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 July 25, 2007

                                 $571,572,575.18

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series 2007-PA4

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<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01  Definitions....................................................I-1
Section 1.02  Acts of Holders..............................................I-107
Section 1.03  Effect of Headings and Table of Contents.....................I-108
Section 1.04  Benefits of Agreement........................................I-108

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                      ORIGINAL ISSUANCE OF THE CERTIFICATES

Section 2.01  Conveyance of Mortgage Loans..................................II-1
Section 2.02  Acceptance by Custodian.......................................II-5
Section 2.03  Representations and Warranties of the Master Servicer
               and the Depositor............................................II-6
Section 2.04  Execution and Delivery of Certificates.......................II-14
Section 2.05  Designation of Certificates; Designation of Startup
               Day and Latest Possible Maturity Date.......................II-15

                                   ARTICLE III

                  ADMINISTRATION OF THE TRUST ESTATE; SERVICING
                              OF THE MORTGAGE LOANS

Section 3.01  Certificate Account..........................................III-1
Section 3.02  Permitted Withdrawals from the Certificate Account...........III-2
Section 3.03  Advances by Master Servicer and Trustee......................III-3
Section 3.04  Custodian to Cooperate; Release of Owner Mortgage Loan
               Files and Retained Mortgage Loan Files......................III-4
Section 3.05  Annual Compliance Statements.................................III-5
Section 3.06  Title, Management and Disposition of Any REO Mortgage
               Loan........................................................III-6
Section 3.07  Amendments to Servicing Agreements,
               Modification of Standard Provisions.........................III-6
Section 3.08  Oversight of Servicing.......................................III-7
Section 3.09  Termination and Substitution of Servicing Agreements........III-10
Section 3.10  Application of Net Liquidation Proceeds.....................III-12
Section 3.11  Assessment of Servicing Compliance; Registered Public
               Accounting Firm Attestation Reports........................III-12
Section 3.12  Exchange Act Reports........................................III-14

                                   ARTICLE IV

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

Section 4.01  Distributions.................................................IV-1
Section 4.02  Allocation of Realized Losses................................IV-11
Section 4.03  Paying Agent.................................................IV-13
Section 4.04  Statements to Certificateholders; Reports to the
               Trustee and the Depositor...................................IV-15
Section 4.05  Reserved.....................................................IV-19
Section 4.06  Calculation of Amounts; Binding Effect of
               Interpretations and Actions of Master Servicer..............IV-19

                                    ARTICLE V

                                THE CERTIFICATES

Section 5.01  The Certificates...............................................V-1
Section 5.02  Registration of Certificates...................................V-3
Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates..............V-6
Section 5.04  Persons Deemed Owners..........................................V-6
Section 5.05  Access to List of Certificateholders' Names and
               Addresses.....................................................V-7
Section 5.06  Maintenance of Office or Agency................................V-7
Section 5.07  Definitive Certificates........................................V-7
Section 5.08  Notices to Clearing Agency.....................................V-8

                                   ARTICLE VI

                      THE DEPOSITOR AND THE MASTER SERVICER

Section 6.01  Liability of the Depositor and the Master Servicer............VI-1
Section 6.02  Merger or Consolidation of the Depositor or the Master
               Servicer.....................................................VI-1
Section 6.03  Limitation on Liability of the Depositor, the Master
               Servicer and Others..........................................VI-1
Section 6.04  Resignation of the Master Servicer............................VI-2
Section 6.05  Compensation to the Master Servicer...........................VI-3
Section 6.06  Assignment or Delegation of Duties by Master Servicer.........VI-3
Section 6.07  Indemnification of Trustee and Depositor by Master
               Servicer.....................................................VI-4
Section 6.08  Master Servicer Errors and Omissions Policy...................VI-4

                                   ARTICLE VII

                                     DEFAULT

Section 7.01  Events of Default............................................VII-1
Section 7.02  Other Remedies of Trustee....................................VII-2
Section 7.03  Directions by Certificateholders and
               Duties of Trustee During Event of Default...................VII-3
Section 7.04  Action upon Certain Failures of the
               Master Servicer and upon Event of Default...................VII-3
Section 7.05  Trustee to Act; Appointment of Successor.....................VII-3
Section 7.06  Notification to Certificateholders...........................VII-5

