standard Provisions............................

Section 3.08  Oversight of Servicing..........................................

Section 3.09  Termination and Substitution of Servicing Agreements............

Section 3.10  Application of Net Liquidation Proceeds.........................

Section 3.11  Assessment of Servicing Compliance; Registered Public
               Accounting Firm Attestation Reports............................

Section 3.12  Exchange Act Reports............................................

                                   ARTICLE IV

                    DISTRIBUTIONS IN RESPECT OF CERTIFICATES;
                         PAYMENTS TO CERTIFICATEHOLDERS;
                             STATEMENTS AND REPORTS

Section 4.01  Distributions...................................................

Section 4.02  Allocation of Realized Losses...................................

Section 4.03  Paying Agent....................................................

Section 4.04  Statements to Certificateholders; Reports to the Trustee
               and the Depositor..............................................

Section 4.05  Reports to Mortgagors and the Internal Revenue Service..........

Section 4.06  Calculation of Amounts; Binding Effect of Interpretations
               and Actions of Master Servicer.................................

                                    ARTICLE V

                                THE CERTIFICATES

Section 5.01  The Certificates................................................

Section 5.02  Registration of Certificates....................................

Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates...............

Section 5.04  Persons Deemed Owners...........................................

Section 5.05  Access to List of Certificateholders' Names and Addresses.......

Section 5.06  Maintenance of Office or Agency.................................

Section 5.07  Definitive Certificates.........................................

Section 5.08  Notices to Clearing Agency......................................

                                   ARTICLE VI

                      THE DEPOSITOR AND THE MASTER SERVICER

Section 6.01  Liability of the Depositor and the Master Servicer..............

Section 6.02  Merger or Consolidation of the Depositor or the Master
               Servicer.......................................................

Section 6.03  Limitation on Liability of the Depositor, the Master
               Servicer and Others............................................

Section 6.04  Resignation of the Master Servicer..............................

Section 6.05  Compensation to the Master Servicer.............................

Section 6.06  Assignment or Delegation of Duties by Master Servicer...........

Section 6.07  Indemnification of Trustee and Depositor by Master
               Servicer.......................................................

Section 6.08  Master Servicer Errors and Omissions Policy.....................

                                   ARTICLE VII

                                     DEFAULT

Section 7.01  Events of Default...............................................

Section 7.02  Other Remedies of Trustee.......................................

Section 7.03  Directions by Certificateholders and
               Duties of Trustee During Event of Default......................

Section 7.04  Action upon Certain Failures of the
               Master Servicer and upon Event of Default......................

Section 7.05  Trustee to Act; Appointment of Successor........................

Section 7.06  Notification to Certificateholders..............................

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01  Duties of Trustee...............................................

Section 8.02  Certain Matters Affecting the Trustee...........................

Section 8.03  Trustee Not Required to Make Investigation......................

Section 8.04  Trustee Not Liable for Certificates or Mortgage Loans...........

Section 8.05  Trustee May Own Certificates....................................

Section 8.06  The Master Servicer to Pay Fees and Expenses; Limitation
               on Liability...................................................

Section 8.07  Eligibility Requirements........................................

Section 8.08  Resignation and Removal.........................................

Section 8.09  Successor.......................................................

Section 8.10  Merger or Consolidation.........................................

Section 8.11  Authenticating Agent............................................
Section 8.12  Separate Trustees and Co-Trustees...............................

Section 8.13  Tax Matters; Compliance with REMIC Provisions...................

Section 8.14  Monthly Advances................................................

Section 8.15  Indemnification of the Master Servicer and Depositor by
               the Trustee....................................................

Section 8.16  Trustee Errors and Omissions Policy.............................

                                   ARTICLE IX

                                   TERMINATION

Section 9.01  Termination upon Purchase by the
               Depositor or Liquidation of All Mortgage Loans.................

Section 9.02  Additional Termination Requirements.............................

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

Section 10.01 Amendment.......................................................

Section 10.02 Recordation of Agreement........................................

Section 10.03 Limitation on Rights of Certificateholders......................

Section 10.04 Governing Law; Jurisdiction.....................................

Section 10.05 Notices.........................................................

Section 10.06 Severability of Provisions......................................

Section 10.07 Special Notices to Rating Agencies..............................

Section 10.08 Covenant of Depositor...........................................

Section 10.09 Recharacterization..............................................

Section 10.10 Regulation AB Compliance; Intent of Parties;
               Reasonableness.................................................

                                   ARTICLE XI

                             TERMS FOR CERTIFICATES

Section 11.01 Cut-Off Date....................................................

Section 11.02 Cut-Off Date Aggregate Principal Balance........................

Section 11.03 Original Class-A Percentage.....................................

Section 11.04 Original Principal Balances of the Classes of Class-A
               Certificates...................................................

Section 11.05 Original Notional Amount........................................

Section 11.06 Original Subordinated Percentage................................

Section 11.07 Original Class-B Principal Balance..............................

Section 11.08 Original Principal Balances of the Classes of Class-B
               Certificates...................................................

Section 11.09 Original Class-B-1 Fractional Interest..........................

Section 11.10 Original Class-B-2 Fractional Interest..........................

Section 11.11 Original Class-B-3 Fractional Interest..........................

Section 11.12 Original Class-B-4 Fractional Interest..........................

Section 11.13 Original Class-B-5 Fractional Interest..........................

Section 11.14 Original Class-B-1 Percentage...................................

Section 11.15 Original Class-B-2 Percentage...................................

Section 11.16 Original Class-B-3 Percentage...................................

Section 11.17 Original Class-B-4 Percentage...................................

Section 11.18 Original Class-B-5 Percentage...................................

Section 11.19 Original Class-B-6 Percentage...................................

Section 11.20 Closing Date....................................................

Section 11.21 Right to Purchase...............................................

Section 11.22 Wire Transfer Eligibility.......................................

Section 11.23 Single Certificate..............................................

Section 11.24 Servicing Fee Rate..............................................

Section 11.25 Master Servicing Fee Rate.......................................

 SCHEDULE I   Applicable Unscheduled Principal Receipt Period

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                                    EXHIBITS

EXHIBIT A-1    -     Form of Face of Class A-1 Certificate

EXHIBIT A-2    -     Form of Face of Class A-2 Certificate

EXHIBIT A-3    -     Form of Face of Class A-3 Certificate

EXHIBIT A-4    -     Form of Face of Class A-4 Certificate

EXHIBIT A-IO   -     Form of Face of Class A-IO Certificate

EXHIBIT A-R    -     Form of Face of Class A-R Certificate

EXHIBIT B-1    -     Form of Face of Class B-1 Certificate

EXHIBIT B-2    -     Form of Face of Class B-2 Certificate

EXHIBIT B-3    -     Form of Face of Class B-3 Certificate

EXHIBIT B-4    -     Form of Face of Class B-4 Certificate

EXHIBIT B-5    -     Form of Face of Class B-5 Certificate

EXHIBIT B-6    -     Form of Face of Class B-6 Certificate

EXHIBIT C      -     Form of Reverse of Series 2006-AR17 Certificates

EXHIBIT D      -     Reserved

EXHIBIT E      -     Custodial Agreement

EXHIBIT F      -     Addresses for Requesting Mortgage Loan Schedule

EXHIBIT G      -     Request for Release

EXHIBIT H      -     Affidavit Pursuant to Section 860E(e)(4) of the
                     Internal Revenue Code of 1986, as amended, and
                     for Non-ERISA Investors

EXHIBIT I      -     Letter from Transferor of Residual Certificate

EXHIBIT J      -     Transferee's Letter (Class [B-4] [B-5] [B-6]
                     Certificates)

EXHIBIT K      -     List of Recordation States

EXHIBIT L      -     Servicing Agreements

EXHIBIT M      -     Form of Special Servicing Agreement

EXHIBIT N      -     Form of Initial Certification of the Custodian

EXHIBIT O      -     Form of Final Certification of the Custodian

EXHIBIT P      -     Form of Sarbanes Oxley Certification

EXHIBIT Q      -     Reserved

EXHIBIT R      -     Servicing Criteria to be Addressed in
                     Assessment of Compliance

EXHIBIT S      -     Additional Form 10-D Disclosure

EXHIBIT T      -     Additional Form 10-K Disclosure

EXHIBIT U      -     Form 8-K Disclosure Information

EXHIBIT V      -     Additional Disclosure Notification

<PAGE>

            This Pooling and Servicing Agreement, dated as of September 28, 2006
executed by WELLS FARGO ASSET SECURITIES CORPORATION, as Depositor, WELLS FARGO
BANK, N.A., as Master Servicer, and HSBC BANK USA, NATIONAL ASSOCIATION, as
Trustee.

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

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

                                   ARTICLE I

                                   DEFINITIONS

            Section 1.01 Definitions.

            Whenever used herein, the following words and phrases, unless the
context otherwise requires, shall have the meanings specified in this Article.

            1933 Act: The Securities Act of 1933, as amended.

            Accepted Master Servicing Practices: Accepted Master Servicing
Practices shall consist of the customary and usual master servicing practices of
prudent master servicing institutions which master service mortgage loans of the
same type as the Mortgage Loans in the jurisdictions in which the related
Mortgaged Properties are located, regardless of the date upon which the related
Mortgage Loans were originated.

            Additional Form 10-D Disclosure: As defined in Section 3.12(a).

            Additional Form 10-K Disclosure: As defined in Section 3.12(b).

            Additional Master Servicer: As defined in Section 6.06(b).

            Adjusted Pool Amount: With respect to any Distribution Date, the
Cut-Off Date Aggregate Principal Balance of the Mortgage Loans minus the sum of
(i) all amounts in respect of principal received in respect of the Mortgage
Loans (including, without limitation, amounts received as Monthly Payments,
Periodic Advances, Unscheduled Principal Receipts and Substitution Principal
Amounts) and distributed to Holders of the Certificates on such Distribution
Date and all prior Distribution Dates, (ii) the principal portion of all
Liquidated Loan Losses incurred on such Mortgage Loans for which the Liquidation
Proceeds were received from the Cut-Off Date through the end of the Applicable
Unscheduled Principal Receipt Period with respect to Full Unscheduled Principal
Receipts for such Distribution Date and (iii) the principal portion of all
Bankruptcy Losses (other than Debt Service Reductions) incurred on the Mortgage
Loans from the Cut-Off Date through the end of the period corresponding to the
Applicable Unscheduled Principal Receipt Period with respect to Full Unscheduled
Principal Receipts for such Distribution Date.

            Adjusted Principal Balance: As to any Distribution Date and any
Class of Class B Certificates, the greater of (A) zero and (B) (i) the Principal
Balance of such Class with respect to such Distribution Date minus (ii) the
Adjustment Amount for such Distribution Date less the Principal Balances for any
Classes of Class B Certificates with higher numerical designations.

            Adjustment Amount: For any Distribution Date, the difference between
(A) the sum of the Class A Principal Balance and the Class B Principal Balance
as of the related Determination Date and (B) the sum of (i) the sum of the Class
A Principal Balance and the Class B Principal Balance as of the Determination
Date succeeding such Distribution Date and (ii) the aggregate amount that would
have been distributed to all Classes as principal in accordance with Section
4.01(a) for such Distribution Date without regard to the provisos in the
definitions of Class B-1 Optimal Principal Amount, Class B-2 Optimal Principal
Amount, Class B-3 Optimal Principal Amount, Class B-4 Optimal Principal Amount,
Class B-5 Optimal Principal Amount and Class B-6 Optimal Principal Amount.

            Adjustment Date: As to each Mortgage Loan, the Due Date on which
date an adjustment to the Mortgage Interest Rate of such Mortgage Loan becomes
effective under the related Mortgage Note, which Due Date is the date set forth
in the Mortgage Loan Schedule as the first Adjustment Date and each subsequent
anniversary thereof.

            Aggregate Class A Distribution Amount: As to any Distribution Date,
the aggregate amount distributable to the Classes of Class A Certificates
pursuant to Paragraphs first, second and third of Section 4.01(a) on such
Distribution Date.

            Aggregate Class A Unpaid Interest Shortfall: As to any Distribution
Date, an amount equal to the sum of the Class A Unpaid Interest Shortfalls for
the Class A Certificates.

            Aggregate Principal Balance: As of any Determination Date, the
sum of the Class A Principal Balance and the Class B Principal Balance as of
such date.

            Agreement: This Pooling and Servicing Agreement and all
amendments and supplements hereto.

            Applicable Unscheduled Principal Receipt Period: With respect to the
Mortgage Loans serviced by each Servicer and each of the Full Unscheduled
Principal Receipts and Partial Unscheduled Principal Receipts, the Unscheduled
Principal Receipt Period specified on Schedule I hereto, as amended by the
Master Servicer pursuant to Section 10.01(b) hereof.

            Authenticating Agent: Any authenticating agent appointed by the
Trustee pursuant to Section 8.11. Initially, the Master Servicer shall be the
Authenticating Agent for the Certificates.

            Available Master Servicer Compensation: With respect to any
Distribution Date, the sum of (a) the Master Servicing Fee for such Distribution
Date, (b) interest earned through the business day preceding the applicable
Distribution Date on any Prepayments in Full remitted to the Master Servicer and
(c) the aggregate amount of Month End Interest remitted by the Servicers to the
Master Servicer pursuant to the related Servicing Agreements.

            Bankruptcy Code: The Bankruptcy Code of 1978, as amended.

            Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction; provided, however, that a Bankruptcy Loss
shall not be deemed a Bankruptcy Loss hereunder so long as the applicable
Servicer has notified the Master Servicer and the Trustee in writing that such
Servicer is diligently pursuing any remedies that may exist in connection with
the representations and warranties made regarding the related Mortgage Loan and
either (A) the related Mortgage Loan is not in default with regard to payments
due thereunder or (B) delinquent payments of principal and interest under the
related Mortgage Loan and any premiums on any applicable primary hazard
insurance policy and any related escrow payments in respect of such Mortgage
Loan are being advanced on a current basis by such Servicer without giving
effect to any Debt Service Reduction.

            Beneficial Owner: With respect to a Book-Entry Certificate, the
Person who is the beneficial owner of such Book-Entry Certificate, as reflected
on the books of the Clearing Agency, or on the books of a Person maintaining an
account with such Clearing Agency (directly or as an indirect participant, in
accordance with the rules of such Clearing Agency), as the case may be.

            Book-Entry Certificate: Any one of the Class A-1, Class A-2, Class
A-3, Class A-4, Class A-IO, Class B-1, Class B-2 and Class B-3 Certificates,
beneficial ownership and transfers of which shall be evidenced by, and made
through, book entries by the Clearing Agency as described in Section 5.01(b).

            Business Day: Any day other than (i) a Saturday or a Sunday, or (ii)
a legal holiday in the City of New York, State of Iowa, State of Maryland or
State of Minnesota or (iii) a day on which banking institutions in the City of
New York, or the State of Iowa, State of Maryland or State of Minnesota are
authorized or obligated by law or executive order to be closed.

            Certificate: Any one of the Class A Certificates or Class B
Certificates.

            Certificate Account: The separate trust account established and
maintained by the Master Servicer in the name of the Master Servicer on
behalf of the Trustee pursuant to Section 3.01. The Certificate Account shall
be an Eligible Account.

            Certificate Custodian: Initially, Wells Fargo Bank; thereafter
any other Certificate Custodian acceptable to The Depository Trust Company
and selected by the Trustee.

            Certificate Register and Certificate Registrar: Respectively, the
register maintained pursuant to and the registrar provided for in Section
5.02. Initially the Certificate Registrar shall be the Master Servicer.

            Certificateholder or Holder: The Person in whose name a Certificate
is registered in the Certificate Register, except that, solely for the purposes
of the taking of any action under Articles VII or VIII, any Certificate
registered in the name of the Master Servicer, a Servicer or any affiliate
thereof shall be deemed not to be outstanding and the Voting Interest evidenced
thereby shall not be taken into account in determining whether the requisite
percentage of Certificates necessary to effect any such action has been
obtained.

            Class: All certificates whose form is identical except for
variations in the Percentage Interest evidenced thereby.

            Class A Certificate: Any of the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-IO or Class A-R Certificates.

            Class A Certificateholder: The registered holder of a Class A
Certificate.

            Class A Distribution Amount: As to any Distribution Date and any
Class of Class A Certificates (other than the Class A-IO Certificates), the
amount distributable to such Class of Class A Certificates pursuant to
Paragraphs first, second and third of Section 4.01(a). As to any Distribution
Date and the Class A-IO Certificates, the amount distributable to such Class
pursuant to Paragraphs first and second of Section 4.01(a).

            Class A Interest Accrual Amount: As to any Distribution Date, the
sum of the Interest Accrual Amounts for the Class A Certificates with respect to
such Distribution Date.

            Class A Interest Percentage: As to any Distribution Date and any
Class of Class A Certificates, the percentage calculated by dividing the
Interest Accrual Amount of such Class (determined without regard to clause (ii)
of the definition thereof) by the Class A Interest Accrual Amount (determined
without regard to clause (ii) of the definition of each Interest Accrual
Amount).

            Class A Interest Shortfall Amount: As to any Distribution Date and
any Class of Class A Certificates, any amount by which the Interest Accrual
Amount of such Class with respect to such Distribution Date exceeds the amount
distributed in respect of such Class on such Distribution Date pursuant to
Paragraph first of Section 4.01(a).

            Class A Loss Denominator: As to any Determination Date, an amount
equal to the Class A Principal Balance.

            Class A Loss Percentage: As to any Determination Date and any Class
of Class A Certificates, the percentage calculated by dividing the Principal
Balance of such Class by the Class A Loss Denominator (determined without regard
to any such Principal Balance of any Class of Class A Certificates not then
outstanding), in each case determined as of the preceding Determination Date.

            Class A Optimal Principal Amount: As to any Distribution Date and
each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class A Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class A Prepayment Percentage of all Unscheduled Principal
      Receipts (other than Recoveries) that were received by a Servicer with
      respect to such Mortgage Loan during the Applicable Unscheduled Principal
      Receipt Period relating to such Distribution Date for each applicable type
      of Unscheduled Principal Receipt;

            (iii) the Class A Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class A Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class A Prepayment Percentage of the Recovery for such Distribution
Date.

            Class A Pass-Through Rate: As to any Distribution Date and the Class
A-2, Class A-4 or Class A-R Certificate, the Class A Pass-Through Rate will be a
per annum rate equal to the Net WAC for such Distribution Date. As to any
Distribution Date and the Class A-1, Class A-3 or Class A-IO Certificates, the
Class A Pass-Through Rate will be the Class A-1 Pass-Through Rate, Class A-3
Pass-Through Rate or Class A-IO Pass-Through Rate, respectively.

            Class A Percentage: As to any Distribution Date occurring on or
prior to the Subordination Depletion Date, the lesser of (i) 100% and (ii) the
percentage obtained by dividing the Class A Principal Balance (determined as of
the Determination Date preceding such Distribution Date) by the Pool Balance. As
to any Distribution Date occurring subsequent to the Subordination Depletion
Date, 100% or such lesser percentage which will cause the Class A Principal
Balance to decline to zero following the distribution made on such Distribution
Date.

            Class A Prepayment Percentage: As to any Distribution Date to and
including the Distribution Date in September 2013, 100%. As to any Distribution
Date subsequent to September 2013 to and including the Distribution Date in
September 2014, the Class A Percentage as of such Distribution Date plus 70% of
the Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to September 2014 to and including the Distribution Date in
September 2015, the Class A Percentage as of such Distribution Date plus 60% of
the Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to September 2015 to and including the Distribution Date in
September 2016, the Class A Percentage as of such Distribution Date plus 40% of
the Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to September 2016 to and including the Distribution Date in
September 2017, the Class A Percentage as of such Distribution Date plus 20% of
the Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to September 2017, the Class A Percentage as of such
Distribution Date. The foregoing is subject to the following: (i) if the
aggregate distribution to the Class A Certificates on any Distribution Date of
the Class A Prepayment Percentage provided above of Unscheduled Principal
Receipts distributable on such Distribution Date would reduce the Class A
Principal Balance below zero, the Class A Prepayment Percentage for such
Distribution Date shall be the percentage necessary to bring the Class A
Principal Balance to zero and thereafter the Class A Prepayment Percentage shall
be zero and (ii) if the Class A Percentage as of any Distribution Date is
greater than the Original Class A Percentage, the Class A Prepayment Percentage
for such Distribution Date shall be 100%. Notwithstanding the foregoing, with
respect to any Distribution Date on which the following criteria are not met,
the reduction of the Class A Prepayment Percentage described in the second
through sixth sentences of this definition of Class A Prepayment Percentage
shall not be applicable with respect to such Distribution Date. In such event,
the Class A Prepayment Percentage for such Distribution Date will be determined
in accordance with the applicable provision, as set forth in the first through
fifth sentences above, which was actually used to determine the Class A
Prepayment Percentage for the Distribution Date occurring in the September
preceding such Distribution Date (it being understood that for the purposes of
the determination of the Class A Prepayment Percentage for the current
Distribution Date, the current Class A Percentage and Subordinated Percentage
shall be utilized). In addition, if on any Distribution Date, prior to giving
effect to any distributions on such Distribution Date, (i) the Subordinated
Percentage is equal to or greater than twice the Subordinated Percentage as of
the Cut-Off Date, (ii) the average outstanding principal balance on such
Distribution Date and for the preceding five Distribution Dates of the Mortgage
Loans that were delinquent 60 days or more (including for this purpose any
Mortgage Loans in foreclosure and Mortgage Loans with respect to which the
related Mortgaged Property has been acquired by the Trust Estate) does not
exceed 50% of the Class B Principal Balance and (iii)(A) prior to the
Distribution Date in October 2009, cumulative Realized Losses on the Mortgage
Loans do not exceed 20% of the Original Class B Principal Balance, then the
Class A Prepayment Percentage for such Distribution Date will equal the Class A
Percentage for such Distribution Date plus 50% of the Subordinated Percentage
for such Distribution Date or (B) on or after the Distribution Date in October
2009, cumulative Realized Losses on the Mortgage Loans do not exceed 30% of the
Original Class B Principal Balance, then the Class A Prepayment Percentage for
such Distribution Date will equal the Class A Percentage for such Distribution
Date. No reduction in the Class A Prepayment Percentage referred to in the
second through sixth sentences hereof shall be applicable, with respect to any
Distribution Date if (a) the average outstanding principal balance on such
Distribution Date and for the preceding five Distribution Dates on the Mortgage
Loans that were delinquent 60 days or more (including for this purpose any
payments due with respect to Mortgage Loans in foreclosure and REO Mortgage
Loans) were greater than or equal to 50% of the current Class B Principal
Balance or (b) cumulative Realized Losses on the Mortgage Loans exceed (1) 30%
of the Original Class B Principal Balance if such Distribution Date occurs
between and including October 2013 and September 2014, (2) 35% of the Original
Class B Principal Balance if such Distribution Date occurs between and including
October 2014 and September 2015, (3) 40% of the Original Class B Principal
Balance if such Distribution Date occurs between and including October 2015 and
September 2016, (4) 45% of the Original Class B Principal Balance if such
Distribution Date occurs between and including October 2016 and September 2017,
and (5) 50% of the Original Class B Principal Balance, if such Distribution Date
occurs during or after October 2017. With respect to any Distribution Date on
which the Class A Prepayment Percentage is reduced below the Class A Prepayment
Percentage for the prior Distribution Date, the Master Servicer shall certify to
the Trustee, based upon information provided by each Servicer as to the Mortgage
Loans serviced by it that the criteria set forth in the preceding sentence are
met.

            Class A Principal Balance: As of any date, an amount equal to the
sum of the Principal Balances for the Class A-1, Class A-2, Class A-3, Class A-4
and Class A-R Certificates.

            Class A Principal Distribution Amount: As to any Distribution Date,
the aggregate amount distributed in respect of the Class A Certificates pursuant
to Paragraph third of Section 4.01(a).

            Class A Unpaid Interest Shortfall: As to any Distribution Date and
any Class of Class A Certificates, the amount, if any, by which the aggregate of
the Class A Interest Shortfall Amounts for such Class for prior Distribution
Dates is in excess of the amounts distributed in respect of such Class on prior
Distribution Dates pursuant to Paragraph second of Section 4.01(a).

            Class A-1 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit A-1 and Exhibit C hereto.

            Class A-1 Certificateholder: The registered holder of a Class A-1
Certificate.

            Class A-1 Loss Amount: With respect to any Determination Date after
the Subordination Depletion Date, the amount, if any, by which the Principal
Balance of the Class A-1 Certificates would be reduced as a result of the
application of the third sentence of the definition of Principal Balance.

            Class A-1 Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in September 2011, the Class A-1
Pass-Through Rate will be the per annum rate equal to the Net WAC minus 0.500%.
On and after the Distribution Date in September 2011, the Class A-1 Pass-Through
Rate will be equal to the Net WAC.

            Class A-2 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit A-2 and Exhibit C hereto.

            Class A-2 Certificateholder: The registered holder of a Class A-2
Certificate.

            Class A-2 Loss Amount: With respect to any Determination Date after
the Subordination Depletion Date, the amount, if any, by which the Principal
Balance of the Class A-2 Certificates would be reduced as a result of the
application of the third sentence of the definition of Principal Balance.

            Class A-3 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit A-3 and Exhibit C hereto.

            Class A-3 Certificateholder: The registered holder of a Class A-3
Certificate.

            Class A-3 Loss Allocation Amount: With respect to any Determination
Date after the Subordination Depletion Date the lesser of (a) the Principal
Balance of the Class A-3 Certificates with respect to such Determination Date
prior to any reduction for the Class A-3 Loss Allocation Amount and (b) the
Class A-1 Loss Amount.

            Class A-3 Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in September 2011, the Class A-3
Pass-Through Rate will be the per annum rate equal to the Net WAC minus 0.500%.
On and after the Distribution Date in September 2011, the Class A-3 Pass-Through
Rate will be equal to the Net WAC.

            Class A-4 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit A-4 and Exhibit C hereto.

            Class A-4 Certificateholder: The registered holder of a Class A-4
Certificate.

            Class A-4 Loss Allocation Amount: With respect to any Determination
Date after the Subordination Depletion Date the lesser of (a) the Principal
Balance of the Class A-4 Certificates with respect to such Determination Date
prior to any reduction for the Class A-4 Loss Allocation Amount and (b) the
Class A-2 Loss Amount.

            Class A-IO Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit A-IO and Exhibit C hereto.

            Class A-IO Certificateholder: The registered holder of a Class A-IO
Certificate.

            Class A-IO Notional Amount: As to the first Distribution Date, the
Original Class A-IO Notional Amount and, with respect to each Distribution Date
prior to the Distribution Date in September 2011, an amount equal to the sum of
the Principal Balances of the Class A-1 and Class A-3 Certificates. On and after
the Distribution Date in September 2011, the Class A-IO Notional Amount will be
zero.

            Class A-IO Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in September 2011, the Class A-IO
Pass-Through Rate will be the per annum rate equal to 0.500%. On and after the
Distribution Date in September 2011, the Class A-IO Pass-Through Rate will be
zero.

            Class A-IO REMIC Pass-Through Amount: Prior to the Distribution Date
in September 2011, the sum of the product of (A) 1/12, (B) 0.500% and (C) the
sum of the Principal Balances of the Class A-1 and Class A-3 Certificates. On
and after the Distribution Date in September 2011, the Class A-IO REMIC
Pass-Through Amount will be zero.

            Class A-L1 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a) hereof.

            Class A-L2 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a) hereof.

            Class A-LR Interest: The residual interest in the Lower-Tier REMIC,
beneficial ownership of which is represented by the Class A-R Certificate.

            Class A-LUR Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a) hereof.

            Class A-R Certificate: The Certificate executed by the Paying Agent
and countersigned by the Authenticating Agent in substantially the form set
forth in Exhibit A-R and Exhibit C hereto.

            Class A-R Certificateholder: The registered holder of the Class A-R
Certificate.

            Class A-R Interest: The residual interest in the Upper-Tier REMIC,
beneficial ownership of which is evidenced by the Class A-R Certificate.

            Class B Certificate: Any one of the Class B-1 Certificates, Class
B-2 Certificates, Class B-3 Certificates, Class B-4 Certificates, Class B-5
Certificates or Class B-6 Certificates.

            Class B Certificateholder: The registered holder of a Class B
Certificate.

            Class B Distribution Amount: Any of the Class B-1 Distribution
Amount, Class B-2 Distribution Amount, Class B-3 Distribution Amount, Class B-4
Distribution Amount, Class B-5 Distribution Amount or Class B-6 Distribution
Amount.

            Class B Interest Accrual Amount: With respect to any Distribution
Date, the sum of the Interest Accrual Amounts for the Classes of Class B
Certificates with respect to such Distribution Date.

            Class B Interest Percentage: With respect to any Distribution Date
and any Class of Class B Certificates, the percentage calculated by dividing the
Interest Accrual Amount of such Class (determined without regard to clause (ii)
of the definition thereof) by the Class B Interest Accrual Amount (determined
without regard to clause (ii) of the definition of each Interest Accrual
Amount).

            Class B Interest Shortfall Amount: Any of the Class B-1 Interest
Shortfall Amount, Class B-2 Interest Shortfall Amount, Class B-3 Interest
Shortfall Amount, Class B-4 Interest Shortfall Amount, Class B-5 Interest
Shortfall Amount or Class B-6 Interest Shortfall Amount.

            Class B Loss Percentage: With respect to any Determination Date and
any Class of Class B Certificates then outstanding, the percentage calculated by
dividing the Principal Balance of such Class by the Class B Principal Balance
(determined without regard to any Principal Balance of any Class of Class B
Certificates not then outstanding), in each case determined as of the preceding
Determination Date.

            Class B Optimal Principal Amount: Any of the Class B-1 Optimal
Principal Amount, Class B-2 Optimal Principal Amount, Class B-3 Optimal
Principal Amount, Class B-4 Optimal Principal Amount, Class B-5 Optimal
Principal Amount or Class B-6 Optimal Principal Amount.

            Class B Pass-Through Rate: As to any Distribution Date, the Class B
Pass-Through Rate will be a per annum rate equal to the Net WAC for such
Distribution Date.

            Class B Percentage: Any one of the Class B-1 Percentage, Class B-2
Percentage, Class B-3 Percentage, Class B-4 Percentage, Class B-5 Percentage or
Class B-6 Percentage.

            Class B Prepayment Percentage: Any of the Class B-1 Prepayment
Percentage, Class B-2 Prepayment Percentage, Class B-3 Prepayment Percentage,
Class B-4 Prepayment Percentage, Class B-5 Prepayment Percentage or Class B-6
Prepayment Percentage.

            Class B Principal Balance: As of any date, an amount equal to the
sum of the Class B-1 Principal Balance, Class B-2 Principal Balance, Class B-3
Principal Balance, Class B-4 Principal Balance, Class B-5 Principal Balance and
Class B-6 Principal Balance.

            Class B Unpaid Interest Shortfall: Any of the Class B-1 Unpaid
Interest Shortfall, Class B-2 Unpaid Interest Shortfall, Class B-3 Unpaid
Interest Shortfall, Class B-4 Unpaid Interest Shortfall, Class B-5 Unpaid
Interest Shortfall or Class B-6 Unpaid Interest Shortfall.

            Class B-1 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-1 and Exhibit C hereto.

            Class B-1 Certificateholder: The registered holder of a Class B-1
Certificate.

            Class B-1 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-1 Certificates pursuant to
Paragraphs fourth, fifth and sixth of Section 4.01(a).

            Class B-1 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-1 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-1 Certificates on such Distribution Date pursuant to Paragraph
fourth of Section 4.01(a).

            Class B-1 Optimal Principal Amount: As to any Distribution Date
and each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-1 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-1 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-1 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-1 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-1 Prepayment Percentage of the Recovery for such Distribution
Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-1 Optimal Principal Amount
will equal the lesser of (A) the Class B-1 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-1 Certificates.

            Class B-1 Percentage: As to any Distribution Date, the percentage
calculated by multiplying the Subordinated Percentage by a fraction, the
numerator of which is the Class B-1 Principal Balance (determined as of the
Determination Date preceding such Distribution Date) and the denominator of
which is the Class B Principal Balance.

            Class B-1 Prepayment Percentage: As to any Distribution Date, the
percentage calculated by multiplying the Subordinated Prepayment Percentage by
either (a) for the purpose of allocating Liquidation Proceeds (other than
Partial Liquidation Proceeds), a fraction, the numerator of which is the Class
B-1 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal Balance
or (b) for the purpose of allocating all other unscheduled principal
distributions (i) if any Class B Certificates (other than the Class B-1
Certificates) are eligible to receive such unscheduled principal distributions
for such Distribution Date in accordance with Section 4.01(d), a fraction, the
numerator of which is the Class B-1 Principal Balance (determined as of the
Determination Date preceding such Distribution Date) and the denominator of
which is the sum of the Principal Balances of the Classes of Class B
Certificates eligible to receive such unscheduled principal distributions for
such Distribution Date in accordance with the provisions of Section 4.01(d) or
(ii) except as set forth in Section 4.01(d)(ii), in the event that the Class B
Certificates (other than the Class B-1 Certificates) are not eligible to receive
such unscheduled principal distributions in accordance with Section 4.01(d)(i),
one.

            Class B-1 Principal Balance: As to the first Determination Date, the
Original Class B-1 Principal Balance. As of any subsequent Determination Date,
the Original Class B-1 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-1 Certificates on prior Distribution Dates
(A) pursuant to Paragraph sixth of Section 4.01(a) and (B) as a result of a
Principal Adjustment; provided, however, if the Class B-1 Certificates are the
most subordinate Certificates outstanding, the Class B-1 Principal Balance will
equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the Class A Principal Balance as of such
Determination Date.

            Class B-1 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-1 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-1 Certificates on prior Distribution Dates pursuant to
Paragraph fifth of Section 4.01(a).

            Class B-2 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-2 and Exhibit C hereto.

            Class B-2 Certificateholder: The registered holder of a Class B-2
Certificate.

            Class B-2 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-2 Certificates pursuant to
Paragraphs seventh, eighth and ninth of Section 4.01(a).

            Class B-2 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-2 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-2 Certificates on such Distribution Date pursuant to Paragraph
seventh of Section 4.01(a).

            Class B-2 Optimal Principal Amount: As to any Distribution Date
and each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-2 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-2 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-2 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-2 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-2 Prepayment Percentage of the Recovery for such Distribution
Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-2 Optimal Principal Amount
will equal the lesser of (A) the Class B-2 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-2 Certificates.

            Class B-2 Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Percentage by (ii) a fraction, the numerator of which is the Class
B-2 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal
Balance.

            Class B-2 Prepayment Percentage: As to any Distribution Date, except
as set forth in the next sentence, the percentage calculated by multiplying (i)
the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of
which is the Class B-2 Principal Balance (determined as of the Determination
Date preceding such Distribution Date) and the denominator of which is (a) for
the purpose of allocating Liquidation Proceeds (other than Partial Liquidation
Proceeds) the Class B Principal Balance and (b) for the purpose of allocating
all other unscheduled principal distributions, the sum of the Principal Balances
of the Classes of Class B Certificates eligible to receive such unscheduled
principal distributions for such Distribution Date in accordance with the
provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in
the event that the Class B-2 Certificates are not eligible to receive such
unscheduled principal distributions in accordance with Section 4.01(d)(i), the
Class B-2 Prepayment Percentage for such unscheduled principal distributions for
such Distribution Date will be zero.

            Class B-2 Principal Balance: As to the first Determination Date, the
Original Class B-2 Principal Balance. As of any subsequent Determination Date,
the Original Class B-2 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-2 Certificates on prior Distribution Dates
(A) pursuant to Paragraph ninth of Section 4.01(a) and (B) as a result of a
Principal Adjustment; provided, however, if the Class B-2 Certificates are the
most subordinate Certificates outstanding, the Class B-2 Principal Balance will
equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the sum of the Class A Principal Balance and
the Class B-1 Principal Balance as of such Determination Date.

            Class B-2 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-2 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-2 Certificates on prior Distribution Dates pursuant to
Paragraph eighth of Section 4.01(a).

            Class B-3 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-3 and Exhibit C hereto.

            Class B-3 Certificateholder: The registered holder of a Class B-3
Certificate.

            Class B-3 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-3 Certificates pursuant to
Paragraphs tenth, eleventh and twelfth of Section 4.01(a).

            Class B-3 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-3 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-3 Certificates on such Distribution Date pursuant to Paragraph
tenth of Section 4.01(a).

            Class B-3 Optimal Principal Amount: As to any Distribution Date
and each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-3 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-3 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-3 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-3 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-3 Prepayment Percentage of the Recovery for such Distribution
Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-3 Optimal Principal Amount
will equal the lesser of (A) the Class B-3 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-3 Certificates.

            Class B-3 Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Percentage by (ii) a fraction, the numerator of which is the Class
B-3 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal
Balance.

            Class B-3 Prepayment Percentage: As to any Distribution Date, except
as set forth in the next sentence, the percentage calculated by multiplying (i)
the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of
which is the Class B-3 Principal Balance (determined as of the Determination
Date preceding such Distribution Date) and the denominator of which is (a) for
the purpose of allocating Liquidation Proceeds (other than Partial Liquidation
Proceeds) the Class B Principal Balance and (b) for the purpose of allocating
all other unscheduled principal distributions, the sum of the Principal Balances
of the Classes of Class B Certificates eligible to receive such unscheduled
principal distributions for such Distribution Date in accordance with the
provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in
the event that the Class B-3 Certificates are not eligible to receive such
unscheduled principal in accordance with Section 4.01(d)(i), the Class B-3
Prepayment Percentage for such unscheduled principal distributions for such
Distribution Date will be zero.

            Class B-3 Principal Balance: As to the first Determination Date, the
Original Class B-3 Principal Balance. As of any subsequent Determination Date,
the Original Class B-3 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-3 Certificates on prior Distribution Dates
(A) pursuant to Paragraph twelfth of Section 4.01(a) and (B) as a result of a
Principal Adjustment; provided, however, if the Class B-3 Certificates are the
most subordinate Certificates outstanding, the Class B-3 Principal Balance will
equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the sum of the Class A Principal Balance, the
Class B-1 Principal Balance and the Class B-2 Principal Balance as of such
Determination Date.

            Class B-3 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-3 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-3 Certificates on prior Distribution Dates pursuant to
Paragraph eleventh of Section 4.01(a).

            Class B-4 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-4 and Exhibit C hereto.

            Class B-4 Certificateholder: The registered holder of a Class B-4
Certificate.

            Class B-4 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-4 Certificates pursuant to
Paragraphs thirteenth, fourteenth and fifteenth of Section 4.01(a).

            Class B-4 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-4 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-4 Certificates on such Distribution Date pursuant to Paragraph
thirteenth of Section 4.01(a).

            Class B-4 Optimal Principal Amount: As to any Distribution Date
and each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-4 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-4 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-4 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-4 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-4 Prepayment Percentage of the Recovery for such Distribution
Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-4 Optimal Principal Amount
will equal the lesser of (A) the Class B-4 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-4 Certificates.

            Class B-4 Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Percentage by (ii) a fraction, the numerator of which is the Class
B-4 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal
Balance.

            Class B-4 Prepayment Percentage: As to any Distribution Date, except
as set forth in the next sentence, the percentage calculated by multiplying (i)
the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of
which is the Class B-4 Principal Balance (determined as of the Determination
Date preceding such Distribution Date) and the denominator of which is (a) for
the purpose of allocating Liquidation Proceeds (other than Partial Liquidation
Proceeds) the Class B Principal Balance and (b) for the purpose of allocating
all other unscheduled principal distributions, the sum of the Principal Balances
of the Classes of Class B Certificates eligible to receive such unscheduled
principal distributions for such Distribution Date in accordance with the
provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in
the event that the Class B-4 Certificates are not eligible to receive such
unscheduled principal in accordance with Section 4.01(d)(i), the Class B-4
Prepayment Percentage for such unscheduled principal distributions for such
Distribution Date will be zero.

            Class B-4 Principal Balance: As to the first Determination Date, the
Original Class B-4 Principal Balance. As of any subsequent Determination Date,
the Original Class B-4 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-4 Certificates on prior Distribution Dates
(A) pursuant to Paragraph fifteenth of Section 4.01(a) and (B) as a result of a
Principal Adjustment; provided, however, if the Class B-4 Certificates are the
most subordinate Certificates outstanding, the Class B-4 Principal Balance will
equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the sum of the Class A Principal Balance, the
Class B-1 Principal Balance, the Class B-2 Principal Balance and the Class B-3
Principal Balance as of such Determination Date.

            Class B-4 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-4 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-4 Certificates on prior Distribution Dates pursuant to
Paragraph fourteenth of Section 4.01(a).

            Class B-5 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-5 and Exhibit C hereto.

            Class B-5 Certificateholder: The registered holder of a Class B-5
Certificate.

            Class B-5 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-5 Certificates pursuant to
Paragraphs sixteenth, seventeenth and eighteenth of Section 4.01(a).

            Class B-5 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-5 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-5 Certificates on such Distribution Date pursuant to Paragraph
sixteenth of Section 4.01(a).

            Class B-5 Optimal Principal Amount: As to any Distribution Date
and each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-5 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-5 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-5 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-5 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-5 Prepayment Percentage of the Recovery for such Distribution
Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-5 Optimal Principal Amount
will equal the lesser of (A) the Class B-5 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-5 Certificates.

            Class B-5 Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Percentage by (ii) a fraction, the numerator of which is the Class
B-5 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal
Balance.

            Class B-5 Prepayment Percentage: As to any Distribution Date, except
as set forth in the next sentence, the percentage calculated by multiplying (i)
the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of
which is the Class B-5 Principal Balance (determined as of the Determination
Date preceding such Distribution Date) and the denominator of which is (a) for
the purpose of allocating Liquidation Proceeds (other than Partial Liquidation
Proceeds) the Class B Principal Balance and (b) for the purpose of allocating
all other unscheduled principal distributions, the sum of the Principal Balances
of the Classes of Class B Certificates eligible to receive such unscheduled
principal distributions for such Distribution Date in accordance with the
provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in
the event that the Class B-5 Certificates are not eligible to receive
unscheduled principal distributions in accordance with Section 4.01(d)(i), the
Class B-5 Prepayment Percentage for such unscheduled principal distributions for
such Distribution Date will be zero.

            Class B-5 Principal Balance: As to the first Determination Date, the
Original Class B-5 Principal Balance. As of any subsequent Determination Date,
the Original Class B-5 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-5 Certificates on prior Distribution Dates
(A) pursuant to Paragraph eighteenth of Section 4.01(a) and (B) as a result of a
Principal Adjustment; provided, however, if the Class B-5 Certificates are the
most subordinate Certificates outstanding, the Class B-5 Principal Balance will
equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the sum of the Class A Principal Balance, the
Class B-1 Principal Balance, the Class B-2 Principal Balance, the Class B-3
Principal Balance and the Class B-4 Principal Balance as of such Determination
Date.

            Class B-5 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-5 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-5 Certificates on prior Distribution Dates pursuant to
Paragraph seventeenth of Section 4.01(a).

            Class B-6 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-6 and Exhibit C hereto.

            Class B-6 Certificateholder: The registered holder of a Class B-6
Certificate.

            Class B-6 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-6 Certificates pursuant to
Paragraphs nineteenth, twentieth and twenty-first of Section 4.01(a).

            Class B-6 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-6 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-6 Certificates on such Distribution Date pursuant to Paragraph
nineteenth of Section 4.01(a).

            Class B-6 Optimal Principal Amount: As to any Distribution Date
and each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-6 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-6 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-6 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-6 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-6 Prepayment Percentage of the Recovery for such
Distribution Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-6 Optimal Principal Amount
will equal the lesser of (A) the Class B-6 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-6 Certificates.

            Class B-6 Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Percentage by (ii) a fraction, the numerator of which is the Class
B-6 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal
Balance.

            Class B-6 Prepayment Percentage: As to any Distribution Date, except
as set forth in the next sentence, the percentage calculated by multiplying (i)
the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of
which is the Class B-6 Principal Balance (determined as of the Determination
Date preceding such Distribution Date) and the denominator of which is (a) for
the purpose of allocating Liquidation Proceeds (other than Partial Liquidation
Proceeds) the Class B Principal Balance and (b) for the purpose of allocating
all other unscheduled principal distributions, the sum of the Principal Balances
of the Classes of Class B Certificates eligible to receive such unscheduled
principal distributions for such Distribution Date in accordance with the
provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in
the event that the Class B-6 Certificates are not eligible to receive such
unscheduled principal in accordance with Section 4.01(d)(i), the Class B-6
Prepayment Percentage for such unscheduled principal distributions for such
Distribution Date will be zero.

            Class B-6 Principal Balance: As to the first Determination Date, the
Original Class B-6 Principal Balance. As of any subsequent Determination Date,
for so long as the Class B-6 Certificates are outstanding, the Class B-6
Principal Balance will equal the difference, if any, between the Adjusted Pool
Amount as of the preceding Distribution Date less the sum of the Class A
Principal Balance, the Class B-1 Principal Balance, the Class B-2 Principal
Balance, the Class B-3 Principal Balance, the Class B-4 Principal Balance and
the Class B-5 Principal Balance as of such Determination Date.

            Class B-6 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-6 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-6 Certificates on prior Distribution Dates pursuant to
Paragraph twentieth of Section 4.01(a).

            Class B-L1 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a) hereof.

            Class B-L2 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a) hereof.

            Class B-L3 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a) hereof.

            Class B-L4 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a) hereof.

            Class B-L5 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a) hereof.

            Class B-L6 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a) hereof.

            Clearing Agency: An organization registered as a "clearing agency"
pursuant to Section 17A of the Exchange Act. The initial Clearing Agency shall
be The Depository Trust Company.

            Clearing Agency Participant: A broker, dealer, bank, financial
institution or other Person for whom a Clearing Agency effects book-entry
transfers of securities deposited with the Clearing Agency.

            Closing Date: The date of initial issuance of the Certificates,
as set forth in Section 11.20.

            Code: The Internal Revenue Code of 1986, as it may be amended from
time to time, any successor statutes thereto, and applicable U.S. Department of
the Treasury temporary or final regulations promulgated thereunder.

            Commission: The United States Securities and Exchange Commission.

            Compensating Interest: With respect to any Distribution Date, the
least of (a) the aggregate Prepayment Interest Shortfall on the Mortgage Loans
for such Distribution Date, (b) the product of (i) 1/12th of 0.20% and (ii) the
Pool Scheduled Principal Balance for such Distribution Date and (c) the
Available Master Servicing Compensation for such Distribution Date.

            Co-op Shares: Shares issued by private non-profit housing
corporations.

            Corporate Trust Office: With respect to (a) the Trustee, the office
of the Trustee at which at any particular time its duties under this Agreement
shall be administered, which office, at the date of the execution of this
instrument, is located at 452 Fifth Avenue, New York, New York 10018, Attention:
CTLA--Structured Finance, WFMBS 2006-AR17 and (b) the Paying Agent, Certificate
Registrar and Authenticating Agent, for Certificate transfer purposes at Wells
Fargo Center, Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479
Attn: Corporate Trust Services--WFMBS 2006-AR17, and for all other purposes at
9062 Old Annapolis Road, Columbia, Maryland 21045 Attn: Corporate Trust
Services--WFMBS 2006-AR17.

            Corresponding Upper-Tier Class or Classes: As to the following
Uncertificated Lower-Tier Interests, the Corresponding Upper-Tier Class or
Classes as follows:

Uncertificated
Lower-Tier Interest    Corresponding Upper-Tier Class or Classes
--------------------   ------------------------------------------------

Class A-L1 Interest    Class A-1, Class A-3 and Class A-IO Certificates
Class A-L2 Interest    Class A-2 and Class A-4 Certificates
Class A-LUR Interest   Class A-R Certificate
Class B-L1 Interest    Class B-1 Certificates
Class B-L2 Interest    Class B-2 Certificates
Class B-L3 Interest    Class B-3 Certificates
Class B-L4 Interest    Class B-4 Certificates
Class B-L5 Interest    Class B-5 Certificates
Class B-L6 Interest    Class B-6 Certificates

            Current Class A Interest Distribution Amount: As to any Distribution
Date, the amount distributed in respect of the Classes of Class A Certificates
pursuant to Paragraph first of Section 4.01(a) on such Distribution Date.

            Current Class B Interest Distribution Amount: As to any Distribution
Date, the amount distributed in respect of the Classes of Class B Certificates
pursuant to Paragraphs fourth, seventh, tenth, thirteenth, sixteenth and
nineteenth of Section 4.01(a) on such Distribution Date.

            Current Class B-1 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the sum of the Principal Balances of the Class B-2, Class B-3, Class B-4, Class
B-5 and Class B-6 Certificates by the Aggregate Principal Balance. As to the
first Distribution Date, the Original Class B-1 Fractional Interest.

            Current Class B-2 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the sum of the Principal Balances of the Class B-3, Class B-4, Class B-5 and
Class B-6 Certificates by the Aggregate Principal Balance. As to the first
Distribution Date, the Original Class B-2 Fractional Interest.

            Current Class B-3 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the sum of the Principal Balances of the Class B-4, Class B-5 and Class B-6
Certificates by the Aggregate Principal Balance. As to the first Distribution
Date, the Original Class B-3 Fractional Interest.

            Current Class B-4 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the sum of the Principal Balances of the Class B-5 and Class B-6 Certificates by
the Aggregate Principal Balance. As to the first Distribution Date, the Original
Class B-4 Fractional Interest.

            Current Class B-5 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the Principal Balance of the Class B-6 Certificates by the Aggregate Principal
Balance. As to the first Distribution Date, the Original Class B-5 Fractional
Interest.

            Curtailment: Any Principal Prepayment made by a Mortgagor which
is not a Prepayment in Full.

            Curtailment Interest Shortfall: On any Distribution Date with
respect to a Mortgage Loan which was the subject of a Curtailment:

            (A)   in the case where the Applicable Unscheduled Principal
                  Receipt Period is the Mid-Month Receipt Period and such
                  Curtailment is received by the Servicer on or after the
                  Determination Date in the month preceding the month of such
                  Distribution Date but prior to the first day of the month
                  of such Distribution Date, the amount of interest that
                  would have accrued at the Net Mortgage Interest Rate on the
                  amount of such Curtailment from the day of its receipt or,
                  if earlier, its application by the Servicer through the
                  last day of the month preceding the month of such
                  Distribution Date; and

            (B)   in the case where the Applicable Unscheduled Principal
                  Receipt Period is the Prior Month Receipt Period and such
                  Curtailment is received by the Servicer during the month
                  preceding the month of such Distribution Date, the amount
                  of interest that would have accrued at the Net Mortgage
                  Interest Rate on the amount of such Curtailment from the
                  day of its receipt or, if earlier, its application by the
                  Servicer through the last day of the month in which such
                  Curtailment is received.

            Custodial Agreement: The Custodial Agreement, dated as of September
28, 2006, among the Custodian, the Depositor, the Master Servicer and the
Trustee, which agreement is attached hereto as Exhibit E, as the same may be
amended or modified from time to time in accordance with the terms thereof.

            Custodial P&I Account: The Custodial P&I Account, as defined in each
of the Servicing Agreements, with respect to the Mortgage Loans. In determining
whether the Custodial P&I Account under any Servicing Agreement is "acceptable"
to the Master Servicer (as may be required by the definition of "Eligible
Account" contained in the Servicing Agreements), the Master Servicer shall
require that any such account shall be acceptable to each of the Rating
Agencies.

            Custodian: Wells Fargo Bank, or its successor in interest under the
Custodial Agreement. Initially, the custodial functions shall be performed by
the Corporate Trust Services division of Wells Fargo Bank.

            Cut-Off Date: The first day of the month of initial issuance of the
Certificates as set forth in Section 11.01.

            Cut-Off Date Aggregate Principal Balance: The aggregate of the
Cut-Off Date Principal Balances of the Mortgage Loans as set forth in
Section 11.02.

            Cut-Off Date Principal Balance: As to each Mortgage Loan, its unpaid
principal balance as of the close of business on the Cut-Off Date (but without
giving effect to any Unscheduled Principal Receipts received or applied on the
Cut-Off Date), reduced by all payments of principal due on or before the Cut-Off
Date and not paid, and increased by scheduled monthly payments of principal due
after the Cut-Off Date but received by the related Servicer on or before the
Cut-Off Date.

            Debt Service Reduction: With respect to any Mortgage Loan, a
reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of
competent jurisdiction in a proceeding under the Bankruptcy Code, except such a
reduction constituting a Deficient Valuation.

            Deficient Valuation: With respect to any Mortgage Loan, a valuation
by a court of competent jurisdiction of the Mortgaged Property in an amount less
than the then-outstanding indebtedness under the Mortgage Loan, or any reduction
in the amount of principal to be paid in connection with any scheduled Monthly
Payment that results in a permanent forgiveness of principal, which valuation or
reduction results from a proceeding under the Bankruptcy Code.

            Definitive Certificates: As defined in Section 5.01(b).

            Denomination: The amount, if any, specified on the face of each
Certificate (other than the Interest Only Certificates) representing the
principal portion of the Cut-Off Date Aggregate Principal Balance evidenced by
such Certificate. As to the Interest Only Certificates, the amount specified on
the face of each such Certificate representing the portion of the Original
Notional Amount.

            Depositor: Wells Fargo Asset Securities Corporation, or its
successor in interest.

            Determination Date: The 17th day of the month in which the related
Distribution Date occurs, or if such 17th day is not a Business Day, the
Business Day preceding such 17th day.

            Distribution Date: The 25th day of any month, beginning in the month
following the month of initial issuance of the Certificates, or if such 25th day
is not a Business Day, the Business Day following such 25th day.

            Distribution Date Statement: As defined in Section 4.04(a).

            Document Transfer Date: The 60th day following the occurrence of
a Document Transfer Event.

            Document Transfer Event: The occurrence of either of the
following: (i) Wells Fargo Bank is no longer the Servicer of any of the
Mortgage Loans or (ii) the senior, unsecured long-term debt rating of Wells
Fargo & Company is less than "BBB-" by Fitch.

            Due Date: With respect to any Mortgage Loan, the day of the month
in which the Monthly Payment on such Mortgage Loan is scheduled to be paid.

            Eligible Account: One or more accounts (i) that are maintained with
a depository institution (which may be the Master Servicer) whose long-term debt
obligations (or, in the case of a depository institution which is part of a
holding company structure, the long-term debt obligations of such parent holding
company) at the time of deposit therein are rated at least "AA" (or the
equivalent) by each Rating Agency, (ii) the deposits in which are fully insured
by the FDIC through either the Bank Insurance Fund or the Savings Association
Insurance Fund, (iii) the deposits in which are insured by the FDIC through
either the Bank Insurance Fund or the Savings Association Insurance Fund (to the
limit established by the FDIC) and the uninsured deposits in which accounts are
otherwise secured, as evidenced by an Opinion of Counsel delivered to the
Trustee, such that the Trustee, on behalf of the Certificateholders has a claim
with respect to the funds in such accounts or a perfected first security
interest against any collateral securing such funds that is superior to claims
of any other depositors or creditors of the depository institution with which
such accounts are maintained, (iv) that are trust accounts maintained with the
trust department of a federal or state chartered depository institution or trust
company acting in its fiduciary capacity or (v) such other account that is
acceptable to each of the Rating Agencies and would not cause the Trust Estate
to fail to qualify as two separate REMICs or result in the imposition of any
federal tax on either the Upper-Tier REMIC or the Lower-Tier REMIC.

            Eligible Investments: At any time, any one or more of the following
obligations and securities which shall mature not later than the Business Day
preceding the Distribution Date next succeeding the date of such investment,
provided that such investments continue to qualify as "cash flow investments" as
defined in Code Section 860G(a)(6):

            (i) obligations of the United States of America or any agency
      thereof, provided such obligations are backed by the full faith and credit
      of the United States of America;

            (ii) general obligations of or obligations guaranteed by any state
      of the United States of America or the District of Columbia receiving the
      highest short-term or highest long-term rating of each Rating Agency, or
      such lower rating as would not result in the downgrading or withdrawal of
      the rating then assigned to any of the Certificates by either Rating
      Agency or result in any of such rated Certificates being placed on credit
      review status (other than for possible upgrading) by either Rating Agency;

            (iii) commercial or finance company paper which is then rated in the
      highest long-term commercial or finance company paper rating category of
      each Rating Agency or the highest short-term rating category of each
      Rating Agency, or such lower rating category as would not result in the
      downgrading or withdrawal of the rating then assigned to any of the
      Certificates by either Rating Agency or result in any of such rated
      Certificates being placed on credit review status (other than for possible
      upgrading) by either Rating Agency;

            (iv) certificates of deposit, demand or time deposits, federal funds
      or banker's acceptances issued by any depository institution or trust
      company incorporated under the laws of the United States or of any state
      thereof and subject to supervision and examination by federal and/or state
      banking authorities, provided that the commercial paper and/or debt
      obligations of such depository institution or trust company (or in the
      case of the principal depository institution in a holding company system,
      the commercial paper or debt obligations of such holding company) are then
      rated in the highest short-term or the highest long-term rating category
      for such securities of each of the Rating Agencies, or such lower rating
      categories as would not result in the downgrading or withdrawal of the
      rating then assigned to any of the Certificates by either Rating Agency or
      result in any of such rated Certificates being placed on credit review
      status (other than for possible upgrading) by either Rating Agency;

            (v) guaranteed reinvestment agreements issued by any bank, insurance
      company or other corporation acceptable to each Rating Agency at the time
      of the issuance of such agreements;

            (vi) repurchase agreements on obligations with respect to any
      security described in clauses (i) or (ii) above or any other security
      issued or guaranteed by an agency or instrumentality of the United States
      of America, in either case entered into with a depository institution or
      trust company (acting as principal) described in (iv) above;

            (vii) securities (other than stripped bonds or stripped coupon
      securities) bearing interest or sold at a discount issued by any
      corporation incorporated under the laws of the United States of America or
      any state thereof which, at the time of such investment or contractual
      commitment providing for such investment, are then rated in the highest
      short-term or the highest long-term rating category by each Rating Agency,
      or in such lower rating category as would not result in the downgrading or
      withdrawal of the rating then assigned to any of the Certificates by
      either Rating Agency or result in any of such rated Certificates being
      placed on credit review status (other than for possible upgrading) by
      either Rating Agency;

            (viii) such other investments acceptable to each Rating Agency as
      would not result in the downgrading of the rating then assigned to the
      Certificates by either Rating Agency or result in any of such rated
      Certificates being placed on credit review status (other than for possible
      upgrading) by either Rating Agency; and

            (ix) any mutual fund, money market fund, common trust fund or other
      pooled investment vehicle, the assets of which are limited to instruments
      that otherwise would constitute Eligible Investments hereunder, including
      any such fund that is managed by the Trustee or Master Servicer or any
      affiliate of the Trustee or Master Servicer or for which the Trustee or
      Master Servicer or any of its affiliates acts as an adviser as long as
      such fund is rated in at least the highest rating category by each Rating
      Agency.

            In no event shall an instrument be an Eligible Investment if such
instrument evidences either (i) a right to receive only interest payments with
respect to the obligations underlying such instrument, or (ii) both principal
and interest payments derived from obligations underlying such instrument and
the interest and principal payments with respect to such instrument provide a
yield to maturity at the date of investment of greater than 120% of the yield to
maturity at par of such underlying obligations.

            ERISA: The Employee Retirement Income Security Act of 1974, as
amended.

            ERISA Prohibited Holder: As defined in Section 5.02(d).

            Errors and Omissions Policy: As defined in each of the Servicing
Agreements.

            Event of Default: Any of the events specified in Section 7.01.

            Exchange Act: The Securities Exchange Act of 1934, as amended.

            FDIC: The Federal Deposit Insurance Corporation or any successor
thereto.

            Fidelity Bond: As defined in each of the Servicing Agreements.

            Final Distribution Date: The Distribution Date on which the final
distribution in respect of the Certificates is made pursuant to Section 9.01.

            Final Scheduled Maturity Date: The Final Scheduled Maturity Date for
each Class of Class A Certificates (other than the Class A-IO Certificates) and
Class B Certificates is October 25, 2036, which corresponds to the "latest
possible maturity date" for purposes of Section 860G(a)(1) of the Internal
Revenue Code of 1986, as amended. The Final Scheduled Maturity Date for the
Class A-IO Certificates is August 25, 2011.

            Fitch: Fitch Ratings, or its successor in interest.

            Form 8-K: A Current Report on Form 8-K under the Exchange Act.

            Form 8-K Disclosure Information: As defined in Section 3.12(c).

            Form 10-D: An Asset-Backed Issuer Distribution Report on Form
10-D under the Exchange Act.

            Form 10-K: An Annual Report on Form 10-K under the Exchange Act.

            Form 15: A Form 15 Suspension Notification under the Exchange Act.

            Full Unscheduled Principal Receipt: Any Unscheduled Principal
Receipt with respect to a Mortgage Loan (i) in the amount of the outstanding
principal balance of such Mortgage Loan and resulting in the full satisfaction
of such Mortgage Loan or (ii) representing Liquidation Proceeds other than
Partial Liquidation Proceeds.

            Gross Margin: As to each Mortgage Loan, the fixed percentage set
forth in the related Mortgage Note and indicated in the Mortgage Loan Schedule
as the "Gross Margin," which percentage is added to the Index on each Adjustment
Date to determine (subject to rounding, the Periodic Cap and the Rate Ceiling)
the Mortgage Interest Rate on such Mortgage Loan until the next Adjustment Date.

            Holder: See "Certificateholder."

            Independent: When used with respect to any specified Person, such
Person who (i) is in fact independent of the Depositor, the Master Servicer and
any Servicer, (ii) does not have any direct financial interest or any material
indirect financial interest in the Depositor or the Master Servicer or any
Servicer or in an affiliate of either and (iii) is not connected with the
Depositor, the Master Servicer or any Servicer as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar
functions.

            Incremental Interest: As to any Mortgage Loan, the amount of
interest accrued on such Mortgage Loan attributable to the Incremental Rate;
provided, however, that with respect to any payment of interest received in
respect of a Mortgage Loan (whether paid by the Mortgagor or received as
Liquidation Proceeds or otherwise) which is less than the full amount of
interest then due with respect to such Mortgage Loan, only that portion of such
payment of interest that bears the same relationship to the total amount of such
payment of interest as the Incremental Rate, if any, in respect of such Mortgage
Loan bears to the Mortgage Interest Rate shall be allocated to the Incremental
Interest with respect thereto.

            Incremental Rate: Prior to the first Adjustment Date for a Mortgage
Loan, the per annum increase to the initial Mortgage Interest Rate set forth in
an addendum to the related Mortgage Note, which increase takes effect upon the
happening of certain specified conditions and remains in effect until the first
Adjustment Date.

            Index: As to any Mortgage Loan and Adjustment Date, a rate per annum
that is defined to be the weekly average yield on United States Treasury
Securities adjusted to a constant maturity of one year, as made available by the
Federal Reserve Board, published in Federal Reserve Statistical Release H.15
(519) and most recently available as of the date up to 45 days before the
applicable Adjustment Date. In the event that such Index is no longer available,
the applicable Servicer will select a substitute Index in accordance with the
terms of the related Mortgage Note and in compliance with federal and state law.

            Insurance Policy: Any insurance or performance bond relating to a
Mortgage Loan or the Mortgage Loans, including any hazard insurance, special
hazard insurance, flood insurance, primary mortgage insurance, mortgagor
bankruptcy bond or title insurance.

            Insurance Proceeds: Proceeds paid by any insurer pursuant to any
Insurance Policy covering a Mortgage Loan.

            Insured Expenses: Expenses covered by any Insurance Policy
covering a Mortgage Loan.

            Interest Accrual Amount: As to any Distribution Date and any Class
of Class A Certificates, (i) the product of (a) 1/12th of the Class A
Pass-Through Rate for such Class and (b) the Principal Balance or Notional
Amount of such Class as of the Determination Date immediately preceding such
Distribution Date minus (ii) the Class A Interest Percentage of such Class of
(a) any Non-Supported Interest Shortfall allocated to the Class A Certificates
with respect to such Distribution Date, (b) any Relief Act Shortfall allocated
to such Class and (c) the interest portion of any Realized Losses allocated to
the Class A Certificates on or after the Subordination Depletion Date pursuant
to Section 4.02(c).

            As to any Distribution Date and any Class of Class B Certificates,
an amount equal to (i) the product of 1/12th of the Class B Pass-Through Rate
and the Principal Balance of such Class as of the Determination Date preceding
such Distribution Date minus (ii) the Class B Interest Percentage of such Class
of the sum of any Non-Supported Interest Shortfall and any Relief Act Shortfall
allocated to the Class B Certificates with respect to such Distribution Date.

            Interest Only Certificates: The Class A-IO Certificates.

            Liquidated Loan: A Mortgage Loan with respect to which the related
Mortgaged Property has been acquired, liquidated or foreclosed and with respect
to which the applicable Servicer determines that all Liquidation Proceeds which
it expects to recover have been recovered.

            Liquidated Loan Loss: With respect to any Distribution Date, the
aggregate of the amount of losses with respect to each Mortgage Loan which
became a Liquidated Loan during the Applicable Unscheduled Principal Receipt
Period with respect to Full Unscheduled Principal Receipts for such Distribution
Date, equal to the excess of (i) the unpaid principal balance of each such
Liquidated Loan, plus accrued interest thereon in accordance with the
amortization schedule at the time applicable thereto at the applicable Net
Mortgage Interest Rate from the Due Date as to which interest was last paid with
respect thereto through the last day of the month preceding the month in which
such Distribution Date occurs, over (ii) Net Liquidation Proceeds with respect
to such Liquidated Loan.

            Liquidation Expenses: Expenses incurred by a Servicer in connection
with the liquidation of any defaulted Mortgage Loan or property acquired in
respect thereof (including, without limitation, legal fees and expenses,
committee or referee fees, and, if applicable, brokerage commissions and
conveyance taxes), any unreimbursed advances (including Periodic Advances)
expended by such Servicer pursuant to its Servicing Agreement or the Master
Servicer or Trustee pursuant hereto respecting the related Mortgage Loan,
including any unreimbursed advances for real property taxes or for property
restoration or preservation of the related Mortgaged Property. Liquidation
Expenses shall not include any previously incurred expenses in respect of an REO
Mortgage Loan which have been netted against related REO Proceeds.

            Liquidation Proceeds: Amounts received by a Servicer (including
Insurance Proceeds) or PMI Advances made by a Servicer in connection with the
liquidation of defaulted Mortgage Loans or property acquired in respect thereof,
whether through foreclosure, sale or otherwise, including payments in connection
with such Mortgage Loans received from the Mortgagor, other than amounts
required to be paid to the Mortgagor pursuant to the terms of the applicable
Mortgage or to be applied otherwise pursuant to law.

            Liquidation Profits: As to any Distribution Date and any Mortgage
Loan that became a Liquidated Loan during the Applicable Unscheduled Principal
Receipt Period with respect to Full Unscheduled Principal Receipts for such
Distribution Date, the excess, if any, of (i) Net Liquidation Proceeds in
respect of such Liquidated Loan over (ii) the unpaid principal balance of such
Liquidated Loan plus accrued interest thereon in accordance with the
amortization schedule at the time applicable thereto at the applicable Net
Mortgage Interest Rate from the Due Date to which interest was last paid with
respect thereto through the last day of the month preceding the month in which
such Distribution Date occurs.

            Loan-to-Value Ratio: The ratio, expressed as a percentage, the
numerator of which is the principal balance of a particular Mortgage Loan at
origination and the denominator of which is the lesser of (x) the appraised
value of the related Mortgaged Property determined in the appraisal used by the
originator at the time of origination of such Mortgage Loan, and (y) if the
Mortgage is originated in connection with a sale of the Mortgaged Property, the
sale price for such Mortgaged Property.

            Lower-Tier Distribution Amount: As defined in Section 4.01(a).

            Lower-Tier REMIC: One of two separate REMICs comprising the Trust
Estate, the assets of which consist of the Mortgage Loans, such amounts as shall
from time to time be held in the Certificate Account, the insurance policies, if
any, relating to a Mortgage Loan and property which secured a Mortgage Loan and
which has been acquired by foreclosure or deed in lieu of foreclosure.

            Master Servicer: Wells Fargo Bank, or its successor in interest.
Initially, the Master Servicer functions shall be performed by the Corporate
Trust Services division of Wells Fargo Bank.

            Master Servicer Errors and Omissions Policy: An insurance policy
covering losses caused by errors or omissions of the Master Servicer and its
personnel.

            Master Servicing Fee: With respect to any Mortgage Loan and any
Distribution Date, the fee payable monthly to the Master Servicer pursuant to
Section 6.05 equal to a fixed percentage (expressed as a per annum rate) of the
unpaid principal balance of such Mortgage Loan.

            Master Servicing Fee Rate: As set forth in Section 11.25.

            Master Servicing Officer: Any officer of the Master Servicer
involved in, or responsible for, the administration and master servicing of
the Mortgage Loans.

            MERS: The Mortgage Electronic Registration Systems, Inc.

            MERS Mortgage Loan: Any MOM Mortgage Loan or any other Mortgage Loan
as to which MERS is (or is intended to be) the mortgagee of record and as to
which a MIN has been assigned.

            Mid-Month Receipt Period: With respect to each Distribution Date,
the one month period beginning on the Determination Date (or, in the case of the
first Distribution Date, from and including the Cut-Off Date) occurring in the
calendar month preceding the month in which such Distribution Date occurs and
ending on the day preceding the Determination Date immediately preceding such
Distribution Date.

            MIN: A MERS Mortgage Identification Number assigned to a Mortgage
Loan registered under MERS.

            MOM: A Mortgage Loan where the related Mortgage names MERS as the
original mortgagee thereof, as to which a MIN has been assigned, and which
Mortgage has not been assigned to any other person.

            Month End Interest: As defined in each Servicing Agreement.

            Monthly Payment: As to any Mortgage Loan (including any REO Mortgage
Loan) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization schedule at the time applicable thereto (after
adjustment for any Curtailments and Deficient Valuations occurring prior to such
Due Date but before any adjustment to such amortization schedule, other than for
Deficient Valuations, by reason of any bankruptcy or similar proceeding or any
moratorium or similar waiver or grace period).

            Mortgage: The mortgage, deed of trust or other instrument creating a
first lien on Mortgaged Property securing a Mortgage Note together with any
Mortgage Loan Rider, if applicable.

            Mortgage Interest Rate: As to any Mortgage Loan, the per annum rate
at which interest accrues on the unpaid principal balance thereof as set forth
in the related Mortgage Note, which rate is as indicated on the Mortgage Loan
Schedule.

            Mortgage Loan Purchase Agreement: The mortgage loan purchase
agreement dated as of September 28, 2006 between Wells Fargo Bank, as seller,
and the Depositor, as purchaser.

            Mortgage Loan Rider: The standard Fannie Mae/Freddie Mac riders to
the Mortgage Note and/or Mortgage riders required when the Mortgaged Property is
a condominium unit or a unit in a planned unit development.

            Mortgage Loan Schedule: The list delivered by the Depositor to the
Trustee, the Master Servicer and the Custodian of the Mortgage Loans transferred
to the Trustee on the Closing Date as part of the Trust Estate, which list may
be amended following the Closing Date upon conveyance of a Substitute Mortgage
Loan pursuant to Section 2.02 or 2.03 and which list shall set forth at a
minimum the following information as of the close of business on the Cut-Off
Date (or, with respect to Substitute Mortgage Loans, as of the close of business
on the day of substitution) as to each Mortgage Loan:

            (i) the Mortgage Loan identifying number;

            (ii) the city, state and zip code of the Mortgaged Property;

            (iii) the type of property;

            (iv) the Mortgage Interest Rate;

            (v) the Net Mortgage Interest Rate;

            (vi) the Monthly Payment;

            (vii) the original number of months to maturity;

            (viii) the scheduled maturity date;

            (ix) the Cut-Off Date Principal Balance;

            (x) the Loan-to-Value Ratio at origination;

            (xi) whether such Mortgage Loan is a Subsidy Loan;

            (xii) whether such Mortgage Loan is covered by primary mortgage
insurance;

            (xiii) the applicable Servicing Fee Rate;

            (xiv) the Master Servicing Fee Rate;

            (xv) the Index;

            (xvi) the Gross Margin;

            (xvii) the Periodic Cap;

            (xviii) the first Adjustment Date following the Closing Date;

            (xix) the Rate Ceiling;

            (xx) in the case of any Mortgage Loan initially serviced by Wells
Fargo Bank, whether such Mortgage Loan is a Type 1 Mortgage Loan or a Type 2
Mortgage Loan; and

            (xxi) the name of the Servicer.

            Such schedule may consist of multiple reports that collectively set
forth all of the information required.

            Mortgage Loans: Each of the mortgage loans transferred and assigned
to the Trustee on the Closing Date pursuant to Section 2.01(a) and any mortgage
loans substituted therefor pursuant to Section 2.02 or 2.03, in each case as
from time to time are included in the Trust Estate as identified in the Mortgage
Loan Schedule.

            Mortgage Note: The note or other evidence of indebtedness evidencing
the indebtedness of a Mortgagor under a Mortgage Loan together with any related
Mortgage Loan Riders, if applicable.

            Mortgaged Property: The property subject to a Mortgage, which may
include Co-op Shares or residential long-term leases.

            Mortgagor: The obligor on a Mortgage Note.

            Net Liquidation Proceeds: As to any defaulted Mortgage Loan,
Liquidation Proceeds net of Liquidation Expenses.

            Net Mortgage Interest Rate: With respect to each Mortgage Loan, a
rate equal to (i) the Mortgage Interest Rate on such Mortgage Loan (without
giving effect to any Incremental Rate) minus (ii) the sum of (a) the applicable
Servicing Fee Rate, as set forth in Section 11.24 with respect to such Mortgage
Loan and (b) the Master Servicing Fee Rate, as set forth in Section 11.25 with
respect to such Mortgage Loan. Any regular monthly computation of interest at
such rate shall be based upon annual interest at such rate on the applicable
amount divided by twelve.

            Net REO Proceeds: As to any REO Mortgage Loan, REO Proceeds net of
any related expenses of the Servicer.

            Net WAC: As to any Distribution Date, a per annum rate equal to the
weighted average of the Net Mortgage Interest Rates of the Mortgage Loans (based
on the Scheduled Principal Balances of the Mortgage Loans on the first day of
the month preceding the month in which such Distribution Date occurs).

            Non-permitted Foreign Holder: As defined in Section 5.02(d).

            Nonrecoverable Advance: Any portion of a Periodic Advance previously
made or proposed to be made in respect of a Mortgage Loan which has not been
previously reimbursed to the Servicer, the Master Servicer or the Trustee, as
the case may be, and which the Servicer, the Master Servicer or the Trustee
determines will not, or in the case of a proposed Periodic Advance would not, be
ultimately recoverable from Liquidation Proceeds or other recoveries in respect
of the related Mortgage Loan. The determination by the Servicer, the Master
Servicer or the Trustee (i) that it has made a Nonrecoverable Advance or (ii)
that any proposed Periodic Advance, if made, would constitute a Nonrecoverable
Advance, shall be evidenced by an Officer's Certificate of the Servicer
delivered to the Master Servicer for redelivery to the Trustee or, in the case
of a Master Servicer determination, an Officer's Certificate of the Master
Servicer delivered to the Trustee, in each case detailing the reasons for such
determination.

            Non-Supported Interest Shortfall: With respect to any Distribution
Date, the sum of (i) the excess, if any, of the aggregate Prepayment Interest
Shortfall on the Mortgage Loans over the aggregate Compensating Interest with
respect to such Distribution Date and (ii) Curtailment Interest Shortfalls with
respect to such Distribution Date. With respect to each Distribution Date
occurring on or after the Subordination Depletion Date, the Non-Supported
Interest Shortfall determined pursuant to the preceding sentence will be
increased by the amount of any Subordination Depletion Date Interest Shortfall
for such Distribution Date. Any Non-Supported Interest Shortfall will be
allocated to (a) the Class A Certificates according to the percentage obtained
by dividing the Class A Principal Balance by the Aggregate Principal Balance and
(b) the Class B Certificates according to the percentage obtained by dividing
the Class B Principal Balance by the Aggregate Principal Balance.

            Non-U.S. Person: As defined in Section 4.01(g).

            Notional Amount: The Class A-IO Notional Amount.

            NYCEMA: A New York Consolidation, Extension and Modification
Agreement.

            Officer's Certificate: With respect to any Person, a certificate
signed by the Chairman of the Board, the President or a Vice President, and by
the Treasurer, the Secretary or one of the Assistant Treasurers, Assistant
Secretaries or any other duly authorized officer of such Person (or, in the case
of a Person which is not a corporation, signed by the person or persons having
like responsibilities).

            Opinion of Counsel: A written opinion of counsel, who may be outside
or salaried counsel for the Depositor, a Servicer or the Master Servicer, or any
affiliate of the Depositor, a Servicer or the Master Servicer, acceptable to the
Trustee if such opinion is to be delivered to the Trustee; provided, however,
that with respect to REMIC matters, matters relating to the determination of
Eligible Accounts or matters relating to transfers of Certificates, such counsel
shall be Independent.

            Optimal Adjustment Event: With respect to any Class of Class B
Certificates and any Distribution Date, an Optimal Adjustment Event will occur
with respect to such Class if: (i) the Principal Balance of such Class on the
Determination Date succeeding such Distribution Date would have been reduced to
zero (regardless of whether such Principal Balance was reduced to zero as a
result of principal distribution or the allocation of Realized Losses) and (ii)
(a) the Principal Balance of any Class of Class A Certificates would be subject
to further reduction as a result of the third sentence of the definition of
Principal Balance or (b) the Principal Balance of a Class of Class B
Certificates with a lower numerical designation would be reduced with respect to
such Distribution Date as a result of the application of the proviso in the
definition of Class B-1 Principal Balance, Class B-2 Principal Balance, Class
B-3 Principal Balance, Class B-4 Principal Balance, Class B-5 Principal Balance
or Class B-6 Principal Balance.

            Original Class A Percentage: The Class A Percentage as of the
Cut-Off Date, as set forth in Section 11.03.

            Original Class A Principal Balance: The sum of the Original
Principal Balances of the Class A-1, Class A-2, Class A-3, Class A-4 and Class
A-R Certificates, as set forth in Section 11.04.

            Original Class A-IO Notional Amount: The Original Class A-IO
Notional Amount as set forth in Section 11.05.

            Original Class B Principal Balance: The sum of the Original Class
B-1 Principal Balance, Original Class B-2 Principal Balance, Original Class B-3
Principal Balance, Original Class B-4 Principal Balance, Original Class B-5
Principal Balance and Original Class B-6 Principal Balance, as set forth in
Section 11.07.

            Original Class B-1 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-2
Principal Balance, the Original Class B-3 Principal Balance, the Original Class
B-4 Principal Balance, the Original Class B-5 Principal Balance and the Original
Class B-6 Principal Balance by the Cut-Off Date Aggregate Principal Balance. The
Original Class B-1 Fractional Interest is specified in Section 11.09.

            Original Class B-2 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-3
Principal Balance, the Original Class B-4 Principal Balance, the Original Class
B-5 Principal Balance and the Original Class B-6 Principal Balance by the
Cut-Off Date Aggregate Principal Balance. The Original Class B-2 Fractional
Interest is specified in Section 11.10.

            Original Class B-3 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-4
Principal Balance, the Original Class B-5 Principal Balance and the Original
Class B-6 Principal Balance by the Cut-Off Date Aggregate Principal Balance. The
Original Class B-3 Fractional Interest is specified in Section 11.11.

            Original Class B-4 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-5
Principal Balance and the Original Class B-6 Principal Balance by the Cut-Off
Date Aggregate Principal Balance. The Original Class B-4 Fractional Interest is
specified in Section 11.12.

            Original Class B-5 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the Original Class B-6 Principal
Balance by the Cut-Off Date Aggregate Principal Balance. The Original Class B-5
Fractional Interest is specified in Section 11.13.

            Original Class B-1 Percentage: The Class B-1 Percentage as of the
Cut-Off Date, as set forth in Section 11.14.

            Original Class B-2 Percentage: The Class B-2 Percentage as of the
Cut-Off Date, as set forth in Section 11.15.

            Original Class B-3 Percentage: The Class B-3 Percentage as of the
Cut-Off Date, as set forth in Section 11.16.

            Original Class B-4 Percentage: The Class B-4 Percentage as of the
Cut-Off Date, as set forth in Section 11.17.

            Original Class B-5 Percentage: The Class B-5 Percentage as of the
Cut-Off Date, as set forth in Section 11.18.

            Original Class B-6 Percentage: The Class B-6 Percentage as of the
Cut-Off Date, as set forth in Section 11.19.

            Original Class B-1 Principal Balance: The Class B-1 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.08.

            Original Class B-2 Principal Balance: The Class B-2 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.08.

            Original Class B-3 Principal Balance: The Class B-3 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.08.

            Original Class B-4 Principal Balance: The Class B-4 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.08.

            Original Class B-5 Principal Balance: The Class B-5 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.08.

            Original Class B-6 Principal Balance: The Class B-6 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.08.

            Original Notional Amount: The Original Class A-IO Notional Amount as
set forth in Section 11.05.

            Original Principal Balance: Any of the Original Principal Balances
of the Classes of Class A Certificates as set forth in Section 11.04; the
Original Class B-1 Principal Balance, Original Class B-2 Principal Balance,
Original Class B-3 Principal Balance, Original Class B-4 Principal Balance,
Original Class B-5 Principal Balance or Original Class B-6 Principal Balance as
set forth in Section 11.08.

            Original Subordinated Percentage: The Subordinated Percentage as of
the Cut-Off Date, as set forth in Section 11.06.

            Other Servicer: Any of the Servicers other than Wells Fargo Bank.

            Other Servicer Mortgage Loan: Any of the Mortgage Loans, if any,
identified on the Mortgage Loan Schedule as serviced by an Other Servicer, as
such Mortgage Loan Schedule may be amended from time to time in connection with
a substitution pursuant to Section 2.02 or 2.03, which Mortgage Loan is serviced
under an Other Servicing Agreement.

            Other Servicing Agreements: The Servicing Agreements other than
the Wells Fargo Bank Servicing Agreement.

            Outstanding Mortgage Loan: As to any Due Date, a Mortgage Loan
(including an REO Mortgage Loan) which was not the subject of a Full Unscheduled
Principal Receipt prior to such Due Date and which was not repurchased by the
Depositor prior to such Due Date pursuant to Section 2.02, 2.03 or 3.08.

            Owner Mortgage Loan File: A file maintained by the Custodian for
each Mortgage Loan that contains the documents specified in Section 2.01(a) and
any additional documents required to be added to the Owner Mortgage Loan File
pursuant to this Agreement.

            Partial Liquidation Proceeds: Liquidation Proceeds received by a
Servicer prior to the Unscheduled Principal Receipt Period in which the related
Mortgage Loan became a Liquidated Loan.

            Partial Unscheduled Principal Receipt: An Unscheduled Principal
Receipt which is not a Full Unscheduled Principal Receipt.

            Paying Agent: The Person authorized to make distributions to
Certificateholders with respect to the Certificates and to forward to
Certificateholders the periodic and annual statements required by
Section 4.04. The Paying Agent may be the Trustee. The initial Paying Agent
is appointed in Section 4.03(b).

            Paying Agent Agreement: As defined in Section 4.03(b).

            Payment Account: The account maintained pursuant to
Section 4.03(a).

            Percentage Interest: With respect to a Class A Certificate of a
Class (other than the Interest Only Certificates), the undivided percentage
interest obtained by dividing the original principal balance of such Certificate
by the Original Principal Balance of such Class of Class A Certificates. With
respect to an Interest Only Certificate, the undivided percentage interest
obtained by dividing the original notional amount evidenced by such Certificate
by the Original Notional Amount of the Class of Interest Only Certificates. With
respect to a Class B Certificate of a Class, the undivided percentage interest
obtained by dividing the original principal balance of such Certificate by the
Original Principal Balance of such Class of Class B Certificates.

            Periodic Advance: The aggregate of the advances required to be made
by a Servicer on any Remittance Date pursuant to its Servicing Agreement or by
the Master Servicer or the Trustee hereunder on any Distribution Date, the
amount of any such advances being equal to the total of all Monthly Payments
(adjusted, in each case (i) in respect of interest, to the applicable Mortgage
Interest Rate less the applicable Servicing Fee in the case of Periodic Advances
made by a Servicer and to the applicable Net Mortgage Interest Rate in the case
of Periodic Advances made by the Master Servicer or Trustee and (ii) by the
amount of any related Debt Service Reductions or reductions in the amount of
interest collectable from the Mortgagor pursuant to the Servicemembers Civil
Relief Act, as it may be amended from time to time, or similar legislation or
regulations then in effect) on the Mortgage Loans, that (x) were delinquent as
of the close of business on the related Determination Date, (y) were not the
subject of a previous Periodic Advance by such Servicer or of a Periodic Advance
by the Master Servicer or the Trustee, as the case may be and (z) have not been
determined by the Master Servicer, such Servicer or Trustee to be Nonrecoverable
Advances.

            Periodic Cap: For each Mortgage Loan, the applicable limit on
adjustment of the Mortgage Interest Rate for each Adjustment Date specified in
the applicable Mortgage Note and designated as such in the Mortgage Loan
Schedule.

            Person: Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

            Plan: As defined in Section 5.02(c).

            PMI Advance: As defined in the related Servicing Agreement, if
applicable.

            Pool Balance: As of any Distribution Date, the sum of the amounts
for each Mortgage Loan that is an Outstanding Mortgage Loan of the Scheduled
Principal Balance of such Mortgage Loan.

            Pool Distribution Amount: As of any Distribution Date, the funds
eligible for distribution to the Class A Certificates and Class B Certificates
on such Distribution Date, which shall be the sum of (i) all previously
undistributed payments or other receipts on account of principal and interest on
or in respect of the Mortgage Loans (including, without limitation, the proceeds
of any repurchase of a Mortgage Loan by the Depositor and any Substitution
Principal Amount) received by the Master Servicer with respect to the applicable
Remittance Date in the month of such Distribution Date and any Unscheduled
Principal Receipts received by the Master Servicer on or prior to the Business
Day preceding such Distribution Date, (ii) all Periodic Advances made by a
Servicer pursuant to the related Servicing Agreement or Periodic Advances made
by the Master Servicer or the Trustee pursuant to Section 3.03, (iii) any
remaining Reimbursement Amount as provided in Section 4.01(a) and (iv) all other
amounts (including any Insurance Proceeds and Compensating Interest) required to
be placed in the Certificate Account by the Servicer on or before the applicable
Remittance Date or by the Master Servicer or the Trustee on or prior to the
Distribution Date, but excluding the following:

            (a) amounts received as late payments of principal or interest and
      respecting which the Master Servicer or the Trustee has made one or more
      unreimbursed Periodic Advances;

            (b) the portion of Liquidation Proceeds used to reimburse any
      unreimbursed Periodic Advances by the Master Servicer or the Trustee;

            (c) that portion of each payment of interest on a particular
      Mortgage Loan which represents (i) the Servicing Fee, (ii) the Master
      Servicing Fee and (iii) any Incremental Interest;

            (d) all amounts representing scheduled payments of principal and
      interest due after the Due Date occurring in the month in which such
      Distribution Date occurs;

            (e) all Unscheduled Principal Receipts received by the Servicers
      after the Applicable Unscheduled Principal Receipt Period relating to the
      Distribution Date for the applicable type of Unscheduled Principal
      Receipt, and all related payments of interest on such amounts;

            (f) all repurchase proceeds with respect to Mortgage Loans
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08 on or
      following the Determination Date in the month in which such Distribution
      Date occurs and the Substitution Principal Amounts with respect to any
      Mortgage Loans for which Mortgage Loans were substituted on or following
      the Determination Date in the month in which such Distribution Date
      occurs;

            (g) that portion of Liquidation Proceeds and REO Proceeds which
      represents any unpaid Servicing Fee, Master Servicing Fee or Incremental
      Interest;

            (h) all income from Eligible Investments that is held in the
      Certificate Account for the account of the Master Servicer;

            (i) Liquidation Profits;

            (j) Month End Interest;

            (k) all amounts reimbursable to a Servicer for PMI Advances; and

            (l) all other amounts permitted to be withdrawn from the Certificate
      Account, to the extent not covered by clauses (a) through (k) above, or
      not required to be deposited in the Certificate Account under this
      Agreement.

            Pool Scheduled Principal Balance: As to any Distribution Date, the
aggregate Scheduled Principal Balance of all Mortgage Loans that were
Outstanding Mortgage Loans on the Due Date in the month preceding the month of
such Distribution Date.

            Prepayment In Full: With respect to any Mortgage Loan, a Mortgagor
payment consisting of a Principal Prepayment in the amount of the outstanding
principal balance of such loan and resulting in the full satisfaction of such
obligation.

            Prepayment Interest Shortfall: On any Distribution Date, the amount
of interest, if any, that would have accrued on any Mortgage Loan which was the
subject of a Prepayment in Full at the Net Mortgage Interest Rate for such
Mortgage Loan from the date of its Prepayment in Full (but in the case of a
Prepayment in Full where the Applicable Unscheduled Principal Receipt Period is
the Mid-Month Receipt Period, only if the date of the Prepayment in Full is on
or after the Determination Date in the month prior to the month of such
Distribution Date and prior to the first day of the month of such Distribution
Date) through the last day of the month prior to the month of such Distribution
Date.

            Principal Adjustment: In the event that the Class B-1 Optimal
Principal Amount, Class B-2 Optimal Principal Amount, Class B-3 Optimal
Principal Amount, Class B-4 Optimal Principal Amount, Class B-5 Optimal
Principal Amount or Class B-6 Optimal Principal Amount is calculated in
accordance with the proviso in such definition with respect to any Distribution
Date, the Principal Adjustment for such Class of Class B Certificates shall
equal the difference between (i) the amount that would have been distributed to
such Class as principal in accordance with Section 4.01(a) for such Distribution
Date, calculated without regard to such proviso and assuming there are no
Principal Adjustments for such Distribution Date and (ii) the Adjusted Principal
Balance for such Class.

            Principal Balance: As of the first Determination Date and as to any
Class of Class A Certificates (other than the Interest Only Certificates), the
Original Principal Balance of such Class. As of any subsequent Determination
Date prior to the Subordination Depletion Date and as to any Class of Class A
Certificates (other than the Interest Only Certificates), the Original Principal
Balance of such Class less the sum of all amounts previously distributed in
respect of such Class on prior Distribution Dates (i) pursuant to Paragraph
third of Section 4.01(a) and (ii) as a result of a Principal Adjustment. After
the Subordination Depletion Date, each such Principal Balance of a Class of
Class A Certificates will also be reduced (if clause (a) is greater than clause
(b)) or increased (if clause (a) is less than clause (b)) on each Determination
Date by an amount equal to the product of the Class A Loss Percentage of such
Class and the difference, if any, between (a) the Class A Principal Balance as
of such Determination Date without regard to this sentence and (b) the Adjusted
Pool Amount for the preceding Distribution Date; provided, however, that the
amount of any such reduction for the Class A-1 Certificates will be decreased by
the Class A-3 Loss Allocation Amount and the amount of any such reduction for
the Class A-2 Certificates will be decreased by the Class A-4 Loss Allocation
Amount. After the Subordination Depletion Date, the Principal Balance for the
Class A-3 Certificates will additionally be reduced by the Class A-3 Loss
Allocation Amount and the Principal Balance of the Class A-4 Certificates will
additionally be reduced by the Class A-4 Loss Allocation Amount. In addition,
any increase allocated to the Class A-1 Certificates pursuant to the third
sentence above will instead increase the Principal Balance of the Class A-3
Certificates and any increase allocated to the Class A-2 Certificates pursuant
to the third sentence above will instead increase the Principal Balance of the
Class A-4 Certificates. Notwithstanding the foregoing, on any Distribution Date
in which the Class A-1 Loss Amount exceeds the Principal Balance of the Class
A-3 Certificates prior to any reduction for the Class A-3 Loss Allocation
Amount, such excess will be allocated in reduction of the Principal Balance of
the Class A-1 Certificates. Notwithstanding the foregoing, on any Distribution
Date in which the Class A-2 Loss Amount exceeds the Principal Balance of the
Class A-4 Certificates prior to any reduction for the Class A-4 Loss Allocation
Amount, such excess will be allocated in reduction of the Principal Balance of
the Class A-2 Certificates.

            The Class A-IO Certificates are Interest Only Certificates and have
no Principal Balance.

            As to the Class B Certificates, the Class B-1 Principal Balance,
Class B-2 Principal Balance, Class B-3 Principal Balance, Class B-4 Principal
Balance, Class B-5 Principal Balance and Class B-6 Principal Balance,
respectively.

            Notwithstanding the foregoing, no Principal Balance of a Class will
be increased on any Determination Date such that the Principal Balance of such
Class exceeds its Original Principal Balance less all amounts previously
distributed in respect of such Class on prior Distribution Dates pursuant to
Paragraph third of Section 4.01(a) or Paragraphs sixth, ninth, twelfth,
fifteenth, eighteenth or twenty-first of Section 4.01(a).

            Principal Prepayment: Any Mortgagor payment on a Mortgage Loan which
is received in advance of its Due Date and is not accompanied by an amount
representing scheduled interest for any period subsequent to the date of
prepayment.

            Prior Month Receipt Period: With respect to each Distribution Date,
the calendar month preceding the month in which such Distribution Date occurs.

            Prohibited Transaction Tax: Any tax imposed under Section 860F of
the Code.

            Prospectus: The prospectus dated September 20, 2006 as supplemented
by the prospectus supplement dated September 25, 2006, relating to the Class A,
Class B-1, Class B-2 and Class B-3 Certificates.

            Prudent Servicing Practices: The standard of care set forth in each
Servicing Agreement.

            Rate Ceiling: The maximum per annum Mortgage Interest Rate
permitted under the related Mortgage Note.

            Rating Agency: Any nationally recognized statistical credit rating
agency, or its successor, that rated one or more Classes of the Certificates at
the request of the Depositor at the time of the initial issuance of the
Certificates. The Rating Agencies for the Class A Certificates are S&P and
Fitch. The Rating Agency for the Class B-1, Class B-2, Class B-3, Class B-4 and
Class B-5 Certificates is Fitch. If any such agency or a successor is no longer
in existence, "Rating Agency" shall be such statistical credit rating agency, or
other comparable Person, designated by the Depositor, notice of which
designation shall be given to the Trustee and the Master Servicer. References
herein to the highest short-term rating category of a Rating Agency shall mean
A-1 in the case of S&P, F-1+ in the case of Fitch, and in the case of any other
Rating Agency shall mean its equivalent of such ratings. References herein to
the highest long-term rating categories of a Rating Agency shall mean AAA in the
case of S&P and Fitch, and in the case of any other Rating Agency shall mean its
equivalent of such ratings without any plus or minus.