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01  Duties of Trustee...........................................VIII-1
Section 8.02  Certain Matters Affecting the Trustee.......................VIII-2
Section 8.03  Trustee Not Required to Make Investigation..................VIII-3
Section 8.04  Trustee Not Liable for Certificates or Mortgage Loans.......VIII-3
Section 8.05  Trustee May Own Certificates................................VIII-4
Section 8.06  The Master Servicer to Pay Fees; Limitation on
               Liability..................................................VIII-4
Section 8.07  Eligibility Requirements....................................VIII-4
Section 8.08  Resignation and Removal.....................................VIII-5
Section 8.09  Successor...................................................VIII-6
Section 8.10  Merger or Consolidation.....................................VIII-6
Section 8.11  Authenticating Agent........................................VIII-7
Section 8.12  Separate Trustees and Co-Trustees...........................VIII-8
Section 8.13  Tax Matters; Compliance with REMIC Provisions...............VIII-9
Section 8.14  Monthly Advances...........................................VIII-12
Section 8.15  Indemnification of the Master Servicer and Depositor
               by the Trustee............................................VIII-12
Section 8.16  Trustee Errors and Omissions Policy........................VIII-12

                                   ARTICLE IX

                                   TERMINATION

Section 9.01  Termination upon Purchase by the
               Depositor or Liquidation of All Mortgage Loans...............IX-1
Section 9.02  Additional Termination Requirements...........................IX-3

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

Section 10.01 Amendment......................................................X-1
Section 10.02 Recordation of Agreement.......................................X-3
Section 10.03 Limitation on Rights of Certificateholders.....................X-3
Section 10.04 Governing Law; Jurisdiction....................................X-4
Section 10.05 Notices........................................................X-4
Section 10.06 Severability of Provisions.....................................X-4
Section 10.07 Special Notices to Rating Agencies.............................X-4
Section 10.08 Covenant of Depositor..........................................X-5
Section 10.09 Recharacterization.............................................X-6
Section 10.10 Regulation AB Compliance; Intent of Parties;
               Reasonableness................................................X-6

                                   ARTICLE XI

                             TERMS FOR CERTIFICATES

Section 11.01 Cut-Off Date..................................................XI-1
Section 11.02 Cut-Off Date Aggregate Principal Balance......................XI-1
Section 11.03 Original Group Percentages....................................XI-1
Section 11.04 Original Principal Balances of the Classes of Class A
               Certificates.................................................XI-1
Section 11.05 Original Notional Amounts.....................................XI-2
Section 11.06 Original Aggregate Subordinate Percentage.....................XI-2
Section 11.07 Original Class B Principal Balance............................XI-2
Section 11.08 Original Principal Balances of the Classes of Class B
               Certificates.................................................XI-3
Section 11.09 Original Class B-1 Fractional Interest........................XI-3
Section 11.10 Original Class B-2 Fractional Interest........................XI-3
Section 11.11 Original Class B-3 Fractional Interest........................XI-3
Section 11.12 Original Class B-4 Fractional Interest........................XI-3
Section 11.13 Original Class B-5 Fractional Interest........................XI-3
Section 11.14 Original Class B-6 Fractional Interest........................XI-3
Section 11.15 Original Class B-7 Fractional Interest........................XI-3
Section 11.16 Closing Date..................................................XI-3
Section 11.17 Right to Purchase.............................................XI-4
Section 11.18 Single Certificate............................................XI-4
Section 11.19 Servicing Fee Rate............................................XI-4
Section 11.20 Master Servicing Fee Rate.....................................XI-4