            Realized Losses: With respect to any Distribution Date, (i)
Liquidated Loan Losses incurred on Liquidated Loans for which the Liquidation
Proceeds were received during the Applicable Unscheduled Principal Receipt
Period with respect to Full Unscheduled Principal Receipts with respect to such
Distribution Date and (ii) Bankruptcy Losses incurred during the period
corresponding to the Applicable Unscheduled Principal Receipt Period with
respect to Full Unscheduled Principal Receipts for such Distribution Date.

            Record Date: The last Business Day of the month preceding the month
of the related Distribution Date.

            Recovery: Any amount received (net of any reimbursable expenses) on
a Mortgage Loan subsequent to such Mortgage Loan being determined to be a
Liquidated Loan.

            Regulation AB: Subpart 229.1100 - Asset Backed Securities
(Regulation AB), 17 C.F.R. ss.ss.229.1100-229.1123, as such may be amended from
time to time, and subject to such clarification and interpretation as have been
publicly provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan.
7, 2005)) or by the staff of the Commission, or as may be provided by the
Commission or its staff from time to time.

            Reimbursement Amount: As defined in Section 2.03(c).

            Relevant Servicing Criteria: The Servicing Criteria applicable to
the Master Servicer, the Trustee, the Custodian or the Servicers, as set forth
on Exhibit R attached hereto and the Servicing Criteria applicable to any
Special Servicer as set forth in the applicable Special Servicing Agreement. For
clarification purposes, multiple parties can have responsibility for the same
Relevant Servicing Criteria. With respect to a Servicing Function Participant
engaged by the Master Servicer, the Trustee, the Custodian, the Special Servicer
(if applicable) or a Servicer, the term "Relevant Servicing Criteria" refers to
the portion of the Relevant Servicing Criteria applicable to the party engaging
such Servicing Function Participant insofar as the functions required to be
performed by such party are to be performed by the Servicing Function
Participant.

            Relief Act Shortfall: Any interest shortfalls arising as a result of
the reduction in the amount of monthly interest payments on any Mortgage Loans
as a result of the application of the Servicemembers Civil Relief Act, as it may
be amended from time to time, or comparable state legislation. Any Relief Act
Shortfall will be allocated to (a) the Class A Certificates according to the
percentage obtained by dividing the Class A Principal Balance by the Aggregate
Principal Balance and (b) the Class B Certificates according to the percentage
obtained by dividing the Class B Principal Balance by the Aggregate Principal
Balance.

            REMIC: A "real estate mortgage investment conduit" as defined in
Code Section 860D.

            REMIC Provisions: Provisions of the federal income tax law relating
to REMICs, which appear at Sections 860A through 860G of Part IV of Subchapter M
of Chapter 1 of Subtitle A of the Code, and related provisions, and U.S.
Department of the Treasury temporary, proposed or final regulations promulgated
thereunder, as the foregoing are in effect (or with respect to proposed
regulations, are proposed to be in effect) from time to time.

            Remittance Date: As defined in each of the Servicing Agreements.

            Residual Certificate: The Class A-R Certificate.

            REO Mortgage Loan: Any Mortgage Loan which is not a Liquidated Loan
and as to which the indebtedness evidenced by the related Mortgage Note is
discharged and the related Mortgaged Property is held as part of the Trust
Estate.

            REO Proceeds: Proceeds received in respect of any REO Mortgage Loan
(including, without limitation, proceeds from the rental of the related
Mortgaged Property).

            Reportable Event: As defined in Section 3.12(c).

            Repurchase Price: With respect to any Mortgage Loan repurchased
pursuant to Section 2.02, 2.03 or 3.08 hereof, the sum of (a) 100% of the unpaid
principal balance of such Mortgage Loan plus (b) accrued interest at the
Mortgage Interest Rate, through the last day of the month in which such
repurchase takes place.

            Request for Release: A request for release (which may be in
electronic form) in substantially the form attached as Exhibit G hereto.

            Responsible Officer: When used with respect to the Trustee, the
Master Servicer, the Custodian, the Paying Agent or the Authenticating Agent,
any officer of the Corporate Trust Department of the Trustee, the Master
Servicer, the Custodian, the Paying Agent or the Authenticating Agent having
direct responsibility for the administration of this Agreement, including any
Senior Vice President, any Vice President, any Assistant Vice President, any
Assistant Secretary, any Trust Officer or Assistant Trust Officer, or any other
employee of the Trustee, the Master Servicer, the Custodian, the Paying Agent or
the Authenticating Agent customarily performing functions similar to those
performed by any of the above designated officers. When used with respect to a
Servicer, a Servicing Officer.

            Retained Mortgage Loan File: A file maintained by Wells Fargo Bank
prior to any Document Transfer Date for each Mortgage Loan that contains the
documents specified in Section 2.01(b) and any additional documents required to
be added to the Retained Mortgage Loan File pursuant to this Agreement.

            Rule 144A: Rule 144A promulgated under the 1933 Act.

            S&P: Standard & Poor's, a division of The McGraw-Hill Companies,
Inc., or its successor in interest.

            Sarbanes-Oxley Certification: As defined in Section 3.12(b).

            Scheduled Principal Balance: As to any Mortgage Loan and
Distribution Date, the principal balance of such Mortgage Loan as of the Due
Date in the month preceding the month of such Distribution Date as specified in
the amortization schedule at the time relating thereto (before any adjustment to
such amortization schedule by reason of any bankruptcy (other than Deficient
Valuations) or similar proceeding or any moratorium or similar waiver or grace
period) after giving effect to (A) Unscheduled Principal Receipts received or
applied by the applicable Servicer during the related Unscheduled Principal
Receipt Period for each applicable type of Unscheduled Principal Receipt related
to the Distribution Date occurring in the month preceding such Distribution
Date, (B) Deficient Valuations incurred prior to such Due Date and (C) the
payment of principal due on such Due Date and irrespective of any delinquency in
payment by the related Mortgagor. Accordingly, the Scheduled Principal Balance
of a Mortgage Loan which becomes a Liquidated Loan at any time through the last
day of such related Unscheduled Principal Receipt Period shall be zero.

            Servicer Mortgage Loan File: As defined in each of the Servicing
Agreements.

            Servicers: Wells Fargo Bank, as a Servicer under the related
Servicing Agreement. Initially the servicing functions performed by Wells
Fargo Bank shall be performed by the Wells Fargo Home Mortgage division of
Wells Fargo Bank.

            Servicing Agreements: Each of the Servicing Agreements executed with
respect to a portion of the Mortgage Loans by one of the Servicers, which
agreements are attached hereto, collectively, as Exhibit L.

            Servicing Criteria: The "servicing criteria" set forth in Item
1122(d) of Regulation AB, as such may be amended from time to time.

            Servicing Fee: With respect to any Servicer, as defined in its
Servicing Agreement.

            Servicing Fee Rate: With respect to a Mortgage Loan, as set forth
in Section 11.24.

            Servicing Function Participant: Any Subservicer, Subcontractor or
any other Person, other than the Master Servicer, the Trustee, the Custodian,
the Special Servicer (if applicable) and the Servicers, that is performing
activities addressed by the Servicing Criteria.

            Servicing Officer: Any officer of a Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans.

            Similar Law: As defined in Section 5.02(c).

            Special Servicer: As defined in Section 3.08.

            Special Servicing Agreement: As defined in Section 3.08.

            Single Certificate: A Certificate of any Class that evidences the
smallest permissible Denomination for such Class, as set forth in
Section 11.23.

            Startup Day: As defined in Section 2.05.

            Subcontractor: Any vendor, subcontractor or other Person that is not
responsible for the overall servicing of Mortgage Loans but performs one or more
discrete functions identified in Item 1122(d) of Regulation AB with respect to
Mortgage Loans under the direction or authority of any Servicer (or a
Subservicer of any Servicer), the Master Servicer, the Trustee or the Custodian.

            Subordinated Percentage: As to any Distribution Date, the percentage
which is the difference between 100% and the Class A Percentage for such date.

            Subordinated Prepayment Percentage: As to any Distribution Date, the
percentage which is the difference between 100% and the Class A Prepayment
Percentage for such date.

            Subordination Depletion Date: The Distribution Date preceding the
first Distribution Date on which the Class A Percentage (determined pursuant to
clause (ii) of the definition thereof) equals or exceeds 100%.

            Subordination Depletion Date Interest Shortfall: With respect to any
Distribution Date that occurs on or after the Subordination Depletion Date with
respect to any Unscheduled Principal Receipt (other than a Prepayment in Full or
Curtailment):

            (A)   in the case where the Applicable Unscheduled Principal
                  Receipt Period is the Mid-Month Receipt Period and such
                  Unscheduled Principal Receipt is received by the Servicer
                  on or after the Determination Date in the month preceding
                  the month of such Distribution Date but prior to the first
                  day of the month of such Distribution Date, the amount of
                  interest that would have accrued at the Net Mortgage
                  Interest Rate on the amount of such Unscheduled Principal
                  Receipt from the day of its receipt or, if earlier, its
                  application by the Servicer through the last day of the
                  month preceding the month of such Distribution Date; and

            (B)   in the case where the Applicable Unscheduled Principal
                  Receipt Period is the Prior Month Receipt Period and such
                  Unscheduled Principal Receipt is received by the Servicer
                  during the month preceding the month of such Distribution
                  Date, the amount of interest that would have accrued at the
                  Net Mortgage Interest Rate on the amount of such
                  Unscheduled Principal Receipt from the day of its receipt
                  or, if earlier, its application by the Servicer through the
                  last day of the month in which such Unscheduled Principal
                  Receipt is received.

            Subservicer: Any Person that (i) services Mortgage Loans on behalf
of any Servicer, and (ii) is responsible for the performance (whether directly
or through Subservicers or Subcontractors) of a substantial portion of the
material servicing functions required to be performed under this Agreement, any
related Servicing Agreement or any sub-servicing agreement that are identified
in Item 1122(d) of Regulation AB.

            Subsidy Account: If the Trust Estate contains any Subsidy Loans, the
deposit account or accounts created and maintained by the Servicer for deposit
of Subsidy Funds and amounts payable under interest subsidy agreements relating
to mortgage loans other than the Mortgage Loans.

            Subsidy Funds: If the Trust Estate contains any Subsidy Loans, funds
contributed by the employer of a Mortgagor in order to reduce the payments
required from the Mortgagor for a specified period in specified amounts.

            Subsidy Loan: Any Mortgage Loan subject to a temporary interest
subsidy agreement pursuant to which the monthly interest payments made by the
related Mortgagor will be less than the scheduled monthly interest payments on
such Mortgage Loan, with the resulting difference in interest payments being
provided by the employer of the Mortgagor.

            Substitute Mortgage Loan: As defined in Section 2.02.

            Substitution Principal Amount: With respect to any Mortgage Loan
substituted in accordance with Section 2.02 or pursuant to Section 2.03, the
excess of (x) the unpaid principal balance of the Mortgage Loan which is
substituted for over (y) the unpaid principal balance of the Substitute Mortgage
Loan, each balance being determined as of the date of substitution.

            Trust: The New York common law trust created by this Agreement.

            Trust Estate: The corpus of the Trust, consisting of the Mortgage
Loans, such amounts as may be held from time to time in the Certificate Account,
the rights of the Trustee to receive the proceeds of all insurance policies and
performance bonds, if any, required to be maintained hereunder or under the
related Servicing Agreement, property which secured a Mortgage Loan and which
has been acquired by foreclosure or deed in lieu of foreclosure and all other
property and rights described in the first paragraph of Section 2.01(a).

            Trustee: HSBC Bank USA, National Association, a national banking
association, or any successor trustee appointed as herein provided.

            Trustee Errors and Omissions Policy: An insurance policy covering
losses caused by errors or omissions of the Trustee and its personnel.

            Type 1 Mortgage Loan: The Mortgage Loans, if any, identified as such
in the Mortgage Loan Schedule as such Mortgage Loan Schedule may be amended from
time to time in connection with a substitution pursuant to Section 2.02 or 2.03,
serviced under the Wells Fargo Bank Servicing Agreement and having a Mid-Month
Receipt Period with respect to all types of Unscheduled Principal Receipts.

            Type 2 Mortgage Loan: The Mortgage Loans, if any, identified as such
in the Mortgage Loan Schedule as such Mortgage Loan Schedule may be amended from
time to time in connection with a substitution pursuant to Section 2.02 or 2.03,
serviced under the Wells Fargo Bank Servicing Agreement and having a Prior Month
Receipt Period with respect to all types of Unscheduled Principal Receipts.

            Uncertificated Lower-Tier Interest: Any of the Class A-L1 Interest,
Class A-L2 Interest, Class A-LUR Interest, Class B-L1 Interest, Class B-L2
Interest, Class B-L3 Interest, Class B-L4 Interest, Class B-L5 Interest and
Class B-L6 Interest.

            Unpaid Interest Shortfalls: Each of the Class A Unpaid Interest
Shortfalls, the Class B-1 Unpaid Interest Shortfall, the Class B-2 Unpaid
Interest Shortfall, the Class B-3 Unpaid Interest Shortfall, the Class B-4
Unpaid Interest Shortfall, the Class B-5 Unpaid Interest Shortfall and the Class
B-6 Unpaid Interest Shortfall.

            Unscheduled Principal Receipt: Any Principal Prepayment or other
recovery of principal on a Mortgage Loan, including, without limitation, the
principal portion of Net Liquidation Proceeds, the principal portion of Net REO
Proceeds, Recoveries and proceeds received from any condemnation award or
proceeds in lieu of condemnation other than that portion of such proceeds
released to the Mortgagor in accordance with the terms of the Mortgage or
Prudent Servicing Practices, but excluding any Liquidation Profits and proceeds
of a repurchase of a Mortgage Loan by the Depositor and any Substitution
Principal Amounts.

            Unscheduled Principal Receipt Period: Either a Mid-Month Receipt
Period or a Prior Month Receipt Period.

            Upper-Tier Certificate: Any one of the Class A Certificates (other
than that portion of the Residual Certificate represented by the Class A-LR
Interest) and the Class B Certificates.

            Upper-Tier Certificate Account: The trust account established and
maintained pursuant to Section 4.01(e).

            Upper-Tier REMIC: One of the two separate REMICs comprising the
Trust Estate, the assets of which consist of the Uncertificated Lower-Tier
Interests and such amounts as shall from time to time be held in the Upper-Tier
Certificate Account.

            U.S. Person: As defined in Section 4.01(g).

            Voting Interest: With respect to any provisions hereof providing for
the action, consent or approval of the Holders of all Certificates evidencing
specified Voting Interests in the Trust Estate, the Class A-IO Certificates will
be entitled to 1% of the aggregate Voting Interest represented by all
Certificates and each remaining Class of Certificates will be entitled to a pro
rata portion of the remaining Voting Interest equal to the ratio obtained by
dividing the Principal Balance of such Class by the Aggregate Principal Balance.
Each Certificateholder of a Class will have a Voting Interest equal to the
product of the Voting Interest to which such Class is collectively entitled and
the Percentage Interest in such Class represented by such Holder's Certificates.
With respect to any provisions hereof providing for action, consent or approval
of each Class of Certificates or specified Classes of Certificates, each
Certificateholder of a Class will have a Voting Interest in such Class equal to
such Holder's Percentage Interest in such Class.

            Wells Fargo Bank: Wells Fargo Bank, N.A., or its successor in
interest.

            Wells Fargo Bank Correspondents: The entities identified on a list
provided by Wells Fargo Bank to the Master Servicer, from which Wells Fargo Bank
purchased the Mortgage Loans.

            Wells Fargo Bank Servicing Agreement: The Servicing Agreement
providing for the servicing of those Mortgage Loans that are initially serviced
by Wells Fargo Bank.

            Section 1.02 Acts of Holders.

            (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing. Except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the
Trustee. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Agreement and
conclusive in favor of the Trustee, if made in the manner provided in this
Section 1.02. The Trustee shall promptly notify the Master Servicer in writing
of the receipt of any such instrument or writing.

            (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. When such
execution is by a signer acting in a capacity other than his or her individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his or her authority. The fact and date of the execution of any such
instrument or writing, or the authority of the individual executing the same,
may also be proved in any other manner which the Trustee deems sufficient.

            (c) The ownership of Certificates (whether or not such Certificates
shall be overdue and notwithstanding any notation of ownership or other writing
thereon made by anyone other than the Trustee and the Authenticating Agent)
shall be proved by the Certificate Register, and none of the Trustee, the
Depositor or the Master Servicer shall be affected by any notice to the
contrary.

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

            Section 1.03 Effect of Headings and Table of Contents.

            The Article and Section headings in this Agreement and the Table of
Contents are for convenience of reference only and shall not affect the
interpretation or construction of this Agreement.

            Section 1.04 Benefits of Agreement.

            Nothing in this Agreement or in the Certificates, express or
implied, shall give to any Person, other than the parties to this Agreement and
their successors hereunder and the Holders of the Certificates any benefit or
any legal or equitable right, power, remedy or claim under this Agreement.

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                      ORIGINAL ISSUANCE OF THE CERTIFICATES

            Section 2.01 Conveyance of Mortgage Loans.

            (a) The Depositor, concurrently with the execution and delivery
hereof, does hereby assign to the Trustee, without recourse all the right, title
and interest of the Depositor in and to (a) the Trust Estate, including all
interest and principal received by the Depositor on or with respect to the
Mortgage Loans after the Cut-Off Date (and including scheduled payments of
principal and interest due after the Cut-Off Date but received by the Depositor
on or before the Cut-Off Date and Unscheduled Principal Receipts received or
applied on the Cut-Off Date, but not including payments of principal and
interest due on the Mortgage Loans on or before the Cut-Off Date), (b) the
Insurance Policies, (c) the obligations of the Servicers under the Servicing
Agreements with respect to the Mortgage Loans, (d) the right to receive amounts,
if any, payable on behalf of any Mortgagor from the Subsidy Account relating to
any Subsidy Loan and (e) proceeds of all the foregoing. It is agreed and
understood by the Depositor and the Trustee that it is not intended that any
mortgage loan be included in the Trust Estate that is a "High-Cost Home Loan" as
defined in any of (i) the New Jersey Home Ownership Act, effective November 27,
2003, (ii) the New Mexico Home Loan Protection Act, effective January 1, 2004,
(iii) the Massachusetts Predatory Home Loan Practices Act, effective November 7,
2004 or (iv) the Indiana Home Loan Practices Act, effective January 1, 2005.

            In connection with such assignment, the Depositor shall, with
respect to each Mortgage Loan, deliver, or cause to be delivered, to the
Custodian, on or before the Closing Date the following documents or instruments
with respect to each Mortgage Loan:

            (i) The original Mortgage Note either (A) endorsed in blank or (B)
      endorsed as provided in Section 2.01(d), with all prior and intervening
      endorsements as may be necessary to show a complete chain of endorsements
      or with respect to any Mortgage Loan as to which the original Mortgage
      Note has been permanently lost or destroyed and has not been replaced, a
      lost note affidavit with a copy of the Mortgage Note and, in the case of
      any Mortgage Loan originated in the State of New York documented by a
      NYCEMA, the NYCEMA, the new Mortgage Note, if applicable, the consolidated
      Mortgage Note and the consolidated Mortgage;

            (ii) A recorded original assignment of the related Mortgage from
      Wells Fargo Bank assigning the related Mortgage to the Trustee (which may
      be assigned in blank), certified by the recording office, or, if such
      assignment is in the process of being recorded, a copy of the related
      Mortgage transmitted for recordation certified by an officer of Wells
      Fargo Bank or applicable Wells Fargo Bank Correspondent to be a true and
      correct copy of such assignment submitted for recordation; provided,
      however, if recordation is not required as described below, an assignment
      in recordable form (which may be assigned in blank) with respect to the
      related Mortgage;

            (iii) The original of each assumption agreement, modification,
      written assurance or substitution agreement pertaining to such Mortgage
      Note, if any; and

            (iv) For each Mortgage Loan secured by Co-op Shares, the originals
      of the following documents or instruments:

                  (a)   The loan security agreement;

                  (b)   The stock certificate;

                  (c)   The stock power, executed in blank;

                  (d)   The executed proprietary lease;

                  (e)   The executed recognition agreement;

                  (f)   The executed UCC-1 financing statement with evidence of
                        recording thereon; and

                  (g)   The executed UCC-3 financing statements or other
                        appropriate UCC financing statements required by state
                        law, evidencing a complete and unbroken chain from the
                        mortgagee to the Trustee with evidence of recording
                        thereon (or in a form suitable for recordation).

            (b) The Master Servicer shall promptly notify the Depositor, the
Trustee and the Custodian of the occurrence of any Document Transfer Event of
which the Master Servicer had knowledge. Following the receipt of such notice,
the Depositor shall, with respect to each Mortgage Loan, deliver, or cause to be
delivered, to the Custodian, no later than the Document Transfer Date, copies
(which may be in electronic form mutually agreed upon by the Depositor and the
Custodian) of the following additional documents or instruments with respect to
each Mortgage Loan; provided, however, that originals of such documents or
instruments shall be delivered to the Custodian if originals are required under
the law in which the related Mortgaged Property is located in order to exercise
all remedies available to the Trust under applicable law following default by
the related Mortgagor:

            (i) The original recorded Mortgage with evidence of recordation
      noted thereon or attached thereto, together with any addenda or riders
      thereto, or a copy of such recorded Mortgage with such evidence of
      recordation certified to be true and correct by the appropriate
      governmental recording office; or a copy of such recorded Mortgage with
      such evidence of recordation, or if the original Mortgage has been
      submitted for recordation but has not been returned from the applicable
      public recording office, a copy of the Mortgage certified by an officer of
      Wells Fargo Bank or the applicable Wells Fargo Bank Correspondent to be a
      true and correct copy of the original Mortgage submitted for recordation;

            (ii) The original of each assumption agreement, modification,
      written assurance or substitution agreement pertaining to such Mortgage,
      if any, or, if such document is in the process of being recorded, a copy
      of such document, certified by an officer of Wells Fargo Bank or the
      applicable Wells Fargo Bank Correspondent of such Mortgage Loan or by the
      applicable title insurance company, closing agent, settlement agent,
      escrow agent or closing attorney to be a true and correct copy of such
      document transmitted for recordation, if any;

            (iii) For each MERS Mortgage Loan that is not a MOM Mortgage Loan,
      the original assignment showing MERS as the assignee of the Mortgage, with
      evidence of recording thereon or copies thereof certified by an officer of
      Wells Fargo Bank or the applicable Wells Fargo Bank Correspondent to have
      been submitted for recordation;

            (iv) Each original recorded intervening assignment of the Mortgage
      as may be necessary to show a complete chain of title from the Mortgage
      Loan originator to Wells Fargo Bank or Wells Fargo Home Mortgage, Inc.,
      with evidence of recordation noted thereon or attached thereto, or a copy
      of such assignment with such evidence of recordation to be true and
      correct by the appropriate governmental recording office, or, if any such
      assignment has been submitted for recordation but has not been returned
      from the applicable public recording office or is not otherwise available,
      a copy of such assignment certified by an officer of Wells Fargo Bank or
      the applicable Wells Fargo Bank Correspondent to be a true and correct
      copy of the recorded assignment submitted for recordation; and

            (v) The original policy of the title insurance or certificate of
      title insurance or a written commitment to issue such a title insurance
      policy or certificate of title insurance, or a copy of such title
      insurance certified as true and correct by the applicable insurer or any
      attorney's certificate of title with an Officer's Certificate of Wells
      Fargo Bank or the applicable Wells Fargo Bank Correspondent that such
      attorney's certificate of title is customarily used in lieu of a title
      insurance policy in the jurisdiction in which the related mortgage
      property is located.

            (c) If any assignment of a Mortgage to the Trustee is in the process
of being recorded on the Closing Date, the Depositor shall use its best efforts
to cause each such original recorded document or certified copy thereof to be
delivered to the Custodian promptly following its recordation, but in no event
later than one (1) year following the Closing Date. If any Mortgage has been
recorded in the name of MERS or its designee, no assignment of Mortgage in favor
of the Trustee will be required to be prepared or delivered and instead, the
Master Servicer shall enforce any obligation of the Servicers under the
Servicing Agreements to take all actions as are necessary to cause the Trust
Estate to be shown as the owner of the related Mortgage Loan on the records of
MERS for the purpose of the system of recording transfers of beneficial
ownership of mortgages maintained by MERS. The Depositor shall also cause to be
delivered to the Custodian any other original mortgage loan document included in
the Owner Mortgage Loan File if a copy thereof has been delivered. The Depositor
shall pay from its own funds, without any right of reimbursement therefor, the
amount of any costs, liabilities and expenses incurred by the Trust Estate by
reason of the failure of the Depositor to cause to be delivered to the Custodian
within one (1) year following the Closing Date any assignment of a Mortgage
(except with respect to any Mortgage recorded in the name of MERS) not delivered
to the Custodian on the Closing Date.

            In lieu of recording an assignment of any Mortgage the Depositor
may, deliver or cause to be delivered to the Custodian the assignment of the
Mortgage Loan to the Trustee in a form suitable for recordation, if (i) with
respect to a particular state the Trustee has received an Opinion of Counsel
acceptable to it that such recording is not required to make the assignment
effective against the parties to the Mortgage or subsequent purchasers or
encumbrances of the Mortgaged Property or (ii) the Depositor has been advised by
each Rating Agency that non-recordation in a state will not result in a
reduction of the rating assigned by that Rating Agency at the time of initial
issuance of the Certificates. Set forth on Exhibit K attached hereto is a list
of all states where recordation is required by either Rating Agency to obtain
the initial ratings of the Certificates. The Custodian may rely and shall be
protected in relying upon the information contained in such Exhibit K. In the
event that the Custodian receives notice that recording is required to protect
the right, title and interest of the Trustee in and to any such Mortgage Loan
for which recordation of an assignment has not previously been required, the
Custodian shall promptly notify the Trustee and the Custodian shall, within five
Business Days (or such other reasonable period of time mutually agreed upon by
the Custodian and the Trustee) of its receipt of such notice, deliver each
previously unrecorded assignment to the related Servicer for recordation.

            (d) Except for Mortgage Notes endorsed in blank, endorsements shall
comply with the following format:

                                WITHOUT RECOURSE
                              PAY TO THE ORDER OF:
                     HSBC BANK USA, NATIONAL ASSOCIATION, AS
                     TRUSTEE under the pooling and servicing
                          agreement dated as of [date];
                         and its successors and assigns,

          [Wells Fargo Bank, N.A.] or [Wells Fargo Home Mortgage, Inc.]
                             [Signature of Officer]
                           [Officer's Name and Title]

            Except where assignments in blank are authorized or in the case of
any Mortgage registered in the name of MERS, assignments of any Mortgage shall
comply with the following:

                     HSBC BANK USA, NATIONAL ASSOCIATION, AS
                                     TRUSTEE
                         and its successors and assigns

            (e) Concurrently with the execution and delivery of this Agreement,
the Depositor shall deliver the Mortgage Loan Schedule to the Trustee, the
Master Servicer and the Custodian. The Depositor and the Master Servicer shall
provide a copy of the Mortgage Loan Schedule to any Certificateholders upon
written request made to it at the addresses set forth on Exhibit F, as the same
may be amended from time to time by written notice from such party to the other
parties hereto.

            Section 2.02 Acceptance by Custodian.

            Subject to the provisions of the following paragraph, pursuant to
the Custodial Agreement, the Custodian, on behalf of the Trustee, will declare
that it holds and will hold the documents delivered to it pursuant to Section
2.01(a) above and the other documents constituting a part of the Owner Mortgage
Loan Files or Retained Mortgage Loan Files (after the occurrence of a Document
Transfer Event) delivered to it in trust, upon the trusts herein set forth, for
the use and benefit of all present and future Certificateholders. Upon execution
of this Agreement, the Custodian will deliver to the Depositor and the Trustee
an initial certification in the form of Exhibit N hereto, to the effect that,
except as may be specified in a list of exceptions attached thereto, it has
received the original Mortgage Notes relating to each Mortgage Loan on the
Mortgage Loan Schedule.

            The Custodian will review each Owner Mortgage Loan File within 45
days after execution of this Agreement. The Custodian will deliver no later than
30 days after completion of such review to the Depositor and the Trustee a final
certification in the form of Exhibit O hereto to the effect that, except as may
be specified in a list of exceptions attached thereto, all required documents
set forth in Section 2.01(a) have been executed and received and appear regular
on their face, and that such documents relate to the Mortgage Loans identified
in the Mortgage Loan Schedule based on a comparison of the Mortgage Loan
identifying number, Mortgagor name and street address, and in so doing the
Custodian may rely on the purported due execution and genuineness of any such
document and on the purported genuineness of any signature thereon.

            If there are exceptions attached to the final certification, the
Depositor shall have a period of 60 days after the date of receipt of the final
certification within which to correct or cure any such defects. The Depositor
hereby covenants and agrees that, if any material defect is not so corrected or
cured, the Depositor will, not later than 60 days after receipt of the final
certification referred to above respecting such defect, either (i) repurchase
the related Mortgage Loan or any property acquired in respect thereof from the
Trust Estate at a price equal to the Repurchase Price or (ii) if within two
years of the Startup Day, or such other period permitted by the REMIC
Provisions, substitute for any Mortgage Loan to which such material defect
relates, a new mortgage loan (a "Substitute Mortgage Loan") having such
characteristics so that the representations and warranties of the Depositor set
forth in Section 2.03(b) hereof (other than Section 2.03(b)(i)) would not have
been incorrect had such Substitute Mortgage Loan originally been a Mortgage
Loan. In no event shall any Substitute Mortgage Loan have an unpaid principal
balance, as of the date of substitution, greater than the Scheduled Principal
Balance (reduced by the scheduled payment of principal due on the Due Date in
the month of substitution) of the Mortgage Loan for which it is substituted. In
addition, such Substitute Mortgage Loan (i) shall have a Loan-to-Value Ratio
less than or equal to and a Net Mortgage Interest Rate equal to that of the
Mortgage Loan for which it is substituted, (ii) shall have the same Gross Margin
and Index as that of the Mortgage Loan for which it is substituted and (iii)
shall have the same frequency of mortgage rate adjustment as that of the
Mortgage Loan for which it is substituted.

            The Depositor shall determine the Repurchase Price or the
eligibility of any Substitute Mortgage Loan and the Trustee shall be protected
in relying on such determination.

            In the case of a repurchased Mortgage Loan or property, the
Repurchase Price shall be deposited by the Depositor in the Certificate Account
maintained by the Master Servicer pursuant to Section 3.01. In the case of a
Substitute Mortgage Loan, the Owner Mortgage Loan File (and Retained Mortgage
Loan File, if required pursuant to Section 2.01(b) hereof) relating thereto
shall be delivered to the Custodian and the Substitution Principal Amount (if
any), together with (i) interest on such Substitution Principal Amount at the
applicable Net Mortgage Interest Rate to the following Due Date of such Mortgage
Loan which is being substituted for and (ii) an amount equal to the aggregate
amount of unreimbursed Periodic Advances in respect of interest previously made
by the Servicer, the Master Servicer or the Trustee with respect to such
Mortgage Loan, shall be deposited in the Certificate Account. The Monthly
Payment on the Substitute Mortgage Loan for the Due Date in the month of
substitution shall not be part of the Trust Estate. Upon receipt by the
Custodian of a Request for Release signed by an officer of the Depositor, the
Custodian shall release to the Depositor the Owner Mortgage Loan File (and
Retained Mortgage Loan File, if applicable) of the Mortgage Loan being removed.
The Trustee shall execute and deliver such instrument of transfer or assignment
(or, in the case of a Mortgage Loan registered in the name of MERS or its
designee, the Master Servicer shall enforce the obligation of the applicable
Servicer under the related Servicing Agreement to take all necessary action to
reflect such assignment on the records of MERS), in each case without recourse,
as shall be necessary to vest in the Depositor legal and beneficial ownership of
such substituted or repurchased Mortgage Loan or property. It is understood and
agreed that the obligation of the Depositor to substitute a new Mortgage Loan
for or repurchase any Mortgage Loan or property as to which such a material
defect in a constituent document exists shall constitute the sole remedy
respecting such defect available to the Certificateholders or the Trustee on
behalf of the Certificateholders. The failure of the Custodian to give the final
certification or the Trustee to give any notice within the required time periods
shall not affect or relieve the Depositor's obligation to repurchase any
Mortgage Loan pursuant to this Section 2.02.

            The Trustee shall be responsible for enforcing the Depositor's
obligations under this Section 2.02. If the Trustee receives written notice from
the Custodian or the Master Servicer that the defect is not cured by the
Depositor within 60 days after the Trustee's notice, the Trustee shall enforce
the Depositor's obligation to repurchase such Mortgage Loan or substitute for
such Mortgage Loan in accordance with the provisions of this Section 2.02. In
connection with any substitution permitted by this Section 2.02, the Master
Servicer shall verify that the unpaid principal balance and the Loan-to-Value
Ratio of the Substitute Mortgage Loan satisfy the requirements of this Section
2.02.

            Section 2.03 Representations and Warranties of the Master
                         Servicer and the Depositor.

            (a) The Master Servicer hereby represents and warrants to the
Trustee for the benefit of the Certificateholders that, as of the date of
execution of this Agreement:

            (i) The Master Servicer is a national banking association duly
      chartered and validly existing in good standing under the laws of the
      United States;

            (ii) The execution and delivery of this Agreement by the Master
      Servicer and its performance and compliance with the terms of this
      Agreement will not violate the Master Servicer's corporate charter or
      by-laws or constitute a default (or an event which, with notice or lapse
      of time, or both, would constitute a default) under, or result in the
      breach of, any material contract, agreement or other instrument to which
      the Master Servicer is a party or which may be applicable to the Master
      Servicer or any of its assets;

            (iii) This Agreement, assuming due authorization, execution and
      delivery by the Trustee and the Depositor, constitutes a valid, legal and
      binding obligation of the Master Servicer, 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;

            (iv) The Master Servicer 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 Master Servicer or its
      properties or might have consequences that would materially affect its
      performance hereunder;

            (v) Except as otherwise disclosed in the Prospectus, no legal or
      governmental proceedings are pending (or known to be contemplated) against
      the Master Servicer that would be material to Certificateholders;

            (vi) Except as otherwise disclosed in the Prospectus, the Master
      Servicer is not aware and has not received notice that any default, early
      amortization or other performance triggering event has occurred as to any
      other securitization due to any act or failure to act of the Master
      Servicer under such securitization;

            (vii) Except as otherwise disclosed in the Prospectus, the Master
      Servicer has not been terminated as master servicer in a residential
      mortgage loan securitization, either due to a master servicing default or
      to application of a master servicing performance test or trigger;

            (viii) Except as otherwise disclosed in the Prospectus, no material
      noncompliance with the applicable servicing criteria with respect to other
      securitizations of residential mortgage loans involving the Master
      Servicer as a master servicer has been disclosed or reported by the Master
      Servicer within the past three (3) years;

            (ix) Except as otherwise disclosed in the Prospectus, no material
      changes to the Master Servicer's policies or procedures with respect to
      the master servicing function it will perform under this Agreement for
      mortgage loans of a type similar to the Mortgage Loans have occurred
      during the three-year period immediately preceding the date of this
      Agreement;

            (x) Except as otherwise disclosed in the Prospectus, there is no
      material risk that the Master Servicer's financial condition could affect
      one or more aspects of the performance by the Master Servicer of its
      master servicing obligations under this Agreement in a manner that could
      have a material impact on the performance of the Mortgage Loans or the
      Certificates; and

            (xi) Except as disclosed in the Prospectus, there are no
      affiliations, relationships or transactions relating to the Master
      Servicer and any party identified in Item 1119 of Regulation AB of the
      type described therein.

            It is understood and agreed that the representations and warranties
set forth in this Section 2.03(a) shall survive delivery of the respective Owner
Mortgage Loan Files to the Trustee or the Custodian. Upon discovery by any of
the Depositor, the Master Servicer or the Trustee of a breach of any of the
representations and warranties set forth in this Section 2.03(a), the party
discovering such breach shall give prompt written notice, which shall not exceed
two days, to the other parties. The Master Servicer shall consult with the
Depositor to determine if any such breach is material and any breach determined
by the Depositor to be material shall be included by the Master Servicer on the
next Distribution Date Statement prepared pursuant to Section 4.04.

            (b) The Depositor hereby represents and warrants to the Trustee for
the benefit of Certificateholders that, as of the date of execution of this
Agreement, with respect to the Mortgage Loans, or each Mortgage Loan, as the
case may be:

            (i) The information set forth in the Mortgage Loan Schedule was true
      and correct in all material respects at the date or dates respecting which
      such information is furnished as specified in the Mortgage Loan Schedule;

            (ii) Immediately prior to the transfer and assignment contemplated
      herein, the Depositor was the sole owner and holder of the Mortgage Loan
      free and clear of any and all liens, pledges, charges or security
      interests of any nature and has full right and authority to sell and
      assign the same;

            (iii) The Mortgage is a valid, subsisting and enforceable first lien
      on the property therein described, and the Mortgaged Property is free and
      clear of all encumbrances and liens having priority over the first lien of
      the Mortgage except for liens for real estate taxes and special
      assessments not yet due and payable and liens or interests arising under
      or as a result of any federal, state or local law, regulation or ordinance
      relating to hazardous wastes or hazardous substances, and, if the related
      Mortgaged Property is a condominium unit, any lien for common charges
      permitted by statute or homeowners association fees; and if the Mortgaged
      Property consists of shares of a cooperative housing corporation, any lien
      for amounts due to the cooperative housing corporation for unpaid
      assessments or charges or any lien of any assignment of rents or
      maintenance expenses secured by the real property owned by the cooperative
      housing corporation; and any security agreement, chattel mortgage or
      equivalent document related to, and delivered to the Trustee or to the
      Custodian with, any Mortgage establishes in the Depositor a valid and
      subsisting first lien on the property described therein and the Depositor
      has full right to sell and assign the same to the Trustee;

            (iv) Neither the Depositor nor any prior holder of the Mortgage or
      the related Mortgage Note has modified the Mortgage or the related
      Mortgage Note in any material respect, satisfied, canceled or subordinated
      the Mortgage in whole or in part, released the Mortgaged Property in whole
      or in part from the lien of the Mortgage, or executed any instrument of
      release, cancellation, modification or satisfaction, except in each case
      as is reflected in an agreement delivered to the Trustee or the Custodian
      pursuant to Section 2.01(a);

            (v) All taxes, governmental assessments, insurance premiums, and
      water, sewer and municipal charges, which previously became due and owing
      have been paid, or an escrow of funds has been established, to the extent
      permitted by law, in an amount sufficient to pay for every such item which
      remains unpaid; and the Depositor has not advanced funds, or received any
      advance of funds by a party other than the Mortgagor, directly or
      indirectly (except pursuant to any Subsidy Loan arrangement) for the
      payment of any amount required by the Mortgage, except for interest
      accruing from the date of the Mortgage Note or date of disbursement of the
      Mortgage Loan proceeds, whichever is later, to the day which precedes by
      thirty days the first Due Date under the related Mortgage Note;

            (vi) The Mortgaged Property is undamaged by water, fire, earthquake,
      earth movement other than earthquake, windstorm, flood, tornado or similar
      casualty (excluding casualty from the presence of hazardous wastes or
      hazardous substances, as to which the Depositor makes no representations),
      in a manner which would adversely affect the value of the Mortgaged
      Property as security for the Mortgage Loan or the use for which the
      premises were intended and to the best of the Depositor's knowledge, there
      is no proceeding pending or threatened for the total or partial
      condemnation of the Mortgaged Property;

            (vii) The Mortgaged Property is free and clear of all mechanics' and
      materialmen's liens or liens in the nature thereof; provided, however,
      that this warranty shall be deemed not to have been made at the time of
      the initial issuance of the Certificates if a title policy affording, in
      substance, the same protection afforded by this warranty is furnished to
      the Trustee by the Depositor;

            (viii) Except for Mortgage Loans secured by Co-op Shares and
      Mortgage Loans secured by residential long-term leases, the Mortgaged
      Property consists of a fee simple estate in real property; all of the
      improvements which are included for the purpose of determining the
      appraised value of the Mortgaged Property lie wholly within the boundaries
      and building restriction lines of such property and no improvements on
      adjoining properties encroach upon the Mortgaged Property (unless insured
      against under the related title insurance policy); and to the best of the
      Depositor's knowledge, the Mortgaged Property and all improvements thereon
      comply with all requirements of any applicable zoning and subdivision laws
      and ordinances;

            (ix) The Mortgage Loan meets, or is exempt from, applicable state,
      federal or local laws, regulations and other requirements, pertaining to
      usury, and the Mortgage Loan is not usurious;

            (x) To the best of the Depositor's knowledge, all inspections,
      licenses and certificates required to be made or issued with respect to
      all occupied portions of the Mortgaged Property and, with respect to the
      use and occupancy of the same, including, but not limited to, certificates
      of occupancy and fire underwriting certificates, have been made or
      obtained from the appropriate authorities;

            (xi) All payments required to be made up to the Due Date immediately
      preceding the Cut-Off Date for such Mortgage Loan under the terms of the
      related Mortgage Note have been made and no Mortgage Loan had more than
      one delinquency in the 12 months preceding the Cut-Off Date;

            (xii) The Mortgage Note, the related Mortgage and other agreements
      executed in connection therewith are genuine, and each is the legal, valid
      and binding obligation of the maker thereof, enforceable in accordance
      with its terms, except as such enforcement may be limited by bankruptcy,
      insolvency, reorganization or other similar laws affecting the enforcement
      of creditors' rights generally and by general equity principles
      (regardless of whether such enforcement is considered in a proceeding in
      equity or at law); and, to the best of the Depositor's knowledge, all
      parties to the Mortgage Note and the Mortgage had legal capacity to
      execute the Mortgage Note and the Mortgage and each Mortgage Note and
      Mortgage has been duly and properly executed by the Mortgagor;

            (xiii) Each Mortgage Loan at the time it was originated complied in
      all material respects with applicable federal, state and local laws
      including, without limitation, truth-in-lending, real estate settlement
      procedures, consumer credit protection, equal credit opportunity,
      predatory and abusive lending laws and disclosure laws;

            (xiv) The proceeds of the Mortgage Loans have been fully disbursed,
      there is no requirement for future advances thereunder and any and all
      requirements as to completion of any on-site or off-site improvements and
      as to disbursements of any escrow funds therefor have been complied with
      (except for escrow funds for exterior items which could not be completed
      due to weather and escrow funds for the completion of swimming pools); and
      all costs, fees and expenses incurred in making, closing or recording the
      Mortgage Loan have been paid, except recording fees with respect to
      Mortgages not recorded as of the Closing Date;

            (xv) The Mortgage Loan (except any Mortgage Loan secured by a
      Mortgaged Property located in any jurisdiction, as to which an opinion of
      counsel of the type customarily rendered in such jurisdiction in lieu of
      title insurance is instead received) is covered by an American Land Title
      Association mortgagee title insurance policy or other generally acceptable
      form of policy or insurance acceptable to Fannie Mae or Freddie Mac,
      issued by a title insurer acceptable to Fannie Mae or Freddie Mac insuring
      the originator, its successors and assigns, as to the first priority lien
      of the Mortgage in the original principal amount of the Mortgage Loan and
      subject only to (A) the lien of current real property taxes and
      assessments not yet due and payable, (B) covenants, conditions and
      restrictions, rights of way, easements and other matters of public record
      as of the date of recording of such Mortgage acceptable to mortgage
      lending institutions in the area in which the Mortgaged Property is
      located or specifically referred to in the appraisal performed in
      connection with the origination of the related Mortgage Loan, (C) liens
      created pursuant to any federal, state or local law, regulation or
      ordinance affording liens for the costs of clean-up of hazardous
      substances or hazardous wastes or for other environmental protection
      purposes and (D) such other matters to which like properties are commonly
      subject which do not individually, or in the aggregate, materially
      interfere with the benefits of the security intended to be provided by the
      Mortgage; the Depositor is the sole insured of such mortgagee title
      insurance policy, the assignment to the Trustee of the Depositor's
      interest in such mortgagee title insurance policy does not require any
      consent of or notification to the insurer which has not been obtained or
      made, such mortgagee title insurance policy is in full force and effect
      and will be in full force and effect and inure to the benefit of the
      Trustee, no claims have been made under such mortgagee title insurance
      policy, and no prior holder of the related Mortgage, including the
      Depositor, has done, by act or omission, anything which would impair the
      coverage of such mortgagee title insurance policy;

            (xvi) The Mortgaged Property securing each Mortgage Loan is insured
      by an insurer acceptable to Fannie Mae or Freddie Mac against loss by fire
      and such hazards as are covered under a standard extended coverage
      endorsement, in an amount which is not less than the lesser of 100% of the
      insurable value of the Mortgaged Property and the outstanding principal
      balance of the Mortgage Loan, but in no event less than the minimum amount
      necessary to fully compensate for any damage or loss on a replacement cost
      basis; if the Mortgaged Property is a condominium unit, it is included
      under the coverage afforded by a blanket policy for the project; if upon
      origination of the Mortgage Loan, the improvements on the Mortgaged
      Property were in an area identified in the Federal Register by the Federal
      Emergency Management Agency as having special flood hazards, a flood
      insurance policy meeting the requirements of the current guidelines of the
      Federal Insurance Administration is in effect with a generally acceptable
      insurance carrier, in an amount representing coverage not less than the
      least of (A) the outstanding principal balance of the Mortgage Loan, (B)
      the full insurable value of the Mortgaged Property and (C) the maximum
      amount of insurance which was available under the National Flood Insurance
      Act of 1968, as amended; and each Mortgage obligates the Mortgagor
      thereunder to maintain all such insurance at the Mortgagor's cost and
      expense;

            (xvii) To the best of the Depositor's knowledge, there is no
      default, breach, violation or event of acceleration existing under the
      Mortgage or the related Mortgage Note and no event which, with the passage
      of time or with notice and the expiration of any grace or cure period,
      would constitute a default, breach, violation or event of acceleration;
      the Depositor has not waived any default, breach, violation or event of
      acceleration; and no foreclosure action is currently threatened or has
      been commenced with respect to the Mortgage Loan;

            (xviii) No Mortgage Note or Mortgage is subject to any right of
      rescission, set-off, counterclaim or defense, including the defense of
      usury, nor will the operation of any of the terms of the Mortgage Note or
      Mortgage, or the exercise of any right thereunder, render the Mortgage
      Note or Mortgage unenforceable, in whole or in part, or subject it to any
      right of rescission, set-off, counterclaim or defense, including the
      defense of usury, and no such right of rescission, set-off, counterclaim
      or defense has been asserted with respect thereto;

            (xix) Each Mortgage Note is payable in monthly payments, resulting
      in complete amortization of the Mortgage Loan over a term of not more than
      360 months;

            (xx) Each Mortgage contains customary and enforceable provisions
      such as to render the rights and remedies of the holder thereof adequate
      for the realization against the Mortgaged Property of the benefits of the
      security, including realization by judicial foreclosure (subject to any
      limitation arising from any bankruptcy, insolvency or other law for the
      relief of debtors), and there is no homestead or other exemption available
      to the Mortgagor which would interfere with such right of foreclosure;

            (xxi) To the best of the Depositor's knowledge, no Mortgagor is a
      debtor in any state or federal bankruptcy or insolvency proceeding;

            (xxii) Each Mortgaged Property is located in the United States and
      consists of a one- to four-unit residential property, which may include a
      detached home, townhouse, condominium unit or a unit in a planned unit
      development or, in the case of Mortgage Loans secured by Co-op Shares,
      leases or occupancy agreements;

            (xxiii) The Mortgage Loan is a "qualified mortgage" within the
      meaning of Section 860G(a)(3) of the Code;

            (xxiv) With respect to each Mortgage where a lost note affidavit has
      been delivered to the Custodian in place of the related Mortgage Note, the
      related Mortgage Note is no longer in existence;

            (xxv) In the event that the Mortgagor is an inter vivos "living"
      trust, (i) such trust is in compliance with Fannie Mae or Freddie Mac
      standards for inter vivos trusts and (ii) holding title to the Mortgaged
      Property in such trust will not diminish any rights as a creditor
      including the right to full title to the Mortgaged Property in the event
      foreclosure proceedings are initiated;

            (xxvi) If the Mortgage Loan is secured by a long-term residential
      lease, (1) the lessor under the lease holds a fee simple interest in the
      land; (2) the terms of such lease expressly permit the mortgaging of the
      leasehold estate, the assignment of the lease without the lessor's consent
      and the acquisition by the holder of the Mortgage of the rights of the
      lessee upon foreclosure or assignment in lieu of foreclosure or provide
      the holder of the Mortgage with substantially similar protections; (3) the
      terms of such lease do not (a) allow the termination thereof upon the
      lessee's default without the holder of the Mortgage being entitled to
      receive written notice of, and opportunity to cure, such default, (b)
      allow the termination of the lease in the event of damage or destruction
      as long as the Mortgage is in existence, (c) prohibit the holder of the
      Mortgage from being insured (or receiving proceeds of insurance) under the
      hazard insurance policy or policies relating to the Mortgaged Property or
      (d) permit any increase in rent other than pre-established increases set
      forth in the lease; (4) the original term of such lease is not less than
      15 years; (5) the term of such lease does not terminate earlier than five
      years after the maturity date of the Mortgage Note; and (6) the Mortgaged
      Property is located in a jurisdiction in which the use of leasehold
      estates in transferring ownership in residential properties is a widely
      accepted practice;

            (xxvii) No Mortgage Loan is a "high cost" loan as defined under any
      federal, state or local law applicable to such Mortgage Loan at the time
      of its origination;

            (xxviii) No Mortgage Loan is serviced by the Trustee or an affiliate
      of the Trustee; and

            (xxix) No Mortgage Loan (other than a Mortgage Loan that is a New
      Jersey covered purchase loan) is a High Cost Loan or Covered Loan, as
      applicable (as such terms are defined in the then-current S&P's LEVELS(R)
      Glossary which is now Version 5.7, Appendix E) and no Mortgage Loan
      originated on or after October 1, 2002 through March 6, 2003 is governed
      by the Georgia Fair Lending Act.

            Notwithstanding the foregoing, no representations or warranties are
made by the Depositor as to the environmental condition of any Mortgaged
Property; the absence, presence or effect of hazardous wastes or hazardous
substances on any Mortgaged Property; any casualty resulting from the presence
or effect of hazardous wastes or hazardous substances on, near or emanating from
any Mortgaged Property; the impact on Certificateholders of any environmental
condition or presence of any hazardous substance on or near any Mortgaged
Property; or the compliance of any Mortgaged Property with any environmental
laws, nor is any agent, person or entity otherwise affiliated with the Depositor
authorized or able to make any such representation, warranty or assumption of
liability relative to any Mortgaged Property. In addition, no representations or
warranties are made by the Depositor with respect to the absence or effect of
fraud in the origination of any Mortgage Loan.

            It is understood and agreed that the representations and warranties
set forth in this Section 2.03(b) shall survive delivery of the respective Owner
Mortgage Loan Files (and Retained Mortgage Loan Files, if applicable) to the
Custodian and shall inure to the benefit of the Trustee notwithstanding any
restrictive or qualified endorsement or assignment.

            (c) Upon discovery by any of the Depositor, the Master Servicer, the
Trustee or the Custodian that any of the representations and warranties made in
subsection (b) above is not accurate (referred to herein as a "breach") and,
except for a breach of the representation and warranty set forth in subsection
(b)(i), where such breach is a result of the Cut-Off Date Principal Balance of a
Mortgage Loan being greater, by $1,000 or greater, than the Cut-Off Date
Principal Balance of such Mortgage Loan indicated on the Mortgage Loan Schedule,
that such breach materially and adversely affects the interests of the
Certificateholders in the related Mortgage Loan, the party discovering such
breach shall give prompt written notice (not to exceed two days after discovery)
to the other parties to this Agreement and the Custodian (any Custodian being so
obligated under a Custodial Agreement). Within 60 days of the earlier of its
discovery or its receipt of notice of any such breach, the Depositor shall cure
such breach in all material respects or shall either (i) repurchase the Mortgage
Loan or any property acquired in respect thereof from the Trust Estate at a
price equal to the Repurchase Price; provided that if the Depositor elects to
repurchase a Mortgage Loan due to a breach of the representation and warranty
set forth in subsection (b)(i), where such breach is a result of the Cut-Off
Date Principal Balance of a Mortgage Loan being greater, by $1,000 or greater,
than the Cut-Off Date Principal Balance of such Mortgage Loan indicated on the
Mortgage Loan Schedule, such repurchase is only permitted within 90 days of the
Closing Date or (ii) if within two years of the Startup Day, or such other
period permitted by the REMIC Provisions, substitute for such Mortgage Loan in
the manner described in Section 2.02. In addition to the foregoing, if a breach
of the representation set forth in clause (b)(xiii) or (xxix) of this Section
2.03 occurs as a result of a violation of an applicable predatory or abusive
lending law, the Depositor shall reimburse the Trust for all costs and damages
including, but not limited to, reasonable attorneys' fees and costs, incurred by
the Trust as a result of the violation of such law (such amount, the
"Reimbursement Amount"). The Repurchase Price, the Substitution Principal
Amount, if any, plus accrued interest thereon and the other amounts referred to
in Section 2.02, and any Reimbursement Amount shall be deposited in the
Certificate Account. It is understood and agreed, except with respect to the
second preceding sentence, that the obligation of the Depositor to repurchase or
substitute for any Mortgage Loan or property as to which such a breach has
occurred and is continuing shall constitute the sole remedy respecting such
breach available to Certificateholders or the Trustee on behalf of
Certificateholders, and such obligation shall survive until termination of the
Trust Estate hereunder.

            The Trustee shall be responsible for enforcing the Depositor's
obligations under this Section 2.03. If the Trustee receives written notice from
the Master Servicer or the Custodian that such breach is not cured by the
Depositor within 60 days after the Trustee's notice, the Trustee shall enforce
the Depositor's obligation to repurchase such Mortgage Loan or substitute for
such Mortgage Loan in accordance with the provisions of this Section 2.03. In
connection with any substitution permitted by this Section 2.03, the Master
Servicer shall verify that the unpaid principal balance and the Loan-to-Value
Ratio of the Substitute Mortgage Loan satisfy the requirements of this Section
2.03.

            Section 2.04 Execution and Delivery of Certificates.

            The Trustee acknowledges (i) the assignment to it of the Mortgage
Loans and (ii) the issuance of and hereby declares that it holds the
Uncertificated Lower-Tier Interests on behalf of the Upper-Tier REMIC and
Certificateholders. The Trustee acknowledges the delivery of the Owner Mortgage
Loan Files to the Custodian, on behalf of the Trustee. The Paying Agent,
concurrently with such delivery, has executed and delivered to or upon the order
of the Depositor, in exchange for the Mortgage Loans and Uncertificated
Lower-Tier Interests, together with all other assets included in the definition
of "Trust Estate," receipt of which is hereby acknowledged, Certificates in
authorized denominations which, together with the Uncertificated Lower-Tier
Interests, evidence ownership of the entire Trust Estate.

            Section 2.05 Designation of Certificates; Designation of Startup
                         Day and Latest Possible Maturity Date.

            The Depositor hereby designates the Classes of Class A Certificates
(other than the Residual Certificate) and the Classes of Class B Certificates as
classes of "regular interests" and the Class A-R Interest as the single class of
"residual interest" in the Upper-Tier REMIC for the purposes of Code Sections
860G(a)(1) and 860G(a)(2), respectively. The Depositor hereby further designates
the Class A-L1 Interest, Class A-L2 Interest, Class A-LUR Interest, Class B-L1
Interest, Class B-L2 Interest, Class B-L3 Interest, Class B-L4 Interest, Class
B-L5 Interest and Class B-L6 Interest as classes of "regular interests" and the
Class A-LR Interest as the single class of "residual interest" in the Lower-Tier
REMIC for the purposes of Code Sections 860G(a)(1) and 860G(a)(2), respectively.
The Closing Date is hereby designated as the "Startup Day" of each of the
Upper-Tier REMIC and the Lower-Tier REMIC within the meaning of Code Section
860G(a)(9). The "latest possible maturity date" of the regular interests in the
Upper-Tier REMIC and the Lower-Tier REMIC is October 25, 2036 for purposes of
Code Section 860G(a)(1).

<PAGE>

                                  ARTICLE III

                  ADMINISTRATION OF THE TRUST ESTATE; SERVICING
                              OF THE MORTGAGE LOANS

            Section 3.01 Certificate Account.

(a) The Master Servicer shall establish and maintain a Certificate Account for
the deposit of funds received by the Master Servicer with respect to the
Mortgage Loans serviced by each Servicer pursuant to each of the Servicing
Agreements. Such account shall be maintained as an Eligible Account. The Master
Servicer shall give notice to each Servicer and the Depositor of the location of
the Certificate Account and of any change in the location thereof.

            (b) The Master Servicer shall deposit into the Certificate Account
on the day of receipt thereof all amounts received by it from any Servicer
pursuant to any of the Servicing Agreements and shall, in addition, deposit into
the Certificate Account the following amounts, in the case of amounts specified
in clauses (i) and (iii), not later than the Business Day preceding the
Distribution Date on which such amounts are required to be distributed to
Certificateholders and, in the case of the amounts specified in clause (ii), not
later than the Business Day next following the day of receipt and posting by the
Master Servicer:

            (i) Periodic Advances pursuant to Section 3.03(a) made by the Master
      Servicer or the Trustee, if any, and any amounts deemed received by the
      Master Servicer pursuant to Section 3.01(d);

            (ii) in the case of any Mortgage Loan that is repurchased by the
      Depositor pursuant to Section 2.02, 2.03, 3.08 or 9.01 or that is
      auctioned by the Master Servicer pursuant to Section 3.08, the purchase
      price therefor or, where applicable, any Substitution Principal Amount and
      any amounts received in respect of the interest portion of unreimbursed
      Periodic Advances; and

            (iii) any Compensating Interest for such Distribution Date.

            (c) The Master Servicer may cause the funds in the Certificate
Account to be invested in Eligible Investments. No such Eligible Investments
will be sold or disposed of at a gain prior to maturity unless the Master
Servicer has received an Opinion of Counsel or other evidence satisfactory to it
that such sale or disposition will not cause the Trust Estate to be subject to
Prohibited Transactions Tax, otherwise subject the Trust Estate to tax, or cause
either of the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a
REMIC while any Certificates are outstanding. Any amounts deposited in the
Certificate Account prior to the Distribution Date may be invested for the
account of the Master Servicer and any investment income thereon shall be
additional compensation to the Master Servicer for services rendered under this
Agreement. The amount of any losses incurred in respect of any such investments
shall be deposited in the Certificate Account by the Master Servicer out of its
own funds immediately as realized, without any right of reimbursement therefor
from the Trust Estate.

            (d) For purposes of this Agreement, the Master Servicer will be
deemed to have received from a Servicer on the applicable Remittance Date for
such funds all amounts deposited by such Servicer into the Custodial P&I Account
maintained in accordance with the applicable Servicing Agreement, if such
Custodial P&I Account is not an Eligible Account as defined in this Agreement,
to the extent such amounts are not actually received by the Master Servicer on
such Remittance Date as a result of the bankruptcy, insolvency, receivership or
other financial distress of the depository institution in which such Custodial
P&I Account is being held. To the extent that amounts so deemed to have been
received by the Master Servicer are subsequently remitted to the Master
Servicer, the Master Servicer shall be entitled to retain such amounts.

            Section     3.02 Permitted Withdrawals from the Certificate Account.

            (a) The Master Servicer may, from time to time, make withdrawals
from the Certificate Account for the following purposes (limited, in the case of
Servicer reimbursements, to cases where funds in the respective Custodial P&I
Account are not sufficient therefor):

            (i) to reimburse the Master Servicer, the Trustee or any Servicer
      for Periodic Advances made by the Master Servicer or the Trustee pursuant
      to Section 3.03(a) or any Servicer pursuant to any Servicing Agreement
      with respect to previous Distribution Dates, such right to reimbursement
      pursuant to this subclause (i) being limited to amounts received on or in
      respect of particular Mortgage Loans (including, for this purpose,
      Liquidation Proceeds, REO Proceeds and proceeds from the purchase, sale,
      repurchase or substitution of Mortgage Loans pursuant to Section 2.02,
      2.03, 3.08 or 9.01) respecting which any such Periodic Advance was made;

            (ii) to reimburse any Servicer, the Master Servicer or the Trustee
      for any Periodic Advances determined in good faith to have become
      Nonrecoverable Advances;

            (iii) to reimburse the Master Servicer or any Servicer from
      Liquidation Proceeds for Liquidation Expenses and for amounts expended by
      the Master Servicer or any Servicer pursuant hereto or to any Servicing
      Agreement, respectively, in good faith in connection with the restoration
      of damaged property or for foreclosure expenses;

            (iv) from any Mortgagor payment on account of interest or other
      recovery (including Net REO Proceeds) with respect to a particular
      Mortgage Loan, to pay the Master Servicing Fee with respect to such
      Mortgage Loan to the Master Servicer;

            (v) to reimburse the Master Servicer, any Servicer or the Trustee
      (or, in certain cases, the Depositor) for expenses incurred by it
      (including taxes paid on behalf of the Trust Estate) and recoverable by or
      reimbursable to it pursuant to Section 3.03(c), Section 6.03, the second
      or third paragraphs of Section 8.06 or the third sentence of Section
      8.13(a) or pursuant to such Servicer's Servicing Agreement, provided such
      expenses are "unanticipated" within the meaning of the REMIC Provisions;

            (vi) to pay to the Depositor or other purchaser with respect to each
      Mortgage Loan or property acquired in respect thereof that has been
      repurchased or replaced pursuant to Section 2.02, 2.03, 3.08 or 9.01 or
      auctioned pursuant to Section 3.08, all amounts received thereon and not
      required to be distributed as of the date on which the related repurchase
      or purchase price or Scheduled Principal Balance was determined;

            (vii) to remit funds to the Paying Agent in the amounts and in the
      manner provided for herein;

            (viii) to pay to the Master Servicer any interest earned on or
      investment income with respect to funds in the Certificate Account;

            (ix) to pay to the Master Servicer or any Servicer out of
      Liquidation Proceeds allocable to interest the amount of any unpaid Master
      Servicing Fee or Servicing Fee (as adjusted pursuant to the related
      Servicing Agreement) and any unpaid Incremental Interest, unpaid
      assumption fees, late payment charges or other Mortgagor charges on the
      related Mortgage Loan;

            (x) to pay to the Master Servicer as additional master servicing
      compensation any Liquidation Profits which a Servicer is not entitled to
      pursuant to the applicable Servicing Agreement;

            (xi) to withdraw from the Certificate Account any amount deposited
      in the Certificate Account that was not required to be deposited therein;
      and

            (xii) to clear and terminate the Certificate Account pursuant to
      Section 9.01.

            (b) The Master Servicer shall keep and maintain separate accounting,
on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
payment to and withdrawal from the Certificate Account. The Master Servicer
shall notify the Depositor and the Trustee of the amount, purpose and party paid
pursuant to Section 3.02(a)(v).

            Section 3.03 Advances by Master Servicer and Trustee.

            (a) In the event an Other Servicer fails to make any required
Periodic Advances of principal and interest on a Mortgage Loan as required by
the related Other Servicing Agreement prior to the Business Day preceding the
Distribution Date occurring in the month during which such Periodic Advance is
due, the Master Servicer shall make Periodic Advances to the extent provided
hereby. In the event Wells Fargo Bank in its capacity as Servicer fails to make
any required Periodic Advances of principal and interest on a Mortgage Loan as
required by the Wells Fargo Bank Servicing Agreement prior to the Business Day
preceding the Distribution Date occurring in the month during which such
Periodic Advance is due, the Trustee shall, to the extent required by Section
8.14, make such Periodic Advance to the extent provided hereby, provided that
the Trustee has previously received the certificate of the Master Servicer
described in the following sentence. The Master Servicer shall certify to the
Trustee with respect to any such Distribution Date (i) the amount of Periodic
Advances required of Wells Fargo Bank in its capacity as Servicer or such Other
Servicer, as the case may be, (ii) the amount actually advanced by Wells Fargo
Bank in its capacity as Servicer or such Other Servicer, (iii) the amount that
the Trustee or Master Servicer is required to advance hereunder and (iv) whether
the Master Servicer has determined that it reasonably believes that such
Periodic Advance is a Nonrecoverable Advance. Amounts advanced by the Trustee or
Master Servicer shall be deposited in the Certificate Account on the Business
Day preceding the related Distribution Date. Notwithstanding the foregoing,
neither the Master Servicer nor the Trustee will be obligated to make a Periodic
Advance that it reasonably believes to be a Nonrecoverable Advance. The Trustee
may conclusively rely for any determination to be made by it hereunder upon the
determination of the Master Servicer as set forth in its certificate.

            (b) To the extent an Other Servicer fails to make an advance on
account of the taxes or insurance premiums with respect to a Mortgage Loan
required pursuant to the related Other Servicing Agreement, the Master Servicer
shall, if the Master Servicer has actual knowledge of such failure of the
Servicer, advance such funds and take such steps as are necessary to pay such
taxes or insurance premiums. To the extent Wells Fargo Bank in its capacity as
Servicer fails to make an advance on account of the taxes or insurance premiums
with respect to a Mortgage Loan required pursuant to the Wells Fargo Bank
Servicing Agreement, the Master Servicer shall, if the Master Servicer knows of
such failure of Wells Fargo Bank in its capacity as Servicer, certify to the
Trustee that such failure has occurred. Upon receipt of such certification, the
Trustee shall advance such funds and take such steps as are necessary to pay
such taxes or insurance premiums.

            (c) The Master Servicer and the Trustee shall each be entitled to be
reimbursed from the Certificate Account for any Periodic Advance made by it
under Section 3.03(a) to the extent described in Section 3.02(a)(i) and (a)(ii).
The Master Servicer and the Trustee shall be entitled to be reimbursed pursuant
to Section 3.02(a)(v) for any advance by it pursuant to Section 3.03(b). The
Master Servicer shall diligently pursue restoration of such amount to the
Certificate Account from the related Servicer. The Master Servicer shall, to the
extent it has not already done so, upon the request of the Trustee, withdraw
from the Certificate Account and remit to the Trustee any amounts to which the
Trustee is entitled as reimbursement pursuant to Section 3.02 (a)(i), (ii) and
(v).

            (d) Except as provided in Section 3.03(a) and (b), neither the
Master Servicer nor the Trustee shall be required to pay or advance any amount
which any Servicer was required, but failed, to deposit in the Certificate
Account.

            Section 3.04 Custodian to Cooperate; Release of Owner Mortgage
                         Loan Files and Retained Mortgage Loan Files.

            In connection with the deposit by a Servicer into the Certificate
Account of the proceeds from a Liquidated Loan or of a Prepayment in Full, the
Master Servicer or applicable Servicer shall confirm that all amounts required
to be remitted to the Certificate Account in connection with such Mortgage Loan
have been so deposited, and the Master Servicer or applicable Servicer shall
deliver two copies of any related Request for Release to the Custodian. The
Custodian shall, within five Business Days of its receipt of such a Request for
Release, release the related Owner Mortgage Loan File (and Retained Mortgage
Loan File, if applicable) to the Master Servicer or such Servicer, as requested
by the Master Servicer or such Servicer. No expenses incurred in connection with
any instrument of satisfaction or deed of reconveyance shall be chargeable to
the Certificate Account.

            From time to time and as appropriate for the servicing or
foreclosure of any Mortgage Loan, including but not limited to, collection under
any insurance policies, or to effect a partial release of any Mortgaged Property
from the lien of the Mortgage, the Servicer of such Mortgage Loan shall deliver
to the Master Servicer or Custodian two copies of a Request for Release. Upon
the Master Servicer's receipt of any such Request for Release, the Master
Servicer shall promptly forward such request in hard copy or in electronic
format acceptable to the Custodian. The Custodian shall, within five Business
Days, release the related Owner Mortgage Loan File (and Retained Mortgage Loan
File, if applicable) to the Master Servicer or such Servicer. Any such Request
for Release shall obligate the Master Servicer or such Servicer, as the case may
be, to return the Owner Mortgage Loan File (and Retained Mortgage Loan File, if
applicable) to the Custodian by the sixtieth day following the release thereof,
unless (i) the Mortgage Loan has been liquidated and the Liquidation Proceeds
relating to the Mortgage Loan have been deposited in the Certificate Account or
(ii) the Owner Mortgage Loan File (and Retained Mortgage Loan File, if
applicable) or such document has been delivered to an attorney, or to a public
trustee or other public official as required by law, for purposes of initiating
or pursuing legal action or other proceedings for the foreclosure of the
Mortgaged Property either judicially or non-judicially. Upon receipt of two
copies of a Request for Release stating that such Mortgage Loan was liquidated
and that all amounts received or to be received in connection with such
liquidation which are required to be deposited into the Certificate Account have
been so deposited, or that such Mortgage Loan has become an REO Mortgage Loan,
the Custodian shall amend its records.

            Upon the occurrence of the event specified in clause (ii) of the
preceding paragraph, the Trustee shall execute and deliver to the Master
Servicer or such Servicer, as directed by the Master Servicer, court pleadings,
requests for trustee's sale or other documents necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a deficiency judgment, or to enforce any other remedies or rights
provided by the Mortgage Note or Mortgage or otherwise available at law or in
equity. Each such certification shall include a request that such pleadings or
documents be executed by the Trustee and a statement as to the reason such
documents or pleadings are required and that the execution and delivery thereof
by the Trustee will not invalidate or otherwise affect the lien of the Mortgage,
except for the termination of such a lien upon completion of the foreclosure
proceeding or trustee's sale.

            Section     3.05 Annual Compliance Statements.

            The Master Servicer shall deliver in electronic form, or otherwise
make available to the Depositor and the Trustee, and the Master Servicer shall
cause each Additional Master Servicer engaged by it and each Servicer to
deliver, in electronic form, or otherwise make available, to the Master
Servicer, the Trustee and each Rating Agency on or before March 5 of each year
or if such day is not a Business Day, the next Business Day (with a 10 calendar
day cure period, but in no event later than March 15), commencing in March 2007,
a copy of a certificate (followed by a hard copy to the party or parties
receiving such certificate within 10 calendar days) in the form required by Item
1123 of Regulation AB, to the effect that (i) an authorized officer of the
Master Servicer, the Additional Master Servicer or the Servicer, as the case may
be, has reviewed (or a review has been made under his or her supervision of)
such party's activities under this Agreement or the applicable Servicing
Agreement, in the case of a Servicer, or such other applicable agreement in the
case of an Additional Master Servicer, during the prior calendar year or portion
thereof and (ii) to the best of such officer's knowledge, based on such review,
such party has fulfilled all of its obligations under this Agreement or the
applicable Servicing Agreement, in the case of a Servicer, or such other
applicable agreement in the case of an Additional Master Servicer, in all
material respects throughout the prior calendar year or portion thereof 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
thereof. If any of the certificates delivered pursuant to this Section 3.05
disclose that there has been a failure to fulfill any obligation in any material
respect then the Master Servicer shall promptly notify the Depositor and forward
a copy of such certificate to the Depositor, and the Depositor shall review such
certificate and, if applicable, consult with the Master Servicer as to the
nature of any failure to fulfill any obligation under this Agreement or the
applicable Servicing Agreement, in the case of a Servicer, or such other
applicable agreement in the case of an Additional Master Servicer, in any
material respect.

            Section 3.06 Title, Management and Disposition of Any REO
                         Mortgage Loan.

            The Master Servicer shall enforce the obligations of the applicable
Servicer to administer each REO Mortgage Loan at all times so that each REO
Mortgage Loan qualifies as "foreclosure property" under the REMIC Provisions and
that it does not earn any "net income from foreclosure property" which is
subject to tax under the REMIC Provisions. In the event that a Servicer is
unable to dispose of any REO Mortgage Loan within the period mandated by each of
the Servicing Agreements, the Master Servicer shall monitor such Servicer to
verify that such REO Mortgage Loan is auctioned to the highest bidder within the
period so specified. In the event of any such sale of a REO Mortgage Loan, the
Custodian shall, at the written request of the Master Servicer and upon being
supported with appropriate forms therefor, within five Business Days of the
deposit by the Master Servicer of the proceeds of such sale or auction into the
Certificate Account, release or cause to be released to the entity identified by
the Master Servicer the related Owner Mortgage Loan File, Retained Mortgage Loan
File, if applicable, and Servicer Mortgage Loan File and shall execute and
deliver such instruments of transfer or assignment, in each case without
recourse, as shall be necessary to vest in the auction purchaser title to the
REO Mortgage Loan and the Custodian shall have no further responsibility with
regard to such Owner Mortgage Loan File, Retained Mortgage Loan File, if
applicable, or Servicer Mortgage Loan File. Neither the Trustee, the Master
Servicer nor any Servicer, acting on behalf of the Trust Estate, shall provide
financing from the Trust Estate to any purchaser of an REO Mortgage Loan.

            Section 3.07 Amendments to Servicing Agreements, Modification of
                         Standard Provisions.

            (a) Subject to the prior written consent of the Trustee pursuant to
Section 3.07(b) and the prior written consent of the Depositor, the Master
Servicer may, from time to time, to the extent permitted by the applicable
Servicing Agreement, make such modifications and amendments to such Servicing
Agreement as the Master Servicer deems necessary or appropriate to confirm or
carry out more fully the intent and purpose of such Servicing Agreement and the
duties, responsibilities and obligations to be performed by the Servicer
thereunder. Such modifications may only be made if they are consistent with the
REMIC Provisions, as evidenced by an Opinion of Counsel. Prior to the issuance
of any modification or amendment, the Master Servicer shall deliver to the
Trustee and the Depositor such Opinion of Counsel and an Officer's Certificate
setting forth (i) the provision that is to be modified or amended, (ii) the
modification or amendment that the Master Servicer desires to issue and (iii)
the reason or reasons for such proposed amendment or modification.

            (b) The Trustee shall consent to any amendment or supplement to a
Servicing Agreement proposed by the Master Servicer pursuant to Section 3.07(a),
which consent and amendment shall not require the consent of any
Certificateholder if it is (i) for the purpose of curing any mistake or
ambiguity, to further effect or protect the rights of the Certificateholders or
(ii) for any other purpose, provided such amendment or supplement for such other
purpose cannot reasonably be expected to adversely affect Certificateholders.
The lack of reasonable expectation of an adverse effect on Certificateholders
may be established through the delivery to the Trustee of (i) an Opinion of
Counsel to such effect or (ii) written notification from each Rating Agency to
the effect that such amendment or supplement will not result in reduction of the
current rating assigned by that Rating Agency to the Certificates.
Notwithstanding the two immediately preceding sentences, the Trustee may, in its
discretion, decline to enter into or consent to any such supplement or amendment
if its own rights, duties or immunities shall be adversely affected.

            (c)(i) Notwithstanding anything to the contrary in this Section
3.07, the Master Servicer from time to time may, without the consent of any
Certificateholder or the Trustee, enter into an amendment (A) to an Other
Servicing Agreement for the purpose of (i) eliminating or reducing Month End
Interest and (ii) providing for the remittance of Full Unscheduled Principal
Receipts by the applicable Servicer to the Master Servicer not later than the
24th day of each month (or if such day is not a Business Day, on the previous
Business Day), (B) to the Wells Fargo Bank Servicing Agreement for the purpose
of changing the applicable Remittance Date to the 18th day of each month (or if
such day is not a Business Day, on the previous Business Day) or (C) to a
Servicing Agreement for the purpose of effecting or facilitating compliance by
the Servicer with Regulation AB or to conform a Servicing Agreement to industry
practices relating to Regulation AB.

            (ii) The Master Servicer may direct Wells Fargo Bank in its capacity
      as Servicer to enter into an amendment to the Wells Fargo Bank Servicing
      Agreement for the purposes described in Section 3.07(c)(i)(B) or (C).

            Section 3.08 Oversight of Servicing.

            The Master Servicer shall supervise, monitor and oversee the
servicing of the Mortgage Loans by each Servicer and the performance by each
Servicer of all services, duties, responsibilities and obligations (including
the obligation to maintain an Errors and Omissions Policy and Fidelity Bond)
that are to be observed or performed by the Servicer under its respective
Servicing Agreement. In performing its obligations hereunder, the Master
Servicer shall act in a manner consistent with Accepted Master Servicing
Practices and in a manner consistent with the terms and provisions of any
insurance policy required to be maintained by the Master Servicer or any
Servicer pursuant to this Agreement or any Servicing Agreement. The Master
Servicer acknowledges that prior to taking certain actions required to service
the Mortgage Loans, each Servicing Agreement provides that the Servicer
thereunder must notify, consult with, obtain the consent of, waiver from, or
otherwise follow the instructions of the Master Servicer. In the case of any
request for waiver from a Servicer, the Master Servicer shall promptly instruct
such Servicer or otherwise respond to such Servicer's request. The Master
Servicer shall not waive compliance by a Servicer with those provisions of its
Servicing Agreement which are required to enable the Depositor and the Master
Servicer to satisfy the Trust's ongoing reporting obligations under the Exchange
Act. In addition, in no event will the Master Servicer instruct such Servicer to
take any action, give any consent to action by such Servicer or waive compliance
by such Servicer with any provision of such Servicer's Servicing Agreement if
any resulting action or failure to act would be inconsistent with the
requirements of the Rating Agencies that rated the Certificates, would be
inconsistent with the requirements of Regulation AB or would otherwise have an
adverse effect on the Certificateholders. Any such action or failure to act
shall be deemed to have an adverse effect on the Certificateholders if such
action or failure to act either results in (i) the downgrading of the rating
assigned by either Rating Agency to the Certificates, (ii) the loss by the
Upper-Tier REMIC or the Lower-Tier REMIC of REMIC status for federal income tax
purposes or (iii) the imposition of any Prohibited Transaction Tax or any
federal taxes on any of the Upper-Tier REMIC, the Lower-Tier REMIC or the Trust
Estate. The Master Servicer shall have full power and authority in its sole
discretion to take any action with respect to the Trust Estate as may be
necessary or advisable to avoid the circumstances specified including clause
(ii) or (iii) of the preceding sentence.

            For the purposes of determining whether any modification of a
Mortgage Loan shall be permitted by the Master Servicer, such modification shall
be construed as a substitution of the modified Mortgage Loan for the Mortgage
Loan originally deposited in the Trust Estate if it would be a "significant
modification" within the meaning of Section 1.860G-2(b) of the regulations of
the U.S. Department of the Treasury. No modification shall be approved unless
(i) the modified Mortgage Loan would qualify as a Substitute Mortgage Loan under
Section 2.02 and (ii) with respect to any modification that occurs more than
three months after the Closing Date and is not the result of a default or a
reasonably foreseeable default under the Mortgage Loan, there is delivered to
the Trustee an Opinion of Counsel (at the expense of the party seeking to modify
the Mortgage Loan) to the effect that such modification would not be treated as
giving rise to a new debt instrument for federal income tax purposes as
described in the preceding sentence; provided, however, that no such Opinion of
Counsel need be delivered if the sole purpose of the modification is to reduce
the Monthly Payment on a Mortgage Loan as a result of a Curtailment such that
the Mortgage Loan is fully amortized by its original maturity date.

            During the term of this Agreement, the Master Servicer shall consult
fully with each Servicer as may be necessary from time to time to perform and
carry out the Master Servicer's obligations hereunder and otherwise exercise
reasonable efforts to cause such Servicer to perform and observe the covenants,
obligations and conditions to be performed or observed by it under its Servicing
Agreement.

            The relationship of the Master Servicer to the Trustee under this
Agreement is intended by the parties to be that of an independent contractor and
not that of a joint venturer, partner or agent.

            The Master Servicer shall administer the Trust Estate on behalf of
the Trustee and shall have full power and authority, acting alone or (subject to
the requirements of Section 6.06) through one or more Subcontractors, to do any
and all things in connection with such administration which it may deem
necessary or desirable. Upon the execution and delivery of this Agreement, and
from time to time as may be required thereafter, the Trustee shall furnish the
Master Servicer or its Subcontractors with any powers of attorney and such other
documents as may be necessary or appropriate to enable the Master Servicer to
carry out its administrative duties hereunder.

            The Depositor shall have a limited option to repurchase any
defaulted Mortgage Loan or REO Mortgage Loan during the following time periods:
(i) beginning on the first day of the second month following the month in which
the Master Servicer has reported that a Servicer has initiated foreclosure
proceedings with respect to such a defaulted Mortgage Loan, with such repurchase
option expiring on the last day of such second following month; (ii) beginning
on the first day of the second month following the month in which the Master
Servicer has reported that such defaulted Mortgage Loan has become an REO
Mortgage Loan, with such repurchase option expiring on the last day of such
second following month; and (iii) beginning on the day on which a Servicer
accepts a contractual commitment by a third party to purchase the Mortgaged
Property related to the defaulted Mortgage Loan or REO Mortgage Loan, with such
repurchase option expiring on the earlier of the last day of the month in which
such contractual commitment was accepted by the Servicer or the day immediately
prior to the day on which the closing occurs with respect to such third party
purchase of the Mortgaged Property related to the defaulted Mortgage Loan or REO
Mortgage Loan. The Depositor shall be entitled to repurchase at its option any
Mortgage Loan in the Trust Estate which, pursuant to paragraph 5(b) of the
Mortgage Loan Purchase Agreement, Wells Fargo Bank requests the Depositor to
repurchase and to sell to Wells Fargo Bank to facilitate the exercise of Wells
Fargo Bank's rights against the originator or a prior holder of such Mortgage
Loan. The purchase price for any Mortgage Loan repurchased pursuant to this
paragraph shall be the Repurchase Price. Upon the receipt of such Repurchase
Price, the Master Servicer shall provide to the Trustee the certification
required by Section 3.04 and the Trustee and the Custodian, if any, shall
promptly release to the Depositor the Owner Mortgage Loan File and Retained
Mortgage Loan File, if applicable, relating to the Mortgage Loan being
repurchased.

            In the event that (i) the Master Servicer determines at any time
that, notwithstanding the representations and warranties set forth in Section
2.03(b), any Mortgage Loan is not a "qualified mortgage" within the meaning of
Section 860G of the Code and (ii) the Trustee is unable to enforce the
obligation of the Depositor to purchase such Mortgage Loan pursuant to Section
2.02 within two months of such determination, the Master Servicer shall cause
such Mortgage Loan to be auctioned to the highest bidder and sold out of the
Trust Estate no later than the date 90 days after such determination. In the
event of any such sale of a Mortgage Loan, the Custodian shall, at the written
request of the Master Servicer and upon being supported with appropriate forms
therefor, within five Business Days of the deposit by the Master Servicer of the
proceeds of such auction into the Certificate Account, release or cause to be
released to the entity identified by the Master Servicer the related Owner
Mortgage Loan File, Retained Mortgage Loan File, if applicable, and Servicer
Mortgage Loan File and shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, as shall be necessary to vest in the
auction purchaser title to the Mortgage Loan and the Custodian shall have no
further responsibility with regard to such Owner Mortgage Loan File, Retained
Mortgage Loan File, if applicable, or Servicer Mortgage Loan File. None of the
Trustee, the Custodian, the Master Servicer or any Servicer, acting on behalf of
the Trustee, shall provide financing from the Trust Estate to any purchaser of a
Mortgage Loan.

            The Master Servicer, on behalf of the Trustee, shall, pursuant to
the Servicing Agreements, object to the foreclosure upon, or other related
conversion of the ownership of, any Mortgaged Property by the related Servicer
if (i) the Master Servicer believes such Mortgaged Property may be contaminated
with or affected by hazardous wastes or hazardous substances or (ii) such
Servicer does not agree to administer such Mortgaged Property, once the related
Mortgage Loan becomes an REO Mortgage Loan, in a manner which would not result
in a federal tax being imposed upon the Trust Estate or the Upper-Tier REMIC or
the Lower-Tier REMIC.

            At the direction of the Depositor, the Master Servicer may enter
into a special servicing agreement with an unaffiliated holder of 100%
Percentage Interest of a Class of Class B Certificates or a holder of a class of
securities representing interests in the Class B Certificates and/or other
subordinated mortgage pass-through certificates (such entity, a "Special
Servicer"), such agreement (a "Special Servicing Agreement") to be substantially
in the form of Exhibit M hereto or subject to each Rating Agency's
acknowledgment that the ratings of the Certificates in effect immediately prior
to the entering into of such agreement would not be qualified, downgraded or
withdrawn and the Certificates would not be placed on credit review status
(except for possible upgrading) as a result of such agreement. Any such
agreement may contain provisions whereby such holder may (a) purchase any
Mortgage Loans that are more than 180 days delinquent and (b) instruct the
Master Servicer to instruct a Servicer to the extent provided in the applicable
Servicing Agreement to commence or delay foreclosure proceedings with respect to
delinquent Mortgage Loans and will contain provisions for the deposit of cash by
the holder that would be available for distribution to Certificateholders if
Liquidation Proceeds are less than they otherwise may have been had the Servicer
acted in accordance with its normal procedures.

            The Master Servicer shall monitor the rating of Wells Fargo &
Company and upon the occurrence of a Document Transfer Event relating to such
rating, shall promptly notify the Depositor, Trustee and Custodian of the
occurrence of such Document Transfer Event.

            Section 3.09 Termination and Substitution of Servicing
                         Agreements.

            Upon the occurrence of any event for which a Servicer may be
terminated pursuant to its Servicing Agreement, the Master Servicer shall
promptly deliver to the Depositor and the Trustee an Officer's Certificate
certifying that an event has occurred which may justify termination of such
Servicing Agreement, describing the circumstances surrounding such event and
recommending what action should be taken by the Trustee with respect to such
Servicer. If the Master Servicer recommends that such Servicing Agreement be
terminated, the Master Servicer's certification must state that the breach is
material and not merely technical in nature. Based upon such certification, the
Master Servicer, or if provided by the applicable Other Servicing Agreement and
upon written direction of the Master Servicer, the Trustee, shall promptly
terminate such Other Servicing Agreement. The Trustee shall terminate the Wells
Fargo Bank Servicing Agreement in accordance with the provisions of Article 19
thereof. The Master Servicer shall indemnify the Trustee and hold it harmless
from and against any and all claims, liabilities, costs and expenses (including,
without limitation, reasonable attorneys' fees) arising out of, or assessed
against the Trustee in connection with termination of a Servicing Agreement at
the direction of the Master Servicer except to the extent that such claims,
liabilities, costs and expenses are incurred as a result of the bad faith,
willful misfeasance or gross negligence of the Trustee in the performance of its
obligations hereunder. To the extent that the costs and expenses (including any
amounts paid by the Master Servicer pursuant to the immediately preceding
sentence) of the Master Servicer related to any termination of an Other
Servicer, appointment of a successor servicer to an Other Servicer or the
transfer and assumption of servicing by the Master Servicer with respect to any
Other Servicing Agreement (including, without limitation, (i) all legal costs
and expenses and all due diligence costs and expenses associated with an
evaluation of the potential termination of an Other Servicer as a result of an
event of default by such Other Servicer, (ii) all costs and expenses associated
with the complete transfer of servicing, including all servicing files and all
servicing data and the completion, correction or manipulation of such servicing
data as may be required by the successor servicer to correct any errors or
insufficiencies in the servicing data or otherwise to enable the successor
servicer to service the Mortgage Loans in accordance with the related Other
Servicing Agreement and (iii) any costs incurred by the Trustee in connection
with a servicing transfer) are not fully and timely reimbursed by the terminated
Other Servicer, the Master Servicer shall be entitled to reimbursement of such
costs and expenses from the Certificate Account. To the extent that the costs
and expenses of the Trustee related to any termination of Wells Fargo Bank, as a
Servicer under the Wells Fargo Bank Servicing Agreement, appointment of a
successor to Wells Fargo Bank as a Servicer or the transfer and assumption of
servicing by the Trustee with respect to the Wells Fargo Bank Servicing
Agreement (including, without limitation, (i) all legal costs and expenses and
all due diligence costs and expenses associated with an evaluation of the
potential termination of Wells Fargo Bank as a Servicer as a result of an event
of default by Wells Fargo Bank as Servicer and (ii) all costs and expenses
associated with the complete transfer of servicing, including all servicing
files and all servicing data and the completion, correction or manipulation of
such servicing data as may be required by the successor servicer to correct any
errors or insufficiencies in the servicing data or otherwise to enable the
successor servicer to service the Mortgage Loans in accordance with the Wells
Fargo Bank Servicing Agreement) are not fully and timely reimbursed by Wells
Fargo Bank as a Servicer, the Trustee shall be entitled to reimbursement of such
costs and expenses from the Certificate Account. If the Master Servicer or
Trustee terminates an Other Servicing Agreement, the Trustee may enter into a
substitute Servicing Agreement with the Master Servicer or, at the Master
Servicer's nomination, with another mortgage loan service company acceptable to
the Trustee, the Master Servicer and each Rating Agency under which the Master
Servicer or such substitute servicer, as the case may be, shall assume, satisfy,
perform and carry out all liabilities, duties, responsibilities and obligations
that are to be, or otherwise were to have been, satisfied, performed and carried
out by such Servicer under such terminated Servicing Agreement. If the Trustee
terminates the Wells Fargo Bank Servicing Agreement, the Trustee shall enter
into a substitute Servicing Agreement with another mortgage loan service company
acceptable to the Trustee and each Rating Agency under which such substitute
servicer shall assume, satisfy, perform and carry out all liabilities, duties,
responsibilities and obligations that are to be, or otherwise were to have been,
satisfied, performed and carried out by Wells Fargo Bank, in its capacity as
Servicer, under such terminated Servicing Agreement. It is understood and
acknowledged by the parties hereto that there will be a period of transition not
to exceed ninety (90) days before the servicing functions can be transferred to
such substitute servicer. Until such time as the Trustee enters into a
substitute servicing agreement with respect to the Mortgage Loans previously
serviced by an Other Servicer and the transition period relating to the transfer
of such servicing expires, the Master Servicer shall assume, satisfy, perform
and carry out all obligations which otherwise were to have been satisfied,
performed and carried out by an Other Servicer under its terminated Servicing
Agreement. However, in no event shall the Master Servicer be deemed to have
assumed the obligations of a Servicer to advance payments of principal and
interest on a delinquent Mortgage Loan in excess of the Master Servicer's
independent Periodic Advance obligation under Section 3.03 of this Agreement. As
compensation for the Master Servicer of any servicing obligations fulfilled or
assumed by the Master Servicer, the Master Servicer shall be entitled to any
servicing compensation to which a Servicer would have been entitled if the
Servicing Agreement with such Servicer had not been terminated.

            Section 3.10 Application of Net Liquidation Proceeds.

            For all purposes under this agreement, Net Liquidation Proceeds
received from a Servicer shall be allocated first to accrued and unpaid interest
on the related Mortgage Loan and then to the unpaid principal balance thereof.

            Section 3.11 Assessment of Servicing Compliance; Registered
                         Public Accounting Firm Attestation Reports.

            (a) The Master Servicer, at its own expense, shall furnish to the
Depositor, and the Trustee, any Special Servicer (if applicable) and the
Custodian, at their own expense, shall furnish, or otherwise make available, and
shall cause any Servicing Function Participant engaged by any such party to
furnish, and the Master Servicer shall use reasonable effort to cause each
Servicer to furnish with respect to such Servicer and each Servicing Function
Participant engaged by such Servicer and identified to the Master Servicer, at
such party's expense, to the Master Servicer, not later than March 5 of each
year, or if such day is not a Business Day, the next Business Day (with a 10 day
cure period, but in no event later than March 15), commencing in March 2007, a
copy of a report, followed by a hard copy to the Master Servicer within 10
calendar days, signed by an authorized officer of the Master Servicer, the
Trustee, the Custodian, the Servicing Function Participant, the Special Servicer
(if applicable) or the Servicer, as applicable, on assessment of compliance
with, at a minimum, the Relevant Servicing Criteria that contains:

            (i) a statement by such party of its responsibility for assessing
      compliance with the Servicing Criteria applicable to it;

            (ii) a statement that such party used the Servicing Criteria
      applicable to it to assess compliance with the Servicing Criteria;

            (iii) such party's assessment of compliance with the Servicing
      Criteria applicable to it as of and for the preceding fiscal year,
      including, if there had been any material instance of noncompliance with
      the Servicing Criteria applicable to it, identifying each such failure and
      the nature and status thereof; and

            (iv) a statement that a registered public accounting firm has issued
      an attestation report on such party's assessment of compliance with the
      Servicing Criteria applicable to it as of and for the preceding fiscal
      year.

            No later than 30 days following the end of each fiscal year, the
Master Servicer shall forward to the Depositor the name of each Servicing
Function Participant engaged by it and what Relevant Servicing Criteria will be
addressed in the report on assessment of compliance prepared by such Servicing
Function Participant. When the Master Servicer submits its assessments to the
Depositor, it will also at such time include the assessment (and attestation
pursuant to Section 3.11(b)) of each Servicing Function Participant engaged by
it.

            No later than 30 days following the end of each fiscal year, each of
the Trustee, any Special Servicer (if applicable) and the Custodian (so long as
the Custodian is not the Master Servicer) shall forward to the Master Servicer
the name of each Servicing Function Participant engaged by it and what Relevant
Servicing Criteria will be addressed in the report on assessment of compliance
prepared by such Servicing Function Participant. When the Trustee, any Special
Servicer (if applicable) and the Custodian (so long as the Custodian is not the
Master Servicer) submit their assessments to the Master Servicer, each such
party will also at such time include the assessment (and attestation pursuant to
Section 3.11(b)) of each Servicing Function Participant engaged by it.

            The Master Servicer shall confirm that the assessments address the
Relevant Servicing Criteria for each party as set forth on Exhibit R or in the
applicable Servicing Agreement or the applicable Special Servicing Agreement and
shall notify the Depositor of any exceptions and deliver the assessment of
compliance containing such exceptions. Promptly after receipt of each such
report on assessment of compliance, the Depositor shall review each such report
and, if applicable, consult with the Master Servicer, the Trustee, the
Custodian, any Special Servicer (if applicable) and any Servicing Function
Participant as to the nature of any material instance of noncompliance with the
Relevant Servicing Criteria by the Master Servicer, the Trustee, the Custodian,
any Servicer, any Special Servicer (if applicable), or any Servicing Function
Participant engaged by such parties.

            (b) The Master Servicer, at its own expense, shall cause a
registered public accounting firm which is a member of the Institute of
Certified Public Accountants to furnish to the Depositor, and each of the
Trustee, the Custodian and any Special Servicer (if applicable) at their own
expense, shall cause, and shall cause any Servicing Function Participant engaged
by any such party, at such party's expense, to cause, and the Master Servicer
shall use reasonable efforts to cause each Servicer, at such Servicer's expense,
with respect to such Servicer and each Servicing Function Participant engaged by
such Servicer and identified to the Master Servicer, to cause a registered
public accounting firm which is a member of the Institute of Certified Public
Accountants to furnish to the Master Servicer, not later than March 5 of each
year, or if such day is not a Business Day, the next Business Day (with a 10
calendar day cure period, but in no event later than March 15), commencing in
March 2007, an electronic report (with a hard copy to follow within 10 calendar
days) to the effect that (i) it has obtained a representation regarding certain
matters from the management of such party, which includes an assertion that such
party has complied with the Relevant Servicing Criteria, and (ii) on the basis
of an examination conducted by such firm in accordance with standards for
attestation engagements issued or adopted by the Public Company Accounting
Oversight Board, it is expressing an opinion as to whether such party's
assessment of compliance with the Relevant Servicing Criteria was fairly stated
in all material respects, or it cannot express an overall opinion regarding such
party's assessment of compliance with the Relevant Servicing Criteria. In the
event that an overall opinion cannot be expressed, such registered public
accounting firm shall state in such report why it was unable to express such an
opinion. Such report must be available for general use and not contain
restricted use language. If requested by the Master Servicer or the Depositor,
such report shall contain or be accompanied by a consent of such accounting firm
to inclusion or incorporation of such report in the Depositor's Registration
Statement on Form S-3 relating to the Certificates and the Trust's Form 10-K.