SCHEDULE I            -     Applicable Unscheduled Principal Receipt Period

                                    EXHIBITS

EXHIBIT A-I-A-1       -     Form of Face of Class I-A-1 Certificate
EXHIBIT A-I-A-2       -     Form of Face of Class I-A-2 Certificate
EXHIBIT A-I-A-IO      -     Form of Face of Class I-A-IO Certificate
EXHIBIT A-I-A-R       -     Form of Face of Class I-A-R Certificate
EXHIBIT A-II-A-1      -     Form of Face of Class II-A-1 Certificate
EXHIBIT A-II-A-2      -     Form of Face of Class II-A-2 Certificate
EXHIBIT A-II-A-IO     -     Form of Face of Class II-A-IO Certificate
EXHIBIT A-III-A-1     -     Form of Face of Class III-A-1 Certificate
EXHIBIT A-III-A-2     -     Form of Face of Class III-A-2 Certificate
EXHIBIT A-III-A-IO    -     Form of Face of Class III-A-IO Certificate
EXHIBIT A-IV-A-1      -     Form of Face of Class IV-A-1 Certificate
EXHIBIT A-IV-A-2      -     Form of Face of Class IV-A-2 Certificate
EXHIBIT A-IV-A-IO     -     Form of Face of Class IV-A-IO Certificate
EXHIBIT A-V-A-1       -     Form of Face of Class V-A-1 Certificate
EXHIBIT A-V-A-IO      -     Form of Face of Class V-A-IO 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 B-7           -     Form of Face of Class B-7 Certificate
EXHIBIT B-8           -     Form of Face of Class B-8 Certificate
EXHIBIT C             -     Form of Reverse of Series 2007-PA4 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-6] [B-7] [B-8]
                            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             -     Schedule of Pledged Asset Mortgage Loans
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 July 25, 2007 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 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 Aggregate 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 Aggregate 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)(i) 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, Class B-6 Optimal
Principal Amount, Class B-7 Optimal Principal Amount and Class B-8 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 following the Closing Date
and each subsequent anniversary thereof.

      Aggregate Adjusted Pool Amount: With respect to any Distribution Date, the
sum of the Group I Adjusted Pool Amount, Group II Adjusted Pool Amount, Group
III Adjusted Pool Amount, Group IV Adjusted Pool Amount and Group V Adjusted
Pool Amount.

      Aggregate Class A Percentage: With respect to any Distribution Date, the
percentage, the numerator of which is the Aggregate Class A Principal Balance
prior to giving effect to any distributions on such Distribution Date, and the
denominator of which is the sum of the Pool Balances for each Loan Group.

      Aggregate Class A Principal Balance: With respect to any Determination
Date, the sum of the Group I-A Principal Balance, Group II-A Principal Balance,
Group III-A Principal Balance, Group IV-A Principal Balance and Group V-A
Principal Balance.

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

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

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

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

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

      Aggregate Principal Balance: As of any Determination Date, the sum of the
Group I-A Principal Balance, the Group II-A Principal Balance, the Group III-A
Principal Balance, the Group IV-A Principal Balance, the Group V-A Principal
Balance and the Class B Principal Balance as of such date.

      Aggregate Subordinate Percentage: As to any Determination Date, the
difference between 100% and the Aggregate Class A Percentage.

      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.

      Apportioned Class B Principal Distribution Amount: As to any Distribution
Date and any Class of Class B Certificates, the product of (i) the applicable
Class B Principal Distribution Amount and (ii) the Apportionment Fraction for
such Class.

      Apportionment Fraction: As to any Class of Class B Certificates and any
Distribution Date occurring prior to the Subordination Depletion Date and on or
after the Distribution Date on which the Principal Balance of each Class of one
Group has been reduced to zero, a fraction, the numerator of which is the
portion of the Class B Loan Group Optimal Principal Amounts represented by
clauses (ii) and (iii) of the definition thereof (other than Liquidation
Proceeds that are not partial Liquidation Proceeds) for which the corresponding
Class A Certificates are no longer outstanding and the denominator of which is
the applicable Class B Optimal Principal Amount without regard to the proviso
thereto.

      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.

      Balloon Loan: A Mortgage Loan that provides for the payment of the
unamortized principal balance of such Mortgage Loan in a single payment at the
maturity of such Mortgage Loan that is greater than the preceding Monthly
Payment.

      Balloon Payment: A payment of the unamortized principal balance of a
Mortgage Loan in a single payment at the maturity of such Mortgage Loan that is
greater than the preceding Monthly Payment.

      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 I-A-1 Certificates, Class
I-A-2 Certificates, Class I-A-IO Certificates, Class II-A-1 Certificates, Class
II-A-2 Certificates, Class II-A-IO Certificates, Class III-A-1 Certificates,
Class III-A-2 Certificates, Class III-A-IO Certificates, Class IV-A-1
Certificates, Class IV-A-2 Certificates, Class IV-A-IO Certificates, Class V-A-1
Certificates, Class V-A-IO Certificates, Class B-1 Certificates, Class B-2
Certificates, Class B-3 Certificates, Class B-4 Certificates and Class B-5
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 pursuant to Section 3.01 which shall be entitled
"Certificate Account, Wells Fargo Bank, N.A. as Master Servicer on behalf of the
Trustee, in trust for the Holders of the Certificates of the Wells Fargo
Alternative Loan 2007-PA4 Trust." 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 I-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-I-A-1 and Exhibit C hereto.