            Promptly after receipt of such report from the Master Servicer, the
Depositor shall review the report and, if applicable, consult with the Master
Servicer if any such report (i) states that the party's assessment of compliance
was not fairly stated in a material respect or (ii) is unable to state an
overall opinion.

            Promptly after receipt of such report from the Trustee, the
Custodian, the Servicer, the Special Servicer (if applicable), or any Servicing
Function Participant engaged by such parties, the Master Servicer shall review
the report and shall promptly notify the Depositor if any such report (i) states
that the party's assessment of compliance was not fairly stated in a material
respect or (ii) is unable to state an overall opinion and the Depositor shall
promptly review each such report and the Depositor and the Master Servicer shall
consult with the parties to which such report relates.

            The Master Servicer shall make available any report from the Master
Servicer, the Trustee, the Custodian, the Servicer, the Special Servicer (if
applicable), or any Servicing Function Participant furnished pursuant to Section
3.05 and this Section 3.11, as well as any documents incorporated by reference
into the Prospectus (to the extent such documents are either in its possession
or have been filed with the Commission), to any Certificateholder requesting
such information.

            Section     3.12 Exchange Act Reports.

            (a) Within 15 days after each Distribution Date, the Master Servicer
shall prepare, an authorized officer of the Master Servicer shall sign, and the
Master Servicer shall file with the Commission, on behalf of the Trust, any Form
10-D required by the Exchange Act, in form and substance as required by the
Exchange Act. The Master Servicer shall file each Form 10-D with a copy of the
related Distribution Date Statement attached thereto. Any disclosure in addition
to the Distribution Date Statement that is required to be included on Form 10-D
("Additional Form 10-D Disclosure") shall be reported by the parties set forth
on Exhibit S and directed and approved by the Depositor, and the Master Servicer
will have no duty or liability for any failure hereunder to determine or prepare
any Additional Form 10-D Disclosure (other than with respect to itself) absent
such reporting, direction and approval. If a Form 10-D cannot be filed on time
or if a previously filed Form 10-D needs to be amended, the Master Servicer will
follow the procedures set forth in Section 3.12(d). Promptly (but no later than
1 Business Day) after filing with the Commission, the Master Servicer will make
available on its internet website a final executed copy of each Form 10-D.

            For so long as the Trust is subject to the Exchange Act reporting
requirements, within five (5) calendar days after the related Distribution Date,
the parties identified on Exhibit S shall (i) provide to the Master Servicer and
the Depositor, to the extent known by a Responsible Officer, in EDGAR-compatible
format, or in such other format as otherwise agreed upon by the Master Servicer
and such party, the form and substance of any Additional Form 10-D Disclosure,
if applicable and (ii) include with such Additional Form 10-D Disclosure, an
Additional Disclosure Notification in the form attached hereto as Exhibit V, and
the Depositor will approve, as to form and substance, or disapprove, as the case
may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. The
Master Servicer has no duty under this Agreement to monitor or enforce the
performance by the parties listed on Exhibit S of their duties under this
paragraph or proactively solicit or procure from such parties any Additional
Form 10-D Disclosure; except that the Master Servicer shall enforce the
obligations of the Servicers under the Servicing Agreements. After preparing the
Form 10-D, if the Form 10-D contains any Additional Form 10-D Disclosure, the
Master Servicer shall forward electronically a draft copy of the Form 10-D to
the Depositor for review. Each party to this Agreement acknowledges that the
performance by the Master Servicer of its duties under this Section 3.12(a)
relating to the timely preparation and filing of Form 10-D is contingent upon
such parties strictly observing all applicable deadlines in the performance of
their duties under this Section 3.12(a). The Master Servicer shall have no
liability for any loss, expense, damage, claim arising out of or with respect to
any failure to properly prepare and/or timely file such Form 10-D, where such
failure results from the Master Servicer's inability or failure to receive, on a
timely basis, any information from any other party hereto, any Servicer, the
Custodian or any Special Servicer (if applicable) needed to prepare, arrange for
execution or file such Form 10-D, not resulting from its own negligence, bad
faith or willful misconduct. The Depositor will be responsible for any
reasonable fees assessed and expenses incurred by the Master Servicer in
connection with including any Additional Form 10-D Disclosure on Form 10-D
pursuant to this paragraph.

            (b) Within 90 days after the end of each fiscal year of the Trust or
such earlier date as may be required by the Exchange Act (it being understood
that the fiscal year for the Trust ends on December 31st of each year),
commencing in March 2007, the Master Servicer shall prepare, a senior officer of
the Master Servicer in charge of the master servicing function shall sign, and
the Master Servicer shall file with the Commission, on behalf of the Trust, a
Form 10-K, in form and substance as required by the Exchange Act. Each such Form
10-K shall include the following items, in each case to the extent they have
been delivered to the Master Servicer within the applicable timeframes set forth
in this Agreement, the related Servicing Agreements, the Custodial Agreement or,
if applicable, the Special Servicing Agreement:

            (i) an annual compliance statement for the Master Servicer, any
      Additional Master Servicer and each Servicer, as described under Section
      3.05;

            (ii) (A) the annual reports on assessment of compliance with
      servicing criteria for the Master Servicer, the Trustee, each Servicer,
      the Custodian, any Special Servicer (if applicable), and each Servicing
      Function Participant, as described under Section 3.11(a), and (B) if any
      party's report on assessment of compliance with Servicing Criteria
      described under Section 3.11(a) identifies any material instance of
      noncompliance, disclosure identifying such instance of noncompliance, or
      if any party's report on assessment of compliance with servicing criteria
      described under Section 3.11(a) is not included as an exhibit to such Form
      10-K, disclosure that such report is not included and an explanation of
      why such report is not included;

            (iii) (A) the registered public accounting firm attestation report
      for each of the Master Servicer, the Trustee, each Servicer, the
      Custodian, any Special Servicer (if applicable), and each Servicing
      Function Participant, as described under Section 3.11(b), and (B) if any
      registered public accounting firm attestation report described under
      Section 3.11(b) identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any such
      registered public accounting firm attestation report is not included as an
      exhibit to such Form 10-K, disclosure that such report is not included and
      an explanation of why such report is not included; and

            (iv) a certification, signed by a senior officer of the Master
      Servicer in charge of the master servicing function, in the form attached
      hereto as Exhibit P or in such other form as may be required by Rules
      13a-14 and 15d-14 under the Exchange Act, as applicable, and any
      directives or interpretations thereof by the Commission (the
      "Sarbanes-Oxley Certification").

            Any disclosure or information in addition to (i) through (iv) above
that is required to be included on Form 10-K ("Additional Form 10-K Disclosure")
shall, pursuant to the paragraph immediately below, be reported by the parties
set forth on Exhibit T and directed and approved by the Depositor, and the
Master Servicer will have no duty or liability for any failure hereunder to
determine or prepare any Additional Form 10-K Disclosure (other than with
respect to itself) absent such reporting, direction and approval. If a Form 10-K
cannot be filed on time or if a previously filed Form 10-K needs to be amended,
the Master Servicer will follow the procedures set forth in Section 3.12(d).
Promptly (but no later than 1 Business Day) after filing with the Commission,
the Master Servicer will make available on its internet website a final executed
copy of each Form 10-K.

            No later than March 5 (with a 10 calendar day cure period, but in no
event later than March 15) of each year that the Trust is subject to the
Exchange Act reporting requirements, commencing in March 2007, (i) the parties
identified on Exhibit T shall provide to the Master Servicer and the Depositor,
to the extent known by a Responsible Officer, in EDGAR-compatible format, or in
such other format as otherwise agreed upon by the Master Servicer and such
party, the form and substance of any Additional Form 10-K Disclosure, if
applicable, and (ii) the parties identified on Exhibit T shall include with such
Additional Form 10-K Disclosure, an Additional Disclosure Notification in the
form attached hereto as Exhibit V, and the Depositor will approve, as to form
and substance, or disapprove, as the case may be, the inclusion of the
Additional Form 10-K Disclosure on Form 10-K. The Master Servicer has no duty
under this Agreement to monitor or enforce the performance by the parties listed
on Exhibit T of their duties under this paragraph or proactively solicit or
procure from such parties any Additional Form 10-K Disclosure information;
except that the Master Servicer shall enforce the obligations of the Servicers
under the Servicing Agreements. The Depositor will be responsible for any
reasonable fees and expenses assessed or incurred by the Master Servicer in
connection with including any Additional Form 10-K Disclosure on Form 10-K
pursuant to this paragraph.

            After preparing the Form 10-K, if the Form 10-K contains any
Additional Form 10-K Disclosure, the Master Servicer shall forward
electronically a draft copy of the Form 10-K to the Depositor for review. Each
party to this Agreement acknowledges that the performance by the Master Servicer
of its duties under this Section 3.12(b) relating to the timely preparation and
filing of Form 10-K is contingent upon such parties strictly observing all
applicable timeframes in the performance of their duties under Sections 3.05,
3.11 or this Section 3.12(b). The Master Servicer shall have no liability for
any loss, expense, damage, claim arising out of or with respect to any failure
to properly prepare and/or timely file such Form 10-K, where such failure
results from the Master Servicer's inability or failure to obtain or receive, on
a timely basis, any information from any other party hereto, any Servicer, any
Special Servicer (if applicable) or the Custodian needed to prepare, arrange for
execution or file such Form 10-K, not resulting from its own negligence, bad
faith or willful misconduct.

            (c) Within four (4) Business Days after the occurrence of an event
requiring disclosure on Form 8-K (each such event, a "Reportable Event"), and if
directed by the Depositor, the Master Servicer shall prepare, an authorized
officer of the Master Servicer shall sign, and the Master Servicer shall file
with the Commission, on behalf of the Trust, any Form 8-K, as required by the
Exchange Act, provided that the Depositor shall prepare and file the initial
Form 8-K in connection with the issuance of the Certificates. Any disclosure or
information related to a Reportable Event or that is otherwise required to be
included on Form 8-K ("Form 8-K Disclosure Information") shall, pursuant to the
paragraph immediately below, be reported by the parties set forth on Exhibit U
and directed and approved by the Depositor, and the Master Servicer will have no
duty or liability for any failure hereunder to determine or prepare any Form 8-K
Disclosure Information (other than with respect to itself) absent such
reporting, direction and approval. If a Form 8-K cannot be filed on time or if a
previously filed Form 8-K needs to be amended, the Master Servicer will follow
the procedures set forth in Section 3.12(d). Promptly (but no later than 1
Business Day) after filing with the Commission, the Master Servicer will, make
available on its internet website a final executed copy of each Form 8-K.

            For so long as the Trust is subject to the Exchange Act reporting
requirements, no later than the end of business on the second Business Day after
the occurrence of a Reportable Event (i) the parties identified on Exhibit U
shall provide to the Master Servicer and the Depositor, to the extent known by a
Responsible Officer, in EDGAR-compatible form, or in such other form as
otherwise agreed upon by the Master Servicer and such party, the form and
substance of any Form 8-K Disclosure Information, if applicable, and (ii) the
parties identified on Exhibit U shall include with such Additional Form 8-K
Disclosure, an Additional Disclosure Notification in the form attached hereto as
Exhibit V and the Depositor will approve, as to form and substance, or
disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
Information on Form 8-K. The Master Servicer has no duty under this Agreement to
monitor or enforce the performance by the parties listed on Exhibit U of their
duties under this paragraph or proactively solicit or procure from such parties
any Form 8-K Disclosure Information; except that the Master Servicer shall
enforce the obligations of the Servicers under the Servicing Agreements. The
Depositor will be responsible for any reasonable fees and expenses assessed or
incurred by the Master Servicer in connection with including any Form 8-K
Disclosure Information on Form 8-K pursuant to this paragraph.

            After preparing the Form 8-K, the Master Servicer shall forward
electronically a draft copy of the Form 8-K to the Depositor for review. Each
party to this Agreement acknowledges that the performance by the Master Servicer
of its duties under this Section 3.12(c) relating to the timely preparation and
filing of Form 8-K is contingent upon such party strictly observing all
applicable timeframes in the performance of its duties under this Section
3.12(c). The Master Servicer shall have no liability for any loss, expense,
damage, claim arising out of or with respect to any failure to properly prepare
and/or timely file such Form 8-K, where such failure results from the Master
Servicer's inability or failure to obtain or receive, on a timely basis, any
information from any other party hereto, any Servicer, the Custodian or any
Special Servicer (if applicable) needed to prepare, arrange for execution or
file such Form 8-K, not resulting from its own negligence, bad faith or willful
misconduct.

            (d) In the event that the Master Servicer is unable to timely file
with the Commission all or any required portion of any Form 8-K, 10-D or 10-K
required to be filed by this Agreement because required disclosure information
was either not delivered to it or delivered to it after the delivery deadlines
set forth in this Agreement or for any other reason, the Master Servicer will
promptly notify the Depositor and, in the case of Form 10-D or 10-K, the Master
Servicer will prepare, sign and file a Form 12b-25 pursuant to Rule 12b-25 of
the Exchange Act not later than the Business Day following the due date of the
applicable report. Within five days following the due date of any Form 10-D as
to which it has filed a Form 12b-25, the Master Servicer shall prepare, sign and
file the related Form 10-D. Within 15 days following the due date of any Form
10-K as to which it has filed a Form 12b-25, the Master Servicer shall prepare,
sign and file the related Form 10-K. In the case of Form 8-K, the Master
Servicer will, upon receipt of all required Form 8-K Disclosure Information and
at the direction of the Depositor, include such disclosure information on the
next Form 10-D. In the event that any previously filed Form 8-K, 10-D or 10-K
needs to be amended, the Master Servicer will notify the Depositor and each
party whose cooperation is required in connection with the preparation of such
amendment; provided however that such notice shall not be required in connection
with an amendment to Form 10-D due to a revision made to any Distribution Date
Statement. The parties to this Agreement acknowledge that the performance by the
Master Servicer of its duties under this Section 3.12(d) related to the timely
preparation and filing of a Form 12b-25 or any amendment to Form 8-K, 10-D or
10-K is contingent upon each such party performing its duties under this
Section. The Master Servicer shall have no liability for any loss, expense,
damage, claim arising out of or with respect to any failure to properly prepare
and/or timely file any such Form 12b-25 or any amendments to Forms 8-K, 10-D or
10-K, where such failure results from the Master Servicer's inability or failure
to obtain or receive, on a timely basis, any information from any other party
hereto, any Servicer, the Custodian or any Special Servicer (if applicable)
needed to prepare, arrange for execution or file such Form 12b-25 or any
amendments to Forms 8-K, 10-D or 10-K, not resulting from its own negligence,
bad faith or willful misconduct.

            (e) On or prior to January 30 of the first year in which the Master
Servicer is able to do so under applicable law, the Master Servicer shall
prepare, an authorized officer of the Master Servicer shall sign, and the Master
Servicer shall file with the Commission, on behalf of the Trust, a Form 15
relating to the automatic suspension of reporting in respect of the Trust under
the Exchange Act. At the beginning of any year after the filing of a Form 15, if
the number of Certificateholders of record exceeds the number set forth in
Section 15(d) of the Exchange Act or the regulations promulgated pursuant
thereto which would cause the Trust to again become subject to the reporting
requirements of the Exchange Act, the Master Servicer shall recommence preparing
and filing reports on Form 10-D, 10-K and 8-K as required pursuant to this
Section.

            (f) To the extent the Master Servicer is obligated to give any
notice to the Depositor pursuant to this Section 3.12, such notice may,
notwithstanding the provisions of Section 10.05 in this Agreement, be delivered
via facsimile to 301-816-8152 or via electronic mail to
Structuredfinance-frederick@wellsfargo.com.

<PAGE>

                                   ARTICLE IV

                    DISTRIBUTIONS IN RESPECT OF CERTIFICATES;
                         PAYMENTS TO CERTIFICATEHOLDERS;
                             STATEMENTS AND REPORTS

            Section     4.01 Distributions.

            (a) On each Distribution Date, the Pool Distribution Amount will be
applied in the following amounts, to the extent the Pool Distribution Amount is
sufficient therefor, in the manner and in the order of priority as follows:

            first, to the Classes of Class A Certificates, pro rata, based upon
their respective Interest Accrual Amounts, in an aggregate amount up to the
Class A Interest Accrual Amount with respect to such Distribution Date;

            second, to the Classes of Class A Certificates, pro rata, based upon
their respective Class A Unpaid Interest Shortfalls, in an aggregate amount up
to the Aggregate Class A Unpaid Interest Shortfall;

            third, to the Classes of Class A Certificates, in an aggregate
amount up to the Class A Optimal Principal Amount, such distribution to be
allocated among such Classes in accordance with Section 4.01(b) or Section
4.01(c), as applicable;

            fourth, to the Class B-1 Certificates, in an amount up to the
Interest Accrual Amount for the Class B-1 Certificates with respect to such
Distribution Date;

            fifth, to the Class B-1 Certificates in an amount up to the
Class B-1 Unpaid Interest Shortfall;

            sixth, to the Class B-1 Certificates in an amount up to the
Class B-1 Optimal Principal Amount;

            seventh, to the Class B-2 Certificates, in an amount up to the
Interest Accrual Amount for the Class B-2 Certificates with respect to such
Distribution Date;

            eighth, to the Class B-2 Certificates in an amount up to the
Class B-2 Unpaid Interest Shortfall;

            ninth, to the Class B-2 Certificates in an amount up to the
Class B-2 Optimal Principal Amount;

            tenth, to the Class B-3 Certificates, in an amount up to the
Interest Accrual Amount for the Class B-3 Certificates with respect to such
Distribution Date;

            eleventh, to the Class B-3 Certificates in an amount up to the
Class B-3 Unpaid Interest Shortfall;

            twelfth, to the Class B-3 Certificates in an amount up to the
Class B-3 Optimal Principal Amount;

            thirteenth, to the Class B-4 Certificates in an amount up to the
Interest Accrual Amount for the Class B-4 Certificates with respect to such
Distribution Date;

            fourteenth, to the Class B-4 Certificates in an amount up to the
Class B-4 Unpaid Interest Shortfall;

            fifteenth, to the Class B-4 Certificates in an amount up to the
Class B-4 Optimal Principal Amount;

            sixteenth, to the Class B-5 Certificates in an amount up to the
Interest Accrual Amount for the Class B-5 Certificates with respect to such
Distribution Date;

            seventeenth, to the Class B-5 Certificates in an amount up to the
Class B-5 Unpaid Interest Shortfall;

            eighteenth, to the Class B-5 Certificates in an amount up to the
Class B-5 Optimal Principal Amount;

            nineteenth, to the Class B-6 Certificates in an amount up to the
Interest Accrual Amount for the Class B-6 Certificates with respect to such
Distribution Date;

            twentieth, to the Class B-6 Certificates in an amount up to the
Class B-6 Unpaid Interest Shortfall;

            twenty-first, to the Class B-6 Certificates in an amount up to
the Class B-6 Optimal Principal Amount; and

            twenty-second, to the Holder of the Class A-R Certificate (i) in
respect of the Class A-R Interest, any amounts remaining in the Upper-Tier
Certificate Account and (ii) in respect of the Class A-LR Interest, any amounts
remaining in the Payment Account.

            Notwithstanding the foregoing, after the Principal Balance or
Notional Amount of any Class has been reduced to zero, such Class will be
entitled to no further distributions of principal or interest (including,
without limitation, any Unpaid Interest Shortfalls).

            On each Distribution Date, any Reimbursement Amount shall be
distributed sequentially to the Classes of Certificates then outstanding which
bore the loss to which such Reimbursement Amount relates beginning with the most
senior of such Class of Certificates, up to, with respect to each Class, the
amount of loss borne by such Class. Any Reimbursement Amount remaining after the
application described in the preceding sentence shall be included in the Pool
Distribution Amount.

            With respect to any Distribution Date, the amount of the Principal
Adjustment, if any, attributable to any Class B Certificates will be allocated
to the Classes of Class A Certificates and any Class of Class B Certificates
with a lower numerical designation pro rata based on their outstanding Principal
Balances.

            Distributions on the Uncertificated Lower-Tier Interests. Each
Uncertificated Lower-Tier Interest shall receive distributions in respect of
principal in an amount equal to the amount of principal distributed to its
respective Corresponding Upper-Tier Class or Classes as provided herein. Each
Uncertificated Lower-Tier Interest shall receive distributions in respect of
interest in an amount equal to the Interest Accrual Amounts and Unpaid Interest
Shortfalls, as the case may be, in respect of its Corresponding Upper-Tier Class
or Classes, in each case to the extent actually distributed thereon. Such
amounts distributed to the Uncertificated Lower-Tier Interests in respect of
principal and interest with respect to any Distribution Date are referred to
herein collectively as the "Lower-Tier Distribution Amount."

            As of any date, the principal balance of each Uncertificated
Lower-Tier Interest equals the Principal Balances of the respective
Corresponding Upper-Tier Class or Classes. The initial principal balance of each
Uncertificated Lower-Tier Interest equals the Original Principal Balances of the
respective Corresponding Upper-Tier Class or Classes.

            The pass-through rate with respect to the Class A-L1 Interest, Class
A-L2 Interest, Class A-LUR Interest, Class B-L1 Interest, Class B-L2 Interest,
Class B-L3 Interest, Class B-L4 Interest, Class B-L5 Interest and Class B-L6
Interest shall be the Net WAC of the Mortgage Loans. Any Non-Supported Interest
Shortfalls will be allocated to each Uncertificated Lower-Tier Interest in the
same relative proportions as interest is allocated to such Uncertificated
Lower-Tier Interest.

            (b) The Class A-IO Certificates are Interest Only Certificates and
are not entitled to distributions in respect of principal.

            On each Distribution Date occurring prior to the Subordination
Depletion Date, the Class A Principal Distribution Amount will be allocated
among and distributed in reduction of the Principal Balances of the Class A
Certificates, sequentially, as follows:

            first, to the Class A-R Certificate; and

            second, concurrently, to the Class A-1, Class A-2, Class A-3 and
Class A-4 Certificates, pro rata.

            (c) Notwithstanding the foregoing, on each Distribution Date
occurring on or subsequent to the Subordination Depletion Date, the Class A
Principal Distribution Amount shall be distributed among the Classes of Class A
Certificates pro rata in accordance with their outstanding Principal Balances
without regard to either the proportions or the priorities set forth in Section
4.01(b).

            (d)(i) For purposes of determining whether the Classes of Class B
Certificates are eligible to receive unscheduled principal distributions (other
than Liquidation Proceeds that are not Partial Liquidation Proceeds) with
respect to any Distribution Date, the following tests shall apply:

            (A) if the Current Class B-1 Fractional Interest is less than the
      Original Class B-1 Fractional Interest and the Class B-1 Principal Balance
      is greater than zero, the Class B-2, Class B-3, Class B-4, Class B-5 and
      Class B-6 Certificates shall not be eligible to receive distributions of
      such unscheduled principal; or

            (B) if the Current Class B-2 Fractional Interest is less than the
      Original Class B-2 Fractional Interest and the Class B-2 Principal Balance
      is greater than zero, the Class B-3, Class B-4, Class B-5 and Class B-6
      Certificates shall not be eligible to receive distributions of such
      unscheduled principal; or

            (C) if the Current Class B-3 Fractional Interest is less than the
      Original Class B-3 Fractional Interest and the Class B-3 Principal Balance
      is greater than zero, the Class B-4, Class B-5 and Class B-6 Certificates
      shall not be eligible to receive distributions of such unscheduled
      principal; or

            (D) if the Current Class B-4 Fractional Interest is less than the
      Original Class B-4 Fractional Interest and the Class B-4 Principal Balance
      is greater than zero, the Class B-5 and Class B-6 Certificates shall not
      be eligible to receive distributions of such unscheduled principal; or

            (E) if the Current Class B-5 Fractional Interest is less than the
      Original Class B-5 Fractional Interest and the Class B-5 Principal Balance
      is greater than zero, the Class B-6 Certificates shall not be eligible to
      receive distributions of such unscheduled principal.

            (ii) Notwithstanding the foregoing, if on any Distribution Date the
aggregate principal distributions to Holders of the Classes of Class B
Certificates would reduce the Principal Balances of the Classes of Class B
Certificates below zero, first the Class B Prepayment Percentage of any affected
Class of Class B Certificates for such Distribution Date beginning with the
affected Class with the lowest numerical Class designation and then, if
necessary, the Class B Percentage of such Class of the Class B Certificates for
such Distribution Date shall be reduced to the respective percentages necessary
to bring the Principal Balance of such Class of Class B Certificates to zero.
The Class B Prepayment Percentages and the Class B Percentages of the remaining
Classes of Class B Certificates will be recomputed substituting for the
Subordinated Prepayment Percentage and Subordinated Percentage in such
computations the difference between (A) the Subordinated Prepayment Percentage
or Subordinated Percentage as the case may be, and (B) the percentages
determined in accordance with the preceding sentence necessary to bring the
Principal Balances of the affected Classes of Class B Certificates to zero;
provided, however, that if the Principal Balances of all the Classes of Class B
Certificates eligible to receive distributions of unscheduled principal pursuant
to clause (i) shall be reduced to zero on such Distribution Date, the Class B
Prepayment Percentage of the Class of Class B Certificates with the lowest
numerical Class designation which would otherwise be ineligible to receive such
distributions of unscheduled principal in accordance with this Section shall
equal the remainder of the Subordinated Prepayment Percentage for such
Distribution Date minus the sum of the Class B Prepayment Percentages of the
Classes of Class B Certificates having lower numerical Class designations, if
any. Any entitlement of any Class of Class B Certificates to principal payments
solely pursuant to this clause (ii) shall not cause such Class to be regarded as
being eligible to receive such unscheduled principal distributions for the
purpose of applying the definition of its Class B Prepayment Percentage.

            (e) The Master Servicer shall establish and maintain the Upper-Tier
Certificate Account, which shall be a separate trust account and an Eligible
Account (provided that such account may be deemed a sub-account of the Payment
Account so long as the Master Servicer is the Paying Agent). On each
Distribution Date other than the Final Distribution Date (if such Final
Distribution Date is in connection with a purchase of the assets of the Trust
Estate by the Depositor), the Paying Agent shall, on behalf of the Master
Servicer, from funds available on deposit in the Payment Account, be deemed to
deposit, in immediately available funds, by wire transfer or otherwise, into the
Upper-Tier Certificate Account the Lower-Tier Distribution Amount. The Master
Servicer may clear and terminate the Upper-Tier Certificate Account pursuant to
Section 9.01.

            (f) On each Distribution Date other than the Final Distribution Date
(if such Final Distribution Date is in connection with a purchase of the assets
of the Trust Estate by the Depositor), the Paying Agent shall from funds
remitted to it by the Master Servicer, distribute to each Certificateholder of
record on the preceding Record Date (other than as provided in Section 9.01
respecting the final distribution to Certificateholders or in the last paragraph
of this Section 4.01(f) respecting the final distribution in respect of any
Class) either in immediately available funds by wire transfer to the account of
such Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder holds Certificates having a Denomination at
least equal to that specified in Section 11.23, and has so notified the Paying
Agent at least seven Business Days prior to the Distribution Date or, if such
Holder holds Certificates having, in the aggregate, a Denomination less than the
requisite minimum Denomination or if such Holder holds the Residual Certificate
or has not so notified the Paying Agent, by check mailed to such Holder at the
address of such Holder appearing in the Certificate Register, such Holder's
share of the Class A Distribution Amount with respect to each Class of Class A
Certificates and the Class B Distribution Amount with respect to each Class of
Class B Certificates.

            In the event that, on any Distribution Date prior to the Final
Distribution Date, the Principal Balance of any Class of Class A Certificates
(other than the Residual Certificate) or the Principal Balance of any Class of
Class B Certificates would be reduced to zero, or in the case of the Interest
Only Certificates, the related Notional Amount, would be reduced to zero, the
Master Servicer shall, as soon as practicable after the Determination Date
relating to such Distribution Date, send notice to the Paying Agent. The Paying
Agent shall then send a notice to each Certificateholder of such Class with a
copy to the Certificate Registrar, specifying that the final distribution with
respect to such Class will be made on such Distribution Date only upon the
presentation and surrender of such Certificateholder's Certificates at the
office or agency of the Certificate Registrar therein specified; provided,
however, that the failure to give such notice will not entitle a
Certificateholder to any interest beyond the interest payable with respect to
such Distribution Date in accordance with Section 4.01(a).

            (g) The Paying Agent shall withhold or cause to be withheld such
amounts as may be required by the Code (giving full effect to any exemptions
from withholding and related certifications required to be furnished by
Certificateholders and any reductions to withholding by virtue of any bilateral
tax treaties and any applicable certification required to be furnished by
Certificateholders with respect thereto) from distributions to be made to
Persons other than U.S. Persons ("Non-U.S. Persons"). Amounts withheld pursuant
to this Section 4.01(g) shall be treated as having been distributed to the
related Certificateholder for all purposes of this Agreement. For the purposes
of this paragraph, a "U.S. Person" is a citizen or resident of the United
States, a corporation or partnership (unless, in the case of a partnership,
Treasury regulations are adopted that provide otherwise) created or organized in
or under the laws of the United States, any state thereof or the District of
Columbia, including an entity treated as a corporation or partnership for
federal income tax purposes, an estate whose income is subject to United States
federal income tax regardless of its source, or a trust if a court within the
United States is able to exercise primary supervision over the administration of
such trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of such trust (or, to the extent provided in applicable
Treasury regulations, certain trusts in existence on August 20, 1996 which are
eligible to elect to be treated as U.S. Persons).

            Section 4.02 Allocation of Realized Losses.

            (a) With respect to any Distribution Date, the principal portion of
Realized Losses (other than Debt Service Reductions) will be allocated as
follows:

            first, to the Class B-6 Certificates until the Class B-6 Principal
Balance has been reduced to zero;

            second, to the Class B-5 Certificates until the Class B-5
Principal Balance has been reduced to zero;

            third, to the Class B-4 Certificates until the Class B-4
Principal Balance has been reduced to zero;

            fourth, to the Class B-3 Certificates until the Class B-3
Principal Balance has been reduced to zero;

            fifth, to the Class B-2 Certificates until the Class B-2
Principal Balance has been reduced to zero;

            sixth, to the Class B-1 Certificates until the Class B-1
Principal Balance has been reduced to zero; and

            seventh, to the Class A Certificates.

            This allocation of Realized Losses will be effected through the
reduction of the applicable Class's Principal Balance through the operation of
the definition of Principal Balance and the provisos in the definitions of Class
B-1 Principal Balance, Class B-2 Principal Balance, Class B-3 Principal Balance,
Class B-4 Principal Balance, Class B-5 Principal Balance and Class B-6 Principal
Balance.

            (b) Any Realized Losses allocated to a Class of Class A Certificates
or Class B Certificates pursuant to Section 4.02(a) shall be allocated among the
Certificates of such Class based on their Percentage Interests.

            (c) With respect to any Distribution Date, the interest portion of
Realized Losses will be allocated after the Subordination Depletion Date among
the outstanding Classes of Class A Certificates based on their Class A Interest
Percentages.

            (d) Realized Losses allocated in accordance with this Section 4.02
will be allocated as follows: (i) Liquidated Loan Losses on Liquidated Loans for
which the Liquidation Proceeds were received during, and Bankruptcy Losses
incurred in a period corresponding to, an Unscheduled Principal Receipt Period
for Full Unscheduled Principal Receipts that is a Mid-Month Receipt Period will
be allocated on the Determination Date in the month following the month in which
such Mid-Month Receipt Period ended and (ii) Liquidated Loan Losses on
Liquidated Loans for which the Liquidation Proceeds were received during, and
Bankruptcy Losses incurred in a period corresponding to, an Unscheduled
Principal Receipt Period for Full Unscheduled Principal Receipts that is a Prior
Month Receipt Period will be allocated on the Determination Date in the second
month following the month which is such Prior Month Receipt Period.

            (e) With respect to any Distribution Date, the principal portion of
Realized Losses and recoveries attributable to previously allocated Realized
Losses allocated pursuant to this Section 4.02 will be allocated to each
Uncertificated Lower-Tier Interest in an amount equal to the amount allocated to
its respective Corresponding Upper-Tier Class or Classes as provided above.

            (f) With respect to any Distribution Date, the interest portion of
Realized Losses allocated pursuant to this Section 4.02 will be allocated to
each Uncertificated Lower-Tier Interest in the same relative proportions as
interest is allocated to such Uncertificated Lower-Tier Interest.

            Section     4.03 Paying Agent.

            (a) The Paying Agent shall establish and maintain a Payment Account,
which shall be a separate trust account (unless the Master Servicer is the
Paying Agent, in which case, the Certificate Account may be the Payment Account)
and an Eligible Account, in which the Master Servicer shall cause to be
deposited from funds in the Certificate Account or, to the extent required
hereunder, from its own funds (i) at or before 10:00 a.m., New York time, on the
Business Day preceding each Distribution Date, by wire transfer of immediately
available funds, any Periodic Advance for such Distribution Date, pursuant to
Section 3.03 and (ii) at or before 10:00 a.m., New York time, on the Business
Day preceding each Distribution Date, by wire transfer of immediately available
funds, an amount equal to the Pool Distribution Amount. The Master Servicer may
cause the Paying Agent to invest the funds in the Payment Account. Any such
investment shall be in Eligible Investments, which shall mature not later than
the Business Day preceding the related Distribution Date (unless the Eligible
Investments are obligations of the institution that maintains such account, in
which case such Eligible Investments shall mature not later than the
Distribution Date), 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 Master 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 Master Servicer out of its own funds
immediately as realized. The Paying Agent may withdraw from the Payment Account
any amount deposited in the Payment Account that was not required to be
deposited therein and may clear and terminate the Payment Account pursuant to
Section 9.01.

            (b) Wells Fargo Bank is hereby appointed as initial Paying Agent to
make distributions to Certificateholders and to make available to
Certificateholders the Distribution Date Statements and the annual statements
required by Section 4.04. The Trustee may, at any time, remove or replace the
Paying Agent, other than Wells Fargo Bank for so long as Wells Fargo Bank is
acting as the Master Servicer. If Wells Fargo Bank is no longer acting as Master
Servicer, the Master Servicer shall pay, from its own funds, the reasonable
compensation of any Paying Agent other than Wells Fargo Bank.

            The Trustee shall cause any Paying Agent that is not HSBC Bank USA,
National Association or Wells Fargo Bank to execute and deliver to the Trustee
an instrument (a "Paying Agent Agreement") in which such Paying Agent agrees
with the Trustee that such Paying Agent shall:

            (i) hold all amounts remitted to it by the Master Servicer for
      distribution to Certificateholders in trust for the benefit of
      Certificateholders until such amounts are distributed to
      Certificateholders or otherwise disposed of as herein provided;

            (ii) give the Trustee notice of any default by the Master Servicer
      in remitting any required amount;

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

            (iv) provide to the Master Servicer the assessment of compliance and
      accountants report provided for in Section 3.11 with respect to the
      Servicing Criteria set forth in Item 1122(d) of Regulation AB applicable
      to the duties of the Paying Agent.

            Section 4.04 Statements to Certificateholders; Reports to the
                         Trustee and the Depositor.

            (a) On each Distribution Date, the Master Servicer shall make
available in accordance with subsection (b) of this Section 4.04 to each Holder
of a Certificate, the Trustee, the Paying Agent and the Depositor a statement
(the "Distribution Date Statement") setting forth:

            (i) the applicable Determination Date, the applicable Record Date
      and the actual Distribution Date;

            (ii) the amount of such distribution to Holders of each Class of
      Class A Certificates allocable to principal, separately identifying the
      aggregate amount of any Unscheduled Principal Receipts and Liquidation
      Proceeds included therein and the Principal Balance of each Class of Class
      A Certificates;

            (iii) (A) the amount of such distribution to Holders of each Class
      of Class A Certificates allocable to interest, (B) the amount of the
      Current Class A Interest Distribution Amount allocated to each Class of
      Class A Certificates, (C) any Class A Interest Shortfall Amounts arising
      with respect to such Distribution Date and any remaining Class A Unpaid
      Interest Shortfall with respect to each Class after giving effect to such
      distribution, (D) the amount of any Non-Supported Interest Shortfall
      allocated to each Class of Class A Certificates for such Distribution Date
      and (E) the amount of any Relief Act Shortfall allocated to each Class of
      Class A Certificates for such Distribution Date;

            (iv) the amount of such distribution to Holders of each Class of
      Class B Certificates allocable to principal, separately identifying the
      aggregate amount of any Unscheduled Principal Receipts and Liquidation
      Proceeds included therein and the Principal Balance of each Class of Class
      B Certificates;

            (v) (A) the amount of such distribution to Holders of each Class of
      Class B Certificates allocable to interest, (B) the amount of the Current
      Class B Interest Distribution Amount allocated to each Class of Class B
      Certificates (C) any Class B Interest Shortfall Amounts arising with
      respect to such Distribution Date and any remaining Class B Unpaid
      Interest Shortfall with respect to each Class of Class B Certificates
      after giving effect to such distribution, (D) the amount of any
      Non-Supported Interest Shortfall allocated to each Class of Class B
      Certificates for such Distribution Date and (E) the amount of any Relief
      Act Shortfall allocated to each Class of Class B Certificates for such
      Distribution Date;

            (vi) the amount of any Periodic Advance by or reimbursed to any
      Servicer, the Master Servicer or the Trustee pursuant to the Servicing
      Agreements or this Agreement;

            (vi) the number and aggregate principal balance of Mortgage Loans
      outstanding, the weighted average Mortgage Interest Rate and weighted
      average remaining term to maturity of the Mortgage Loans outstanding and
      the cumulative prepayment amounts, in each case, as of the preceding
      Determination Date;

            (vii) the number and aggregate principal balances of the Mortgage
      Loans by range of current Mortgage Interest Rates;

            (viii) the pool factors for such Distribution Date;

            (ix) the beginning and ending balance of the Certificate Account;

(x)   the Class A Principal Balance, the Principal Balance of each Class of
      Class A Certificates, the Class B Principal Balance and the Principal
      Balance of each Class of Class B Certificates prior to and after giving
      effect to the distributions of principal made, and the principal portion
      of Realized Losses, if any, allocated with respect to such Distribution
      Date;

            (xi) the Adjusted Pool Amount and the Pool Scheduled Principal
      Balance of the Mortgage Loans for such Distribution Date;

            (xii) the aggregate Scheduled Principal Balances of the Mortgage
      Loans serviced by Wells Fargo Bank in its capacity as Servicer and,
      collectively, by the Other Servicers as of such Distribution Date;

            (xiii) the Class A Percentage for such Distribution Date;

            (xiv) the Class A Prepayment Percentage for such Distribution Date;

            (xv) the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and
      Class B-6 Percentages for such Distribution Date;

            (xvi) the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and
      Class B-6 Prepayment Percentages for such Distribution Date;

            (xvii) the number and aggregate principal balances of Mortgage Loans
      (A) delinquent (exclusive of Mortgage Loans in foreclosure or bankruptcy),
      grouping such delinquent Mortgage Loans in 30 day increments up to 180
      days delinquent (determined in accordance with the Mortgage Bankers'
      Association delinquency methodology), (B) in foreclosure, as of the close
      of business on the last day of the calendar month preceding the
      Distribution Date and (C) in bankruptcy as of the close of business on the
      last day of the calendar month preceding the Distribution Date;

            (xviii) the number and aggregate principal balances of the Mortgage
      Loans that are REO Mortgage Loans as of the Determination Date immediately
      preceding such Distribution Date;

            (xix) the aggregate amount of Realized Losses incurred during the
      preceding calendar month;

            (xx) any expenses or indemnification amounts paid by the Trust, the
      specific purpose of each payment and the parties to whom the payments were
      made;

            (xxi) the amount by which the Principal Balance of each Class of
      Class B Certificates has been reduced as a result of Realized Losses
      allocated as of such Distribution Date;

            (xxii) the amount of the aggregate Servicing Fees and Master
      Servicing Fees paid (and not previously reported) with respect to the
      related Distribution Date and the amount by which the aggregate Available
      Master Servicer Compensation has been reduced by the Prepayment Interest
      Shortfall for the related Distribution Date;

            (xxiii) the amount of PMI Advances made by a Servicer, if any;

            (xxiv) the Class A Pass-Through Rate for each Class of Class A
      Certificates and the Class B Pass-Through Rate for each Class of Class B
      Certificates;

            (xxv) any material modifications, extensions or waivers to Mortgage
      Loan terms, fees, penalties or payments since the previous Distribution
      Date;

            (xxvi) in the case of the Class A-IO Certificates, the Notional
      Amount, if any;

            (xxvii) any material breaches of representations and warranties
      relating to the Mortgage Loans or material breaches of transaction
      covenants or representations and warranties;

            (xxviii) if any of the Mortgage Loans have prepayment penalties, the
      aggregate amount of any prepayment penalties paid; and

            (xxix) any other customary information as is required to enable
      Certificateholders to prepare their tax returns.

            In the case of information furnished with respect to a Class of
Class A Certificates pursuant to clauses (ii) and (iii) above and with respect
to a Class of Class B Certificates pursuant to clauses (iv) and (v) above, the
amounts shall be expressed as a dollar amount per Class A or Class B Certificate
(other than the Residual Certificate) with a $1,000 Denomination, and as a
dollar amount per Residual Certificate with a $100 Denomination.

            Within a reasonable period of time after the end of each calendar
year, the Paying Agent shall, upon request, furnish or cause to be furnished to
each Person who at any time during the calendar year was the Holder of a
Certificate a statement containing the information set forth in clauses (ii) and
(iii)(A) above in the case of a Class A Certificateholder and the information
set forth in clauses (iv) and (v)(A) above in the case of a Class B
Certificateholder aggregated for such calendar year or applicable portion
thereof during which such Person was a Certificateholder. Such obligation of the
Paying Agent shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Master Servicer or
the Trustee pursuant to any requirements of the Code from time to time in force.

            Unless the Master Servicer is acting as the Paying Agent, prior to
the close of business on the second Business Day preceding each Distribution
Date, the Master Servicer shall furnish a statement to any Paying Agent (the
information in such statement to be made available to Certificateholders by the
Paying Agent on written request) setting forth the Class A Distribution Amount
with respect to each Class of Class A Certificates and the Class B Distribution
Amount with respect to each Class of Class B Certificates. The determination by
the Master Servicer of such amounts shall, in the absence of obvious error, be
presumptively deemed to be correct for all purposes hereunder and the Trustee
and the Paying Agent shall be protected in relying upon the same without any
independent check or verification.

            In addition to the Distribution Date Statements and the annual
statements required pursuant to this Section 4.04(a), the Paying Agent shall
make available upon request to each Holder and each proposed transferee of a
Class B-4, Class B-5 or Class B-6 Certificate such additional information, if
any, as may be required to permit the proposed transfer to be effected pursuant
to Rule 144A, which information shall be provided on a timely basis to the
Paying Agent by the Master Servicer.

            (b) The Master Servicer's responsibility for disbursing the
information set forth in subsection (a) of this Section 4.04 to each Holder of a
Certificate, the Depositor and other interested parties is limited to the
availability, timeliness and the accuracy of the information provided by each
Servicer. The Master Servicer will make a copy of each Distribution Date
Statement provided pursuant to this Section 4.04 (and, at its option, any
additional files containing the same information in an alternative format)
available each month to Certificateholders and other interested parties, and
other parties to this Agreement via the Master Servicer's internet website,
which in the case of Wells Fargo Bank, is located at "www.ctslink.com." In
addition, the Paying Agent shall provide copies of the Distribution Date
Statement and the annual statements required pursuant to Section 4.04(a) to
Persons making written requests therefor at its Corporate Trust Office.
Assistance in using the internet website can be obtained by calling the Master
Servicer's customer service desk, which in the case of Wells Fargo Bank, is at
(301) 815-6600. Parties that are unable to use the above distribution method are
entitled to have a paper copy mailed to them via first class mail by calling the
customer service desk and indicating such. The Master Servicer shall have the
right to change the way the Distribution Date Statement is distributed in order
to make such distribution more convenient and/or more accessible and the Master
Servicer shall provide timely and adequate notification to the
Certificateholders and the parties to this Agreement regarding any such changes.

            The Master Servicer shall also be entitled to rely on but shall not
be responsible for the content or accuracy of any information provided by third
parties for purposes of preparing the Distribution Date Statement and may affix
thereto any disclaimer it deems appropriate in its reasonable discretion
(without suggesting liability on the part of any other party hereto).

            Section 4.05 Reports to Mortgagors and the Internal Revenue
                         Service.

            The Master Servicer shall, in each year beginning after the Cut-Off
Date, cause the applicable Servicers to make the reports of foreclosures and
abandonments of any Mortgaged Property as required by Code Section 6050J. In
order to facilitate this reporting process, the Master Servicer shall request
that each Servicer, on or before January 15th of each year, shall provide to the
Internal Revenue Service, with copies to the Master Servicer, reports relating
to each instance occurring during the previous calendar year in which such
Servicer (i) on behalf of the Trustee acquires an interest in a Mortgaged
Property through foreclosure or other comparable conversion in full or partial
satisfaction of a Mortgage Loan serviced by such Servicer, or (ii) knows or has
reason to know that a Mortgaged Property has been abandoned. Reports from the
Servicers shall be in form and substance sufficient to meet the reporting
requirements imposed by Code Section 6050J. In addition, each Servicer shall
provide the Master Servicer with sufficient information to allow the Master
Servicer to, for each year ending after the Cut-Off Date, provide, or cause to
be provided, to the Internal Revenue Service and the Mortgagors such information
as is required under Code Sections 6050H (regarding payment of interest) and
6050P (regarding cancellation of indebtedness).

            Section 4.06 Calculation of Amounts; Binding Effect of
                         Interpretations and Actions of Master Servicer.

            The Master Servicer will compute the amount of all distributions to
be made on the Certificates and all losses to be allocated to the Certificates.
In the event that the Master Servicer concludes that any ambiguity or
uncertainty exists in any provisions of this Agreement relating to distributions
to be made on the Certificates, the allocation of losses to the Certificates or
otherwise, the interpretation of such provisions and any actions taken by the
Master Servicer in good faith to implement such interpretation shall be binding
upon Certificateholders.

<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

            Section 5.01 The Certificates.

            (a) The Class A and Class B Certificates shall be issued only in
minimum Denominations of a Single Certificate and, except for the Residual
Certificates, integral multiples of $1,000 in excess thereof (except, if
necessary, for one Certificate of each Class (other than the Residual
Certificate) that evidences one Single Certificate plus such additional
principal portion or notional amount as is required in order for all
Certificates of such Class to equal the aggregate Original Principal Balance or
Original Notional Amount of such Class), and shall be substantially in the
respective forms set forth as Exhibits A-1, A-2, A-3, A-4, A-IO, A-R, B-1, B-2,
B-3, B-4, B-5, B-6 and C (reverse side of Certificates) hereto. On original
issue the Certificates shall be executed and delivered by the Paying Agent to or
upon the order of the Depositor upon receipt by the Trustee or the Custodian of
the documents specified in Section 2.01(a). The aggregate principal portion or
notional amount evidenced by the Class A and Class B Certificates shall be the
sum of the amounts specifically set forth in the respective Certificates. The
Certificates shall be executed by manual or facsimile signature on behalf of the
Paying Agent by any Responsible Officer thereof. Certificates bearing the manual
or facsimile signatures of individuals who were at any time the proper officers
of the Paying Agent shall bind the Paying Agent notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the
countersigning of such Certificates and delivery of such Certificates or did not
hold such offices at the date of such Certificates. No Certificate shall be
entitled to any benefit under this Agreement, or be valid for any purpose,
unless manually countersigned by a Responsible Officer of the Authenticating
Agent, or unless there appears on such Certificate a certificate of
authentication executed by the Authenticating Agent by manual signature, and
such countersignature or certificate upon a Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date
of their authentication.

            Until such time as Definitive Certificates are issued pursuant to
Section 5.07, each Book-Entry Certificate shall bear the following legend:

            "Unless this certificate is presented by an authorized
representative of [the Clearing Agency] to the Depositor or its agent for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of [the Clearing Agency] or such other name as requested
by an authorized representative of [the Clearing Agency] and any payment is made
to [the Clearing Agency], any transfer, pledge or other use hereof for value or
otherwise by or to any person is wrongful since the registered owner hereof,
[the Clearing Agency], has an interest herein."

            (b) Upon original issuance, the Book-Entry Certificates shall be
issued in the form of one or more typewritten certificates, to be delivered to
The Depository Trust Company, the initial Clearing Agency, by, or on behalf of,
the Depositor or to, and deposited with the Certificate Custodian, on behalf of
The Depository Trust Company, if directed to do so pursuant instructions from
The Depository Trust Company. Such Certificates shall initially be registered in
the Certificate Register in the name of the nominee of the initial Clearing
Agency, and no Beneficial Owner will receive a definitive certificate
representing such Beneficial Owner's interest in the Book-Entry Certificates,
except as provided in Section 5.07. Unless and until definitive, fully
registered certificates ("Definitive Certificates") have been issued to
Beneficial Owners pursuant to Section 5.07:

            (i) the provisions of this Section 5.01(b) shall be in full force
      and effect;

            (ii) the Depositor, the Master Servicer, the Certificate Registrar,
      the Paying Agent and the Trustee may deal with the Clearing Agency for all
      purposes (including the making of distributions on the Book-Entry
      Certificates and the taking of actions by the Holders of Book-Entry
      Certificates) as the authorized representative of the Beneficial Owners;

            (iii) to the extent that the provisions of this Section 5.01(b)
      conflict with any other provisions of this Agreement, the provisions of
      this Section 5.01(b) shall control;

            (iv) the rights of Beneficial Owners shall be exercised only through
      the Clearing Agency and shall be limited to those established by law, the
      rules, regulations and procedures of the Clearing Agency and agreements
      between such Beneficial Owners and the Clearing Agency and/or the Clearing
      Agency Participants, and all references in this Agreement to actions by
      Certificateholders shall, with respect to the Book-Entry Certificates,
      refer to actions taken by the Clearing Agency upon instructions from the
      Clearing Agency Participants, and all references in this Agreement to
      distributions, notices, reports and statements to Certificateholders
      shall, with respect to the Book-Entry Certificates, refer to
      distributions, notices, reports and statements to the Clearing Agency or
      its nominee, as registered holder of the Book-Entry Certificates, as the
      case may be, for distribution to Beneficial Owners in accordance with the
      procedures of the Clearing Agency; and

            (v) the initial Clearing Agency will make book-entry transfers among
      the Clearing Agency Participants and receive and transmit distributions of
      principal and interest on the Certificates to the Clearing Agency
      Participants, for distribution by such Clearing Agency Participants to the
      Beneficial Owners or their nominees.

            For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of, Holders of
Book-Entry Certificates evidencing specified Voting Interests, such direction or
consent shall be given by Beneficial Owners having the requisite Voting
Interests, acting through the Clearing Agency.

            Unless and until Definitive Certificates have been issued to
Beneficial Owners pursuant to Section 5.07, copies of the Distribution Date
Statements shall be available to Beneficial Owners upon written request to the
Paying Agent at its Corporate Trust Office.

            Section 5.02 Registration of Certificates.

            (a) The Certificate Registrar shall cause to be kept at one of the
offices or agencies to be maintained in accordance with the provisions of
Section 5.06 a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Certificate Registrar shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided. The Master Servicer shall act as, or shall appoint, a
Certificate Registrar for the purpose of registering Certificates and transfers
and exchanges of Certificates as herein provided.

            Upon surrender for registration of transfer of any Certificate at
any office or agency maintained for such purpose pursuant to Section 5.06 (and
subject to the provisions of this Section 5.02) the Paying Agent shall execute,
and shall date, countersign (or cause the Authenticating Agent to countersign)
and deliver, in the name of the designated transferee or transferees, one or
more new Certificates of a like aggregate principal portion or Percentage
Interest and of the same Class.

            At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of authorized Denominations of a like aggregate
principal portion or Percentage Interest and of the same Class upon surrender of
the Certificates to be exchanged at any such office or agency. Whenever any
Certificates are so surrendered for exchange, the Paying Agent shall execute,
and shall date, countersign (or cause the Authenticating Agent to countersign)
and deliver, the Certificates which the Certificateholder making the exchange is
entitled to receive. Every Certificate presented or surrendered for transfer or
exchange shall (if so required by the Certificate Registrar or the Paying Agent)
be duly endorsed by, or be accompanied by a written instrument of transfer in
form satisfactory to the Certificate Registrar, duly executed by the Holder
thereof or his attorney duly authorized in writing.

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

            All Certificates surrendered for transfer and exchange shall be
canceled by the Certificate Registrar, the Paying Agent or the Authenticating
Agent in accordance with their standard procedures.

            (b) No transfer of a Class B-4, Class B-5 or Class B-6 Certificate
shall be made unless the registration requirements of the 1933 Act and any
applicable State securities laws are complied with, or such transfer is exempt
from the registration requirements under said Act and laws. In the event that a
transfer is to be made in reliance upon an exemption from said Act or laws, (i)
unless such transfer is made in reliance on Rule 144A, the Master Servicer or
the Depositor may, if such transfer is to be made within three years after the
later of (a) the date of the initial sale of Certificates or (b) the last date
on which the Depositor or any affiliate thereof was a Holder of the Certificates
proposed to be transferred, require a Class B-4, Class B-5 or Class B-6
Certificateholder to deliver a written Opinion of Counsel acceptable to and in
form and substance satisfactory to the Master Servicer and the Depositor, to the
effect that such transfer may be made pursuant to an exemption, describing the
applicable exemption and the basis therefor, from said Act and laws or is being
made pursuant to said Act and laws, which Opinion of Counsel shall not be an
expense of the Depositor or the Master Servicer, and (ii) the Master Servicer
shall require the transferee (other than an affiliate of the Depositor on the
Closing Date) to execute an investment letter in the form of Exhibit J hereto
certifying to the Depositor and the Master Servicer the facts surrounding such
transfer, which investment letter shall not be an expense of the Depositor or
the Master Servicer. The Holder of a Class B-4, Class B-5 or Class B-6
Certificate desiring to effect such transfer shall, and does hereby agree to,
indemnify the Trustee, the Depositor, the Master Servicer and any Paying Agent
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. Neither the Depositor nor
the Master Servicer is under an obligation to register the Class B-4, Class B-5
or Class B-6 Certificates under said Act or any other securities law.

            (c) No transfer of a Class B-4, Class B-5 or Class B-6 Certificate
shall be made unless the Master Servicer and the Depositor shall have received
(i) a representation letter from the transferee in the form of Exhibit J hereto,
to the effect that either (a) such transferee is not an employee benefit plan or
other retirement arrangement subject to Title I of ERISA or Code Section 4975,
or a governmental plan, as defined in Section 3(32) of ERISA, subject to any
federal, state or local law ("Similar Law") which is to a material extent
similar to the foregoing provisions of ERISA or the Code (collectively, a
"Plan") and is not a person acting on behalf of or using the assets of any such
Plan, which representation letter shall not be an expense of the Depositor or
the Master Servicer or (b) if such transferee is an insurance company, (A) the
source of funds used to purchase the Class B-4, Class B-5 or Class B-6
Certificate is an "insurance company general account" (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTE 95-60"),
60 Fed. Reg. 35925 (July 12, 1995)), (B) there is no Plan with respect to which
the amount of such general account's reserves and liabilities for the
contract(s) held by or on behalf of such Plan and all other Plans maintained by
the same employer (or affiliate thereof as defined in Section V(a)(1) of PTE
95-60) or by the same employee organization exceeds 10% of the total of all
reserves and liabilities of such general account (as such amounts are determined
under Section I(a) of PTE 95-60) at the date of acquisition and (C) the purchase
and holding of such Class B-4, Class B-5 or Class B-6 Certificate is covered by
Sections I and III of PTE 95-60 or (ii) in the case of any such Class B-4, Class
B-5 or Class B-6 Certificate presented for registration in the name of a Plan,
or a trustee of any such Plan, (A) an Opinion of Counsel satisfactory to the
Master Servicer and the Depositor to the effect that the purchase or holding of
such Class B-4, Class B-5 or Class B-6 Certificate will not constitute or result
in a non-exempt prohibited transaction within the meaning of ERISA, Section 4975
of the Code or Similar Law and will not subject the Depositor or the Master
Servicer to any obligation in addition to those undertaken in this Agreement,
which Opinion of Counsel shall not be an expense of the Depositor or the Master
Servicer and (B) such other opinions of counsel, Officer's Certificates and
agreements as the Depositor or the Master Servicer may require in connection
with such transfer, which opinions of counsel, Officer's Certificates and
agreements shall not be an expense of the Depositor or the Master Servicer. The
Class B-4, Class B-5 and Class B-6 Certificates shall bear a legend referring to
the foregoing restrictions contained in this paragraph.

            (d) No legal or beneficial interest in all or any portion of the
Residual Certificate may be transferred directly or indirectly to a
"disqualified organization" within the meaning of Code Section 860E(e)(5) or an
agent of a disqualified organization (including a broker, nominee, or
middleman), to a Plan or a Person acting on behalf of or investing the assets of
a Plan (such Plan or Person, an "ERISA Prohibited Holder") or to an individual,
corporation, partnership or other person unless such transferee (i) is not a
Non-U.S. Person or (ii) is a Non-U.S. Person that holds the Residual Certificate
in connection with the conduct of a trade or business within the United States
and has furnished the transferor and the Master Servicer with an effective
Internal Revenue Service Form W-8ECI or (iii) is a Non-U.S. Person that has
delivered to both the transferor and the Master Servicer an opinion of a
nationally recognized tax counsel to the effect that the transfer of the
Residual Certificate to it is in accordance with the requirements of the Code
and the regulations promulgated thereunder and that such transfer of the
Residual Certificate will not be disregarded for federal income tax purposes
(any such person who is not covered by clauses (i), (ii) or (iii) above being
referred to herein as a "Non-permitted Foreign Holder"), and any such purported
transfer shall be void and have no effect. The Paying Agent shall not execute,
and shall not countersign (or cause the Authenticating Agent to countersign) and
deliver, a new Residual Certificate in connection with any such transfer to a
disqualified organization or agent thereof (including a broker, nominee or
middleman), an ERISA Prohibited Holder or a Non-permitted Foreign Holder, and
neither the Certificate Registrar nor the Paying Agent shall accept a surrender
for transfer or registration of transfer, or register the transfer of, the
Residual Certificate, unless the transferor shall have provided to the Master
Servicer an affidavit, substantially in the form attached as Exhibit H hereto,
signed by the transferee, to the effect that the transferee is not such a
disqualified organization, an agent (including a broker, nominee, or middleman)
for any entity as to which the transferee has not received a substantially
similar affidavit, an ERISA Prohibited Holder or a Non-permitted Foreign Holder,
which affidavit shall contain the consent of the transferee to any such
amendments of this Agreement as may be required to further effectuate the
foregoing restrictions on transfer of the Residual Certificate to disqualified
organizations, ERISA Prohibited Holders or Non-permitted Foreign Holders. Such
affidavit shall also contain the statement of the transferee that (i) the
transferee has historically paid its debts as they have come due and intends to
do so in the future, (ii) the transferee understands that it may incur
liabilities in excess of cash flows generated by the residual interest, (iii)
the transferee intends to pay taxes associated with holding the residual
interest as they become due (iv) the transferee will not cause income from the
Residual Certificate to be attributable to a foreign permanent establishment or
fixed base, within the meaning of an applicable tax treaty, of such transferee
or any other Person, and (v) the transferee will not transfer the Residual
Certificate to any Person who does not provide an affidavit substantially in the
form attached as Exhibit H hereto.

            The affidavit described in the preceding paragraph, if not executed
in connection with the initial issuance of the Residual Certificate, shall be
accompanied by a written statement in the form attached as Exhibit I hereto,
signed by the transferor, to the effect that as of the time of the transfer, the
transferor has no actual knowledge that the transferee is a disqualified
organization, ERISA Prohibited Holder or Non-permitted Foreign Holder, and has
no knowledge or reason to know that the statements made by the transferee with
respect to clauses (i) and (iii) of the last sentence of the preceding paragraph
are not true. The Residual Certificate shall bear a legend referring to the
foregoing restrictions contained in this paragraph and the preceding paragraph.

            Upon actual knowledge of a Master Servicing Officer or a Responsible
Officer of the Paying Agent that any legal or beneficial interest in any portion
of the Residual Certificate has been transferred, directly or indirectly, to a
disqualified organization or agent thereof (including a broker, nominee, or
middleman) in contravention of the foregoing restrictions, (i) such transferee
shall be deemed to hold the Residual Certificate in constructive trust for the
last transferor who was not a disqualified organization or agent thereof, and
such transferor shall be restored as the owner of such Residual Certificate as
completely as if such transfer had never occurred, provided that the Master
Servicer may, but is not required to, recover any distributions made to such
transferee with respect to the Residual Certificate, and (ii) the Master
Servicer agrees to furnish to the Internal Revenue Service and to any transferor
of the Residual Certificate or such agent (within 60 days of the request
therefor by the transferor or agent) such information necessary to the
application of Code Section 860E(e) as may be required by the Code, including
but not limited to the present value of the total anticipated excess inclusions
with respect to the Residual Certificate (or portion thereof) for periods after
such transfer. At the election of the Master Servicer, the cost to the Master
Servicer of computing and furnishing such information may be charged to the
transferor or such agent referred to above; however, the Master Servicer shall
in no event be excused from furnishing such information.

            Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.

            If (i) any mutilated Certificate is surrendered to the Paying Agent,
the Certificate Registrar or the Authenticating Agent, or the Paying Agent, the
Certificate Registrar or the Authenticating Agent receives evidence to its
satisfaction of the destruction, loss or theft of any Certificate, and (ii)
there is delivered to the Paying Agent, the Certificate Registrar or the
Authenticating Agent such security or indemnity as may be required by them to
hold each of them harmless, then, in the absence of notice to the Paying Agent,
the Certificate Registrar or the Authenticating Agent that such Certificate has
been acquired by a bona fide purchaser, the Paying Agent shall execute and
countersign (or cause the Authenticating Agent to countersign) and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor and principal portion or Percentage
Interest and of the same Class. Upon the issuance of any new Certificate under
this Section, the Paying Agent 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 relation thereto and any other expense (including the fees and
expenses of the Paying Agent or the Authenticating Agent) in connection
therewith. Any duplicate Certificate issued pursuant to this Section shall
constitute complete and indefeasible evidence of ownership in the Trust Estate,
as if originally issued, whether or not the lost, stolen, or destroyed
Certificate shall be found at any time.

            Section 5.04 Persons Deemed Owners.

            Prior to the due presentation of a Certificate for registration of
transfer, the Depositor, the Master Servicer, the Trustee, the Paying Agent, the
Certificate Registrar and any agent of the Depositor, the Master Servicer, the
Trustee, the Paying Agent or the Certificate Registrar may treat the Person in
whose name any Certificate is registered as the owner of such Certificate for
the purpose of receiving distributions pursuant to Section 4.01, and for all
other purposes whatsoever, and neither the Depositor, the Master Servicer, the
Trustee, the Certificate Registrar, the Paying Agent nor any agent of the
Depositor, the Master Servicer, the Trustee, the Certificate Registrar or the
Paying Agent shall be affected by notice to the contrary.

            Section 5.05 Access to List of Certificateholders' Names and
                         Addresses.

            (a) If the Paying Agent is not acting as Certificate Registrar, the
Certificate Registrar shall furnish or cause to be furnished to the Paying
Agent, within 15 days after receipt by the Certificate Registrar of a request by
the Paying Agent in writing, a list, in such form as the Paying Agent may
reasonably require, of the names and addresses of the Certificateholders of each
Class as of the most recent Record Date.

            (b) If five or more Certificateholders (hereinafter referred to as
"applicants") apply in writing to the Certificate Registrar, and such
application states that the applicants desire to communicate with other
Certificateholders with respect to their rights under this Agreement or under
the Certificates and is accompanied by a copy of the communication which such
applicants propose to transmit, then the Certificate Registrar shall, within
five Business Days following the receipt of such application, afford such
applicants access during normal business hours to the most recent list of
Certificateholders held by the Certificate Registrar.

            (c) Every Certificateholder, by receiving and holding a Certificate,
agrees with the Depositor, the Master Servicer, the Certificate Registrar, the
Paying Agent and the Trustee that neither the Depositor, the Master Servicer,
the Certificate Registrar, the Paying Agent nor the Trustee shall be held
accountable by reason of the disclosure of any such information as to the names,
addresses and Percentage Interests of the Certificateholders hereunder,
regardless of the source from which such information was delivered.

            Section 5.06 Maintenance of Office or Agency.

            The Certificate Registrar will maintain, at its expense, an office
or agency where Certificates may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Certificate Registrar in
respect of the Certificates and this Agreement may be served. The Certificate
Registrar initially designates the Corporate Trust Office of the Certificate
Registrar, if any, as its offices and agencies for said purposes.

            Section 5.07 Definitive Certificates.

            If (A) the Clearing Agency advises the Paying Agent in writing that
the Clearing Agency is no longer willing or able properly to discharge its
responsibilities as depository with respect to the Book-Entry Certificates, and
(B) the Depositor is unable to locate a qualified successor, the Paying Agent
shall notify the Beneficial Owners, through the Clearing Agency, of the
occurrence of any such event and of the availability of Definitive Certificates
to Beneficial Owners requesting the same. Upon surrender to the Paying Agent by
the Clearing Agency of the Certificates held of record by its nominee,
accompanied by reregistration instructions and directions to execute and
authenticate new Certificates from the Depositor, the Paying Agent shall execute
and cause the Authenticating Agent to countersign Definitive Certificates for
delivery at its Corporate Trust Office. The Depositor shall arrange for, and
will bear all costs of, the printing and issuance of such Definitive
Certificates. Except with the consent of the Depositor, the Paying Agent shall
not execute or cause the Authenticating Agent to countersign Definitive
Certificates in exchange for Book-Entry Certificates except as set forth above.
Neither the Depositor, the Master Servicer nor the Paying Agent shall be liable
for any delay in delivery of such instructions by the Clearing Agency and may
conclusively rely on, and shall be protected in relying on, such instructions.

            Section 5.08 Notices to Clearing Agency.

            Whenever notice or other communication to the Holders of Book-Entry
Certificates is required under this Agreement, unless and until Definitive
Certificates shall have been issued to Beneficial Owners pursuant to Section
5.07, the Paying Agent shall give all such notices and communications specified
herein to be given to Holders of Book-Entry Certificates to the Clearing Agency.

<PAGE>

                                   ARTICLE VI

                      THE DEPOSITOR AND THE MASTER SERVICER

            Section 6.01 Liability of the Depositor and the Master Servicer.

            The Depositor and the Master Servicer shall each be liable in
accordance herewith only to the extent of the obligations specifically imposed
by this Agreement and undertaken hereunder by the Depositor and the Master
Servicer.

            Section 6.02 Merger or Consolidation of the Depositor or the
                         Master Servicer.

            Subject to the following paragraph (a) the Depositor will keep in
full effect its existence, rights and franchises as a corporation under the laws
of the jurisdiction of its incorporation, and will obtain and preserve its
qualification to do business as a foreign corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement and (b) the Master
Servicer will keep in full effect its power and authority as a national banking
association under the laws of the jurisdiction of its organization, and will
obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

            The Depositor or the Master Servicer may be merged or consolidated
with or into any Person, or transfer all or substantially all of its assets to
any Person, in which case any Person resulting from any merger or consolidation
to which the Depositor or Master Servicer shall be a party, or any Person
succeeding to the business of the Depositor or Master Servicer, shall be the
successor of the Depositor or Master 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; provided, however,
that, (a) in the case of the Master Servicer, any such successor or resulting
Person shall have a net worth of not less than $15,000,000 and be qualified to
service mortgage loans for Fannie Mae or Freddie Mac and (b) the Master Servicer
and such successor or surviving Person shall notify the Depositor and the
Trustee of any such merger, conversion or consolidation at least two Business
Days prior to the effective date thereof (unless giving such prior notice would
be prohibited by applicable law or by a confidentiality agreement, in which case
notice shall be given by 12 noon eastern time one Business Day after such merger
or consolidation).

            Section 6.03 Limitation on Liability of the Depositor, the
                         Master Servicer and Others.

            Neither the Depositor nor the Master Servicer nor any subcontractor
nor any of the directors, officers, employees or agents of any of them shall be
under any liability to the Trust Estate or the Certificateholders and all such
Persons shall be held harmless for any action taken or for refraining from the
taking of any action in good faith pursuant to this Agreement, or for errors in
judgment; provided, however, that this provision shall not protect any such
Person against any breach of warranties or representations made herein or
against any liability which would otherwise be imposed by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties or by
reason of reckless disregard of obligations and duties hereunder. The Depositor,
the Master Servicer, any subcontractor, and any director, officer, employee or
agent of any of them shall be entitled to indemnification by the Trust Estate
and will be held harmless against any loss, liability or expense incurred in
connection with the performance of their duties and obligations, the exercise of
their rights or any legal action (including but not limited to, costs and
expenses of litigation, and of investigation, attorney's fees, damages,
judgments and amounts paid in settlement) under this Agreement, the Certificates
or the Mortgage Loans (except for amounts due by the Depositor in connection
with the breach of a representation or warranty covering the Mortgage Loans),
including, in the case of the Master Servicer, any indemnity amounts paid by the
Master Servicer to a Servicer pursuant to the applicable Servicing Agreement,
other than any loss, liability or expense (including without limitation,
expenses payable by the Master Servicer under Section 8.06) incurred by reason
of willful misfeasance, bad faith or gross negligence in the performance of his
or its duties hereunder or by reason of reckless disregard of his or its
obligations and duties hereunder. The Depositor, the Master Servicer and any of
the directors, officers, employees or agents of either may rely in good faith on
any document of any kind which, prima facie, is properly executed and submitted
by any Person respecting any matters arising hereunder. Neither the Depositor
nor the Master Servicer shall be under any obligation to appear in, prosecute or
defend any legal action unless such action is related to its respective duties
under this Agreement and, in its opinion, does not involve it in any expense or
liability; provided, however, that the Depositor or the Master Servicer may in
its discretion undertake any such action which it may deem necessary or
desirable with respect to this Agreement and the rights and duties of the
parties hereto and the interests of the Certificateholders hereunder if the
Certificateholders offer to the Depositor or the Master Servicer, as the case
may be, reasonable security or indemnity against the costs, expenses and
liabilities which may be incurred therein or thereby. In such event, the legal
expenses and costs of such action and any liability resulting therefrom shall be
expenses, costs and liabilities of the Trust Estate, and the Depositor or the
Master Servicer shall be entitled to be reimbursed therefor out of the
Certificate Account, and such amounts shall, on the following Distribution Date
or Distribution Dates, be allocated in reduction of distributions on the Class A
Certificates and Class B Certificates in the same manner as Realized Losses are
allocated pursuant to Section 4.02(a).

            Section 6.04 Resignation of the Master Servicer.

            The Master Servicer shall not resign from the obligations and duties
hereby imposed on it except (a) upon appointment of a successor master servicer
and receipt by the Trustee of a letter from each Rating Agency that such a
resignation and appointment will not result in a downgrading of the rating of
any of the Certificates, (b) upon determination that its duties hereunder are no
longer permissible under applicable law, or (c) pursuant to Section 6.06. Any
such determination under clause (b) permitting the resignation of the Master
Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to
the Trustee. No such resignation shall become effective until the Trustee or a
successor master servicer shall have assumed the Master Servicer's
responsibilities, duties, liabilities and obligations hereunder.

            Section 6.05 Compensation to the Master Servicer.

            The Master Servicer shall be entitled to receive a monthly fee equal
to the Master Servicing Fee, as compensation for services rendered by the Master
Servicer under this Agreement. The Master Servicer also will be entitled to any
late reporting fees paid by a Servicer pursuant to its Servicing Agreement, any
investment income on funds on deposit in the Certificate Account invested in
accordance with Section 3.01(c), any investment income on funds on deposit in
the Payment Account invested in accordance with Section 4.03(a) and any
Liquidation Profits to which a Servicer is not entitled under its Servicing
Agreement.

            Section 6.06 Assignment or Delegation of Duties by Master Servicer.

            (a) The Master Servicer shall not assign or transfer any of its
rights, benefits or privileges under this Agreement to any other Person, or
delegate to or subcontract with, or authorize or appoint any other Person to
perform any of the duties, covenants or obligations to be performed by the
Master Servicer without the prior written consent of the Trustee, and any
agreement, instrument or act purporting to effect any such assignment, transfer,
delegation or appointment shall be void. Notwithstanding the foregoing, subject
to Section 6.06(b), the Master Servicer shall have the right without the prior
written consent of the Trustee (i) to assign its rights and delegate its duties
and obligations hereunder; provided, however, that (a) the purchaser or
transferee accepting such assignment or delegation is qualified to service
mortgage loans for Fannie Mae or Freddie Mac, and executes and delivers to the
Trustee an agreement, in form and substance reasonably satisfactory to the
Trustee, which contains an assumption by such purchaser or transferee of the due
and punctual performance and observance of each covenant and condition to be
performed or observed by the Master Servicer hereunder from and after the date
of such agreement; and (b) each applicable Rating Agency's rating of any
Certificates in effect immediately prior to such assignment, sale or transfer is
not reasonably likely to be qualified, downgraded or withdrawn as a result of
such assignment, sale or transfer and the Certificates are not reasonably likely
to be placed on credit review status by any such Rating Agency; and (ii) to
delegate to, subcontract with, authorize, or appoint an affiliate of the Master
Servicer to perform and carry out any duties, covenants or obligations to be
performed and carried out by the Master Servicer under this Agreement and hereby
agrees so to delegate, subcontract, authorize or appoint to an affiliate of the
Master Servicer any duties, covenants or obligations to be performed and carried
out by the Master Servicer to the extent that such duties, covenants or
obligations are to be performed in any state or states in which the Master
Servicer is not authorized to do business as a foreign corporation but in which
the affiliate is so authorized. In no case, however, shall any permitted
assignment and delegation relieve the Master Servicer of any liability to the
Trustee or the Depositor under this Agreement, incurred by it prior to the time
that the conditions contained in clause (i) above are met.

            (b) Notwithstanding anything contained herein to the contrary, to
the extent the Master Servicer engages any affiliate or third party vendor, in
connection with the performance of any of its duties under this Agreement, the
Master Servicer shall immediately notify the Depositor in writing of such
engagement (to the extent it has not already notified the Depositor pursuant to
clause (a) above); provided however, that prior to engaging any affiliate or
third party vendor in connection with the performance of any of its duties under
this Agreement, the Master Servicer shall determine (i) if such affiliates or
third party vendors would be a Servicing Function Participant and (ii) if such
affiliate or third party vendor would be a "servicer" within the meaning of Item
1101 of Regulation AB (an "Additional Master Servicer") and meets the criteria
in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB. If the Master Servicer
has determined that such affiliates or third party vendors are a Servicing
Function Participant, the Master Servicer shall cause such Servicing Function
Participant to prepare and deliver to the Master Servicer a separate assessment
and attestation report, as contemplated by Section 3.11 of this Agreement. In
addition, if the Master Servicer has determined that any such affiliate or third
party vendor would be an Additional Master Servicer and meets the criteria in
Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, the Master Servicer shall
cause such Additional Master Servicer to prepare and deliver to the Master
Servicer a separate compliance statement as contemplated by Section 3.05 of this
Agreement. In addition, if the Master Servicer determines any such affiliate or
third party vendor would be a "servicer" within the meaning of Item 1101 of
Regulation AB, the Master Servicer shall not engage such affiliate or third
party vendor unless it provides the Master Servicer and the Depositor the
information required by Section 1108(b) and 1108(c) of Regulation AB prior to
such engagement.

            (c) In the event of any assignment of rights or delegation of duties
of the Master Servicer, the Master Servicer shall report such event on Form 8-K
within four Business Days after the effective date thereof.

            Section 6.07 Indemnification of Trustee and Depositor by Master
                         Servicer.

            The Master Servicer shall indemnify and hold harmless the Trustee
and the Depositor and any director, officer or agent thereof against any loss,
liability or expense, including reasonable attorney's fees, arising out of, in
connection with or incurred by reason of (a) willful misfeasance, bad faith or
negligence in the performance of duties of the Master Servicer under this
Agreement or by reason of reckless disregard of its obligations and duties under
this Agreement, including, but not limited to the Master Servicer's obligation
to deliver any information, report, certification, accountants' letter or other
material required to comply with Regulation AB or (b) any material breach by the
Master Servicer of any of the representations and warranties contained in
Section 2.03(a). Any payment pursuant to this Section made by the Master
Servicer to the Trustee or the Depositor shall be from such entity's own funds,
without reimbursement therefor. The provisions of this Section 6.07 shall
survive the termination of this Agreement.

            Section 6.08 Master Servicer Errors and Omissions Policy.

            The Master Servicer shall maintain, at all times and at its own
expense, a Master Servicer Errors and Omissions Policy, which policy shall have
such terms and coverage amounts as are comparable to those of errors and
omissions policies maintained by master servicers of mortgage loans generally.

            The Master Servicer Errors and Omissions Policy shall insure the
Master Servicer, its successors and assigns, against any losses resulting from
negligence, errors or omissions on the part of officers, employees or other
persons acting on behalf of the Master Servicer in the performance of its duties
as Master Servicer pursuant to this Agreement.

            The Master Servicer shall maintain in effect the Master Servicer
Errors and Omissions Policy at all times and the Master Servicer Errors and
Omissions Policy may not be canceled, permitted to lapse or otherwise terminated
without the acquisition of comparable coverage by the Master Servicer.

<PAGE>

                                  ARTICLE VII

                                     DEFAULT

            Section 7.01 Events of Default.

            In case one or more of the following Events of Default by the Master
Servicer shall occur and be continuing, that is to say:

            (i) any failure by the Master Servicer to remit any funds to the
      Paying Agent as required by Section 4.03 continues unremedied for a period
      of three business days after either (a) receipt by the Master Servicer of
      written notice of such failure, requiring the same to be remedied, shall
      have been given to the Master Servicer by the Trustee or to the Master
      Servicer and the Trustee by the holders of Certificates evidencing in the
      aggregate not less than 25% of the aggregate Voting Interest represented
      by all Certificates or (b) solely in the case of the failure of the Master
      Servicer to remit any Periodic Advance required to be remitted pursuant to
      Section 3.03, the date upon which the Master Servicer delivered to the
      Trustee the certification required by Section 3.03(a);

            (ii) any failure on the part of the Master Servicer to observe or
      perform in any material respect any of its covenants or agreements under
      Sections 3.05, 3.11 or 3.12 hereof, subject to any cure period set forth
      in such sections;

            (iii) any failure on the part of the Master Servicer duly to observe
      or perform in any material respect any other of the covenants or
      agreements on the part of the Master Servicer in the Certificates or in
      this Agreement, which 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 Master Servicer by the Trustee or
      the Depositor, or to the Master Servicer and the Trustee by the holders of
      Certificates evidencing in the aggregate not less than 25% of the
      aggregate Voting Interest represented by all Certificates;

            (iv) a decree or order of a court or agency or supervisory authority
      having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any bankruptcy, insolvency,
      readjustment of debt, marshaling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall
      have been entered against the Master Servicer and such decree or order
      shall have remained in force undischarged and unstayed for a period of 60
      days;

            (v) the Master Servicer shall consent to the appointment of a
      trustee, conservator, receiver or liquidator or liquidating committee in
      any bankruptcy, insolvency, readjustment of debt, marshaling of assets and
      liabilities, voluntary liquidation or similar proceedings of or relating
      to the Master Servicer, or of or relating to all or substantially all of
      its property;

            (vi) the Master 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, bankruptcy or reorganization statute, make
      an assignment for the benefit of its creditors or voluntarily suspend
      payment of its obligations;

            (vii) the Master Servicer shall be dissolved, or shall dispose of
      all or substantially all of its assets; or consolidate with or merge into
      another entity or shall permit another entity to consolidate or merge into
      it, such that the resulting entity does not meet the criteria for a
      successor servicer, as specified in Section 6.02 hereof; or

            (viii) the Master Servicer and any Subservicer appointed by it
      becomes ineligible to service for both Fannie Mae and Freddie Mac, which
      ineligibility continues unremedied for a period of 90 days;

then, and in each and every such case, subject to applicable law, so long as an
Event of Default shall not have been remedied, either the Trustee or the holders
of Certificates evidencing in the aggregate not less than 66 2/3% of the
aggregate Voting Interest represented by all Certificates, by notice in writing
to the Master Servicer (and to the Trustee if given by the Certificateholders)
may terminate all of the rights and obligations of the Master Servicer under
this Agreement and in and to the Mortgage Loans, but without prejudice to any
rights which the Master Servicer may have to the aggregate Master Servicing Fees
due prior to the date of transfer of the Master Servicer's responsibilities
hereunder, reimbursement of expenses to the extent permitted by this Agreement,
Periodic Advances and other advances of its own funds. Upon receipt by the
Master Servicer of such written notice, all authority and power of the Master
Servicer under this Agreement, whether with respect to the Certificates or the
Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant
to and under this Section, subject to the provisions of Section 7.05; and,
without limitation, the Trustee is hereby authorized and empowered to execute
and deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other
acts or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents or otherwise. The Master Servicer
agrees to cooperate with the Trustee in effecting the termination of the Master
Servicer's responsibilities and rights hereunder and shall promptly provide the
Trustee all documents and records reasonably requested by it to enable it to
assume the Master Servicer's functions hereunder and shall promptly also
transfer to the Trustee all amounts which then have been or should have been
deposited in the Certificate Account by the Master Servicer or which are
thereafter received by the Master Servicer with respect to the Mortgage Loans.

            Section 7.02 Other Remedies of Trustee.

            During the continuance of any Event of Default, so long as such
Event of Default shall not have been remedied, the Trustee, in addition to the
rights specified in Section 7.01, shall have the right, in its own name as
trustee of an express trust, to take all actions now or hereafter existing at
law, in equity or by statute to enforce its rights and remedies and to protect
the interests, and enforce the rights and remedies, of the Certificateholders
(including the institution and prosecution of all judicial, administrative and
other proceedings and the filing of proofs of claim and debt in connection
therewith). Except as otherwise expressly provided in this Agreement, no remedy
provided for by this Agreement shall be exclusive of any other remedy, and each
and every remedy shall be cumulative and in addition to any other remedy and no
delay or omission to exercise any right or remedy shall impair any such right or
remedy or shall be deemed to be a waiver of any Event of Default.

            Section 7.03 Directions by Certificateholders and Duties of
                         Trustee During Event of Default.

            During the continuance of any Event of Default, Holders of
Certificates evidencing in the aggregate not less than 25% of the aggregate
Voting Interest represented by all Certificates may direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Agreement;
provided, however, that the Trustee shall be under no obligation to pursue any
such remedy, or to exercise any of the rights or powers vested in it by this
agreement (including, without limitation, (i) the conducting or defending of any
administrative action or litigation hereunder or in relation hereto and (ii) the
terminating of the Master Servicer from its rights and duties as servicer
hereunder) at the request, order or direction of any of the Certificateholders,
unless such Certificateholders shall have offered to the Trustee reasonable
security or indemnity against the cost, expenses and liabilities which may be
incurred therein or thereby and, provided further, that, subject to the
provisions of Section 8.01, the Trustee shall have the right to decline to
follow any such direction if the Trustee, in accordance with an Opinion of
Counsel, determines that the action or proceeding so directed may not lawfully
be taken or if the Trustee in good faith determines that the action or
proceeding so directed would involve it in personal liability or be unjustly
prejudicial to the nonassenting Certificateholders.

            Section 7.04 Action upon Certain Failures of the Master Servicer
                         and upon Event of Default.

            In the event that the Trustee shall have knowledge of any failure of
the Master Servicer specified in Section 7.01(i), (ii) or (iii) which would
become an Event of Default upon the Master Servicer's failure to remedy the same
after notice, the Trustee may, but need not if the Trustee deems it not in the
Certificateholders' best interest, give notice thereof to the Master Servicer;
provided however that, without limiting any remedy as a result of such failure,
the Trustee shall be required to give notice thereof to the Master Servicer in
the case of the failure by the Master Servicer to observe or perform any of its
covenants under Sections 3.05, 3.11, 3.12, 6.02 or 6.06(b) of this Agreement.
For all purposes of this Agreement, in the absence of actual knowledge by a
Responsible Officer of the Trustee, the Trustee shall not be deemed to have
knowledge of any failure of the Master Servicer as specified in Section 7.01(i),
(ii) and (iii) or any Event of Default unless notified thereof in writing by the
Master Servicer or by a Certificateholder.

            Section 7.05 Trustee to Act; Appointment of Successor.

            When the Master Servicer receives notice of termination pursuant to
Section 7.01 or the Trustee receives the resignation of the Master Servicer
evidenced by an Opinion of Counsel pursuant to Section 6.04, the Trustee shall
be the successor in all respects to the Master Servicer in its capacity as
master servicer under this Agreement and the transactions set forth or provided
for herein and shall have the rights and powers and be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Master
Servicer by the terms and provisions hereof and in its capacity as such
successor shall have the same limitation of liability herein granted to the
Master Servicer. In the event that the Trustee is succeeding to the Master
Servicer as the Master Servicer, as compensation therefor, the Trustee shall be
entitled to receive monthly such portion of the Master Servicing Fee, together
with such other master servicing compensation as is agreed to at such time by
the Trustee and the Master Servicer, but in no event more than 25% thereof until
the date of final cessation of the Master Servicer's master servicing activities
hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling
to so act, or shall, if it is unable to so act or to obtain a qualifying bid as
described below, appoint, or petition a court of competent jurisdiction to
appoint, any housing and home finance institution, bank or mortgage servicing
institution having a net worth of not less than $10,000,000 and meeting such
other standards for a successor master servicer as are set forth herein, as the
successor to the Master Servicer hereunder in the assumption of all or any part
of the responsibilities, duties or liabilities of the Master Servicer hereunder;
provided, however, that until such a successor master servicer is appointed and
has assumed the responsibilities, duties and liabilities of the Master Servicer
hereunder, the Trustee shall continue as the successor to the Master Servicer as
provided above. Upon cessation of the Master Servicer's master servicing
activities hereunder, the Trustee or any other successor master servicer shall
be entitled to compensation not to exceed the compensation specified in Section
6.05 hereof, which amount shall include compensation for acting as paying agent.
If the Master Servicer and the Paying Agent are not the same party, the Master
Servicer shall pay the compensation of the Paying Agent. In the event the
Trustee is required to solicit bids as provided above, the Trustee shall
solicit, by public announcement, bids from housing and home finance
institutions, banks and mortgage servicing institutions meeting the
qualifications set forth in the preceding sentence for the purchase of the
master servicing functions. Such public announcement shall specify that the
successor master servicer shall be entitled to the full amount of the Master
Servicing Fee as compensation together with the other master servicing
compensation in the form of late reporting fees or otherwise as provided in
Section 6.05, which amount shall include compensation for acting as paying
agent. Within 30 days after any such public announcement, the Trustee shall
negotiate and effect the sale, transfer and assignment of the master servicing
rights and responsibilities hereunder to the qualified party submitting the
highest qualifying bid. The Trustee shall deduct all costs and expenses of any
public announcement and of any sale, transfer and assignment of the master
servicing rights and responsibilities hereunder from any sum received by the
Trustee from the successor to the Master Servicer in respect of such sale,
transfer and assignment. After such deductions, the remainder of such sum shall
be paid by the Trustee to the Master Servicer at the time of such sale, transfer
and assignment to the Master Servicer's successor. The Trustee and such
successor shall take such action, consistent with this Agreement, as shall be
necessary to effectuate any such succession. The Master Servicer agrees to
cooperate with the Trustee and any successor master servicer in effecting the
termination of the Master Servicer's servicing responsibilities and rights
hereunder and shall promptly provide the Trustee or such successor master
servicer, as applicable, all documents and records reasonably requested by it to
enable it to assume the Master Servicer's function hereunder and shall promptly
also transfer to the Trustee or such successor master servicer, as applicable,
all amounts which then have been or should have been deposited in the
Certificate Account by the Master Servicer or which are thereafter received by
the Master Servicer with respect to the Mortgage Loans. Neither the Trustee nor
any other successor master servicer shall be deemed to be in default hereunder
by reason of any failure to make, or any delay in making, any distribution
hereunder or any portion thereof caused by (i) the failure of the Master
Servicer to deliver, or any delay in delivering, cash, documents or records to
it, or (ii) restrictions imposed by any regulatory authority having jurisdiction
over the Master Servicer. Notwithstanding anything to the contrary contained in
Section 7.01 above or this Section 7.05, the Master Servicer shall retain all of
its rights and responsibilities hereunder, and no successor (including the
Trustee) shall succeed thereto, if the assumption thereof by such successor
would cause the rating assigned to any Certificates to be revoked, downgraded or
placed on credit review status (other than for possible upgrading) by either
Rating Agency and the retention thereof by the Master Servicer would avert such
revocation, downgrading or review.

            All costs associated with the appointment of a successor master
servicer, to the extent not deducted from any sum received by the Trustee from
the successor master servicer, shall be paid to the Person that incurred them by
the predecessor master servicer. Without limiting the predecessor master
servicer's obligation, if the predecessor master servicer fails to pay such
costs, such costs shall be reimbursed by the Trust.

            The predecessor Master Servicer and successor Master Servicer shall
notify the Depositor and Trustee of any such appointment at least two Business
Days prior to the effective date thereof and shall provide the Depositor and the
Trustee with all information required by the Depositor to comply with its
reporting obligation under Item 6.02 of Form 8-K not later than the effective
date of such appointment and the successor Master Servicer shall report such
event on Form 8-K within four business days of the occurrence of such event.

            Section 7.06 Notification to Certificateholders.

            Upon any termination of the Master Servicer or appointment of a
successor master servicer, in each case as provided herein, the Trustee shall
give prompt written notice thereof to Certificateholders at their respective
addresses appearing in the Certificate Register. The Trustee shall also, within
45 days after the occurrence of any Event of Default known to the Trustee, give
written notice thereof to Certificateholders at their respective addresses
appearing in the Certificate Register, unless such Event of Default shall have
been cured or waived within said 45 day period.

<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

            Section 8.01 Duties of Trustee.

            The Trustee, prior to the occurrence of an Event of Default of which
a Responsible Officer of the Trustee shall have actual knowledge and after the
curing of all Events of Default which may have occurred, undertakes to perform
such duties and only such duties as are specifically set forth in this
Agreement. In case an Event of Default of which a Responsible Officer of the
Trustee shall have actual knowledge has occurred (which has not been cured), the
Trustee, subject to the provisions of Sections 7.01, 7.03, 7.04 and 7.05, shall
exercise such of the rights and powers vested in it by this Agreement, and use
the same degree of care and skill in its exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person's own
affairs.

            The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee, which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they are in
the form required by this Agreement; provided, however, that the Trustee shall
not be responsible for the accuracy or content of any certificate, statement,
instrument, report, notice or other document furnished by the Master Servicer or
the Servicers hereunder.

            No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:

            (i) Prior to the occurrence of an Event of Default of which a
      Responsible Officer of the Trustee shall have actual knowledge and after
      the curing of all such Events of Default which may have occurred, the
      duties and obligations of the Trustee shall be determined solely by the
      express provisions of this Agreement, the Trustee shall not be liable
      except for the performance of such duties and obligations as are
      specifically set forth in this Agreement, no implied covenants or
      obligations shall be read into this Agreement against the Trustee and, in
      the absence of bad faith on the part of the Trustee, the Trustee may
      conclusively rely, as to the truth of the statements and the correctness
      of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee, and conforming to the requirements of this
      Agreement;

            (ii) The Trustee shall not be personally liable with respect to any
      action taken, suffered or omitted to be taken by it in good faith in
      accordance with the direction of holders of Certificates which evidence in
      the aggregate not less than 25% of the Voting Interest represented by all
      Certificates relating to the time, method and place of conducting any
      proceeding for any remedy available to the Trustee, or exercising any
      trust or power conferred upon the Trustee, under this Agreement;

            (iii) The Trustee shall not be liable for any error of judgment made
      in good faith by any of its Responsible Officers, unless it shall be
      proved that the Trustee or such Responsible Officer, as the case may be,
      was negligent in ascertaining the pertinent facts; and

            (iv) The Trustee shall not be required to take notice or be deemed
      to have notice or knowledge of any default or Event of Default unless a
      Responsible Officer of the Trustee shall have received written notice or
      obtained actual knowledge thereof. In absence of such notice or actual
      knowledge, the Trustee may conclusively assume that there is no default or
      Event of Default.

            None of the provisions contained in this Agreement shall require the
Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties hereunder or in the exercise
of any of its rights or powers if there is reasonable ground for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.

            Section 8.02 Certain Matters Affecting the Trustee.

            Except as otherwise provided in Section 8.01:

            (i) The Trustee may request and rely and shall be protected in
      acting or refraining from acting upon any resolution, Officer's
      Certificate, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal,
      bond or other paper or document believed by it to be genuine and to have
      been signed or presented by the proper party or parties and the manner of
      obtaining consents and evidencing the authorization of the execution
      thereof shall be subject to such reasonable regulations as the Trustee may
      prescribe;

            (ii) The Trustee may consult with counsel, and any advice of such
      counsel or any Opinion of Counsel shall be full and complete authorization
      and protection in respect of any action taken or suffered or omitted by it
      hereunder in good faith and in accordance with such advice or Opinion of
      Counsel;

            (iii) The Trustee shall not be personally liable for any action
      taken, suffered or omitted by it in good faith and believed by it to be
      authorized or within the discretion or rights or powers conferred upon it
      by this Agreement;

            (iv) Subject to Section 7.04, the Trustee shall not be accountable,
      shall have no liability and makes no representation as to any acts or
      omissions hereunder of the Master Servicer until such time as the Trustee
      may be required to act as Master Servicer pursuant to Section 7.05 and
      thereupon only for the acts or omissions of the Trustee as successor
      Master Servicer;

            (v) The Trustee may execute any of the trusts or powers hereunder or
      perform any duties hereunder either directly or by or through agents or
      attorneys and the Trustee shall not be responsible for any misconduct or
      negligence on the part of such agent or attorney appointed by any other
      party to this Agreement, including without limitation, the appointment of
      any custodian;

            (vi) The Trustee shall be under no obligation to exercise any of the
      trusts or powers vested in it by the Agreement, conduct or defend any
      litigation hereunder or in relation hereto at the request, order or
      direction of any of the Certificateholders, pursuant to the provisions of
      this Agreement, unless such Certificateholders shall have offered to the
      Trustee security or indemnity satisfactory to the Trustee against the
      costs, expenses and liabilities which may be incurred therein or herein
      (which in the case of Certificateholders representing in the aggregate not
      less than 66-2/3% of the aggregate Voting Interests will be deemed
      satisfied by a letter agreement with respect to such costs from such
      Certificateholders);

            (vii) The right of the Trustee to perform any discretionary act
      enumerated in this Agreement shall not be construed as a duty, and the
      Trustee shall not be answerable for other than its negligence of willful
      misconduct in the performance of such act; and

            (viii) The Trustee shall not be required to give any bond or surety
      in respect of the execution of the Trust Estate created hereby or the
      powers granted hereunder.

            Section 8.03 Trustee Not Required to Make Investigation.

            Prior to the occurrence of an Event of Default of which a
Responsible Officer of the Trustee shall have actual knowledge hereunder and
after the curing of all Events of Default which may have occurred, the Trustee
shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, appraisal, bond, Mortgage, Mortgage Note or other paper
or document (provided the same appears regular on its face), unless requested in
writing to do so by holders of Certificates evidencing in the aggregate not less
than 51% of the Voting Interest represented by all Certificates; provided,
however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Agreement, the
Trustee may require indemnity reasonably satisfactory to the Trustee against
such cost, expense or liability as a condition to so proceeding. The reasonable
expense of every such investigation shall be paid by the Master Servicer or, if
paid by the Trustee shall be repaid by the Master Servicer upon demand from the
Master Servicer's own funds.

            Section 8.04 Trustee Not Liable for Certificates or Mortgage Loans.

            The recitals contained herein and in the Certificates shall be taken
as the statements of the Depositor, and the Trustee assumes no responsibility as
to the correctness of the same. The Trustee makes no representation for the
correctness of the same. The Trustee makes no representation as to the validity
or sufficiency of this Agreement or of the Certificates or of any Mortgage Loan
or related document. Subject to Section 2.04, the Trustee shall not be
accountable for the use or application by the Depositor of any of the
Certificates or of the proceeds of such Certificates, or for the use or
application of any funds paid to the Master Servicer in respect of the Mortgage
Loans deposited in or withdrawn from the Certificate Account by the Master
Servicer or, in its capacity as trustee, for investment of any such amounts.

            Section 8.05 Trustee May Own Certificates.

            The Trustee, and any agent thereof, in its individual or any other
capacity, may become the owner or pledgee of Certificates with the same rights
it would have if it were not Trustee or such agent and may transact banking
and/or trust business or otherwise deal with the Depositor, the Master Servicer
or their Affiliates.

            Section 8.06 The Master Servicer to Pay Fees and Expenses;
                         Limitation on Liability.

            The Master Servicer covenants and agrees to pay to the Trustee from
time to time, from its own funds, and the Trustee shall be entitled to receive,
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 it in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the Trustee.

            In addition, except as otherwise agreed upon in writing by the
Master Servicer and the Trustee, the Trust shall reimburse the Trustee for all
reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any of the provisions of this Agreement to the extent
permitted by Treasury Regulations Section 1.860G-1(b)(3), except for (i) any
such expense, disbursement or advance arising from the Trustee's gross
negligence, bad faith or willful misconduct and (ii) any routine ongoing
expenses incurred by the Trustee in the ordinary course of its duties as Trustee
hereunder or for any other expenses.

            The Trustee and any director, officer, employee or agent of the
Trustee shall be entitled to indemnification by the Trust Estate and held
harmless against any loss, liability or expense (including reasonable attorney's
fees) (a) incurred in connection with any claim or legal action relating to (i)
this Agreement, (ii) the Certificates, or (iii) the performance of any of the
Trustee's duties under this Agreement, unless the loss, liability or expense was
incurred by reason of willful misfeasance, bad faith or gross negligence in the
performance of any of the Trustee's duties under this Agreement and (b)
resulting from any tax or information return which was prepared by, or should
have been prepared by, the applicable Servicer or Master Servicer.

            The obligations of the Trust Estate under this Section 8.06 shall
survive the resignation and removal of the Trustee and payment of the
Certificates.

            Section 8.07 Eligibility Requirements.

            The Trustee hereunder shall at all times (i) be a corporation or
association having its principal office in a state and city acceptable to the
Depositor, organized and doing business under the laws of such state or the
United States of America, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000, or shall
be a member of a bank holding system, the aggregate combined capital and surplus
of which is at least $50,000,000, provided that its separate capital and surplus
shall at all times be at least the amount specified in Section 310(a)(2) of the
Trust Indenture Act of 1939, (ii) be subject to supervision or examination by
federal or state authority and (iii) have a credit rating or be otherwise
acceptable to the Rating Agencies such that neither of the Rating Agencies would
reduce their respective then current ratings of the Certificates (or have
provided such security from time to time as is sufficient to avoid such
reduction) as evidenced in writing by each Rating Agency. If such corporation or
association publishes reports of condition at least annually, pursuant to law or
to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section the combined capital and surplus of such
corporation or association shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Trustee shall resign immediately in the manner
and with the effect specified in Section 8.08.

            Section 8.08 Resignation and Removal.

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

            If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.07 and shall fail to resign after written
request for its resignation by the Master Servicer, or if at any time the
Trustee shall become incapable of acting, or an order for relief shall have been
entered in any bankruptcy or insolvency proceeding with respect to such entity,
or a receiver of such entity or of its property shall be appointed, or any
public officer shall take charge or control of the Trustee or of the property or
affairs of the Trustee for the purpose of rehabilitation, conversion or
liquidation, or the Master Servicer shall deem it necessary in order to change
the situs of the Trust Estate for state tax reasons, then the Master Servicer
shall remove the Trustee and appoint a successor trustee by written instrument,
in duplicate, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee.

            In addition, if (a) the Trustee fails to comply with its obligations
to deliver any assessment of servicing compliance or registered public
accounting firm attestation reports required pursuant to Section 3.11 or (b) any
Servicing Function Participant engaged by the Trustee fails to comply with its
obligations to deliver any assessment of servicing compliance or registered
public accounting firm attestation reports, the Master Servicer, may, after
consultation with the Depositor, remove the Trustee and appoint a successor
trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee.

            The Holders of Certificates evidencing in the aggregate not less
than 51% of the Voting Interests represented by all Certificates (except that
any Certificate registered in the name of the Depositor, the Master Servicer or
any affiliate thereof will not be taken into account in determining whether the
requisite Voting Interests has been obtained) may at any time remove the Trustee
and appoint a successor by written instrument or instruments, in triplicate,
signed by such holders or their attorneys-in-fact duly authorized, one complete
set of which instruments shall be delivered to the Master Servicer, one complete
set of which shall be delivered to the entity or entities so removed and one
complete set of which shall be delivered to the successor so appointed.

            Any resignation or removal of the Trustee and appointment of a
successor pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor as provided in Section
8.09.

            Section 8.09 Successor.

            Any successor trustee appointed as provided in Section 8.08 shall
execute, acknowledge and deliver to the Master Servicer and to its predecessor
trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective, and
such successor, without any further act, deed or reconveyance, shall become
fully vested with all the rights, powers, duties and obligations of its
predecessor hereunder, with like effect as if originally named as trustee
herein. The predecessor trustee shall deliver to its successor all documents and
statements held by it hereunder, and the Depositor, the Master Servicer and the
predecessor entity shall execute and deliver such instruments and do such other
things as may reasonably be required for more fully and certainly vesting and
confirming in the successor trustee all such rights, powers, duties and
obligations.

            If the predecessor trustee has resigned, or has been removed for
cause, all costs associated with the appointment of a successor trustee shall be
paid to the Person that incurred them by the predecessor trustee. Without
limiting the predecessor trustee's obligation, if the predecessor trustee fails
to pay such costs, such costs shall be reimbursed by the Trust; provided
however, that if the predecessor trustee has been terminated without cause
pursuant to Section 8.08, all reasonable expenses incurred in complying with
this Section 8.09 shall be reimbursed by the Trust to the Person that incurred
them.

            No successor shall accept appointment as provided in this Section
unless at the time of such acceptance such successor shall be eligible under the
provisions of Section 8.07.

            Upon acceptance of appointment by a successor as provided in this
Section, the successor trustee shall mail notice of the succession of such
trustee hereunder to all Holders of Certificates at their addresses as shown in
the Certificate Register.

            Section 8.10 Merger or Consolidation.

            Any Person into which the Trustee may be merged or converted or with
which it may be consolidated, to which it may sell or transfer its corporate
trust business and assets as a whole or substantially as a whole or any Person
resulting from any merger, sale, transfer, conversion or consolidation to which
the Trustee shall be a party, or any Person succeeding to the business of such
entity, shall be the successor of the Trustee hereunder; provided, however, that
(i) such Person shall be eligible under the provisions of Section 8.07, 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 and (ii) the
Trustee and such successor or surviving Person shall notify the Depositor and
the Master Servicer of any such merger, conversion or consolidation at least two
Business Days prior to the effective date thereof and shall provide the
Depositor and the Master Servicer with all information required by the Depositor
to comply with its reporting obligations under Item 6.02 of Form 8-K not later
than the effective date of such merger, conversion or consolidation and the
Master Servicer shall report such event on Form 8-K within four business days of
the occurrence of such event.

            Section 8.11 Authenticating Agent.

            The Trustee may appoint an Authenticating Agent, which shall be
authorized to act on behalf of the Trustee in authenticating Certificates.
Wherever reference is made in this Agreement to the authentication of
Certificates by the Trustee or the Trustee's countersignature, such reference
shall be deemed to include authentication on behalf of the Trustee by the
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by the Authenticating Agent. The Authenticating Agent must be
acceptable to the Depositor and the Master Servicer and must be a corporation
organized and doing business under the laws of the United States of America or
of any state, having a principal office and place of business in a state and
city acceptable to the Depositor and the Master Servicer, having a combined
capital and surplus of at least $15,000,000, authorized under such laws to do a
trust business and subject to supervision or examination by federal or state
authorities.

            Any corporation into which the Authenticating Agent 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 Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency business
of the Authenticating Agent, shall be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

            The Authenticating Agent may at any time resign by giving at least
30 days' advance written notice of resignation to the Trustee, the Depositor and
the Master Servicer. Except with respect to Wells Fargo Bank, for so long as
Wells Fargo Bank is acting as the Master Servicer, the Trustee may at any time
terminate the agency of the Authenticating Agent by giving written notice
thereof to the Authenticating Agent, the Depositor and the Master Servicer. Upon
receiving a notice of resignation or upon such a termination, or in case at any
time the Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 8.11, the Trustee promptly shall appoint a successor
Authenticating Agent, which shall be acceptable to the Master Servicer, and
shall give written notice of such appointment to the Depositor, and shall mail
notice of such appointment to all Certificateholders. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as Authenticating
Agent herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 8.11.

            The Authenticating Agent shall have no responsibility or liability
for any action taken by it as such at the direction of the Trustee. Any
reasonable compensation paid to the Authenticating Agent shall be payable by the
Master Servicer.

            Section 8.12 Separate Trustees and Co-Trustees.

            The Trustee shall have the power from time to time to appoint one or
more persons or corporations to act either as co-trustees jointly with the
Trustee, or as separate trustees, for the purpose of holding title to,
foreclosing or otherwise taking action with respect to any Mortgage Loan outside
the state where the Trustee has its principal place of business, where such
separate trustee or co-trustee is necessary or advisable (or the Trustee is
advised by the Master Servicer that such separate trustee or co-trustee is
necessary or advisable) under the laws of any state in which a Mortgaged
Property is located or for the purpose of otherwise conforming to any legal
requirement, restriction or condition in any state in which a Mortgaged Property
is located or in any state in which any portion of the Trust Estate is located.
The Master Servicer shall advise the Trustee when, in its good faith opinion, a
separate trustee or co-trustee is necessary or advisable as aforesaid. The
separate trustees or co-trustees so appointed shall be trustees for the benefit
of all of the Certificateholders and shall have such powers, rights and remedies
as shall be specified in the instrument of appointment; provided, however, that
no such appointment shall, or shall be deemed to, constitute the appointee an
agent of the Trustee. The Depositor and the Master Servicer shall join in any
such appointment, but such joining shall not be necessary for the effectiveness
of such appointment.

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

            (i) all powers, duties, obligations and rights conferred upon the
      Trustee, in respect of the receipt, custody and payment of moneys shall be
      exercised solely by the Trustee;

            (ii) all other rights, powers, duties and obligations conferred or
      imposed upon the Trustee shall be conferred or imposed upon and exercised
      or performed by the Trustee and such separate trustee or co-trustee
      jointly, except to the extent that under any law of any jurisdiction in
      which any particular act or acts are to be performed (whether as Trustee
      hereunder or as successor to the Master Servicer hereunder) the Trustee
      shall be incompetent or unqualified to perform such act or acts, in which
      event such rights, powers, duties and obligations (including the holding
      of title to the Trust Estate or any portion thereof in any such
      jurisdiction) shall be exercised and performed by such separate trustee or
      co-trustee;

            (iii) no separate trustee or co-trustee hereunder shall be
      personally liable by reason of any act or omission of any other separate
      trustee or co-trustee hereunder; and

            (iv) the Trustee may at any time accept the resignation of or remove
      any separate trustee or co-trustee so appointed by it, if such resignation
      or removal does not violate the other terms of this Agreement.

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

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

            No separate trustee or co-trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 8.07
hereunder and no notice to Certificateholders of the appointment thereof shall
be required under Section 8.09 hereof.

            The Trustee agrees to instruct its co-trustees, if any, to the
extent necessary to fulfill such entity's obligations hereunder.

            The fees of any co-trustee whose appointment is necessary or
advisable for (i) conforming to any legal requirement, restriction or condition
in any state in which any Mortgaged Property or any portion of the Trust Estate
is located, will be paid by the Master Servicer, without reimbursement from the
Trust and (ii) any reason other than contemplated by clause (i), will be paid by
the Trustee, without reimbursement from the Trust. Expenses will be reimbursable
to the co-trustees to the extent, and in accordance with the standards,
specified in Section 8.06 hereof.

            Section 8.13 Tax Matters; Compliance with REMIC Provisions.

            (a) Each of the Trustee and the Master Servicer covenants and agrees
that it shall perform its duties hereunder in a manner consistent with the REMIC
Provisions and shall not knowingly take any action or fail to take any other
action that would (i) affect the determination of the Trust Estate's status as
two separate REMICs; or (ii) cause the imposition of any federal, state or local
income, prohibited transaction, contribution or other tax on any of the
Upper-Tier REMIC, the Lower-Tier REMIC or the Trust Estate. The Master Servicer,
or, in the case of any tax return or other action required by law to be
performed directly by the Trustee, the Trustee, shall (i) prepare or cause to be
prepared, timely cause to be signed by the Trustee and file or cause to be filed
annual federal and applicable state and local income tax returns for each of the
Upper-Tier REMIC and the Lower-Tier REMIC using a calendar year as the taxable
year and the accrual method of accounting; (ii) in the first such federal tax
return, make, or cause to be made, elections satisfying the requirements of the
REMIC Provisions, on behalf of the Trust Estate, to treat each of the Upper-Tier
REMIC and the Lower-Tier REMIC as a REMIC; (iii) prepare, execute and forward,
or cause to be prepared, executed and forwarded, to the Certificateholders all
information reports or tax returns required with respect to the Trust Estate, as
and when required to be provided to the Certificateholders, and to the Internal
Revenue Service and any other relevant governmental taxing authority in
accordance with the REMIC Provisions and any other applicable federal, state or
local laws, including without limitation information reports relating to
"original issue discount" and "market discount" as defined in the Code based
upon the issue prices, prepayment assumption and cash flows provided by the
Depositor to the Master Servicer and calculated on a monthly basis by using the
issue prices of the Certificates; (iv) make available information necessary for
the application of any tax imposed on transferors of residual interests to
"disqualified organizations" (as defined in the REMIC Provisions); (v) file Form
8811 and apply for an Employee Identification Number with a Form SS-4 or any
other permissible method and respond to inquiries by Certificateholders or their
nominees concerning information returns, reports or tax returns; (vi) maintain
(or cause to be maintained by the Servicers) such records relating to the
Upper-Tier REMIC and the Lower-Tier REMIC, including but not limited to the
income, expenses, individual Mortgage Loans (including REO Mortgage Loans),
other assets and liabilities of each REMIC, and the fair market value and
adjusted basis of the property of each REMIC determined at such intervals as may
be required by the Code, as may be necessary to prepare the foregoing returns or
information reports; (vii) exercise reasonable care not to allow the creation of
any "interests" in either of the Upper-Tier REMIC or the Lower-Tier REMIC within
the meaning of Code Section 860D(a)(2) other than the interests in the
Upper-Tier REMIC represented by the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-IO, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates and the Class A-R Interest, and the interests in the Lower-Tier
REMIC represented by the Class A-L1 Interest, Class A-L2 Interest, Class A-LUR
Interest, Class B-L1 Interest, Class B-L2 Interest, Class B-L3 Interest, Class
B-L4 Interest, Class B-L5 Interest and Class B-L6 Interest and the Class A-LR
Interest; (viii) exercise reasonable care not to allow the occurrence of any
"prohibited transactions" within the meaning of Code Section 860F(a), unless the
Master Servicer shall have provided an Opinion of Counsel to the Trustee that
such occurrence would not (a) result in a taxable gain, (b) otherwise subject
any of the Upper-Tier REMIC, the Lower-Tier REMIC or the Trust Estate to tax or
(c) cause the Trust Estate to fail to qualify as two separate REMICs; (ix)
exercise reasonable care not to allow either of the Upper-Tier REMIC or the
Lower-Tier REMIC to receive income from the performance of services or from
assets not permitted under the REMIC Provisions to be held by a REMIC; and (x)
pay (on behalf of the Upper-Tier REMIC or the Lower-Tier REMIC) the amount of
any federal income tax, including, without limitation, prohibited transaction
taxes, taxes on net income from foreclosure property, and taxes on certain
contributions to a REMIC after the Startup Day, imposed on the Upper-Tier REMIC
or the Lower-Tier REMIC, as the case may be, when and as the same shall be due
and payable (but such obligation shall not prevent the Master Servicer or any
other appropriate Person from contesting any such tax in appropriate proceedings
and shall not prevent the Master Servicer from withholding or depositing payment
of such tax, if permitted by law, pending the outcome of such proceedings). The
Master Servicer shall be entitled to be reimbursed pursuant to Section 3.02 for
any taxes paid by it pursuant to clause (x) of the preceding sentence, except to
the extent that such taxes are imposed as a result of the bad faith, willful
misfeasance or gross negligence of the Master Servicer in the performance of its
obligations hereunder.

            In order to enable the Master Servicer or the Trustee, as the case
may be, to perform its duties as set forth above, the Depositor shall provide,
or cause to be provided, to the Master Servicer within ten days after the
Closing Date all information or data that the Master Servicer determines to be
relevant for tax purposes to the valuations and offering prices of the
Certificates, including, without limitation, the price, yield, prepayment
assumption and projected cash flows of each Class of Certificates and the
Mortgage Loans in the aggregate. Thereafter, the Depositor shall provide to the
Master Servicer or the Trustee, as the case may be, promptly upon request
therefor, any such additional information or data that the Master Servicer or
the Trustee, as the case may be, may from time to time request in order to
enable the Master Servicer to perform its duties as set forth above. The
Depositor hereby indemnifies the Master Servicer or the Trustee, as the case may
be, for any losses, liabilities, damages, claims or expenses of the Master
Servicer or the Trustee arising from any errors or miscalculations by the Master
Servicer or the Trustee pursuant to this Section that result from any failure of
the Depositor to provide, or to cause to be provided, accurate information or
data to the Master Servicer or the Trustee, as the case may be, on a timely
basis. The Master Servicer hereby indemnifies the Depositor and the Trustee for
any losses, liabilities, damages, claims or expenses of the Depositor or the
Trustee arising from the Master Servicer's willful misfeasance, bad faith or
gross negligence in preparing any of the federal, state and local tax returns of
either REMIC as described above. In the event that the Trustee prepares any of
the federal, state and local tax returns of either REMIC as described above, the
Trustee hereby indemnifies the Depositor and the Master Servicer for any losses,
liabilities, damages, claims or expenses of the Depositor or the Master Servicer
arising from the Trustee's willful misfeasance, bad faith or negligence in
connection with such preparation.

            (b) Notwithstanding anything in this Agreement to the contrary, each
of the Master Servicer and the Trustee shall pay from its own funds, without any
right of reimbursement therefor, the amount of any costs, liabilities and
expenses incurred by the Trust Estate (including, without limitation, any and
all federal, state or local taxes, including taxes imposed on "prohibited
transactions" within the meaning of the REMIC Provisions) if and to the extent
that such costs, liabilities and expenses arise from a failure of the Master
Servicer or the Trustee, respectively, to perform its obligations under this
Section 8.13.

            The Holder of the Residual Certificate is hereby designated as the
"tax matters person" for the Upper-Tier REMIC and the Lower-Tier REMIC within
the meaning of Treasury Regulations Section 1.860F-4(d). The "tax matters
person" shall have the same duties with respect to the applicable REMIC as those
of a "tax matters partner" under Subchapter C of Chapter 63 of Subtitle F of the
Code. By its acceptance of the Residual Certificate, such Holder irrevocably
appoints the Master Servicer (and the Master Servicer hereby agrees to act) as
agent to perform all of the duties of the "tax matters person."

            Section 8.14 Monthly Advances.

            In the event that Wells Fargo Bank in its capacity as Servicer fails
to make a Periodic Advance required to be made pursuant to the Wells Fargo Bank
Servicing Agreement on or before the Distribution Date, the Trustee shall make a
Periodic Advance as required by Section 3.03 hereof; provided, however, the
Trustee shall not be required to make such Periodic Advances if prohibited by
law or if it determines that such Periodic Advance would be a Nonrecoverable
Advance. With respect to those Periodic Advances which should have been made by
Wells Fargo Bank, the Trustee shall be entitled, pursuant to Section 3.02(a)(i),
(ii) or (v) hereof, to be reimbursed from the Certificate Account for Periodic
Advances and Nonrecoverable Advances made by it.

            Section 8.15 Indemnification of the Master Servicer and
                         Depositor by the Trustee

            The Trustee shall indemnify and hold harmless the Master Servicer
and the Depositor and any director, officer or agent thereof against any loss,
liability or expense, including reasonable attorney's fees, arising out of, in
connection with or incurred by reason of willful misfeasance, bad faith or
negligence in the performance of duties of the Trustee or by reason of reckless
disregard of its obligation to deliver any information, report, certification,
accountants' letter or other material required to comply with Regulation AB. Any
payment pursuant to this Section made by the Trustee to the Master Servicer or
the Depositor shall be from such entity's own funds, without reimbursement
therefor. The provisions of this Section 8.15 shall survive the termination of
this Agreement.

            Notwithstanding anything in this Agreement to the contrary, in no
event shall the Trustee be liable for any special, indirect or consequential
loss or damage of any kind whatsoever (including but not limited to lost
profits) resulting from the Trustee's nonperformance of its duties or
obligations to deliver any information, report, certification, accountants'
letter or other material required to comply with Regulation AB, even if the
Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action.

            Section 8.16 Trustee Errors and Omissions Policy.

            The Trustee shall maintain, at all times and at its own expense, a
Trustee Errors and Omissions Policy, which policy shall have such terms and
coverage amounts as are comparable to those of errors and omissions policies
maintained by trustees generally.

            The Trustee Errors and Omissions Policy shall insure the Trustee,
its successors and assigns, against any losses resulting from negligence, errors
or omissions on the part of officers, employees or other persons acting on
behalf of the Trustee in the performance of its duties as Trustee pursuant to
this Agreement.

            The Trustee shall maintain in effect the Trustee Errors and
Omissions Policy at all times and the Trustee Errors and Omissions Policy may
not be canceled, permitted to lapse or otherwise terminated without thirty
Business Days' prior written notice by registered mail to the Master Servicer
and the Depositor.

<PAGE>

                                   ARTICLE IX

                                   TERMINATION

            Section 9.01 Termination upon Purchase by the Depositor or
                         Liquidation of All Mortgage Loans.

            Subject to Section 9.02, the respective obligations and
responsibilities of the parties to this Agreement created hereby (other than the
obligation of the Paying Agent to make certain payments after the Final
Distribution Date to Certificateholders and the obligation of the Master
Servicer to send certain notices as hereinafter set forth and the tax reporting
obligations under Sections 4.05 and 8.13 hereof) shall terminate upon the last
action required to be taken by the Paying Agent on the Final Distribution Date
pursuant to this Article IX following the earlier of (i) the purchase by the
Depositor of all Mortgage Loans and all property acquired in respect of any
Mortgage Loan remaining in the Trust Estate at a price equal to the sum of (x)
100% of the unpaid principal balance of each Mortgage Loan (other than any REO
Mortgage Loan) as of the Final Distribution Date, (y) the fair market value of
the Mortgaged Property related to any REO Mortgage Loan, plus with respect to
clauses (x) and (y) any accrued and unpaid interest through the last day of the
month preceding the month of such purchase at the applicable Mortgage Interest
Rate and (z) any Reimbursement Amount owed to the Trust pursuant to Section 2.03
and (ii) the final payment or other liquidation (or any advance with respect
thereto) of the last Mortgage Loan remaining in the Trust Estate (including for
this purpose the discharge of any Mortgagor under a defaulted Mortgage Loan on
which a Servicer is not obligated to foreclose due to environmental impairment)
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan; provided, however, that in no event shall the
trust created hereby continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late
ambassador of the United States to the Court of St. James, living on the date
hereof.

            The right of the Depositor to purchase all the assets of the Trust
Estate pursuant to clause (i) of the preceding paragraph is subject to Section
9.02 and conditioned upon (A) the Pool Scheduled Principal Balance of the
Mortgage Loans as of the Final Distribution Date being less than the amount set
forth in Section 11.21 and (B) the sum of clause (i)(x) and (y) of the preceding
paragraph being less than or equal to the aggregate fair market value of the
Mortgage Loans (other than any REO Mortgage Loans) and the Mortgaged Properties
related to the REO Mortgage Loans; provided, however, that this clause (B) shall
not apply to any purchase by the Depositor if, at the time of the purchase, the
Depositor is no longer subject to regulation by the Office of the Comptroller of
the Currency, the FDIC, the Federal Reserve or the Office of Thrift Supervision.
Fair market value for purposes of this paragraph and the preceding paragraph
will be determined by the Master Servicer as of the close of business on the
third Business Day next preceding the date upon which notice of any termination
is furnished to Certificateholders pursuant to the third paragraph of this
Section 9.01. In the case of any purchase by the Depositor pursuant to said
clause (i) of the preceding paragraph, the Depositor shall give the Trustee, the
Paying Agent and Master Servicer notice of its intent to purchase the assets of
the Trust by the fifth day of the month of the Final Distribution Date or such
later date as shall be acceptable to the Trustee and Master Servicer. The
Depositor or Master Servicer shall in such case provide to the Trustee the
confirmation of deposit of the purchase price required by Section 3.04 and the
Trustee or the Custodian shall, promptly following payment of the purchase price
and upon receipt from the Master Servicer of a Request for Release, release to
the Depositor the Owner Mortgage Loan Files and Retained Mortgage Loan Files, if
applicable, pertaining to the Mortgage Loans being purchased.

            Notice of any termination, specifying the Final Distribution Date
(which shall be a date that would otherwise be a Distribution Date) upon which
the Certificateholders may surrender their Certificates to the Paying Agent for
payment of the final distribution and cancellation, shall be given promptly by
the Paying Agent by letter to Certificateholders and the Trustee mailed not
earlier than the 15th day of the month preceding the month of such final
distribution and not later than the twentieth day of the month of such final
distribution specifying (A) the Final Distribution Date upon which final payment
of the Certificates will be made upon presentation and surrender of Certificates
at the Corporate Trust Office of the Paying Agent therein designated, (B) the
amount of any such final payment and (C) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made
(except in the case of any Class A Certificate surrendered on a prior
Distribution Date) pursuant to Section 4.01 only upon presentation and surrender
of the Certificates at the Corporate Trust Office of the Paying Agent therein
specified. If the Depositor is exercising its right to purchase, the Depositor
shall deposit in the Certificate Account on or before the Final Distribution
Date in immediately available funds an amount equal to the purchase price for
the assets of the Trust Estate computed as above provided. Failure to give
notice of termination as described herein shall not entitle a Certificateholder
to any interest beyond the interest payable on the Final Distribution Date.

            Upon presentation and surrender of the Certificates, the Paying
Agent shall distribute to Certificateholders on the Final Distribution Date in
proportion to their respective Percentage Interests an amount equal to (i) as to
the Classes of Class A Certificates, the respective Principal Balance together
with any related Class A Unpaid Interest Shortfall and one month's interest in
an amount equal to the respective Interest Accrual Amount, (ii) as to the
Classes of Class B Certificates, the respective Principal Balance together with
any related Class B Unpaid Interest Shortfall and one month's interest in an
amount equal to the respective Interest Accrual Amount and (iii) as to the
Residual Certificate, the amounts, if any, which remain on deposit in the
Upper-Tier Certificate Account and the Certificate Account, respectively (other
than amounts retained to meet claims) after application pursuant to clauses (i)
and (ii) above and payment to the Master Servicer of any amounts it is entitled
as reimbursement or otherwise hereunder. Such amount shall be distributed in
respect of interest and principal in respect of the Uncertificated Lower-Tier
Interests in the manner specified in Section 4.01(a). Notwithstanding the
foregoing, if the price paid pursuant to clause (i) of the first paragraph of
this Section 9.01, after reimbursement to the Servicers, the Master Servicer and
the Trustee of any Periodic Advances, is insufficient to pay in full the amounts
set forth in clauses (i) and (ii) of this paragraph, then any shortfall in the
amount available for distribution to Certificateholders shall be allocated in
reduction of the amounts otherwise distributable on the Final Distribution Date
in the same manner as Realized Losses are allocated pursuant to Sections 4.02(a)
and (e) hereof. Such distribution on the Final Distribution Date shall be in
lieu of the distribution otherwise required to be made on such Distribution Date
in respect of each Class of Certificates.

            In the event that all of the Certificateholders shall not surrender
their Certificates for final payment and cancellation within three months
following the Final Distribution Date, the Paying Agent shall on such date cause
all funds, if any, in the Payment Account not distributed in final distribution
to Certificateholders to be withdrawn therefrom and credited to the remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders. The 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. If within
three months after the second notice all the Certificates shall not have been
surrendered for cancellation, the 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 on deposit in such escrow account.

            Section 9.02 Additional Termination Requirements.

            In the event of a termination of the Trust Estate upon the exercise
by the Depositor of its purchase option as provided in Section 9.01, the Trust
Estate shall be terminated in accordance with the following additional
requirements, unless the Trustee and the Master Servicer have received an
Opinion of Counsel to the effect that any other manner of termination (i) will
constitute a "qualified liquidation" of the Trust Estate within the meaning of
Code Section 860F(a)(4)(A) and (ii) will not subject either the Upper-Tier REMIC
or the Lower-Tier REMIC to federal tax or cause the Trust Estate to fail to
qualify as two separate REMICs at any time that any Certificates are
outstanding:

            (i) The notice given by the Paying Agent under Section 9.01 shall
      provide that such notice constitutes the adoption of a plan of complete
      liquidation of the Upper-Tier REMIC and the Lower-Tier REMIC as of the
      date of such notice (or, if earlier, the date on which the first such
      notice is mailed to Certificateholders). The Master Servicer shall also
      specify such date in a statement attached to the final tax returns of the
      Upper-Tier REMIC and the Lower-Tier REMIC; and

            (ii) At or after the time of adoption of such a plan of complete
      liquidation and at or prior to the Final Distribution Date, the Trustee,
      shall sell all of the assets of the Trust Estate to the Depositor for cash
      at the purchase price specified in Section 9.01 and the Paying Agent shall
      distribute such cash within 90 days of such adoption in the manner
      specified in Section 9.01.

<PAGE>

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

            Section 10.01 Amendment.

            (a) This Agreement or the Custodial Agreement may be amended from
time to time by the Depositor, the Master Servicer and the Trustee without the
consent of any of the Certificateholders, (i) to cure any ambiguity or mistake,
(ii) to correct or supplement any provisions herein or therein which may be
inconsistent with any other provisions herein or therein or in the related
Prospectus, (iii) to modify, eliminate or add to any of its provisions to such
extent as shall be necessary to maintain the qualification of the Trust Estate
as two separate REMICs at all times that any Certificates are outstanding or to
avoid or minimize the risk of the imposition of any federal tax on the Trust
Estate, the Lower-Tier REMIC or the Upper-Tier REMIC pursuant to the Code that
would be a claim against the Trust Estate, provided that (a) the Trustee has
received an Opinion of Counsel to the effect that such action is necessary or
desirable to maintain such qualification or to avoid or minimize the risk of the
imposition of any such tax and (b) such action shall not, as evidenced by such
Opinion of Counsel, adversely affect in any material respect the interests of
any Certificateholder, (iv) to conform the obligations of the parties under this
Agreement, or to add obligations of the parties to this Agreement, if necessary,
to comply with the requirements of Regulation AB, (v) to change the timing
and/or nature of deposits into the Upper-Tier Certificate Account and the
Certificate Account provided that such change shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Certificateholder, (vi) to modify, eliminate or add to the provisions of
Section 5.02 or any other provisions hereof restricting transfer of the
Certificates, provided that the Depositor for purposes of Section 5.02 has
determined in its sole discretion that any such modifications to this Agreement
will neither adversely affect the rating on the Certificates nor give rise to a
risk that either the Upper-Tier REMIC or the Lower-Tier REMIC or any of the
Certificateholders will be subject to a tax caused by a transfer to a
non-permitted transferee, (vii) to make certain provisions with respect to the
denominations of, and the manner of payments on, certain Classes of Certificates
initially retained by the Depositor or an affiliate of the Depositor and (viii)
to make any other provisions with respect to matters or questions arising under
this Agreement or such Custodial Agreement which shall not be materially
inconsistent with the provisions of this Agreement, provided that such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any Certificateholder. Notwithstanding the
foregoing, any amendment pursuant to clause (v) or (viii) shall not be deemed to
adversely affect in any material respect the interest of Certificateholders and
no Opinion of Counsel to that effect shall be required if the person requesting
the amendment instead obtains a letter from each Rating Agency stating that the
amendment would not result in the downgrading or withdrawal of the respective
ratings then assigned to the Certificates.

            This Agreement or the Custodial Agreement may also be amended from
time to time by the Depositor, the Master Servicer and the Trustee with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66-2/3% of the aggregate Voting Interests of each Class of Certificates affected
thereby, for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Agreement or such Custodial
Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment shall (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interest of the Holders of Certificates of any Class in a
manner other than as described in clause (i) hereof without the consent of
Holders of Certificates of such Class evidencing, as to such Class, Voting
Interests aggregating not less than 66-2/3% or (iii) reduce the aforesaid
percentage of Certificates of any Class the Holders of which are required to
consent to any such amendment, without the consent of the Holders of all
Certificates of such Class then outstanding.

            Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel to the effect that such amendment will
not subject either the Upper-Tier REMIC or the Lower-Tier REMIC to tax or cause
either the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a
REMIC at any time that any Certificates are outstanding.

            Promptly after the execution of any amendment requiring the consent
of Certificateholders, the Trustee shall furnish written notification of the
substance of such amendment to each Certificateholder.

            It shall not be necessary for the consent of Certificateholders
under this Section 10.01(a) to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to
such reasonable regulations as the Trustee may prescribe.

            The Trustee shall give prompt written notice to the Custodian of any
amendment or supplement to this Agreement and furnish the Custodian with written
copies thereof.

            (b) Notwithstanding any contrary provision of this Agreement, if any
of the Mortgage Loans are Type 2 Mortgage Loans, as indicated on the Mortgage
Loan Schedule, the Master Servicer may, from time to time, amend Schedule I
hereto without the consent of any Certificateholder or the Trustee; provided,
however, (i) that such amendment does not conflict with any provisions of the
related Servicing Agreement, (ii) that the related Servicing Agreement provides
for the remittance of each type of Unscheduled Principal Receipts received by
such Servicer during the Applicable Unscheduled Principal Receipt Period (as so
amended) related to each Distribution Date to the Master Servicer no later than
the 24th day of the month in which such Distribution Date occurs and (iii) that
such amendment is for the purpose of changing the Applicable Unscheduled
Principal Receipt Period for Type 2 Mortgage Loans to a Mid-Month Receipt Period
with respect to all Unscheduled Principal Receipts.

            Section 10.02 Recordation of Agreement.

            This Agreement (or an abstract hereof, if acceptable to the
applicable recording office) is subject to recordation in all appropriate public
offices for real property records in all the towns or other comparable
jurisdictions in which any or all of the Mortgaged Properties are situated, and
in any other appropriate public office or elsewhere, such recordation to be
effected by the Master Servicer and at its expense on direction by the Trustee,
but only upon direction accompanied by an Opinion of Counsel to the effect that
such recordation materially and beneficially affects the interests of the
Certificateholders.

            For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

            Section 10.03 Limitation on Rights of Certificateholders.

            The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Estate, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or
take any action or proceeding in any court for a partition or winding up of the
Trust Estate, nor otherwise affect the rights, obligations and liabilities of
the parties hereto or any of them.

            Except as otherwise expressly provided herein, no Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right to
vote or in any manner otherwise control the operation and management of the
Trust Estate, or the obligations of the parties hereto, nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association, nor shall any Certificateholder be under any liability to any
third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.

            No Certificateholder, solely by virtue of its status as
Certificateholder, shall have any right by virtue or by availing of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of default
and of the continuance thereof, as hereinbefore provided, and unless the Holders
of Certificates evidencing not less than 25% of the Voting Interest represented
by all Certificates shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder
and shall have offered to the Trustee such reasonable indemnity as it may
require against the cost, expenses and liabilities to be incurred therein or
thereby, and the Trustee, for 60 days after its receipt of such notice, request
and offer of indemnity, shall have neglected or refused to institute any such
action, suit or proceeding; it being understood and intended, and being
expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
shall have any right in any manner whatever by virtue or by availing of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates, or to obtain or seek to obtain
priority over or preference to any other such Holder, or to enforce any right
under this Agreement, except in the manner herein provided and for the benefit
of all Certificateholders. For the protection and enforcement of the provisions
of this Section, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

            Section 10.04 Governing Law; Jurisdiction.

            This Agreement shall be construed in accordance with the laws of the
State of New York (without regard to conflicts of laws principles), and the
obligations, rights and remedies of the parties hereunder shall be determined in
accordance with such laws.

            Section 10.05 Notices.

            Unless otherwise provided in this Agreement, 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 or registered
mail, return receipt requested or by facsimile (i) in the case of the Depositor,
to Wells Fargo Asset Securities Corporation, 7430 New Technology Way, Frederick,
Maryland 21703, Attention: Vice President, Structured Finance or such other
address as may hereafter be furnished to the Master Servicer and the Trustee in
writing by the Depositor, (ii) in the case of the Master Servicer, to Wells
Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland 21045-1951,
Attention: Corporate Trust Services-WFMBS 2006-AR17; facsimile: (410) 715-2380
or such other address as may hereafter be furnished to the Depositor and the
Trustee in writing by the Master Servicer and (iii) in the case of the Trustee
or the Paying Agent, to the Corporate Trust Office, or such other address as may
hereafter be furnished to the Depositor and the Master Servicer in writing by
the Trustee or the Paying Agent. Any notice required or permitted to be mailed
to a Certificateholder shall be given by first class mail, postage prepaid, at
the address of such Holder as shown in the Certificate Register. Any notice
mailed or transmitted within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the addressee
receives such notice; provided, however, that any demand, notice or
communication to or upon the Depositor, the Master Servicer or the Trustee shall
not be effective until received.

            For all purposes of this Agreement, in the absence of actual
knowledge by an officer of the Master Servicer, the Master Servicer shall not be
deemed to have knowledge of any act or failure to act of any Servicer unless
notified thereof in writing by the Trustee, the Servicer or a Certificateholder.

            Section 10.06 Severability of Provisions.

            If any one or more of the covenants, agreements, provisions or terms
of this 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 Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

            Section 10.07 Special Notices to Rating Agencies.

            (a) The Trustee shall give prompt notice to each Rating Agency of
the occurrence of any of the following events of which a Responsible Officer has
notice:

            (i) any amendment to this Agreement pursuant to Section 10.01(a);

            (ii) any assignment by the Master Servicer of its rights and
      delegation of its duties pursuant to Section 6.06;

            (iii) any resignation of the Master Servicer pursuant to Section
      6.04;

            (iv) the occurrence of any of the Events of Default described in
      Section 7.01;

            (v) any notice of termination given to the Master Servicer pursuant
      to Section 7.01; or

            (vi) the appointment of any successor to the Master Servicer
      pursuant to Section 7.05.

            (b) The Paying Agent shall give prompt notice to each Rating Agency
of any sale or transfer of the Class B Certificates pursuant to Section 5.02 to
an affiliate of the Depositor.

            (c) The Paying Agent shall give prompt notice to each Rating Agency
of the making of a final payment pursuant to Section 9.01.

            (d) The Master Servicer shall give prompt notice to each Rating
Agency of the occurrence of any of the following events:

            (i) the resignation of the Custodian or the appointment of a
      successor Custodian pursuant to the Custodial Agreement;

            (ii) the resignation or removal of the Trustee pursuant to Section
      8.08;

            (iii) the appointment of a successor trustee pursuant to Section
      8.09; or

            (iv) the sale, transfer or other disposition in a single transaction
      of 50% or more of the equity interests in the Master Servicer.

            (e) The Master Servicer shall deliver to each Rating Agency or
otherwise make available to each Rating Agency in a format acceptable to each
Rating Agency:

            (i) reports prepared pursuant to Section 3.05 and 3.11; and

            (ii) the Distribution Date Statements.

            Section 10.08 Covenant of Depositor.

            The Depositor shall not amend Article Third of its Certificate of
Incorporation without the prior written consent of each Rating Agency rating the
Certificates.

            Section 10.09 Recharacterization.

            The Parties intend the conveyance by the Depositor to the Trustee of
all of its right, title and interest in and to the Trust Estate pursuant to this
Agreement to constitute a purchase and sale and not a loan. Notwithstanding the
foregoing, to the extent that such conveyance is held not to constitute a sale
under applicable law, it is intended that this Agreement shall constitute a
security agreement under applicable law and that the Depositor shall be deemed
to have granted to the Trustee a first priority security interest in all of the
Depositor's right, title and interest in and to the Trust Estate. The Master
Servicer shall take all actions, including, without limitation, filing any
Uniform Commercial Code continuation statements, as shall be necessary to
perfect or maintain the perfection of such security interest.

            Section 10.10 Regulation AB Compliance; Intent of Parties;
                          Reasonableness.

            The parties hereto acknowledge that interpretations of the
requirements of Regulation AB may change over time, whether due to interpretive
guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and
agree to comply with requests made by the Depositor or the Master Servicer in
good faith for delivery of information under these provisions on the basis of
evolving interpretations of Regulation AB. In connection with the Trust, the
parties hereto shall cooperate fully with the Master Servicer and the Depositor
to deliver to the Master Servicer and/or the Depositor, any and all statements,
reports, certifications, records and any other information available to such
party and reasonably necessary in the good faith determination of the Depositor
or the Master Servicer to permit the Depositor or the Master Servicer to comply
with the provisions of Regulation AB, together with such disclosures reasonably
believed by the Depositor or the Master Servicer to be necessary in order to
effect such compliance.

<PAGE>

                                   ARTICLE XI

                             TERMS FOR CERTIFICATES

            Section 11.01 Cut-Off Date.

            The Cut-Off Date for the Certificates is September 1, 2006.

            Section 11.02 Cut-Off Date Aggregate Principal Balance.

            The Cut-Off Date Aggregate Principal Balance is $696,102,523.48.

            Section 11.03 Original Class A Percentage.

            The Original Class A Percentage is 95.99995366%.

            Section 11.04 Original Principal Balances of the Classes of
                          Class A Certificates.

            As to the following Classes of Class A Certificates, the Principal
Balance of such Class as of the Cut-Off Date, as follows:

                            Original
              Class     Principal Balance
            ---------   -----------------
            Class A-1     $380,000,000.00
            Class A-2     $254,845,000.00
            Class A-3      $20,000,000.00
            Class A-4      $13,413,000.00
            Class A-R             $100.00

            Section 11.05 Original Notional Amount.

            The Original Class A-IO Notional Amount is $400,000,000.00.

            Section 11.06 Original Subordinated Percentage.

            The Original Subordinated Percentage is 4.00004634%.

            Section 11.07 Original Class B Principal Balance.

            The Original Class B Principal Balance is  $27,844,423.48.

            Section 11.08 Original Principal Balances of the Classes of Class B
                          Certificates.

            As to the following Classes of Class B Certificates, the Principal
Balance of such Class as of the Cut-Off Date, is as follows:

                            Original
              Class     Principal Balance
            ---------   -----------------
            Class B-1      $14,271,000.00
            Class B-2       $5,221,000.00
            Class B-3       $2,784,000.00
            Class B-4       $2,088,000.00
            Class B-5       $1,740,000.00
            Class B-6       $1,740,423.48

            Section 11.09 Original Class B-1 Fractional Interest.

            The Original Class B-1 Fractional Interest is 1.94991729%.

            Section 11.10 Original Class B-2 Fractional Interest.

            The Original Class B-2 Fractional Interest is 1.19988409%.

            Section 11.11 Original Class B-3 Fractional Interest.

            The Original Class B-3 Fractional Interest is 0.79994301%.

            Section 11.12 Original Class B-4 Fractional Interest.

            The Original Class B-4 Fractional Interest is 0.49998719%.

            Section 11.13 Original Class B-5 Fractional Interest.

            The Original Class B-5 Fractional Interest is 0.25002401%.

            Section 11.14 Original Class B-1 Percentage.

            The Original Class B-1 Percentage is 2.05012904%.

            Section 11.15 Original Class B-2 Percentage.

            The Original Class B-2 Percentage is 0.75003320%.

            Section 11.16 Original Class B-3 Percentage.

            The Original Class B-3 Percentage is 0.39994109%.

            Section 11.17 Original Class B-4 Percentage.

            The Original Class B-4 Percentage is 0.29995582%.

            Section 11.18 Original Class B-5 Percentage.

            The Original Class B-5 Percentage is 0.24996318%.

            Section 11.19 Original Class B-6 Percentage.

            The Original Class B-6 Percentage is 0.25002402%.

            Section 11.20 Closing Date.

            The Closing Date is September 28, 2006.

            Section 11.21 Right to Purchase.

            The right of the Depositor to purchase all of the Mortgage Loans
pursuant to Section 9.01 hereof shall be conditioned upon the Pool Scheduled
Principal Balance of the Mortgage Loans being less than $69,610,252.35 (10% of
the Cut-Off Date Aggregate Principal Balance) at the time of any such purchase.

            Section 11.22 Wire Transfer Eligibility.

            With respect to the Class A Certificates (other than the Class A-IO
and Residual Certificates) and the Class B Certificates, the minimum
Denomination eligible for wire transfer on each Distribution Date is $100,000.
With respect to the Class A-IO Certificates, the minimum Denomination eligible
for wire transfer on each Distribution Date is 2.00% Percentage Interest. The
Residual Certificate is not eligible for wire transfer.

            Section 11.23 Single Certificate.

            A Single Certificate for the Class A-1 and Class A-2 Certificates
represents a $25,000 Denomination. A Single Certificate for the Class A-IO
Certificates represents a $8,333,000 Denomination. A Single Certificate for the
Class A-3, Class A-4, Class B-1, Class B-2 and Class B-3 Certificates represents
a $100,000 Denomination. A Single Certificate for the Class B-4, Class B-5 and
Class B-6 Certificates represents a $250,000 Denomination. A Single Certificate
for the Residual Certificate represents a $100 Denomination.

            Section 11.24 Servicing Fee Rate.

            The rate used to calculate the Servicing Fee is equal to such rate
as is set forth on the Mortgage Loan Schedule with respect to a Mortgage Loan.

            Section 11.25 Master Servicing Fee Rate.

            The rate used to calculate the Master Servicing Fee for each
Mortgage Loan shall be 0.010% per annum.

<PAGE>

            IN WITNESS WHEREOF, the Depositor, the Master Servicer and the
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.

                                       WELLS FARGO ASSET SECURITIES
                                          CORPORATION
                                            as Depositor

                                       By:  /s/ Patrick Greene
                                            -------------------------------
                                            Name: Patrick Greene
                                            Title: Senior Vice President

                                       WELLS FARGO BANK, N.A.
                                            as Master Servicer

                                       By:  /s/ Jennifer L. Richardson
                                            -------------------------------
                                            Name: Jennifer L. Richardson
                                            Title: Assistant Vice President

                                       HSBC BANK USA, NATIONAL ASSOCIATION
                                            as Trustee

                                       By:  /s/ Fernando Acebedo
                                            -------------------------------
                                            Name: Fernando Acebedo
                                            Title: Vice President

<PAGE>

STATE OF MARYLAND       )
                           ss.:
COUNTY OF FREDERICK     )

            On this 28th day of September, 2006, before me, a notary public in
and for the State of Maryland, personally appeared Patrick Greene, known to me
who, being by me duly sworn, did depose and say that he resides at Frederick,
Maryland; that he is a Senior Vice President of Wells Fargo Asset Securities
Corporation, a Delaware corporation, one of the parties that executed the
foregoing instrument; and that he signed his name thereto by order of the Board
of Directors of said corporation.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

USActive 5565176.4

STATE OF MARYLAND       )
                           ss.:
COUNTY OF HOWARD        )

            On this 28th day of September, 2006, before me, a notary public in
and for the State of Maryland, personally appeared Jennifer L. Richardson, known
to me who, being by me duly sworn, did depose and say that she resides in Riva,
Maryland; that she is an Assistant Vice President of Wells Fargo Bank, N.A., a
national banking association, one of the parties that executed the foregoing
instrument; and that she signed her name thereto by order of the Board of
Directors of said association.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

STATE OF  NEW YORK            )
                              ss.:
COUNTY OF NEW YORK            )

            On this 28th day of September, 2006, before me, a notary public in
and for the State of New York, personally appeared Fernando Acebedo, known to me
who, being by me duly sworn, did depose and say that he resides in Huntington,
New York; that he is a Vice President of HSBC Bank USA, National Association, a
national banking association, one of the parties that executed the foregoing
instrument; and that he signed his name thereto by order of the Board of
Directors of said association.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

                                   SCHEDULE I

                    Wells Fargo Asset Securities Corporation,
              Mortgage Pass-Through Certificates, Series 2006-AR17
                 Applicable Unscheduled Principal Receipt Period

                                        Partial
               Full Unscheduled       Unscheduled
Servicer      Principal Receipts   Principal Receipts
-----------   ------------------   ------------------
Wells Fargo       Mid-Month            Mid-Month

<PAGE>

                                   EXHIBIT A-1
                     [FORM OF FACE OF CLASS A-1 CERTIFICATE]

             [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
              REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE
              DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
               EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
           REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
           REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
            TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
           TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
           BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
                  HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2006-AR17, CLASS A-1

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                      fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AA 4            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAA44            Denomination: $

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            October 25, 2036

<PAGE>

            THIS CERTIFIES THAT ___________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-1 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans"), formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and the Class A Distribution Amount for the Class A-1 Certificates
required to be distributed to Holders of the Class A-1 Certificates on such
Distribution Date, subject to adjustment in certain events as specified in the
Agreement. Distributions in reduction of the Principal Balance of certain
Classes of Class A Certificates may not commence on the first Distribution Date
specified above. Distributions of principal will be allocated among the Classes
of Class A Certificates in accordance with the provisions of the Agreement. The
Class A-1 Pass-Through Rate with respect to each Distribution Date prior to the
Distribution Date in September 2011 will be a per annum rate equal to the Net
WAC minus 0.500%. On and after the Distribution Date in September 2011, the
Class A-1 Pass-Through Rate will be a per annum rate equal to the Net WAC. The
amount of interest which accrues on this Certificate in any month will be
subject to reduction with respect to any Non-Supported Interest Shortfall, any
Relief Act Shortfall and the interest portion of certain Realized Losses
allocated to the Class A-1 Certificates, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person is entitled
to receive payments by wire transfer in immediately available funds in
accordance with the Agreement and such Person has notified the Paying Agent
pursuant to the Agreement that such payments are to be made by wire transfer of
immediately available funds. Notwithstanding the above, the final distribution
in reduction of the Principal Balance of this Certificate will be made after due
notice of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Paying Agent
specified for that purpose in the notice of final distribution.

            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.

            This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

            Unless this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT A-2
                     [FORM OF FACE OF CLASS A-2 CERTIFICATE]

             [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
              REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE
              DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
               EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
           REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
           REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
            TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
           TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
           BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
                  HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2006-AR17, CLASS A-2

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                      fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AB 2            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAB27            Denomination: $

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            October 25, 2036

<PAGE>

            THIS CERTIFIES THAT ___________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-2 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans"), formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and the Class A Distribution Amount for the Class A-2 Certificates
required to be distributed to Holders of the Class A-2 Certificates on such
Distribution Date, subject to adjustment in certain events as specified in the
Agreement. Distributions in reduction of the Principal Balance of certain
Classes of Class A Certificates may not commence on the first Distribution Date
specified above. Distributions of principal will be allocated among the Classes
of Class A Certificates in accordance with the provisions of the Agreement. The
pass-through rate on the Class A-2 Certificates applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall, any Relief Act Shortfall and
the interest portion of certain Realized Losses allocated to the Class A-2
Certificates, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person is entitled
to receive payments by wire transfer in immediately available funds in
accordance with the Agreement and such Person has notified the Paying Agent
pursuant to the Agreement that such payments are to be made by wire transfer of
immediately available funds. Notwithstanding the above, the final distribution
in reduction of the Principal Balance of this Certificate will be made after due
notice of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Paying Agent
specified for that purpose in the notice of final distribution.

            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.

            This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

            Unless this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT A-3
                     [FORM OF FACE OF CLASS A-3 CERTIFICATE]

             [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
              REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE
              DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
               EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
           REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
           REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
            TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
           TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
           BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
                  HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2006-AR17, CLASS A-3

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                      fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

AFTER THE SUBORDINATION DEPLETION DATE, THE PRINCIPAL PORTION OF REALIZED LOSSES
ALLOCATED TO THE CLASS A-1 CERTIFICATES WILL BE BORNE BY THE CLASS A-3
CERTIFICATES AS DESCRIBED IN THE AGREEMENT.

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AC 0            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAC00            Denomination: $

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            October 25, 2036

<PAGE>

            THIS CERTIFIES THAT ___________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-3 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans"), formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and the Class A Distribution Amount for the Class A-3 Certificates
required to be distributed to Holders of the Class A-3 Certificates on such
Distribution Date, subject to adjustment in certain events as specified in the
Agreement. Distributions in reduction of the Principal Balance of certain
Classes of Class A Certificates may not commence on the first Distribution Date
specified above. Distributions of principal will be allocated among the Classes
of Class A Certificates in accordance with the provisions of the Agreement. The
Class A-3 Pass-Through Rate with respect to each Distribution Date prior to the
Distribution Date in September 2011 will be a per annum rate equal to the Net
WAC minus 0.500%. On and after the Distribution Date in September 2011, the
Class A-3 Pass-Through Rate will be a per annum rate equal to the Net WAC. The
amount of interest which accrues on this Certificate in any month will be
subject to reduction with respect to any Non-Supported Interest Shortfall, any
Relief Act Shortfall and the interest portion of certain Realized Losses
allocated to the Class A-3 Certificates, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person is entitled
to receive payments by wire transfer in immediately available funds in
accordance with the Agreement and such Person has notified the Paying Agent
pursuant to the Agreement that such payments are to be made by wire transfer of
immediately available funds. Notwithstanding the above, the final distribution
in reduction of the Principal Balance of this Certificate will be made after due
notice of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Paying Agent
specified for that purpose in the notice of final distribution.

            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.

            This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

            Unless this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT A-4
                     [FORM OF FACE OF CLASS A-4 CERTIFICATE]

             [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
              REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE
              DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
               EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
           REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
           REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
            TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
           TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
           BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
                  HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2006-AR17, CLASS A-4

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                      fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

            AFTER THE SUBORDINATION DEPLETION DATE, THE PRINCIPAL PORTION OF
REALIZED LOSSES ALLOCATED TO THE CLASS A-2 CERTIFICATES WILL BE BORNE BY THE
CLASS A-4 CERTIFICATES AS DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AD 8            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAD82            Denomination: $

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            October 25, 2036

<PAGE>

            THIS CERTIFIES THAT ___________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-4 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans"), formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and the Class A Distribution Amount for the Class A-4 Certificates
required to be distributed to Holders of the Class A-4 Certificates on such
Distribution Date, subject to adjustment in certain events as specified in the
Agreement. Distributions in reduction of the Principal Balance of certain
Classes of Class A Certificates may not commence on the first Distribution Date
specified above. Distributions of principal will be allocated among the Classes
of Class A Certificates in accordance with the provisions of the Agreement. The
pass-through rate on the Class A-4 Certificates applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall, any Relief Act Shortfall and
the interest portion of certain Realized Losses allocated to the Class A-4
Certificates, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person is entitled
to receive payments by wire transfer in immediately available funds in
accordance with the Agreement and such Person has notified the Paying Agent
pursuant to the Agreement that such payments are to be made by wire transfer of
immediately available funds. Notwithstanding the above, the final distribution
in reduction of the Principal Balance of this Certificate will be made after due
notice of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Paying Agent
specified for that purpose in the notice of final distribution.

            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.

            This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

            Unless this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

                           By ________________________
                               Authorized Officer

<PAGE>

                                  EXHIBIT A-IO
                    [FORM OF FACE OF CLASS A-IO CERTIFICATE]

             [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
              REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE
              DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
               EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
           REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
           REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
            TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
           TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
           BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
                  HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                          SERIES 2006-AR17, CLASS A-IO

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                      fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            REDUCTION OF THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE MADE IN
THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY, THE OUTSTANDING NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL
AMOUNT REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AE 6            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAE65            Denomination: $             (Initial Notional
                                  Amount)

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            August 25, 2011

<PAGE>

            THIS CERTIFIES THAT ___________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class A-IO Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans"), formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and the Class A Distribution Amount for the Class A-IO Certificates
required to be distributed to Holders of the Class A-IO Certificates on such
Distribution Date, subject to adjustment in certain events as specified in the
Agreement. The Class A-IO Certificates are not entitled to distributions in
respect of principal. The Class A-IO Pass-Through Rate with respect to each
Distribution Date prior to the Distribution Date in September 2011 will be a per
annum rate equal to 0.500%. On and after the Distribution Date in September
2011, the Class A-IO Pass-Through Rate will be zero and the Class A-IO
Certificates will be entitled to no further distributions of interest. The
amount of interest which accrues on this Certificate in any month will be
subject to reduction with respect to any Non-Supported Interest Shortfall, any
Relief Act Shortfall and the interest portion of certain Realized Losses
allocated to the Class A-IO Certificates, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person is entitled
to receive payments by wire transfer in immediately available funds in
accordance with the Agreement and such Person has notified the Paying Agent
pursuant to the Agreement that such payments are to be made by wire transfer of
immediately available funds. Notwithstanding the above, the final distribution
on this Certificate will be made after due notice of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency of the Paying Agent specified for that purpose in the notice of
final distribution.

            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.

            This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

            Unless this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT A-R
                     [FORM OF FACE OF CLASS A-R CERTIFICATE]

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE "RESIDUAL
INTERESTS" IN TWO "REAL ESTATE MORTGAGE INVESTMENT CONDUITS" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"). A TRANSFEREE OF THIS CERTIFICATE, BY
ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO
CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(d) OF THE
AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND
THE MASTER SERVICER TO THE EFFECT THAT, AMONG OTHER THINGS, IT IS NOT A
DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5),
AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR A DISQUALIFIED
ORGANIZATION OR A NON-PERMITTED FOREIGN HOLDER, AS DEFINED IN SECTION 5.02(d) OF
THE AGREEMENT AND TO HAVE AGREED TO SUCH AMENDMENTS TO THE AGREEMENT AS MAY BE
REQUIRED TO FURTHER EFFECTUATE THE RESTRICTIONS ON TRANSFERS TO DISQUALIFIED
ORGANIZATIONS, AGENTS THEREOF OR NON-PERMITTED FOREIGN HOLDERS.

THE HOLDER OF THIS CLASS A-R CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO
HAVE AGREED TO THE DESIGNATION OF THE MASTER SERVICER AS ITS AGENT TO ACT AS
"TAX MATTERS PERSON" OF THE UPPER-TIER REMIC AND LOWER-TIER REMIC TO PERFORM THE
FUNCTIONS OF A "TAX MATTERS PARTNER" FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63
OF SUBTITLE F OF THE CODE, OR, IF SO REQUESTED BY THE MASTER SERVICER, TO ACT AS
TAX MATTERS PERSON OF THE UPPER-TIER REMIC AND LOWER-TIER REMIC.

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON WHICH IS
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE CODE OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A
"PLAN"), OR ANY PERSON ACTING ON BEHALF OF OR INVESTING THE ASSETS OF A PLAN.

<PAGE>

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2006-AR17, CLASS A-R

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                      fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AF 3            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAF31            Denomination: $

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            October 25, 2036

<PAGE>

            THIS CERTIFIES THAT __________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holder of the Class A-R Certificate with respect to a Trust
Estate consisting of a pool of adjustable interest rate, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans (the
"Mortgage Loans"), formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and the Class A Distribution Amount for the Class A-R Certificate
required to be distributed to the Holder of the Class A-R Certificate on such
Distribution Date, subject to adjustment in certain events as specified in the
Agreement. Distributions in reduction of the Principal Balance of certain
Classes of Class A Certificates may not commence on the first Distribution Date
specified above. Distributions of principal will be allocated among the Classes
of Class A Certificates in accordance with the provisions of the Agreement. The
pass-through rate on the Class A-R Certificate applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall, any Relief Act Shortfall and
the interest portion of certain Realized Losses allocated to the Class A-R
Certificate, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register. Notwithstanding the above, the
final distribution on this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency of the Paying Agent specified for that
purpose in the notice of final distribution.

            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 this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-1
                     [FORM OF FACE OF CLASS B-1 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2006-AR17, CLASS B-1

             evidencing an interest in a pool of adjustable interest
            rate, monthly pay, fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AG 1            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAG14            Denomination: $

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            October 25, 2036

<PAGE>

            THIS CERTIFIES THAT ____________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-1 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and, subject to the prior rights of the Class A Certificates as
specified in the Agreement, any Class B-1 Distribution Amount required to be
distributed to Holders of the Class B-1 Certificates on such Distribution Date,
subject to adjustment, in certain events, as specified in the Agreement. The
pass-through rate on the Class B-1 Certificates applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall and any Relief Act Shortfall
allocated to the Class B-1 Certificates, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person is entitled
to receive payments by wire transfer in immediately available funds in
accordance with the Agreement and such Person has notified the Paying Agent
pursuant to the Agreement that such payments are to be made by wire transfer of
immediately available funds. Notwithstanding the above, the final distribution
in reduction of the Principal Balance of this Certificate will be made after due
notice of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Paying Agent
specified for that purpose in the notice of final distribution.

            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.

            This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

            Unless this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-2
                     [FORM OF FACE OF CLASS B-2 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
AND THE CLASS B-1 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2006-AR17, CLASS B-2

             evidencing an interest in a pool of adjustable interest
            rate, monthly pay, fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AH 9            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAH96            Denomination: $

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            October 25, 2036

<PAGE>

            THIS CERTIFIES THAT ____________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-2 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and, subject to the prior rights of the Class A Certificates and
each Class of Class B Certificates bearing a lower numerical designation as
specified in the Agreement, any Class B-2 Distribution Amount required to be
distributed to Holders of the Class B-2 Certificates on such Distribution Date,
subject to adjustment, in certain events, as specified in the Agreement. The
pass-through rate on the Class B-2 Certificates applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall and any Relief Act Shortfall
allocated to the Class B-2 Certificates, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person is entitled
to receive payments by wire transfer in immediately available funds in
accordance with the Agreement and such Person has notified the Paying Agent
pursuant to the Agreement that such payments are to be made by wire transfer of
immediately available funds. Notwithstanding the above, the final distribution
in reduction of the Principal Balance of this Certificate will be made after due
notice of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Paying Agent
specified for that purpose in the notice of final distribution.

            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.

            This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

            Unless this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-3

                     [FORM OF FACE OF CLASS B-3 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES AND THE CLASS B-2 CERTIFICATES AS
DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2006-AR17, CLASS B-3

             evidencing an interest in a pool of adjustable interest
            rate, monthly pay, fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AJ 5            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAJ52            Denomination: $

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            October 25, 2036

<PAGE>

            THIS CERTIFIES THAT _______________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate in
monthly distributions to the Holders of the Class B-3 Certificates with respect
to a Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and, subject to the prior rights of the Class A Certificates and
each Class of Class B Certificates bearing a lower numerical designation as
specified in the Agreement, any Class B-3 Distribution Amount required to be
distributed to Holders of the Class B-3 Certificates on such Distribution Date,
subject to adjustment, in certain events, as specified in the Agreement. The
pass-through rate on the Class B-3 Certificates applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall and any Relief Act Shortfall
allocated to the Class B-3 Certificates, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person is entitled
to receive payments by wire transfer in immediately available funds in
accordance with the Agreement and such Person has notified the Paying Agent
pursuant to the Agreement that such payments are to be made by wire transfer of
immediately available funds. Notwithstanding the above, the final distribution
in reduction of the Principal Balance of this Certificate will be made after due
notice of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Paying Agent
specified for that purpose in the notice of final distribution.

            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.

            This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

            Unless this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-4
                     [FORM OF FACE OF CLASS B-4 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES AND THE
CLASS B-3 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

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 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE AGREEMENT REFERRED TO HEREIN, THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON THAT HAS NOT
DELIVERED A REPRESENTATION LETTER STATING EITHER (A) THAT THE TRANSFEREE IS NOT
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I 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
GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A "PLAN"), AND IS NOT ACTING ON
BEHALF OF OR INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO CERTAIN CONDITIONS
SET FORTH IN THE AGREEMENT, THAT THE SOURCE OF FUNDS USED TO PURCHASE THIS
CERTIFICATE IS AN "INSURANCE COMPANY GENERAL ACCOUNT."

<PAGE>

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2006-AR17, CLASS B-4

             evidencing an interest in a pool of adjustable interest
            rate, monthly pay, fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AK 2            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAK26            Denomination: $

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            October 25, 2036

<PAGE>

            THIS CERTIFIES THAT ____________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-4 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and, subject to the prior rights of the Class A Certificates and
each Class of Class B Certificates bearing a lower numerical designation as
specified in the Agreement, any Class B-4 Distribution Amount required to be
distributed to Holders of the Class B-4 Certificates on such Distribution Date,
subject to adjustment, in certain events, as specified in the Agreement. The
pass-through rate on the Class B-4 Certificates applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall and any Relief Act Shortfall
allocated to the Class B-4 Certificates, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person is entitled
to receive payments by wire transfer in immediately available funds in
accordance with the Agreement and such Person has notified the Paying Agent
pursuant to the Agreement that such payments are to be made by wire transfer of
immediately available funds. Notwithstanding the above, the final distribution
in reduction of the Principal Balance of this Certificate will be made after due
notice of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Paying Agent
specified for that purpose in the notice of final distribution.

            No transfer of a Class B-4 Certificate will be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is desired
to be made by the Holder hereof, (i) the transferee will be required to execute
an investment letter in the form described in the Agreement and (ii) if such
transfer is to be made within three years from the later of (a) the date of
initial issuance of the Certificates or (b) the last date on which the Depositor
or any affiliate thereof was a Holder of the Certificates proposed to be
transferred, and unless such transfer is made in reliance on Rule 144A of the
Securities Act of 1933, as amended, the Master Servicer or the Depositor may
require the Holder to deliver an opinion of counsel acceptable to and in form
and substance satisfactory to the Master Servicer and the Depositor that such
transfer is exempt (describing the applicable exemption and the basis therefor)
from or is being made pursuant to the registration requirements of the
Securities Act of 1933, as amended, and of any applicable statute of any state.
The Holder hereof desiring to effect such transfer shall, and does hereby agree
to, indemnify the Trustee, the Depositor, the Master Servicer, and any Paying
Agent 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. In connection with
any such transfer, the Master Servicer will also require (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Master Servicer and the Depositor with respect to
certain matters and (b) such other documentation as the Depositor or the Master
Servicer may require, as described in the Agreement.

            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.

            This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

            Unless this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-5
                     [FORM OF FACE OF CLASS B-5 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES, THE CLASS
B-3 CERTIFICATES AND THE CLASS B-4 CERTIFICATES AS DESCRIBED IN THE AGREEMENT
REFERRED TO HEREIN.

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 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE AGREEMENT REFERRED TO HEREIN, THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON THAT HAS NOT
DELIVERED A REPRESENTATION LETTER STATING EITHER (A) THAT THE TRANSFEREE IS NOT
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I 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
GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A "PLAN"), AND IS NOT ACTING ON
BEHALF OF OR INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO CERTAIN CONDITIONS
SET FORTH IN THE AGREEMENT, THAT THE SOURCE OF FUNDS USED TO PURCHASE THIS
CERTIFICATE IS AN "INSURANCE COMPANY GENERAL ACCOUNT."

<PAGE>

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2006-AR17, CLASS B-5

             evidencing an interest in a pool of adjustable interest
            rate, monthly pay, fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AL 0            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAL09            Denomination: $

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            October 25, 2036

<PAGE>

            THIS CERTIFIES THAT ____________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-5 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and, subject to the prior rights of the Class A Certificates and
each Class of Class B Certificates bearing a lower numerical designation as
specified in the Agreement, any Class B-5 Distribution Amount required to be
distributed to Holders of the Class B-5 Certificates on such Distribution Date,
subject to adjustment, in certain events, as specified in the Agreement. The
pass-through rate on the Class B-5 Certificates applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall and any Relief Act Shortfall
allocated to the Class B-5 Certificates, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person is entitled
to receive payments by wire transfer in immediately available funds in
accordance with the Agreement and such Person has notified the Paying Agent
pursuant to the Agreement that such payments are to be made by wire transfer of
immediately available funds. Notwithstanding the above, the final distribution
in reduction of the Principal Balance of this Certificate will be made after due
notice of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Paying Agent
specified for that purpose in the notice of final distribution.

            No transfer of a Class B-5 Certificate will be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is desired
to be made by the Holder hereof, (i) the transferee will be required to execute
an investment letter in the form described in the Agreement and (ii) if such
transfer is to be made within three years from the later of (a) the date of
initial issuance of the Certificates or (b) the last date on which the Depositor
or any affiliate thereof was a Holder of the Certificates proposed to be
transferred, and unless such transfer is made in reliance on Rule 144A of the
Securities Act of 1933, as amended, the Master Servicer or the Depositor may
require the Holder to deliver an opinion of counsel acceptable to and in form
and substance satisfactory to the Master Servicer and the Depositor that such
transfer is exempt (describing the applicable exemption and the basis therefor)
from or is being made pursuant to the registration requirements of the
Securities Act of 1933, as amended, and of any applicable statute of any state.
The Holder hereof desiring to effect such transfer shall, and does hereby agree
to, indemnify the Trustee, the Depositor, the Master Servicer, and any Paying
Agent 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. In connection with
any such transfer, the Master Servicer will also require (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Master Servicer and the Depositor with respect to
certain matters and (b) such other documentation as the Depositor or the Master
Servicer may require, as described in the Agreement.

            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.

            This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

            Unless this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-6
                     [FORM OF FACE OF CLASS B-6 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES, THE CLASS
B-3 CERTIFICATES, THE CLASS B-4 CERTIFICATES AND THE CLASS B-5 CERTIFICATES AS
DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

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 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE AGREEMENT REFERRED TO HEREIN, THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON THAT HAS NOT
DELIVERED A REPRESENTATION LETTER STATING EITHER (A) THAT THE TRANSFEREE IS NOT
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I 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
GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A "PLAN"), AND IS NOT ACTING ON
BEHALF OF OR INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO CERTAIN CONDITIONS
SET FORTH IN THE AGREEMENT, THAT THE SOURCE OF FUNDS USED TO PURCHASE THIS
CERTIFICATE IS AN "INSURANCE COMPANY GENERAL ACCOUNT."

<PAGE>

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2006-AR17, CLASS B-6

             evidencing an interest in a pool of adjustable interest
            rate, monthly pay, fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

            THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE
TRUSTEE OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE
INSURER.

            DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                   Cut-Off Date: September 1, 2006

CUSIP No.: 94984L AM 8            First Distribution Date: October 25,
                                  2006

ISIN No.: US94984LAM81            Denomination: $

Percentage Interest evidenced     Final Scheduled Maturity Date:
by this Certificate: %            October 25, 2036

<PAGE>

            THIS CERTIFIES THAT ____________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-6 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of September 28, 2006 (the
"Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer
(the "Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the Record Date, in an
amount equal to the product of the Percentage Interest evidenced by this
Certificate and, subject to the prior rights of the Class A Certificates and
each Class of Class B Certificates bearing a lower numerical designation as
specified in the Agreement, any Class B-6 Distribution Amount required to be
distributed to Holders of the Class B-6 Certificates on such Distribution Date,
subject to adjustment, in certain events, as specified in the Agreement. The
pass-through rate on the Class B-6 Certificates applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall and any Relief Act Shortfall
allocated to the Class B-6 Certificates, as described in the Agreement.

            Distributions on this Certificate will be made by the Paying Agent
by check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person is entitled
to receive payments by wire transfer in immediately available funds in
accordance with the Agreement and such Person has notified the Paying Agent
pursuant to the Agreement that such payments are to be made by wire transfer of
immediately available funds. Notwithstanding the above, the final distribution
in reduction of the Principal Balance of this Certificate will be made after due
notice of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Paying Agent
specified for that purpose in the notice of final distribution.

            No transfer of a Class B-6 Certificate will be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is desired
to be made by the Holder hereof, (i) the transferee will be required to execute
an investment letter in the form described in the Agreement and (ii) if such
transfer is to be made within three years from the later of (a) the date of
initial issuance of the Certificates or (b) the last date on which the Depositor
or any affiliate thereof was a Holder of the Certificates proposed to be
transferred, and unless such transfer is made in reliance on Rule 144A of the
Securities Act of 1933, as amended, the Master Servicer or the Depositor may
require the Holder to deliver an opinion of counsel acceptable to and in form
and substance satisfactory to the Master Servicer and the Depositor that such
transfer is exempt (describing the applicable exemption and the basis therefor)
from or is being made pursuant to the registration requirements of the
Securities Act of 1933, as amended, and of any applicable statute of any state.
The Holder hereof desiring to effect such transfer shall, and does hereby agree
to, indemnify the Trustee, the Depositor, the Master Servicer, and any Paying
Agent 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. In connection with
any such transfer, the Master Servicer will also require (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Master Servicer and the Depositor with respect to
certain matters and (b) such other documentation as the Depositor or the Master
Servicer may require, as described in the Agreement.

            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.

            This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

            Unless this Certificate has been countersigned by an authorized
officer of the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to
be duly executed as of the date set forth below.

Dated:

                                    Wells Fargo Bank, N.A.,
                                      Paying Agent

                                    By____________________________
                                      Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                    EXHIBIT C

               [Form of Reverse of Series 2006-AR17 Certificates]

                    WELLS FARGO ASSET SECURITIES CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 2006-AR17

            This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Pass-Through Certificates of
the Series specified hereon (herein collectively called the "Certificates").

            The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event funds are
advanced with respect to any Mortgage Loan by a Servicer, the Master Servicer or
the Trustee, such advances are reimbursable to such Servicer, the Master
Servicer or the Trustee to the extent provided in the Agreement, from related
recoveries on such Mortgage Loan or from other cash that would have been
distributable to Certificateholders.

            As provided in the Agreement, withdrawals from the Certificate
Account created for the benefit of Certificateholders may be made by the Master
Servicer from time to time for purposes other than distributions to
Certificateholders, such purposes including reimbursement to a Servicer, the
Master Servicer or the Trustee, as applicable, of advances made by such
Servicer, the Master Servicer or the Trustee.

            The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Depositor, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Voting Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the office or agency maintained by the Certificate Registrar, duly
endorsed by, or accompanied by an assignment in the form below or other 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 Class and aggregate Percentage Interest will be issued to
the designated transferee or transferees.

            The Certificates are issuable only as registered Certificates
without coupons in Classes and Denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized Denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

            No service charge will be made for any such registration of transfer
or exchange, but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection
therewith.

            The Depositor, the Master Servicer, the Trustee, the Paying Agent
and the Certificate Registrar, and any agent of the Depositor, the Master
Servicer, the Trustee, the 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 neither the Depositor, the Master Servicer, the Trustee, the
Certificate Registrar nor any such agent shall be affected by notice to the
contrary.

            The obligations created by the Agreement in respect of the
Certificates and the Trust Estate created thereby shall terminate upon the last
action required to be taken by the Paying Agent on the Final Distribution Date
pursuant to the Agreement following the earlier of (i) the payment or other
liquidation (or advance with respect thereto) of the last Mortgage Loan subject
thereto or the disposition of all property acquired upon foreclosure or deed in
lieu of foreclosure of any Mortgage Loan, and (ii) the purchase by the Depositor
from the Trust Estate of all remaining Mortgage Loans and all property acquired
in respect of such Mortgage Loans; provided, however, that the Trust Estate will
in no event continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late ambassador of
the United States to the Court of St. James, living on the date of the
Agreement. The Agreement permits, but does not require, the Depositor to
purchase all remaining Mortgage Loans and all property acquired in respect of
any Mortgage Loan at a price determined as provided in the Agreement. The
exercise of such option will effect early retirement of the Certificates, the
Depositor's right to exercise such option being subject to the Pool Scheduled
Principal Balance of the Mortgage Loans as of the Distribution Date upon which
the proceeds of such repurchase are distributed being less than ten percent of
the Cut-Off Date Aggregate Principal Balance.

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto ___________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
          (Please print or typewrite name and address including postal
                              zip code of assignee)

the beneficial interest evidenced by the within Mortgage Pass-Through
Certificate and hereby authorizes the transfer of registration of such interest
to assignee on the Certificate Register of the Trust Estate.

           I (We) further direct the Certificate Registrar to issue a new
Certificate of a like Denomination or Percentage Interest and Class, to the
above named assignee and deliver such Certificate to the following address:

________________________________________________________________________________
________________________________________________________________________________

Social Security or other Identifying Number of Assignee:

Dated:

                                    ______________________________________
                                    Signature by or on behalf of assignor

                                    ______________________________________
                                    Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The assignee should include the following for purposes of
distribution:

            Distributions shall be made, if the assignee is eligible to receive
distributions in immediately available funds, by wire transfer or otherwise, in
immediately available funds to _________________________________________________
__________________ for the account of __________________________________________
account number _____________, or, if mailed by check, to _______________________
_____________________________. Applicable statements should be mailed to _______
________________________________________________________________.

            This information is provided by ______________________, the assignee
named above, or ___________________________________, as its agent.

<PAGE>

                                    EXHIBIT D

                                    RESERVED

<PAGE>

                                    EXHIBIT E

                               CUSTODIAL AGREEMENT

            THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to
time, the "Agreement"), dated as of September 28, 2006, by and among HSBC BANK
USA, NATIONAL ASSOCIATION, not individually, but solely as Trustee (including
its successors under the Pooling and Servicing Agreement defined below, the
"Trustee"), WELLS FARGO ASSET SECURITIES CORPORATION (together with any
successor in interest, the "Depositor"), WELLS FARGO BANK, N.A. (together with
any successor in interest or successor under the Pooling and Servicing Agreement
referred to below, the "Master Servicer") and WELLS FARGO BANK, N.A. (together
with any successor in interest or any successor appointed hereunder, the
"Custodian").

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

            WHEREAS, the Depositor, the Master Servicer, and the Trustee, have
entered into a Pooling and Servicing Agreement dated as of September 28, 2006
relating to the issuance of Mortgage Pass-Through Certificates, Series 2006-AR17
(as amended and supplemented from time to time, the "Pooling and Servicing
Agreement"); and

            WHEREAS, the Custodian has agreed to act as agent for the Trustee
for the purposes of receiving and holding certain documents and other
instruments delivered by the Depositor under the Pooling and Servicing
Agreement, all upon the terms and conditions and subject to the limitations
hereinafter set forth;

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

                                    ARTICLE I

                                   Definitions

            Capitalized terms used in this Agreement and not defined herein
shall have the meanings assigned in the Pooling and Servicing Agreement, unless
otherwise required by the context herein.

                                   ARTICLE II

                          Custody of Mortgage Documents

            Section 2.1. Custodian to Act as Agent; Acceptance of Custodial
Files. Subject to Section 2.3 hereof, the Custodian, as the duly appointed agent
of the Trustee for these purposes, declares that it holds and will hold the
documents delivered to it pursuant to Section 2.01 of the Pooling and Servicing
Agreement and any other documents constituting part of the Owner Mortgage Loan
File or Retained Mortgage Loan File received on or subsequent to the date hereof
(the "Custodial Files") as agent for the Trustee, in trust, for the use and
benefit of all present and future Certificateholders. The Depositor shall give
written notice to the Custodian within 10 business days of the occurrence of a
Document Transfer Event.

            Section 2.2. Recordation of Assignments. Unless an assignment of a
Mortgage is not required to be recorded in accordance with Section 2.01 of the
Pooling and Servicing Agreement, if any Custodial File includes one or more
assignments to the Trustee of Mortgage Notes that have not been recorded, each
such assignment shall be delivered by the Custodian to the Depositor for the
purpose of recording it in the appropriate public office for real property
records, and the Depositor, at no expense to the Custodian, shall promptly cause
to be recorded in the appropriate public office for real property records each
such assignment and, upon receipt thereof from such public office, shall return
each such assignment to the Custodian.

            Section 2.3. Review of Custodial Files. The Custodian agrees, for
the benefit of Certificateholders, to review, in accordance with the provisions
of Section 2.02 of the Pooling and Servicing Agreement, each Custodial File and
to provide the initial and final certifications in the forms of Exhibits N and O
to the Pooling and Servicing Agreement in accordance with the provisions
thereof. If in performing the review required by this Section 2.3 the Custodian
finds any document or documents constituting a part of a Custodial File to be
missing or defective, the Custodian shall follow the procedures specified in the
Pooling and Servicing Agreement.

            Section 2.4. Notification of Breaches of Representations and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Depositor or the Master Servicer as set forth in the
Pooling and Servicing Agreement, the Custodian shall follow the procedures
specified in the Pooling and Servicing Agreement.

            Section 2.5. Custodian to Cooperate; Release of Custodial Files.
Upon the payment in full of any Mortgage Loan, or the receipt by the Master
Servicer of a notification that payment in full will be escrowed in a manner
customary for such purposes, the Master Servicer or applicable Servicer shall
immediately deliver to the Custodian two copies of a Request for Release or such
request in an electronic format acceptable to the Custodian and shall request
delivery to it of the Custodial File. The Custodian agrees, within five business
days of receipt of such Request for Release, to release the related Custodial
File to the Master Servicer or applicable Servicer.

            From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer or applicable Servicer shall deliver
to the Custodian two copies of a Request for Release of a Servicing Officer
requesting that possession of the Custodial File be released to the Servicer or
Master Servicer and certifying as to the reason for such release. Upon receipt
of the foregoing, the Custodian shall deliver the Custodial File to the Master
Servicer or applicable Servicer. The Master Servicer or applicable Servicer
shall cause each Custodial File therein so released to be returned to the
Custodian when the need therefor by the Master Servicer or applicable Servicer
no longer exists, unless (i) the Mortgage Loan has been liquidated and the
Liquidation Proceeds relating to the Mortgage Loan have been deposited in the
Certificate Account to the extent required by the Pooling and Servicing
Agreement or (ii) the Custodial File or such document has been delivered to an
attorney, or to a public trustee or other public official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or non-judicially. In
the event of the liquidation of a Mortgage Loan, the Master Servicer or
applicable Servicer shall deliver two copies of a Request for Release with
respect thereto to the Custodian upon deposit of the related Liquidation
Proceeds in the Certificate Account to the extent required by the Pooling and
Servicing Agreement.

            The Custodian shall maintain records (i) identifying all requests
made by Servicers or the Master Servicer (other than requests relating to
Custodial Files already released by the Custodian) for the release by the
Custodian of Custodial Files with respect to the Mortgage Loans and (ii) all
Custodial Files released by the Custodian.

            Section 2.6. Assumption Agreements. In the event that any assumption
agreement or substitution of liability agreement is entered into with respect to
any Mortgage Loan subject to this Agreement in accordance with the terms and
provisions of the Pooling and Servicing Agreement, the Master Servicer shall
notify the Custodian that such assumption or substitution agreement has been
completed by forwarding to the Custodian the original of such assumption or
substitution agreement, which copy shall be added to the related Custodial File
and, for all purposes, shall be considered a part of such Custodial File to the
same extent as all other documents and instruments constituting parts thereof.

                                   ARTICLE III

                            Concerning the Custodian

            Section 3.1. Custodian a Bailee and Agent of the Trustee. With
respect to each Mortgage Note, Mortgage and other documents constituting each
Custodial File which are delivered to the Custodian, the Custodian is
exclusively the bailee and agent of the Trustee, holds such documents for the
benefit of Certificateholders and undertakes to perform such duties and only
such duties as are specifically set forth in this Agreement and in the Pooling
and Servicing Agreement. All provisions of the Pooling and Servicing Agreement
setting forth duties of the Custodian in more detail are hereby incorporated by
reference into this Agreement. Except upon compliance with the provisions of
Section 2.5 of this Agreement and the provisions of the Pooling and Servicing
Agreement, no Mortgage Note or other document constituting a part of a Custodial
File shall be delivered by the Custodian to the Depositor or the Master Servicer
or otherwise released from the possession of the Custodian.

            Section 3.2. Indemnification. The Depositor hereby agrees to
indemnify and hold the Custodian harmless from and against all claims,
liabilities, losses, actions, suits or proceedings at law or in equity, or any
other expenses, fees or charges of any character or nature, which the Custodian
may incur or with which the Custodian may be threatened by reasons of its acting
as custodian under this Agreement, including indemnification of the Custodian
against any and all expenses, including attorney's fees if counsel for the
Custodian has been approved by the Depositor, and the cost of defending any
action, suit or proceedings or resisting any claim. Notwithstanding the
foregoing, it is specifically understood and agreed that in the event any such
claim, liability, loss, action, suit or proceeding or other expense, fees, or
charge shall have been caused by reason of any negligent act, negligent failure
to act, or willful misconduct on the part of the Custodian, or which shall
constitute a willful breach of its duties hereunder, the indemnification
provisions of this Agreement shall not apply.

            Section 3.3. Custodian May Own Certificates. The Custodian in its
individual or any other capacity may become the owner or pledgee of Certificates
with the same rights it would have if it were not Custodian.

            Section 3.4. Master Servicer to Pay Custodian's Fees and Expenses.
The Master Servicer covenants and agrees to pay to the Custodian from time to
time, and the Custodian shall be entitled to, reasonable compensation for all
services rendered by it in the exercise and performance of any of the powers and
duties hereunder of the Custodian, and the Master Servicer will pay or reimburse
the Custodian upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Custodian in accordance with any of the
provisions of this Agreement (including the reasonable compensation and the
expenses and disbursements of its counsel and of all persons not regularly in
its employ), except any such expense, disbursement or advance as may arise from
its negligence or bad faith.

            Section 3.5. Custodian May Resign; Trustee May Remove Custodian. The
Custodian may resign from the obligations and duties hereby imposed upon it as
such obligations and duties relate to its acting as Custodian of the Mortgage
Loans. Upon receiving such notice of resignation, the Trustee shall either take
custody of the Custodial Files itself and give prompt notice thereof to the
Depositor, the Master Servicer and the Custodian or promptly appoint a successor
Custodian by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Custodian and one copy to the successor
Custodian. If the Trustee shall not have taken custody of the Custodial Files
and no successor Custodian shall have been so appointed and have accepted
resignation, the resigning Custodian may petition any court of competent
jurisdiction for the appointment of a successor Custodian.

            The Trustee, upon 60 days written notice, may remove the Custodian.
In such event, the Trustee shall appoint, or petition a court of competent
jurisdiction to appoint, a successor Custodian hereunder. Any successor
Custodian shall be a depository institution subject to supervision or
examination by federal or state authority and shall be able to satisfy the other
requirements contained in Section 3.7.

            Any resignation or removal of the Custodian and appointment of a
successor Custodian pursuant to any of the provisions of this Section 3.5 shall
become effective upon acceptance of appointment by the successor Custodian. The
Trustee shall give prompt notice to the Depositor and the Master Servicer of the
appointment of any successor Custodian. No successor Custodian shall have been
appointed and accepted appointment by the Trustee without the prior approval of
the Depositor and the Master Servicer.

            Section 3.6. Merger or Consolidation of Custodian. Any Person into
which the Custodian 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 Custodian shall be a party, or any Person succeeding
to the business of the Custodian, shall be the successor of the Custodian
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 Custodian and such successor or surviving Person shall notify
the Depositor, the Master Servicer and the Trustee of any such merger,
conversion or consolidation at least two Business Days prior to the effective
date thereof and shall provide the Depositor and the Master Servicer with all
information required by the Depositor to comply with its reporting obligations
not later than the effective date of such merger, conversion or consolidation
(unless giving prior notice would be prohibited by applicable law or by a
confidentiality agreement, in which case notice shall be given by 12 noon
eastern time one Business Day after such merger or consolidation).

            Section 3.7. Representations of the Custodian. The Custodian hereby
represents that it is a depository institution subject to supervision or
examination by a federal or state authority, has a combined capital and surplus
of at least $10,000,000 and is qualified to do business in the jurisdiction in
which it will hold any Custodial File.

                                   ARTICLE IV

           Documents and Notices Required to be Delivered by Custodian

            Section 4.1 Assessment of Servicing Compliance; Registered Public
Accounting Firm Attestation Reports; Exchange Act Reporting. (a) The Custodian
shall furnish, or cause to be furnished in the case of clause (iii), to the
Master Servicer, no later than March 5 of each year or if such day is not a
Business Day, the next Business Day (with a 10 calendar day cure period, but in
no event later than March 15), commencing in March 2007, the following:

            (i) a report (in form and substance reasonably satisfactory to the
      Master Servicer and the Depositor) regarding the Custodian's assessment of
      compliance with the Servicing Criteria applicable to it during the
      immediately preceding calendar year, as required under Rules 13a-18 and
      15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report
      shall be addressed to the Master Servicer and signed by an authorized
      officer of the Custodian, and shall address, at a minimum, each of the
      Servicing Criteria applicable to the Custodian, as specified in the table
      in Exhibit R to the Pooling and Servicing Agreement;

            (ii) a report of a registered public accounting firm reasonably
      acceptable to the Master Servicer and the Depositor that attests to, and
      reports on, the assessment of compliance made by the Custodian and
      delivered pursuant to the preceding paragraph. Such attestation shall be
      in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under
      the Securities Act and the Exchange Act. If requested by the Master
      Servicer or the Depositor, such report shall contain or be accompanied by
      a consent of such accounting firm to inclusion or incorporation of such
      report in the Depositor's Registration Statement on Form S-3 relating to
      the Certificates and the Trust's Form 10-K; and

            (iii) an assessment of compliance and accountants' attestation as
      described in paragraphs (i) and (ii) of this Section 4.1(a) with respect
      to each Subcontractor determined by the Custodian pursuant to Section 4.2
      to be "participating in the servicing function" within the meaning of Item
      1122 of Regulation AB.

            An assessment of compliance provided by a Subcontractor pursuant to
Section 4.1(a)(iii) need not address any elements of the Servicing Criteria
applicable to it other than those specified by the Custodian pursuant to Section
4.2.

            No later than 30 days following the end of each fiscal year for the
Trust for which a Form 10-K is required to be filed, the Custodian shall forward
to the Master Servicer the name of each Subcontractor engaged by it and what
Relevant Servicing Criteria will be addressed in the report on assessment of
compliance prepared by such Subcontractor. When the Custodian submits its
assessment to the Master Servicer, it will also at such time include the
assessment (and attestation pursuant to Section 4.1(a)(ii) hereof) of each
Subcontractor engaged by it.

            (b) Within five (5) calendar days after a Distribution Date, the
Custodian shall provide to the Master Servicer, to the extent known, in
EDGAR-compatible format, or in such other form as otherwise agreed upon by the
Master Servicer and the Custodian, the form and substance of any Additional Form
10-D Disclosure applicable to the Custodian, as indicated in the table in
Exhibit S to the Pooling and Servicing Agreement. The Custodian acknowledges
that the performance by the Master Servicer of its duties under Section 3.12(a)
of the Pooling and Servicing Agreement relating to the timely preparation and
filing of Form 10-D is contingent upon the Custodian strictly observing all
applicable deadlines in the performance of its duties under this Section 4.1(b).

            (c) No later than March 5 (with a 10 calendar day cure period, but
in no event later than March 15) of each year that the Trust is subject to the
Exchange Act reporting requirements, commencing in March 2007, the Custodian
shall provide to the Master Servicer, to the extent known, in EDGAR-compatible
format, or in such other form as otherwise agreed upon by the Master Servicer
and the Custodian, the form and substance of any Additional Form 10-K Disclosure
applicable to the Custodian, as indicated in the table in Exhibit T to the
Pooling and Servicing Agreement. The Custodian acknowledges that the performance
by the Master Servicer of its duties under Section 3.12(b) of the Pooling and
Servicing Agreement relating to the timely preparation and filing of Form 10-K
is contingent upon the Custodian strictly observing all applicable deadlines in
the performance of its duties under this Section 4.1(c).

            (d) For so long as the Trust is subject to the Exchange Act
reporting requirements, no later than the end of business on the second Business
Day after the occurrence of a Reportable Event applicable to the Custodian, the
Custodian shall provide to the Master Servicer, to the extent known, in
EDGAR-compatible format, or in such other form as otherwise agreed upon by the
Master Servicer and the Custodian, the form and substance of any Form 8-K
Disclosure Information applicable to the Custodian, as indicated in the table in
Exhibit U to the Pooling and Servicing Agreement. The Custodian acknowledges
that the performance by the Master Servicer of its duties under Section 3.12(c)
of the Pooling and Servicing Agreement relating to the timely preparation and
filing of Form 8-K is contingent upon the Custodian strictly observing all
applicable deadlines in the performance of its duties under this Section 4.1(d).