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

      Class I-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 I-A-1 Certificates would be reduced as a result of the application
of the third sentence of the definition of Principal Balance.

      Class I-A-1 Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in September 2009, the Class I-A-1
Pass-Through Rate will be the per annum rate equal to the Net WAC of the Group I
Mortgage Loans minus 0.66429486%. On and after the Distribution Date in
September 2009, the Class I-A-1 Pass-Through Rate will be a per annum rate equal
to the Net WAC of the Group I Mortgage Loans.

      Class I-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-I-A-2 and Exhibit C hereto.

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

      Class I-A-2 Loss Allocation Amount: With respect to any Determination Date
after the Subordination Depletion Date the lesser of (a) the Principal Balance
of the Class I-A-2 Certificates with respect to such Determination Date prior to
any reduction for the Class I-A-2 Loss Allocation Amount and (b) the Class I-A-1
Loss Amount.

      Class I-A-2 Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in September 2009, the Class I-A-2
Pass-Through Rate will be the per annum rate equal to the Net WAC of the Group I
Mortgage Loans minus 0.66429486%. On and after the Distribution Date in
September 2009, the Class I-A-2 Pass-Through Rate will be a per annum rate equal
to the Net WAC of the Group I Mortgage Loans.

      Class I-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-I-A-IO and Exhibit C hereto.

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

      Class I-A-IO Notional Amount: As to the first Distribution Date, the
Original Class I-A-IO Notional Amount and, with respect to each Distribution
Date prior to the Distribution Date in September 2009, an amount equal to the
sum of the Principal Balances of the Class I-A-1 and Class I-A-2 Certificates.
On and after the Distribution Date in September 2009, the Class I-A-IO Notional
Amount will be zero.

      Class I-A-IO Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in September 2009, the Class I-A-IO
Pass-Through Rate will be the per annum rate equal to 0.66429486%. On and after
the Distribution Date in September 2009, the Class I-A-IO Pass-Through Rate will
be zero.

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

      Class I-A-M1 Interest: A regular interest in the Middle-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)(iii) hereof.

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

      Class I-A-MUR Interest: A regular interest in the Middle-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)(iii) hereof.

      Class I-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-I-A-R and Exhibit C hereto.

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

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

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

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

      Class II-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-II-A-1 and Exhibit C hereto.

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

      Class II-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 II-A-1 Certificates would be reduced as a result of the application
of the third sentence of the definition of Principal Balance.

      Class II-A-1 Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in June 2012, the Class II-A-1
Pass-Through Rate will be the per annum rate equal to the Net WAC of the Group
II Mortgage Loans minus 0.18786445%. On and after the Distribution Date in June
2012, the Class II-A-1 Pass-Through Rate will be a per annum rate equal to the
Net WAC of the Group II Mortgage Loans.

      Class II-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-II-A-2 and Exhibit C hereto.

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

      Class II-A-2 Loss Allocation Amount: With respect to any Determination
Date after the Subordination Depletion Date the lesser of (a) the Principal
Balance of the Class II-A-2 Certificates with respect to such Determination Date
prior to any reduction for the Class II-A-2 Loss Allocation Amount and (b) the
Class II-A-1 Loss Amount.

      Class II-A-2 Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in June 2012, the Class II-A-2
Pass-Through Rate will be the per annum rate equal to the Net WAC of the Group
II Mortgage Loans minus 0.18786445%. On and after the Distribution Date in June
2012, the Class II-A-2 Pass-Through Rate will be a per annum rate equal to the
Net WAC of the Group II Mortgage Loans.

      Class II-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-II-A-IO and Exhibit C hereto.

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

      Class II-A-IO Notional Amount: As to the first Distribution Date, the
Original Class II-A-IO Notional Amount and, with respect to each Distribution
Date prior to the Distribution Date in June 2012, an amount equal to the sum of
the Principal Balances of the Class II-A-1 and Class II-A-2 Certificates. On and
after the Distribution Date in June 2012, the Class II-A-IO Notional Amount will
be zero.