            (e) The Custodian shall indemnify the Master Servicer, each
affiliate of the Master Servicer, the Trust, each broker dealer acting as
underwriter or initial purchaser of the Certificates, each Person who controls
any of such parties and the Depositor (within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act); and the respective present
and former directors, officers, employees and agents of each of the foregoing
and of the Depositor (each such entity, an "Indemnified Party"), and shall hold
each of them harmless from and against any losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments, and any other
costs, fees and expenses that any of them may sustain arising out of or based
upon:

                  (i) (A) any untrue statement of a material fact contained or
            alleged to be contained in any information, report, certification,
            accountants' letter or other material provided in written or
            electronic form under this Section 4.1 or Section 4.2 hereof by or
            on behalf of the Custodian, or provided under Sections 4.1 or 4.2 by
            or on behalf of any Subcontractor (collectively, the "Custodian
            Information"), or (B) the omission or alleged omission to state in
            the Custodian Information a material fact required to be stated in
            the Custodian Information or necessary in order to make the
            statements therein, in the light of the circumstances under which
            they were made, not misleading; provided, by way of clarification,
            that clause (B) of this paragraph shall be construed solely by
            reference to the Custodian Information and not to any other
            information communicated in connection with a sale or purchase of
            securities, without regard to whether the Custodian Information or
            any portion thereof is presented together with or separately from
            such other information; or

                  (ii) any failure by the Custodian or any Subcontractor engaged
            by the Custodian to deliver any information, report, certification,
            accountants' letter or other material when and as required under
            Sections 4.1 or 4.2, including any failure by the Custodian to
            identify pursuant to Section 4.2 any Subcontractor "participating in
            the servicing function" within the meaning of Item 1122 of
            Regulation AB.

      In the case of any failure of performance described in clause (ii) of this
Section, the Custodian shall promptly reimburse the Master Servicer and the
Depositor, as applicable, for all costs reasonably incurred by each such party
in order to obtain the information, report, certification, accountants' letter
or other material not delivered as required by the Custodian or any
Subcontractor. If the indemnification provided for herein is unavailable to hold
harmless any Indemnified Party, then the Custodian agrees that it shall
contribute to the amount paid or payable by such Indemnified Party as a result
of the losses, claims, damages or liabilities of such Indemnified Party in such
proportion as is appropriate to reflect the relative fault of such Indemnified
Party on the one hand and the Custodian on the other in connection with a breach
of the Custodian's obligations under this Section 4.1 or the Custodian's
negligence, bad faith or willful misconduct in connection therewith.

            4.2 Engagement of Affiliates or Third-Parties. The Custodian shall
not hire or otherwise utilize the services of any Subcontractor to fulfill any
of the obligations of the Custodian as servicer under this Agreement unless the
Custodian complies with the provisions of this Section.

            It shall not be necessary for the Custodian to seek the consent of
the Master Servicer or the Depositor to the utilization of any Subcontractor.
The Custodian shall promptly upon request provide to the Master Servicer (or any
designee of Master Servicer) a written description (in form and substance
satisfactory to the Master Servicer and the Depositor) of the role and function
of each Subcontractor utilized by the Custodian, specifying (i) the identity of
each such Subcontractor, (ii) which (if any) of such Subcontractors are
"participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, and (iii) which elements of the Servicing Criteria will be
addressed in assessments of compliance provided by each Subcontractor identified
pursuant to clause (ii) of this paragraph.

            As a condition to the utilization of any Subcontractor determined to
be "participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, the Custodian shall cause any such Subcontractor used by the
Custodian, for the benefit of the Master Servicer and the Depositor to comply
with the provisions of Section 4.1 of this Agreement to the same extent as if
such Subcontractor were the Custodian. The Custodian shall be responsible for
obtaining from each Subcontractor and delivering to the Master Servicer any
assessment of compliance and attestation required to be delivered by such
Subcontractor under Section 4.1, in each case as and when required to be
delivered.

            4.3 Errors and Omissions Policy. The Custodian shall maintain, at
all times and at its own expense, an insurance policy covering losses caused by
errors or omissions of the Custodian and its personnel (such policy, an "Errors
and Omissions Policy"), which policy shall have such terms and coverage amounts
as are comparable to those of errors and omissions policies maintained by
custodians of mortgage loans generally.

            The Errors and Omissions Policy shall insure the Custodian, its
successors and assigns, against any losses resulting from negligence, errors or
omissions on the part of officers, employees or other persons acting on behalf
of the Custodian in the performance of its duties as Custodian pursuant to this
Agreement.

            The Custodian shall maintain in effect the Errors and Omissions
Policy at all times and the Errors and Omissions Policy may not be canceled,
permitted to lapse or otherwise terminated without the acquisition of comparable
coverage by the Custodian.

            4.4 Compliance with Article IV. If (a) the Custodian fails to comply
with its obligations to deliver any assessment of servicing compliance or
registered public accounting firm attestation reports required pursuant to this
Article IV or (b) any Subcontractor engaged by the Custodian fails to comply
with its obligations to deliver any assessment of servicing compliance or
registered public accounting firm attestation reports, the Master Servicer, may,
after consultation with the Depositor, remove the Custodian and appoint a
successor custodian by written instrument, in duplicate, one copy of which
instrument shall be delivered to the Custodian so removed and one copy to the
successor custodian.

                                    ARTICLE V

                            Miscellaneous Provisions

            Section 5.1. Notices. All notices, requests, consents and demands
and other communications required under this Agreement, or pursuant to any other
instrument or document delivered hereunder shall be in writing and, unless
otherwise specifically provided, may be delivered personally, by telegram or
telex, or by registered or certified mail, postage prepaid, return receipt
requested, at the addresses specified on the signature page hereof (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.

            Section 5.2. Amendments. No modification or amendment of or
supplement to this Agreement shall be valid or effective unless the same is in
writing and signed by all parties hereto, and neither the Depositor, the Master
Servicer nor the Trustee shall enter into any amendment hereof except as
permitted by the Pooling and Servicing Agreement. The Trustee shall give prompt
written notice to the Custodian of any amendment or supplement to the Pooling
and Servicing Agreement and furnish the Custodian with written copies thereof.

            Section 5.3. Governing Law. This Agreement shall be deemed a
contract made under the laws of the State of New York and shall be construed and
enforced in accordance with and governed by the laws of the State of New York.

            Section 5.4. Recordation of Agreement. To the extent permitted by
applicable law, this Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are
situated, and in any other appropriate public recording office or elsewhere,
such recordation to be effected by the Master Servicer and at its expense on
direction by the Trustee, but only upon direction accompanied by an Opinion of
Counsel to the effect that such recordation materially and beneficially affects
the interests of the Certificateholders.

            For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

            Section 5.5. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this 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 Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.

            Section 5.6. Regulation AB Compliance; Intent of Parties;
Reasonableness. The parties hereto acknowledge that interpretations of the
requirements of Regulation AB may change over time, whether due to interpretive
guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and
agree to comply with requests made by the Depositor or the Master Servicer in
good faith for delivery of information under these provisions on the basis of
evolving interpretations of Regulation AB. In connection with the Trust, the
parties hereto shall cooperate fully with the Master Servicer and the Depositor
to deliver to the Master Servicer and/or the Depositor (including its assignees
or designees), any and all statements, reports, certifications, records and any
other information available to such party and reasonably necessary in the good
faith determination of the Depositor or the Master Servicer to permit the
Depositor or the Master Servicer to comply with the provisions of Regulation AB,
together with such disclosures reasonably believed by the Depositor or the
Master Servicer to be necessary in order to effect such compliance.

<PAGE>

            IN WITNESS WHEREOF, this Agreement is executed as of the date first
above written.

Address:                              HSBC BANK USA, NATIONAL ASSOCIATION,
                                         as Trustee

452 Fifth Avenue
New York, New York 10018              By:
                                         ------------------------------------
                                         Name:  Fernando Acebedo
                                         Title: Vice President

Address:                              WELLS FARGO ASSET SECURITIES CORPORATION,
                                         as Depositor

7430 New Technology Way
Frederick, Maryland 21703             By:
                                         ------------------------------------
                                         Name:  Patrick Greene
                                         Title: Senior Vice President

Address:                              WELLS FARGO BANK, N.A.,
                                         as Master Servicer

9062 Old Annapolis Road
Columbia, Maryland 21045              By:
                                         ------------------------------------
                                         Name:  Jennifer L. Richardson
                                         Title: Assistant Vice President

Address:                              WELLS FARGO BANK, N.A.,
                                         as Custodian

1015 10th Avenue South East
Minneapolis, Minnesota 55414          By:
                                         ------------------------------------
                                         Name: Mary B. Hogan
                                         Title: Vice President

<PAGE>

STATE OF  MARYLAND      )
                           ss.:
COUNTY OF FREDERICK     )

            On this 28th day of September, 2006, before me, a notary public in
and for the State of Maryland, personally appeared Patrick Greene, known to me
who, being by me duly sworn, did depose and say that he resides at Frederick,
Maryland; that he is a Senior Vice President of Wells Fargo Asset Securities
Corporation, a Delaware corporation, one of the parties that executed the
foregoing instrument; and that he signed his name thereto by order of the Board
of Directors of said corporation.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

STATE OF MARYLAND       )
                        ss.:
COUNTY OF HOWARD        )

            On this 28th day of September, 2006, before me, a notary public in
and for the State of Maryland, personally appeared Jennifer L. Richardson, known
to me who, being by me duly sworn, did depose and say that she resides at Riva,
Maryland; that she is an Assistant Vice President of Wells Fargo Bank, N.A., a
national banking association, one of the parties that executed the foregoing
instrument; and that she signed her name thereto by order of the Board of
Directors of said association.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

STATE OF NEW YORK             )
                              ss.:
COUNTY OF NEW YORK            )

            On this 28th day of September, 2006, before me, a notary public in
and for the State of New York, personally appeared Fernando Acebedo, known to me
who, being by me duly sworn, did depose and say that he resides in Huntington,
New York; that he is a Vice President of HSBC Bank USA, National Association, a
national banking association, one of the parties that executed the foregoing
instrument; and that he signed his name thereto by order of the Board of
Directors of said association.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

STATE OF MINNESOTA _____)
______      ____________ss.:
COUNTY OF   HENNEPIN____)

            On this 28th day of September, 2006, before me, a notary public in
and for the State of Minnesota, personally appeared Mary B. Hogan, known to me
who, being by me duly sworn, did depose and say that she is a Vice President of
Wells Fargo Bank, N.A., a national banking association, one of the parties that
executed the foregoing instrument; and that she signed her name thereto by order
of the Board of Directors of said association.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

                                    EXHIBIT F

       Addresses for Requesting Mortgage Loan Schedule

In the case of the Depositor:
Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland 21703
Attention: Vice President - Structured Finance

In the case of the Master Servicer:

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attention: Corporate Trust Services - WFMBS 2006-AR17

<PAGE>

                                    EXHIBIT G

                               REQUEST FOR RELEASE

To:   Wells Fargo Bank, N.A.
      1015 10th Avenue S.E.
      Minneapolis., MN  55414

      Attn: ________________

      Re:   Custodial Agreement, dated as of September 28, 2006, among HSBC Bank
            USA, National Association, as Trustee, Wells Fargo Asset Securities
            Corporation, as Depositor, Wells Fargo Bank, N.A., as Master
            Servicer, and Wells Fargo Bank, N.A., as Custodian, relating to the
            Wells Fargo Asset Securities Corporation; Mortgage Pass-Through
            Certificates, Series 2006-AR17.

            In connection with the administration of the Mortgage Loans held by
you as Custodian for the Trust Estate pursuant to the above-captioned Custodial
Agreement, we request the release, and hereby acknowledge receipt, of the
Custodian's Owner Mortgage Loan File for the Mortgage Loan described below, for
the reason indicated.

                              Mortgage Loan Number:

                       Mortgagor Name, Address & Zip Code:

           Reason for Requesting Documents (check one):

           _______        1.   Mortgage Paid in Full

           _______        2.   Foreclosure

           _______        3.   Substitution

           _______        4.   Other Liquidation (Repurchases, etc.)

           _______        5.   Nonliquidation

           Reason: __________________________________

           By:_______________________________________
                (authorized signer)

           Issuer:___________________________________

           Address:__________________________________

                   __________________________________

           Date:______________________________________

                                    Custodian

Wells Fargo Bank, N.A.

            Please acknowledge the execution of the above request by your
signature and date below:

____________________________________            __________________
Signature                                       Date

Documents returned to Custodian:

____________________________________            __________________
Custodian                                       Date

<PAGE>

                                    EXHIBIT H

                                                   AFFIDAVIT PURSUANT TO SECTION
                                                   860E(e)(4) OF THE INTERNAL
                                                   REVENUE CODE OF 1986, AS
                                                   AMENDED, AND FOR NON-ERISA
                                                   INVESTORS

STATE OF             )
                     )  ss.:
COUNTY OF            )

            [NAME OF OFFICER], being first duly sworn, deposes and says:

            1. That he is [Title of Officer] of [Name of Purchaser] (the
"Purchaser"), a [description of type of entity] duly organized and existing
under the laws of the [State of ______ ] [United States], on behalf of which he
makes this affidavit.

            2. That the Purchaser's Taxpayer Identification Number is
[_____________].

            3. That the Purchaser is not a "disqualified organization" within
the meaning of Section 860E(e)(5),of the Internal Revenue Code of 1986, as
amended (the "Code"), or an ERISA Prohibited Holder, and will not be a
"disqualified organization" or an ERISA Prohibited Holder, as of [date of
transfer], and that the Purchaser is not acquiring Wells Fargo Asset Securities
Corporation Mortgage Pass-Through Certificates, Series 2006-AR17, Class A-R
Certificate (the "Residual Certificate") for the account of, or as agent
(including a broker, nominee, or other middleman) for, any person or entity from
which it has not received an affidavit substantially in the form of this
affidavit. For these purposes, a "disqualified organization" means the United
States, any state or political subdivision thereof, any foreign government, any
international organization, any agency or instrumentality of any of the
foregoing (other than an instrumentality if all of its activities are subject to
tax and a majority of its board of directors is not selected by such
governmental entity), any cooperative organization furnishing electric energy or
providing telephone service to persons in rural areas as described in Code
Section 1381(a)(2)(C), or any organization (other than a farmers' cooperative
described in Code Section 521) that is exempt from taxation under the Code
unless such organization is subject to the tax on unrelated business income
imposed by Code Section 511. For these purposes, an "ERISA Prohibited Holder"
means an employee benefit plan or other retirement arrangement subject to Title
I of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
or Code Section 4975 or a governmental plan, as defined in Section 3(32) of
ERISA, subject to any federal, state or local law which is, to a material
extent, similar to the foregoing provisions of ERISA or the Code (collectively,
a "Plan") or a Person acting on behalf of or investing the assets of such a
Plan.

            4. That the Purchaser historically has paid its debts as they have
come due and intends to pay its debts as they come due in the future and the
Purchaser intends to pay taxes associated with holding the Residual Certificate
as they become due.

            5. That the Purchaser understands that it may incur tax liabilities
with respect to the Residual Certificate in excess of cash flows generated by
the Residual Certificate.

            6. That the Purchaser will not transfer the Residual Certificate to
any person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit and as to which the Purchaser has
actual knowledge that the requirements set forth in paragraph 3, 4 or 10 hereof
are not satisfied or that the Purchaser has reason to know does not satisfy the
requirements set forth in paragraph 4 hereof.

            7. That the Purchaser is aware that the Residual Certificate may be
a "noneconomic residual interest" within the meaning of Treasury regulations
promulgated pursuant to the Code and that the transferor of a noneconomic
residual interest will remain liable for any taxes due with respect to the
income on such residual interest, unless no significant purpose of the transfer
was to impede the assessment or collection of tax.

            8. That the Purchaser will not cause income from the Residual
Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the Purchaser or
any other person.

            9. That, if the Purchaser is purchasing the Residual Certificate in
a transfer intended to meet the safe harbor provisions of Treasury Regulations
Sections 1.860E-1(c), the Purchaser has executed and attached Attachment A
hereto.

            10. That the Purchaser (i) is a U.S. Person or (ii) is a person
other than a U.S. Person (a "Non-U.S. Person") that holds the Residual
Certificate in connection with the conduct of a trade or business within the
United States and has furnished the transferor and the Trustee with an effective
Internal Revenue Service Form W-8ECI or successor form at the time and in the
manner required by the Code or (iii) is a Non-U.S. Person that has delivered to
both the transferor and the Trustee an opinion of a nationally recognized tax
counsel to the effect that the transfer of the Residual Certificate to it is in
accordance with the requirements of the Code and the regulations promulgated
thereunder and that such transfer of the Residual Certificate will not be
disregarded for federal income tax purposes. "U.S. Person" means a citizen or
resident of the United States, a corporation or partnership (unless, in the case
of a partnership, Treasury regulations are adopted that provide otherwise)
created or organized in or under the laws of the United States, any state
thereof or the District of Columbia, including an entity treated as a
corporation or partnership for federal income tax purposes, an estate whose
income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary
supervision over the administration of such trust, and one or more such U.S.
Persons have the authority to control all substantial decisions of such trust
(or, to the extent provided in applicable Treasury regulations, certain trusts
in existence on August 20, 1996 which are eligible to elect to be treated as
U.S. Persons).

            11. That the Purchaser agrees to such amendments of the Pooling and
Servicing Agreement as may be required to further effectuate the restrictions on
transfer of the Residual Certificate to such a "disqualified organization," an
agent thereof, an ERISA Prohibited Holder or a person that does not satisfy the
requirements of paragraph 4, paragraph 5 and paragraph 10 hereof.

            12. That the Purchaser consents to the designation of the Master
Servicer as its agent to act as "tax matters person" of each REMIC pursuant to
Section 8.13 of the Pooling and Servicing Agreement, and if such designation is
not permitted by the Code and applicable law, to act as tax matters person if
requested to do so.

<PAGE>

            IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
[Title of Officer] this ___ day of __________, 20__.

                                   [NAME OF PURCHASER]

                                  By:______________________________
                                    [Name of Officer]
                                    [Title of Officer]

            Personally appeared before me the above-named [Name of Officer],
known or proved to me to be the same person who executed the foregoing
instrument and to be the [Title of Officer], of the Purchaser, and acknowledged
to me that he [she] executed the same as his [her] free act and deed and the
free act and deed of the Purchaser.

            Subscribed and sworn before me this __ day of __________, 20__.

Notary Public

COUNTY OF____________________

STATE OF_____________________

My commission expires the __ day of __________, 20__.

<PAGE>

                                  ATTACHMENT A

                                       to

        AFFIDAVIT PURSUANT TO SECTION 860E(e)(4) OF THE INTERNAL REVENUE
             CODE OF 1986, AS AMENDED, AND FOR NON-ERISA INVESTORS

Check the appropriate box:

|_|   The consideration paid to the Purchaser to acquire the Residual
      Certificate equals or exceeds the excess of (a) the present value of the
      anticipated tax liabilities over (b) the present value of the anticipated
      savings associated with holding such Certificate, in each case calculated
      in accordance with U.S. Treasury Regulations Sections 1.860E-1(c)(7) and
      (8), computing present values using a discount rate equal to the
      short-term Federal rate prescribed by Section 1274(d) of the Code and the
      compounding period used by the Purchaser.

                                       OR

|_|   The transfer of the Residual Certificate complies with U.S. Treasury
      Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly:

      (i)   the Purchaser is an "eligible corporation," as defined in U.S.
            Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income
            from Residual Certificate will only be taxed in the United States;

      (ii)  at the time of the transfer, and at the close of the Purchaser's two
            fiscal years preceding the year of the transfer, the Purchaser had
            gross assets for financial reporting purposes (excluding any
            obligation of a person related to the Purchaser within the meaning
            of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess
            of $100 million and net assets in excess of $10 million;

      (iii) the Purchaser will transfer the Residual Certificate only to another
            "eligible corporation," as defined in U.S. Treasury Regulations
            Section 1.860E-1(c)(6)(i), in a transaction that satisfies the
            requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and
            Section 1.860E-1(c)(5) of the U.S. Treasury Regulations;

      (iv)  the Purchaser has determined the consideration paid to it to acquire
            the Residual Certificate based on reasonable market assumptions
            (including, but not limited to, borrowing and investment rates,
            prepayment and loss assumptions, expense and reinvestment
            assumptions, tax rates and other factors specific to the Purchaser)
            that it has determined in good faith; and

      (v)   in the event of any transfer of the Residual Certificate by the
            Purchaser, the Purchaser will require its transferee to complete a
            representation in the form of this Attachment A as a condition of
            the transferee's purchase of the Residual Certificate.

<PAGE>

                                    EXHIBIT I

                 Letter from Transferor of Residual Certificate

                                     [Date]

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attn: Corporate Trust Services WFMBS 2006-AR17

      Re:   Wells Fargo Asset Securities Corporation,
            Series 2006-AR17, Class A-R

Ladies and Gentlemen:

            [Transferor] has reviewed the attached affidavit of [Transferee],
and has no actual knowledge that such affidavit is not true and has no reason to
know that the information contained in paragraph 4 thereof is not true.

                                  Very truly yours,

                                  [Transferor]

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

<PAGE>

                                    EXHIBIT J

                    WELLS FARGO ASSET SECURITIES CORPORATION

                       MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 2006-AR17
                       CLASS [B-4][B-5][B-6] CERTIFICATES

                               TRANSFEREE'S LETTER

                                                      _________________ __, ____

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attn: Corporate Trust Services WFMBS 2006-AR17

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland 21703

            The undersigned (the "Purchaser") proposes to purchase Wells Fargo
Asset Securities Corporation Mortgage Pass-Through Certificates, Series
2006-AR17, Class [B-4][B-5][B-6] Certificates (the "Class [B-4][B-5][B-6]
Certificates") in the principal amount of $___________. In doing so, the
Purchaser hereby acknowledges and agrees as follows:

            Section 1.Definitions. Each capitalized term used herein and not
otherwise defined herein shall have the meaning ascribed to it in the Pooling
and Servicing Agreement, dated as of September 28, 2006 (the "Pooling and
Servicing Agreement") among Wells Fargo Asset Securities Corporation, as
depositor (the "Depositor"), Wells Fargo Bank, N.A., as master servicer (the
"Master Servicer") and HSBC Bank USA, National Association, as trustee (the
"Trustee"), of Wells Fargo Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 2006-AR17.

            Section 2.Representations and Warranties of the Purchaser. In
connection with the proposed transfer, the Purchaser represents and warrants to
the Depositor, the Master Servicer and the Trustee that:

            (a) The Purchaser is duly organized, validly existing and in good
standing under the laws of the jurisdiction in which the Purchaser is organized,
is authorized to invest in the Class [B-4][B-5][B-6] Certificates, and to enter
into this Agreement, and duly executed and delivered this Agreement.

            (b) The Purchaser is acquiring the Class [B-4][B-5][B-6]
Certificates for its own account as principal and not with a view to the
distribution thereof, in whole or in part.

            [(c) The Purchaser has knowledge of financial and business matters
and is capable of evaluating the merits and risks of an investment in the Class
[B-4][B-5][B-6] Certificates; the Purchaser has sought such accounting, legal
and tax advice as it has considered necessary to make an informed investment
decision; and the Purchaser is able to bear the economic risk of an investment
in the Class [B-4][B-5][B-6] Certificates and can afford a complete loss of such
investment.]

            [(c)_The Purchaser is a "Qualified Institutional Buyer" within the
meaning of Rule 144A of the Act.]

            (d) The Purchaser confirms that (a) it has received and reviewed a
copy of the Private Placement Memorandum dated September 25, 2006, relating to
the Class [B-4][B-5][B-6] Certificates and reviewed, to the extent it deemed
appropriate, the documents attached thereto or incorporated by reference
therein, (b) it has had the opportunity to ask questions of, and receive answers
from the Depositor concerning the Class [B-4][B-5][B-6] Certificates and all
matters relating thereto, and obtain any additional information (including
documents) relevant to its decision to purchase the Class [B-4][B-5][B-6]
Certificates that the Depositor possesses or can possess without unreasonable
effort or expense and (c) it has undertaken its own independent analysis of the
investment in the Class [B-4][B-5][B-6] Certificates. The Purchaser will not use
or disclose any information it receives in connection with its purchase of the
Class [B-4][B-5][B-6] Certificates other than in connection with a subsequent
sale of Class [B-4][B-5][B-6] Certificates.

            (e) Either (i) the Purchaser is not an employee benefit plan or
other retirement arrangement subject to Title I 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 governmental plan,
as defined in Section 3(32) of ERISA subject to any federal, state or local law
("Similar Law") which is, to a material extent, similar to the foregoing
provisions of ERISA or the Code (collectively, a "Plan"), an agent acting on
behalf of a Plan, or a person utilizing the assets of a Plan or (ii) if the
Purchaser is an insurance company, (A) the source of funds used to purchase the
Class [B-4][B-5][B-6] Certificate is an "insurance company general account" (as
such term is defined in Section V(e) of Prohibited Transaction Class Exemption
95-60 ("PTE 95-60"), 60 Fed. Reg. 35925 (July 12, 1995), (B) there is no Plan
with respect to which the amount of such general account's reserves and
liabilities for the contract(s) held by or on behalf of such Plan and all other
Plans maintained by the same employer (or affiliate thereof as defined in
Section V(a)(1) of PTE 95-60) or by the same employee organization exceeds 10%
of the total of all reserves and liabilities of such general account (as such
amounts are determined under Section I(a) of PTE 95-60) at the date of
acquisition and (C) the purchase and holding of such Class [B-4][B-5][B-6]
Certificates are covered by Sections I and III of PTE 95-60 or (iii) the
Purchaser has provided (a) a "Benefit Plan Opinion" satisfactory to the
Depositor and the Master Servicer of the Trust Estate and (b) such other
opinions of counsel, officers' certificates and agreements as the Depositor or
the Master Servicer may have required. A Benefit Plan Opinion is an opinion of
counsel to the effect that the proposed transfer will not constitute or result
in a non-exempt prohibited transaction within the meaning of ERISA, Section 4975
of the Code or Similar Law and will not subject the Depositor or the Master
Servicer to any obligation in addition to those undertaken in the Pooling and
Servicing Agreement (including any liability for civil penalties or excise taxes
imposed pursuant to ERISA, Section 4975 of the Code or Similar Law).

            (f) If the Purchaser is a depository institution subject to the
jurisdiction of the Office of the Comptroller of the Currency ("OCC"), the Board
of Governors of the Federal Reserve System ("FRB"), the Federal Deposit
Insurance Corporation ("FDIC"), the Office of Thrift Supervision ("OTS") or the
National Credit Union Administration ("NCUA"), the Purchaser has reviewed the
"Supervisory Policy Statement on Securities Activities" dated January 28, 1992
of the Federal Financial Institutions Examination Council and the April 15, 1994
Interim Revision thereto as adopted by the OCC, FRB, FDIC, OTS and NCUA (with
modifications as applicable), as appropriate, other applicable investment
authority, rules, supervisory policies and guidelines of these agencies and, to
the extent appropriate, state banking authorities and has concluded that its
purchase of the Class [B-4][B-5][B-6] Certificates is in compliance therewith.

            Section 3.Transfer of Class [B-4][B-5][B-6] Certificates.

            (a) The Purchaser understands that the Class [B-4][B-5][B-6]
Certificates have not been registered under the Securities Act of 1933 (the
"Act") or any state securities laws and that no transfer may be made unless the
Class [B-4][B-5][B-6] Certificates are registered under the Act and applicable
state law or unless an exemption from registration is available. The Purchaser
further understands that neither the Depositor nor the Master Servicer is under
any obligation to register the Class [B-4][B-5][B-6] Certificates or make an
exemption available. In the event that such a transfer is to be made in reliance
upon an exemption from the Act or applicable state securities laws, (i) the
Master Servicer shall require, in order to assure compliance with such laws,
that the Certificateholder's prospective transferee certify to the Depositor and
the Master Servicer as to the factual basis for the registration or
qualification exemption relied upon, and (ii) unless the transferee is a
"Qualified Institutional Buyer" within the meaning of Rule 144A of the Act, the
Master Servicer or the Depositor may, if such transfer is made within three
years from the later of (a) the Closing Date or (b) the last date on which the
Depositor or any affiliate thereof was a holder of the Certificates proposed to
be transferred, require an Opinion of Counsel that such transfer may be made
pursuant to an exemption from the Act and state securities laws, which Opinion
of Counsel shall not be an expense of the Master Servicer or the Depositor. Any
such Certificateholder desiring to effect such transfer shall, and does hereby
agree to, indemnify the Trustee, the Master Servicer, any Paying Agent 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.

            (b) No transfer of a Class [B-4][B-5][B-6] Certificate shall be made
unless the transferee provides the Depositor and the Master Servicer with a
Transferee's Letter, substantially in the form of this Agreement.

            (c) The Purchaser acknowledges that its Class [B-4][B-5][B-6]
Certificates bear a legend setting forth the applicable restrictions on
transfer.

<PAGE>

            IN WITNESS WHEREOF, the undersigned has caused this Agreement to be
validly executed by its duly authorized representative as of the day and the
year first above written.

                                  [PURCHASER]

                                  By:
                                    ------------------------------

                                  Its:
                                    ------------------------------

<PAGE>

                                    EXHIBIT K

                           LIST OF RECORDATION STATES

                                     Florida

                                    Maryland

<PAGE>

                                    EXHIBIT L

                              SERVICING AGREEMENTS

                      Wells Fargo Bank Servicing Agreement

<PAGE>

                                    EXHIBIT M

                      [FORM OF SPECIAL SERVICING AGREEMENT]

                 SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT

      This SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT (the "Agreement") is
made and entered into as of [_____], between Wells Fargo Bank, N.A. (the
"Company" or the "Master Servicer") and [_____] (the "Purchaser").

                              PRELIMINARY STATEMENT

      The Purchaser is the holder of the entire interest in Wells Fargo Asset
Securities Corporation Mortgage Pass-Through Certificates, Series 2006-AR17,
Class [_____] (the "Class B Certificates"), which are the Lowest Priority
Certificates (as defined below) outstanding with respect to such Series. The
Class B Certificates were issued pursuant to a Pooling and Servicing Agreement
dated as of September 28, 2006 among Wells Fargo Asset Securities Corporation,
as depositor (the "Depositor"), Wells Fargo Bank, N.A., as Master Servicer and
HSBC Bank USA, National Association, as Trustee.

      In connection with the ownership by the Purchaser of the Lowest Priority
Certificates, the Purchaser and the Company have agreed that (i) the Purchaser,
for so long as it owns 100% of the Lowest Priority Certificates, will have the
unilateral right to control foreclosure decisions with respect to delinquent
mortgage loans and (ii) the Company will provide to the Purchaser certain
information with respect to the Mortgage Loans;

      The parties hereto have agreed that the Company will cause, to the extent
that the Company as Master Servicer is granted such authority in the related
Servicing Agreements, the related servicers (each a related "Servicer"), which
service the Mortgage Loans which comprise the Trust Estate related to the above
referenced series under the related servicing agreements (each a related
"Servicing Agreement"), to engage in certain special servicing procedures
relating to foreclosures for the benefit of the Purchaser, and that the
Purchaser will deposit funds in a collateral fund to cover any losses
attributable to such procedures as well as all advances and costs in connection
therewith, as set forth herein.

      In consideration of the mutual agreements herein contained, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Purchaser
agree that the following provisions shall become effective and shall be binding
on and enforceable by the Company and the Purchaser:

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

            Section 1.02. Defined Terms.

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

      Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a day
on which banking institutions in the State of New York are required or
authorized by law or executive order to be closed.

      Collateral Fund: The fund established and maintained pursuant to Section
3.01 hereof.

      Collateral Fund Permitted Investments: Either (i) obligations of, or
obligations fully guaranteed as to principal and interest by, the United States,
or any agency or instrumentality thereof, provided such obligations are backed
by the full faith and credit of the United States, (ii) a money market fund
rated in the highest rating category by a nationally recognized rating agency
selected by the Company, (iii) cash, (iv) mortgage pass-through certificates
issued or guaranteed by Government National Mortgage Association, FNMA or FHLMC,
(v) commercial paper (including both non-interest-bearing discount obligations
and interest-bearing obligations payable on demand or on a specified date), the
issuer of which may be an affiliate of the Company, having at the time of such
investment a rating of at least A-1 by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc. ("S&P") or at least F-1 by Fitch Ratings ("Fitch")
or (vi) demand and time deposits in, certificates of deposit of, any depository
institution or trust company (which may be an affiliate of the Company)
incorporated under the laws of the United States of America or any state thereof
and subject to supervision and examination by federal and/or state banking
authorities, so long as at the time of such investment either (x) the long-term
debt obligations of such depository institution or trust company have a rating
of at least AA by Fitch or S&P, (y) the certificate of deposit or other
unsecured short-term debt obligations of such depository institution or trust
company have a rating of at least A-1 by S&P or F-1 by Fitch or (z) the
depository institution or trust company is one that is acceptable to either of
S&P or Fitch and, for each of the preceding clauses (i), (iv), (v) and (vi), the
maturity thereof shall be not later than the earlier to occur of (A) 30 days
from the date of the related investment and (B) the next succeeding Distribution
Date as defined in the related Pooling and Servicing Agreement.

      Commencement of Foreclosure: The first official action required under
local law in order to commence foreclosure proceedings or to schedule a
trustee's sale under a deed of trust, including (i) in the case of a mortgage,
any filing or service of process necessary to commence an action to foreclose,
or (ii) in the case of a deed of trust, posting, the publishing, filing or
delivery of a notice of sale, but not including in either case (x) any notice of
default, notice of intent to foreclose or sell or any other action prerequisite
to the actions specified in (i) or (ii) above, (y) the acceptance of a
deed-in-lieu of foreclosure (whether in connection with a sale of the related
property or otherwise) or (z) initiation and completion of a short pay-off.

      Current Appraisal: With respect to any Mortgage Loan as to which the
Purchaser has made an Election to Delay Foreclosure, an appraisal of the related
Mortgaged Property obtained by the Purchaser at its own expense from an
independent appraiser (which shall not be an affiliate of the Purchaser)
acceptable to the Company as nearly contemporaneously as practicable to the time
of the Purchaser's election, prepared based on the Company's customary
requirements for such appraisals.

      Election to Delay Foreclosure: Any election by the Purchaser to delay the
      Commencement of Foreclosure, made in accordance with Section 2.02(b).

      Election to Foreclose: Any election by the Purchaser to proceed with the
Commencement of Foreclosure, made in accordance with Section 2.03(a).

      Lowest Priority Certificates: The most subordinate class of certificates
issued under the Pooling and Servicing Agreement that is outstanding from time
to time. If the Lowest Priority Certificates are reduced to zero as a result of
losses or otherwise, and if the Purchaser at that time owns 100% of the most
subordinate class of certificates issued under the Pooling and Servicing
Agreement then remaining outstanding, then such most subordinate class remaining
outstanding shall thereafter be deemed to be the Lowest Priority Certificates
for all purposes of this Agreement.

      Monthly Advances: Principal and interest advances and servicing advances
including costs and expenses of foreclosure.

      Required Collateral Fund Balance: As of any date of determination, an
amount equal to the aggregate of all amounts previously required to be deposited
in the Collateral Fund pursuant to Section 2.02(d) (after adjustment for all
withdrawals and deposits pursuant to Section 2.02(e)) and Section 2.03(b) (after
adjustment for all withdrawals and deposits pursuant to Section 2.03(c)) and
Section 3.02 to be reduced by all withdrawals therefrom pursuant to Section
2.02(g) and Section 2.03(d).

            Section 1.03. Definitions Incorporated by Reference.

      All capitalized terms not otherwise defined in this Agreement shall have
the meanings assigned in the Pooling and Servicing Agreement.

<PAGE>

                                   ARTICLE II

                          SPECIAL SERVICING PROCEDURES

            Section 2.01. Reports and Notices.

            (a) In connection with the performance of its duties under the
Pooling and Servicing Agreement relating to the realization upon defaulted
Mortgage Loans, the Company as Master Servicer shall provide to the Purchaser
the following notices and reports:

      Within five Business Days after each Distribution Date (or included in or
      with the monthly statements to Certificateholders pursuant to the Pooling
      and Servicing Agreement), the Company shall provide to the Purchaser a
      report identifying all loans delinquent 30 days or more (including all
      loans in foreclosure, bankruptcy or "real estate owned" status) (each, a
      "Delinquency Report"). The Delinquency Report shall use the same
      methodology and calculations employed in the Company's standard servicing
      reports, indicating the number of Mortgage Loans that are (i) thirty days
      delinquent, (ii) sixty days delinquent, (iii) ninety days or more
      delinquent, (iv) in foreclosure, (v) in bankruptcy or (vi) real estate
      owned, and indicating for each such Mortgage Loan the loan number, the
      property address and the outstanding principal balance.

            (b) If requested by the Purchaser, the Company shall cause the
Servicer (to the extent that the Company as Master Servicer is granted such
authority in the related Servicing Agreement) to make its servicing personnel
available (during their normal business hours) to respond to reasonable
inquiries, by phone or in writing by facsimile, electronic, or overnight mail
transmission, by the Purchaser in connection with any Mortgage Loan (i)
identified in a report under Section 2.01 (a) (ii), (a) (iii), (a) (iv), (a) (v)
or (a) (vi); provided, that (1) the related Servicer shall only be required to
provide information that is readily accessible to its servicing personnel and
(2) the related Servicer shall respond within five Business Days orally or in
writing by facsimile transmission.

            (c) In addition to the foregoing, the Company shall cause the
Servicer (to the extent that the Company as Master Servicer is granted such
authority in the related Servicing Agreement) to provide to the Company (for
prompt transmission to the Purchaser) such information as the Purchaser may
reasonably request provided, however, that such information is consistent with
normal reporting practices, concerning each Mortgage Loan that is at least
ninety days delinquent and each Mortgage Loan which has become real estate
owned, through the final liquidation thereof; provided, that the related
Servicer shall only be required to provide information that is readily
accessible to its servicing personnel; provided, however, that the Purchaser
will reimburse the Company and the related Servicer for any out of pocket
expenses.

            Section 2.02. Purchaser's Election to Delay Foreclosure Proceedings.

            (a) The Purchaser shall be deemed to direct the Company to direct
(to the extent that the Company as Master Servicer is granted such authority in
the related Servicing Agreement) the related Servicer that in the event that the
Company does not receive written notice of the Purchaser's election pursuant to
subsection (b) below within 48 hours (exclusive of any intervening non-Business
Days) of transmission of the Delinquency Report provided by the Company under
Section 2.01 (a) (subject to extension as set forth in Section 2.02(b), the
related Servicer may proceed with the Commencement of Foreclosure in respect of
each Mortgage Loan reported under Section 2.01 (a)(ii) or 2.01 (a)(iii) in
accordance with its normal foreclosure policies without further notice to the
Purchaser. Any foreclosure that has been initiated may be discontinued (i)
without notice to the Purchaser if the Mortgage Loan has been brought current or
if a refinancing or prepayment occurs with respect to the Mortgage Loan
(including by means of a short payoff approved by the related Servicer) or (ii)
if the related Servicer has reached the terms of a forbearance agreement with
the borrower.

            (b) In connection with any Mortgage Loan reported in a Delinquency
Report under Section 2.01(a)(ii) or 2.01 (a)(iii), the Purchaser may elect to
instruct the Company to cause, to the extent that the Company as Master Servicer
is granted such authority in the related Servicing Agreement, the related
Servicer to delay the Commencement of Foreclosure until such time as the
Purchaser determines that the related Servicer may proceed with the Commencement
of Foreclosure. Such election must be evidenced by written notice received
within 48 hours (exclusive of any intervening non-Business Days) of transmission
of the Delinquency Report provided by the Company under Section 2.01(a). Such 48
hour period shall be extended for no longer than an additional four Business
Days after the receipt of the information if the Purchaser requests additional
information related to such foreclosure; provided, however, that the Purchaser
will have at least one Business Day to respond to any requested additional
information. Any such additional information shall be provided only to the
extent it is obtainable by the related Servicer from existing reports,
certificates or statements or is otherwise readily accessible to its servicing
personnel. The Purchaser agrees that it has no right to deal with the mortgagor
during such period. However, if such servicing activities include acceptance of
a deed-in-lieu of foreclosure or short payoff, the Purchaser will be notified
and given two Business Days to respond.

            (c) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure, the Purchaser shall obtain a Current
Appraisal as soon as practicable, but in no event more than 15 Business Days
thereafter, and shall provide the Company with a copy of such Current Appraisal.

            (d) Within two Business Days of making any Election to Delay
Foreclosure, the Purchaser shall remit by wire transfer to the Company, for
deposit in the Collateral Fund, an amount, as calculated by the Company, equal
to the sum of (i) 125% of the greater of the unpaid principal balance of the
Mortgage Loan and the value shown in the Current Appraisal referred to in
subsection (c) above (or, if such Current Appraisal has not yet been obtained,
the Company's estimate thereof, in which case the required deposit under this
subsection shall be adjusted upon obtaining such Current Appraisal), and (ii)
three months' interest on the Mortgage Loan at the applicable Mortgage Interest
Rate. If any Election to Delay Foreclosure extends for a period in excess of
three months (such excess period being referred to herein as the "Excess
Period"), within two Business Days the Purchaser shall remit by wire transfer in
advance to the Company for deposit in the Collateral Fund the amount of each
additional month's interest, as calculated by the Company, equal to interest on
the Mortgage Loan at the applicable Mortgage Interest Rate for the Excess
Period. The terms of this Agreement will no longer apply to the servicing of any
Mortgage Loan upon the failure of the Purchaser to deposit any of the above
amounts relating to the Mortgage Loan within two Business Days of the Election
to Delay Foreclosure or within two Business Days of the commencement of the
Excess Period subject to Section 3.01.

            (e) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure, the Company may withdraw from the
Collateral Fund from time to time amounts necessary to reimburse the related
Servicer for all related Monthly Advances and Liquidation Expenses thereafter
made by such Servicer in accordance with the Pooling and Servicing Agreement and
the related Servicing Agreement. To the extent that the amount of any such
Liquidation Expenses is determined by the Company based on estimated costs, and
the actual costs are subsequently determined to be higher, the Company may
withdraw the additional amount from the Collateral Fund. In the event that the
Mortgage Loan is brought current by the mortgagor and the foreclosure action is
discontinued, the amounts so withdrawn from the Collateral Fund shall be
redeposited if and to the extent that reimbursement therefor from amounts paid
by the mortgagor is not prohibited pursuant to the Pooling and Servicing
Agreement or the related Servicing Agreement, applicable law or the related
mortgage note. Except as provided in the preceding sentence, amounts withdrawn
from the Collateral Fund to cover Monthly Advances and Liquidation Expenses
shall not be redeposited therein or otherwise reimbursed to the Purchaser. If
and when any such Mortgage Loan is brought current by the mortgagor, all amounts
remaining in the Collateral Fund in respect of such Mortgage Loan (after
adjustment for all permitted withdrawals and deposits pursuant to this
subsection) shall be released to the Purchaser.

            (f) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure, the related Servicer shall continue to
service the Mortgage Loan in accordance with its customary procedures (other
than the delay in Commencement of Foreclosure as provided herein). If and when
the Purchaser shall notify the Company that it believes that it is appropriate
to do so, the related Servicer may proceed with the Commencement of Foreclosure.
In any event, if the Mortgage Loan is not brought current by the mortgagor by
the time the loan becomes 6 months delinquent, the Purchaser's election shall no
longer be effective and at the Purchaser's option, either (i) the Purchaser
shall purchase the Mortgage Loan from the related Trust Estate at a purchase
price equal to the sum of (x) accrued and unpaid interest on the Mortgage Loan
at the applicable Mortgage Interest Rate through the last day of the month of
repurchase, (y) 100% of the unpaid principal balance of the Mortgage Loan as of
such purchase date and (z) any additional amount needed to reimburse any
unreimbursed related Periodic Advance or other servicing advances made in
respect of such Mortgage Loan, to be paid by (A) applying any balance in the
Collateral Fund to such purchase price, and (B) to the extent of any deficiency,
by wire transfer of immediately available funds from the Purchaser to the
Company for deposit in the related Certificate Account; or (ii) the related
Servicer shall proceed with the Commencement of Foreclosure. In the event that
the Purchaser purchases any such Mortgage Loan, the Servicer shall continue to
service the Mortgage Loan for the Purchaser pursuant to the applicable Servicing
Agreement.

            (g) Upon the occurrence of a liquidation with respect to any
Mortgage Loan as to which the Purchaser made an Election to Delay Foreclosure
and as to which the related Servicer proceeded with the Commencement of
Foreclosure in accordance with subsection (f) above, the Company shall calculate
the amount, if any, by which the value shown on the Current Appraisal obtained
under subsection (c) exceeds the actual sales price obtained for the related
Mortgaged Property (net of Liquidation Expenses and accrued interest related to
the extended foreclosure period), and the Company shall withdraw the amount of
such excess from the Collateral Fund, shall remit the same to the Trust Estate
and in its capacity as Master Servicer shall apply such amount as additional
Liquidation Proceeds pursuant to the Pooling and Servicing Agreement. After
making such withdrawal, all amounts remaining in the Collateral Fund in respect
of such Mortgage Loan (after adjustment for all permitted withdrawals and
deposits pursuant to this Agreement) shall be released to the Purchaser.

            Section 2.03. Purchaser's Election to Commence Foreclosure
Proceedings.

            (a) In connection with any Mortgage Loan identified in a Delinquency
Report under Section 2.01(a)(ii), the Purchaser, for so long as the Purchaser
owns 100% of the Lowest Priority Certificates, may elect to instruct the Company
to cause, to the extent that the Company as Master Servicer is granted such
authority in the related Servicing Agreement, the related Servicer to proceed
with the Commencement of Foreclosure as soon as practicable. Such election must
be evidenced by written notice received by the Company by 5:00 p.m., New York
City time, on the third Business Day following the delivery of such Delinquency
Report.

            (b) Within two Business Days of making any Election to Foreclose,
the Purchaser shall remit to the Company, for deposit in the Collateral Fund, an
amount, as calculated by the Company, equal to 125% of the current unpaid
principal balance of the Mortgage Loan and three months interest on the Mortgage
Loan at the applicable Mortgage Interest Rate. If and when any such Mortgage
Loan is brought current by the mortgagor, all amounts in the Collateral Fund in
respect of such Mortgage Loan (after adjustment for all permitted withdrawals
and deposits pursuant to this Agreement) shall be released to the Purchaser if
and to the extent that reimbursement therefor from amounts paid by the mortgagor
is not prohibited pursuant to the Pooling and Servicing Agreement or the related
Servicing Agreement, applicable law or the related mortgage note. The terms of
this Agreement will no longer apply to the servicing of any Mortgage Loan upon
the failure of the Purchaser to deposit the above amounts relating to the
Mortgage Loan within two Business Days of the Election to Foreclose subject to
Section 3.01.

            (c) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Foreclose, the related Servicer shall continue to service
the Mortgage Loan in accordance with its customary procedures (other than
Commencement of Foreclosure as provided herein). In connection therewith, the
Company shall have the same rights to make withdrawals for Monthly Advances and
Liquidations Expenses from the Collateral Fund as are provided under Section
2.02(e), and the Company shall make reimbursements thereto to the limited extent
provided under such subsection in accordance with its customary procedures. The
Company shall not be required to cause, to the extent that the Company as Master
Servicer is granted such authority in the related Servicing Agreement, the
related Servicer to proceed with the Commencement of Foreclosure if (i) the same
is stayed as a result of the mortgagor's bankruptcy or is otherwise barred by
applicable law, or to the extent that all legal conditions precedent thereto
have not yet been complied with, or (ii) the Company believes there is a breach
of representations or warranties by the Company, a Servicer, or the Depositor,
which may result in a repurchase or substitution of such Mortgage Loan, or (iii)
the Company or related Servicer reasonably believes the Mortgaged Property may
be contaminated with or affected by hazardous wastes or hazardous substances
(and, without limiting the related Servicer's right not to proceed with the
Commencement of Foreclosure, the Company supplies the Purchaser with information
supporting such belief). Any foreclosure that has been initiated may be
discontinued (x) without notice to the Purchaser if the Mortgage Loan has been
brought current or if a refinancing or prepayment occurs with respect to the
Mortgage Loan (including by means of a short payoff) or (y) if the related
Servicer has reached the terms of a forbearance agreement.

            (d) Upon the occurrence of a liquidation with respect to any
Mortgage Loan as to which the Purchaser made an Election to Foreclose and as to
which the related Servicer proceeded with the Commencement of Foreclosure in
accordance with subsection (c) above, the Company shall calculate the amount, if
any, by which the unpaid principal balance of the Mortgage Loan at the time of
liquidation (plus all unreimbursed interest and servicing advances and
Liquidation Expenses in connection therewith other than those paid from the
Collateral Fund) exceeds the actual sales price obtained for the related
Mortgaged Property, and the Company shall withdraw the amount of such excess
from the Collateral Fund, shall remit the same to the Trust Estate and in its
capacity as Master Servicer shall apply such amount as additional Liquidation
Proceeds pursuant to the Pooling and Servicing Agreement. After making such
withdrawal, all amounts remaining in the Collateral Fund (after adjustment for
all withdrawals and deposits pursuant to subsection (c) in respect of such
Mortgage Loan shall be released to the Purchaser.

            Section 2.04.Termination.

            (a) With respect to all Mortgage Loans included in the Trust Estate,
the Purchaser's right to make any Election to Delay Foreclosure or any Election
to Foreclose and the Company's obligations under Section 2.01 shall terminate
(i) at such time as the Principal Balance of the Class B Certificates has been
reduced to zero, (ii) if the greater of (x) 43% (or such lower or higher
percentage that represents the related Servicer's actual historical loss
experience with respect to the Mortgage Loans in the related pool as determined
by the Company) of the aggregate principal balance of all Mortgage Loans that
are in foreclosure or are more than 90 days delinquent on a contractual basis
and REO properties or (y) the aggregate amount that the Company estimates
through the normal servicing practices of the related Servicer will be required
to be withdrawn from the Collateral Fund with respect to Mortgage Loans as to
which the Purchaser has made an Election to Delay Foreclosure or an Election to
Foreclosure, exceeds (z) the then-current principal balance of the Class B
Certificates, (iii) upon any transfer by the Purchaser of any interest (other
than the minority interest therein, but only if the transferee provides written
acknowledgment to the Company of the Purchaser's right hereunder and that such
transferee will have no rights hereunder) in the Class B Certificates (whether
or not such transfer is registered under the Pooling and Servicing Agreement),
including any such transfer in connection with a termination of the Trust Estate
or (iv) upon any breach of the terms of this Agreement by the Purchaser.

            (b) Except as set forth in 2.04(a), this Agreement and the
respective rights, obligations and responsibilities of the Purchaser and the
Company hereunder shall terminate upon the later to occur of (i) the final
liquidation of the last Mortgage Loan as to which the Purchaser made any
Election to Delay Foreclosure or any Election to Foreclose and the withdrawal of
all remaining amounts in the Collateral Fund as provided herein and (ii) ten
Business Days' notice. The Purchaser's right to make an election pursuant to
Section 2.02 or Section 2.03 hereof with respect to a particular Mortgage Loan
shall terminate if the Purchaser fails to make any deposit required pursuant to
Section 2.02(d) or 2.03(b) or if the Purchaser fails to make any other deposit
to the Collateral Fund pursuant to this Agreement.

                                  ARTICLE III

                       COLLATERAL FUND; SECURITY INTEREST

            Section 3.01. Collateral Fund.

      Upon receipt from the Purchaser of the initial amount required to be
deposited in the Collateral Fund pursuant to Article II, the Company shall
establish and maintain with [_______________] as a segregated account on its
books and records an account (the "Collateral Fund"), entitled "Wells Fargo
Bank, N.A., as Master Servicer, for the benefit of registered holders of Wells
Fargo Asset Securities Corporation Mortgage Pass-Through Certificates, Series
[_____]." Amounts held in the Collateral Fund shall continue to be the property
of the Purchaser, subject to the first priority security interest granted
hereunder for the benefit of the Certificateholders, until withdrawn from the
Collateral Fund pursuant to Section 2.02 or 2.03 hereof. The Collateral Fund
shall be an "outside reserve fund" within the meaning of the REMIC Provisions,
beneficially owned by the Purchaser for federal income tax purposes. All income,
gain, deduction or loss with respect to the Collateral Fund shall be that of the
Purchaser. All distributions from the Trust Fund to the Collateral Fund shall be
treated as distributed to the Purchaser as the beneficial owner thereof.

      Upon the termination of this Agreement and the liquidation of all Mortgage
Loans as to which the Purchaser has made any Election to Delay Foreclosure or
any Election to Foreclose pursuant to Section 2.04 hereof, the Company shall
distribute or cause to be distributed to the Purchaser all amounts remaining in
the Collateral Fund (after adjustment for all deposits and permitted withdrawals
pursuant to this Agreement) together with any investment earnings thereon. In
the event the Purchaser has made any Election to Delay Foreclosure or any
Election to Foreclose, prior to any distribution to the Purchaser of all amounts
remaining in the Collateral Fund, funds in the Collateral Fund shall be applied
consistent with the terms of this Agreement.

            Section 3.02. Collateral Fund Permitted Investments.

      The Company shall, at the written direction of the Purchaser, invest the
funds in the Collateral Fund in Collateral Fund Permitted Investments. Such
direction shall not be changed more frequently than quarterly. In the absence of
any direction, the Company shall select such investments in accordance with the
definition of Collateral Fund Permitted Investments in its discretion. All
income and gain realized from any investment as well as any interest earned on
deposits in the Collateral Fund (net of any losses on such investments) and any
payments of principal made in respect of any Collateral Fund Permitted
Investment shall be deposited in the Collateral Fund upon receipt. All costs and
realized losses associated with the purchase and sale of Collateral Fund
Permitted Investments shall be borne by the Purchaser and the amount of net
realized losses shall be deposited by the Purchaser in the Collateral Fund
promptly upon realization. The Company shall periodically (but not more
frequently than monthly) distribute to the Purchaser upon request an amount of
cash, to the extent cash is available therefore in the Collateral Fund, equal to
the amount by which the balance of the Collateral Fund, after giving effect to
all other distributions to be made from the Collateral Fund on such date,
exceeds the Required Collateral Fund Balance. Any amounts so distributed shall
be released from the lien and security interest of this Agreement.

            Section 3.03. Grant of Security Interest.

      The Purchaser hereby grants to the Company for the benefit of the
Certificateholders under the Pooling and Servicing Agreement a security interest
in and lien on all of the Purchaser's right, title and interest, whether now
owned or hereafter acquired, in and to: (1) the Collateral Fund, (2) all amounts
deposited in the Collateral Fund and Collateral Fund Permitted Investments in
which such amounts are invested (and the distributions and proceeds of such
investments) and (3) all cash and non-cash proceeds of any of the foregoing,
including proceeds of the voluntary conversion thereof (all of the foregoing
collectively, the "Collateral").

      The Purchaser acknowledges the lien on and the security interest in the
Collateral for the benefit of the Certificateholders. The Purchaser shall take
all actions requested by the Company as may be reasonably necessary to perfect
the security interest created under this Agreement in the Collateral and cause
it to be prior to all other security interests and liens, including the
execution and delivery to the Company for filing of appropriate financing
statements in accordance with applicable law. The Company shall file appropriate
continuation statements, or appoint an agent on its behalf to file such
statements, in accordance with applicable law.

            Section 3.04. Collateral Shortfalls.

      In the event that amounts on deposit in the Collateral Fund at any time
are insufficient to cover any withdrawals therefrom that the Company is then
entitled to make hereunder, the Purchaser shall be obligated to pay such amounts
to the Company immediately upon demand. Such obligation shall constitute a
general corporate obligation of the Purchaser. The failure to pay such amounts
within two Business Days of such demand (except for amounts to cover interest on
a Mortgage Loan pursuant to Sections 2.02(d) and 2.03 (b)), shall cause an
immediate termination of the Purchaser's right to make any Election to Delay
Foreclosure or Election to Foreclose and the Company's obligations under this
Agreement with respect to all Mortgage Loans to which such insufficiencies
relate, without the necessity of any further notice or demand on the part of the
Company.

                                   ARTICLE IV

            Section 4.01. Assessment of Servicing Compliance; Registered Public
Accounting Firm Attestation Reports; Exchange Act Reporting.

            (a) The Purchaser shall furnish, or cause to be furnished in the
case of clause (iii), to the Master Servicer, no later than March 5 of each year
or if such day is not a Business Day, the next Business Day (with a 10 calendar
day cure period, but in no event later than March 15), commencing in March 20 ,
the following:

            (i) a report (in form and substance reasonably satisfactory to the
      Master Servicer and the Depositor) regarding the Purchaser's assessment of
      compliance with the Servicing Criteria applicable to it during the
      immediately preceding calendar year, as required under Rules 13a-18 and
      15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report
      shall be addressed to the Master Servicer and signed by an authorized
      officer of the Purchaser, and shall address, at a minimum, each of the
      Servicing Criteria applicable to the Purchaser;

            (ii) a report of a registered public accounting firm reasonably
      acceptable to the Master Servicer and the Depositor that attests to, and
      reports on, the assessment of compliance made by the Purchaser and
      delivered pursuant to the preceding paragraph. Such attestation shall be
      in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under
      the Securities Act and the Exchange Act. If requested by the Master
      Servicer or the Depositor, such report shall contain or be accompanied by
      a consent of such accounting firm to inclusion or incorporation of such
      report in the Depositor's Registration Statement on Form S-3 relating to
      the Certificates and the Trust's Form 10-K; and

            (iii) an assessment of compliance and accountants' attestation as
      described in paragraphs (i) and (ii) of this Section 4.01(a) with respect
      to each Subcontractor determined by the Purchaser pursuant to Section 4.02
      to be "participating in the servicing function" within the meaning of Item
      1122 of Regulation AB.

            An assessment of compliance provided by a Subcontractor pursuant to
Section 4.01(a)(iii) need not address any elements of the Servicing Criteria
applicable to it other than those specified by the Purchaser pursuant to Section
4.02.

            No later than 30 days following the end of each fiscal year for the
Trust for which a Form 10-K is required to be filed, the Purchaser shall forward
to the Master Servicer the name of each Subcontractor engaged by it and what
Servicing Criteria will be addressed in the report on assessment of compliance
prepared by such Subcontractor. When the Purchaser submits its assessment to the
Master Servicer, it will also at such time include the assessment (and
attestation pursuant to Section 4.01(a)(ii) hereof) of each Subcontractor
engaged by it.

            (b) Within five (5) calendar days after a Distribution Date, the
Purchaser shall provide to the Master Servicer, to the extent known, in
EDGAR-compatible format, or in such other form as otherwise agreed upon by the
Master Servicer and the Purchaser, the form and substance of any Additional Form
10-D Disclosure applicable to the Purchaser, as indicated in the table in
Exhibit S to the Pooling and Servicing Agreement. The Purchaser acknowledges
that the performance by the Master Servicer of its duties under Section 3.12(a)
of the Pooling and Servicing Agreement relating to the timely preparation and
filing of Form 10-D is contingent upon the Purchaser strictly observing all
applicable deadlines in the performance of its duties under this Section
4.01(b).

            (c) No later than March 5 (with a 10 calendar day cure period, but
in no event later than March 15) of each year that the Trust is subject to the
Exchange Act reporting requirements, commencing in March 20 , the Purchaser
shall provide to the Master Servicer, to the extent known, in EDGAR-compatible
format, or in such other form as otherwise agreed upon by the Master Servicer
and the Purchaser, the form and substance of any Additional Form 10-K Disclosure
applicable to the Purchaser, as indicated in the table in Exhibit T to the
Pooling and Servicing Agreement. The Purchaser acknowledges that the performance
by the Master Servicer of its duties under Section 3.12(b) of the Pooling and
Servicing Agreement relating to the timely preparation and filing of Form 10-K
is contingent upon the Purchaser strictly observing all applicable deadlines in
the performance of its duties under this Section 4.01(c).

            (d) For so long as the Trust is subject to the Exchange Act
reporting requirements, no later than the end of business on the second Business
Day after the occurrence of a Reportable Event applicable to the Purchaser, the
Purchaser shall provide to the Master Servicer, to the extent known, in
EDGAR-compatible format, or in such other form as otherwise agreed upon by the
Master Servicer and the Purchaser, the form and substance of any Form 8-K
Disclosure Information applicable to the Purchaser, as indicated in the table in
Exhibit U to the Pooling and Servicing Agreement. The Purchaser acknowledges
that the performance by the Master Servicer of its duties under Section 3.12(c)
of the Pooling and Servicing Agreement relating to the timely preparation and
filing of Form 8-K is contingent upon the Purchaser strictly observing all
applicable deadlines in the performance of its duties under this Section
4.01(d).

            (e) The Purchaser shall provide such information regarding itself as
the Master Servicer or the Depositor request for the purpose of complying with
Item 1108 of Regulation AB, including at a minimum, the information set forth in
Exhibit A.

            (f) The Purchaser shall indemnify the Master Servicer, each
affiliate of the Master Servicer, the Trust, each broker dealer acting as
underwriter or initial purchaser of the Certificates, each Person who controls
any of such parties and the Depositor (within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act); and the respective present
and former directors, officers, employees and agents of each of the foregoing
and of the Depositor (each such entity, an "Indemnified Party"), and shall hold
each of them harmless from and against any losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments, and any other
costs, fees and expenses that any of them may sustain arising out of or based
upon:

                  (i) (A) any untrue statement of a material fact contained or
            alleged to be contained in any information, report, certification,
            accountants' letter or other material provided in written or
            electronic form under this Section 4.01 or Section 4.02 hereof by or
            on behalf of the Purchaser, or provided under Sections 4.01 or 4.02
            by or on behalf of any Subcontractor (collectively, the "Purchaser
            Information"), or (B) the omission or alleged omission to state in
            the Purchaser Information a material fact required to be stated in
            the Purchaser Information or necessary in order to make the
            statements therein, in the light of the circumstances under which
            they were made, not misleading; provided, by way of clarification,
            that clause (B) of this paragraph shall be construed solely by
            reference to the Purchaser Information and not to any other
            information communicated in connection with a sale or purchase of
            securities, without regard to whether the Purchaser Information or
            any portion thereof is presented together with or separately from
            such other information; or

                (ii) any failure by the Purchaser or any Subcontractor engaged
           by the Purchaser to deliver any information, report, certification,
           accountants' letter or other material when and as required under
           Sections 4.01 or 4.02, including any failure by the Purchaser to
           identify pursuant to Section 4.02 any Subcontractor "participating in
           the servicing function" within the meaning of Item 1122 of Regulation
           AB.

      In the case of any failure of performance described in clause (ii) of this
Section, the Purchaser shall promptly reimburse the Master Servicer and the
Depositor, as applicable, for all costs reasonably incurred by each such party
in order to obtain the information, report, certification, accountants' letter
or other material not delivered as required by the Purchaser or any
Subcontractor. If the indemnification provided for herein is unavailable to hold
harmless any Indemnified Party, then the Purchaser agrees that it shall
contribute to the amount paid or payable by such Indemnified Party as a result
of the losses, claims, damages or liabilities of such Indemnified Party in such
proportion as is appropriate to reflect the relative fault of such Indemnified
Party on the one hand and the Purchaser on the other in connection with a breach
of the Purchaser's obligations under this Section 4.1 or the Purchaser's
negligence, bad faith or willful misconduct in connection therewith.

            (g) Notwithstanding anything contained in this Section 4.01 to the
contrary, the provisions of this Section 4.01 shall not apply to the Purchaser
with respect to any calendar year unless the Purchaser exercises its rights set
forth under Sections 2.02 or 2.03 of this Agreement in such calendar year.

            Section 4.02. Engagement of Affiliates or Third-Parties.

            The Purchaser shall not hire any Subservicer without the consent of
the Master Servicer and the Depositor. The Purchaser shall not hire or otherwise
utilize the services of any Subcontractor to fulfill any of the obligations of
the Purchaser as servicer under this Agreement unless the Purchaser complies
with the provisions of this Section.

            It shall not be necessary for the Purchaser to seek the consent of
the Master Servicer or the Depositor to the utilization of any Subcontractor.
The Purchaser shall promptly upon request provide to the Master Servicer (or any
designee of Master Servicer) a written description (in form and substance
satisfactory to the Master Servicer and the Depositor) of the role and function
of each Subcontractor utilized by the Purchaser, specifying (i) the identity of
each such Subcontractor, (ii) which (if any) of such Subcontractors are
"participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, and (iii) which elements of the Servicing Criteria will be
addressed in assessments of compliance provided by each Subcontractor identified
pursuant to clause (ii) of this paragraph.

            As a condition to the utilization of any Subcontractor determined to
be "participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, the Purchaser shall cause any such Subcontractor used by the
Purchaser, for the benefit of the Master Servicer and the Depositor to comply
with the provisions of Section 4.01 of this Agreement to the same extent as if
such Subcontractor were the Purchaser. The Purchaser shall be responsible for
obtaining from each Subcontractor and delivering to the Master Servicer any
assessment of compliance and attestation required to be delivered by such
Subcontractor under Section 4.01, in each case as and when required to be
delivered.

            Section 4.03. Notification of Merger.

            The Purchaser and such successor or surviving Person shall notify
the Depositor, the Master Servicer and the Trustee of any such merger,
conversion or consolidation at least two Business Days prior to the effective
date thereof and shall provide the Depositor and the Master Servicer with all
information required by the Depositor to comply with its reporting obligations
not later than the effective date of such merger, conversion or consolidation
(unless giving prior notice would be prohibited by applicable law or by a
confidentiality agreement, in which case notice shall be given by 12 noon
eastern time one Business Day after such merger or consolidation).

            Section 4.04. Compliance with Article IV.

            If (a) the Purchaser fails to comply with its obligations to deliver
any assessment of servicing compliance or registered public accounting firm
attestation reports required pursuant to this Article IV or (b) any
Subcontractor engaged by the Purchaser fails to comply with its obligations to
deliver any assessment of servicing compliance or registered public accounting
firm attestation reports, the Master Servicer, may, after consultation with the
Depositor, terminate this Agreement pursuant to Section 2.04(a)(iv).

                                   ARTICLE V

                            MISCELLANEOUS PROVISIONS

            Section 5.01. Amendment.

      This Agreement may be amended from time to time by the Company and the
Purchaser by written agreement signed by the Company and the Purchaser, subject
to the acknowledgement of the Rating Agencies as contemplated in Section 3.08 of
the Pooling and Servicing Agreement with respect to such amendment.

            Section 5.02. Counterparts.

      This Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.

            Section 5.03. Governing Law.

      This 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 5.04. Notices.

      All demands, notices and direction hereunder shall be in writing or by
telecopy and shall be deemed effective upon receipt to:

      (a) in the case of the Company,
           Wells Fargo Bank, N.A.
           9062 Old Annapolis Road
           Columbia, MD 21045

           Attention: Vice President, Master Servicing
           Phone: 410-884-2000
           Fax: 410-715-1573

      (b) in the case of the Purchaser,

            Section 5.05. Severability of Provisions.

      If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever, including regulatory, held
invalid, then such covenants, agreements, provisions or terms of this Agreement
and shall in no way affect the validity or enforceability of the other
provisions of this Agreement.

            Section 5.06. Successors and Assigns.

The provisions of this Agreement shall be binding upon and inure to the benefit
of the respective successors and assigns of the parties hereto, and all such
provisions shall inure to the benefit of the Certificateholders; provided,
however, that the rights under this Agreement cannot be assigned by the
Purchaser without the consent of the Company.

            Section 5.07. Article and Section Headings.

      The article and section headings herein are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof.

            Section 5.08. Confidentiality.

      The Purchaser agrees that all information supplied by or on behalf of the
Company pursuant to Sections 2.01 or 2.02, including individual account
information, is the property of the Company and the Purchaser agrees to hold
such information confidential and not to disclose such information.

      Each party hereto agrees that neither it, nor any officer, director,
employee, affiliate or independent contractor acting at such party's direction
will disclose the terms of Section 5.09 of this Agreement to any person or
entity other than such party's legal counsel except pursuant to a final,
non-appealable order of court, the pendency of such order the other party will
have received notice of at least five business days prior to the date thereof,
or pursuant to the other party's prior express written consent.

            Section 5.09. Indemnification.

      The Purchaser agrees to indemnify and hold harmless the Company, the
Depositor, and each Servicer and each person who controls the Company, the
Depositor, or a Servicer and each of their respective officers, directors,
affiliates and agents acting at the Company's, the Depositor's, or a Servicer's
direction (the "Indemnified Parties") against any and all losses, claims,
damages or liabilities to which they may be subject, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of, or
are based upon, actions taken by, or actions not taken by, the Company, the
Depositor, or a Servicer, or on their behalf, in accordance with the provisions
of this Agreement and (i) which actions conflict with the Company's, the
Depositor's, or a Servicer's obligations under the Pooling and Servicing
Agreement or the related Servicing Agreement, or (ii) give rise to securities
law liability under federal or state securities laws with respect to the
Certificates. The Purchaser hereby agrees to reimburse the Indemnified Parties
for the reasonable legal or other expenses incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action.
The indemnification obligations of the Purchaser hereunder shall survive the
termination or expiration of this Agreement.

            Section 5.10 Regulation AB Compliance; Intent of Parties;
Reasonableness.

            The parties hereto acknowledge that interpretations of the
requirements of Regulation AB may change over time, whether due to interpretive
guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and
agree to comply with requests made by the Depositor or the Master Servicer in
good faith for delivery of information under these provisions on the basis of
evolving interpretations of Regulation AB. In connection with the Trust, the
parties hereto shall cooperate fully with the Master Servicer and the Depositor
to deliver to the Master Servicer and/or the Depositor (including its assignees
or designees), any and all statements, reports, certifications, records and any
other information available to such party and reasonably necessary in the good
faith determination of the Depositor or the Master Servicer to permit the
Depositor or the Master Servicer to comply with the provisions of Regulation AB,
together with such disclosures reasonably believed by the Depositor or the
Master Servicer to be necessary in order to effect such compliance.

<PAGE>

      IN WITNESS WHEREOF, the Company and the Purchaser 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.

                               WELLS FARGO BANK, N.A.

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

                               [NAME OF PURCHASER]

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

<PAGE>

                                                                       EXHIBIT A

                              PURCHASER INFORMATION

      (A) the Purchaser's form of organization;

      (B) a description of how long the Purchaser has been servicing residential
mortgage loans; a general discussion of the Purchaser's experience in servicing
assets of any type as well as a more detailed discussion of the Purchaser's
experience in, and procedures for, the servicing function it will perform under
the Agreement; information regarding the size, composition and growth of the
Purchaser's portfolio of residential mortgage loans of a type similar to the
Mortgage Loans and information on factors related to the Purchaser that may be
material, in the good faith judgment of the Master Servicer or the Depositor, to
any analysis of the servicing of the Mortgage Loans or the related asset-backed
securities, as applicable, including, without limitation:

           (1) whether any prior securitizations of mortgage loans of a type
      similar to the Mortgage Loans involving the Purchaser have defaulted or
      experienced an early amortization or other performance triggering event
      because of servicing during the three-year period immediately preceding
      the date of engagement of the Purchaser;

           (2) the extent of outsourcing the Purchaser utilizes;

           (3) whether there has been previous disclosure of material
      noncompliance with the applicable servicing criteria with respect to
      securitizations of residential mortgage loans involving the Purchaser as a
      servicer during the three-year period immediately preceding the date of
      engagement of the Purchaser;

           (4) whether the Purchaser has been terminated as servicer in a
      residential mortgage loan securitization, either due to a servicing
      default or to application of a servicing performance test or trigger; and

           (5) such other information as the Master Servicer or the Depositor
      may reasonably request for the purpose of compliance with Item 1108(b)(2)
      of Regulation AB;

      (C) a description of any material changes during the three-year period
immediately preceding the date of engagement of the Purchaser to the Purchaser's
policies or procedures with respect to the servicing function it will perform
under the Agreement for mortgage loans of a type similar to the Mortgage Loans;

      (D) information regarding the Purchaser's financial condition, to the
   extent that there is a material risk that an adverse financial event or
   circumstance involving the Purchaser could have a material adverse effect on
   the performance by the Purchaser of its servicing obligations under the
   Agreement;

      (E) information regarding advances made by the Purchaser on the Mortgage
   Loans and the Purchaser's overall servicing portfolio of residential mortgage
   loans for the three-year period immediately preceding the date of engagement
   of the Purchaser, which may be limited to a statement by an authorized
   officer of the Purchaser to the effect that the Purchaser has made all
   advances required to be made on residential mortgage loans serviced by it
   during such period, or, if such statement would not be accurate, information
   regarding the percentage and type of advances not made as required, and the
   reasons for such failure to advance;

      (F) a description of the Purchaser's processes and procedures designed to
   address any special or unique factors involved in servicing loans of a
   similar type as the Mortgage Loans;

      (G) a description of the Purchaser's processes for handling delinquencies,
   losses, bankruptcies and recoveries, such as through liquidation of mortgaged
   properties, sale of defaulted mortgage loans or workouts; and

      (H) information as to how the Purchaser defines or determines
   delinquencies and charge-offs, including the effect of any grace period,
   re-aging, restructuring, partial payments considered current or other
   practices with respect to delinquency and loss experience.

<PAGE>

                                    EXHIBIT N

                 FORM OF INITIAL CERTIFICATION OF THE CUSTODIAN

                                     [Date]

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland  21703

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attn: Corporate Trust Services WFMBS 2006-AR17

HSBC Bank USA, National Association
452 Fifth Avenue
New York, New York 10018
Attn: Fernando Acebedo

      Re:   The Pooling and Servicing Agreement, dated September 28, 2006, among
            Wells Fargo Asset Securities Corporation, as Depositor, Wells Fargo
            Bank, N.A., as Master Servicer, and HSBC Bank USA, National
            Association, as Trustee, relating to the Wells Fargo Asset
            Securities Corporation; Mortgage Pass-Through Certificates, Series
            2006-AR17

Ladies and Gentlemen:

      In accordance with the provisions of Section 2.02 of the above-referenced
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that,
except as specified in any list of exceptions attached hereto, it has received
the original Mortgage Note relating to each of the Mortgage Loans listed on the
Mortgage Loan Schedule.

      The Custodian has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement in connection with this initial certification.
The Custodian makes no representations as to: (i) the validity, legality,
sufficiency, enforceability, recordability or genuineness of any of the
documents contained in each Mortgage File or any of the Mortgage Loans
identified in the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

<PAGE>

      Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Pooling and Servicing Agreement.

                               WELLS FARGO BANK, N.A.,
                                 as Custodian on behalf of
                                 the Trustee

                               By: _________________________________
                               Name: _______________________________
                               Title: ______________________________

<PAGE>

                                    EXHIBIT O

                  FORM OF FINAL CERTIFICATION OF THE CUSTODIAN

                                     [Date]

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland  21703

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attn: Corporate Trust Services WFMBS 2006-AR17

HSBC Bank USA, National Association
452 Fifth Avenue
New York, New York 10018
Attn: Fernando Acebedo

      Re:   The Pooling and Servicing Agreement, dated September 28, 2006, among
            Wells Fargo Asset Securities Corporation, as Depositor, Wells Fargo
            Bank, N.A., as Master Servicer, and HSBC Bank USA, National
            Association, as Trustee, relating to the Wells Fargo Asset
            Securities Corporation; Mortgage Pass-Through Certificates, Series
            2006-AR17.

Ladies and Gentlemen:

      In accordance with the provisions of Section 2.02 of the above-referenced
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that, as to
each Mortgage Loan listed in the Mortgage Loan Schedule, except as may be
specified in any list of exceptions attached hereto, such Mortgage File contains
all of the items required to be delivered pursuant to Section 2.01 of the
Pooling and Servicing Agreement.

      The Custodian has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement in connection with this final certification. The
Custodian makes no representations as to: (i) the validity, legality,
sufficiency, enforceability, recordability or genuineness of any of the
documents contained in each Mortgage File or any of the Mortgage Loans
identified in the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

<PAGE>

      Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Pooling and Servicing Agreement.

                               WELLS FARGO BANK, N.A.,
                                 as Custodian on behalf of
                                 the Trustee

                               By: _________________________________
                               Name: _______________________________
                               Title: ______________________________

<PAGE>

                                    EXHIBIT P

                      FORM OF SARBANES-OXLEY CERTIFICATION

                    Wells Fargo Asset Securities Corporation
                       Mortgage Pass-Through Certificates,
                                Series 2006-AR17

            I, [________], certify that:

1.    I have reviewed this report on Form 10-K and all reports on Form 10-D
      required to be filed in respect of the period covered by this report on
      Form 10-K of the Wells Fargo Asset Securities Corporation, Mortgage
      Pass-Through Certificates, Series 2006-AR17 Trust (the "Exchange Act
      Periodic Reports");

2.    Based on my knowledge, the Exchange Act Periodic Reports, taken as a
      whole, do not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of
      the circumstances under which such statements were made, not misleading
      with respect to the period covered by this report;

3.    Based on my knowledge, all of the distribution, servicing and other
      information required to be provided under Form 10-D for the period covered
      by this report is included in the Exchange Act Periodic Reports;

4.    I am responsible for reviewing the activities performed by the Master
      Servicer and based upon my knowledge and the compliance review conducted
      in preparing the servicer compliance statement required in this report
      under Item 1123 of Regulation AB, and except as disclosed in the Exchange
      Act Periodic Reports, the Master Servicer has fulfilled its obligations
      under the pooling and servicing agreement, dated September 28, 2006, among
      Wells Fargo Asset Securities Corporation, as depositor, Wells Fargo Bank,
      N.A., as master servicer, and HSBC Bank USA, National Association, as
      trustee; and

5.    All of the reports on assessment of compliance with the servicing criteria
      for asset-backed securities and their related attestation reports on
      assessment of compliance with servicing criteria for asset-backed
      securities required to be included in this report in accordance with Item
      1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
      included as an exhibit to this report, except as otherwise disclosed in
      this report. Any material instances of noncompliance described in such
      reports have been disclosed in this report on Form 10-K.

   [The following is included only for a transaction where there are Servicers
   other than Wells Fargo Bank: In giving the certifications above, I have
   reasonably relied on information provided to me by the following unaffiliated
   parties: [Name of Servicers other than Wells Fargo Bank], as Servicer.]

Date: [_____]

                                    By: _____________________________________
                                    Name:
                                    Title:

<PAGE>

                                    EXHIBIT Q

                                    RESERVED

<PAGE>

                                    EXHIBIT R

         Servicing Criteria to be Addressed in Assessment of Compliance

<TABLE>
<CAPTION>
                                              SERVICING CRITERIA                                 APPLICABLE SERVICING CRITERIA
------------------------------------------------------------------------------------------------------------------------------------
     Reference                                     Criteria                                Master    Trustee    Servicer   Custodian
                                                                                          Servicer
------------------------------------------------------------------------------------------------------------------------------------
                                       General Servicing Considerations
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                                                                     <C>        <C>        <C>        <C>
1122(d)(1)(i)        Policies and procedures are instituted to monitor any                     X          X(1)       X
                     performance or other triggers and events of default in
                     accordance with the transaction agreements.

1122(d)(1)(ii)       If any material servicing activities are outsourced to third              X                     X
                     parties, policies and procedures are instituted to monitor the
                     third party's performance and compliance with such servicing
                     activities.

1122(d)(1)(iii)      Any requirements in the transaction agreements to maintain
                     a back-up servicer for the mortgage loans are maintained.

1122(d)(1)(iv)       A fidelity bond and errors and omissions policy is in effect on the       X          X          X            X
                     party participating in the servicing function throughout the
                     reporting period in the amount of coverage required by and
                     otherwise in accordance with the terms of the transaction
                     agreements.

                                      Cash Collection and Administration
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(i)        Payments on mortgage loans are deposited into the appropriate             X                     X
                     custodial bank accounts and related bank clearing accounts no more
                     than two business days following receipt, or such other number of
                     days specified in the transaction agreements.

1122(d)(2)(ii)       Disbursements made via wire transfer on behalf of an obligor or to        X                     X
                     an investor are made only by authorized personnel.

1122(d)(2)(iii)      Advances of funds or guarantees regarding collections, cash flows         X        X (2)        X
                     or distributions, and any interest or other fees charged for such
                     advances, are made, reviewed and approved as specified in the
                     transaction agreements.

1122(d)(2)(iv)       The related accounts for the transaction, such as cash reserve            X                     X
                     accounts or accounts established as a form of
                     overcollateralization, are separately maintained (e.g., with
                     respect to commingling of cash) as set forth in the transaction
                     agreements.

1122(d)(2)(v)        Each custodial account is maintained at a federally insured               X                     X
                     depository institution as set forth in the transaction agreements.
                     For purposes of this criterion, "federally insured depository
                     institution" with respect to a foreign financial institution means
                     a foreign financial institution that meets the requirements of Rule
                     13k-1(b)(1) of the Securities Exchange Act.

1122(d)(2)(vi)       Unissued checks are safeguarded so as to prevent unauthorized             X                     X
                     access.

1122(d)(2)(vii)      Reconciliations are prepared on a monthly basis for all                   X                     X
                     asset-backed securities related bank accounts, including custodial
                     accounts and related bank clearing accounts. These reconciliations
                     are (A) mathematically accurate; (B) prepared within 30 calendar
                     days after the bank statement cutoff date, or such other number of
                     days specified in the transaction agreements; (C) reviewed and
                     approved by someone other than the person who prepared the
                     reconciliation; and (D) contain explanations for reconciling items.
                     These reconciling items are resolved within 90 calendar days of
                     their original identification, or such other number of days
                     specified in the transaction agreements.

                                      Investor Remittances and Reporting
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(i)        Reports to investors, including those to be filed with the                X                     X
                     Commission, are maintained in accordance with the transaction
                     agreements and applicable Commission requirements. Specifically,
                     such reports (A) are prepared in accordance with timeframes and
                     other terms set forth in the transaction agreements; (B) provide
                     information calculated in accordance with the terms specified in
                     the transaction agreements; (C) are filed with the Commission as
                     required by its rules and regulations; and (D) agree with
                     investors' or the trustee's records as to the total unpaid
                     principal balance and number of mortgage loans serviced by the
                     Servicer.

1122(d)(3)(ii)       Amounts due to investors are allocated and remitted in accordance         X                     X
                     with timeframes, distribution priority and other terms set forth in
                     the transaction agreements.

1122(d)(3)(iii)      Disbursements made to an investor are posted within two business          X                     X
                     days to the Servicer's investor records, or such other number of
                     days specified in the transaction agreements.

1122(d)(3)(iv)       Amounts remitted to investors per the investor reports agree with         X                     X
                     cancelled checks, or other form of payment, or custodial bank
                     statements.

                                          Pool Asset Administration
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(i)        Collateral or security on mortgage loans is maintained as required        X                     X            X
                     by the transaction agreements or related mortgage loan documents.

1122(d)(4)(ii)       Mortgage loan and related documents are safeguarded as required by                              X            X
                     the transaction agreements.

1122(d)(4)(iii)      Any additions, removals or substitutions to the asset pool are            X          X          X
                     made, reviewed and approved in accordance with any conditions or
                     requirements in the transaction agreements.

1122(d)(4)(iv)       Payments on mortgage loans, including any payoffs, made in                                      X
                     accordance with the related mortgage loan documents are posted to
                     the Servicer's obligor records maintained no more than two business
                     days after receipt, or such other number of days specified in the
                     transaction agreements, and allocated to principal, interest or
                     other items (e.g., escrow) in accordance with the related mortgage
                     loan documents.

1122(d)(4)(v)        The Servicer's records regarding the mortgage loans agree with the                              X
                     Servicer's records with respect to an obligor's unpaid principal
                     balance.

1122(d)(4)(vi)       Changes with respect to the terms or status of an obligor's               X                     X
                     mortgage loans (e.g., loan modifications or re-agings) are made,
                     reviewed and approved by authorized personnel in accordance with
                     the transaction agreements and related pool asset documents.

1122(d)(4)(vii)      Loss mitigation or recovery actions (e.g., forbearance plans,             X                     X
                     modifications and deeds in lieu of foreclosure, foreclosures and
                     repossessions, as applicable) are initiated, conducted and
                     concluded in accordance with the timeframes or other requirements
                     established by the transaction agreements.

1122(d)(4)(viii)     Records documenting collection efforts are maintained during the                                X
                     period a mortgage loan is delinquent in accordance with the
                     transaction agreements. Such records are maintained on at least a
                     monthly basis, or such other period specified in the transaction
                     agreements, and describe the entity's activities in monitoring
                     delinquent mortgage loans including, for example, phone calls,
                     letters and payment rescheduling plans in cases where delinquency
                     is deemed temporary (e.g., illness or unemployment).

1122(d)(4)(ix)       Adjustments to interest rates or rates of return for mortgage loans                             X
                     with variable rates are computed based on the related mortgage loan
                     documents.

1122(d)(4)(x)        Regarding any funds held in trust for an obligor (such as escrow                                X
                     accounts): (A) such funds are analyzed, in accordance with the
                     obligor's mortgage loan documents, on at least an annual basis, or
                     such other period specified in the transaction agreements; (B)
                     interest on such funds is paid, or credited, to obligors in
                     accordance with applicable mortgage loan documents and state laws;
                     and (C) such funds are returned to the obligor within 30 calendar
                     days of full repayment of the related mortgage loans, or such other
                     number of days specified in the transaction agreements.

1122(d)(4)(xi)       Payments made on behalf of an obligor (such as tax or insurance                                 X
                     payments) are made on or before the related penalty or expiration
                     dates, as indicated on the appropriate bills or notices for such
                     payments, provided that such support has been received by the
                     servicer at least 30 calendar days prior to these dates, or such
                     other number of days specified in the transaction agreements.

1122(d)(4)(xii)      Any late payment penalties in connection with any payment to be                                 X
                     made on behalf of an obligor are paid from the Servicer's funds and
                     not charged to the obligor, unless the late payment was due to the
                     obligor's error or omission.

1122(d)(4)(xiii)     Disbursements made on behalf of an obligor are posted within two                                X
                     business days to the obligor's records maintained by the Servicer,
                     or such other number of days specified in the transaction
                     agreements.

1122(d)(4)(xiv)      Delinquencies, charge-offs and uncollectible accounts are                 X                     X
                     recognized and recorded in accordance with the transaction
                     agreements.

1122(d)(4)(xv)       Any external enhancement or other support, identified in                  X(3)
                     Item 1114(a)(1) through (3) or Item 1115 of Regulation
                     AB, is maintained as set forth in the transaction
                     agreements.
</TABLE>

[_________________________]

Date: __________________________

By:_____________________________
   Name:
   Title:

(1)   This Servicing Criterion applies to the Trustee with respect to Events of
      Default as set forth in the Pooling and Servicing Agreement.

(2)   This Servicing Criterion applies to the Trustee if the Trustee was
      required during the preceding calendar year to make an Advance in
      accordance with Section 8.14 of the Pooling and Servicing Agreement.

(3)   This Servicing Criterion applies to the Master Servicer only for
      transactions that contain any external credit enhancement or other support
      identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB.

<PAGE>

                                    EXHIBIT S

                         Additional Form 10-D Disclosure

Item on Form 10-D                     Party Responsible

Item 1: Distribution and Pool         Master Servicer, Depositor
        Performance Information

      Any information required
      by 1121 which is NOT
      included on the
      Distribution Date Statement

Item 2: Legal Proceedings per         (i) All parties to the
        Item 1117 of Regulation AB    Pooling and Servicing
                                      Agreement, the Custodian, each Servicer
                                      and, if applicable the Special Servicer
                                      (as to themselves), (ii) the Master
                                      Servicer as to the issuing entity, (iii)
                                      the Depositor as to the sponsor, any
                                      1110(b) originator, any 1100(d)(1) party

Item 3: Sale of Securities and        Depositor
        Use of Proceeds

Item 4: Defaults Upon Senior          Master Servicer
        Securities

Item 5: Submission of Matters to      Master Servicer, Trustee
        a Vote of Security Holders

Item 6: Significant Obligors of       Depositor, if applicable
        Pool Assets

Item 7: Significant Enhancement       Depositor, if applicable
        Provider Information

Item 8: Other Information             Any party responsible for
                                      disclosure items on Form 8-K

Item 9: Exhibits                      Depositor, Master Servicer

<PAGE>

                                    EXHIBIT T

                         Additional Form 10-K Disclosure

Item on Form 10-K                     Party Responsible

Item 1B: Unresolved Staff             Depositor
         Comments

Item 9B: Other Information            Any party responsible for
                                      disclosure items on Form 8-K

Item 15: Exhibits, Financial          Master Servicer
         Statement Schedules             Depositor

Additional Item:                      (i) All parties to the
                                      Pooling and Servicing
Disclosure per Item 1117 of           Agreement, the Custodian,
       Regulation AB                  each Servicer and, if
                                      applicable the Special Servicer (as to
                                      themselves), (ii) the Master Servicer as
                                      to the issuing entity, (iii) the Depositor
                                      as to the sponsor, any 1110(b) originator,
                                      any 1100(d)(1) party

Additional Item:                      (i) All parties to the
Disclosure per Item 1119 of           Pooling and Servicing
       Regulation AB                  Agreement, the Custodian,
                                      each Servicer and, if
                                      applicable the Special
                                      Servicer (as to themselves),
                                      (ii) the Master Servicer as
                                      to the issuing entity, (iii)
                                      the Depositor as to the
                                      sponsor, any 1110(b)
                                      originator, any 1100(d)(1)
                                      party, any significant
                                      obligor, any credit
                                      enhancement provider or
                                      derivative counterparty

Additional Item:                      Depositor, if applicable
Disclosure per Item 1112(b) of
       Regulation AB

Additional Item:                      Depositor, if applicable
Disclosure per Items 1114(b) and
1115(b) of Regulation AB

<PAGE>

                                    EXHIBIT U

                         Form 8-K Disclosure Information

Item on Form 8-K                      Party Responsible

Item 1.01- Entry into a Material      All parties to the Pooling
           Definitive Agreement       and Servicing Agreement,
                                      each Servicer, the Custodian
                                      and, if applicable, the
                                      Special Servicer, as to each
                                      agreement to which it is a
                                      party

Item 1.02- Termination of a           All parties to the Pooling
           Material Definitive        and Servicing Agreement,
           Agreement                  each Servicer, the Custodian
                                      and, if applicable, the
                                      Special Servicer, as to each
                                      agreement to which it is a
                                      party

Item 1.03- Bankruptcy or              (i) Depositor, as to itself,
           Receivership               the sponsor, any 1100(d)(1)
                                      party, any significant obligor, any credit
                                      enhancement provider or derivative
                                      counterparty and any other transaction
                                      party, to the extent known to the
                                      Depositor, (ii) Trustee, as to itself,
                                      (iii) each Servicer as to itself, (iv)
                                      Master Servicer, as to itself and any
                                      other transaction party, to the extent
                                      known to the Master Servicer

Item 2.04- Triggering Events          Master Servicer
           that Accelerate or
           Increase a Direct
           Financial Obligation or
           an Obligation under an
           Off-Balance Sheet
           Arrangement

Item 3.03- Material Modification      Master Servicer
           to Rights of Security
           Holders

Item 5.03- Amendments of              Master Servicer
           Articles of
           Incorporation or Bylaws;
           Change of Fiscal Year

Item 6.01- ABS Informational and      Depositor
           Computational Material

Item 6.02- Change of Servicer or      Servicer, Master Servicer
           Master Servicer

Item 6.03- Change in Credit           Depositor/Master Servicer
           Enhancement or External
           Support

Item 6.04- Failure to Make a          Master Servicer
           Required Distribution

Item 6.05- Securities Act             Depositor
           Updating Disclosure

Item 7.01- Reg FD Disclosure          Depositor

Item 8.01-Other Events                Depositor, Master Servicer

Item 9.01                             Depositor, Master Servicer

<PAGE>

                                    EXHIBIT V

                       Additional Disclosure Notification

**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO
CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM AND VIA OVERNIGHT MAIL
TO THE ADDRESS IMMEDIATELY BELOW**

Wells Fargo Bank, N.A., as Master Servicer
9062 Old Annapolis Road
Columbia, Maryland 21045
Attn: Corporate Trust Services- WFMBS 2006-AR17--SEC REPORT PROCESSING

RE:**[Additional Form [10-D][10-K] Disclosure][Form 8-K Disclosure
Information]** Required

Ladies and Gentlemen:

            In accordance with Section [_] of the Pooling and Servicing
Agreement, dated as of September 28, 2006, among Wells Fargo Asset Securities
Corporation, as depositor, Wells Fargo Bank, N.A., as master servicer, and HSBC
Bank USA, National Association, as trustee, the undersigned, as [__________],
hereby notifies you that certain events have come to our attention that [will]
[may] need to be disclosed on Form [10-D][10-K][8-K].

Description of [Additional Form [10-D][10-K] Disclosure][Form 8-K Disclosure
Information]:

List of any Attachments hereto to be included in the Additional Form
[10-D][10-K] Disclosure][Form 8-K Disclosure Information]:

            Any inquiries related to this notification should be directed to
[_______________________], phone number: [_________]; email address:
[___________________].

                                          [NAME OF PARTY],
                                          as [role]

                                          By:_______________________________
                                             Name:
                                             Title:EXHIBIT 10.1

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

                             WELLS FARGO BANK, N.A.

                                (Master Servicer)

                                       and

                             WELLS FARGO BANK, N.A.

                                   (Servicer)

                               SERVICING AGREEMENT

                         Dated as of September 28, 2006

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

<PAGE>

                                TABLE OF CONTENTS

                                    ARTICLE 1

                                   Definitions

Section 1.1    Definitions.
               ACH.............................................................
               Additional Form 10-D Disclosure.................................
               Additional Form 10-K Disclosure.................................
               Adjusted Tangible Net Worth.....................................
               Administration Disclosure.......................................
               Advance.........................................................
               Affiliate.......................................................
               Amounts Held for Future Distribution............................
               Applicable Unscheduled Principal Receipt Period.................
               Appraisal Report................................................
               ARM Loan........................................................
               Assigned Letter of Credit.......................................
               Assignment......................................................
               Assumption......................................................
               Balloon Amount..................................................
               Balloon Loan....................................................
               Bankruptcy Code.................................................
               BIF.............................................................
               Borrower........................................................
               Business Day....................................................
               Buydown Agreement...............................................
               Buydown Funds...................................................
               Certificate Account.............................................
               Certificates....................................................
               Certificateholders..............................................
               Code............................................................
               Commission......................................................
               Condominium Project.............................................
               Condominium Unit................................................
               Converted Mortgage Loan.........................................
               Co-op Shares....................................................
               Current Value...................................................
               Curtailment.....................................................
               Custodial Agreement.............................................
               Custodial Buydown Account.......................................
               Custodial Principal and Interest (P&I) Account..................
               Custodial Subsidy Account.......................................
               Custodial Taxes and Insurance (T&I) Account.....................
               Custodian.......................................................
               Cut-Off Date....................................................
               Debt Service Reduction..........................................
               Deficient Valuation.............................................
               Delinquency/Delinquent..........................................
               Depositor.......................................................
               Determination Date..............................................
               Directly Operate................................................
               Distribution Date...............................................
               Document Transfer Date..........................................
               Document Transfer Event.........................................
               Due Date........................................................
               Due-On-Sale Clause..............................................
               Eligible Account................................................
               Eligible Custodial P&I Account..................................
               Eligible Investments............................................
               Errors and Omissions Policy.....................................
               Escrow Funds....................................................
               Escrow Item.....................................................
               Exchange Act....................................................
               FDIC............................................................
               FHA.............................................................
               FHLMC...........................................................
               Fidelity Bond...................................................
               Final Title Condition Report....................................
               Flood Insurance.................................................
               FNMA............................................................
               Form 8-K........................................................
               Form 8-K Disclosure Information.................................
               Form 10-D.......................................................
               Form 10-K.......................................................
               Full Unscheduled Principal Receipt..............................
               GNMA............................................................
               GPM (or GPARM) Loan.............................................
               Gross Margin....................................................
               Hazard Insurance................................................
               HUD.............................................................
               Index...........................................................
               Insurance Policy................................................
               Insurance Proceeds..............................................
               Interest Adjustment Date........................................
               Letter of Credit................................................
               Liquidation.....................................................
               Liquidation Proceeds............................................
               Liquidation Profits.............................................
               Loan Originator.................................................
               Loan-to-Value (LTV).............................................
               Lost Note Affidavit.............................................
               Master Servicer.................................................
               Master Servicer Loan Number.....................................
               Maximum Lifetime Mortgage Interest Rate.........................
               Maximum Negative Amortization Amount............................
               MERS............................................................
               Mid-Month Receipt Period........................................
               Minimum Lifetime Mortgage Interest Rate.........................
               Month End Interest..............................................
               Month End Interest Shortfall....................................
               Monthly Accounting Reports......................................
               Monthly Payment.................................................
               Monthly Remittance..............................................
               Mortgage Interest Rate..........................................
               Mortgage Loan...................................................
               Mortgage Loan Documents.........................................
               Mortgage Loan Purchase Agreement................................
               Mortgage Note...................................................
               Mortgage Note Assumption Rider..................................
               Mortgage Pass-Through Certificates..............................
               Mortgaged Property..............................................
               Mortgagee.......................................................
               Net Mortgage Interest Rate......................................
               Non-Assigned Letter of Credit...................................
               Non-Recoverable Advance.........................................
               Notice of Periodic Adjustment...................................
               Officer.........................................................
               Opinion of Counsel..............................................
               Owner Mortgage Loan File........................................
               P&I Advance.....................................................
               Partial Liquidation Proceeds....................................
               Partial Liquidation Receipt Period..............................
               Partial Unscheduled Principal Receipt...........................
               Payment Adjustment Date.........................................
               Periodic Payment Cap............................................
               Periodic Rate Cap...............................................
               Person..........................................................
               Pledge Holder...................................................
               Pledged Asset Mortgage Loan.....................................
               PMI Advance.....................................................
               Pool Insurance..................................................
               Pool Insurer....................................................
               Pooling and Servicing Agreement.................................
               Preliminary Title Report........................................
               Prepayment In Full..............................................
               Primary Mortgage Insurance......................................
               Primary Mortgage Insurer........................................
               Prior Month Receipt Period......................................
               Property Inspection Report......................................
               Prospectus......................................................
               Prudent Servicing Practices.....................................
               PUD (Planned Unit Development)..................................
               PUD Unit........................................................
               Purchase Price..................................................
               Rating Agency...................................................
               Real Estate Owned (REO).........................................
               Realized Loss...................................................
               Recovery........................................................
               Reference Bank..................................................
               Regulation AB...................................................
               Relevant Servicing Criteria.....................................
               REMIC...........................................................
               REMIC Provisions................................................
               Remittance Date.................................................
               Rents from Real Property........................................
               REO Disposition.................................................
               REO Disposition Period..........................................
               Reportable Event................................................
               Representing Party..............................................
               Retained Mortgage Loan File.....................................
               SAIF............................................................
               Sarbanes-Oxley Certification....................................
               Scheduled Principal Balance.....................................
               Securities Act..................................................
               Security Instrument.............................................
               Servicer........................................................
               Servicer Loan Mortgage Number...................................
               Servicer Mortgage Loan File.....................................
               Servicer Mortgage Loan Schedule.................................
               Servicing Criteria..............................................
               Servicing Fee...................................................
               Servicing Fee Percentage........................................
               Single Family Property..........................................
               Subcontractor...................................................
               Subservicer.....................................................
               Subsidy Funds...................................................
               Subsidy Loan....................................................
               Tangible Net Worth..............................................
               T&I Advance.....................................................
               Threshold Amount................................................
               Title Insurance.................................................
               Transfer of Ownership...........................................
               Trust...........................................................
               Trust Administrator.............................................
               Trustee.........................................................
               Type 1 Mortgage Loans...........................................
               Type 2 Mortgage Loans...........................................
               Unpaid Principal Balance........................................
               Unscheduled Principal Receipt...................................
               Value...........................................................
               Wells Fargo Bank................................................

                                    ARTICLE 2

                                  Construction

Section 2.1    Legal Construction..............................................
     2.1.1.        Compliance with Applicable Law..............................
     2.1.2.        Potential Conflict..........................................
     2.1.3.        Consistent Legal Compliance.................................
     2.1.4.        General Interpretive Rules..................................
     2.1.5.        Construction of Provisions..................................
Section 2.2    Servicer Practices..............................................
     2.2.1.        Prudent Servicing Practices.................................
     2.2.2.        Non-Discrimination Practices................................
Section 2.3    General Provisions..............................................
     2.3.1.        Servicer's Agreement........................................
     2.3.2.        Term of Agreement...........................................
     2.3.3.        Amended Mortgage Loan Schedule..............................
     2.3.4.        Assignment and Replacement..................................
     2.3.5.        Notices.....................................................
     2.3.6.        Change of Accountants.......................................

                                    ARTICLE 3

                                REMIC Compliance

Section 3.1    General
     3.1.1.        Applicability...............................................
     3.1.2.        Modifications of Mortgage...................................
     3.1.3.        Indemnification with Respect to Certain Taxes and
                   Loss of REMIC Status........................................
Section 3.2    REO Qualification
     3.2.1.        Foreclosure Property........................................
     3.2.2.        Foreclosure Property Qualification Restrictions.............
     3.2.3.        REO Disposition.............................................
Section 3.3    Prohibited Transactions and Activities
     3.3.1.        Mortgage Loan Disposition Restriction.......................
     3.3.2.        Personal Property...........................................
Section 3.4    Eligible Investments
     3.4.1.    Custodial Account...............................................
     3.4.2.    Escrow Account..................................................

                                    ARTICLE 4

                             Servicer Considerations

Section 4.1    Servicer Eligibility Standards
     4.1.1.        Regulatory Approvals and Licensing..........................
     4.1.2.        Net Worth and Portfolio Requirements........................
     4.1.3.        Auditor's Opinion; Other Annual Reports and
                   Exchange Act Reporting......................................
     4.1.4.        Use of Subservicers and Subcontractors......................
     4.1.5.        Servicing Experience........................................
     4.1.6.        Material Changes............................................
Section 4.2    Errors and Omissions Insurance
     4.2.1.        E & O Requirement...........................................
     4.2.2.        E & O Scope.................................................
     4.2.3.        E & O Policy Maintenance....................................
     4.2.4.        E & O Deductible............................................
     4.2.5.        E & O Qualifications........................................
Section 4.3    Fidelity Bond Coverage
     4.3.1.        Fidelity Bond Requirement...................................
     4.3.2.        Fidelity Bond Coverage......................................
     4.3.3.        Fidelity Bond Scope.........................................
     4.3.4.        Fidelity Bond Maintenance...................................
     4.3.5.        Fidelity Bond Deductible....................................
     4.3.6.        Fidelity Bond Rating Requirement............................
Section 4.4    Servicer's Liability
     4.4.1.        Liability Exposure..........................................
     4.4.2.        Scope of Liability..........................................
Section 4.5    Indemnification
     4.5.1.        Scope of Indemnity by Servicer..............................
     4.5.2.        Survival of Indemnity.......................................
Section 4.6    Servicer's Compensation; Indemnification
     4.6.1.        Servicing Fee Amount........................................
     4.6.2.        Servicing Fee Source........................................
     4.6.3.        Indemnification of Servicer.................................

                                    ARTICLE 5

                         Representations and Warranties

Section 5.1    General
     5.1.1.        Reliance....................................................
     5.1.2.        Survival of Representations and Warranties..................
     5.1.3.        Breach of Representation or Warranty........................
     5.1.4.        Assignment of Representations and Warranties................
Section 5.2    Servicer Representations and Warranties
     5.2.1.        Qualification of Servicer...................................
     5.2.2.        Requisite...................................................
     5.2.3.        No Conflicts................................................
     5.2.4.        Enforceable Agreement.......................................
     5.2.5.        No Consents.................................................
     5.2.6.        Agency Approval.............................................
     5.2.7.        Financial Condition.........................................
     5.2.8.        Servicing Practices.........................................
     5.2.9.        No Impairment...............................................
     5.2.10.       No Inquiries................................................
     5.2.11.       No Performance Triggering Event.............................
     5.2.12.       No Termination..............................................
     5.2.13.       No Material Noncompliance...................................
     5.2.14.       Servicing Policies and Procedures...........................
     5.2.15.       No Affiliations.............................................
     5.2.16.       Legal or Governmental Proceedings...........................
     5.2.17.       Custodial and Escrow Accounts Current.......................
     5.2.18.       Insurance Maintenance.......................................

                                    ARTICLE 6

                              Custodial Accounting

Section 6.1    In General
     6.1.1.        Custodial Account Establishment.............................
     6.1.2.        Custodial Account Separateness..............................
     6.1.3.        Custodial Account Maintenance...............................
     6.1.4.        Escrow Investment...........................................
     6.1.5.        Clearing Account............................................
     6.1.6.        Custodial Buydown Account...................................
     6.1.7.        Certificate Account.........................................
     6.1.8.        Custodial Subsidy Account...................................
Section 6.2    Custodial P&I Account
     6.2.1.        Mandatory Deposits..........................................
     6.2.2.        Optional Deposits...........................................
     6.2.3.        Permissible Withdrawals.....................................
     6.2.4.        Account Beneficiary.........................................
     6.2.5.        Use of Accounts.............................................
Section 6.3    Custodial T&I Account
     6.3.1.        Mandatory Deposits..........................................
     6.3.2.        Permissible Withdrawals.....................................
     6.3.3.        Account Requirements........................................
     6.3.4.        Account Balance.............................................
Section 6.4    Eligible Account Investments
     6.4.1.        Eligible Investments Permitted..............................
     6.4.2.        Eligible Investment Restrictions............................
     6.4.3.        Eligible Investment Income..................................
     6.4.4.        Eligible Investment Losses..................................
     6.4.5.        Eligible Investments Reports................................
     6.4.6.        Inter-Company Uses of Funds.................................

                                    ARTICLE 7

                            Mortgage Loan Accounting

Section 7.1    In General
     7.1.1.        Mortgage Loan Accounting Practices..........................
     7.1.2.        Record Keeping..............................................
     7.1.3.        Record Review...............................................
Section 7.2    Mortgage Loan Records
     7.2.1.        Account Records.............................................
     7.2.2.        Account Record Information..................................
     7.2.3.        Accounting Practice.........................................
     7.2.4.        Access to Certain Documentation and Information
                   Regarding the Mortgage Loans................................
Section 7.3    Accounting Procedures
     7.3.1.        Principal and Interest Computation..........................
     7.3.2.        Amortization Requirement....................................
     7.3.3.        Negative Amortization.......................................
     7.3.4.        Interest Calculations.......................................
     7.3.5.        Buydown Loans...............................................
Section 7.4    Application Procedure
     7.4.1.        Application Priority........................................
     7.4.2.        [Reserved]..................................................
     7.4.3.        Advance Payments............................................
Section 7.5    Curtailments
     7.5.1.        Curtailment Amount..........................................
     7.5.2.        Curtailment Application.....................................
     7.5.3.        Effect of Curtailment.......................................
     7.5.4.        Curtailment Transmission....................................
Section 7.6    Liquidations
     7.6.1.        Month End Interest..........................................
     7.6.2.        Liquidation Reports.........................................
     7.6.3.        Deposit of Funds............................................
     7.6.4.        Document Request............................................
Section 7.7    Realized Losses
     7.7.1.        Liquidation Realized Loss Determination.....................
     7.7.2.        Bankruptcy Realized Loss Determination......................
     7.7.3.        Reporting Requirement.......................................
     7.7.4.        Servicer's Liability........................................

                                    ARTICLE 8

                                    ARM Loans

Section 8.1    ARM Loan Servicing
     8.1.1.        In General..................................................
     8.1.2.        Servicer's Liability........................................
     8.1.3.        Adjustment Reports..........................................
     8.1.4.        Substitute Index............................................
Section 8.2    Notice of Periodic Adjustment
     8.2.1.        Notice Requirement..........................................
     8.2.2.        Notice Contents.............................................
Section 8.3    ARM Loan Conversion
     8.3.1.        Servicer's Determination....................................
     8.3.2.        Conversion Notification.....................................
     8.3.3.        Purchase by Servicer........................................

                                    ARTICLE 9

                               Mortgage Loan Files

Section 9.1    Owner Mortgage Loan Files and Retained Mortgage Loan Files
     9.1.1.        Owner Mortgage Loan File and Retained Mortgage
                   Loan File Requirements......................................
     9.1.2.        Custodian...................................................
     9.1.3.        Release of Documents from Owner Mortgage Loan File
                   or Retained Mortgage Loan File..............................
     9.1.4.        Execution by Trustee........................................
     9.1.5.        Representing Party Officers' Certificate....................
     9.1.6.        Custodial Fees..............................................
Section 9.2    Servicer Mortgage Loan Files
     9.2.1.        Servicer Mortgage Loan File Requirements....................
     9.2.2.        Servicer Mortgage Loan File Access..........................
     9.2.3.        Alternate Media.............................................
Section 9.3    Requisite Form
     9.3.1.        Form of Endorsements........................................
     9.3.2.        Form of Assignment..........................................

                                   ARTICLE 10

                                     Escrows

Section 10.1   Escrow Criteria
     10.1.1.       Escrow Requirement..........................................
     10.1.2.       Mortgage Loans without Escrow...............................
Section 10.2   Payment of Escrow Items
     10.2.1.       Escrow Payment Obligation...................................
     10.2.2.       Escrow Item Payments........................................
     10.2.3.       Escrow Fund Insufficiency...................................
     10.2.4.       Nonpayment Notice...........................................
Section 10.3   Escrow Fund Determination
     10.3.1.       Escrow Funds Analysis.......................................
     10.3.2.       Escrow Fund Surplus.........................................
     10.3.3.       Escrow Fund Deficiency......................................
Section 10.4   Records
     10.4.1.       Escrow Funds Records........................................
     10.4.2.       Escrow Obligations Records..................................
Section 10.5   Escrow Waiver
     10.5.1.       Waiver Conditions...........................................
     10.5.2.       Waiver Rescission...........................................

                                   ARTICLE 11

                       Collection and Servicing Practices

Section 11.1   General Servicing Requirements
     11.1.1.       Servicing Practices.........................................
     11.1.2.       Tax Returns and Other Reports...............................
     11.1.3.       Servicer Internal Controls..................................
     11.1.4.       Pool Insurance Compliance...................................
     11.1.5.       Primary Mortgage Insurance Compliance.......................
     11.1.6.       Letter of Credit Compliance.................................
Section 11.2   Delegation of Duties
     11.2.1.       Permissible Delegations.....................................
     11.2.2.       Delegee's Qualifications....................................
     11.2.3.       Responsibility for Costs....................................
     11.2.4.       Servicer's Liability........................................
Section 11.3   Due-on-Sale Clause Enforcement
     11.3.1.       Enforcement Requirement.....................................
     11.3.2.       [Reserved]..................................................
     11.3.3.       Approval Requirement........................................
     11.3.4.       Exempt Transactions.........................................
Section 11.4   Assumptions
     11.4.1.       Assumption Requirements.....................................
     11.4.2.       Approval and Release........................................
     11.4.3.       Assumption Agreement Provided to Custodian..................
     11.4.4.       Assumption Fees.............................................
     11.4.5.       Disclosure Requirement......................................
Section 11.5   Partial Releases and Easements
     11.5.1.       Prerequisites...............................................
     11.5.2.       Release or Modification of Lien.............................
     11.5.3.       Master Servicer's Approval..................................
Section 11.6   Recordation of Assignments
     11.6.1.       Recordation Requirement.....................................
     11.6.2.       Extension of Recording Period...............................
     11.6.3.       Delivery Requirement........................................
     11.6.4.       Waiver of Recordation.......................................
Section 11.7   General Servicing Considerations
     11.7.1.       Abandonment.................................................
     11.7.2.       Buydown Funds...............................................
     11.7.3.       Maintenance of Records......................................
     11.7.4.       Eminent Domain..............................................
     11.7.5.       Late Charges................................................
Section 11.8   Borrower Bankruptcy
     11.8.1.       Servicer's Duty.............................................
     11.8.2.       Responsibility for Costs....................................
     11.8.3.       Challenge Bankruptcy Reductions.............................
     11.8.4.       Bankruptcy Adjustments......................................
     11.8.5.       Bankruptcy Plan Surveillance................................

                                   ARTICLE 12

                             Delinquency Management

Section 12.1   In General
     12.1.1.       Servicing Practices.........................................
     12.1.2.       Servicer's Capabilities.....................................
     12.1.3.       Servicing Objectives........................................
     12.1.4.       Servicer's Expenses.........................................
Section 12.2   Delinquency Servicing Procedures
     12.2.1.       Late Notice.................................................
     12.2.2.       Telephonic Inquiry..........................................
     12.2.3.       Notice of Default...........................................
     12.2.4.       Borrower Interview..........................................
     12.2.5.       Continuing Contacts.........................................
     12.2.6.       Property Inspection.........................................
Section 12.3   Relief of Borrowers
     12.3.1.       Servicer's Role.............................................
     12.3.2.       Servicer's Discretion.......................................
     12.3.3.       Relief Requirement..........................................
     12.3.4.       Primary Mortgage Insurance Considerations...................
     12.3.5.       Responsibility for Costs....................................
     12.3.6.       Forbearance Plan............................................
     12.3.7.       Accommodation Limitations...................................
     12.3.8.       Pool Insurance Considerations...............................
Section 12.4   Special Delinquency Servicing Considerations
     12.4.1.       Advance Responsibility During Delinquency...................
     12.4.2.       Primary Mortgage Insurance Compliance.......................
     12.4.3.       Pool Insurance Compliance...................................

                                   ARTICLE 13

                           Foreclosure Administration

Section 13.1   Foreclosure Prerequisites
     13.1.1.       Foreclosure/Alternative to Foreclosure Initiation...........
     13.1.2.       Foreclosure Expenses........................................
     13.1.3.       Hazardous Wastes............................................
Section 13.2   Deed-in-Lieu of Foreclosure
     13.2.1.       Conditions..................................................
     13.2.2.       Subsequent Actions..........................................
Section 13.3   Actions Prior to Foreclosure
     13.3.1.       Notice Requirements.........................................
     13.3.2.       Initiation of Proceedings...................................
     13.3.3.       Short Sale of Defaulted Mortgage Loans in Lieu of
                   Foreclosure.................................................
Section 13.4   Foreclosure Procedures
     13.4.1.       Foreclosure Expenses........................................
     13.4.2.       Bidding Instructions. The Servicer shall issue bidding
                   instructions to the attorney or trustee in a foreclosure
                   proceeding in accordance with Prudent Servicing Practices.
                   Where applicable, the Servicer shall incorporate any bidding
                   requirements issued by the respective Primary Mortgage
                   Insurer and/or the respective Pool Insurer. Any proceeds
                   received from an insurance loss settlement shall be included
                   as part of the bid amount. Where a claim or claim settlement
                   under a Hazard Insurance or Flood Insurance policy is
                   pending, the Servicer shall contact the Hazard Insurance or
                   Flood Insurance carrier to verify that the proposed bid will
                   not invalidate the claim, in that, in certain jurisdictions,
                   a bid for the total indebtedness will be considered as
                   satisfaction of the debt and would thus bar the Hazard
                   Insurance or Flood Insurance claim..........................
     13.4.3.       Buydown Funds Use...........................................
     13.4.4.       Servicer's Responsibilities.................................
     13.4.5.       Conveyance Documents........................................
Section 13.5   Mortgage Loan Reinstatement
     13.5.1.       Borrower's Full Payment.....................................
     13.5.2.       Borrower's Partial Payment..................................
     13.5.3.       Obligations upon Reinstatement..............................
     13.5.4.       Certain Assumptions Permitted...............................

                                   ARTICLE 14

                               REO Administration

Section 14.1   General Provisions
     14.1.1.       REO Action Plan.............................................
Section 14.2   REO Servicing
     14.2.1.       REO Servicing Requirements..................................
     14.2.2.       Servicer's Responsibilities.................................
     14.2.3.       [Reserved]..................................................
Section 14.3   REO Records and Reports
     14.3.1.       Records Retention...........................................
     14.3.2.       Evidence of Title...........................................
     14.3.3.       REO Expenses................................................
     14.3.4.       REO Documents...............................................
Section 14.4   REO Marketing
     14.4.1.       REO Marketing Efforts.......................................
     14.4.2.       REO Sales...................................................
     14.4.3.       Primary Mortgage Insurance Considerations...................
     14.4.4.       Master Servicer Instructions................................
     14.4.5.       Pool Insurance Considerations...............................
Section 14.5   REO Rehabilitation
     14.5.1.       REO Rehabilitation Requirement..............................
     14.5.2.       [Reserved]..................................................
     14.5.3.       Written Contractor Bids.....................................
     14.5.4.       Primary Mortgage Insurance Considerations...................
Section 14.6   REO Administration Failure.
     14.6.1.       Servicer Removal............................................
     14.6.2.       Servicer's Continuing Obligations...........................
     14.6.3.       Servicer's Duty to Compensate...............................

                                   ARTICLE 15

                         Insurance and Letter of Credit

Section 15.1   General Provisions
     15.1.1.       Insurance Requirements......................................
     15.1.2.       Uninsured Losses............................................
     15.1.3.       Servicer's Obligation to Maintain Insurance.................
     15.1.4.       Insurance Notices...........................................
     15.1.5.       Default by Insurer..........................................
     15.1.6.       Insurance Carrier Rating....................................
     15.1.7.       Insurance Carrier Licenses..................................
     15.1.8.       Risk Exposure...............................................
     15.1.9.       Evidence of Insurance.......................................
Section 15.2   Primary Mortgage Insurance
     15.2.1.       Primary Mortgage Insurance Requirement......................
     15.2.2.       Primary Mortgage Insurance Coverage.........................
     15.2.3.       Primary Mortgage Insurer Downgrading........................
     15.2.4.       Primary Mortgage Insurance Cancellation.....................
     15.2.5.       Primary Mortgage Insurance Claims...........................
Section 15.3   Hazard Insurance
     15.3.1.       Hazard Insurance Requirement................................
     15.3.2.       Hazard Insurance Coverage...................................
     15.3.3.       Hazard Insurance Deductible.................................
     15.3.4.       Hazard Insurance Vacancy Coverage...........................
     15.3.5.       Hazard Insurance Mortgagee Provisions.......................
Section 15.4   Flood Insurance
     15.4.1.       Flood Insurance Requirement.................................
     15.4.2.       Flood Insurance Coverage....................................
     15.4.3.       Flood Insurance Deductible..................................
Section 15.5   Title Insurance
     15.5.1.       Servicer's Obligations......................................
     15.5.2.       Policy Custody..............................................
     15.5.3.       Title Insurance Claims......................................
Section 15.6   Insurance Loss Settlements
     15.6.1.       Settlement Approval.........................................
     15.6.2.       Settlement Disbursements....................................
     15.6.3.       Settlement Funds............................................
     15.6.4.       Settlement Notice...........................................
     15.6.5.       Continuing Coverage.........................................
     15.6.6.       Property Inspections........................................
Section 15.7   Letters of Credit
     15.7.1.       Letter of Credit Draws......................................
     15.7.2.       Draws in the Event of Servicer Termination..................

                                   ARTICLE 16

                          Condominium and PUD Insurance

Section 16.1   General Provisions
     16.1.1.       Applicability...............................................
     16.1.2.       Premiums....................................................
     16.1.3.       Deductible Reserves.........................................
     16.1.4.       Name of Insured.............................................
     16.1.5.       Mortgagee Clause............................................
     16.1.6.       Reconstruction Coverage.....................................
Section 16.2   Common Area Multiple Peril Insurance
     16.2.1.       Common Area Multiple Peril Insurance Requirement............
     16.2.2.       Common Area Multiple Peril Insurance Coverage...............
     16.2.3.       Common Area Multiple Peril Insurance Deductible.............
     16.2.4.       Boiler and Machinery Coverage...............................
Section 16.3   Blanket Hazard Insurance
     16.3.1.       Blanket Hazard Insurance Requirement........................
     16.3.2.       Blanket Hazard Insurance Coverage...........................
     16.3.3.       Blanket Hazard Insurance Deductible.........................
Section 16.4.  Common Area Comprehensive General Liability (CGL) Insurance
     16.4.1.       Common Area CGL Insurance Requirement.......................
     16.4.2.       Common Area CGL Insurance Coverage..........................
Section 16.5   Owners' Association Fidelity Insurance
     16.5.1.       Owners' Association Fidelity Insurance Requirement..........
     16.5.2.       Owners' Association Fidelity Insurance Coverage.............
Section 16.6   Blanket Flood Insurance
     16.6.1.       Blanket Flood Insurance Requirement.........................
     16.6.2.       Blanket Flood Insurance Coverage............................
     16.6.3.       Blanket Flood Insurance Deductible..........................

                                   ARTICLE 17

                                    Advances

Section 17.1   Principal and Interest Advances
     17.1.1.       P&I Advance Requirement.....................................
     17.1.2.       P&I Advance Limitation......................................
     17.1.3.       P&I Advance Recovery........................................
     17.1.4.       Advance During Bankruptcy and Foreclosure...................
Section 17.2   Foreclosure Advances
     17.2.1.       Foreclosure Advance Requirement.............................
     17.2.2.       Foreclosure Advance Limitation..............................
     17.2.3.       Foreclosure Advance Recovery................................
     17.2.4.       Foreclosure Advance Records.................................
Section 17.3   Tax & Insurance Advances
     17.3.1.       T&I Advance Requirement.....................................
     17.3.2.       T&I Advance Recovery........................................
     17.3.3.       T&I Advance Limitation......................................
     17.3.4.       Advance During Bankruptcy and Foreclosure...................
Section 17.4   Non-Recoverable Advances
     17.4.1.       Ordinary Recovery...........................................
     17.4.2.       Final Recovery..............................................
     17.4.3.       Non-Recoverable Advance Determination.......................
Section 17.5   Failure to Advance
     17.5.1.       Grounds for Termination.....................................
     17.5.2.       Servicer Reimbursement......................................
     17.5.3.       Servicer Notification.......................................
Section 17.6   Rehabilitation Advance
     17.6.1.       Rehabilitation Advance Requirement..........................
     17.6.2.       Rehabilitation Advance Limitation...........................
     17.6.3.       Rehabilitation Advance Recovery.............................
Section 17.7   PMI Advances
     17.7.1.       PMI Advance Option..........................................
     17.7.2.       PMI Advance Recovery........................................

                                   ARTICLE 18

                             Reporting Requirements

Section 18.1   Monthly Accounting Reports
     18.1.1.       Monthly Accounting Report Requirement.......................
     18.1.2.       Monthly Accounting Report Elements..........................
     18.1.3.       Automated Reports...........................................
     18.1.4.       Electronic Reporting........................................
     18.1.5.       Machine Readable Records....................................
Section 18.2   Account Reconciliations
     18.2.1.       Reconciliation Preparation..................................
     18.2.2.       Account Records.............................................
Section 18.3   Monthly Remittance Requirements
     18.3.1.       Remittance of Funds.........................................
     18.3.2.       Servicer Compensation.......................................

                                   ARTICLE 19

                     Transfers and Termination of Servicing

Section 19.1   Transfer of Servicing
     19.1.1.       Transfer Prohibition........................................
     19.1.2.       Transfer Request............................................
     19.1.3.       Servicer Liability..........................................
     19.1.4.       Master Servicer's Determination.............................
Section 19.2   Termination of Servicing
     19.2.1.       Grounds for Termination.....................................
     19.2.2.       Trustee Notification........................................
     19.2.3.       Servicer Termination........................................
     19.2.4.       Consequences of Termination.................................
     19.2.5.       Effect of Termination.......................................
     19.2.6.       Custodial Account Threshold Reduction.......................
     19.2.7.       Expenses of Termination.....................................

                                   ARTICLE 20

                            Miscellaneous Provisions

Section 20.1   Amendments
     20.1.1.       Unilateral Authority........................................
     20.1.2.       Consensual Amendment........................................
     20.1.3.       Trustee Notification........................................
     20.1.4.       Trustee Disapproval.........................................
Section 20.2   General Construction
     20.2.1.       Binding Nature..............................................
     20.2.2.       Entire Agreement............................................
     20.2.3.       Governing Law...............................................
     20.2.4.       Indulgences Not Waivers.....................................
     20.2.5.       Titles Not to Affect Interpretation.........................
     20.2.6.       Provisions Severable........................................
     20.2.7.       Servicer an Independent Contractor..........................
     20.2.8.       Third Party Beneficiary.....................................
     20.2.9.       Counterparts................................................
Section 20.3   Regulation AB Compliance; Intent of Parties; Reasonableness.

EXHIBIT A      Wells Fargo & Company Master Guarantee Agreement Regarding
               Custodial P&I Account Funds
EXHIBIT B      Form of Annual Certification
EXHIBIT C      Subservicer Information

<PAGE>

            This Servicing Agreement, made as of this 28th day of September,
2006 (the "Agreement"), between Wells Fargo Bank, N.A., a national banking
association (the "Servicer") and Wells Fargo Bank, N.A., a national banking
association, (the "Master Servicer"), recites and provides as follows:

                                    RECITALS

            WHEREAS, the Servicer is engaged in the business of servicing
residential mortgage loans and the Servicer desires to be retained to service
the Mortgage Loans identified on the Servicer Mortgage Loan Schedule subject to
and in accordance with the terms of this Agreement; and

            WHEREAS, the Master Servicer, acting pursuant to the Pooling and
Servicing Agreement related to the Wells Fargo Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 2006-AR17, will supervise, monitor
and oversee the performance of the Servicer under this Agreement.

            NOW THEREFORE, in consideration of the mutual promises, covenants,
representations and warranties hereinafter set forth, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Servicer and the Master Servicer agree as follows:

<PAGE>

                                    ARTICLE 1

                                   Definitions

            Section 1.1 Definitions.

            ACH: Automated Clearing House.

            Additional Form 10-D Disclosure: As defined in the Pooling and
Servicing Agreement.

            Additional Form 10-K Disclosure: As defined in the Pooling and
Servicing Agreement.

            Adjusted Tangible Net Worth: As of the date of determination
thereof, the sum of: (i) Servicer's Tangible Net Worth; plus (ii) one percent
(1%) of the amount of Servicer's servicing portfolio, as determined by the
Master Servicer in the Master Servicer's reasonable discretion.

            Administration Disclosure: With respect to a Pledged Asset Mortgage
Loan, the Pledged Asset Mortgage Loan Administration and Information Sharing
Disclosure and Acknowledgment executed by the related Borrower.

            Advance: Any payment made with respect to a Mortgage Loan or the
related Mortgaged Property by the Servicer from its own funds made in the nature
of an advance pursuant to the provisions of this Agreement.

            Affiliate: Any person or entity controlling, controlled by or under
common control with a specified entity. The term "control" means the power to
direct the management and policies of a person or entity, directly or
indirectly, whether through ownership of voting securities, by contract or
otherwise. "controlling" and "controlled" shall have meanings correlative to the
foregoing.

            Amounts Held for Future Distribution: As to any Remittance Date,
amounts on account of (i) all Unscheduled Principal Receipts received after the
last day of the Applicable Unscheduled Principal Receipt Period ending in the
month of such Remittance Date and all related payments of interest on such
principal prepayments and amounts received from the Servicer or a Representing
Party in the month of such Remittance Date as the Purchase Price for any
repurchased Mortgage Loan and (ii) payments which represent early receipt of
scheduled payments of principal and interest due on a date or dates subsequent
to the related Due Date.

            Applicable Unscheduled Principal Receipt Period: With respect to the
Type 1 Mortgage Loans and both Full Unscheduled Principal Receipts and Partial
Unscheduled Principal Receipts, the Mid-Month Receipt Period. With respect to
the Type 2 Mortgage Loans and both Full Unscheduled Principal Receipts and
Partial Unscheduled Principal Receipts, the Prior Month Receipt Period.

            Appraisal Report: A report setting forth the fair market value of a
Mortgaged Property as determined by an appraiser who, at the time the appraisal
was conducted, met the minimum qualifications of FNMA and FHLMC for appraisers
of conventional residential mortgage loans.

            ARM Loan: A Mortgage Loan, if any, the Mortgage Interest Rate of
which is subject to periodic adjustment in accordance with the terms of the
related Mortgage Note.

            Assigned Letter of Credit: A Letter of Credit related to a Pledged
Asset Mortgage Loan originated on or after June 14, 2002 where the named
beneficiary has been changed from Wells Fargo Bank to the Trustee.

            Assignment: The document which transfers all the rights of the
secured party pursuant to a Security Instrument to a transferee for valid
consideration.

            Assumption: The process whereby, on sale or transfer of a legal or
beneficial interest in a Mortgaged Property, the new owner of such Mortgaged
Property becomes legally obligated under the terms of the related existing
Security Instrument, Mortgage Note and any addenda and riders to such Security
Instrument or Mortgage Note. Subsequent to the Assumption, the new owner of the
property shall be deemed to be the Borrower under the related Mortgage Loan
Documents.

            Balloon Amount: The remaining principal balance to be paid at
maturity of a Balloon Loan by the related Borrower pursuant to the terms of the
related Mortgage Note.

            Balloon Loan: A Mortgage Loan, if any, which amortizes its principal
payments over a period which is longer than the stated maturity of such Mortgage
Loan pursuant to the terms of the related Mortgage Note so as to require the
payment of the Balloon Amount at maturity in order to retire the Mortgage Loan.

            Bankruptcy Code: The Bankruptcy Code of 1978, as amended.

            BIF: The Bank Insurance Fund.

            Borrower: The individual obligated to repay a Mortgage Loan. (The
Borrower may be the beneficiary or beneficiaries of an Illinois land trust when
the Mortgaged Property is located in Illinois.)

            Business Day: Any day other than (i) a Saturday or a Sunday, or (ii)
a legal holiday in the City of New York, State of Maryland, State of Minnesota
or State of Iowa or (iii) a day on which banking institutions in the City of New
York, or the State of Maryland, State of Minnesota or State of Iowa are
authorized or obligated by law or executive order to be closed.

            Buydown Agreement: An agreement governing the application of Buydown
Funds with respect to a Mortgage Loan.

            Buydown Funds: Money advanced by a builder, seller or other
interested party to reduce a Borrower's Monthly Payment during the initial years
of a Mortgage Loan.

            Certificate Account: A segregated custodial account established by
the Master Servicer into which the Servicer shall remit funds from the related
Custodial P&I Account.

            Certificates: As defined in the Pooling and Servicing Agreement.

            Certificateholders: As defined in the Pooling and Servicing
Agreement.

            Code: The Internal Revenue Code of 1986, as it may be amended from
time to time, any successor statutes thereto, and applicable U.S. Department of
the Treasury temporary or final regulations promulgated thereunder.

            Commission: The United States Securities and Exchange Commission.

            Condominium Project: Real estate including the separate ownership in
fee, or on a satisfactory leasehold estate, of a particular residential unit
with an indivisible interest in the real estate designated for common ownership
strictly by unit owners.

            Condominium Unit: A Single Family Property within a Condominium
Project.

            Converted Mortgage Loan: An ARM Loan with respect to which the
Borrower has complied with the applicable requirements of the related Mortgage
Note to convert the related Mortgage Interest Rate to a fixed rate of interest,
and the Servicer has processed such conversion.

            Co-op Shares: Shares issued by private non-profit housing
corporations.

            Current Value: The appraised value of the related Mortgaged Property
(a) from an Appraisal Report conducted within six (6) months of the use of such
value under this Agreement or (b) determined by such other method acceptable to
the Master Servicer.

            Curtailment: A partial prepayment by the Borrower of principal on a
Mortgage Loan that otherwise is current, which prepayment is not accompanied by
an amount representing the full amount of scheduled interest due on the related
Mortgage Loan.

            Custodial Agreement: As defined in the Pooling and Servicing
Agreement.

            Custodial Buydown Account: An account maintained by the Servicer
specifically to hold all Buydown Funds to be applied to individual Mortgage
Loans.

            Custodial Principal and Interest (P&I) Account: An account
maintained by the Servicer, specifically for the collection of principal and
interest, Insurance Proceeds, Liquidation Proceeds and other amounts received
with respect to Mortgage Loans.

            Custodial Subsidy Account: An account maintained by the Servicer
specifically to hold all Subsidy Funds to be applied to individual Mortgage
Loans.

            Custodial Taxes and Insurance (T&I) Account: An account maintained
by the Servicer, specifically for the payment of real estate tax assessments and
insurance premiums in respect of Mortgaged Property related to Mortgage Loans.

            Custodian: The Corporate Trust Services division of Wells Fargo Bank
or its successor in interest under the Custodial Agreement.

            Cut-Off Date: As specified in Article XI of the Pooling and
Servicing Agreement.

            Debt Service Reduction: With respect to any Mortgage Loan, a
reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of
competent jurisdiction in a proceeding under the Bankruptcy Code, except such a
reduction constituting a Deficient Valuation.

            Deficient Valuation: With respect to any Mortgage Loan the related
Mortgaged Property of which is involved in a bankruptcy proceeding, the
reduction by the bankruptcy court of the Unpaid Principal Balance of the
Mortgage Note.

            Delinquency/Delinquent: A Delinquency with respect to a Mortgage
Loan occurs, or a Mortgage Loan is Delinquent when all or part of a Borrower's
Monthly Payment or, where applicable, an Escrow Item is paid after the
applicable Due Date. For reporting purposes, a Delinquency that remains uncured
for 30 days or more, but less than 60 days, is considered a 30-day Delinquency.
A Delinquency that has been uncured for more than 60 days, but less than 90
days, is considered a 60-day Delinquency. A Delinquency that has been uncured
for 90 days or more is considered a 90-day Delinquency. The foregoing shall be
determined based on an assumption of a year comprised of twelve 30-day months.

            Depositor: Wells Fargo Asset Securities Corporation.

            Determination Date: The 17th day of the month in which the related
Remittance Date occurs, or if such 17th day is not a Business Day, the Business
Day preceding such 17th day.

            Directly Operate: With respect to any REO, the direct or indirect
furnishing or rendering of services to the tenants thereof, management or
operation of such REO, the holding of such REO primarily for sale to customers,
performance of any construction work thereon or any use of such REO in a trade
or business, in each case other than with the approval of the Master Servicer;
provided, however, that the Servicer shall not be considered to Directly Operate
an REO solely because it establishes rental terms, chooses tenants, enters into
or renews leases, deals with taxes and insurance, or makes decisions as to
repairs or capital expenditures with respect to such REO.

            Distribution Date: As defined in the Pooling and Servicing
Agreement.

            Document Transfer Date: As defined in the Pooling and Servicing
Agreement.

            Document Transfer Event: As defined in the Pooling and Servicing
Agreement.

            Due Date: With respect to a Mortgage Loan, the day of each month on
which a Monthly Payment and, where applicable, any Escrow Funds payment is due
as stated in the related Mortgage Note. The Due Date for all Mortgage Loans
shall be the first day of each month.

            Due-On-Sale Clause: The clause in a Security Instrument requiring
the payment of the Unpaid Principal Balance of the related Mortgage Loan upon
the sale of, or the transfer of an interest in, the related Mortgaged Property.

            Eligible Account: As defined in the Pooling and Servicing Agreement.

            Eligible Custodial P&I Account: As defined in Section 6.1.2.

            Eligible Investments: As defined in the Pooling and Servicing
Agreement.

            Errors and Omissions Policy: An insurance policy naming the Trustee,
its successors and assigns as loss payees relative to losses caused by errors or
omissions of the Servicer and its personnel, including, but not limited to
losses caused by the failure to pay insurance premiums or taxes, to record or
perfect liens, to effect valid transfers of Mortgage Notes, or to properly
service Mortgage Loans.

            Escrow Funds: All funds collected with respect to a Mortgage Loan by
the Servicer to cover related Escrow Items according to the provisions of this
Agreement.

            Escrow Item: An expense required to be paid by a Borrower under the
related Security Instrument including, without limitation, taxes, special
assessments, ground rents, water, sewer and other governmental impositions or
charges that are or may become liens on the related Mortgaged Property prior to
that of the related Security Instrument, as well as Hazard Insurance, Flood
Insurance and Primary Mortgage Insurance premiums.

            Exchange Act: The Securities Exchange Act of 1934, as amended.

            FDIC: Federal Deposit Insurance Corporation and its successors.

            FHA: The Federal Housing Administration and its successors.

            FHLMC: Federal Home Loan Mortgage Corporation and its successors.

            Fidelity Bond: An insurance policy naming the Trustee, its
successors and assigns as loss payees relative to losses caused by improper or
unlawful acts of the Servicer's personnel.

            Final Title Condition Report. A title condition report issued by
American Land Title Company, Inc., a wholly-owned subsidiary of the Servicer,
evidencing that according to the records of the county in which the Mortgaged
Property is located, the Security Instrument is a valid first lien on the
related Mortgaged Property subject only to permitted encumbrances.

            Flood Insurance: An insurance policy insuring against flood damage
to a Mortgaged Property, where required.

            FNMA: Federal National Mortgage Association and its successors.

            Form 8-K: As defined in the Pooling and Servicing Agreement.

            Form 8-K Disclosure Information: As defined in the Pooling and
Servicing Agreement.

            Form 10-D: As defined in the Pooling and Servicing Agreement.

            Form 10-K: As defined in the Pooling and Servicing Agreement.

            Full Unscheduled Principal Receipt: Any Unscheduled Principal
Receipt with respect to a Mortgage Loan (i) in the amount of the outstanding
principal balance of such Mortgage Loan and resulting in the full satisfaction
of such Mortgage Loan or (ii) representing Liquidation Proceeds other than
Partial Liquidation Proceeds.

            GNMA: Government National Mortgage Association and its successors.

            GPM (or GPARM) Loan: A fixed rate Mortgage Loan or ARM Loan, if any,
that provides during a portion of its term that the interest portion of the
Monthly Payment on such Mortgage Loan shall be less than the full amount of
interest due on such Mortgage Loan based on the related Mortgage Interest Rate.

            Gross Margin: With respect to each ARM Loan, the fixed percentage
specified in the related Mortgage Note that is added to the applicable Index on
each Interest Adjustment Date to determine the new Mortgage Interest Rate for
such ARM Loan.

            Hazard Insurance: A fire and casualty extended coverage insurance
policy insuring against loss or damage from fire and other perils covered within
the scope of standard extended hazard coverage naming the Servicer, its
successors and assigns, as a mortgagee under a standard mortgagee clause,
together with all riders and endorsements thereto.

            HUD: The United States Department of Housing and Urban Development
and its successors.

            Index: With respect to each ARM Loan, the applicable index specified
in the related Mortgage Note that is added to the related Gross Margin on each
Interest Adjustment Date to determine the new Mortgage Interest Rate for such
ARM Loan.

            Insurance Policy: Any insurance policy for a Mortgage Loan required
hereunder, including, without limitation, Primary Mortgage Insurance, Hazard
Insurance, Flood Insurance, Pool Insurance and Title Insurance policies.

            Insurance Proceeds: Proceeds from an Insurance Policy, other than
such proceeds which are applied by the Borrower or held to be applied by the
Borrower to the restoration of the related Mortgaged Property.

            Interest Adjustment Date: With respect to each ARM Loan, the date on
which the related Mortgage Interest Rate changes in accordance with the terms of
such Mortgage Note, the first of which is set forth in such Mortgage Note and on
the respective Servicer Mortgage Loan Schedule.

            Letter of Credit: With respect to a Pledged Asset Mortgage Loan, a
letter of credit issued by the Pledge Holder which may be drawn on by the
Servicer in the event that the related Pledged Asset Mortgage Loan continues in
default for 90 days.

            Liquidation: Application of full payment to a Mortgage Loan which
results in the release of the lien of the related Security Instrument on any
related Mortgaged Property, whether through foreclosure and sale of the related
REO, condemnation, prepayment in full or otherwise, or the realization of all
sums from the final disposition of the related REO, provided that when a PMI
Advance is made with respect to a Mortgage Loan, for purposes of Sections 7.6,
7.7, 18.1 and 18.3, the Liquidation of a Mortgage Loan will be deemed to have
occurred upon the application of all payments to the Mortgage Loan other than
the Primary Mortgage Insurance proceeds covered by such PMI Advance.

            Liquidation Proceeds: The amount received or advanced by the
Servicer which ultimately relates to the Liquidation of a Mortgage Loan,
including any PMI Advances and amounts received by drawing on a Letter of Credit
in connection with the Liquidation of a Mortgage Loan.

            Liquidation Profits: As defined in the Pooling and Servicing
Agreement.

            Loan Originator: The entity that closes a Mortgage Loan in its own
name.

            Loan-to-Value (LTV): The ratio that results when the Unpaid
Principal Balance of a Mortgage Loan is divided by the Value of the related
Mortgaged Property.

            Lost Note Affidavit: An affidavit executed by an Officer of the
Servicer identifying the applicable Mortgage Note, stating that such Mortgage
Note has not been located after a thorough and diligent search and agreeing to
indemnify the purchaser of the Mortgage Loan against any loss from the
unavailability of the original Mortgage Note. Attached to such affidavit shall
be a true and correct copy of the original Mortgage Note.

            Master Servicer: Wells Fargo Bank or any successors or assigns.
Initially, the maser servicing function will be performed by the Corporate Trust
Services division of Wells Fargo Bank.

            Master Servicer Loan Number: A unique number assigned by the Master
Servicer to each Mortgage Loan set forth in the Servicer Mortgage Loan Schedule.

            Maximum Lifetime Mortgage Interest Rate: With respect to each ARM
(or GPARM) Loan, the interest rate set forth in the related Mortgage Note as the
maximum Mortgage Interest Rate thereunder.

            Maximum Negative Amortization Amount: With respect to any Mortgage
Loan that provides for negative amortization, the maximum principal balance
which is permitted under the terms of the related Mortgage Note.

            MERS: Mortgage Electronic Registration Systems, Inc. or its
designee.

            Mid-Month Receipt Period: With respect to each Remittance Date, the
one month period beginning on the Determination Date occurring in the calendar
month preceding the month in which such Remittance Date occurs and ending on the
day preceding the Determination Date immediately preceding such Remittance Date.

            Minimum Lifetime Mortgage Interest Rate: With respect to each ARM
Loan, the interest rate set forth in the related Mortgage Note as the minimum
Mortgage Interest Rate thereunder, if any.

            Month End Interest: In the event that any Prepayments in Full of any
Mortgage Loans are received by the Servicer after the Applicable Unscheduled
Principal Receipt Period in the month in which such prepayments occurred, the
lesser of (i) the aggregate of the difference for each such Mortgage Loan
between the interest payment that would have been paid on such Mortgage Loan
that was prepaid through the last day of the month in which such prepayment
occurred and the interest payment actually received by the Servicer on such
Mortgage Loan that was prepaid and (ii) the product of 1/12th of 0.20% and the
aggregate of the Scheduled Principal Balance of all the Mortgage Loans serviced
hereunder.

            Month End Interest Shortfall: The excess of the amount described in
clause (i) of the definition of Month End Interest over the amount described in
clause (ii) of the definition thereof.

            Monthly Accounting Reports: The reports due from the Servicer on a
monthly basis (in the case of Type 2 Mortgage Loans, due no later than the tenth
calendar day of the month, or the preceding Business Day if the tenth day is not
a Business Day and, in the case of Type 1 Mortgage Loans, due no later than the
18th calendar day of the month, or the preceding Business Day if the 18th day is
not a Business Day) relative to all Mortgage Loans serviced by the Servicer,
which reports are required to be submitted to the Master Servicer.

            Monthly Payment: With respect to any Mortgage Loan, the scheduled
monthly payment of principal and interest due in the applicable month under the
terms of the related Mortgage Note.

            Monthly Remittance: The Servicer's aggregate payment due each month
to the Certificate Account as specified in Section 18.3.1.

            Mortgage Interest Rate: The interest rate payable by the Borrower on
a Mortgage Loan according to the terms of the Mortgage Note which, in the case
of ARM Loans, may be adjusted periodically as provided in such Mortgage Note.

            Mortgage Loan: A mortgage loan identified on the Servicer Mortgage
Loan Schedule. "Mortgage Loan" includes all of the Trustee's right, title and
interest in and to such Mortgage Loan, including, without limitation, the
related Mortgage Loan Documents and all other material and information collected
by the Servicer in connection with the Mortgage Loan including Monthly Payments,
Liquidation Proceeds, Insurance Proceeds and all other rights, benefits and
proceeds arising from or in connection with such Mortgage Loan.

            Mortgage Loan Documents. With respect to a Mortgage Loan, the
documents to be delivered to the Custodian pursuant to Section 2.01 of the
Pooling and Servicing Agreement, and all other documents described in Article 9
hereof.

            Mortgage Loan Purchase Agreement: As defined in the Pooling and
Servicing Agreement.

            Mortgage Note: A manually executed written instrument evidencing the
related Borrower's promise to repay a stated sum of money, plus interest, to the
related Loan Originator by a specific date according to a schedule of monthly
principal and interest payments.

            Mortgage Note Assumption Rider: A rider attached to a Mortgage Note
which states the terms upon which an Assumption may occur, including, but not
limited to, consent in writing by the insurer under any Primary Mortgage
Insurance Policy with respect to the related Mortgage Loan.

            Mortgage Pass-Through Certificates: The specific series of Wells
Fargo Asset Securities Corporation, mortgage pass-through certificates specified
on page 1 of this Agreement.

            Mortgaged Property: Land, improvements thereon and other property
subject to the lien of a Security Instrument, which may include Co-op Shares or
residential long-term leases, securing repayment of the debt evidenced by the
related Mortgage Note.

            Mortgagee: The secured party to which a Security Instrument
initially grants a lien on the related Mortgaged Property.

            Net Mortgage Interest Rate: With respect to a Mortgage Loan, the
difference between (a) the Mortgage Interest Rate on such Mortgage Loan and (b)
the Servicing Fee Percentage.

            Non-Assigned Letter of Credit: A Letter of Credit where the named
beneficiary is Wells Fargo Bank.

            Non-Recoverable Advance: Any amount previously advanced by the
Servicer with respect to a Mortgage Loan which the Servicer has determined,
pursuant to the terms of this Agreement, not to be recoverable from Insurance
Proceeds, Liquidation Proceeds or other payments with respect to such Mortgage
Loan.

            Notice of Periodic Adjustment: With respect to each ARM Loan, a
notice provided to the Borrower of any changes or adjustments to the related
Mortgage Interest Rate or the related Monthly Payment.

            Officer: An officer of a corporation or a principal of a
partnership, who is authorized to execute documents on behalf of his corporation
or partnership, respectively.

            Opinion of Counsel: A written opinion of counsel, reasonably
acceptable in form and substance to the Master Servicer, and who may be in-house
or outside counsel to the Servicer but which must be Independent outside counsel
with respect to any such opinion of counsel concerning the taxation, or status
for tax purposes, of the Trustee.

            Owner Mortgage Loan File: With respect to each Mortgage Loan, a file
maintained by the Custodian for such Mortgage Loan, which file contains the
documents specified in Section 2.01(a) of the Pooling and Servicing Agreement,
as well as any other documents required to be added to the Owner Mortgage Loan
File pursuant to the Pooling and Servicing Agreement.

            P&I Advance: An advance by the Servicer of any principal and
interest payments not timely paid by the related Borrower (other than with
respect to a Balloon Loan, any amounts of principal payments in respect of
Balloon Amounts) to ensure that there are sufficient funds to cover the Monthly
Remittance on each Remittance Date.

            Partial Liquidation Proceeds: As to any Remittance Date, Liquidation
Proceeds received by the Servicer on a Mortgage Loan during the related Partial
Liquidation Receipt Period other than those Liquidation Proceeds received during
such Partial Liquidation Receipt Period which result from the complete and final
Liquidation of such Mortgage Loan.

            Partial Liquidation Receipt Period: As to any Remittance Date, the
period from and including the Determination Date occurring in the month
preceding the month of such Remittance Date (or, in the case of the first
Remittance Date, from and including the Cut-off Date) to but not including the
Determination Date occurring in the month of such Remittance Date.

            Partial Unscheduled Principal Receipt: An Unscheduled Principal
Receipt which is not a Full Unscheduled Principal Receipt.

            Payment Adjustment Date: With respect to each ARM Loan, the date on
which the Borrower's Monthly Payment changes in accordance with the terms of the
related Mortgage Note.

            Periodic Payment Cap: With respect to an ARM Loan, the limit on the
percentage increase that may be made on the related Monthly Payment on any
Payment Adjustment Date, as set forth in the related Mortgage Note.

            Periodic Rate Cap: With respect to an ARM Loan, the limit, expressed
as incremental percentage points, on the increase or decrease that may be made
to the related Mortgage Interest Rate on any Interest Adjustment Date from such
Mortgage Interest Rate immediately prior to such Interest Adjustment Date, as
set forth in the related Mortgage Note.

            Person: Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust or unincorporated organization.

            Pledge Holder: The entity which issued a Letter of Credit.

            Pledged Asset Mortgage Loan : A Mortgage Loan as to which, at the
time of origination, a Letter of Credit was issued in favor of the initial
holder of such Mortgage Loan.

            PMI Advance: As defined in Section 17.7.1.

            Pool Insurance: An insurance policy insuring against certain credit
risk losses on certain Mortgage Loans up to a certain amount.

            Pool Insurer: With respect to any Mortgage Loan, the insurer under
the Pool Insurance policy relating to such Mortgage Loan.

            Pooling and Servicing Agreement: The pooling and servicing agreement
among Wells Fargo Asset Securities Corporation, as depositor, Wells Fargo Bank,
N.A., as master servicer, the Trustee, and, if applicable, the Trust
Administrator, relating to the issuance of the Mortgage Pass-Through
Certificates.

            Preliminary Title Report: A report issued by a title insurance
company in anticipation of issuing a Title Insurance policy which evidences
existing liens and gives a preliminary opinion as to the absence of any
encumbrance on title to a Mortgaged Property, except liens to be removed on or
before purchase or refinance, as the case may be, by the Borrower and Permitted
Encumbrances.

            Prepayment In Full: With respect to any Mortgage Loan, any payment
by the Borrower in the amount of the outstanding principal balance of such
Mortgage Loan which is received in advance of its Due Date and is not
accompanied by an amount representing scheduled interest for any period
subsequent to the date of prepayment.

            Primary Mortgage Insurance: Insurance obtained from a Primary
Mortgage Insurer which insures the holder of a Mortgage Note against loss in the
event the related Borrower defaults under such Mortgage Note or the related
Security Instrument, including all riders and endorsements thereto.

            Primary Mortgage Insurer: With respect to any Mortgage Loan, the
insurer under the Primary Mortgage Insurance policy relating to such Mortgage
Loan.

            Prior Month Receipt Period: With respect to each Remittance Date,
the calendar month preceding the month in which such Remittance Date occurs.

            Property Inspection Report: A report, submitted by the Servicer to
the Master Servicer, describing the related Mortgaged Property.

            Prospectus: As defined in the Pooling and Servicing Agreement.

            Prudent Servicing Practices: Such practices observed generally by
servicers in discharging their servicing obligations in a prudent manner in
accordance with industry standards for mortgage loans similar to the Mortgage
Loans.

            PUD (Planned Unit Development): A parcel of real estate that
contains property and improvements owned and maintained by a homeowners'
association, corporation or trust for the enjoyment and use of individual PUD
Unit owners within that parcel of land. The shared portions of the parcel are
known as common property.

            PUD Unit: A single family residential property within a PUD.

            Purchase Price: With respect to any Mortgage Loan required to be
purchased by the Servicer pursuant to Section 5.1.3 or Section 8.3.3 hereof, an
amount equal to (a) the Unpaid Principal Balance of the Mortgage Loan, plus (b)
accrued interest thereon at the Mortgage Interest Rate through the last day of
the month in which the purchase occurs, and, if the Servicer is the entity
paying the Purchase Price, minus (c) any unreimbursed advances of principal and
interest made by the Servicer on such Mortgage Loan and any outstanding
Servicing Fee owed with respect to such Mortgage Loan. Further, in connection
with any such purchase of a Mortgage Loan as a result of a breach of a
representation or warranty under this Agreement, the Servicer shall provide the
Trustee with an indemnity, in form and substance satisfactory to the Master
Servicer, against additional costs, expenses and taxes arising out of the
repurchase. With respect to any Mortgage Loan purchased or repurchased from the
Trustee pursuant to an agreement other than this Agreement, the purchase price
specified in such other agreement.

            Rating Agency: As defined in the Pooling and Servicing Agreement.

            Real Estate Owned (REO): Any Mortgaged Property the title to which
is acquired on behalf of the Trustee through foreclosure, deed-in-lieu of
foreclosure, abandonment or reclamation from bankruptcy in connection with a
defaulted Mortgage Loan.

            Realized Loss: As to any defaulted Mortgage Loan, any loss realized
by the Trustee of such Mortgage Loan as calculated pursuant to Section 7.7
hereof.

            Recovery : As defined in the Pooling and Servicing Agreement.

            Reference Bank: Wells Fargo Bank, N.A. or if such entity is no
longer lending money or no longer quoting a prime rate, such other entity as the
Master Servicer may specify by written notice to the Servicer.

            Regulation AB: Subpart 229.1100 - Asset Backed Securities
(Regulation AB), 17 C.F.R. ss.ss.229.1100-229.1123, as such may be amended from
time to time, and subject to such clarification and interpretation as have been
publicly provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan.
7, 2005)) or by the staff of the Commission, or as may be provided by the
Commission or its staff from time to time.

            Relevant Servicing Criteria: The Servicing Criteria applicable to
the Servicer, as set forth on Exhibit R to the Pooling and Servicing Agreement.
For clarification purposes, multiple parties can have responsibility for the
same Relevant Servicing Criteria. With respect to a Subcontractor or Subservicer
engaged by the Servicer, the term "Relevant Servicing Criteria" refers to the
portion of the Relevant Servicing Criteria applicable to the Servicer insofar as
the functions required to be performed by the Servicer are to be performed by
the Subcontractor or Subservicer, as applicable.

            REMIC: The segregated pool or pools of assets designated as one or
more real estate mortgage investment conduits, within the meaning of the REMIC
Provisions, pursuant to the Pooling and Servicing Agreement.

            REMIC Provisions: The provisions of the federal income tax law
relating to real estate mortgage investment conduits, which appear at Sections
860A through 860G of the Code, and related provisions, and regulations and
rulings promulgated thereunder, as the foregoing may be in effect from time to
time and including any proposed legislation or regulations which, as proposed,
would have an effective date prior to enactment thereof.

            Remittance Date: The 24th day of each month (or the preceding
Business Day if the 24th day is not a Business Day). Each month, the Servicer
must transfer all required funds from the Custodial P&I Account to the
Certificate Account on or before the Remittance Date.

            Rents from Real Property: With respect to any REO, gross income of
the character described in Section 856(d) of the Code (generally, rent for the
use of real property, the amount of which is not dependent, in whole or in part,
upon the income or profit of any person, including certain payments for certain
services and personal property incidental to and customarily provided in
connection with the rental of such real property.)

            REO Disposition: The receipt by the Servicer of Liquidation Proceeds
and other payments and recoveries (including proceeds of a final sale) from the
sale or other disposition of the REO.

            REO Disposition Period: The period of time in which the Servicer
shall dispose or cooperate with the Trustee in disposing of an REO as set forth
in Section 14.4.2.

            Reportable Event: As defined in the Pooling and Servicing Agreement.

            Representing Party: A Person that has transferred Mortgage Loans,
directly or through one or more intermediaries, to the Trustee pursuant to an
agreement for the sale of Mortgage Loans pursuant to which a Representing Party
has made representations and warranties with respect to certain Mortgage Loans,
and under which the Trustee, its successors and assigns has recourse against
such Representing Party for any breach thereunder with respect to such Mortgage
Loans.

            Retained Mortgage Loan File: A file for each Mortgage Loan
maintained by the Servicer prior to any Document Transfer Date and by the
Custodian after any Document Transfer Date that contains the documents specified
in Section 2.01(b) of the Pooling and Servicing Agreement and any additional
documents required to be added to the Retained Mortgage Loan File pursuant to
the Pooling and Servicing Agreement.

            SAIF: The Savings Association Insurance Fund.

            Sarbanes-Oxley Certification: As defined in the Pooling and
Servicing Agreement.

            Scheduled Principal Balance: With respect to each Mortgage Loan (or
related REO), the principal balance of such Mortgage Loan as of the applicable
Due Date calculated by taking into account the application of any Monthly
Payments due on or before such Due Date (whether or not such Monthly Payments
were received from the Borrower), and Curtailments, Insurance Proceeds or
Liquidation Proceeds, and Realized Losses received or realized by the Servicer
prior to such Due Date.

            Securities Act: The Securities Act of 1933, as amended.

            Security Instrument: A written instrument creating a valid first
lien on a Mortgaged Property. A Security Instrument may be in the form of a
mortgage, deed of trust, deed to secure debt or security deed, including any
riders and addenda thereto.

            Servicer: Wells Fargo Bank, the entity that has entered into this
Agreement with the Master Servicer and any successors or assigns of Wells Fargo
Bank. Initially the servicing functions will be performed by the Wells Fargo
Home Mortgage division of Wells Fargo Bank.

            Servicer Loan Mortgage Number: A unique number assigned by the
Servicer to a Mortgage Loan.

            Servicer Mortgage Loan File: A file maintained by the Servicer for
each Mortgage Loan that contains the documents specified in Section 9.2 hereof,
as well as any other documents that come into the Servicer's possession with
respect to a Mortgage Loan.

            Servicer Mortgage Loan Schedule: The Mortgage Loans on the Mortgage
Loan Schedule (as defined in the Pooling and Servicing Agreement) that are
serviced by the Servicer.

            Servicing Criteria: The "servicing criteria" set forth in Item
1122(d) of Regulation AB, as such may be amended from time to time.

            Servicing Fee: For each Mortgage Loan, the compensation due the
Servicer in an amount equal to the product of (i) one-twelfth of the Servicing
Fee Percentage and (ii) the Scheduled Principal Balance of the Mortgage Loan as
of the immediately preceding Due Date (without taking into account any payment
of principal due on such Due Date).

            Servicing Fee Percentage: With respect to each Mortgage Loan, the
percentage specified on the Servicer Mortgage Loan Schedule.

            Single Family Property: A one-unit residential property.

            Subcontractor: Any vendor, subcontractor or other Person that is not
responsible for the overall servicing (as "servicing" is commonly understood by
participants in the mortgage-backed securities market) of the Mortgage Loans but
performs one or more discrete functions identified in Item 1122(d) of Regulation
AB with respect to the Mortgage Loans under the direction or authority of the
Servicer or a Subservicer.

            Subservicer: Any Person that services the Mortgage Loans on behalf
of the Servicer or any Subservicer and is responsible for the performance
(whether directly or through Subservicers or Subcontractors) of a substantial
portion of the material servicing functions required to be performed by the
Servicer under this Agreement that are identified in Item 1122(d) of Regulation
AB.

            Subsidy Funds: Funds contributed by the employer of a Borrower in
order to reduce the payments required from the Borrower for a specified period
in specified amounts.

            Subsidy Loan: A Mortgage Loan, if any, subject to a temporary
interest subsidy agreement pursuant to which the monthly interest payments made
by the related Borrower will be less than the scheduled monthly interest
payments on such Mortgage Loan, with the resulting difference in interest
payments being provided by the employer of the Borrower.

            Tangible Net Worth: As of the date of determination thereof, the par
value (or value stated on the Servicer's books) of the capital stock of all
classes of the Servicer, plus, or minus in the case of a deficiency, the amount
of paid in capital and retained earnings of the Servicer, all determined in
accordance with generally accepted accounting principles as are then in effect.
The Master Servicer may exclude assets that are unacceptable, in the Master
Servicer's reasonable discretion, from the determination of the Servicer's
Tangible Net Worth.

            T&I Advance: An advance by the Servicer of any taxes and insurance
premiums due with respect to any Mortgage Loan.

            Threshold Amount: With respect to any Custodial P&I Account, (i)
$100,000 or, in the case of any Eligible Custodial P&I Account, the aggregate
amount on deposit therein (i.e., an unlimited amount); or (ii) after any notice
has been given pursuant to Section 19.2.6, the amount specified in such notice.

            Title Insurance: An American Land Title Association (ALTA) mortgage
loan title policy form 1970, or other form of Title Insurance Policy acceptable
to FNMA or FHLMC, including all riders and endorsements thereto, insuring that
the Security Instrument constitutes a valid first lien on the related Mortgaged
Property subject only to permitted encumbrances.

            Transfer of Ownership: Includes, but is not limited to, the
conveyance of a Mortgaged Property, whether legal or equitable, voluntary or
involuntary, by any of the following methods:

            (a)   outright sale;
            (b)   deed;
            (c)   installment sale contract;
            (d)   land contract;
            (e)   contract for deed;
            (f)   leasehold interest with the term greater than three years;
            (g)   lease with option to purchase;
            (h)   land trust; or
            (i)   any other conveyance of an interest in real property,
                  including those involving secondary financing.

            Trust : The trust created by the Pooling and Servicing Agreement.

            Trust Administrator: If applicable, the trust administrator
specified in the Pooling and Servicing Agreement, its successors and assigns.

            Trustee: The trustee specified in the Pooling and Servicing
Agreement, its successors and assigns.

            Type 1 Mortgage Loans: The Mortgage Loans identified on the Mortgage
Loan Schedule as Type 1 Mortgage Loans.

            Type 2 Mortgage Loans: The Mortgage Loans identified on the Mortgage
Loan Schedule as Type 2 Mortgage Loans.

            Unpaid Principal Balance: With respect to any Mortgage Loan, the
outstanding principal balance payable by the Borrower under the terms of the
Mortgage Note.

            Unscheduled Principal Receipt: Any Mortgagor payment or other
recovery of principal on a Mortgage Loan which is received in advance of its Due
Date and is not accompanied by an amount representing scheduled interest for any
period subsequent to the date of prepayment, including, without limitation,
prepayments of principal (whether full or partial), Liquidation Proceeds,
Partial Liquidation Proceeds, Insurance Proceeds, proceeds of REO Dispositions,
Recoveries and proceeds received from any condemnation award or proceeds in lieu
of condemnation other than that portion of such proceeds released to the
mortgagor in accordance with the terms of the Mortgage Loan Documents or Prudent
Servicing Practices and excluding any proceeds of a repurchase of a Mortgage
Loan by the Servicer or a Representing Party.

            Value: The lesser of the appraised value or sales price of the
related Mortgaged Property at the time the Mortgage Loan is closed. For a
refinanced Mortgage Loan, the Value of the related Mortgaged Property is its
appraised value at the time the refinanced Mortgage Loan is closed.

            Wells Fargo Bank: Wells Fargo Bank, N.A., or its successor in
interest.

<PAGE>

                                    ARTICLE 2

                                  Construction

      Section 2.1 Legal Construction

            2.1.1. Compliance with Applicable Law. The obligations of the
Servicer pursuant to this Agreement shall at all times be performed in
compliance with all applicable laws.

            2.1.2. Potential Conflict. If any obligation of the Servicer
pursuant to this Agreement shall give rise to a potential conflict with
applicable law, such obligation shall be construed so as to (a) comply with all
applicable laws and (b) effectuate with respect to such obligations, to the
fullest extent permitted by law, the intention of the parties hereto as
expressed in this Agreement.

            2.1.3. Consistent Legal Compliance. The fact that certain provisions
of this Agreement contain language which expressly requires compliance with all
applicable laws, shall not give rise to an implication that other provisions,
which do not expressly include such language, operate in derogation of the
requirement for such legal compliance.

            2.1.4. General Interpretive Rules. For purposes of this Agreement,
except as otherwise expressly provided or unless the context otherwise requires,
(i) the terms defined in this Agreement have the meanings assigned to them in
this Agreement and include the plural as well as the singular, and the use of
any gender herein shall be deemed to include the other gender; (ii) reference
herein to "Article", "Section", "Clause", and other subdivisions, and to
"Exhibits", without reference to a document, are to designated Articles,
Sections, Clauses and other subdivisions of, and to Exhibits to, this Agreement;
(iii) reference to a Clause without further reference to a Section is a
reference to such Clause as contained in the same Section in which the reference
appears, and this rule shall also apply to other subdivisions; (iv) "including"
means "including but not limited to"; and (v) the words "herein", "hereof",
"hereunder" and other words of similar import refer to this Agreement as a whole
and not to any particular provision.

            2.1.5. Construction of Provisions. Although certain provisions of
this Agreement contain express language which precludes the Servicer's recovery
of, or reimbursement for, expenses incurred hereunder, no inference to the
contrary shall be drawn from absence of such, or similar, language in any other
provision hereof regarding expenses.

      Section 2.2 Servicer Practices

            2.2.1. Prudent Servicing Practices. Where not inconsistent with the
provisions of this Agreement, the Servicer shall at all times perform its
obligations hereunder in accordance with Prudent Servicing Practices, which
shall not be less exacting than the Servicer employs and exercises in servicing
and administering mortgage loans for its own account, or for the account of FNMA
or FHLMC, including exploring alternatives to foreclosure to mitigate Realized
Losses.

            2.2.2. Non-Discrimination Practices. The Servicer shall at all times
perform its obligations under this Agreement so as to (a) treat Borrowers on the
basis of their individual merits and (b) not discriminate against Borrowers on
the basis of their race, creed or national origin.

      Section 2.3 General Provisions

            2.3.1. Servicer's Agreement. The Servicer agrees with the Master
Servicer to service the Mortgage Loans in accordance with the provisions of this
Agreement and, to the extent of any instructions of the Master Servicer that are
given, such instructions and, subject to the provisions hereof and without any
further instruction by the Master Servicer except as shall be expressly provided
for herein, shall have full power and authority to do all things necessary in
connection therewith.

            2.3.2. Term of Agreement. Except as otherwise provided herein, the
duties, responsibilities and obligations to be performed and carried out by the
Servicer under this Agreement shall commence upon the execution of this
Agreement and shall continue until (a) each Mortgage Loan is (i) liquidated or
(ii) otherwise paid in full, (b) all payments related thereto are remitted in
accordance with this Agreement, and (c) all obligations hereunder related
thereto are discharged.

            2.3.3. Amended Mortgage Loan Schedule. From time to time as
additional Mortgage Loans are transferred to be serviced hereunder by the
Servicer, the Servicer Mortgage Loan Schedule shall be amended by the Master
Servicer to include the new Mortgage Loans. Due to defects in documentation and
for other reasons, certain Mortgage Loans referred to in the Servicer Mortgage
Loan Schedule may be deleted and other Mortgage Loans may be added. The Servicer
hereby agrees to any such addition and/or deletion of any Mortgage Loans and, in
the event any Mortgage Loans are added and/or deleted from the Servicer Mortgage
Loan Schedule, the Servicer authorizes the Master Servicer to amend the Servicer
Mortgage Loan Schedule. The Master Servicer shall provide the Servicer with the
corrected and updated Servicer Mortgage Loan Schedule.

            2.3.4. Assignment and Replacement. The Servicer acknowledges and
agrees that in the event that the Master Servicer resigns as Master Servicer
under this Agreement, any successor master servicer has the right to assume the
Master Servicer's rights and obligations and to enforce the Servicer's
obligations under this Agreement.

            2.3.5. Notices. All notices, requests, demands and other
communications required or permitted under this Agreement shall be in writing
and shall be deemed to have been duly given, made and received upon actual
receipt of registered or certified mail, postage prepaid, return receipt
requested, addressed as set forth below:

            (a) if to the Master Servicer:

                  Wells Fargo Bank, N.A.
                  9062 Old Annapolis Road
                  Columbia, Maryland 21045
                  Attention: Director of Master Servicing

            (b) if to the Servicer:

                  Wells Fargo Bank, N.A.
                  7001 Westown Parkway
                  West Des Moines, Iowa 50266
                  Attention: Senior Vice President, Servicing

            (c) if to the Custodian:

                  Wells Fargo Bank, N.A.
                  1015 10th Avenue South East
                  Minneapolis, Minnesota 55414
                  Attention: Bradley Johnson, Assistant Vice President

            (d) if to the Trustee:

                  HSBC Bank USA, National Association
                  452 Fifth Avenue
                  New York, New York 10018
                  Attention: Corporate Trust

            (e) if to the Depositor:

                  7430 New Technology Way
                  Frederick, Maryland 21703
                  Attention: Structured Finance

Any party may alter the address to which communications or copies are to be sent
by giving notice of such change of address in conformity with the provisions of
this paragraph for the giving of notice.

            2.3.6. Change of Accountants. During the term of this Agreement, the
Servicer shall not change, or make any substitution of, its certified public
accountants except upon written notice to the Master Servicer given 30 days
prior to such change or substitution.

<PAGE>

                                    ARTICLE 3

                                REMIC Compliance

      Section 3.1 General

            3.1.1. Applicability. The provisions of this Article 3 apply to all
the Mortgage Loans or Mortgaged Property unless the Mortgage Loan has not been
transferred (or been identified for a future transfer) to an entity with respect
to which an election to be characterized as a REMIC has been (or is expected to
be) made.

            3.1.2. Modifications of Mortgage. With the prior written consent of
the Master Servicer, the Servicer may modify the terms of a Mortgage Loan which
is in default or a Mortgage Loan as to which default is reasonably foreseeable;
provided, however, that (i) such modification may not reduce the amount of
principal owed under the related Mortgage Note or permanently reduce the
Mortgage Interest Rate for such Mortgage Loan and (ii) the Servicer and the
Master Servicer have determined that such modification is likely to increase the
proceeds of such Mortgage Loan over the amount expected to be collected pursuant
to foreclosure. Notwithstanding anything to the contrary in this Agreement, the
Servicer shall not permit any modification of any material term of a Mortgage
Loan (including the Mortgage Interest Rate, the principal balance, the
amortization schedule, or any other term affecting the amount or timing of
payments on the Mortgage Loan) where such modification is not the result of a
default or as to which default is reasonably foreseeable under the Mortgage Loan
unless the Master Servicer has consented thereto and the Servicer has received
an Opinion of Counsel or a ruling from the Internal Revenue Service (at the
expense of the Servicer or the party making the request of the Servicer to
modify the Mortgage Loan) to the effect that such modification would not be
treated as giving rise to a new debt instrument for federal income tax purposes
or a disposition of the modified Mortgage Loan and that such modification is
permitted under the REMIC Provisions.

            3.1.3. Indemnification with Respect to Certain Taxes and Loss of
REMIC Status. In the event that the REMIC fails to qualify as a REMIC, loses its
status as a REMIC, or incurs state or local taxes, or tax as a result of a
prohibited transaction or contribution subject to taxation under the REMIC
Provisions due to the negligent performance by the Servicer of its duties and
obligations set forth herein, the Servicer shall indemnify the Trustee, the
Trust Administrator (if applicable), the Master Servicer and the holders of the
related Certificates against any and all losses, claims, damages, liabilities or
expenses ("REMIC Failure Losses") resulting from such negligence; provided,
however, that the Servicer shall not be liable for any such REMIC Failure Losses
attributable to the action or inaction of the Master Servicer or the holders of
such Certificates nor for any such REMIC Failure Losses resulting from
misinformation provided by the Master Servicer on which the Servicer has relied.
The foregoing shall not be deemed to limit or restrict the rights and remedies
of the other holders of the Certificates now or hereafter existing at law or in
equity.

      Section 3.2 REO Qualification

            3.2.1. Foreclosure Property. Notwithstanding any other provision of
this Agreement, the Servicer, shall not rent, lease, or otherwise earn income on
behalf of the REMIC with respect to any REO which might cause such REO to fail
to qualify as "foreclosure" property within the meaning of section 860G(a)(8) of
the Code (e.g., rent based upon the earnings of the lessee) or result in the
receipt by the REMIC of any "income from non-permitted assets" within the
meaning of section 860F(a)(2) of the Code (e.g., income attributable to any
asset which is not a qualified mortgage, a cash flow or reserve fund investment,
or personal property not incidental to the REO) or any "net income from
foreclosure property" which is subject to tax under the REMIC Provisions unless
the Master Servicer has received an Opinion of Counsel (at the Servicer's
expense) to the effect that, under the REMIC Provisions and (where appropriate,
any relevant proposed legislation) any income generated for the REMIC by the REO
would not result in the imposition of a tax upon the REMIC. In general, the
purpose of this Section 3.2 and the REMIC Provisions (which this section is
intended to implement) is to ensure that the income earned by the REMIC is
passive type income such as interest on mortgages and passive type rental income
on real property.

            3.2.2. Foreclosure Property Qualification Restrictions. Without
limiting the generality of the foregoing, the Servicer shall not:

            (a) permit the REMIC to enter into, renew or extend any lease with
      respect to any REO, if the lease by its terms will give rise to any income
      that does not constitute Rents from Real Property;

            (b) permit any amount to be received or accrued under any lease
      other than amounts that will constitute Rents from Real Property;

            (c) authorize or permit any construction on any REO, other than the
      completion of a building or other improvement thereon, and then only if
      more than ten percent of the construction of such building or other
      improvement was completed before default on the related Mortgage Loan
      became imminent, all within the meaning of Section 856(e)(4)(B) of the
      Code; or

            (d) Directly Operate or allow any other Person to Directly Operate,
      any REO on any date more than 90 days after its acquisition date, other
      than through an "independent contractor," within the meaning of Section
      856(e) of the Code;

unless, in any such case, the Servicer has requested and received an Opinion of
Counsel (at the Servicer's expense) to the effect that such action will not
cause such REO to fail to qualify as "foreclosure property" within the meaning
of Section 860G(a)(8) of the Code at any time that it is held by the REMIC, in
which case the Servicer may take such actions as are specified in such Opinion
of Counsel.

            3.2.3. REO Disposition. Within 30 days following an REO Disposition,
the Servicer shall provide to the Master Servicer a statement of accounting for
the related REO, including without limitation, (i) the loan number of the
related Mortgage Loan, (ii) the date such Mortgaged Property was acquired in
foreclosure or by deed in lieu of foreclosure, (iii) the date of REO
Disposition, (iv) the gross sales price and related selling and other expenses,
(v) accrued interest calculated from the date of acquisition to the disposition
date and (vi) such other information as the related trustee may reasonably
request.

      Section 3.3 Prohibited Transactions and Activities

            3.3.1. Mortgage Loan Disposition Restriction. The Servicer shall not
permit the sale, disposition or substitution for any of the Mortgage Loans
(except in a disposition pursuant to (i) the foreclosure or default of a
Mortgage Loan, (ii) the bankruptcy or insolvency of the REMIC, (iii) the
termination of the REMIC in a "qualified liquidation" or "clean-up" call as
defined in Section 860F of the Code or (iv) a substitution of a Qualifying
Substitution Mortgage Loan as permitted under the REMIC Provisions), nor acquire
any assets for the REMIC, after the startup day of the REMIC, nor sell or
dispose of any investments in any of the accounts established by the Servicer
for the REMIC for gain, nor accept any contributions to the REMIC (other than
certain cash contributions permitted by Section 860G(c) of the Code) unless it
has received an Opinion of Counsel (at the expense of the Person requesting the
Servicer to take such action) to the effect that such disposition, acquisition,
substitution, or acceptance will not (a) affect adversely the status of the
REMIC as a REMIC or of the Certificates, other than the Certificates
representing the residual interest in the REMIC, as the regular interests
therein within the meaning of the REMIC Provisions, (b) affect the distribution
of interest or principal on the Certificates, (c) result in the encumbrance of
the assets transferred or assigned to the REMIC (except pursuant to the
provisions of this Agreement) or (d) cause the REMIC to be subject to a tax on
"prohibited transactions" or "prohibited contributions" pursuant to the REMIC
Provisions.

            3.3.2. Personal Property. The Servicer shall not acquire any
personal property relating to any Mortgage Loan unless either:

            (a) such personal property is incident to real property (within the
      meaning of Section 856(e)(1) of the Code) so acquired by the Servicer; or

            (b) the Servicer shall have requested and received an Opinion of
      Counsel, at the expense of the Servicer, to the effect that the holding of
      such personal property by the REMIC will not cause the imposition of a tax
      on the REMIC under the REMIC Provisions or cause the REMIC to fail to
      qualify as a REMIC at any time that any Certificate is outstanding.

      Section 3.4 Eligible Investments

            3.4.1. Custodial Account. Funds in any custodial accounts
established by the Servicer and maintained in respect of the REMIC may be
invested and, if invested, shall be invested in Eligible Investments selected by
the Servicer which shall mature not later than the Business Day immediately
preceding the next Remittance Date, and any such Eligible Investment shall not
be sold or disposed of prior to its maturity. All such Eligible Investments
shall be made in the name of the REMIC or its nominee. All income and gain
realized from any such investment shall be, as long as the Servicer is servicing
the Mortgage Loans held by the REMIC, for the benefit of the Servicer as
additional compensation 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 relevant account by the Servicer out of
its own funds immediately as realized. The foregoing requirements for deposit in
such account are exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, payments of interest on funds in such
account and, as long as the Servicer is servicing the Mortgage Loans held by the
REMIC, payments in the nature of prepayment fees, late payment charges,
assumption fees or any similar fees customarily associated with the servicing
mortgage loans paid by any mortgagor need not be deposited by the Servicer in
such account and may be retained by the Servicer as additional servicing
compensation. If the Servicer deposits in such account any amount not required
to be deposited therein, it may at any time withdraw such amount, any provision
herein to the contrary notwithstanding.

            3.4.2. Escrow Account. Subject to the terms of the related Mortgage
Notes and Security Instrument, and further subject to applicable law, any funds
in any escrow account shall be invested in Eligible Investments that mature
prior to the date on which payments have to be made out of the related escrow
account and any such Eligible Investment shall not be sold or disposed of prior
to its maturity; provided that, if any loss is incurred on any such investment,
the Servicer shall cover such loss by making a deposit into the appropriate
escrow account out of its own funds in the amount of such loss. Withdrawals from
any escrow account may be made (to the extent amounts have been escrowed for
such purpose and to the extent permitted by the related Security Instrument and
Mortgage Note) only (i) to effect timely payment of Escrow Items in connection
with the related Mortgage Loan, (ii) to reimburse the Master Servicer or
Servicer out of related collections for advances with respect to Escrow Items,
(iii) to refund to any mortgagors any sums determined to be overages, (iv) to
pay interest, if any, owed to mortgagors on such account to the extent required
by law, (v) for application to restoration or repair of the Mortgaged Property,
(vi) to clear and terminate the escrow account on the termination of this
Agreement or (vii) to remove funds placed in such escrow account in error. The
Servicer shall be entitled to all investment income on any escrow account not
required to be paid to mortgagors pursuant to the preceding sentence.

<PAGE>

                                    ARTICLE 4

                             Servicer Considerations

      Section 4.1 Servicer Eligibility Standards

            To service Mortgage Loans under this Agreement the Servicer must
satisfy the eligibility standards set forth in this Section 4.1 initially and at
all times thereafter.

            4.1.1. Regulatory Approvals and Licensing. The Servicer must be:

            (a) FNMA or FHLMC approved and in good standing;

            (b) a HUD approved mortgagee in good standing;

            (c) in compliance with all applicable capital requirements and other
      requirements from time to time specified by any governmental agency or
      quasi-governmental authority having jurisdiction over the Servicer; and

            (d) properly licensed to service the Mortgage Loans in all relevant
      jurisdictions where such licenses are required.

            4.1.2. Net Worth and Portfolio Requirements.

            (a) The Servicer must maintain a Tangible Net Worth of at least
      $1,000,000.

            (b) The Servicer must maintain an Adjusted Tangible Net Worth of at
      least $1,000,000.

            (c) The Servicer must maintain a servicing portfolio of at least
      $1,000,000,000.

            4.1.3. Auditor's Opinion; Other Annual Reports and Exchange Act
Reporting. (a) For so long as the Mortgage Loans are master serviced by the
Master Servicer, the Servicer shall provide, or cause to be provided in the case
of clause (iii), to the Master Servicer, no later than March 5 of each year or
if such day is not a Business Day, the next Business Day (with a 10 calendar day
cure period, but in no event later than March 15), commencing in March 2007, the
following:

            (i) a report (in form and substance reasonably satisfactory to the
      Master Servicer and the Depositor) regarding the Servicer's assessment of
      compliance with the Servicing Criteria applicable to it during the
      immediately preceding calendar year, as required under Rules 13a-18 and
      15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report
      shall be addressed to the Master Servicer and the Depositor and signed by
      an authorized officer of the Servicer, and shall address, at a minimum,
      each of the Servicing Criteria applicable to the Servicer, as specified in
      the table in Exhibit R to the Pooling and Servicing Agreement;

            (ii) a report of a registered public accounting firm reasonably
      acceptable to the Master Servicer and the Depositor that attests to, and
      reports on, the assessment of compliance made by the Servicer and
      delivered pursuant to the preceding paragraph. Such attestation shall be
      in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under
      the Securities Act and the Exchange Act. If requested by the Master
      Servicer or the Depositor, such report shall contain or be accompanied by
      a consent of such accounting firm to inclusion or incorporation of such
      report in the Depositor's Registration Statement on Form S-3 relating to
      the Certificates and the Trust's Form 10-K; and

            (iii) an assessment of compliance and accountants' attestation
      described in paragraphs (i) and (ii) of this Section 4.1.3(a) with respect
      to each Subservicer, and each Subcontractor determined by the Servicer
      pursuant to Section 4.1.4(b) to be "participating in the servicing
      function" within the meaning of Item 1122 of Regulation AB.

            (b) Each assessment of compliance provided by a Subservicer pursuant
to Section 4.1.3(a)(iii) shall address each of the Relevant Servicing Criteria.
An assessment of compliance provided by a Subcontractor pursuant to Section
4.1.3(a)(iii) need not address any elements of the Servicing Criteria applicable
to it other than those specified by the Servicer pursuant to Section 4.1.4(b).

            (c) On or before March 5 of each calendar year or if such day is not
a Business Day, the next Business Day (with a 10 calendar day cure period, but
in no event later than March 15), commencing in March 2007, the Servicer shall
deliver to the Master Servicer a certificate signed by an authorized officer of
the Servicer, for the benefit of the Master Servicer and its officers, directors
and affiliates in the event that the Master Servicer is required under the
Pooling and Servicing Agreement to file a Sarbanes-Oxley Certification directly
with the Commission in connection with the securitization of the Mortgage Loans
(the "Transaction"), a certification in the form attached hereto as Exhibit B.

            The foregoing certification shall also be given upon thirty (30)
days written request by the Master Servicer in connection with any additional
Sarbanes-Oxley Certifications directly filed by the Master Servicer involving
the Mortgage Loans. The Servicer acknowledges that the Master Servicer may rely
on the certification provided by the Servicer pursuant to this Section 4.1.3(c)
in signing a Sarbanes-Oxley Certification and filing such with the Commission.
The Master Servicer will not request delivery of a certification under this
Section 4.1.3(c) unless the Depositor is required under the Exchange Act to file
an annual report on Form 10-K with respect to the Transaction.

            (d) On or before March 5 of each calendar year or if such day is not
a Business Day, the next Business Day (with a 10 calendar day cure period, but
in no event later than March 15), commencing in March 2007, the Servicer shall
(i) deliver to the Master Servicer a statement of compliance addressed to the
Master Servicer and signed by an authorized officer of the Servicer, to the
effect that (A) a review of the Servicer's activities during the immediately
preceding calendar year (or applicable portion thereof) and of its performance
under this Agreement during such period has been made under such officer's
supervision, and (B) to the best of such officers' knowledge, based on such
review, the Servicer has fulfilled all of its obligations under this Agreement
in all material respects throughout such calendar year (or applicable portion
thereof) or, if there has been a failure to fulfill any such obligation in any
material respect, specifically identifying each such failure known to such
officer and the nature and the status thereof and (ii) cause each Subservicer to
deliver to the Master Servicer a statement of compliance addressed to the Master
Servicer and signed by an authorized officer of the Subservicer, to the effect
that (A) a review of the Subservicer's activities during the immediately
preceding calendar year (or applicable portion thereof) and of its performance
under the applicable agreement during such period has been made under such
officer's supervision, and (B) to the best of such officers' knowledge, based on
such review, the Subservicer has fulfilled all of its obligations under the
applicable agreement in all material respects throughout such calendar year (or
applicable portion thereof) or, if there has been a failure to fulfill any such
obligation in any material respect, specifically identifying each such failure
known to such officer and the nature and the status thereof.

            (e) For so long as the Mortgage Loans are master serviced by the
Master Servicer, the Servicer shall provide to the Master Servicer, no later
than March 5 of each year or if such day is not a Business Day, the next
Business Day (with a 10 calendar day cure period, but in no event later than
March 15), commencing in March 2007, financial statements for the most recently
closed fiscal year, together with an unqualified opinion thereon of an
independent certified public accountant who is a member of the American
Institute of Certified Public Accountants, unless the Master Servicer, in its
reasonable discretion, decides to waive this requirement regarding
qualification.

            (f) Within five (5) calendar days after a Distribution Date, the
Servicer shall provide to the Master Servicer, to the extent known, in
EDGAR-compatible form, or in such other form as otherwise agreed upon by the
Master Servicer and the Servicer, the form and substance of any Additional Form
10-D Disclosure applicable to the Servicer, as indicated in the table in Exhibit
S to the Pooling and Servicing Agreement. The Servicer acknowledges that the
performance by the Master Servicer of its duties under Section 3.12(a) of the
Pooling and Servicing Agreement relating to the timely preparation and filing of
Form 10-D is contingent upon the Servicer strictly observing all applicable
deadlines in the performance of its duties under this Section 4.1.3(f).

            (g) No later than March 5 (with a 10 calendar day cure period, but
in no event later than March 15) of each year that the Trust is subject to the
Exchange Act reporting requirements, commencing in March 2007, the Servicer
shall provide to the Master Servicer, to the extent known, in EDGAR-compatible
form, or in such other form as otherwise agreed upon by the Master Servicer and
the Servicer, the form and substance of any Additional Form 10-K Disclosure
applicable to the Servicer, as indicated in the table in Exhibit T to the
Pooling and Servicing Agreement. The Servicer acknowledges that the performance
by the Master Servicer of its duties under Section 3.12(b) of the Pooling and
Servicing Agreement relating to the timely preparation and filing of Form 10-K
is contingent upon the Servicer strictly observing all applicable deadlines in
the performance of its duties under this Section 4.1.3(g).

            (h) For so long as the Trust is subject to the Exchange Act
reporting requirements, no later than the end of business on the second Business
Day after the occurrence of a Reportable Event applicable to the Servicer, the
Servicer shall provide to the Master Servicer, to the extent known, in
EDGAR-compatible form, or in such other form as otherwise agreed upon by the
Master Servicer and the Servicer, the form and substance of any Form 8-K
Disclosure Information applicable to the Servicer, as indicated in the table in
Exhibit U to the Pooling and Servicing Agreement. The Servicer acknowledges that
the performance by the Master Servicer of its duties under Section 3.12(c) of
the Pooling and Servicing Agreement relating to the timely preparation and
filing of Form 8-K is contingent upon the Servicer strictly observing all
applicable deadlines in the performance of its duties under this Section
4.1.3(h).

            (i) The Servicer shall indemnify the Master Servicer, each affiliate
of the Master Servicer, the Trust, each broker dealer acting as underwriter or
initial purchaser, each Person who controls any of such parties and the
Depositor (within the meaning of Section 15 of the Securities Act and Section 20
of the Exchange Act), and the respective present and former directors, officers,
employees and agents of each of the foregoing and of the Depositor (each such
entity, a "Servicer Information Indemnified Party"), and shall hold each of them
harmless from and against any losses, damages, penalties, fines, forfeitures,
legal fees and expenses and related costs, judgments, and any other costs, fees
and expenses that any of them may sustain arising out of or based upon:

                  (i)   (A) any untrue statement of a material fact contained or
                        alleged to be contained in any information, report,
                        certification, accountants' letter or other material
                        provided in written or electronic form under Sections
                        4.1.3 and 4.1.4 hereof by or on behalf of the Servicer,
                        or provided under Sections 4.1.3 or 4.1.4 by or on
                        behalf of any Subservicer or Subcontractor
                        (collectively, the "Servicer Information"), or (B) the
                        omission or alleged omission to state in the Servicer
                        Information a material fact required to be stated in the
                        Servicer Information or necessary in order to make the
                        statements therein, in the light of the circumstances
                        under which they were made, not misleading; provided, by
                        way of clarification, that clause (B) of this paragraph
                        shall be construed solely by reference to the Servicer
                        Information and not to any other information
                        communicated in connection with a sale or purchase of
                        securities, without regard to whether the Servicer
                        Information or any portion thereof is presented together
                        with or separately from such other information;

                  (ii)  any failure by the Servicer, any Subservicer or any
                        Subcontractor to deliver any information, report,
                        certification, accountants' letter or other material
                        when and as required under Sections 4.1.3 and 4.1.4,
                        including any failure by the Servicer to identify
                        pursuant to Section 4.1.4(b) any Subcontractor
                        "participating in the servicing function" within the
                        meaning of Item 1122 of Regulation AB; or

                  (iii) any breach by the Servicer of a representation or
                        warranty set forth in Section 5.2.

      In the case of any failure of performance described in clause (ii) of this
Section, the Servicer shall promptly reimburse the Master Servicer and the
Depositor, as applicable, for all costs reasonably incurred by each such party
in order to obtain the information, report, certification, accountants' letter
or other material not delivered as required by the Servicer, any Subservicer or
any Subcontractor. If the indemnification provided for herein is unavailable to
hold harmless any Servicer Information Indemnified Party, then the Servicer
agrees that it shall contribute to the amount paid or payable by such Servicer
Information Indemnified Party as a result of the losses, claims, damages or
liabilities of such Servicer Information Indemnified Party in such proportion as
is appropriate to reflect the relative fault of such Servicer Information
Indemnified Party on the one hand and the Servicer on the other in connection
with a breach of the Servicer's obligations under this Section 4.1.3 or the
Servicer's negligence, bad faith or willful misconduct in connection therewith.