      Class II-A-IO Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in June 2012, the Class II-A-IO
Pass-Through Rate will be the per annum rate equal to 0.18786445%. On and after
the Distribution Date in June 2012, the Class II-A-IO Pass-Through Rate will be
zero.

      Class II-A-M1 Interest: A regular interest in the Middle-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)(iii) hereof.

      Class II-L 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)(iv) hereof.

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

      Class III-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-III-A-1 and Exhibit C hereto.

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

      Class III-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 III-A-1 Certificates would be reduced as a result of the
application of the third sentence of the definition of Principal Balance.

      Class III-A-1 Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in June 2012, the Class III-A-1
Pass-Through Rate will be the per annum rate equal to the Net WAC of the Group
III Mortgage Loans minus 0.22538908%. On and after the Distribution Date in June
2012, the Class III-A-1 Pass-Through Rate will be a per annum rate equal to the
Net WAC of the Group III Mortgage Loans.

      Class III-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-III-A-2 and Exhibit C hereto.

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

      Class III-A-2 Loss Allocation Amount: With respect to any Determination
Date after the Subordination Depletion Date the lesser of (a) the Principal
Balance of the Class III-A-2 Certificates with respect to such Determination
Date prior to any reduction for the Class III-A-2 Loss Allocation Amount and (b)
the Class III-A-1 Loss Amount.

      Class III-A-2 Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in June 2012, the Class III-A-2
Pass-Through Rate will be the per annum rate equal to the Net WAC of the Group
III Mortgage Loans minus 0.22538908%. On and after the Distribution Date in June
2012, the Class III-A-2 Pass-Through Rate will be a per annum rate equal to the
Net WAC of the Group III Mortgage Loans.

      Class III-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-III-A-IO and Exhibit C hereto.

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

      Class III-A-IO Notional Amount: As to the first Distribution Date, the
Original Class III-A-IO Notional Amount and, with respect to each Distribution
Date prior to the Distribution Date in June 2012, an amount equal to the sum of
the Principal Balances of the Class III-A-1 and Class III-A-2 Certificates. On
and after the Distribution Date in June 2012, the Class III-A-IO Notional Amount
will be zero.

      Class III-A-IO Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in June 2012, the Class III-A-IO
Pass-Through Rate will be the per annum rate equal to 0.22538908%. On and after
the Distribution Date in June 2012, the Class III-A-IO Pass-Through Rate will be
zero.

      Class III-A-M1 Interest: A regular interest in the Middle-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)(iii) hereof.

      Class III-L 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)(iv) hereof.

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

      Class IV-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-IV-A-1 and Exhibit C hereto.

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

      Class IV-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 IV-A-1 Certificates would be reduced as a result of the application
of the third sentence of the definition of Principal Balance.

      Class IV-A-1 Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in June 2014, the Class IV-A-1
Pass-Through Rate will be the per annum rate equal to the Net WAC of the Group
IV Mortgage Loans minus 0.47430468%. On and after the Distribution Date in June
2014, the Class IV-A-1 Pass-Through Rate will be a per annum rate equal to the
Net WAC of the Group IV Mortgage Loans.

      Class IV-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-IV-A-2 and Exhibit C hereto.

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

      Class IV-A-2 Loss Allocation Amount: With respect to any Determination
Date after the Subordination Depletion Date the lesser of (a) the Principal
Balance of the Class IV-A-2 Certificates with respect to such Determination Date
prior to any reduction for the Class IV-A-2 Loss Allocation Amount and (b) the
Class IV-A-1 Loss Amount.

      Class IV-A-2 Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in June 2014, the Class IV-A-2
Pass-Through Rate will be the per annum rate equal to the Net WAC of the Group
IV Mortgage Loans minus 0.47430468%. On and after the Distribution Date in June
2014, the Class IV-A-2 Pass-Through Rate will be a per annum rate equal to the
Net WAC of the Group IV Mortgage Loans.

      Class IV-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-IV-A-IO and Exhibit C hereto.

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

      Class IV-A-IO Notional Amount: As to the first Distribution Date, the
Original Class IV-A-IO Notional Amount and, with respect to each Distribution
Date prior to the Distribution Date in June 2014, an amount equal to the sum of
the Principal Balances of the Class IV-A-1 and Class IV-A-2 Certificates. On and
after the Distribution Date in June 2014, the Class IV-A-IO Notional Amount will
be zero.

      Class IV-A-IO Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in June 2014, the Class IV-A-IO
Pass-Through Rate will be the per annum rate equal to 0.47430468%. On and after
the Distribution Date in June 2014, the Class IV-A-IO Pass-Through Rate will be
zero.

      Class IV-A-M1 Interest: A regular interest in the Middle-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)(iii) hereof.

      Class IV-L 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)(iv) hereof.

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

      Class V-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-V-A-1 and Exhibit C hereto.

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

      Class V-A-1 Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in June 2017, the Class V-A-1
Pass-Through Rate will be the per annum rate equal to the Net WAC of the Group V
Mortgage Loans minus 0.52119129%. On and after the Distribution Date in June
2017, the Class V-A-1 Pass-Through Rate will be a per annum rate equal to the
Net WAC of the Group V Mortgage Loans.

      Class V-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-V-A-IO and Exhibit C hereto.

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

      Class V-A-IO Notional Amount: As to the first Distribution Date, the
Original Class V-A-IO Notional Amount and, with respect to each Distribution
Date prior to the Distribution Date in June 2017, an amount equal to the
Principal Balance of the Class V-A-1 Certificates. On and after the Distribution
Date in June 2017, the Class V-A-IO Notional Amount will be zero.

      Class V-A-IO Pass-Through Rate: With respect to each Distribution Date
occurring prior to the Distribution Date in June 2017, the Class V-A-IO
Pass-Through Rate will be the per annum rate equal to 0.52119129%. On and after
the Distribution Date in June 2017, the Class V-A-IO Pass-Through Rate will be
zero.

      Class V-A-M1 Interest: A regular interest in the Middle-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)(iii) hereof.

      Class V-L 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)(iv) hereof.

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

      Class A Certificate: Any of the Group I-A Certificates, Group II-A
Certificates, Group III-A Certificates, Group IV-A Certificates or Group V-A
Certificates.

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

      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 sum of (a) the Group I-A Interest Accrual Amount, (b) the Group
II-A Interest Accrual Amount, (c) the Group III-A Interest Accrual Amount, (d)
the Group IV-A Interest Accrual Amount and (e) the Group V-A Interest Accrual
Amount.

      Class A Pass-Through Rate: As to any Distribution Date and the Class I-A-R
Certificates, the Class A Pass-Through Rate will be a per annum rate equal to
the Net WAC of the Group I Mortgage Loans. As to any Distribution Date and the
Class I-A-1, Class I-A-2, Class I-A-IO, Class II-A-1, Class II-A-2, Class
II-A-IO, Class III-A-1, Class III-A-2, Class III-A-IO, Class IV-A-1, Class
IV-A-2, Class IV-A-IO, Class V-A-1 and Class V-A-IO Certificates, the Class A
Pass-Through Rate will be the Class I-A-1 Pass-Through Rate, Class I-A-2
Pass-Through Rate, Class I-A-IO Pass-Through Rate, Class II-A-1 Pass-Through
Rate, Class II-A-2 Pass-Through Rate, Class II-A-IO Pass-Through Rate, Class
III-A-1 Pass-Through Rate, Class III-A-2 Pass-Through Rate, Class III-A-IO
Pass-Through Rate, Class IV-A-1 Pass-Through Rate, Class IV-A-2 Pass-Through
Rate, Class IV-A-IO Pass-Through Rate, Class V-A-1 Pass-Through Rate or Class
V-A-IO Pass-Through Rate, respectively.

      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
Group I-A Interest Shortfall Amounts, Group II-A Interest Shortfall Amounts,
Group III-A Interest Shortfall Amounts, Group IV-A Interest Shortfall Amounts
and Group V-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 clause (A), (B), (C), (D) or
(E), as applicable, of Section 4.01(a)(i).

      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, Class B-6 Certificates Class B-7 Certificates or Class B-8
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, Class B-6 Distribution
Amount, Class B-7 Distribution Amount or Class B-8 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, Class B-6 Interest Shortfall Amount, Class B-7 Interest Shortfall Amount
or Class B-8 Interest Shortfall Amount.

      Class B Loan Group I Optimal Principal Amount: Any of the Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7 or Class B-8 Loan
Group I Optimal Principal Amounts.