            4.1.4. Use of Subservicers and Subcontractors. The Servicer shall
not hire or otherwise utilize the services of any Subservicer to fulfill any of
the obligations of the Servicer as servicer under this Agreement unless the
Servicer complies with the provisions of paragraph (a) of this Section. The
Servicer shall not hire or otherwise utilize the services of any Subcontractor,
and shall not permit any Subservicer to hire or otherwise utilize the services
of any Subcontractor, to fulfill any of the obligations of the Servicer as
servicer under this Agreement unless the Servicer complies with the provisions
of paragraph (b) of this Section.

            (a) It shall not be necessary for the Servicer to seek the consent
of the Master Servicer or the Depositor to the utilization of any Subservicer.
The Servicer shall cause any Subservicer used by the Servicer (or by any
Subservicer) for the benefit of the Master Servicer and the Depositor to comply
with the provisions of this Section and with Sections 4.1.3 and 5.2 of this
Agreement to the same extent as if such Subservicer were the Servicer, and to
provide such information regarding the Subservicer as the Master Servicer or the
Depositor request for the purpose of complying with Item 1108 of Regulation AB,
including at a minimum, the information set forth in Exhibit C. The Servicer
shall be responsible for obtaining from each Subservicer and delivering to the
Master Servicer any servicer compliance statement required to be delivered by
such Subservicer under Section 4.1.3(d), any assessment of compliance and
attestation required to be delivered by such Subservicer under Section 4.1.3(a)
and any certification required to be delivered to the Person that will be
responsible for signing the Sarbanes-Oxley Certification under Section 4.1.3(c)
as and when required to be delivered.

            (b) It shall not be necessary for the Servicer to seek the consent
of the Master Servicer or any Depositor to the utilization of any Subcontractor.
The Servicer shall promptly upon request provide to the Master Servicer (or any
designee of Master Servicer) a written description (in form and substance
satisfactory to the Master Servicer and the Depositor) of the role and function
of each Subcontractor utilized by the Servicer or any Subservicer, specifying
(i) the identity of each such Subcontractor, (ii) which (if any) of such
Subcontractors are "participating in the servicing function" within the meaning
of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
Criteria will be addressed in assessments of compliance provided by each
Subcontractor identified pursuant to clause (ii) of this paragraph.

            As a condition to the utilization of any Subcontractor determined to
be "participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, the Servicer shall cause any such Subcontractor used by the
Servicer (or by any Subservicer) for the benefit of the Master Servicer and the
Depositor to comply with the provisions of Section 4.1.3 (other than subsection
(d)) of this Agreement to the same extent as if such Subcontractor were the
Servicer. The Servicer shall be responsible for obtaining from each
Subcontractor and delivering to the Master Servicer any assessment of compliance
and attestation required to be delivered by such Subcontractor under Section
4.1.3, in each case as and when required to be delivered.

            4.1.5. Servicing Experience. The Servicer shall satisfactorily
demonstrate to the Master Servicer, in the Master Servicer's reasonable
discretion, the following experience:

            (a) that it has at least three (3) years of conventional mortgage
      loan servicing experience;

            (b) that it has a staff knowledgeable in servicing of Mortgage Loans
      and the administration of REO; and

            (c) that it has experience maintaining a servicing portfolio in
      excess of $1 billion.

            4.1.6. Material Changes. The Servicer shall promptly report to the
Master Servicer any change in its business operations, financial condition,
properties or assets since the date of the latest submitted financial statements
which could have a material adverse effect on the Servicer's ability to perform
its obligations hereunder. Events for which the Master Servicer must receive
notice include, but are not limited to, the following:

            (a) any change in the Servicer's business address and/or telephone
      number;

            (b) any merger, consolidation, or significant reorganization;

            (c) any changes in the Servicer's ownership whether by direct or
      indirect means. Indirect means include any change in ownership of the
      Servicer's parent;

            (d) any change in the Servicer's corporate name;

            (e) if the Servicer is a savings and loan association, any change in
      the Servicer's charter from federal to state or vice versa;

            (f) any decreases in capital, adverse alteration of debt/equity
      ratios, or changes in management ordered or required by a regulatory
      authority supervising or licensing the Servicer;

            (g) any significant adverse change in the Servicer's financial
      position;

            (h) entry of any court judgment or regulatory order in which the
      Servicer is or may be required to pay a claim or claims which, in the
      Master Servicer's reasonable opinion, have a material adverse effect on
      the Servicer's financial condition; and

            (i) the Servicer admits to committing, or is found to have
      committed, a material, in the Master Servicer's reasonable opinion,
      violation of any law, regulation, or order.

      Section 4.2 Errors and Omissions Insurance

            4.2.1. E & O Requirement. A Servicer shall maintain, at all times
and at its own expense, an Errors and Omissions Policy in an amount and with an
insurer acceptable to FNMA or FHLMC.

            4.2.2. E & O Scope. The Errors and Omissions Policy shall insure the
Servicer, its successors and assigns, against any losses resulting from
negligence, errors or omissions on the part of officers, employees or other
persons acting on behalf of the Servicer in the performance of its duties as a
Servicer pursuant to this Agreement.

            4.2.3. E & O Policy Maintenance. The Servicer shall maintain in
effect the Errors and Omissions Policy at all times and the Errors and Omissions
Policy may not be canceled, permitted to lapse or otherwise terminated without
the acquisition of comparable coverage by the Servicer.

            4.2.4. E & O Deductible. The terms of the Errors and Omissions
Policy shall provide for a deductible amount that is acceptable to FNMA or FHLMC
with respect to its approved mortgage loan servicers.

            4.2.5. E & O Qualifications. The Errors and Omissions Policy shall
be obtained by the Servicer from an insurer which satisfies FNMA or FHLMC
standards in this regard.

      Section 4.3 Fidelity Bond Coverage

            4.3.1. Fidelity Bond Requirement. A Servicer must maintain, at all
times, at its own expense, a Fidelity Bond in an amount and with an insurer
acceptable to FNMA or FHLMC and having terms that are acceptable to FNMA or
FHLMC.

            4.3.2. Fidelity Bond Coverage. The amount of Fidelity Bond coverage
shall be an amount acceptable to FNMA or FHLMC.

            4.3.3. Fidelity Bond Scope. The coverage of the Fidelity Bond must
explicitly insure the Servicer, its successors and assigns, against any losses
resulting from dishonest, fraudulent or criminal acts on the part of Officers,
employees or other persons acting on behalf of the Servicer.

            4.3.4. Fidelity Bond Maintenance. The Servicer must maintain in
effect the Fidelity Bond at all times and the Fidelity Bond may not be canceled,
permitted to lapse or otherwise terminated without thirty Business Days' prior
written notice by registered mail to the Master Servicer. Further, the Fidelity
Bond must provide that, or the insurer must state in writing to the Master
Servicer that, the Fidelity Bond shall not be cancelable without the giving of
notice as provided for in the prior sentence.

            4.3.5. Fidelity Bond Deductible. The terms of the Fidelity Bond must
provide for a deductible amount that does not exceed FNMA or FHLMC requirements.

            4.3.6. Fidelity Bond Rating Requirement. The Fidelity Bond must be
obtained from a company which satisfies FNMA or FHLMC standards in this regard.

      Section 4.4 Servicer's Liability

            4.4.1. Liability Exposure. Any and all losses not covered under the
Fidelity Bond or Errors and Omissions Policy, as a result of (i) the respective
deductible provisions thereof, (ii) the limits of coverage of the Fidelity Bond
or Errors and Omissions Policy or (iii) any claim denied which should have been
covered by the Fidelity Bond or the Errors and Omissions Policy, as the case may
be, according to the terms of this Agreement had the Fidelity Bond or Errors and
Omissions Policy been properly obtained and maintained and respective claim been
properly submitted for payment, shall be borne by the Servicer, where the
Servicer has acted in a manner in which the Servicer is not relieved from
liability as described in Section 4.4.2 hereof.

            4.4.2. Scope of Liability. Neither the Servicer or any subservicer
appointed by it, nor any of their respective partners, directors, officers,
employees or agents, or its delegees pursuant to Section 11.2.1 hereof, shall be
under any liability to the Master Servicer, the Trustee or, if applicable, the
Trust Administrator for any action taken or for refraining from the taking of
any action in good faith pursuant to this Agreement, or for errors in judgment;
provided, however, that this provision shall not protect the Servicer, any
subservicer or any of their respective partners, directors, officers, employees
or agents, or its delegees pursuant to Section 11.2.1 hereof, against any
liability which would otherwise be imposed by reason of willful misfeasance, bad
faith or gross negligence in the performance of his or its duties or by reason
of reckless disregard of his or its obligations and duties hereunder. The
Servicer, any subservicer and any of their respective partners, directors,
officers, employees or agents, or its delegees pursuant to Section 11.2.1
hereof, 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.

      Section 4.5 Indemnification

            4.5.1. Scope of Indemnity by Servicer. The Servicer hereby agrees to
indemnify and hold harmless (a) the Master Servicer, (b) the Trustee, (c) the
Trust Administrator (if applicable), (d) the Depositor and (e) the officers,
directors, employees, agents and Affiliates of any of the foregoing (any of the
foregoing hereinafter referred to as the "Indemnified Party"), from and against
any and all claims, losses, damages, liabilities, fines, settlements, awards,
offsets, defenses, counterclaims, actions, penalties, forfeitures, legal fees,
judgments and any other costs, fees and expenses (including, without limitation,
reasonable attorneys' fees and court costs) (any of the foregoing which satisfy
the criteria of this paragraph are collectively referred to as "Claims"), either
directly or indirectly arising out of, based upon, or relating to (i) a breach
by the Servicer, its officers, directors, employees, or agents, or its delegees
pursuant to Section 11.2.1 hereof, of any representation or warranty contained
herein, or any failure to disclose any matter that makes such representation and
warranty misleading or inaccurate, or any inaccuracy in material information
furnished by the Servicer regarding itself, (ii) a breach of any representation
or warranty made by any Indemnified Party in reliance upon any such
representation or warranty, failure to disclose, or inaccuracy in information
furnished by the Servicer regarding itself, (iii) any failure of the Servicer,
its officers, directors, employees, or agents, or its delegees pursuant to
Section 11.2.1 hereof, to perform any of its obligations under this Agreement in
a manner in which the Servicer is not relieved from liability as described in
Section 4.4.2 hereof, and (iv) any acts or omissions of the Servicer, its
officers, directors, employees, or agents, or its delegees pursuant to Section
11.2.1 hereof, in a manner in which the Servicer is not relieved from liability
as described in Section 4.4.2 hereof. Each Indemnified Party shall cooperate
with the Servicer in the defense of such Claims and shall not settle any such
Claim without the prior written consent of the Servicer.

            4.5.2. Survival of Indemnity. This indemnification shall survive
purchase, transfer of any interest in a Mortgage Loan by any indemnified party,
the Liquidation of such Mortgage Loan, termination of the Servicer's servicing
rights with respect to such Mortgage Loan and termination or expiration of this
Agreement between the Servicer and the Master Servicer and its successors and
assigns.

      Section 4.6 Servicer's Compensation; Indemnification

            4.6.1. Servicing Fee Amount. In consideration of the services
rendered under this Agreement, absent default by the Servicer, the Servicer
shall on each Remittance Date be entitled to a monthly aggregate servicing
compensation (the "Monthly Servicing Compensation") for the preceding month
which shall equal the sum of (a) the Servicing Fee payable with respect to each
Mortgage Loan serviced during such month and (b) any interest earnings on each
Custodial P&I Account with respect to such month other than interest earnings
thereon which are payable to the Borrower pursuant to the Security Instrument or
applicable law, subject to any adjustment for Month End Interest as described in
Section 7.6.1. Absent default by the Servicer, the Servicer shall also be
entitled to retain in addition to the Monthly Servicing Compensation any late
charges, prepayment fees, penalty interest, assumption fees, modification fees
or deficiency recovery fees paid by the Borrower, any Liquidation Profits or any
other customary income or any payments of interest related to any Prepayment in
Full received by the Servicer prior to the Applicable Unscheduled Receipt
Period, which amounts are not required to be deposited into the Custodial P&I
Account. The Servicer shall be required to pay all expenses incurred by it in
connection with its servicing activities hereunder and shall not be entitled to
reimbursement therefor except as specifically provided for herein.

            4.6.2. Servicing Fee Source. The Servicing Fee for each Mortgage
Loan shall be payable solely from the interest portion of the related Monthly
Payment paid by the Borrower or other payment of interest paid with respect to
the Mortgage Loan, whether from the proceeds of foreclosure or any judgment,
writ of attachment or levy against the Borrower or his assets, or from funds
paid in connection with any prepayment in full or from Insurance Proceeds or
Liquidation Proceeds.

            4.6.3. Indemnification of Servicer. The Master Servicer hereby
agrees to indemnify and hold harmless the Servicer, any Subservicer appointed by
it, any of their respective directors, officers, employees or agents, or its
delegees for any action taken by the Servicer, any Subservicer or any of their
respective directors, officers, employees or agents, or its delegees or for
refraining from the taking of any action in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that the Servicer, any
Subservicer or any of their respective directors, officers, employees or agents,
or its delegees are not protected against any liability which would otherwise be
imposed by reason of willful misfeasance, bad faith or gross negligence in the
performance of his or its duties or by reason of reckless disregard of his or
its obligations and duties under this Agreement.

<PAGE>

                                    ARTICLE 5

                         Representations and Warranties

      Section 5.1 General

            5.1.1. Reliance. The Master Servicer relies upon the representations
and warranties contained in this Article 5 hereof, in the acceptance of the
Servicer. The representations, warranties and covenants contained herein shall
inure to the benefit of the Master Servicer, the Trustee and, if applicable, the
Trust Administrator.

            5.1.2. Survival of Representations and Warranties. The
representations and warranties made herein shall survive termination of this
Agreement, and shall inure to the benefit of the Master Servicer, its respective
successors, Affiliates and assigns and each indemnified party under Section
4.5.1, its respective successors, Affiliates and assigns, in each case,
regardless of any review or investigation made by or on behalf of such parties
with respect to any Mortgage Loan.

            5.1.3. Breach of Representation or Warranty. Upon breach of any
requirement or representation or warranty included in this Agreement relative to
any Mortgage Loan, the Servicer must:

            (a) Give written notice within two (2) days to the Master Servicer
      of the nature of the breach, the date on which the breach occurred or
      began and the Servicer's plans, if any, for curing the breach;

            (b) Effect a cure of the breach within 30 days after its occurrence
      or onset and a reasonable extension will be granted if warranted and
      necessary to fully cure the breach but in no event greater than 90 days;
      and

            (c) If no complete cure has been effected within such period the
      Master Servicer shall take such action against the Servicer as it deems
      necessary to protect the Trustee's interest in the Mortgage Loan.

            5.1.4. Assignment of Representations and Warranties. The Servicer
agrees that each of the Trustee and, if applicable, Trust Administrator may, at
any time, assign the representations and warranties given by the Servicer as set
forth in this Article 5 which it then possesses, in whole or in part, or an
undivided interest therein, to one or more Persons.

      Section 5.2 Servicer Representations and Warranties

            The Servicer represents and warrants, as of the date of this
Agreement and, except as otherwise provided, throughout the term of this
Agreement, that the statements set forth below in this Section 5.2 are true and
accurate.

Relative to the Servicer:

            5.2.1. Qualification of Servicer. The Servicer is duly incorporated,
validly existing and in good standing under the laws of the state of its
incorporation and is duly qualified to do business and is in good standing under
the laws of each jurisdiction that requires such qualification wherein it owns
or leases any material properties, or in which it conducts any material business
or in which the performance of its duties under this Agreement would require
such qualification, except where the failure to so qualify would not have a
material adverse effect on (a) the Servicer's performance of its obligations
under this Agreement, (b) the value or marketability of the Mortgage Loans, or
(c) the ability to foreclose on the related Mortgaged Properties.

            5.2.2. Requisite. The Servicer has the corporate power and authority
to own its properties and conduct any and all business required or contemplated
by this Agreement and to perform the covenants and obligations to be performed
by it under this Agreement. The Servicer holds all material licenses,
certificates and permits from all governmental authorities necessary for
conducting its business as it is presently conducted.

            5.2.3. No Conflicts. The execution and delivery of this Agreement
are within the corporate power of the Servicer and have been duly authorized by
all necessary actions on the part of the Servicer; neither the execution and
delivery of this Agreement by the Servicer, nor the consummation by the Servicer
of the transactions herein contemplated, nor compliance with the provisions
hereof by the Servicer, will (i) conflict with or result in a breach of, or
constitute a default under, any of the provisions of the articles of
incorporation or bylaws of the Servicer or any law, governmental rule or
regulation, or any judgment, decree or order binding on the Servicer or any of
its properties, or any of the provisions of any indenture, mortgage, deed of
trust, contract or other instrument to which it is a party or by which it is
bound or (ii) result in the creation or imposition of any lien, charge or
encumbrance upon any of its properties pursuant to the terms of any such
indenture, mortgage, deed of trust, contract or other instrument.

            5.2.4. Enforceable Agreement. This Agreement, when duly executed and
delivered by the Servicer, will constitute a legal, valid and binding agreement
of the Servicer, enforceable in accordance with its terms, subject, as to
enforcement or remedies, to applicable bankruptcy, reorganization, insolvency or
other similar laws affecting creditors' rights generally from time to time in
effect, and to general principles of equity.

            5.2.5. No Consents. No consent, approval, order or authorization of
any governmental authority or registration, qualification or declaration with
any such authority is required in order for the Servicer to perform its
obligations under this Agreement.

            5.2.6. Agency Approval. The Servicer has been approved by FNMA or
FHLMC and will remain approved as an "eligible seller/servicer" of conventional,
residential mortgage loans as provided in FNMA or FHLMC guidelines and in good
standing. The Servicer has not received any notification from FNMA or FHLMC that
the Servicer is not in compliance with the requirements of the approved
seller/servicer status or that such agencies have threatened the servicer with
revocation of its approved seller/servicer status.

            5.2.7. Financial Condition. The Servicer is not, and, with passage
of time, does not expect to become, insolvent or bankrupt. Except as disclosed
in the Prospectus, there is no material risk that the Servicer's financial
condition could affect one or more aspects of the performance by the Servicer of
its servicing obligations under this Agreement in a manner that could have a
material impact on the performance of the Mortgage Loans or the Certificates.
The Servicer shall promptly notify the Master Servicer of any material adverse
change of its financial condition.

            5.2.8. Servicing Practices. The servicing practices used by the
Servicer under this Agreement have been and are in all respects in compliance
with all federal, state and local laws, rules, regulations and requirements in
connection therewith and are in accordance with Prudent Servicing Practices.

            5.2.9. No Impairment. There is no action, suit, proceeding or
investigation pending or, to the best of the Servicer's knowledge after due
inquiry, threatened, against the Servicer which, either in any one instance or
in the aggregate, may result in any material adverse change in business
operations, financial condition, properties or assets of the Servicer, or in any
material impairment of the right or ability of the Servicer to carry on its
business substantially as now conducted, or in any material liability on the
part of the Servicer, or which if adversely determined would affect the validity
of this Agreement or of any action taken or to be taken in connection with the
obligations of the Servicer contemplated herein, or which would be likely to
impair materially the ability of the Servicer to perform under the terms of this
Agreement.

            5.2.10. No Inquiries. The Servicer has not been the subject of an
audit by any of the Master Servicer, FHA, HUD, FDIC, FNMA, FHLMC, GNMA or any
Primary Mortgage Insurer, which audit included material allegations of failure
to comply with applicable loan origination, servicing or claims procedures, or
resulted in a request for repurchase of Mortgage Loans or indemnification in
connection with the Mortgage Loans.

            5.2.11. No Performance Triggering Event. Except as disclosed in the
Prospectus, the Servicer is not aware and has not received notice that any
default, early amortization or other performance triggering event has occurred
as to any securitization due to any act or failure to act of the Servicer under
such securitization.

            5.2.12. No Termination. Except as disclosed in the Prospectus, the
Servicer has not been terminated as servicer in a residential mortgage loan
securitization, either due to a servicing default or to application of a
servicing performance test or trigger.

            5.2.13. No Material Noncompliance. Except as disclosed in the
Prospectus, no material noncompliance with the applicable servicing criteria
with respect to securitizations of residential mortgage loans involving the
Servicer as a servicer has been disclosed or reported by the Servicer within the
past three (3) years.

            5.2.14. Servicing Policies and Procedures. Except as disclosed in
the Prospectus, no material changes to the Servicer's policies or procedures
with respect to the servicing function it will perform under this Agreement for
mortgage loans of a type similar to the Mortgage Loans have occurred during the
three-year period immediately preceding the date of this Agreement.

            5.2.15. No Affiliations. Except as disclosed in the Prospectus,
there are no affiliations, relationships or transactions relating to the
Servicer and any party identified in Item 1119 of Regulation AB of the type
described therein.

            5.2.16. Legal or Governmental Proceedings. Except as disclosed in
the Prospectus, there are no material legal or governmental proceedings pending
(or known to be contemplated) against the Servicer or any Subservicer that would
be material to Certificateholders.

Relative to the Mortgage Loans:

            5.2.17. Custodial and Escrow Accounts Current. All Custodial P&I
Accounts, Custodial T&I Accounts, Custodial Buydown Accounts and Escrow Funds
are maintained by the Servicer and have been maintained in accordance with
applicable law and the terms of the Mortgage Loans. The Escrow Items required by
the Mortgages which have been paid to the Servicer for the account of the
Borrower are on deposit in the appropriate Custodial Account. All funds received
by the Servicer in connection with the Mortgage Loans, including, without
limitation, foreclosure proceeds, Insurance Proceeds, condemnation proceeds and
principal reductions, have promptly been deposited in the appropriate Custodial
Account, and all such funds have been applied to reduce the principal balance of
the Mortgage Loans in question, or for reimbursement of repairs to the Mortgaged
Property or as otherwise required by applicable law.

            5.2.18. Insurance Maintenance. Pursuant to the terms of the related
Security Instrument, all buildings or other improvements upon the related
Mortgaged Property are insured by an insurance policy or policies meeting the
requirements of Articles 15 and 16 hereof. The related Security Instrument
obligates the Borrower thereunder to maintain the hazard insurance policy at the
Borrower's cost and expense and, upon the Borrower's failure to do so,
authorizes the Mortgagee under the related Security Instrument to obtain and
maintain such insurance at the Borrower's cost and expense and to seek
reimbursement therefor from the Borrower. The hazard insurance policy is the
valid and binding obligation of the insurer, is in full force and effect, and
will be in full force and effect and inure to the benefit of the Trustee. The
Servicer and the Borrower have not engaged in any act or omission that would
impair the coverage of any such policy, the benefits of the endorsement provided
for herein, or the validity and binding effect of either. The Mortgage Loan
Documents permit the maintenance of an escrow account to pay the premiums for
the above mentioned insurance, and the requirement for such escrows has not been
waived, unless otherwise required by applicable state law.

<PAGE>

                                    ARTICLE 6

                              Custodial Accounting

      Section 6.1 In General

            6.1.1. Custodial Account Establishment. The Servicer must establish
appropriate custodial accounts for the benefit of the Trustee, its successors
and assigns for the deposit of funds collected in connection with such Mortgage
Loans. All custodial accounts and related records must be maintained in
accordance with sound and controlled accounting practices. The custodial
accounts maintained pursuant to this Agreement may be custodial accounts for one
or more other series of mortgage pass-through certificates issued by Wells Fargo
Asset Securities Corporation; provided, however, that (a) the trustee for such
other series under the related pooling and servicing agreement(s) is the Trustee
and (b) the master servicer for such other series under the related pooling and
servicing agreement(s) is the Master Servicer.

            6.1.2. Custodial Account Separateness. (a) At least one custodial
account for principal and interest (i.e., a Custodial P&I Account), one
custodial account for taxes and insurance (i.e., a Custodial T&I Account), one
custodial account for Subsidy Funds, if applicable (i.e., a Custodial Subsidy
Account) and one custodial account for Buydown Funds, if applicable (i.e., a
Custodial Buydown Account), shall be established and maintained for the Mortgage
Loans. Except as specified in 6.1.2(b), without the written consent of the
Master Servicer, funds in these accounts may not be commingled with other funds
held by the Servicer. Each Custodial P&I Account shall be established as an
Eligible Account ("Eligible Custodial P&I Account").

            (b) Notwithstanding anything to the contrary elsewhere in this
      Agreement, the Servicer may employ the Custodial T&I Account as the
      Custodial Subsidy Account and/or the Custodial Buydown Account to the
      extent that the Servicer can separately identify any Subsidy Funds or
      Buydown Funds, as applicable, deposited therein.

            6.1.3. Custodial Account Maintenance. The Servicer must ensure that
each Custodial P&I Account, Custodial T&I Account, Custodial Subsidy Account and
Custodial Buydown Account meets the following guidelines:

            (a) the accounts must be Eligible Accounts;

            (b) the name of each Custodial P&I Account, Custodial T&I Account
      and Custodial Buydown Account shall include a reference to the name of the
      Trustee and the designation of the series of Mortgage Pass-Through
      Certificates or, where such accounts are accounts maintained for multiple
      series of mortgage pass-through certificates as described in Section
      6.1.1, a reference to "HSBC Bank USA, National Association, as trustee for
      Wells Fargo Asset Securities Corporation, Mortgage Pass-Through
      Certificates;"

            (c) the Servicer must transfer all funds on hand relating to such
      Mortgage Loans, Monthly Payments due on or after the related Cut-Off Date
      and any principal prepayments received after the related Cut-Off Date,
      into the appropriate custodial accounts meeting the requirements of
      Sections 6.1.1 and 6.1.2 hereof;

            (d) beginning with any payment due on or after the related Cut-Off
      Date, all collections on the Mortgage Loans must be credited to the
      appropriate custodial account no later than the second Business Day
      following receipt;

            (e) (i) the Servicer shall not permit the balance of any Custodial
      P&I Account to exceed the Threshold Amount or include any amounts then
      required to be remitted to the Certificate Account pursuant to Section
      18.3.1, (ii) in the event the Servicer collects amounts in excess of the
      Threshold Amount prior to the next scheduled transfer of funds to the
      respective Certificate Account, the Servicer must transfer the excess
      funds directly to the related Certificate Account by wire before the close
      of business on any day on which the amount on deposit in such account
      exceeds the Threshold Amount and (iii) in the event that the Servicer
      fails to transfer the funds in excess of the Threshold Amount to the
      related Certificate Account or to remit to the Certificate Account the
      Monthly Remittance on the Remittance Date pursuant to Section 18.3.1, the
      Master Servicer is authorized to debit such Custodial P&I Account and
      transfer such amounts to the related Certificate Account;

            (f) (i) the Servicer must file with the Master Servicer the
      appropriate ACH Debit Form for each Custodial P&I Account; (ii) the Master
      Servicer may monitor the principal balance of each Custodial P&I Account
      and may issue an ACH debit for amounts on deposit in any such account in
      excess of the Threshold Amount or otherwise in violation of Section
      6.1.3(e); (iii) such amounts will immediately be deposited into the
      appropriate Certificate Account; and (iv) the ability of the Master
      Servicer to withdraw and remit such funds to the appropriate Certificate
      Account does not relieve the Servicer of its obligations to remit such
      funds to the related Certificate Account;

            (g) upon the establishment of a Custodial P&I Account, Custodial T&I
      Account or Custodial Buydown Account, the Servicer shall promptly advise
      the Master Servicer in writing of, or of any change in, the name and
      address of the depository, the individual employee of the depository who
      is responsible for overseeing such account, the account number, the title
      of the account and the individuals whose names appear on the signature
      card; and

            (h) (i) establishment and maintenance of the Custodial P&I Account,
      Custodial T&I Account and Custodial Buydown Account will be an expense of
      the Servicer; (ii) such custodial accounts may be interest-bearing
      accounts provided that such accounts comply with all local, state and
      federal laws and regulations governing interest-bearing accounts and, in
      the case of a Custodial T&I Account or Custodial Buydown Account,
      governing Borrower escrow accounts; and (iii) the Servicer must ensure
      that all interest credited to any custodial account that is not due the
      Borrower is removed by the Servicer within 30 days after receipt of such
      interest.

            6.1.4. Escrow Investment. If the Servicer elects or is required by
law to deposit the Borrower's Escrow Funds into an interest-bearing custodial
account, the Servicer shall either (a) deposit such funds into an account which
permits withdrawal on demand so as to pay Escrow Items as they come due, or (b)
invest such funds in an Eligible Account so that adequate funds mature the
Business Day prior to the date payment is due for each Escrow Item.

            6.1.5. Clearing Account. If the Servicer finds it necessary to use a
clearing account, the following guidelines must be followed:

            (a) the titles of such accounts must reflect that they are custodial
      in nature, and the depository in which the accounts are maintained must be
      informed in writing that the accounts are custodial accounts;

            (b) a check drawn on or funds transferred from a Custodial P&I
      Account or Custodial T&I Account must be deposited to a disbursement
      clearing account before or at the same time as any checks on the clearing
      account are issued;

            (c) a single clearing account must not be utilized both as a
      collection and disbursement clearing account;

            (d) the accounts must be held at depository institutions in which
      accounts are insured by the FDIC, through either the BIF or SAIF;

            (e) the Servicer must maintain adequate records and audit trails to
      support all debits and credits of each Borrower's payment records and
      accounts; and

            (f) collections deposited to a depository clearing account must be
      credited to the appropriate custodial account no later than one Business
      Day following receipt by the Servicer.

            6.1.6. Custodial Buydown Account. The Servicer must establish a
separate custodial account to hold Buydown Funds on Mortgage Loans being
serviced for the Trustee, its successors and assigns. These accounts must be
clearly marked to indicate that the Servicer is a custodian for Buydown Funds
being held for the Trustee, its successors and assigns.

            6.1.7. Certificate Account. The Master Servicer shall establish a
segregated Certificate Account in accordance with Section 3.01 of the Pooling
and Servicing Agreement.

            6.1.8. Custodial Subsidy Account. The Servicer must establish a
separate custodial account to hold Subsidy Funds on Mortgage Loans being
serviced for the Trustee, its successors and assigns. These accounts must be
clearly marked to indicate that the Servicer is a custodian for Subsidy Funds
being held for the Trustee, its successors and assigns.

      Section 6.2 Custodial P&I Account

            6.2.1. Mandatory Deposits. The following funds must be deposited
into each related Custodial P&I Account within two Business Days after the
Servicer's receipt of such amounts, or in the case of clauses (d) and (e)
hereof, on the Remittance Date or, in the case of clause (g) hereof, on the
Business Day after the Servicer's receipt of the Borrower's required monthly
payment under the related subsidy agreement:

            (a) Principal collections from related Mortgage Loans (including
      Prepayments in Full and Curtailments), together with Month End Interest,
      if applicable;

            (b) Interest collections from related Mortgage Loans (net of
      Servicing Fees or other compensation of the Servicer as set forth in
      Section 4.6.1);

            (c) Liquidation Proceeds and Insurance Proceeds from related
      Mortgage Loans other than proceeds held in an escrow account and applied
      to the restoration and repair of the related Mortgaged Property;

            (d) related P&I Advances;

            (e) any related PMI Advances;

            (f) the proceeds of any purchase, or substitution under a purchase
      agreement, of a related Mortgage Loan by the Servicer or a Representing
      Party, or sale of an REO;

            (g) an amount from the Custodial Subsidy Account that when added to
      the Borrower's payment will equal the full monthly amount due under the
      related Mortgage Note; and

            (h) any amounts received pursuant to Section 15.7.

            6.2.2. Optional Deposits. The following funds may, but are not
required to, be deposited into each related Custodial P&I Account:

            (a) late charges;

            (b) prepayment fees;

            (c) penalty interest;

            (d) assumption fees;

            (e) Liquidation Profits; and

            (f) unapplied funds if the Borrower that remitted such funds is not
      required to maintain Escrow Funds.

The Servicer shall maintain separate accounting for each of the foregoing types
of funds. Provided that the Servicer is not in default of its obligations
hereunder, the Servicer may retain any late charges, prepayment fees, penalty
interest, assumption fees and Liquidation Profits as additional servicing
compensation.

            6.2.3. Permissible Withdrawals. The Servicer may make withdrawals
from each related Custodial P&I Account solely for the following:

            (a) remittances to the related Certificate Account;

            (b) reimbursement to itself for advances which have been recovered
      by subsequent collections including late payments, Liquidation Proceeds or
      Insurance Proceeds, to the extent funds on deposit recovered by such
      subsequent collections relate to the Mortgage Loans as to which such
      advances were made;

            (c) interest earnings on deposits to the related Custodial P&I
      Account, but only to the extent that such interest has been credited;

            (d) removal of amounts deposited in error;

            (e) removal of charges or other such amounts deposited on a
      temporary basis in the account;

            (f) removal of Servicing Fees to the extent deposited therein; and

            (g) termination of the account.

            6.2.4. Account Beneficiary. Each Custodial P&I Account (other than
any Eligible Custodial P&I Account) must be titled to show the respective
interests of the Servicer as trustee and of the Master Servicer as beneficiary.

            6.2.5. Use of Accounts. The Servicer shall not use the Custodial P&I
Account as a collection clearing account.

      Section 6.3 Custodial T&I Account

            6.3.1. Mandatory Deposits. The following funds must be deposited
into each respective Custodial T&I Account:

            (a) related Borrowers' Escrow Funds;

            (b) related T&I Advances;

            (c) the remaining balance of Title Insurance loss drafts;

            (d) rent receipts to offset any related T&I Advances by the
      Servicer;

            (e) unapplied funds; and

            (f) Liquidation Proceeds from a related Mortgage Loan that offset a
      deficit balance in the related Borrower's Escrow Funds.

            6.3.2. Permissible Withdrawals. With respect to each related
Borrower, the Servicer may make withdrawals from each respective Custodial T&I
Account to the extent of the balance of such related Borrower's Escrow Funds for
the following:

            (a) timely payment of such related Borrower's taxes and insurance
      premiums;

            (b) refunds to such related Borrower of excess Escrow Funds
      collected from such Borrower;

            (c) recovering T&I Advances made with respect to such related
      Borrower by the Servicer;

            (d) payment of interest, if required, to such related Borrower on
      his Escrow Funds;

            (e) removal of any deposits made in error; and

            (f) termination of the account.

            6.3.3. Account Requirements. Each Custodial T&I Account is to be
designated in the name of the Servicer acting as an agent for the individual
related Borrowers to make such Escrow Item payments in order to show that the
account is custodial in nature. The Servicer is required to keep records
identifying each Borrower's payment deposited into the account.

            6.3.4. Account Balance. The Servicer must never allow any Custodial
T&I Account to become overdrawn as to any individual related Borrower. If there
are insufficient funds in the account, the Servicer must advance its own funds
to cure the overdraft.

      Section 6.4 Eligible Account Investments

            6.4.1. Eligible Investments Permitted. Unless prevented or
restricted by written notice of the Master Servicer pursuant to Section 6.4.5
hereof, the Servicer may, from time to time, withdraw funds from a Custodial P&I
Account, Custodial Subsidy Account or Custodial Buydown Account, and immediately
invest such funds in Eligible Investments in accordance with this Agreement.
Upon the maturity of such Eligible Investments, such funds shall be redeposited
into the Eligible Account from which they were drawn or into the Certificate
Account.

            6.4.2. Eligible Investment Restrictions. No Eligible Investment
shall be sold or disposed of at a gain prior to maturity unless the Servicer has
obtained the consent of the Master Servicer.

            6.4.3. Eligible Investment Income. All income (other than any gain
from a sale or disposition of the type referred to in Section 6.4.2 hereof)
realized from any such Eligible Investment shall be for the benefit of the
Servicer as additional servicing compensation.

            6.4.4. Eligible Investment Losses. The amount of any losses incurred
in respect of any investments permitted under this Section 6.4 shall be
deposited in the Certificate Account by the Servicer out of its own funds
immediately as realized. The Master Servicer may, in its reasonable discretion,
from time to time, require the Servicer to provide a reasonable amount of
security to cover the risk of such investment losses. To the extent that the
Servicer shall not immediately deposit the amount of such losses in the
Certificate Account, the Master Servicer may immediately act against such
security as well as pursue all other remedies permitted by law.

            6.4.5. Eligible Investments Reports. The Servicer shall, at any time
provide such information and reports regarding its Eligible Investments under
this Agreement as the Master Servicer may request.

            6.4.6. Inter-Company Uses of Funds. Notwithstanding anything herein
to the contrary, and subject to the proviso set forth below, the Servicer is
permitted to withdraw funds from a Custodial P & I Account and commingle such
funds with the general assets of the Servicer to be used for general corporate
purposes until such time as such funds are required to be remitted to the
related Certificate Account; provided, however, that the provisions of this
Section 6.4.6 shall be applicable only for so long as (i) a master guarantee
substantially in the form of Exhibit A attached hereto has been issued by Wells
Fargo & Company for the benefit of the certificateholders of the Mortgage
Pass-Through Certificates and is currently in force and (ii) the short-term debt
or long-term debt of Wells Fargo & Company is rated by each of the Rating
Agencies in its highest short-term or highest long-term rating category or in
such lower rating category as would not result in a downgrading or withdrawing
of the rating then assigned to any of the Mortgage Pass-Through Certificates by
either Rating Agency or result in any of such rated Mortgage Pass-Through
Certificates being placed on credit review status by either Rating Agency.

<PAGE>

                                    ARTICLE 7

                            Mortgage Loan Accounting

      Section 7.1 In General

            7.1.1. Mortgage Loan Accounting Practices. The Servicer shall
administer the application and accounting of payments made on the Mortgage Loans
in accordance with the provisions of this Agreement.

            7.1.2. Record Keeping. The Servicer must maintain complete and
accurate records of all transactions affecting any Mortgage Loan. Each Mortgage
Loan must be clearly marked to indicate that it is being serviced for the
Trustee, its successors and assigns.

            7.1.3. Record Review. The Master Servicer and its designee have the
right to:

            (a) conduct reviews and audits of the Servicer's records and
      operating procedures during any Business Day; and

            (b) examine the Servicer's financial records, the Borrowers' Escrow
      Funds records and any and all other relevant documents and materials,
      whether held by the Servicer or by another on behalf of the Servicer, to
      ensure compliance with terms and conditions of this Agreement and the
      Master Servicer's standards.

      Section 7.2 Mortgage Loan Records

            7.2.1. Account Records. Permanent Mortgage Loan account records must
be maintained by the Servicer for each Mortgage Loan. Each account record must
be identifiable by the Servicer Loan Number.

            7.2.2. Account Record Information. The Servicer shall maintain the
following information for each Mortgage Loan in a readily accessible form:

            (a) the Master Servicer Loan Number;

            (b) the current Unpaid Principal Balance;

            (c) the date of receipt, amount of payment and distribution of such
      payment for each Monthly Payment received with respect to such Mortgage
      Loan as to each related Due Date;

            (d) for ARM Loans, the current Mortgage Interest Rate, all
      limitations contained in the Mortgage Note with respect to periodic
      adjustments in the Mortgage Interest Rate, the scheduled Interest
      Adjustment Dates, Payment Adjustment Dates, the Gross Margin and the
      Index;

            (e) other transactions affecting the amounts due from or payable to
      the related Borrower;

            (f) the current outstanding balances of principal and interest
      deposits, advances, taxes and insurance deposits and unapplied payments
      with respect to such Mortgage Loan;

            (g) any overdraft of the Borrower's Escrow Funds;

            (h) any servicing reports or loan histories; and

            (i) any other information customarily maintained by a mortgage loan
      servicer of one to four family residential mortgages.

            7.2.3. Accounting Practice. Except as otherwise provided herein, all
Mortgage Loan account records must be maintained according to (a) the Uniform
Single Attestation Program for Mortgage Bankers and (b) where applicable, sound
and generally accepted accounting practices.

            7.2.4. Access to Certain Documentation and Information Regarding the
Mortgage Loans At the request of the Master Servicer, the Servicer shall provide
to the Master Servicer, the Office of Thrift Supervision, the FDIC and the
supervisory agents and examiners of the Office of Thrift Supervision and the
examiners of the FDIC, as appropriate, access to the documentation regarding the
Mortgage Loans required by applicable regulations of the Office of Thrift
Supervision or the FDIC, such access being afforded without charge but only upon
reasonable request and during normal business hours at the offices of the
Servicer designated by it. The Servicer shall permit such representatives to
photocopy any such documentation and shall provide equipment for that purpose at
a charge reasonably approximating the cost of such photocopying to the Servicer.

      Section 7.3 Accounting Procedures

            7.3.1. Principal and Interest Computation. All Mortgage Loans must
amortize with interest calculated and paid in arrears. Under this method, the
interest due from a Borrower on a Due Date is calculated based on (a) the Unpaid
Principal Balance of the related Mortgage Loan prior to application of the
principal portion of the related current Monthly Payment, (b) thirty days
interest at the related Mortgage Interest Rate and (c) adjusted as herein
provided for the effects of Curtailments, Partial Liquidation Proceeds,
Prepayments in Full and Liquidations. The calculated interest portion is then
subtracted from the related Monthly Payment to obtain the principal portion. The
principal portion is then applied to the Unpaid Principal Balance of the related
Mortgage Loan. The amount to be applied to interest for a multiple installment
must be calculated using the Unpaid Principal Balance of the related Mortgage
Loan remaining after the previous interest calculation and principal
application.

            7.3.2. Amortization Requirement. The amortization of each Mortgage
Loan must reduce to zero, or as to Balloon Loans, the respective Balloon Amount,
at the end of the Mortgage Loan term through the application of regular monthly
payments. Capitalization of interest is not permitted, except as provided by the
terms of any Mortgage Loan that provides for negative amortization.

            7.3.3. Negative Amortization. To the extent any Mortgage Loan
provides for negative amortization, such as a GPM or GPARM Loan, the Servicer
must assure that the Unpaid Principal Balance of such Mortgage Loan never
exceeds the related Maximum Negative Amortization Amount, and that the related
Monthly Payment is recast as provided for in the Mortgage Note such that the
balance fully amortizes within the remaining term of such Mortgage Loan.

            7.3.4. Interest Calculations. Monthly interest calculations for
periods of a full month must be based on a 30-day month and a 360-day year.
Factors used for such calculations should be carried to a minimum of three
decimal places. The dollar amount of any interest payment shall be carried out
to a minimum of three decimal places. Interest calculations for a period of less
than a full month must be based on a 365-day year.

            7.3.5. Buydown Loans. The Servicer must amortize a Mortgage Loan for
which Buydown Funds are applied at the Mortgage Interest Rate, not at the
buy-down rate, in order to ensure that payments are collected to amortize
properly the Mortgage Loan.

      Section 7.4 Application Procedure

            7.4.1. Application Priority. A payment from a Borrower will normally
consist of interest, principal, deposits for insurance and taxes and late
charges, if applicable. Payments received from Borrowers must be applied in the
order provided for in the related Security Instrument. To the extent not
inconsistent with the related Security Instrument, such payments shall be
applied in the following order:

            (a) required monthly interest;

            (b) required monthly principal;

            (c) deposits for taxes and insurance;

            (d) prepayment charges; and

            (e) any fees which may be retained by the Servicer, including late
      charges, returned check fees, and assumption fees.

            7.4.2. [Reserved].

            7.4.3. Advance Payments. Payments made by the Borrower to satisfy
future installments must be accounted for as prepaid installments of principal
and interest. The Servicer should contact the Borrower if there is a question
about the Borrower's intention in making any unscheduled payment.

      Section 7.5 Curtailments

            7.5.1. Curtailment Amount. The Servicer may accept Curtailments at
any time. If a Mortgage Loan is delinquent, funds received must first be applied
to bring the Mortgage Loan current. If there are excess funds after the
application of amounts received from the Borrower to pay the related Monthly
Payment, the excess funds represent a Curtailment and may be applied as a
partial principal prepayment.

            7.5.2. Curtailment Application. If a Curtailment is received on or
after the Due Date, the Servicer may either (i) retroactively apply the
Curtailment to the Scheduled Principal Balance of the related Mortgage Loan as
of the Due Date, or (ii) to the extent permitted by law and the Mortgage Loan,
apply such Curtailment at the end of the current period. The interest portion of
the next installment due is then calculated based on the Unpaid Principal
Balance of the related Mortgage Loan after application of the Curtailment.

            7.5.3. Effect of Curtailment. A Curtailment may not be used to
reduce the related Mortgage Interest Rate for any Mortgage Loan or to postpone
the Due Date of any payment.

            7.5.4. Curtailment Transmission. Each Curtailment must be deposited
into the related Custodial P&I Account within one Business Day after receipt and
must be remitted no later than the regularly scheduled Monthly Remittance to the
related Certificate Account.

      Section 7.6 Liquidations

            7.6.1. Month End Interest. If a Prepayment in Full of a Mortgage
Loan occurs, such prepayment is received by the Servicer after the Applicable
Unscheduled Receipt Period ending in the month in which such prepayment occurs,
and the Servicer does not receive a full 30 days of interest (calculated on a
30-day month, 360-day year basis) on the prepaid amount for the month in which
such Prepayment in Full occurs, the Servicer must pay the Month End Interest on
all such Mortgage Loans so prepaid in full on the Remittance Date in the month
following the month of such prepayment. Any Month End Interest Shortfall for any
month shall not be recoverable from the Servicer or any other source in the
future. The payment of Month End Interest by the Servicer, as provided for
above, shall not be an "advance" and shall not be reimbursable from the proceeds
of any Mortgage Loan.

            7.6.2. Liquidation Reports. The Servicer will report information
with respect to Liquidations in the monthly reports delivered to the Master
Servicer by the eighteenth calendar day of each succeeding month.

            7.6.3. Deposit of Funds. Within one day after the Liquidation of a
Mortgage Loan, the Servicer shall deposit the related Liquidation Proceeds
together with the related Month End Interest into the related Custodial P&I
Account.

            7.6.4. Document Request. After any Liquidation, the Servicer must
complete and send a Request for Release of Documents to the Custodian to ensure
the release of documents within the period required by applicable state law.

      Section 7.7 Realized Losses

            7.7.1. Liquidation Realized Loss Determination. With respect to the
calculation of a Realized Loss suffered on the related Mortgage Loan on a
Liquidation of such Mortgage Loan or pursuant to Section 17.7.3, the amount of
such Realized Loss is equal to (a) the sum of:

            (i)   Unpaid Principal Balance;

            (ii)  unpaid interest accrued at the related Mortgage Interest Rate;

            (iii) attorneys' fees and other foreclosure and sale expenses;

            (iv)  unpaid taxes;

            (v)   unpaid property maintenance expenses;

            (vi)  unpaid insurance premiums; and

            (vii) hazard loss expenses;

      less the sum of:

            (i)   the balance of Escrow Funds, if any;

            (ii)  any refund of any Hazard Insurance premium;

            (iii) rental income receipts;

            (iv)  Insurance Proceeds or PMI Advances;

            (v)   cash proceeds of any foreclosure sale;

            (vi)  proceeds from sale of a REO; and

            (vii) any amounts received pursuant to bankruptcy or insolvency
                  proceedings.

            7.7.2. Bankruptcy Realized Loss Determination. With respect to the
calculation of a Realized Loss on a Mortgage Loan subject to a Deficient
Valuation, the amount of the Realized Loss is the difference between the Unpaid
Principal Balance of the related Mortgage Loan immediately prior to the
Deficient Valuation and the Unpaid Principal Balance as reduced by the Deficient
Valuation.

            7.7.3. Reporting Requirement. As to any defaulted Mortgage Loan, the
Servicer must account to, and report in writing to, the Master Servicer as to
any Realized Loss (or gain) upon the Liquidation or Deficient Valuation in
respect of such Mortgage Loan.

            7.7.4. Servicer's Liability. Except in the case of a purchase by the
Servicer of a Mortgage Loan from the Trustee thereof due to a breach of a
representation or warranty by the Servicer or failure to perform the servicing
procedures as set forth in this Agreement, the Servicer is not liable for any
Realized Loss on any Mortgage Loan.

<PAGE>

                                    ARTICLE 8

                                    ARM Loans

      Section 8.1 ARM Loan Servicing

            8.1.1. In General. It is the Servicer's responsibility to enforce
each ARM Loan (and any other Mortgage Loan) according to its terms and in
conformity with all applicable law. The Servicer's records must, at all times,
reflect the then-current Mortgage Interest Rate and Monthly Payment for such ARM
Loan and the Servicer must timely notify the Borrower of any changes to the
Mortgage Interest Rate and/or the Borrower's Monthly Payment.

            8.1.2. Servicer's Liability. If the Servicer fails to make either a
timely or accurate adjustment to the Mortgage Interest Rate or Monthly Payment
for an ARM Loan or to notify the Borrower of such adjustments, and subsequently
receives a short Monthly Payment, the Servicer must pay from its own funds any
shortage until the Servicer has made the necessary corrections in conformance
with applicable law so as to secure the correct Monthly Payment from the
Borrower. In the event that such error results in the Borrower making a Monthly
Payment in excess of the amount which he should have made if such adjustment
were properly calculated, then the Servicer shall promptly (a) make the required
adjustment to the Borrower's Monthly Payment and Mortgage Interest Rate so that
they reflect the amounts as properly calculated as of the related Payment
Adjustment Date, (b) refund to the Borrower the amount of any such excess
received by the Servicer from the related Payment Adjustment Date and (c) deduct
from the respective Custodial P&I Account or the Certificate Account the amount
of such refund to reimburse the Servicer for making such refund. Any amounts
paid by the Servicer pursuant to this Section shall not be an advance and shall
not be reimbursable from the proceeds of any Mortgage Loan.

            8.1.3. Adjustment Reports. All Mortgage Interest Rate and Monthly
Payment adjustments must be reported to the Master Servicer in a ARM Loan change
report.

            8.1.4. Substitute Index. If the Index required to be used to
determine the Mortgage Interest Rate for a Mortgage Loan is not available on an
Interest Adjustment Date, the Servicer, will select an index that is based on
comparable information, over which the Servicer has no control and that is
readily verifiable.

      Section 8.2 Notice of Periodic Adjustment

            8.2.1. Notice Requirement. The Notice of Periodic Adjustment is the
legal and official announcement to the Borrower of an ARM Loan of a change in
the Mortgage Interest Rate or the Monthly Payment. The Servicer must send this
notice to the Borrower, as stated in the related Mortgage Note and in accordance
with applicable law, and at least 25 days before each Payment Adjustment Date.

            8.2.2. Notice Contents. Each Notice of Periodic Adjustment
pertaining to an ARM Loan shall meet the requirements and specifications of the
Security Instrument, the Mortgage Loan, and applicable federal or state laws or
regulations.

      Section 8.3 ARM Loan Conversion

            8.3.1. Servicer's Determination. In the event a Borrower with a
convertible ARM Loan exercises its option to convert such Mortgage Loan to a
fixed interest rate, the Servicer will determine whether the conditions and
qualifications for conversion have been met and determine the fixed rate to be
applied to such Mortgage Loan pursuant to the terms of the related Mortgage
Note.

            8.3.2. Conversion Notification. Upon any such conversion, the
Servicer shall prepare an ARM Loan conversion notification and send such
notification to the Master Servicer within three Business Days after the
conversion.

            8.3.3. Purchase by Servicer. The Servicer shall purchase such
Converted Mortgage Loan from the applicable Trustee at the Purchase Price by
depositing the Purchase Price into the Custodial P&I Account.

<PAGE>

                                    ARTICLE 9

                               Mortgage Loan Files

      Section 9.1 Owner Mortgage Loan Files and Retained Mortgage Loan Files

            9.1.1. Owner Mortgage Loan File and Retained Mortgage Loan File
Requirements. For each Mortgage Loan, the Master Servicer shall ensure that the
Custodian will maintain an Owner Mortgage Loan File on behalf of the Trustee
that contains each of the documents or instruments specified in Section 2.01(a)
of the Pooling and Servicing Agreement.

            For each Mortgage Loan after a Document Transfer Event, the Servicer
shall deliver to the Custodian the Retained Mortgage Loan File that contains
each of the documents or instruments specified in Section 2.01(b) of the Pooling
and Servicing Agreement and the Custodian will maintain such Retained Mortgage
Loan File on behalf of the Trustee.

            9.1.2. Custodian. If the original Security Instrument or the
Assignment from the respective prior owner of the related Mortgage Loan to the
Trustee or, if applicable, to the Trust Administrator, on behalf of the Trustee,
has not been delivered to the Custodian on the date of the transfer of ownership
of such Mortgage Loan to the Trustee because it is in the process of being
recorded, the Servicer shall, within five Business Days after its receipt of the
original recorded document, deliver it to the Custodian. The Servicer shall
promptly deliver to the Custodian any other Mortgage Loan Document to be
included in an Owner Mortgage Loan File, charged to the custody of the
Custodian, that comes into Servicer's possession.

            9.1.3. Release of Documents from Owner Mortgage Loan File or
Retained Mortgage Loan File. In the event any document contained in an Owner
Mortgage Loan File or, after the Document Transfer Event, a Retained Mortgage
Loan File, is needed by the Servicer for the proper servicing of a Mortgage
Loan, the Servicer must send to the Trustee or the Custodian, as the case may
be, two copies of a Request for Release as defined in the Pooling and Servicing
Agreement of documents. The Master Servicer hereby authorizes the Trustee or the
Custodian, as the case may be, to release such Owner Mortgage Loan Files or
Retained Mortgage Loan Files after receipt of such Servicer's request (i) upon
payment in full of such Mortgage Loan, (ii) when necessary for foreclosure or
(iii) for such other cause as the Master Servicer deems appropriate, in its
reasonable discretion. The Servicer shall be responsible for such Mortgage Loan
Documents while they are in its possession and will be deemed to hold such Owner
Mortgage Loan Files or Retained Mortgage Loan Files in trust for the benefit of
the Trustee. If such Mortgage Loan has not been paid in full or otherwise
liquidated, the Servicer shall promptly return such Owner Mortgage Loan Files or
Retained Mortgage Loan Files when they are no longer required. Notwithstanding
the foregoing, unless such Mortgage Loan has been liquidated or the related
Owner Mortgage Loan Files or Retained Mortgage Loan Files have been delivered to
an attorney, a public trustee or other public official in order to foreclose on
the related Mortgaged Property, all such Owner Mortgage Loan Files or Retained
Mortgage Loan Files released by the Trustee or the respective Custodian, as the
case may be, must be returned within 60 calendar days after their release.

            9.1.4. Execution by Trustee. In the event the Trustee's signature is
required on any document with respect to a Mortgage Loan for any reason,
including payment in full, assumption or foreclosure, the Servicer shall deliver
to the Trustee a written notice requesting that the Trustee execute such
documents and certifying as to the reason such documents are required. Upon
receipt of such executed documents, the Servicer shall record, file or deliver
such documents as appropriate for the proper servicing of such Mortgage Loan.

            9.1.5. Representing Party Officers' Certificate. If it is necessary
for the respective Representing Party to deliver an Officers' certificate with
respect to the existence of a Title Insurance policy or a Primary Mortgage
Insurance policy for several Mortgage Loans, the Master Servicer may consent to
the delivery of a single Officers' certificate of the respective Representing
Party for a schedule of mortgage loans in lieu of a separate Officers'
certificate for each such Mortgage Loan.

            9.1.6. Custodial Fees. The Servicer is responsible for the related
ongoing fees of each Custodian. If for any reason at any time the Master
Servicer pays custodial fees (including any payment made by the Master Servicer
pursuant to Section 3.4 of the Custodial Agreement), the Servicer will promptly
reimburse the Master Servicer for such payments.

      Section 9.2 Servicer Mortgage Loan Files

            9.2.1. Servicer Mortgage Loan File Requirements. The Servicer must
maintain a Servicer Mortgage Loan File for each Mortgage Loan, which may be
distributed among several different files, each of which shall be clearly marked
with the Servicer Loan Number and shall be readily accessible to the Master
Servicer during regular business hours, that includes the following:

            (a) copies of each of the documents listed in Section 2.01 of the
      Pooling and Servicing Agreement that are held by the Custodian as part of
      the Owner Mortgage Loan File or Retained Mortgage Loan File, if
      applicable;

            (b) where such coverage is not provided under a blanket policy
      maintained by the Servicer, an original Hazard Insurance policy, or a copy
      thereof, or a certificate of insurance issued by the applicable insurer or
      its agent indicating such a policy is in effect for the related Mortgaged
      Property;

            (c) a Flood Insurance policy or a certificate of insurance issued by
      the insurer or its agent indicating that such a policy is in effect with
      respect to the related Mortgaged Property, if Flood Insurance is required
      pursuant to the provisions of Section 15.4 or Section 16.6 hereof for such
      Mortgaged Property;

            (d) originals or copies of all documents submitted to a Primary
      Mortgage Insurer for credit and property underwriting approval with
      respect to the related Mortgaged Property, if Primary Mortgage Insurance
      is required pursuant to the provisions of Section 15.2 hereof for such
      Mortgaged Property;

            (e) the originals of all RESPA and Regulation Z disclosure
      statements executed by the Borrower with respect to such Mortgage Loan;

            (f) the related Appraisal Report made at the time such Mortgage Loan
      was originated;

            (g) the HUD-1 or other settlement statement for the purchase or
      refinance, as the case may be, of the Mortgaged Property by the Borrower
      and mortgagor under the related Mortgage Note and Security Instrument with
      respect to such Mortgage Loan;

            (h) evidence of any tax service contract, if any;

            (i) copies of documentation, including the appropriate approval by
      the Master Servicer, relating to any modifications to the related original
      Mortgage Loan Documents;

            (j) documentation, including the appropriate approval by the Master
      Servicer, relating to any releases of any collateral supporting such
      Mortgage Loan;

            (k) collection letters or form notices sent to the Borrower with
      respect to such Mortgage Loan, but only if the Servicer does not maintain
      separate collection files, including all collection letters or notices,
      indexed by Borrower;

            (l) foreclosure correspondence, bankruptcy correspondence and legal
      notifications, if applicable with respect to the related Mortgaged
      Property; and

            (m) all other related Mortgage Loan Documents which are customarily
      maintained in accordance with Prudent Servicing Practices in a mortgage
      loan file in order to properly service a mortgage loan including, without
      limitation, documents regarding title claims.

            9.2.2. Servicer Mortgage Loan File Access. The Servicer acknowledges
that each Servicer Mortgage Loan File shall be held in trust for the Trustee.
The Servicer further acknowledges that the Master Servicer may, from
time-to-time, request immediate delivery of any or all Mortgage Loan records and
documents to the Master Servicer, the Trustee, the Custodian or another entity
designated by the Master Servicer, and the Servicer shall thereupon immediately
deliver such records and documents, at the expense of the Servicer. The Servicer
agrees to permit the Master Servicer, from time to time to conduct audits or
inspections of any Servicer Mortgage Loan Files at one or more of the Servicer's
offices during normal business hours with advance notice. The Servicer must
grant the Master Servicer access to all books, records and files relating to the
Servicer's systems and procedures for servicing Mortgage Loans as to all
Servicer Mortgage Loan Files or to the Servicer's compliance with the terms and
conditions of this Agreement.

            9.2.3. Alternate Media. Subject to any applicable law concerning
document retention requirements, the Servicer may maintain any Servicer Mortgage
Loan File, or any portion thereof, on microfilm, microfiche, optical storage or
magnetic media and may retain the microfilm, microfiche, optical storage or
magnetic media in lieu of hard copies of the documents required to be maintained
in such Servicer Mortgage Loan Files. The following requirements must be met:

            (a) the process must accurately reproduce originals onto a durable
      medium;

            (b) unless the Master Servicer provides otherwise by notice to the
      Servicer, the Master Servicer Loan Number must be clearly marked on the
      copies or optical storage or magnetic media;

            (c) the copies or optical storage or magnetic media must be easily
      transferable to legible hard copies of the material relating to the
      Mortgage Loans; and

            (d) backup copies of the microfilm, microfiche, optical storage or
      magnetic media must be made by the Servicer and retained off-site to
      protect against fire and other hazard losses.

If the copies, optical storage or magnetic media become damaged or lost for any
reason, the Servicer must bear the entire cost of restoring each Servicer
Mortgage Loan File and any other related documents which had been transferred to
microfilm, microfiche, optical storage or magnetic media. The Servicer also must
bear all costs of reproducing legible hard copies reasonably requested by the
Master Servicer. The Master Servicer may reasonably request copies of any
Servicer Mortgage Loan File in optical storage or magnetic media which the
Servicer has previously transferred to magnetic media or optical storage, as the
case may be. The Servicer shall furnish to the Master Servicer optical storage
or magnetic media copies of the requested Servicer Mortgage Loan File in such
format as maintained by the Servicer at the Servicer's expense.

      Section 9.3 Requisite Form

            9.3.1. Form of Endorsements. Except for endorsements in blank, the
Servicer shall require that endorsements of any Mortgage Notes comply with the
format specified in Section 2.01(c) of the Pooling and Servicing Agreement.

            9.3.2. Form of Assignment. Except for assignments in blank or in the
case of any Security Instrument registered in the name of MERS, the Servicer
shall require that assignments of any Security Instrument comply with the
following format specified in Section 2.01(c) of the Pooling and Servicing
Agreement.

<PAGE>

                                   ARTICLE 10

                                     Escrows

      Section 10.1 Escrow Criteria

            10.1.1. Escrow Requirement. Unless, (a) at the origination of a
Mortgage Loan the Borrower is not required to make Escrow Item payments
thereafter, (b) Escrow Funds collection has been waived pursuant to Section
10.5.1 hereof, or (c) the collection of Escrow Funds is precluded by applicable
law, the Servicer must continue to collect 1/12th of the annual total for all
Escrow Items with each Monthly Payment on such Mortgage Loan, as determined
pursuant to Section 10.3.1 hereof.

            10.1.2. Mortgage Loans without Escrow. If the Servicer is not
required to collect Escrow Funds on a Mortgage Loan, the Servicer shall require
proof of payment of all taxes, ground rents, assessments, insurance or other
charges, or use other means commonly used in the mortgage industry to ascertain
that such items are paid on a timely basis.

      Section 10.2 Payment of Escrow Items

            10.2.1. Escrow Payment Obligation. Where the Servicer is responsible
for the collection of Escrow Funds with respect to a Mortgage Loan, the Servicer
shall promptly pay all bills for any Escrow Items in such a manner as to avoid
late charges or penalties and to take advantage of any available discount.

            10.2.2. Escrow Item Payments. Where (a) the Servicer has been
collecting Escrow Funds with respect to a Mortgage Loan, or (b) the Borrower has
not been obliged to make Escrow Funds payments or such payments have been waived
and such Borrower has failed to timely pay obligations which otherwise would be
Escrow Items, the Servicer must pay any obligation (i) which could become a
first lien on the related Mortgaged Property, or (ii) to maintain in force the
applicable Insurance Policies. Where Escrow Funds are maintained by the
Servicer, such obligations should be paid from the Borrower's Escrow Funds, or
in accordance with Section 10.2.3 hereof.

            10.2.3. Escrow Fund Insufficiency. When a Borrower's Escrow Funds
are insufficient to pay taxes, assessments and premiums, when due, subject to
applicable law, the Servicer must attempt to obtain the additional funds from
such Borrower. If sufficient additional funds have not been recovered by the
time the payment is due, the Servicer must advance its own funds to ensure
prompt payment. The Servicer may elect to advance funds prior to attempting to
obtain the additional funds from such Borrower; however, to the extent permitted
by applicable law, the Servicer shall thereafter attempt to obtain the advanced
funds from the Borrower or collect such advanced funds as described in Section
10.3.3.

            10.2.4. Nonpayment Notice. The Servicer must notify the Master
Servicer immediately of any Escrow Item that does not conform to either FNMA or
FHLMC standards.

      Section 10.3 Escrow Fund Determination

            10.3.1. Escrow Funds Analysis. Subject to all applicable Federal,
State and local laws, the Servicer must conduct an analysis of each Borrower's
Escrow Funds at least annually to determine the monthly deposits which must be
made by such Borrower. The analysis shall be performed based upon (a) reasonable
projections of the expenses to be paid from the Escrow Funds and (b) that as
such expenses come due, the Escrow Funds balance shall at all times be
sufficient to effect the payment of such expenses, unless a lower amount is
required by applicable law. Each Borrower must receive a statement of this
analysis. The analysis also must determine whether there is a surplus or
deficiency in such Borrower's Escrow Funds.

            10.3.2. Escrow Fund Surplus. A surplus in a Borrower's Escrow Funds
shall be refunded to such Borrower or taken into consideration in determining
the amount to be collected for Escrow Funds.

            10.3.3. Escrow Fund Deficiency. Where it is determined that a
deficiency exists in such Borrower's Escrow Funds, such Borrower may be
requested to pay the shortage in full or the deficiency may be taken into
consideration in determining the amount to be collected for Escrow Funds during
the next twelve months.

      Section 10.4 Records

            10.4.1. Escrow Funds Records. The Servicer shall keep records of
Escrow Funds collected from each Borrower.

            10.4.2. Escrow Obligations Records. The Servicer must maintain
accurate records of the imposition of Escrow Item obligations and the payment of
Escrow Items.

      Section 10.5 Escrow Waiver

            10.5.1. Waiver Conditions. For any Mortgage Loan (other than a GPM
or GPARM Loan which provides for negative amortization in the future) that has
amortized down so that its current LTV is 80% or less, the Servicer may waive
the Borrower's future obligation to make Escrow Funds payments provided:

            (a) the Unpaid Principal Balance of such Mortgage Note divided by
      the value of the Mortgaged Property based on an appraisal made within 60
      days of the date of determination is 80% or less;

            (b) such Mortgage Loan is at least 12 months old; and

            (c) such Mortgage Loan has not been more than 30 days delinquent
      during the preceding 12 months.

            10.5.2. Waiver Rescission. The Servicer shall enforce the Escrow
Funds requirements with respect to any Mortgage Loan if the related Borrower
fails to act responsibly in making the required payments.

<PAGE>

                                   ARTICLE 11

                       Collection and Servicing Practices

      Section 11.1 General Servicing Requirements

            11.1.1. Servicing Practices. The Servicer agrees to service Mortgage
Loans in accordance with the requirements of this Agreement. In general, where
not otherwise expressly required by the provisions of this Agreement, the
Servicer shall service the Mortgage Loans in accordance with Prudent Servicing
Practices and generally in accordance with FNMA guidelines. As to each Mortgage
Loan, the Servicer shall take all such actions as may be necessary to preserve
the lien of the related Security Instrument upon the related Mortgaged Property.

            11.1.2. Tax Returns and Other Reports. Unless otherwise instructed
by notice from the Master Servicer, the Servicer shall forward to each Mortgagor
such forms and furnish such information within the control of the Servicer as
are required by the Code to be furnished to them and shall prepare and file
annual reports required by the state authorities. By way of example, the
Servicer shall provide the Mortgagors with the reports required under Code
Sections 6050H (e.g., reporting on Form 1098 any mortgage interest, including
points, received and any reimbursements of qualified mortgage interest) and
6050J (Abandonments and Foreclosure of Real Property, Form 1099-A).

            11.1.3. Servicer Internal Controls. The Servicer shall maintain at
all times an adequate system of audit and internal controls in accordance with
Prudent Servicing Practices.

            11.1.4. Pool Insurance Compliance. Notwithstanding any other
provision of this Agreement, the Servicer shall at all times comply with all
applicable Pool Insurance policy requirements so as to assure the full benefit
of such Pool Insurance policy to the Trustee.

            11.1.5. Primary Mortgage Insurance Compliance. Notwithstanding any
other provision of this Agreement, the Servicer shall at all times comply with
all applicable Primary Mortgage Insurance policy requirements so as to assure
the full benefit of such Primary Mortgage Insurance policy to the Trustee.

            11.1.6. Letter of Credit Compliance. Notwithstanding any other
provision of this Agreement, the Servicer shall comply with all the requirements
of any Letter of Credit so as to assure the full benefit of such Letter of
Credit to the Trustee.

      Section 11.2 Delegation of Duties

            11.2.1. Permissible Delegations. Without the written consent of the
Master Servicer authorizing further delegations, the only servicing duties which
the Servicer may elect to delegate, by agency, subcontract or otherwise, and the
only categories of such delegees, are as follows:

            (a) professional collection agencies to perform those duties and
      functions for the collection of delinquent amounts due on any Mortgage
      Loan that are customarily performed by such agencies in the locality where
      the related Mortgaged Property are located;

            (b) title insurance companies, escrow companies and trust companies
      to issue or provide reports reflecting the condition of title to any
      Mortgaged Property and services incidental to the foreclosure or
      acquisition in lieu of foreclosure of any Mortgaged Property, or the sale
      or disposition of any Mortgaged Property acquired by the Servicer;

            (c) attorneys licensed to practice in the state where the related
      Mortgaged Property is located to perform customary legal services in
      connection with the foreclosure or acquisition of such Mortgaged Property
      or the sale or disposition of such Mortgaged Property acquired by the
      Servicer at or in lieu of foreclosure, or for the collection of delinquent
      sums owed on any Mortgage Loan;

            (d) professional property inspection companies and appraisers to
      conduct routine inspections of, and provide written inspection reports on,
      any Mortgaged Property as required by this Agreement;

            (e) title companies, escrow companies and real estate tax service
      companies to provide periodic reports as to the amount of real estate
      taxes due on any Mortgaged Property and the due date or dates of each
      required installment;

            (f) credit bureaus or credit reporting companies to provide credit
      reports on Borrowers or persons who have applied to assume any Mortgage
      Loans;

            (g) construction companies, contractors and laborers to provide
      labor, materials and supplies necessary to protect, preserve and repair
      any Mortgaged Property as required by this Agreement;

            (h) lock box providers or payment processing administrators to
      provide payment processing services;

            (i) hazard insurance servicing companies to provide periodic reports
      as to the amount of hazard insurance premiums due on any Mortgaged
      Property and the Due Date or Due Dates of each required premium payment;
      and

            (j) such other third party service providers as the Servicer, in
      accordance with Prudent Servicing Practices, may deem appropriate.

            11.2.2. Delegee's Qualifications. The Servicer shall assure that
each Person retained to provide any of the services set forth in Section 11.2.1
hereof is fully licensed and holds all required Federal, State or local
governmental franchises, certificates and permits necessary to conduct the
business in which he is engaged and that such Person is reputable,
knowledgeable, skilled and experienced and has the necessary personnel,
facilities and equipment required to provide the services for which he is
retained.

            11.2.3. Responsibility for Costs. Any Person retained in accordance
with Section 11.2.1 hereof shall be retained solely for the Servicer's account
and at the Servicer's sole expense and shall not be deemed to be an agent or
representative of the Trustee, its successors or assigns, or the Master Servicer
or its successors or assigns.

            11.2.4. Servicer's Liability. The Servicer shall remain liable to
the Master Servicer for the performance of the Servicer's duties and obligations
under this Agreement, notwithstanding the delegation of any servicing function
pursuant to this Section 11.2.

            Section 11.3 Due-on-Sale Clause Enforcement

            11.3.1. Enforcement Requirement. The Servicer is required to enforce
the Due-on-Sale Clause on any Mortgage Loan to the extent permitted by
applicable law upon the transfer of title of the related Mortgaged Property
unless (a) a Mortgage Loan is assumable pursuant to the terms of the related
Mortgage Note Assumption Rider, or (b) enforcement of the Due-on-Sale Clause
will jeopardize the Primary Mortgage Insurance coverage on such Mortgage Loan.

            11.3.2. [Reserved].

            11.3.3. Approval Requirement. In all circumstances of an unapproved
transfer of a Mortgaged Property initiated by the Borrower, the Servicer is
required to promptly notify, where applicable, the respective Primary Mortgage
Insurer and/or the respective Pool Insurer, of such transfer and obtain written
approval before initiating enforcement proceedings.

            11.3.4. Exempt Transactions. (a) The Servicer shall not be required
to enforce the due-on-sale (or transfer) provision of this Agreement for certain
types of property transfers or related transactions. The Servicer shall process
these exempt transactions without the approval or notification of the Master
Servicer. In each case, the Mortgaged Property shall remain subject to the lien
of the related Mortgage Loan, and each transferee or grantee described below
shall take subject to such lien. The following transactions shall be deemed to
be exempt transactions and shall require the review and approval of the Servicer
only prior to transfer:

            (i)   a transfer of the Mortgaged Property to the surviving party on
                  the death of a joint tenant or a tenant by the entirety;

            (ii)  a transfer of the Mortgaged Property to a junior lienholder as
                  the result of a foreclosure or the acceptance of a deed in
                  lieu of foreclosure for the subordinate mortgage;

            (iii) a transfer of the Mortgaged Property (or, if the Borrower is
                  an inter vivos revocable trust, a transfer of a beneficial
                  interest in such trust) to a relative of a deceased Borrower
                  (or, in the case of an inter vivos revocable trust Borrower,
                  to a relative of the individual who established the trust),
                  provided that the transferee will occupy the Mortgaged
                  Property;

            (iv)  a transfer of the Mortgaged Property (or, if the Borrower is
                  an inter vivos revocable trust, a transfer of a beneficial
                  interest in such trust) to the spouse, child(ren), parent(s),
                  brother(s), or sister(s), grandparent(s), or grandchild(ren)
                  of the Borrower (or, in the case of an inter vivos revocable
                  trust Borrower, of the individual who established the trust),
                  provided that the transferee will occupy the Mortgaged
                  Property;

            (v)   a transfer of the Mortgaged Property (or, if the Borrower is
                  an inter vivos revocable trust, a transfer of a beneficial
                  interest in such trust) to a spouse of the Borrower (or, in
                  the case of an inter vivos revocable trust Borrower, of the
                  individual who established the trust) under a divorce decree
                  or legal separation agreement or from an incidental property
                  settlement agreement, provided that the transferee will occupy
                  the Mortgaged Property;

            (vi)  a transfer of a Mortgaged Property that is jointly owned by
                  unrelated co-borrowers from one of the Borrowers to the other,
                  provided that the Borrower who is gaining full ownership of
                  the Mortgaged Property shall continue to occupy it and the
                  transfer occurs after at least 12 months have elapsed since
                  the Mortgage Loan was closed;

            (vii) a transfer of the Mortgaged Property (or, if the Borrower is
                  an inter vivos revocable trust, a transfer of a beneficial
                  interest in such trust) into an inter vivos revocable trust
                  (or, if the Borrower is an inter vivos revocable trust, into a
                  new trust), so long as the Borrower (or the individual who
                  established the original inter vivos revocable trust) will be
                  the beneficiary of the trust and the occupant of the Mortgaged
                  Property;

            (viii)the granting of a leasehold interest in the Mortgaged
                  Property that has a term of three or fewer years and does not
                  provide an option to purchase the Mortgaged Property, or a
                  renewal option that would allow the term to extend beyond
                  three years;

            (ix)  the creation of a subordinate lien upon the Mortgaged
                  Property, provided that there is no transfer of occupancy
                  rights therein; or

            (x)   the creation of a purchase money security interest for
                  household appliances which are situated in or upon the
                  Mortgaged Property.

            (b) If the individual or entity transferring the Mortgaged Property
requests a release of liability, the Servicer must review the credit and
financial capacity of the individual or entity receiving the Mortgaged Property.
The Servicer may approve the release of liability if it believes the recipient
is capable of assuming the mortgage obligations and, where applicable, with the
consent of the respective Primary Mortgage Insurer and/or the respective Pool
Insurer. If the Servicer does not believe that the recipient is credit worthy or
if the consent of the respective Primary Mortgage Insurer and/or the respective
Pool Insurer is required but not obtained, the Servicer shall deny the request
for the release of liability, although the transfer may still be processed
without the release. If the request is denied based solely on the Primary
Mortgage Insurer's or the respective Pool Insurer's decision, the denial letter
should state that fact.

            (c) The Servicer shall advise (i) each insurance company providing
Hazard Insurance and Flood Insurance, where applicable, (ii) the relevant tax
authorities, where applicable, (iii) the respective Primary Mortgage Insurer
and/or the respective Pool Insurer and (iv) other interested parties when it
processes transactions under this Section 11.3.4. The Master Servicer does not
need to be notified about such a transaction unless the Servicer agrees to a
release of liability under Section 11.3.4(b).

      Section 11.4 Assumptions

            11.4.1. Assumption Requirements. Any Assumption permitted under this
Agreement shall be performed in accordance with Prudent Servicing Practices. In
connection with an Assumption of an assumable Mortgage Loan, the Servicer shall
process such Assumption as provided for in the Mortgage Note or the Mortgage
Note Assumption Rider and shall verify that:

            (a) no material term of the Mortgage Note (including, but not
      limited to, the Mortgage Interest Rate, the remaining term to maturity,
      the Gross Margin, the Index, the Maximum Lifetime Mortgage Interest Rate,
      the Minimum Lifetime Mortgage Interest Rate, and any Periodic Rate Cap or
      any Periodic Payment Cap) may be changed in connection with such
      Assumption;

            (b) that the new Borrower qualifies for credit under the Master
      Servicer's criteria and standards for similar loans;

            (c) where applicable, the respective Primary Mortgage Insurer,
      and/or the respective Pool Insurer has in advance approved in writing such
      Assumption of such Mortgage Loan by the new Borrower and such Mortgage
      Loan will continue to be insured by such Primary Mortgage Insurer and/or
      such Pool Insurer;

            (d) the documents relating to such Assumption (i) create a valid and
      enforceable promise to pay the Unpaid Principal Balance of the related
      Mortgage Loan, together with interest thereon in accordance with the
      related Mortgage Note by the new Borrower and (ii) the related Security
      Instrument continues to evidence a valid and perfected first lien on the
      related Mortgaged Property; and

            (e) such Mortgage Loan will continue to be a valid first priority
      security interest upon the related Mortgaged Property.

            11.4.2. Approval and Release. In connection with an Assumption of an
assumable Mortgage Loan and in accordance with the provisions of the related
Mortgage Loan Documents, upon such verification, (a) the Servicer may approve
such Assumption and (b) only with the prior written approval of, where
applicable, the Primary Mortgage Insurer and/or the Pool Insurer, unless such
approval is precluded by the terms of the Mortgage Loan Documents, release the
previous Borrower from liability.

            11.4.3. Assumption Agreement Provided to Custodian. The Servicer
shall provide to the Custodian the original assumption agreement.

            11.4.4. Assumption Fees. Subject to applicable law or regulation and
the provisions of the related Mortgage Note, the Servicer may charge the
Borrower and retain a reasonable and customary assumption fee. Such fee is
receivable only from the Borrower directly and may not be withdrawn from any of
the custodial accounts maintained hereunder.

            11.4.5. Disclosure Requirement. In connection with an Assumption of
an assumable Mortgage Loan, the Servicer shall make all disclosures required by
applicable law.

      Section 11.5 Partial Releases and Easements

            11.5.1. Prerequisites. The Servicer must take the following actions
prior to permitting the grant of a partial release of a Mortgaged Property from
the lien of the related Security Instrument, easement, consent to substantial
alterations and any other changes affecting the related Mortgage Loan or such
Mortgaged Property:

            (a) where applicable, obtain the respective Primary Mortgage
      Insurer's and/or the respective Pool Insurer's prior written approval;

            (b) if the value of the released property is more than five thousand
      ($5,000) dollars, obtain an acceptable Appraisal Report showing the
      current market value of such Mortgaged Property before and after the
      release and showing individually both the value of the land and of the
      improvements thereon;

            (c) ensure that any and all cash consideration received at least
      equals the current market value of property or rights to be released
      regarding such Mortgaged Property;

            (d) ensure that any and all cash consideration received is applied
      to the Unpaid Principal Balance of such Mortgage Loan to the extent of the
      diminution of the value of such Mortgaged Property;

            (e) cause all legal documents for the transaction to be reviewed;

            (f) ensure that such Mortgaged Property, following such release or
      change, adequately secures the Unpaid Principal Balance of the Mortgage
      Loan and accrued interest thereon and that the related Loan-to-Value ratio
      will not be greater than 80%, after giving effect to clause (d) hereof;
      and

            (g) obtain written notification from the respective Title Insurer
      that the related Title Insurance policy remains fully in effect with
      respect to such Mortgaged Property, as modified, following such release or
      change.

            11.5.2. Release or Modification of Lien. With the consent, where
applicable, of the respective Primary Mortgage Insurer, and/or the respective
Pool Insurer, the Servicer may approve applications for partial release of a
Mortgaged Property from the lien of the related Security Instrument, easements,
consent to substantial alterations and any other changes affecting the related
Mortgage Loan or such Mortgaged Property if the perquisites in Section 11.5.1
have been satisfied.

            11.5.3. Master Servicer's Approval. If the Servicer is not able to
meet the prerequisites specified in Section 11.5.1 or if the amount of
consideration received is less than the reduction in the value of the Mortgaged
Property due to the partial release or other changes, the Servicer must obtain
the approval of the Master Servicer prior to permitting an application described
in Section 11.5.2. The Servicer shall furnish such information as the Master
Servicer shall request in connection with an application under this Section
11.5.3.

      Section 11.6 Recordation of Assignments

            11.6.1. Recordation Requirement. The Servicer must, at its own
expense, record the Assignment of each Security Instrument (other than with
respect to any Mortgage Loan registered in the name of MERS) to the Trustee or,
if applicable, to the Trust Administrator on behalf of the Trustee, as well as
any previously unrecorded intervening Assignments. In the case of any Mortgage
Loan registered in the name of MERS, the Servicer shall take all actions as are
necessary to cause the Trustee or, if applicable, to the Trust Administrator on
behalf of the Trustee, to be shown as the owner of the related Mortgage Loan on
the records of MERS for purposes of the system of recording transfers of
beneficial ownership of mortgages maintained by MERS. If any Security Instrument
or Assignment is not recorded within the later to occur of (i) the date 120 days
after the acquisition of the a Mortgage Loan by the Trustee or, if applicable,
the Trust Administrator on behalf of the Trustee, if the Servicer has been
servicing such Mortgage Loan from the Trustee's or, if applicable, the Trust
Administrator's date of acquisition or (ii) the date 120 days after the date the
Servicer began servicing such Mortgage Loan, the Master Servicer shall have the
right to so effect such recordation at the Servicer's expense.

            11.6.2. Extension of Recording Period. The time to record an
Assignment of a Security Instrument may be extended from the end of permissible
recordation period set forth in Section 11.6.1 if the Servicer provides an
Officer's certificate acceptable to the Master Servicer certifying that the
Servicer has used its best efforts to complete the recordation process for the
Security Instrument and/or Assignment, as applicable, and that the factors
preventing completion of the recordation process are beyond the Servicer's
control.

            11.6.3. Delivery Requirement. Promptly following the recordation of
any Security Instrument or an Assignment, the Servicer shall deliver to the
Custodian, unless otherwise directed in writing by the Master Servicer, such
Security Instrument or Assignment bearing evidence of recordation or, if the
original Security Instrument or Assignment is retained by the recording office,
a certified copy of the original recorded Security Instrument or Assignment.

            11.6.4. Waiver of Recordation. The Master Servicer shall generally
require the Servicer to record an Assignment of the Security Instrument for each
Mortgage Loan to the Trustee or, if applicable, to the Trust Administrator on
behalf of the Trustee. However, the recordation requirement with respect to an
Assignment may be waived for a Mortgage Loan if (a) the related Mortgaged
Property is in a state in which recordation of such an Assignment is not
required to protect the Trustee's right, title and interest in and to the
related Mortgage Loan and the Depositor or the Servicer has delivered to the
Master Servicer an Opinion of Counsel, acceptable to the Master Servicer, to
that effect or (b) the Master Servicer has been advised by the Depositor that
the nonrecordation of an Assignment in a state will not result in a reduction of
the rating assigned by each Rating Agency at the time of the initial issuance of
the Wells Fargo Asset Securities Corporation, Mortgage Pass-Through
Certificates, Series 2006-AR17.

      Section 11.7 General Servicing Considerations

            11.7.1. Abandonment. If the Servicer discovers that any Mortgaged
Property is not occupied, the Servicer must immediately attempt to contact the
Borrower in order to determine the reason for the vacancy. If the Servicer
determines that such Mortgaged Property has been abandoned, the Servicer, at its
own expense, must take all necessary actions to protect such Mortgaged Property
from waste, damage and vandalism. Such expenses shall be recoverable by the
Servicer solely from the Liquidation Proceeds of the related Mortgage Loan, if
any, or directly from the Borrower.

            11.7.2. Buydown Funds. The Servicer must distribute any Buydown
Funds in each Custodial Buydown Account in accordance with the terms of the
applicable Buydown Agreement.

            11.7.3. Maintenance of Records. Based upon information obtained
pursuant to its obligations under Section 12.2.6, the Servicer shall maintain
accurate records of the occurrence of any of the following:

            (a) deterioration of, waste of, or lack of repair to, any Mortgaged
      Property, which materially and adversely affects the Value of such
      Mortgaged Property and the Borrower refuses or is not financially able to
      make the necessary repairs;

            (b) sale or transfer of any Mortgaged Property in a manner not
      approved by the Servicer pursuant to the provisions of this Agreement;

            (c) material litigation involving any Mortgaged Property;

            (d) abandonment of any Mortgaged Property;

            (e) a material default, determined in accordance with Prudent
      Servicing Practices, under the terms of any Security Instrument, Mortgage
      Note, Condominium Project or PUD constituent document or similar
      obligations of a Borrower; or

            (f) any other situation that may materially and adversely affect the
      value of any Mortgage Loan.

            11.7.4. Eminent Domain. The Servicer must submit appropriate
recommendations and documentation to, where applicable, the respective Primary
Mortgage Insurer and/or the respective Pool Insurer, of any taking by eminent
domain if:

            (a) the Mortgaged Property will be taken in whole and the
      consideration to be paid to the Borrower will be insufficient to satisfy
      the Unpaid Principal Balance (plus any unreimbursed Advances) of the
      related Mortgage Loan, or

            (b) the Mortgaged Property will be taken in part and (i) the ratio
      of the (A) Unpaid Principal Balance (plus any unreimbursed Advances) of
      the Mortgage Loan to (B) the Current Value of the remaining Mortgaged
      Property is higher than (ii) the LTV ratio of the Mortgage Loan
      immediately before the taking, even after applying any consideration to
      the Unpaid Principal Balance of the Mortgage Loan.

      The Servicer must take all steps necessary to prevent loss of any Primary
      Mortgage Insurance or Pool Insurance benefits due to any taking by eminent
      domain.

            11.7.5. Late Charges. Late charges may not be assessed unless a
Borrower failed to make payments in accordance with the Mortgage Note.

      Section 11.8 Borrower Bankruptcy

            11.8.1. Servicer's Duty. The Servicer shall be responsible for
representing the interests of the Trustee in any bankruptcy proceedings
involving a Borrower.

            11.8.2. Responsibility for Costs. The costs of protecting the
interests of the Trustee shall be advanced by the Servicer and are not (a)
chargeable to the related Borrower's Escrow Funds or (b) reimbursable from the
Master Servicer.

            11.8.3. Challenge Bankruptcy Reductions. If the bankruptcy judge or
trustee should propose to (a) reduce the Unpaid Principal Balance of a Mortgage
Note, (b) reduce the related Mortgage Interest Rate, (c) extend the final
maturity of such Mortgage Note, or (d) reduce the level of any monthly payment
on such Mortgage Note, the Servicer shall (i) challenge any such modification on
a timely basis and (ii) exercise reasonable judgment to protect the interests of
the Trustee.

            11.8.4. Bankruptcy Adjustments. If the action of any court results
in a Deficient Valuation or Debt Service Reduction, the Servicer shall provide a
calculation of the effects of such modification notifying the Master Servicer of
the new principal balance, Mortgage Interest Rate, new final maturity, or
monthly payment level, as the case may be, of such Mortgage Loan.

            11.8.5. Bankruptcy Plan Surveillance. With respect to each Mortgage
Loan which is the subject of a Deficient Valuation or a Debt Service Reduction,
the Servicer shall verify that payments are being made in accordance with the
plan approved in the related bankruptcy proceedings.

<PAGE>

                                   ARTICLE 12

                             Delinquency Management

      Section 12.1 In General

            12.1.1. Servicing Practices. The provisions set forth in this
Article constitute the minimum guidelines and procedures for servicing
Delinquent Mortgage Loans. The Servicer must use collection procedures which
meet or exceed these guidelines. The Servicer's procedures must be sufficient
for promptly dealing with delinquencies. The Master Servicer retains the right
to require the Servicer to perform additional collection procedures which the
Master Servicer deems, in its reasonable discretion, necessary to realize the
objectives set forth herein or otherwise to protect the interests of the
Trustee.

            12.1.2. Servicer's Capabilities. The Servicer's collection staff
must be sufficiently skilled in financial counseling and mortgage servicing
techniques to assist a Borrower to bring his Mortgage Loan current and to
protect his equity and credit rating, while at the same time protecting the
interests of the Trustee and of the Master Servicer.

            12.1.3. Servicing Objectives. The purpose of any collection effort
is to cure a Delinquency in the shortest possible time. The Servicer should
treat each Delinquency individually. Discussions with the Borrower must cover
the cause of such Delinquency and the time frame in which such Delinquency shall
be cured. The Servicer should use notices, letters, telegrams, telephone calls,
face-to-face contact and other responsible collection techniques consistent with
Prudent Servicing Practices. The Servicer is required to maintain all collection
records. The Servicer must vary its collection techniques to fit individual
circumstances, avoiding a fixed collection pattern which may be ineffective in
dealing with particular Borrowers. The Servicer should recognize the importance
of telephone and face-to-face contact in any collection program. As part of its
collection procedures, the Servicer shall closely monitor all newly originated
Mortgage Loans.

            12.1.4. Servicer's Expenses. Unless otherwise specified, the cost of
any of the servicing procedures detailed in this Agreement shall be borne solely
by the Servicer. The Servicer may not charge such expenses against the
Borrower's Escrow Funds. The foregoing shall not preclude the Servicer from
recovering such expenses from the Borrower to the extent permitted by applicable
law and the related Mortgage Loan Documents.

      Section 12.2 Delinquency Servicing Procedures

            12.2.1. Late Notice. A late notice shall be mailed by the Servicer
to the Borrower by the 18th day of such Delinquency.

            12.2.2. Telephonic Inquiry. The Servicer shall use best efforts to
make telephone contact with the Borrower by the 22nd day of such Delinquency.

            12.2.3. Notice of Default. Notification of default of such Mortgage
Loan shall be mailed by the Servicer to the Borrower by the 35th day of such
Delinquency.

            12.2.4. Borrower Interview. The Servicer shall comply with
applicable FNMA and FHLMC requirements with regard to Borrower interviews.

            12.2.5. Continuing Contacts. If satisfactory arrangements have not
been made to cure such Delinquency by the 90th day, the Servicer must continue
to contact the Borrower until either the related Mortgage Loan has been brought
current or the Servicer has made the decision to commence foreclosure of such
Mortgaged Property or other action.

            12.2.6. Property Inspection. The Servicer is required to inspect
each Delinquent Mortgaged Property at such time and in such manner as is in
accordance with Prudent Servicing Practices. The Servicer must prepare a
Property Inspection Report following each inspection. All Property Inspection
Reports must be retained by the Servicer and copies thereof must be forwarded to
the Master Servicer promptly upon request. All expenses related to the foregoing
shall be recoverable by the Servicer from the Principal or from Liquidation
Proceeds, Insurance Proceeds, payments on the related Mortgage Loan or any other
source relating to the related Mortgage Loan or the related Mortgaged Property.
The foregoing shall not preclude the Servicer from recovering such expenses from
the Borrower to the extent permitted by applicable law and the related Mortgage
Loan Documents.

      Section 12.3 Relief of Borrowers

            12.3.1. Servicer's Role. The Servicer shall be readily available to
Borrowers to offer skilled financial counsel and advice and shall make personal
contact with delinquent Borrowers as often as possible to achieve a solution
that will bring the Mortgage Loan current as soon as possible. The Servicer
shall be fully familiar with the form of relief to Borrowers provided for herein
and shall employ such relief.

            12.3.2. Servicer's Discretion. The Servicer shall have reasonable
discretion to extend appropriate relief to Borrowers who encounter hardship and
who are cooperative and demonstrate proper regard for their obligations.
However, no such relief shall be granted to any Borrower under a Mortgage Loan
unless the Servicer reasonably believes that there is a reasonable expectation
that such Borrower shall bring his Mortgage Loan current within a period
conforming to acceptable servicing practices; provided that such period will not
exceed 21 months from the Due Date of the earliest unpaid installment and will
not result in a "significant modification" of the Mortgage Loan under the REMIC
Provisions.

            12.3.3. Relief Requirement. Prior to granting relief with respect to
a delinquent Mortgage Loan as herein provided, the Servicer shall ascertain that
(i) the reasons for the default and (ii) the attitude and circumstances of such
Borrower justify the relief to be granted.

            12.3.4. Primary Mortgage Insurance Considerations. Where applicable,
the Servicer shall satisfy all requirements under the applicable Primary
Mortgage Insurance policy regarding the relief granted with respect to a
delinquent Mortgage Loan.

            12.3.5. Responsibility for Costs. The Servicer is responsible for
collection from such Borrower of any recording or similar costs or expenses
incidental to the granting of relief with respect to a delinquent Mortgage Loan.

            12.3.6. Forbearance Plan. (a) Where relief is appropriate, the
Servicer shall arrange with a Borrower a "Forbearance Plan" giving such Borrower
a definite period in which to reinstate his Mortgage Loan by immediately
commencing payments in excess of the regular Monthly Payments. Without the prior
written consent of the Master Servicer, special forbearance relief agreements
reducing or suspending the regular Monthly Payment of the related Mortgage Loan
for a specified period of time are not permitted. To the extent that (i) the
priority of the lien represented by such Mortgage Loan remains in effect and is
not adversely affected, (ii) where applicable, the related Primary Mortgage
Insurance policy remains in full force and effect and (iii) where applicable,
the related Pool Insurance policy remains in full force and effect, the
Servicer, in its discretion, may enter into a Forbearance Plan that provides
that the total amount owed during such Delinquency, including costs and
expenses, will be repaid within the shortest period practicable, commencing
immediately. With respect to such Mortgage Loan, the Forbearance Plan shall
provide that such Delinquency will be cured within a period conforming to
acceptable servicing practices; provided that such period will not exceed 21
months from the Due Date of the earliest unpaid installment and will not result
in a "significant modification" of the Mortgage Loan under the REMIC Provisions.
The Forbearance Plan for such Mortgage Loan shall be set forth in writing and
executed by the Borrower and by the Servicer in the form of a letter agreement
if the earliest unpaid installment is more than 60 days past due.

            (b) With the consent of the Master Servicer, the Servicer may modify
      the payment terms of Mortgage Loans that are in default, or as to which
      default is reasonably foreseeable; provided that no such modification
      shall reduce the Unpaid Principal Balance of such Mortgage Loan or
      permanently reduce the Mortgage Interest Rate of such Mortgage Loan; and
      provided further that prior to entering into any such modification the
      Servicer and the Master Servicer shall determine that such modification is
      likely to increase the proceeds of such Mortgage Loan over the amount
      expected to be collected pursuant to a foreclosure or other similar
      procedure.

            12.3.7. Accommodation Limitations. No modification, recast,
extension, or capitalization of delinquent payments of a Mortgage Loan other
than as provided in Section 12.3.6 hereof shall be permitted with respect to a
Mortgage Loan.

            12.3.8. Pool Insurance Considerations. Where applicable, the
Servicer shall satisfy all requirements under the applicable Pool Insurance
policy regarding the relief granted with respect to a delinquent Mortgage Loan,
including, without limitation, securing the prior written consent of the
respective Pool Insurer regarding (a) any change in any term of such Mortgage
Loan, (b) the release of the related Borrower from any liability related to such
Mortgage Loan, or (c) the release of any portion of, or interest in, the
Mortgaged Property from the lien of the related Security Instrument.

      Section 12.4 Special Delinquency Servicing Considerations

            12.4.1. Advance Responsibility During Delinquency. In the event of a
Delinquency with respect to a Mortgage Loan, the Servicer agrees to advance from
its own funds the full amount of Monthly Payments (which may be net of the
related Servicing Fee) for such Mortgage Loan. These advances shall provide the
Trustee with a regular flow of funds on such delinquent Mortgage Loan. The
advance obligation stated above is in addition to any other advance obligations
which the Servicer has pursuant to the provisions of this Agreement. The
Servicer must still advance funds in accordance with the provisions of this
Agreement even if a forbearance has been granted.

            12.4.2. Primary Mortgage Insurance Compliance. Where applicable, the
Servicer shall be familiar with and shall satisfy all requirements of the
applicable Primary Mortgage Insurance policy with respect to a delinquent
Borrower. The Servicer shall have adequate controls to assure timely filing of
all notices to the appropriate Primary Mortgage Insurer. The Servicer shall
prepare and file all appropriate claims with respect to the applicable Primary
Mortgage Insurance policy and the Servicer shall prepare and, upon request,
deliver to the Master Servicer, copies of all claims forms and other papers
received from or presented to any Primary Mortgage Insurer in connection with
any claims presented under any such policy.

            12.4.3. Pool Insurance Compliance. Where applicable, the Servicer
shall be familiar with and shall satisfy all requirements of the applicable Pool
Insurance policy with respect to a delinquent Borrower. The Servicer shall have
adequate controls to assure timely filing of all notices to the appropriate Pool
Insurer. Copies of all such notices shall be sent to the Master Servicer upon
request. The Servicer shall prepare and file all appropriate claims with respect
to the applicable Pool Insurance policy and the Servicer shall prepare and, upon
request, deliver to the Master Servicer, copies of all claims forms and other
papers received from or presented to any Pool Insurer in connection with any
claims presented under any such policy.

<PAGE>

                                   ARTICLE 13

                           Foreclosure Administration

      Section 13.1 Foreclosure Prerequisites

            13.1.1. Foreclosure/Alternative to Foreclosure Initiation. (a) When
a Borrower reaches the 90th day of Delinquency and the Servicer has exhausted
all reasonable means of curing the Delinquency, the Servicer shall either begin
the foreclosure process or suggest an alternative to foreclosure in accordance
with Prudent Servicing Practices. In conjunction with the Servicer's decision to
begin the foreclosure action or seek an alternative to foreclosure, the Servicer
shall provide written notice to, where applicable, the respective Primary
Mortgage Insurer and/or the respective Pool Insurer no later than ten days after
the initiation of foreclosure proceedings or the alternative to foreclosure.
Notwithstanding anything to the contrary in this Section 13.1.1, the Master
Servicer may direct the Servicer to stop the foreclosure action or to modify any
alternative to foreclosure. The Servicer shall prepare all necessary
documentation to initiate the foreclosure proceedings.

            (b) Notwithstanding anything to the contrary in this Section 13.1,
      if the Master Servicer has entered into a special servicing agreement
      pursuant to Section 3.08 of the Pooling and Servicing Agreement, the
      Master Servicer may direct the Servicer to commence foreclosure
      proceedings as contemplated by such special servicing agreement.

            13.1.2. Foreclosure Expenses. All fees and expenses shall be
consistent with FNMA standards and, where applicable, shall not exceed those
permitted under the respective Pool Insurance policy and/or the respective
Primary Mortgage Insurance policy. Fees in excess of the amount permitted by
FNMA guidelines or extraordinary legal services must be approved in writing in
advance, where applicable, by the respective Primary Mortgage Insurer or the
respective Pool Insurer, as the case may be, if required by the applicable
policy. All attorneys' fees, and other costs in excess of FNMA's standards in
respect of any foreclosure or acquisition in lieu of foreclosure shall be
identified in advance and a detailed estimate of the amounts thereof shall be
set forth in the Servicer's written recommendation. The billing by a foreclosure
attorney must demonstrate the appropriateness of any extraordinary fees by the
services required. In cases of full or partial reinstatement of the related
Mortgage Loan, the fees shall be reasonable and in proportion to the authorized
fee for services rendered for a completed foreclosure. Unless otherwise
expressly agreed in writing, neither the Master Servicer, any of its Affiliates,
their respective officers, directors, employees, agents, successors or assigns,
the Trustee nor, if applicable, the Trust Administrator shall be liable for any
attorneys' fees, trustees' fees, witness fees, title search fees, court costs or
other expenses incurred by the Servicer in respect of any foreclosure or
acquisition in lieu of foreclosure, except to the extent that such fees, costs
and expenses are fully reimbursable under a Primary Mortgage Insurance policy
and in fact are reimbursed.

            13.1.3. Hazardous Wastes. In the event that the Mortgaged Property,
related to a Mortgage Loan which is being considered for liquidation by
foreclosure or the transfer of a deed-in-lieu of foreclosure, contains, and the
Servicer has reason to believe that it contains, hazardous or regulated
substances which may impose liability, for damages, remediation or otherwise,
upon the owner of such Mortgaged Property pursuant to Federal, State or local
law, the Servicer shall not, except with the express prior written approval of
the Master Servicer, which approval makes specific reference to the presence of
such hazardous or regulated substances, undertake or continue the process of
foreclosure with respect to such Mortgaged Property.

      Section 13.2 Deed-in-Lieu of Foreclosure

            13.2.1. Conditions. If the Master Servicer and the respective
Primary Mortgage Insurer and/or the respective Pool Insurer, if applicable, have
approved the liquidation of a Mortgage Loan by accepting a deed-in-lieu of
foreclosure of the related Mortgaged Property, the Servicer may accept such deed
without any further action or approval by the Master Servicer or, where
applicable, the respective Primary Mortgage Insurer and/or the respective Pool
Insurer, provided that:

            (a) the Servicer determines that the pursuit of a deficiency
      judgment is not practical or warranted;

            (b) the Mortgaged Property has been listed for sale at a market
      value for three months or more without a reasonable sales offer;

            (c) there reasonably appear to be legal impediments to pursuing
      foreclosure;

            (d) the acceptance of the deed-in-lieu of foreclosure will enable
      the Trustee to acquire the Mortgaged Property earlier than under a
      foreclosure action;

            (e) the Borrower acknowledges in writing that the deed is being
      accepted as an accommodation to him or her;

            (f) where applicable, the respective Primary Mortgage Insurer and/or
      the respective Pool Insurer has agreed to the acceptance of a
      deed-in-lieu;

            (g) the Borrower has not received cash consideration to deed the
      Mortgaged Property over to the Trustee, unless the Master Servicer
      otherwise approves;

            (h) the Borrower can convey acceptable marketable title, evidenced
      by a Title Insurance policy;

            (i) the Mortgaged Property is vacant (unless, where applicable, the
      respective Primary Mortgage Insurer and/or the respective Pool Insurer has
      agreed to accept an occupied property);

            (j) the Mortgaged Property is not subject to liens (held by others),
      judgments, or attachments; and

            (k) the Borrower agrees to assign and transfer to the benefit of the
      Trustee, where applicable, any rents if the Mortgaged Property is rented,
      and the Servicer agrees to collect any rental income.

            13.2.2. Subsequent Actions. Upon acquisition by the Trustee, the
Servicer shall promptly notify, if applicable, the respective Primary Mortgage
Insurer and/or the respective Pool Insurer, indicating the details of the
transaction and reasons for the conveyance and providing such other information
as is required under a Primary Inspection Report to, if applicable, the Primary
Mortgage Insurer and/or the Pool Insurer. Title shall be conveyed directly from
the Borrower to the Trustee or to such other Person designated by the Master
Servicer.

      Section 13.3 Actions Prior to Foreclosure

            13.3.1. Notice Requirements. The Servicer shall send the Borrower a
letter, not less than 30 days before the commencement of foreclosure
proceedings, setting out (i) the nature of the default, (ii) the steps that must
be taken by the Borrower to cure the default and (iii) the date when foreclosure
proceedings will begin. If the Servicer has reason to believe that the related
Mortgaged Property has been abandoned or if the Borrower has displayed an
obvious disregard for his obligations under such Mortgage Loan, the foregoing
notice shall be forwarded at the earliest possible date following the Borrower's
default.

            13.3.2. Initiation of Proceedings. If foreclosure approval has not
been withheld by the Master Servicer and, where applicable, by the respective
Primary Mortgage Insurer and/or the respective Pool Insurer, with respect to a
Mortgaged Property, including Co-op Shares, the Servicer shall, unless it
arranges for the sale by the Borrower of the Mortgaged Property to a third party
pursuant to Section 13.3.3, initiate or cause to be initiated such foreclosure
actions as are authorized by law and consistent with practices in the locality
where the Mortgaged Property is located, including, in the case where such
Mortgaged Property includes a residential long-term lease, the succession by the
Servicer to the rights of the Borrower under the lease by foreclosure,
assignment in lieu of foreclosure or other comparable means. If such Mortgaged
Property has been abandoned or vacated by the Borrower and the Borrower has
evidenced no intention of honoring his obligations under the related Mortgage
Loan, the foreclosure process shall be expedited to the fullest extent permitted
by law.

            13.3.3. Short Sale of Defaulted Mortgage Loans in Lieu of
Foreclosure. With respect to any defaulted Mortgage Loan for which the Servicer
would otherwise be required to initiate foreclosure proceedings, the Servicer
may arrange for the sale of the Mortgaged Property by the Borrower to a third
party if, in the good faith judgment of the Servicer, the net proceeds from such
sale would be equal to or greater than the net proceeds of a bid conducted in
accordance with Section 13.4.2.

      Section 13.4 Foreclosure Procedures

            13.4.1. Foreclosure Expenses. During the period in which the
Mortgaged Property related to a Mortgage Loan is being foreclosed, remaining
Escrow Funds, if any, as well as any rent receipts, shall be used to pay all
taxes and insurance premiums that become due with respect to such Mortgaged
Property to the extent permitted by law. Except where other arrangements have
been made with the applicable Primary Mortgage Insurer, the Servicer shall, with
respect to each Mortgaged Property undergoing foreclosure, advance payment of
attorneys' fees, trustees' fees and other foreclosure costs from the
commencement of foreclosure proceedings pertaining to such Mortgaged Property.

            13.4.2. Bidding Instructions. The Servicer shall issue bidding
instructions to the attorney or trustee in a foreclosure proceeding in
accordance with Prudent Servicing Practices. Where applicable, the Servicer
shall incorporate any bidding requirements issued by the respective Primary
Mortgage Insurer and/or the respective Pool Insurer. Any proceeds received from
an insurance loss settlement shall be included as part of the bid amount. Where
a claim or claim settlement under a Hazard Insurance or Flood Insurance policy
is pending, the Servicer shall contact the Hazard Insurance or Flood Insurance
carrier to verify that the proposed bid will not invalidate the claim, in that,
in certain jurisdictions, a bid for the total indebtedness will be considered as
satisfaction of the debt and would thus bar the Hazard Insurance or Flood
Insurance claim.

            13.4.3. Buydown Funds Use. Unless the related Buydown Agreement
provides otherwise, the Servicer may not use Buydown Funds relating to a
Mortgage Loan to cure a Delinquency with respect to such Mortgage Loan. Any
Buydown Funds remaining in the associated Custodial Buydown Account of a
Mortgage Loan in foreclosure must be disposed of in accordance with the terms of
the related Buydown Agreement.

            13.4.4. Servicer's Responsibilities. Subject to the provisions of
Article Three hereof, after acquisition of a Mortgaged Property, through
foreclosure or a deed-in-lieu of foreclosure, or after the Servicer shall have
taken possession of the Mortgaged Property, whichever occurs first, the Servicer
shall be responsible for the management of such Mortgaged Property. The Servicer
shall remain responsible until possession has been assumed by the applicable
Primary Mortgage Insurer or the applicable Pool Insurer or until such Mortgaged
Property are otherwise disposed of, as the case may be. The Servicer shall take
such action as is necessary to protect the Trustee's security or, after
acquisition thereof, ownership interest in such Mortgaged Property. Such action
shall include, without limitation, (i) management of such Mortgaged Property,
(ii) maintenance of such Mortgaged Property and (iii) if such Mortgaged Property
are vacant, protection of such Mortgaged Property against vandals and the
elements.

            13.4.5. Conveyance Documents. Where applicable, any conveyance by
the Servicer to the respective Primary Mortgage Insurer or the respective Pool
Insurer of a Mortgaged Property shall be made by the form of deed commonly used
in the particular jurisdiction where such Mortgaged Property is located. The
Servicer shall prepare the necessary documents within two weeks after the date
of sale at foreclosure or confirmation of sale, if applicable, or within a
reasonable time frame. The documents shall be forwarded to the Trustee for
approval and execution. After execution by the Trustee, such documents will be
returned to the Servicer for delivery to the respective Primary Mortgage Insurer
or the respective Pool Insurer which is acquiring such Mortgaged Property.

      Section 13.5 Mortgage Loan Reinstatement

            13.5.1. Borrower's Full Payment. If a Borrower offers to fully
reinstate his Mortgage Loan during the foreclosure process, the Servicer shall
accept the offer. To achieve full reinstatement of his Mortgage Loan, a Borrower
shall make payment of all (i) payments due to bring such Mortgage Loan current,
(ii) attorneys' fees, (iii) trustees' fees, (iv) any additional legal costs, (v)
all applicable late fees and (vi) any other expenditures or Advances made by the
Servicer during the foreclosure process.

            13.5.2. Borrower's Partial Payment. Except where otherwise required
by applicable law, the Servicer may not accept an amount in payment from a
Borrower which is less than the amount required for full reinstatement pursuant
to Section 13.5.1 hereof toward reinstatement of a Mortgage Loan during the
foreclosure process without the prior written approval from, if applicable, the
respective Primary Mortgage Insurer and/or the respective Pool Insurer.

            13.5.3. Obligations upon Reinstatement. Upon accepting the
reinstatement of a Mortgage Loan, the Servicer shall immediately contact the
appropriate foreclosure attorney or trustee to avoid incurring additional legal
costs or fees. The Servicer must apply the reinstatement Funds upon receipt from
a Borrower in payment of the expenses enumerated in Section 13.5.1 hereof. Upon
receipt of the reinstatement funds from a Borrower the Servicer must return to
the Custodian the related Mortgage Note and other related Mortgage Loan
Documents for reinclusion in the related Mortgage Loan File.

            13.5.4. Certain Assumptions Permitted. The Servicer is authorized,
notwithstanding the other provisions of this Article 13, to permit the
assumption of a defaulted Mortgage Loan rather than to foreclose or accept a
deed-in-lieu of foreclosure if, in the Servicer's judgment, the default is
unlikely to be cured and the assuming borrower meets the underwriting guidelines
that originally applied to such Mortgage Loan.

<PAGE>

                                   ARTICLE 14

                               REO Administration

      Section 14.1 General Provisions

            14.1.1. REO Action Plan. With regard to each REO which is acquired,
the Servicer shall prepare a plan of action within 30 Business Days after the
date on which the Trustee acquires marketable title to such REO. Each plan of
action shall set forth (i) a recommendation for the most effective manner to
dispose of the REO, based on a current appraisal report, a broker's price
opinion and a market analysis; (ii) the steps to be taken by the Servicer to
secure such REO; and (iii) an estimate of the amount of time that is required to
dispose of such REO. The Servicer shall promptly submit copies of each plan of
action to the Master Servicer and, where applicable, to the respective Primary
Mortgage Insurer, and/or the respective Pool Insurer. The Servicer shall
implement each plan of action in an expeditious manner. The Servicer shall
maintain monthly progress reports with regard to each plan of action detailing
the status of the related REO and the progress achieved in implementing the plan
of action.

      Section 14.2 REO Servicing

            14.2.1. REO Servicing Requirements. The Servicer shall service each
REO from its acquisition through its disposition and shall ensure that all funds
received with respect to such REO are deposited to the appropriate Custodial P&I
Account for remittance to the Trustee, unless the Master Servicer has relieved
the Servicer of these responsibilities by written notification.

            14.2.2. Servicer's Responsibilities. In addition to any other
obligations set forth herein, upon acquisition of each REO, the Servicer shall
be responsible for:

            (a) managing, maintaining, securing and, where applicable, renting
      such REO until it is conveyed or sold;

            (b) inspecting such REO at least once every 30 days and promptly
      sending the Master Servicer an updated Property Inspection Report upon
      request;

            (c) paying all taxes, insurance, maintenance, management and
      foreclosure costs relating to such REO;

            (d) submitting recommendations for listing and soliciting offers on
      such REO;

            (e) marketing such REO;

            (f) completing the sale of such REO;

            (g) depositing sales proceeds relating to such REO into the
      appropriate Custodial P&I Account for remittance to the Trustee;

            (h) where applicable, satisfying all of the Primary Mortgage
      Insurer's procedural requirements and filing all required forms and
      claims;

            (i) where applicable, depositing Primary Mortgage Insurance or Pool
      Insurance proceeds relating to such REO into the applicable Custodial P&I
      Account for remittance to the Trustee; and

            (j) processing the conveyance of such REO to the Primary Mortgage
      Insurer, where applicable.

            14.2.3. [Reserved].

      Section 14.3 REO Records and Reports

            14.3.1. Records Retention. The Servicer shall retain in its files
copies of all documents, reports and invoices described in this Section.

            14.3.2. Evidence of Title. Evidence that title to a REO is held by
the Trustee shall be submitted by the Servicer to the Master Servicer and, if
applicable, to the Primary Mortgage Insurer and/or the Pool Insurer, within ten
Business Days after marketable title to such REO has been acquired.

            14.3.3. REO Expenses. At the request of the Master Servicer, Primary
Mortgage Insurer and/or the Pool Insurer, the Servicer shall send a report
listing all expenses in administering each REO. The Servicer shall retain such
invoices in its records and shall, by request, (i) produce any such invoices for
inspection or (ii) at its own expense, provide copies of any such invoices to
the Master Servicer and, if applicable, to the Primary Mortgage Insurer and/or
the Pool Insurer, as directed. The foregoing expense invoices shall include,
without limitation, the following:

            (a) insurance premiums;

            (b) real estate tax bills;

            (c) special assessments;

            (d) owners' association dues; and

            (e) utility bills.

            14.3.4. REO Documents. Upon request, the Servicer shall send copies
to the Master Servicer and, where applicable, to the respective Primary Mortgage
Insurer and/or the respective Pool Insurer, of the following documents relating
to each REO:

            (a) any forced placed Hazard Insurance policy or Flood Insurance
      policy, if applicable;

            (b) any maintenance contracts;

            (c) any contractor bids relating to the rehabilitation of such REO
      pursuant to Section 14.5.3 hereof;

            (d) an updated Title Insurance policy which reflects the occurrence
      of foreclosure; and

            (e) plat map or house location survey, if already available.

      Section 14.4 REO Marketing

            14.4.1. REO Marketing Efforts. The Servicer shall begin efforts to
market a REO as soon as marketable title is acquired by the Trustee.

            14.4.2. REO Sales. (a) The Servicer shall obtain the best market
price for a REO for the Trustee while disposing of such REO in a timely and
efficient manner. The Servicer, acting on behalf of the Trustee, shall dispose
or cooperate with the Trustee in disposing of such REO prior to the close of the
third calendar year following the year of its acquisition by the Trustee (the
"REO Disposition Period") or, if an extension has been obtained from the
Internal Revenue Service pursuant to Section 14.4.2(b), within such period. If
the Servicer is otherwise unable to sell such REO, the Servicer shall before the
end of the REO Disposition Period or, if an extension has been obtained from the
Internal Revenue Service pursuant to Section 14.4.2(b), before the end of such
period, following the acquisition of such REO, auction such REO to the highest
bidder in an auction reasonably designed to bring a fair price. The Servicer is
eligible to bid in such an auction.

            (b) The Servicer may apply to the Internal Revenue Service, in the
      manner contemplated by Code Section 856(e)(3), for an extension of the REO
      Disposition Period with respect to an REO.

            14.4.3. Primary Mortgage Insurance Considerations. The Servicer must
ensure that any action taken with respect to the sale of a REO does not
jeopardize the maximum benefits available under the related Primary Mortgage
Insurance Policy, if any, with respect to the related Mortgage Loan. The
Servicer must inform the related Primary Mortgage Insurer of any listing
agreements or purchase offers that are received before the related Primary
Mortgage Insurer has finalized the disposition of the claim.

            14.4.4. Master Servicer Instructions. Where the Servicer receives
instructions from the Master Servicer regarding the marketing and sale of a REO,
either with respect to a specific property or generally, such instructions shall
govern the Servicer's actions, notwithstanding any provision herein.

            14.4.5. Pool Insurance Considerations. The Servicer must ensure that
any action taken with respect to the sale of a REO does not jeopardize the
maximum benefits available under the related Pool Insurance Policy, if any, with
respect to the related Mortgage Loan. The Servicer must inform the related Pool
Insurer of any listing agreements or purchase offers that are received before
the Primary Mortgage Insurer has finalized the disposition of the claim.

      Section 14.5 REO Rehabilitation

            14.5.1. REO Rehabilitation Requirement. Unless the Master Servicer
shall otherwise direct, and subject to Section 3.2.2(ii) and Section 17.6.2, the
Servicer must ensure that any rehabilitation work (which shall not include the
cleaning of a recently acquired REO property) to any REO which is necessary to
restore such REO to a marketable condition is performed and that such work is
performed in a professional and workmanlike manner.

            14.5.2. [Reserved].

            14.5.3. Written Contractor Bids. The Servicer shall solicit detailed
written bids from independent contractors when the value of a contract for
rehabilitation of a REO exceeds five hundred dollars ($500.00) (which shall not
include the cleaning of a recently acquired REO property). Where the value of a
contract exceeds five thousand dollars ($5,000.00) (which shall not include the
cleaning of a recently acquired REO property), the Servicer shall receive bids
from a minimum of two independent and unrelated contractors and, upon request,
forward copies of such bids to the Master Servicer. Where the value of a
contract exceeds fifty thousand dollars ($50,000.00) (which shall not include
the cleaning of a recently acquired REO property), the Servicer shall receive
bids from a minimum of three independent and unrelated contractors and, upon
request, forward copies of such bids to the Master Servicer.

            14.5.4. Primary Mortgage Insurance Considerations. If a Mortgaged
Property which has become a REO and the related Mortgage Loan is covered by a
policy of Primary Mortgage Insurance, the Servicer shall notify the related
Primary Mortgage Insurer of such rehabilitation plans before the completion of
the Primary Mortgage Insurance claim to ensure reimbursement from the Primary
Mortgage Insurer. If the related Primary Mortgage Insurer elects not to
reimburse all rehabilitation expenses, work should be postponed until after
final disposition of the Primary Mortgage Insurance claim.

      Section 14.6 REO Administration Failure.

            14.6.1. Servicer Removal. The Master Servicer may in its reasonable
discretion, in the event that the Servicer's actions or omissions result in
damage to any REO or a failure to sell any REO property within a reasonable
time, the Master Servicer may remove the servicing of such REO from the Servicer
and assume responsibility for management, control, maintenance, security,
rehabilitation and disposition of such REO.

            14.6.2. Servicer's Continuing Obligations. In the event that the
Servicer is removed from servicing a REO by virtue of the provisions of Section
14.6.1, the Servicer, as to such REO, shall nevertheless remain responsible to
(a) pay when due all insurance premiums, property taxes and assessments; (b)
file when due all claims for Primary Mortgage Insurance, Pool Insurance, Hazard
Insurance and, if applicable, Flood Insurance benefits; and (c) fulfill any
other related responsibilities required by the Master Servicer.

            14.6.3. Servicer's Duty to Compensate. Whether or not a Servicer is
removed from servicing with respect to a particular REO, the Servicer must
compensate the Master Servicer for any damages caused as a result of the
Servicer's breach of its obligation to service efficiently each REO. The
Servicer acknowledges that any damages suffered as a result of the Servicer's
inefficiency in managing a REO may not be quantified in advance of the Master
Servicer assuming responsibility for such REO.

<PAGE>

                                   ARTICLE 15

                         Insurance and Letter of Credit

      Section 15.1 General Provisions

            15.1.1. Insurance Requirements.

            The Servicer must verify that each Mortgage Loan has the insurance
coverage required pursuant to Article 15 and 16. All claims arising under
Insurance Policies maintained hereunder must be settled or otherwise disposed of
by the Servicer, and all such Insurance Policies must be maintained, including,
without limitation, the payment of premiums on a timely basis, by the Servicer
at no expense to the Trustee, the Trust Administrator (if applicable) or the
Master Servicer.

            If the Insurance Proceeds paid in respect of any Mortgage Loan are
not used to repair the related Mortgaged Property due to the particular
circumstances of the loss, and instead such Insurance Proceeds are applied to
reduce the Unpaid Principal Balance of such Mortgage Loan and such application
causes the Unpaid Principal Balance of such Mortgage Loan to reduce to zero, the
Servicer must treat the application of such proceeds as a Liquidation, and
notify the Master Servicer of such Liquidation.

            15.1.2. Uninsured Losses. The Servicer must take the following
actions in the event of loss or damage to any Mortgaged Property caused by an
earthquake, flood, tornado or other natural disaster immediately following, the
earlier to occur of (x) its notification or discovery of such loss or damage or
(y) the time at which the Servicer reasonably should have known of such loss or
damage in the exercise of Prudent Servicing Practices:

            (a) determine the extent of the losses or damages;

            (b) secure any abandoned Mortgaged Property from vandalism and the
      elements;

            (c) communicate with and counsel the respective Borrower on any
      disaster relief programs or other assistance which is available; and

            (d) take appropriate action to protect the interests of the Trustee
      and the respective Borrower.

            15.1.3. Servicer's Obligation to Maintain Insurance. If the Servicer
discovers that a Borrower does not have adequate insurance coverage as required
pursuant to the provisions of this Article, the Servicer must obtain and
maintain at its own expense the required insurance coverage on the related
Mortgaged Property. The Servicer may, in its discretion, cause the required
coverage to be maintained through a blanket insurance policy. Such expenses
shall not be recoverable by the Servicer from the Master Servicer or from
payments on the Mortgage Loan or any other source relating to the related
Mortgage Loan or the related Mortgaged Property, other than from Liquidation
Proceeds or Insurance Proceeds from the related Mortgage Loan. To the extent
permitted by applicable law and the related Mortgage Loan Documents, the
Servicer may initiate forced placed coverage with respect to such Mortgaged
Property and thereafter attempt to recover such expenses from the related
Borrower.

            15.1.4. Insurance Notices. The Servicer must arrange for all
insurance drafts, notices, policies, invoices, or other correspondence to be
delivered directly to the Servicer. The Servicer, its successors and assigns
must be named as the Mortgagee, the endorsement must show the Servicer's address
as shown in the following example:

            Wells Fargo Bank, N.A.
            7001 Westown Parkway
            West Des Moines, Iowa 50266

            15.1.5. Default by Insurer. If the Servicer knows or has reasonable
cause to suspect that an insurer under any applicable insurance policy required
pursuant to the provisions of this Article will, for any reason, be unable to
pay a valid claim, the Servicer shall immediately (i) find a substitute insurer
and (ii) pay any premiums to the insurer. In any case, the Servicer shall not be
liable in any way for the financial inability of any insurer under any insurance
policy required herein to pay a valid claim so long as the provisions of Article
15 and 16 hereof are complied with.

            15.1.6. Insurance Carrier Rating. Each Insurance Policy must be
underwritten by an insurance carrier that is a FNMA or FHLMC approved Mortgage
Insurer.

            15.1.7. Insurance Carrier Licenses. Each insurance carrier must be
licensed or otherwise authorized by law to conduct business in each state in
which a related Mortgaged Property is located.

            15.1.8. Risk Exposure. If any Mortgaged Property is exposed to
hazards not fully covered by Hazard Insurance or Flood Insurance, the Servicer
must notify the Master Servicer immediately with a recommendation for additional
coverage.

            15.1.9. Evidence of Insurance. (a) The Servicer must maintain the
following documentation with respect to insurance coverage on each Mortgage
Loan:

            (i)   if Primary Mortgage Insurance is required, a copy of the
                  Primary Mortgage Insurance policy and any related
                  endorsements;

            (ii)  for one- to four-unit dwellings where such coverage is not
                  provided under a blanket policy maintained by the Servicer, an
                  original of the Hazard Insurance policy, if applicable, and
                  any related endorsements;

            (iii) a copy of the Title Insurance policy and any related
                  endorsements, unless a Final Title Condition Report was
                  obtained;

            (iv)  For properties covered under a blanket policy, an original of
                  any blanket policy, and any related endorsements; and

            (v)   an original of any Flood Insurance policy, if Flood Insurance
                  is required, and any related endorsements.

            (b) A certificate of insurance is acceptable in lieu of any of the
foregoing policies if it contains the following information:

            (i)   named insured and Mortgagee or, for PUD or Condominium Units,
                  named insured association, unit owner and unit owner
                  Mortgagee;

            (ii)  address of the Mortgaged Property;

            (iii) type, amount and effective dates of coverage;

            (iv)  deductible amount;

            (v)   any endorsement or optional coverage obtained and made part of
                  the original policy;

            (vi)  insurer's agreement to provide at least ten day's prior
                  written notice to the Servicer and Borrower (or applicable
                  unit owner Mortgagee if for a PUD or Condominium Unit) before
                  any reduction in coverage or cancellation of the policy; and

            (vii) signature of an authorized representative of the insurer, if
                  required by applicable law.

      Section 15.2 Primary Mortgage Insurance

            15.2.1. Primary Mortgage Insurance Requirement. Unless Primary
Mortgage Insurance coverage with respect to a Mortgage Loan is canceled as
provided in Section 15.2.4 herein, the Servicer must maintain at all times
Primary Mortgage Insurance on any Mortgage Loan with an original LTV ratio in
excess of 80%.

            15.2.2. Primary Mortgage Insurance Coverage. As to each Mortgage
Loan which is required to have Primary Mortgage Insurance, pursuant to this
Agreement or the related Mortgage Loan Documents, Primary Mortgage Insurance
must at least provide coverage which insures against loss of that portion of the
Unpaid Principal Balance of the Mortgage Loan that exceeds 75% of the Value of
the Mortgaged Property. If the Mortgage Loan provides for negative amortization
or for the potential of negative amortization, the Primary Mortgage Insurance
policy must also insure any increase in the Unpaid Principal Balance from the
original principal balance of the related Mortgage Note.

            15.2.3. Primary Mortgage Insurer Downgrading. In the event that the
rating assigned by a Rating Agency to the claims paying ability of any Primary
Mortgage Insurer is reduced below the level permitted under Section 15.1.6, the
Servicer shall use its best efforts to replace each Primary Mortgage Insurance
Policy issued by such Primary Mortgage Insurer with a new Primary Mortgage
Insurance policy issued by an insurer whose claims paying ability is acceptable
to the Master Servicer. The premium for any replacement Primary Mortgage
Insurance policy shall not exceed the premium for the discontinued Primary
Mortgage Insurance policy.

            15.2.4. Primary Mortgage Insurance Cancellation. If a Borrower
requests cancellation of the Primary Mortgage Insurance policy with respect to
his Mortgaged Property, the following requirements must be met:

            (a) The current LTV ratio must be 80% or less. The current LTV ratio
      must be calculated by dividing the Unpaid Principal Balance of the related
      Mortgage Loan by the Current Value of the Mortgaged Property;

            (b) The related Mortgage Loan may not have been 30 days or more
      delinquent within the preceding twelve months; and

            (c) There may not have been any other default under the terms of the
      related Mortgage Loan at any time during the preceding twelve months.

          If there are indications that the Current Value of the Mortgaged
     Property has declined, the Servicer shall obtain an Appraisal Report with
     respect to such Mortgaged Property that is not more than 60 days old. The
     Current Value of such Mortgaged Property set forth the Appraisal Report
     shall be used as the divisor in clause (a) hereof to determine whether the
     recalculated current LTV is 80% or less. If the recalculated current LTV is
     greater, the Primary Mortgage Insurance cancellation request will be
     denied.

            15.2.5. Primary Mortgage Insurance Claims. The Servicer must take
all steps to ensure the payment of the maximum benefits payable under the terms
of any Primary Mortgage Insurance policy. The Servicer must work diligently with
each Primary Mortgage Insurer to determine whether such insurer will settle the
claim by taking title to the Mortgaged Property in question or in some other
manner. Upon receipt of any Primary Mortgage Insurance proceeds, the Servicer
must deposit such amounts in the appropriate Custodial P&I Account. The Servicer
shall promptly notify the Master Servicer in writing if any Primary Mortgage
Insurer at any time denies any or all of a claim filed under its Primary
Mortgage Insurance policy.

      Section 15.3 Hazard Insurance

            15.3.1. Hazard Insurance Requirement. Unless alternative coverage is
provided pursuant to Section 16.3 hereunder, the Servicer must ensure that each
Mortgaged Property is covered at all times by Hazard Insurance.

            15.3.2. Hazard Insurance Coverage. As to each Mortgaged Property,
the amount of Hazard Insurance must be at least equal to the lesser of (a) the
Unpaid Principal Balance of the related Mortgage Loan or (b) 100% of the
insurable value of the improvements on the Mortgaged Property; provided,
however, that in no case shall the amount of Hazard Insurance be less than the
amount required to fully compensate for any damage to the improvements on the
Mortgaged Property on a replacement cost basis.

            15.3.3. Hazard Insurance Deductible. Except as a greater amount may
be required by an applicable law, each Hazard Insurance deductible may not
exceed FNMA or FHLMC's required deductible.

            15.3.4. Hazard Insurance Vacancy Coverage. The Servicer must ensure
that each Mortgaged Property is adequately covered even when vacant and, where
available, must obtain a vacancy permit endorsement.

            15.3.5. Hazard Insurance Mortgagee Provisions. Each Hazard Insurance
Policy must contain or have attached a standard mortgagee clause in the form
customarily used by or required by private institutional mortgage loan
investors. Such clause must provide that the Hazard Insurance carrier shall
notify the named Mortgagee at least ten days before any reduction in coverage or
cancellation of the policy. All mortgagee clauses must be properly endorsed,
necessary notices of transfer must be given and any other action must be taken
that is necessary in order to protect the interests of the Trustee, its
successors and/or assigns. The standard mortgagee clause should read as follows:
"Insuring Wells Fargo Bank, N.A., as agent for HSBC Bank USA, National
Association, its successors and/or assigns."

      Section 15.4 Flood Insurance

            15.4.1. Flood Insurance Requirement. Unless alternate coverage is
provided pursuant to Section 16.6 hereunder, the Servicer must ensure that Flood
Insurance is maintained at all times on Mortgaged Property that are in a special
flood hazard area identified by the Secretary of HUD or the Director of the
Federal Emergency Management Agency.

            15.4.2. Flood Insurance Coverage. As to each Mortgaged Property, the
amount of Flood Insurance must be at least equal to the lesser of (a) the
maximum amount available under the National Flood Insurance Program's regular
program or its emergency program, (b) the Unpaid Principal Balance of the
related Mortgage Loan or (c) 100% of the replacement cost of the improvements on
the Mortgaged Property.

            15.4.3. Flood Insurance Deductible. Except as a greater amount may
be required by applicable law, each Flood Insurance deductible may not exceed
the lesser of (a) $1,000 or (b) one percent of the applicable amount of
coverage.

      Section 15.5 Title Insurance

            15.5.1. Servicer's Obligations. The Servicer shall perform and
comply with all requirements and conditions of each Title Insurance policy for
each Mortgage Loan and the related Mortgaged Property that are to be performed
or observed by the "Insured" or obligee thereunder as a condition to maintaining
and keeping it in force, or making a claim under, such Title Insurance policy.
The Servicer shall be named as a payee on all Title Insurance policy loss
drafts, and upon receipt thereof, the funds shall be credited to the extent of
the sum of (i) the Unpaid Principal Balance of such Mortgage Loan and any
interest accrued thereon, (ii) any outstanding advances thereon (iii) any
outstanding Advances relating to such Mortgage Loans and (iv) any expenses owed
by such Borrower which are due the Trustee, the Master Servicer or the Servicer,
whether for its own account or others, to the appropriate Custodial P&I Account
and the balance of such funds, if any, shall be credited to the appropriate
Custodial T&I Account.

            15.5.2. Policy Custody. [Reserved]

            15.5.3. Title Insurance Claims. The Master Servicer must be notified
contemporaneously with the making of any claim under the Title Insurance policy.

      Section 15.6 Insurance Loss Settlements

            15.6.1. Settlement Approval. The approval of the Master Servicer
need not be requested for disposition of insurance loss settlements and the
Servicer may disburse the loss proceeds as provided herein.

            15.6.2. Settlement Disbursements. For each Mortgage Loan, including
a Mortgage Loan secured by Mortgaged Property located in a Condominium Project
or PUD, the Servicer is fully responsible for the disbursement of insurance loss
settlements under each Hazard Insurance policy and each Flood Insurance policy
where property damage is $10,000 or more, including but not limited to:

            (a) arranging for and authorizing the restoration and rehabilitation
      of the related damaged Mortgaged Property in cooperation with the
      Borrower;

            (b) subject to applicable law, applying the Insurance Proceeds to
      reduction of the Unpaid Principal Balance of such Mortgage Loan, provided
      that the Servicer (i) shall have determined that such proceeds are
      insufficient to repair and restore the related Mortgaged Property, or that
      the repair and restoration of such Mortgaged Property is not feasible; and
      (ii) shall have obtained authorization of the Master Servicer to make such
      application of the Insurance Proceeds;

            (c) collecting, endorsing and disbursing the Insurance Proceeds and
      arranging for progress inspections and payments, if necessary;

            (d) complying with all requirements of any Primary Mortgage
      Insurance policy pertaining to the filing of claims and the settlement of
      insurance losses to assure that the security of such Mortgage Loan is not
      impaired and that the coverage of such Primary Mortgage Insurance policy
      is not jeopardized or otherwise adversely affected;

            (e) assuring, through the receipt of Borrower's affidavits, repair
      contract copies, lien waivers and the like, that the priority of the lien
      of the Security Instrument is preserved, and that the Insurance Proceeds
      are applied to the restoration or repair of the related Mortgaged Property
      if not applied in payment of such Mortgage Loan;

            (f) obtain releases or waivers of liens and taking such other
      actions as are necessary to avoid the filing of laborers', materialmen's
      or mechanic's liens against the related Mortgaged Property; and

            (g) maintaining procedures and practices acceptable to the Master
      Servicer and in conformity with Prudent Servicing Practices for the
      control and disposition of insurance loss drafts.

            15.6.3. Settlement Funds. The Servicer shall be named as a payee on
all insurance loss drafts and upon receipt thereof, the funds shall be credited
to the Borrower's Insurance Proceeds balance and deposited into (a) where such
funds will be applied to the repair and restoration of the related Mortgaged
Property and where required by applicable state law, one or more separate escrow
accounts, so that the balance on deposit in such accounts is fully insured at
all times by the FDIC through either the BIF or SAIF or (b) where such funds
will not be applied to the repair and restoration of the related Mortgaged
Property, the respective Custodial P&I Account.

            15.6.4. Settlement Notice. Upon written request received from the
Master Servicer, the Servicer shall provide any report relating to such
settlement to the Master Servicer on a Hazard Insurance Loss Draft Notification,
together with a summary of the disposition of the proceeds.

            15.6.5. Continuing Coverage. If a letter of assurance is obtained
from any insurer under a Hazard Insurance policy or a Flood Insurance policy
that the insurance coverage shall continue in full force and effect, the
Servicer shall deposit such letter in the appropriate Servicer Mortgage Loan
File.

            15.6.6. Property Inspections. The Servicer shall conduct property
inspections in accordance with the milestones of the repair and rehabilitation
plan for such Mortgaged Property and prepare Property Inspection Reports on any
Mortgaged Property involving property damage over $15,000. The Servicer shall
furnish a copy of the repair and rehabilitation plan for such Mortgaged Property
to the Master Servicer upon request.

      Section 15.7 Letters of Credit

            15.7.1. Letter of Credit Draws. The Servicer shall take all steps
necessary to make draws under any Letter of Credit in accordance with the
provisions thereof. The Servicer shall notify the Master Servicer promptly in
writing if the Pledge Holder does not renew a Letter of Credit. Upon receipt of
any amounts as a result of a draw on a Letter of Credit because of the
nonrenewal of such Letter of Credit, the Servicer shall deposit such amounts in
the appropriate Custodial P&I Account and such amount shall be treated as a
prepayment of principal. Upon receipt of any amounts as a result of a draw on a
Letter of Credit for a reason other than the nonrenewal of such Letter of
Credit, the Servicer shall deposit such amounts in the appropriate Custodial P&I
Account for application in accordance with the provisions of the applicable
Administration Disclosure.

            15.7.2. Draws in the Event of Servicer Termination. Notwithstanding
anything to the contrary in this Agreement (including without limitation the
termination or transfer of the servicing rights and/or obligations of the
Servicer pursuant to Article 19 hereof), Wells Fargo Bank, as beneficiary under
the Non-Assigned Letters of Credit, shall continue to make draws thereunder in
accordance with the provisions thereof. Under this provision, in the event a
Pledged Asset Mortgage Loan is ninety days delinquent, the Servicer shall
deliver a copy of the related Letter of Credit to Wells Fargo Bank and shall
notify both the Master Servicer and Wells Fargo Bank that the Pledged Asset
Mortgage Loan is ninety days delinquent. Any funds received from draws on the
Non-Assigned Letters of Credit after Wells Fargo Bank is no longer the Servicer
hereunder shall be remitted by Wells Fargo Bank to the Servicer for deposit into
the related Custodial P&I Account. Under this provision, in the event a Pledged
Asset Mortgage Loan is liquidated or paid in full the Master Servicer shall
notify Wells Fargo Bank in writing.

<PAGE>

                                   ARTICLE 16

                          Condominium and PUD Insurance

      Section 16.1 General Provisions

            16.1.1. Applicability. The provisions of this Article pertain solely
to Mortgage Loans secured by Condominium Units or PUD Units.

            16.1.2. Premiums. The premiums for insurance policies required
pursuant to this Article must be paid as a common expense by the Owners'
Association.

            16.1.3. Deductible Reserves. Funds for each of the deductibles
associated with the insurance policies required pursuant to this Article must be
included in the Owners' Association's reserves and must be so designated.

            16.1.4. Name of Insured. The name of the insured stated under each
Insurance Policy required pursuant to the provisions of this Article must be
similar in form and substance to the following:

            "Association of Owners of the [Name of Condominium Project or PUD]
            for use and benefit of the individual Condominium or PUD Unit
            owners" (designated by name, if required).

            16.1.5. Mortgagee Clause. Each insurance policy required pursuant to
the provisions of this Article must contain the standard mortgagee clause
endorsed to provide that any disbursements shall be paid to the Owners'
Association for the use and benefit of Mortgagees as their interests may appear,
or otherwise endorsed to fully protect the interest of (a) the Trustee and (b)
the holders of a beneficial interest therein, if any.

            16.1.6. Reconstruction Coverage. If, with respect to a PUD or
Condominium Project in which a Mortgaged Property is located, there is a
construction code provision that would require changes to undamaged portions of
the PUD or Condominium Project's building(s) even when only part of a building
is destroyed by an insured hazard, then the Servicer must ensure that each
insurance policy required by this Article contains the necessary construction
code endorsements to cover this exposure.

      Section 16.2 Common Area Multiple Peril Insurance

            16.2.1. Common Area Multiple Peril Insurance Requirement. The
Servicer must ensure that the Owner's Association maintains, with respect to the
PUD or Condominium Project in which a Mortgaged Property is located, a policy of
Common Area Multiple Peril Insurance, with premiums being paid as a common
expense. The Common Area Multiple Peril Insurance policy must at least protect
against loss or damage by fire and all other hazards that are normally covered
by the standard extended coverage endorsement, and all of the perils customarily
covered for similar types of projects, including those covered by the standard
"all risk" endorsement.

            16.2.2. Common Area Multiple Peril Insurance Coverage. As to each
Condominium Project or PUD in which a Mortgaged Property is located, a Common
Area Multiple Peril Insurance policy must cover 100% of the current replacement
cost of all of the common areas (other than the land and foundation), common
elements including fixtures and building service equipment, as well as common
personal property and supplies.

            16.2.3. Common Area Multiple Peril Insurance Deductible. Except as a
greater amount may be required by applicable law, each Common Area Multiple
Peril Insurance deductible may not exceed the lesser of (a) $10,000 or (b) one
percent of the applicable amount of coverage.

            16.2.4. Boiler and Machinery Coverage. If a steam boiler is
operating within the Condominium Project or PUD in which a Mortgaged Property is
located, then the Servicer must ensure that boiler and machinery coverage is in
force at all times. This coverage must be evidenced by the standard form of
boiler and machinery endorsement. The minimum liability coverage per accident
under boiler and machinery coverage must equal the insurable value of the boiler
and equipment and the building housing such boiler or machinery, based upon
current replacement cost, or $2 million, whichever is less.

      Section 16.3 Blanket Hazard Insurance

            16.3.1. Blanket Hazard Insurance Requirement. Unless alternative
coverage is provided pursuant to Section 16.3 hereunder, the Servicer must
verify that each such Mortgaged Property is covered at all times by Hazard
Insurance policy which provides blanket coverage for the individual units in the
Condominium Project or PUD.

            16.3.2. Blanket Hazard Insurance Coverage. As to each Condominium
Project or PUD which contains a Mortgaged Property for which its Hazard
Insurance coverage is provided through a blanket policy, the amount of Hazard
Insurance for a blanket policy a Condominium Project or PUD must be at least
equal to the lesser of (a) the aggregate of the outstanding principal balances
of all mortgage notes secured by units within the Condominium Project or PUD
(including the Mortgage Notes secured by Mortgaged Properties) or (b) 100% of
the replacement cost of the improvements on the Condominium Project or PUD Unit
site.

            16.3.3. Blanket Hazard Insurance Deductible. Except as a greater
amount may be required by an applicable law, each Hazard Insurance deductible
for a blanket policy covering a Condominium Project or PUD may not exceed the
lesser of (a) $10,000 or (b) one percent of the applicable amount of coverage.

      Section 16.4 Common Area Comprehensive General Liability (CGL) Insurance

            16.4.1. Common Area CGL Insurance Requirement. The Servicer must
ensure that the Owners' Association maintains a Comprehensive General Liability
Insurance policy covering all of the common areas, common elements, commercial
spaces and public ways in the Condominium Project or PUD in which a Mortgaged
Property is located.

            16.4.2. Common Area CGL Insurance Coverage. As to each Condominium
Project or PUD in which a Mortgaged Property is located, a CGL Insurance policy
should provide coverage of at least $1,000,000 for personal injury, bodily
injury or property damage for any single occurrence. Each CGL Insurance policy
must contain a severability of interest endorsement preventing the insurer from
denying the claim of a Condominium or PUD Unit owner because of negligent acts
of the Owners' Association or other unit owners. Each CGL Insurance policy must
include all other types of coverage and endorsements in the types and amounts
required by private institutional mortgage loan investors for developments
similar in construction, location and use.

      Section 16.5 Owners' Association Fidelity Insurance

            16.5.1. Owners' Association Fidelity Insurance Requirement. The
Servicer must ensure that the Owners' Association maintains a fidelity bond or
insurance against dishonest and fraudulent acts on the part of directors,
managers, trustees, employees or volunteers responsible for handling funds
belonging to or administered by the association.

            16.5.2. Owners' Association Fidelity Insurance Coverage. The Owners'
Association fidelity bond or insurance must name the Owners' Association as the
insured and must be written in an amount sufficient to provide protection at
least 150% of the insured's estimated annual operating expenses and reserves. An
appropriate endorsement to the policy to cover any persons who serve without
remuneration must be added if the policy would not otherwise cover volunteers.
Owners' Association fidelity insurance coverage must be in an amount equal to at
least 3 months assessments on all units in the Condominium Project or PUD.
Owners' Association fidelity insurance coverage is not required if the
Condominium Project or the PUD have fewer than 20 units.

      Section 16.6 Blanket Flood Insurance

            16.6.1. Blanket Flood Insurance Requirement. Where a Mortgaged
Property is a Condominium Unit or PUD Unit and is not individually covered by a
Flood Insurance policy in accordance with the provisions of Section 15.4 hereof,
the Servicer must verify that a Flood Insurance policy which provides blanket
coverage for the individual units in the Condominium Project or PUD, is
maintained at all times on Mortgaged Property that are in a special flood hazard
area identified by the Secretary of HUD or the Director of the Federal Emergency
Management Agency.

            16.6.2. Blanket Flood Insurance Coverage. As to each Condominium
Project or PUD which contains a Mortgaged Property for which its Flood Hazard
Insurance coverage is provided through a blanket policy, the amount of Flood
Insurance must be at least equal to the lesser of (a) the maximum amount
available under the National Flood Insurance Program's regular program or the
its emergency program, (b) the aggregate of the outstanding principal balances
of all mortgage notes secured by units within the Condominium Project or PUD
(including the Mortgage Notes secured by Mortgaged Properties), or (c) 100% of
the replacement cost of the improvements on the Condominium Project or PUD Unit
site.

            16.6.3. Blanket Flood Insurance Deductible. Except as a greater
amount may be required by applicable law, each Flood Insurance deductible for a
blanket policy covering a Condominium Project or PUD may not exceed the lesser
of (a) $5,000 or (b) one percent of the applicable amount of coverage.

<PAGE>

                                   ARTICLE 17

                                    Advances

      Section 17.1 Principal and Interest Advances

            17.1.1. P&I Advance Requirement. The Servicer shall advance P&I
Advances and deposit to the respective Custodial P&I Account on or before each
Remittance Date an amount equal to the aggregate of the difference between (a)
the Monthly Payment that each Borrower was required to pay to the Servicer on
the immediately preceding Due Date (excluding the amount of the related
Servicing Fee) and (b) the amount actually received with respect to the related
Monthly Payment by the Servicer (excluding the amount of the related Servicing
Fee), which deposit may be made in whole or in part from any Amounts Held for
Future Distribution. Any Amount Held for Future Distribution so used shall be
replaced by the Servicer from its own funds by deposit in the Custodial P&I
Account on or before the Business Day preceding any future Remittance Date to
the extent that funds in the Custodial P&I Account on such Remittance Date shall
be less than the amount required to be remitted on such date.

The Servicer shall designate on its records the specific Mortgage Loans and
related installments (or portions thereof) as to which such P&I Advance shall be
deemed to have been made, such determination and related reimbursement
allocations pursuant to the following paragraphs being conclusive for purposes
of Section 17.1.3.

            17.1.2. P&I Advance Limitation. The Servicer is required to make P&I
Advances with respect to a Mortgage Loan unless a P&I Advance is reasonably
determined by the Servicer to be eventually non-recoverable from any Insurance
Proceeds, Liquidation Proceeds, or the Borrower.

            17.1.3. P&I Advance Recovery. The Servicer's P&I Advance shall be
recoverable from subsequent Borrower Monthly Payments, Insurance Proceeds,
Liquidation Proceeds related to the Mortgage Loan as to which such P&I Advance
was made or, if the Representing Party is obligated to purchase such Mortgage
Loan from the Trustee, from the price paid for such Mortgage Loan or pursuant to
Section 17.4.

            17.1.4. Advance During Bankruptcy and Foreclosure. During
litigation, bankruptcy proceedings or foreclosure proceedings pertaining to any
Mortgage Loan or while REO transferred to the Trustee through foreclosure or a
deed-in-lieu of foreclosure is held by the Trustee or its successors, the
Servicer must continue to make monthly P&I Advances in respect of each such
Mortgage Loan or REO to the respective Custodial P&I Account. Subject to the
provisions of Section 17.1.2 hereof, these P&I Advances must be made until the
(i) Liquidation of each Mortgage Loan subject to such proceedings or (ii) in the
case of REO transferred to the Trustee through foreclosure or a deed-in-lieu of
foreclosure, the Liquidation of such REO. Advances with respect to REO shall be
made as if the related Mortgage Loan and Mortgage Note remained in effect.

      Section 17.2 Foreclosure Advances

            17.2.1. Foreclosure Advance Requirement. During foreclosure
proceedings, the Servicer must advance from its own funds all foreclosure
expenses as they occur in accordance with the terms of this Agreement. Such
advances must be made by the Servicer up to the time of final disposition of the
related Mortgaged Property.

            17.2.2. Foreclosure Advance Limitation. The Servicer is required to
make advances pursuant to Section 17.2.1 with respect to a Mortgage Loan unless
the Servicer reasonably determines (i) that such foreclosure will not increase
the proceeds to the Trustee of liquidation of such Mortgage Loan after
reimbursement of the Servicer for its expenses or (ii) that such expenses will
be eventually non-recoverable from any Insurance Proceeds, Liquidation Proceeds
or the Borrower.

            17.2.3. Foreclosure Advance Recovery. If foreclosure proceedings are
terminated, the Servicer must collect all legal fees and costs from the
Borrower. Otherwise, the Servicer's advances for reasonable foreclosure expenses
shall be recoverable from Insurance Proceeds, Liquidation Proceeds or, if the
Representing Party is obligated to purchase a Mortgage Loan from the Trustee,
from the price paid for such Mortgage Loan.

            17.2.4. Foreclosure Advance Records. All foreclosure advances by the
Servicer and reimbursements to the Servicer must be clearly identifiable in the
respective Custodial T & I Account.

      Section 17.3 Tax & Insurance Advances

            17.3.1. T&I Advance Requirement. If a Borrower's Escrow Funds are
insufficient to pay taxes or insurance premiums, the Servicer must advance from
its own funds to the respective Custodial T&I Account an amount sufficient to
cover the shortage and so as to assure the maintenance of a first lien position
of the related Security Instrument on the related Mortgaged Property.

            17.3.2. T&I Advance Recovery. T&I Advances may be recovered from the
Borrower's subsequent monthly escrow payments, Insurance Proceeds, Liquidation
Proceeds or the Borrower, but must never be recovered from scheduled principal
or interest collections. The Servicer may not recover T&I Advances from another
Borrower's Escrow Funds.

            17.3.3. T&I Advance Limitation. The Servicer is required to make a
T&I Advance with respect to a Mortgage Loan unless such T&I Advance is
reasonably determined by the Servicer to be eventually non-recoverable from any
Insurance Proceeds, Liquidation Proceeds, or the Borrower.

            17.3.4. Advance During Bankruptcy and Foreclosure. During
litigation, bankruptcy proceedings or foreclosure proceedings pertaining to any
Mortgage Loan or while REO transferred to the Trustee through foreclosure or a
deed-in-lieu of foreclosure is held by the Trustee, the Servicer must continue
to make required T&I Advances in respect of each such Mortgage Loan or REO to
the respective Custodial T&I Account. These T&I Advances must be made until each
Mortgage Loan subject to such proceedings is liquidated or in the case of REO
transferred to the Trustee through foreclosure or a deed-in-lieu of foreclosure
is liquidated. Advances with respect to REO shall be made as if the related
Mortgage Loan and Mortgage Note remained in effect.

      Section 17.4 Non-Recoverable Advances

            17.4.1. Ordinary Recovery. If at any time an advance made by a
Servicer hereunder is determined by the Servicer to be a Non-Recoverable
Advance, then the Servicer shall be entitled to be reimbursed for such advance
by withdrawing from the Custodial P&I Account an amount equal to the
Non-Recoverable Advance.

            17.4.2. Final Recovery. If the amounts on deposit in the related
Custodial P&I Account are insufficient to reimburse the Servicer, then prior to
any distribution to the Trustee, the Servicer shall be entitled to reimbursement
from the payments made and the proceeds received with respect to such Mortgage
Loan.

            17.4.3. Non-Recoverable Advance Determination. To determine whether
an Advance is a Non-Recoverable Advance, the Servicer shall employ a broker's
price opinion, which is no more than twelve months old when so employed, of the
fair market value of the Mortgaged Property related to the Mortgage Loan which
is subject to such Advance, and calculate the difference between (a) the fair
market value of such Mortgaged Property and (b) the sum of (i) a reasonable
estimate of foreclosure costs which may be incurred in the foreclosure of such
Mortgaged Property, and (ii) the amount of unreimbursed Advances made by the
Servicer with respect to the related Mortgage Loan pursuant to the terms of this
Agreement, is greater than zero. If such a difference is greater than zero, then
such difference represents the maximum amount of additional Advances which the
Servicer shall make before determining that any additional Advances in excess of
such amount are Non-Recoverable Advances. If such difference is negative, then
the magnitude of such difference is the amount of previously made unreimbursed
Advances which the Servicer may now regard as Non-Recoverable Advances. The
Servicer shall provide the Master Servicer with an Officer's certificate upon
the determination that any Advance is a Non-Recoverable Advance.

      Section 17.5 Failure to Advance

            17.5.1. Grounds for Termination. The failure of the Servicer to
advance any funds required to be advanced by the Servicer under this Article 17
is cause for termination of Servicer under this Agreement.

            17.5.2. Servicer Reimbursement. To the extent the Master Servicer or
the respective trustee, if any, must advance their respective funds due to the
failure of the Servicer to advance as provided for in this Agreement or to remit
funds to the Certificate Account as required by Section 18.3.1, the Servicer
shall reimburse the advancing party for such amounts, on demand, together with
all costs and expenses incurred by the advancing party, including, but not
limited to, interest on the funds advanced. Such interest shall be calculated at
the lesser of the "prime rate" (as set forth in The Wall Street Journal) and the
maximum interest rate permitted by law.

            17.5.3. Servicer Notification. The Servicer must notify the Master
Servicer of any failure of the Servicer to advance as provided for in this
Agreement or to remit funds to the Certificate Account as required by Section
18.3.1 on the day of such failure to advance or remit.

      Section 17.6 Rehabilitation Advance

            17.6.1. Rehabilitation Advance Requirement. The Servicer must
advance from its own funds such amounts as are necessary to restore any damaged
REO not covered by Hazard Insurance or Special Hazard Insurance in accordance
with Section 14.5.

            17.6.2. Rehabilitation Advance Limitation. The Servicer is required
to make advances pursuant to Sections 17.6.1 and 14.5 with respect to a Mortgage
Loan unless the Servicer reasonably determines (i) that such rehabilitation will
not increase the proceeds to the Trustee on liquidation of such Mortgage Loan
after reimbursement of the Servicer for its expenses or (ii) that such expenses
will be eventually non-recoverable from any Insurance Proceeds, Liquidation
Proceeds or the Borrower.

            17.6.3. Rehabilitation Advance Recovery. The Servicer's advances for
reasonable rehabilitation expenses shall be recoverable from Insurance Proceeds,
Liquidation Proceeds, or, if the Representing Party is obligated to purchase a
Mortgage Loan from the Trustee, from the price paid for such Mortgage Loan.

      Section 17.7 PMI Advances

            17.7.1. PMI Advance Option. In the event that the Servicer has
recovered all Liquidation Proceeds with respect to a Mortgage Loan other than
any amounts as to which a Primary Mortgage Insurance claim has been made, the
Servicer shall have the option, but not the obligation, to advance the amount of
such claim (a "PMI Advance").

            17.7.2. PMI Advance Recovery. The Servicer's PMI Advance shall be
recoverable from the related Primary Mortgage Insurance proceeds; provided,
however that if such PMI Advance or a portion thereof is eventually determined
to be a Non-Recoverable Advance, the Servicer shall be entitled to reimbursement
pursuant to Section 17.4. Notwithstanding the foregoing, the Servicer shall not
be entitled to reimbursement for a PMI Advance if the amount is not recoverable
from the related Primary Mortgage Insurance proceeds as a result of an action by
the Servicer which violates Section 4.4.2.

<PAGE>

                                   ARTICLE 18

                             Reporting Requirements

      Section 18.1 Monthly Accounting Reports

            18.1.1. Monthly Accounting Report Requirement. With respect to any
Remittance Date, the period for monthly accounting reports shall be from the
first Business Day of the prior month through the last Business Day of the prior
month, provided that (I) the reporting period for Prepayments in Full,
Curtailments and Partial Liquidation Proceeds shall be from the Determination
Date in the month of such Remittance Date, and (ii) such report shall include
only (a) Monthly Payments received by the Servicer by the close of business on
the Business Day preceding the Determination Date in the month of such
Remittance Date which relate to the Due Date in such month, or in prior months
to the extent not previously remitted and reported, and (b) any P&I Advances
made in respect of such Monthly Payments. With respect to Type 2 Mortgage Loans,
all monthly reports prepared by the Servicer must be complete and must be
received by the Master Servicer by the tenth calendar day of the following
month. With respect to Type 1 Mortgage Loans, all monthly reports prepared by
the Servicer must be complete and must be received by the Master Servicer by the
eighteenth calendar day of the following month. All monthly accounting reports
must show information in, and must be submitted in, a sequence according to
Servicer Loan Number order.

            18.1.2. Monthly Accounting Report Elements. The Servicer shall
forward to the Master Servicer a Monthly Accounting Report setting forth
substantially the information required by FNMA Form 2010.

            The Servicer must also complete and forward to the Master Servicer
any other form or report as provided for in this Agreement, or as reasonably
requested by the Master Servicer.

            18.1.3. Automated Reports. The Servicer may submit to the Master
Servicer for review the Servicer's automated reports which include all of the
information required by the provisions of Section 18.1.2 hereof. Upon approval
by the Master Servicer, the Servicer may submit approved automated reports to
the Master Servicer instead of the Forms listed in Section 18.1.2 hereof.

            18.1.4. Electronic Reporting. With the prior written consent of the
Master Servicer, all reports to be made by the Servicer to the Master Servicer
may be transmitted electronically in lieu of written reporting. If the Servicer
services more than one hundred Mortgage Loans for the Master Servicer, it shall
arrange for electronic transmission of the required reports. Any expenses
occasioned by the electronic transmission of reports shall be borne by the
Servicer.

            18.1.5. Machine Readable Records. At the request of the Master
Servicer, the Servicer shall provide to the Master Servicer, in a mutually
agreed machine readable format, the current names and mailing addresses of each
Borrower. The Master Servicer shall utilize such information solely for audit
purposes, or in the event the Servicer is terminated hereunder.

      Section 18.2 Account Reconciliations

            18.2.1. Reconciliation Preparation. The Servicer shall prepare
reconciliations for each Custodial P&I Account, Custodial T&I Account and
Custodial Buydown Account on a monthly basis and shall forward the same to the
Master Servicer upon request.

            18.2.2. Account Records. Upon request of the Master Servicer, the
Servicer shall also cause the depository for each of the accounts described in
Section 18.2.1 hereof to forward directly to the Master Servicer, copies of all
monthly account statements for the preceding monthly reporting period.

      Section 18.3 Monthly Remittance Requirements

            18.3.1. Remittance of Funds. On each Remittance Date the Servicer
shall transfer, to the extent not previously transferred as required pursuant to
Section 6.1.3(e), from the funds in (or required hereunder to be in) the
respective Custodial P&I Account as of the close of the Business Day immediately
preceding the Determination Date in the month of such Remittance Date to the
related Certificate Account, the following (other than any Amounts Held for
Future Distribution in respect of such Remittance Date not exceeding the
Threshold Amount and any amounts permitted to be retained by the Servicer or
withdrawn from such account by the Servicer pursuant to the terms of this
Agreement):

            (a) all payments on account of principal (including Prepayments in
      Full and Curtailments received during the Applicable Unscheduled Principal
      Receipt Period) and interest (other than payments of interest related to
      any Unscheduled Principal Receipt as to which the Applicable Unscheduled
      Principal Receipt Period is a Mid-Month Receipt Period received by the
      Servicer on or before the last day of the Applicable Unscheduled Principal
      Receipt Period ending in the month in which such prepayment occurs), all
      net REO Disposition proceeds and proceeds received from any condemnation
      award or proceeds in lieu of condemnation other than that portion of such
      proceeds released to the mortgagor in accordance with the terms of the
      Mortgage Loan Documents or Prudent Servicing Practices;

            (b) all net Liquidation Proceeds, all net Partial Liquidation
      Proceeds and Insurance Proceeds, other than any portion of Insurance
      Proceeds to be applied to the restoration or repair of the related
      Mortgaged Property or released to the Borrower in accordance with the
      requirements of law or Prudent Servicing Practices;

            (c) all P&I Advances made by the Servicer;

            (d) the Purchase Price, or portion thereof, paid for any Mortgage
      Loans or property acquired in respect thereof repurchased or substituted
      by a Representing Party; and

            (e) all other amounts required to be deposited in the Custodial P&I
      Account or the Certificate Account pursuant to this Agreement.

            (f) Notwithstanding Section 18.3.1, the Servicer shall be entitled
      to withhold and to pay to itself the applicable Servicing Fee (as adjusted
      pursuant to Section 7.6.1) from any payment on account of interest or
      other recovery (including Net REO Proceeds) as received and prior to
      deposit of such payments in the Certificate Account; provided further that
      with respect to any payment of interest received by the Servicer in
      respect of a Mortgage Loan (whether paid by the Mortgagor or received as
      Liquidation Proceeds, Insurance Proceeds or otherwise) which is less than
      the full amount of interest then due with respect to such Mortgage Loan,
      only that portion of such payment that bears the same relationship to the
      total amount of such payment of interest as the per annum rate used to
      calculate the Servicing Fee, as set forth in Section 4.6, bears to the
      Mortgage Interest Rate borne by such Mortgage Loan shall be allocated to
      the Servicing Fee with respect to such Mortgage Loan.

            18.3.2. Servicer Compensation. The Servicer shall withdraw its
Servicing Fee for each Mortgage Loan net of any Month End Interest payable
pursuant to Section 7.6.1 from the related Custodial P&I Account prior to the
remittance of such amounts to the Certificate Account with all other payments
received with respect to the Mortgage Loans.

<PAGE>

                                   ARTICLE 19

                     Transfers and Termination of Servicing

      Section 19.1 Transfer of Servicing

            19.1.1. Transfer Prohibition. The Servicer may not sell or transfer
its portfolio serviced hereunder without the prior written consent of the Master
Servicer, which consent cannot be unreasonably withheld. Further, the Servicer
may not subcontract any of its servicing duties, except as set forth in Section
11.2.1.

            19.1.2. Transfer Request. Any request for sale or transfer of
servicing shall be reviewed on an individual basis. For a request to be
considered, however, the transferor must submit a written request to the Master
Servicer. The transferee must agree to enter into a servicing agreement with the
Master Servicer substantially in the form of this Agreement and must be approved
by the Master Servicer, and, if applicable, any rating agency with respect
Mortgage Loans which are owned by a trust which has issued mortgage-backed
securities, securitized by such Mortgage Loans, which have been rated at the
request of such trust by such rating agency. The Master Servicer must receive
this documentation at least 45 days prior to the requested date of transfer. The
transferor shall be notified in writing of the Master Servicer's approval or
denial. Such transfer shall be denied if the transferee does not meet the
approval requirements of the Master Servicer, or any such rating agency.

            19.1.3. Servicer Liability. The transferor of servicing shall be
liable to the Master Servicer and the Trustee for any servicing obligation
violations that occur before, during, and up to and including the day the
portfolio is actually transferred. The transferee of servicing shall be liable
for any breach of servicing obligations that occurs after the transfer of the
servicing portfolio.

            19.1.4. Master Servicer's Determination. If the transferor and
transferee disagree about liability for violations of representations and
warranties and servicing requirements hereunder, the Master Servicer has the
right, in its reasonable discretion, to determine which party or parties are
liable for such violations.

      Section 19.2 Termination of Servicing

            19.2.1. Grounds for Termination. The Trustee shall have the right to
terminate for cause the servicing privileges of the Servicer under this
Agreement, either with respect to certain Mortgage Loans serviced hereunder or
with respect to all Mortgage Loans serviced hereunder in the event that (i) any
of the following occur, (ii) the Trustee has given the Servicer prior written
notice of the occurrence of such event, (iii) with respect to clauses (a), (e)
or (j) hereof, the Servicer has failed to cure such event within a reasonable
time, which shall in all cases be no less than ninety (90) days and (iv) with
respect to clause (i), the Servicer has failed to cure such event by 5:00 PM New
York time on the Business Day following receipt of notice of such failure to
advance provided by the Master Servicer or trustee:

            (a) the Servicer has made one or more false or misleading
      representations or warranties in this Agreement or any Mortgage Loan
      Purchase Agreement, or in any documents relating to the foregoing
      agreements;

            (b) the appointment of a trustee or receiver for the Servicer or any
      of its property;

            (c) the execution by the Servicer of an assignment for the benefit
      of its creditors;

            (d) any material change in the financial status of the Servicer
      that, in the opinion of the Trustee, could materially adversely affect the
      Trustee, or the Servicer's ability to service the Mortgage Loans;

            (e) the Servicer's placement on probation or suspension by a federal
      or state government agency, including, without limitation, FHLMC, FNMA or
      GNMA;

            (f) the Servicer's assignment or attempted assignment of any of its
      interests, rights, or obligations set forth herein without the Master
      Servicer's prior written consent;

            (g) the Servicer has been terminated for cause pursuant to the terms
      of another servicing agreement with the Master Servicer;

            (h) failure by the Servicer to duly perform, within the required
      time periods, its obligations under Sections 4.1.3 or 4.1.4, subject to
      any cure period set forth in such Sections;

            (i) failure by the Servicer to make a P&I Advance pursuant to
      Section 17.1 hereof; or

            (j) the Servicer has breached any material obligation set forth or
      incorporated by reference in this Agreement (other than any obligation
      referred to in clauses (a) through (i) of this Section 19.2.1) or the
      Mortgage Loan Purchase Agreement, including, without limitation, the
      Servicer's failure to maintain the requisite Fidelity Bond and Errors and
      Omissions Policy in the amounts specified herein.

            19.2.2. Trustee Notification. The Master Servicer shall notify the
Trustee of the occurrence of any of the events set forth in Section 19.2.1,
together with the Master Servicer's recommended course of action regarding the
termination of the Servicer.

            19.2.3. Servicer Termination. (a) Following the occurrence of any of
the events set forth in Section 19.2.1, the Trustee may elect, at its reasonable
discretion, to terminate the Servicer under this Agreement with respect to the
Mortgage Loans. The Trustee shall provide a written termination notice to the
Servicer.

            (b) Notwithstanding anything to the contrary in this Agreement, the
      Trustee or, if applicable, the Trust Administrator may terminate the
      Servicer following the occurrence of any of the events set forth in
      Section 3.09 of the Pooling and Servicing Agreement, in accordance with
      the procedure for termination set forth therein.

            19.2.4. Consequences of Termination. If this Agreement with the
Servicer is terminated pursuant to Section 19.2.3 hereof, the Servicer shall
deliver all Servicer Mortgage Loan Files, in their entirety, for those Mortgage
Loans serviced under this Agreement, as well as any other documents or reports
held by the Servicer concerning such Mortgage Loans, to the transferee
designated by the Trustee and shall assist in the efficient and timely transfer
of the servicing to such transferee. The Servicer shall not be entitled to
compensation for servicing following its termination.

            19.2.5. Effect of Termination. In the event of the termination of
this Agreement, the Servicer is not released from its obligations under this
Agreement. If its servicing is terminated for cause, the Servicer must pay the
expenses of the Master Servicer incurred in connection with transfer of the
servicing and any actual and direct damages, including, without limitation,
actual and direct damages or losses of the Trustee resulting from such
termination.

            19.2.6. Custodial Account Threshold Reduction. In the event that any
of the events specified in clauses (a) through (g) or clause (j) of Section
19.2.1 or in clauses (g), (h) or (i) of Section 4.1.6 occur, the Master
Servicer, in its reasonable discretion, may notify the Servicer in writing that
the applicable Threshold Amount has been reduced to such amount not less than
$1,000 as shall be specified in such notice.

            19.2.7. Expenses of Termination. The Servicer shall promptly
reimburse the Master Servicer (or any designee of the Master Servicer), the
Trustee and the Depositor for all reasonable expenses incurred by the Master
Servicer (or such designee), the Trustee or the Depositor, as such are incurred,
in connection with the termination of the Servicer as servicer and the transfer
of servicing of the Mortgage Loans to a successor servicer. The provisions of
this paragraph shall not limit whatever rights the Master Servicer, the Trustee
or the Depositor may have under other provisions of this Agreement or otherwise,
whether in equity or at law, such as an action for damages, specific performance
or injunctive relief.

<PAGE>

                                   ARTICLE 20

                            Miscellaneous Provisions

      Section 20.1 Amendments

            20.1.1. Unilateral Authority. The Servicer acknowledges that the
Master Servicer may, upon written notice, supplement or amend the provisions of
this Agreement from time to time, without the need to obtain the Servicer's
consent to (a) correct ambiguous or erroneous provisions in this Agreement; (b)
make changes necessary or helpful to maintain compliance with applicable law,
including any supplement or amendment necessary to effect or facilitate
compliance by the Servicer with Regulation AB or to conform this Agreement to
industry practices relating to Regulation AB; (c) conform to evolving industry
standards regarding the servicing of residential mortgage loans generally; (d)
modify the Servicer Mortgage Loan Schedule to reflect the purchase of any
Mortgage Loan pursuant to this Agreement or another agreement or to change the
applicable loan Type for any Mortgage Loan; (e) to change the definition of
Applicable Unscheduled Receipt Period with respect to any Mortgage Loan and any
type of Unscheduled Principal Receipt from a Mid-Month Receipt Period to a Prior
Month Receipt Period or from a Prior Month Receipt Period to a Mid-Month Receipt
Period; or (f) make such other modifications or amendments thereto, which the
Master Servicer deems advisable, provided that no such modification or amendment
shall have a material adverse impact so as to materially increase the
obligations of, or to materially decrease the benefits to, the Servicer.

            20.1.2. Consensual Amendment. Except as provided for in Section
20.1.1 hereof, the Master Servicer must obtain the written consent of the
Servicer to any amendment hereto that would either increase materially the
obligations of the Servicer or decrease materially the benefits to the Servicer.

            20.1.3. Trustee Notification. The Trustee shall be provided with
notice of the substance of any amendments or modifications made to this
Servicing Agreement pursuant to the provisions of this Section 20.1.

            20.1.4. Trustee Disapproval. With regard to any proposed
modification or amendment to this Agreement which shall have a material adverse
impact upon the beneficial rights enjoyed hereunder by the Trustee, the Trustee
shall receive written notice of the substance of any proposed amendments or
modifications at least ten business days prior to the proposed date of enactment
of such amendment or modification which shall also state therein the proposed
date of enactment. If the Trustee notifies the Master Servicer in writing, prior
to the proposed date of enactment, of its opposition to the adoption of such an
amendment or modifications, the Master Servicer shall not proceed with such
modification or amendment.

      Section 20.2 General Construction

            20.2.1. Binding Nature. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
permitted assigns.

            20.2.2. Entire Agreement. This Agreement contains the entire
agreement and understanding between the parties hereto with respect to the
subject matter hereof and supersedes all prior and contemporaneous servicing
agreements, understandings, inducements and conditions, expressed or implied,
oral or written, of any nature whatsoever with respect to the subject matter
thereof. The express terms hereof control and supersede any course of
performance and/or usage of the trade inconsistent with any of the terms hereof.

            20.2.3. Governing Law. This Agreement and all questions relating to
its validity, interpretation, performance and enforcement shall be governed by,
construed, interpreted and enforced in accordance with the laws of the State of
New York, notwithstanding any New York or other choice-of-law rules to the
contrary.

            20.2.4. Indulgences Not Waivers. Neither the failure nor any delay
on the part of a party to exercise any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege, with respect to
any occurrence be construed as a waiver of such right, remedy, power or
privilege with respect to any other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such
waiver.

            20.2.5. Titles Not to Affect Interpretation. The titles of the
articles and sections contained in this Agreement are for convenience only, and
they neither form a part of this Agreement nor are they to be used in the
construction or interpretation hereof.

            20.2.6. Provisions Severable. The provisions of this Agreement are
independent of and severable from each other, and no provision shall be affected
or rendered invalid or unenforceable by virtue of the fact that for any reason
any other or others of them may be invalid or unenforceable in whole or in part.

            20.2.7. Servicer an Independent Contractor. All services, duties and
responsibilities of the Servicer under this Agreement shall be performed and
carried out by the Servicer as an independent contractor, and none of the
provisions of this Agreement shall be deemed to make, authorize or appoint the
Servicer as agent or representative of any Trustee of any Mortgage Loans or of
the Master Servicer.

            20.2.8. Third Party Beneficiary.

            (a) The parties agree that the Trustee and, if applicable, the Trust
      Administrator are intended third party beneficiaries of the
      representations, warranties, covenants and agreements of the Servicer set
      forth in this Agreement. The Trustee shall have full authorization to
      enforce directly against the Servicer any of the obligations of the
      Servicer provided for herein.

            (b) For purposes of this Agreement, including but not limited to
      Section 4.1.3, any Master Servicer shall be considered a third party
      beneficiary to this Agreement entitled to all the rights and benefits
      accruing to any Master Servicer herein as if it were a direct party to
      this Agreement.

            (c) The parties agree that the Depositor is an intended third party
      beneficiary of the representations, warranties, covenants and agreements
      of the Servicer set forth in this Agreement. The Depositor shall have full
      authorization to enforce directly against the Servicer any of the
      obligations of the Servicer provided for herein.

            20.2.9. Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, and such counterparts
shall constitute one and the same instrument.

            Section 20.3 Regulation AB Compliance; Intent of Parties;
Reasonableness. The parties hereto acknowledge that interpretations of the
requirements of Regulation AB may change over time, whether due to interpretive
guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and
agree to comply with requests made by the Depositor or the Master Servicer in
good faith for delivery of information under these provisions on the basis of
evolving interpretations of Regulation AB. In connection with the Trust, the
Servicer shall cooperate fully with the Master Servicer and the Depositor to
deliver to the Master Servicer and/or the Depositor (including its assignees or
designees), any and all statements, reports, certifications, records and any
other information available to such party and reasonably necessary in the good
faith determination of the Depositor or the Master Servicer to permit the
Depositor to comply with the provisions of Regulation AB, together with such
disclosures relating to the Servicer reasonably believed by the Depositor or the
Master Servicer to be necessary in order to effect such compliance.

<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed by their duly authorized representatives as of the date set forth
above.

                                    WELLS FARGO BANK, N.A.
                                       as Servicer

                                    By: /s/ Patrick Greene
                                       -----------------------------------------
                                       Name:  Patrick Greene
                                       Title: Senior Vice President

                                    WELLS FARGO BANK, N.A.
                                       as Master Servicer

                                    By: /s/ Jennifer L. Richardson
                                       -----------------------------------------
                                       Name:  Jennifer L. Richardson
                                       Title: Assistant Vice President

<PAGE>

                                                                       EXHIBIT A

                     WELLS FARGO & COMPANY MASTER GUARANTEE
                 AGREEMENT REGARDING CUSTODIAL P&I ACCOUNT FUNDS

      THIS MASTER GUARANTEE AGREEMENT (the "Guarantee") dated as of May 1, 1999
is entered into by Wells Fargo & Company ("Wells Fargo"), a Delaware
corporation, in favor of each trustee now or hereafter acting in such capacity
for the benefit of the certificateholders of each outstanding and future series
of Wells Fargo Asset Securities Corporation mortgage backed securities
transactions (collectively, the "MBS Transactions"), including without
limitation the trustees identified in Paragraph 8 hereof, and any successor
trustee, all of which trustees are referred collectively in this Guarantee as
the "Trustee."

      WHEREAS, this Guarantee has been required by Standard & Poor's, Fitch,
Inc., Duff & Phelps Credit Rating Co. and Moody's Investors Service, Inc.
(collectively, the "Rating Agencies") (each of which has assigned ratings to
certain of the classes issued in certain of the MBS Transactions) in connection
with their agreement to permit Wells Fargo Bank, N.A., as servicer in the MBS
Transactions (in such capacity, "Servicer"), to hold among Servicer's general
corporate funds for a period of time principal and interest payments, insurance
proceeds, liquidation proceeds and other amounts received by Servicer pertaining
to the mortgage loans underlying the MBS Transactions serviced by Servicer
(collectively, the "Mortgage Loans").

      WHEREAS, Servicer is an indirect, wholly-owned subsidiary of Wells Fargo,
a bank holding company, and Wells Fargo derives substantial benefit from
Servicer's servicing of the Mortgage Loans pursuant to the terms of a separate
servicing agreement between Wells Fargo Bank, N.A., as master servicer, and
Servicer, as servicer, for each MBS Transaction (each, a "Servicing Agreement").

      WHEREAS, to further induce the Rating Agencies to permit Servicer to
withdraw funds from the Custodial P&I Accounts and commingle such funds with the
general assets of Servicer to be used for general corporate purposes until such
time as such funds are required by the terms of the applicable Servicing
Agreement to be remitted to the related Certificate Account, Wells Fargo has
agreed to guarantee the performance of Servicer's obligation under the Servicing
Agreements to timely remit to the related Certificate Accounts the amounts, if
any, so withdrawn from the Custodial P&I Accounts and so used by Servicer.

      NOW THEREFORE, in consideration of the Rating Agencies' permitting the
described arrangement, and for other good and valuable consideration the receipt
and sufficiency of which Wells Fargo hereby acknowledges, Wells Fargo hereby
agrees for the benefit of each Trustee for the benefit of the certificateholders
of each MBS Transaction as follows:

1.    Defined Terms. Capitalized terms used but not defined in this Guarantee
      shall have the respective meanings ascribed to such terms in each
      Servicing Agreement.

2.    Guarantee of Certain Obligation of Servicer under Servicing Agreement.
      Wells Fargo hereby absolutely, unconditionally and irrevocably guarantees
      to each Trustee for the benefit of the certificateholders of each MBS
      Transaction the full and prompt performance, satisfaction and discharge of
      Servicer's obligation under each Servicing Agreement to remit to the
      related Certificate Account by the time specified in each Servicing
      Agreement amounts, if any, withdrawn by the Servicer from the related
      Custodial P&I Account and commingled with the Servicer's general assets
      (such obligation, the "Servicer's Obligation").

3.    Guarantee Absolute. The liability of Wells Fargo under this Guarantee
      shall be absolute and unconditional irrespective of: (i) any change in the
      time, manner of place of performance of, or in any other term of, the
      Servicer's Obligation; (ii) the avoidance or subordination of any
      Servicer's Obligation, or the invalidity or unenforceability thereof;
      (iii) the waiver, consent, extension, forbearance or granting of any
      indulgence, or other modification or amendment to any obligation of
      Servicer under the Servicing Agreement; including without limitation the
      Servicer's Obligation; (iv) the disallowance under bankruptcy or similar
      laws relating to insolvency applicable to Servicer of all or any portion
      of any claim by the Trustee or certificate holders for the performance,
      satisfaction, and discharge of the Servicer's Obligation; or (v) any other
      circumstance that might otherwise constitute a defense to, or a discharge
      of the Servicer's Obligation (except for an express written release or
      discharge of Servicer by the Trustee), all of the foregoing being
      expressly waived by Wells Fargo as defenses to its obligations under this
      Guarantee.

4.    Waiver. Wells Fargo hereby waives any requirement of promptness,
      diligence, presentment, demand, filing of claims with a court in the event
      of receivership or bankruptcy of Servicer, protest, or notice of protest
      with respect to the Servicer's Obligation, and notice of acceptance of
      this Guarantee.

5.    Reinstatement. Guarantor further agrees that, to the extent that the
      Servicer or the Guarantor makes a payment or payments to the Trustee,
      which payment or payments or any part thereof are subsequently
      invalidated, declared to be fraudulent or preferential, set aside and/or
      required to be repaid to the Servicer or the Guarantor or their respective
      estate, trustee, receiver or any other party under any bankruptcy law,
      state or federal law, common law or equitable cause, then to the extent of
      such payment or repayment, this Guarantee and the advances or part thereof
      which have been paid, reduced or satisfied by such amount shall be
      reinstated and continued in full force and effect as of the date such
      initial payments, reduction or satisfaction occurred.

6.    No Waiver of Rights. No failure or delay on the part of the Trustee or the
      Trust Administrator, if applicable, in exercising any right or remedy
      arising under this Guarantee shall operate as a waiver of the Trustee's
      rights hereunder; nor shall any single or partial exercise of any right
      hereunder preclude any other or further exercise hereunder or the exercise
      of any other right by or on behalf of the Trustee.

7.    Representation and Warranties. Wells Fargo hereby represents and warrants
      to the Trustee as follows:

      (a)   Organization. Wells Fargo is a corporation duly organized, validly
            existing and in good standing under the laws of the State of
            Delaware. Wells Fargo is duly qualified and in good standing to
            transact business in each jurisdiction in which such qualification
            is necessary, other than those jurisdictions where the failure to be
            so qualified would not have a material adverse effect upon the
            business, assets or financial condition of Wells Fargo.

      (b)   Authority. Wells Fargo has all requisite corporate power and
            authority to execute and enter into this Guarantee and to perform
            the obligations required of it hereunder. The execution and delivery
            of this Guarantee and the consummation of the undertakings
            contemplated hereby, have each been duly and validly authorized by
            all necessary corporate action, and this Guarantee constitutes a
            valid and legally binding agreement of Wells Fargo enforceable in
            accordance with its terms, except as such enforcement may be limited
            by applicable bankruptcy, moratorium, reorganization or other laws
            and regulations affecting the rights and remedies of creditors
            generally.

      (c)   No Conflicts. The execution, delivery, and performance of this
            Guarantee by Wells Fargo will not constitute (a) a violation or
            breach of any terms or provisions of Wells Fargo's Restated
            Certificate of Incorporation or by-laws or (b) a violation or breach
            of any terms or provisions of, or a default under any provision of
            statutory law or published regulation or any indenture, mortgage,
            deed of trust, loan agreement or other agreement or instrument to
            which Wells Fargo is a party or by which Wells Fargo is bound, or
            any order, rule or regulation binding on Wells Fargo and known to
            Wells Fargo of any court or governmental agency or body having
            jurisdiction over Wells Fargo.

8.    Notices. All notices and other communications hereunder shall be in
      writing (including a writing delivered by facsimile transmission) and
      shall be deemed to have been duly given (a) when delivered, if sent by
      registered or certified mail (return receipt requested), or (b) when
      delivered, if delivered personally or by facsimile, or (c) on the
      following business day, if sent by overnight mail or overnight courier, in
      each case to Wells Fargo and the Trustee at the following addresses (or at
      such other addresses as shall be specified by like notice):

      If to Wells Fargo :

            Corporate Secretary
            Wells Fargo & Company
            Wells Fargo Center
            Sixth and Marquette
            Minneapolis, MN  55479-1026
            Facsimile No.: 612-667-6082

            With a copy to:

                  Corporate Treasury
                  Wells Fargo & Company
                  Wells Fargo Center
                  Sixth and Marquette
                  Minneapolis, MN  55479-1019
                  Facsimile No.: 612-667-9908

      If to the Trustee:

            Wachovia Bank, National Association, as Trustee
            401 South Tryon Street
            Charlotte, North Carolina 28202

      or to such other address to receive any such confirmation or notice as the
      notice party may have designated by written notice to the other notice
      party at the above address.

9.    Successors and Assigns. This Guarantee shall be binding upon Wells Fargo,
      its successors, transferees, and assigns, and shall inure to the benefit
      of and be enforceable by the Trustee and its successors, transferees and
      assigns.

10.   Waiver of Subrogation. As long as any Servicer's Obligation has not been
      satisfied and discharged in full, Wells Fargo shall have no right of
      subrogation and hereby waives any right to enforce any remedy which the
      Trustee now has or may hereafter have against Servicer or any other
      guarantor of all or any part of the Servicer's Obligation.

11.   Subordination. Wells Fargo agrees that any and all claims of Wells Fargo
      against Servicer or any other guarantor of all or any part of the
      Servicer's Obligation, whether arising by reason of any payment by Wells
      Fargo pursuant to the provisions hereof or otherwise, and all indebtedness
      of Servicer to Wells Fargo, shall be subordinate and subject in right of
      payment to the full and prompt performance, satisfaction, and discharge,
      of Servicer's Obligation.

12.   Entire Agreement; Amendment and Waivers. This Guarantee contains the
      complete and entire agreement of Wells Fargo with respect to its
      provisions, and no change, waiver or amendment hereto shall be binding
      upon Wells except as separately set forth in a writing and duly executed
      by Wells Fargo.

13.   Severability. The invalidity, illegality, or unenforceability of any
      provision of this Guarantee pursuant to judicial decree shall not affect
      the validity, legality, or enforceability of any other provisions of this
      Guarantee, all of which other provisions shall remain in full force and
      effect as written.

14.   Governing Law. This Guarantee shall be governed by and construed in
      accordance with the laws of the State of New York (regardless of the laws
      that might otherwise govern under applicable principles of conflicts of
      law or comity).

<PAGE>

      IN WITNESS WHEREOF, the undersigned, a duly authorized officer of the
Guarantor, has executed this Guarantee on behalf of the Guarantor as of the day
and year first written above.

                                          WELLS FARGO & COMPANY

                                          By
                                            ------------------------------------
                                            [      ]
                                            [      ]

<PAGE>

                                                                       EXHIBIT B

                         FORM OF ANNUAL CERTIFICATION

            Re: The Servicing Agreement dated as of [ ], (the "Agreement"),
            between Wells Fargo Bank, N.A., a national banking association (the
            "Servicer") and Wells Fargo Bank, N.A., a national banking
            association, (the "Master Servicer"),

            I, ________________________________, the _______________________ of
      Wells Fargo Bank, N.A., certify to the Depositor and the Master Servicer,
      and their officers, with the knowledge and intent that they will rely upon
      this certification, that:

            (1) I have reviewed the servicer compliance statement of the
      Servicer provided in accordance with Item 1123 of Regulation AB (the
      "Compliance Statement"), the report on assessment of the Servicer's
      compliance with the servicing criteria set forth in Item 1122(d) of
      Regulation AB (the "Servicing Criteria"), provided in accordance with
      Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
      (the "Exchange Act") and Item 1122 of Regulation AB (the "Servicing
      Assessment"), the registered public accounting firm's attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and Section 1122(b) of Regulation AB (the "Attestation Report"), and all
      servicing reports, officer's certificates and other information relating
      to the servicing of the Mortgage Loans by the Servicer during 200[ ] that
      were delivered by the Depositor and the Master Servicer pursuant to the
      Agreement (collectively, the "Servicer Servicing Information");

            (2) Based on my knowledge, the Servicer Servicing Information, taken
      as a whole, does not contain any untrue statement of a material fact or
      omit to state a material fact necessary to make the statements made, in
      the light of the circumstances under which such statements were made, not
      misleading with respect to the period of time covered by the Servicer
      Servicing Information;

            (3) Based on my knowledge, all of the Servicer Servicing Information
      required to be provided by the Servicer under the Agreement has been
      provided to the Depositor and the Master Servicer;

            (4) I am responsible for reviewing the activities performed by the
      Servicer as servicer under the Agreement, and based on my knowledge and
      the compliance review conducted in preparing the Compliance Statement and
      except as disclosed in the Compliance Statement, the Servicing Assessment
      or the Attestation Report, the Servicer has fulfilled its obligations
      under the Agreement in all material respects; and

            (5) The Compliance Statement required to be delivered by the
      Servicer pursuant to the Agreement, and the Servicing Assessment and
      Attestation Report required to be provided by the Servicer and by any
      Subservicer or Subcontractor pursuant to the Agreement, have been provided
      to the Depositor and the Master Servicer. Any material instances of
      noncompliance described in such reports have been disclosed to the
      Depositor and the Master Servicer. Any material instance of noncompliance
      with the Servicing Criteria has been disclosed in such reports.

      Date: _________________________

      By:

      Name:  ________________________________

      Title: ________________________________

<PAGE>

                                                                       EXHIBIT C

                             SUBSERVICER INFORMATION

      (A) the Subservicer's form of organization;

      (B) a description of how long the Subservicer has been servicing
residential mortgage loans; a general discussion of the Subservicer's experience
in servicing assets of any type as well as a more detailed discussion of the
Subservicer's experience in, and procedures for, the servicing function it will
perform under the Agreement; information regarding the size, composition and
growth of the Subservicer's portfolio of residential mortgage loans of a type
similar to the Mortgage Loans and information on factors related to the
Subservicer that may be material, in the good faith judgment of the Master
Servicer or the Depositor, to any analysis of the servicing of the Mortgage
Loans or the related asset-backed securities, as applicable, including, without
limitation:

            (1) whether any prior securitizations of mortgage loans of a type
      similar to the Mortgage Loans involving the Subservicer have defaulted or
      experienced an early amortization or other performance triggering event
      because of servicing during the three-year period immediately preceding
      the date of engagement of the Subservicer;

            (2) the extent of outsourcing the Subservicer utilizes;

            (3) whether there has been previous disclosure of material
      noncompliance with the applicable servicing criteria with respect to
      securitizations of residential mortgage loans involving the Subservicer as
      a servicer during the three-year period immediately preceding the date of
      engagement of the Subservicer;

            (4) whether the Subservicer has been terminated as servicer in a
      residential mortgage loan securitization, either due to a servicing
      default or to application of a servicing performance test or trigger; and

            (5) such other information as the Master Servicer or the Depositor
      may reasonably request for the purpose of compliance with Item 1108(b)(2)
      of Regulation AB;

      (C) a description of any material changes during the three-year period
immediately preceding the date of engagement of the Subservicer to the
Subservicer's policies or procedures with respect to the servicing function it
will perform under the Agreement for mortgage loans of a type similar to the
Mortgage Loans;

      (D) information regarding the Subservicer's financial condition, to the
extent that there is a material risk that an adverse financial event or
circumstance involving the Subservicer could have a material adverse effect on
the performance by the Subservicer of its servicing obligations under the
Agreement;

      (E) information regarding advances made by the Subservicer on the Mortgage
Loans and the Subservicer's overall servicing portfolio of residential mortgage
loans for the three-year period immediately preceding the date of engagement of
the Subservicer, which may be limited to a statement by an authorized officer of
the Subservicer to the effect that the Subservicer has made all advances
required to be made on residential mortgage loans serviced by it during such
period, or, if such statement would not be accurate, information regarding the
percentage and type of advances not made as required, and the reasons for such
failure to advance;

      (F) a description of the Subservicer's processes and procedures designed
to address any special or unique factors involved in servicing loans of a
similar type as the Mortgage Loans;

      (G) a description of the Subservicer's processes for handling
delinquencies, losses, bankruptcies and recoveries, such as through liquidation
of mortgaged properties, sale of defaulted mortgage loans or workouts; and

      (H) information as to how the Subservicer defines or determines
delinquencies and charge-offs, including the effect of any grace period,
re-aging, restructuring, partial payments considered current or other practices
with respect to delinquency and loss experience.

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