      Class B Loan Group II Optimal Principal Amount: Any of the Class B-1,
Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7 or Class B-8
Loan Group II Optimal Principal Amounts.

      Class B Loan Group III Optimal Principal Amount: Any of the Class B-1,
Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7 or Class B-8
Loan Group III Optimal Principal Amounts.

      Class B Loan Group IV Optimal Principal Amount: Any of the Class B-1,
Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7 or Class B-8
Loan Group IV Optimal Principal Amounts.

      Class B Loan Group V Optimal Principal Amount: Any of the Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7 or Class B-8 Loan
Group V Optimal Principal Amounts.

      Class B Loan Group Optimal Principal Amount: Any of the Class B Loan Group
I Optimal Principal Amount, Class B Loan Group II Optimal Principal Amount,
Class B Loan Group III Optimal Principal Amount, Class B Loan Group IV Optimal
Principal Amount or Class B Loan Group V Optimal Principal 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 B Certificates 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, Class
B-6 Optimal Principal Amount Class B-7 Optimal Principal Amount or Class B-8
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 weighted average (based
on the Group Subordinate Amount for each Loan Group) of the Net WACs of the Loan
Groups.

      Class B Percentage: Any of the Group I Class B-1 Percentage, Group I Class
B-2 Percentage, Group I Class B-3 Percentage, Group I Class B-4 Percentage,
Group I Class B-5 Percentage, Group I Class B-6 Percentage, Group I Class B-7
Percentage, Group I Class B-8 Percentage, Group II Class B-1 Percentage, Group
II Class B-2 Percentage, Group II Class B-3 Percentage, Group II Class B-4
Percentage, Group II Class B-5 Percentage, Group II Class B-6 Percentage, Group
II Class B-7 Percentage, Group II Class B-8 Percentage, Group III Class B-1
Percentage, Group III Class B-2 Percentage, Group III Class B-3 Percentage,
Group III Class B-4 Percentage, Group III Class B-5 Percentage, Group III Class
B-6 Percentage, Group III Class B-7 Percentage, Group III Class B-8 Percentage,
Group IV Class B-1 Percentage, Group IV Class B-2 Percentage, Group IV Class B-3
Percentage, Group IV Class B-4 Percentage, Group IV Class B-5 Percentage, Group
IV Class B-6 Percentage, Group IV Class B-7 Percentage, Group IV Class B-8
Percentage, Group V Class B-1 Percentage, Group V Class B-2 Percentage, Group V
Class B-3 Percentage, Group V Class B-4 Percentage, Group V Class B-5
Percentage, Group V Class B-6 Percentage, Group V Class B-7 Percentage or Group
V Class B-8 Percentage.

      Class B Prepayment Percentage: Any of the Group I Class B-1 Prepayment
Percentage, Group I Class B-2 Prepayment Percentage, Group I Class B-3
Prepayment Percentage, Group I Class B-4 Prepayment Percentage, Group I Class
B-5 Prepayment Percentage, Group I Class B-6 Prepayment Percentage, Group I
Class B-7 Prepayment Percentage, Group I Class B-8 Prepayment Percentage, Group
II Class B-1 Prepayment Percentage, Group II Class B-2 Prepayment Percentage,
Group II Class B-3 Prepayment Percentage, Group II Class B-4 Prepayment
Percentage, Group II Class B-5 Prepayment Percentage, Group II Class B-6
Prepayment Percentage, Group II Class B-7 Prepayment Percentage, Group II Class
B-8 Prepayment Percentage, Group III Class B-1 Prepayment Percentage, Group III
Class B-2 Prepayment Percentage, Group III Class B-3 Prepayment Percentage,
Group III Class B-4 Prepayment Percentage, Group III Class B-5 Prepayment
Percentage, Group III Class B-6 Prepayment Percentage, Group III Class B-7
Prepayment Percentage, Group III Class B-8 Prepayment Percentage, Group IV Class
B-1 Prepayment Percentage, Group IV Class B-2 Prepayment Percentage, Group IV
Class B-3 Prepayment Percentage, Group IV Class B-4 Prepayment Percentage, Group
IV Class B-5 Prepayment Percentage, Group IV Class B-6 Prepayment Percentage,
Group IV Class B-7 Prepayment Percentage, Group IV Class B-8 Prepayment
Percentage, Group V Class B-1 Prepayment Percentage, Group V Class B-2
Prepayment Percentage, Group V Class B-3 Prepayment Percentage, Group V Class
B-4 Prepayment Percentage, Group V Class B-5 Prepayment Percentage, Group V
Class B-6 Prepayment Percentage, Group V Class B-7 Prepayment Percentage or
Group V Class B-8 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,
Class B-6 Principal Balance, Class B-7 Principal Balance and Class B-8 Principal
Balance.

      Class B Principal Distribution Amount: Any of the Class B-1 Principal
Distribution Amount, Class B-2 Principal Distribution Amount, Class B-3
Principal Distribution Amount, Class B-4 Principal Distribution Amount, Class
B-5 Principal Distribution Amount, Class B-6 Principal Distribution Amount,
Class B-7 Principal Distribution Amount or Class B-8 Principal Distribution
Amount.

      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, Class B-6 Unpaid Interest Shortfall, Class B-7 Unpaid Interest
Shortfall or Class B-8 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 first, second and third of Section 4.01(a)(ii).

      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 first
of Section 4.01(a)(ii).

      Class B-1 Loan Group I Optimal Principal Amount: As to any Distribution
Date, the Class B-1 Optimal Principal Amount calculated only with respect to
Group I Mortgage Loans and without regard to the proviso thereto.

      Class B-1 Loan Group II Optimal Principal Amount: As to any Distribution
Date, the Class B-1 Optimal Principal Amount calculated only with respect to
Group II Mortgage Loans and without regard to the proviso thereto.

      Class B-1 Loan Group III Optimal Principal Amount: As to any Distribution
Date, the Class B-1 Optimal Principal Amount calculated only with respect to
Group III Mortgage Loans and without regard to the proviso thereto.

      Class B-1 Loan Group IV Optimal Principal Amount: As to any Distribution
Date, the Class B-1 Optimal Principal Amount calculated only with respect to
Group IV Mortgage Loans and without regard to the proviso thereto.

      Class B-1 Loan Group V Optimal Principal Amount: As to any Distribution
Date, the Class B-1 Optimal Principal Amount calculated only with respect to
Group V Mortgage Loans and without regard to the proviso thereto.

      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 Group I Class B-1 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-1 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-1 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-1 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-1 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-1 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-1 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-1 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-1 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-1 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-1 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-1 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-1 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-1 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-1 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-1 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-1 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-1 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-1 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-1 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-1 Prepayment Percentage, Group II Class B-1 Prepayment
Percentage, Group III Class B-1 Prepayment Percentage, Group IV Class B-1
Prepayment Percentage or Group V Class B-1 Prepayment Percentage, as applicable,
of the Recovery for each Loan Group 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 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 third of Section 4.01(a)(ii) 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 Aggregate Adjusted Pool Amount as of
the preceding Distribution Date less the Aggregate Class A Principal Balance as
of such Determination Date.

      Class B-1 Principal Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-1 Certificates pursuant to
Paragraph third of Section 4.01(a)(ii).

      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 second of Section 4.01(a)(ii).

      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 fourth, fifth and sixth of Section 4.01(a)(ii).

      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
fourth of Section 4.01(a)(ii).

      Class B-2 Loan Group I Optimal Principal Amount: As to any Distribution
Date, the Class B-2 Optimal Principal Amount calculated only with respect to
Group I Mortgage Loans and without regard to the proviso thereto.

      Class B-2 Loan Group II Optimal Principal Amount: As to any Distribution
Date, the Class B-2 Optimal Principal Amount calculated only with respect to
Group II Mortgage Loans and without regard to the proviso thereto.

      Class B-2 Loan Group III Optimal Principal Amount: As to any Distribution
Date, the Class B-2 Optimal Principal Amount calculated only with respect to
Group III Mortgage Loans and without regard to the proviso thereto.

      Class B-2 Loan Group IV Optimal Principal Amount: As to any Distribution
Date, the Class B-2 Optimal Principal Amount calculated only with respect to
Group IV Mortgage Loans and without regard to the proviso thereto.

      Class B-2 Loan Group V Optimal Principal Amount: As to any Distribution
Date, the Class B-2 Optimal Principal Amount calculated only with respect to
Group V Mortgage Loans and without regard to the proviso thereto.

      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 Group I Class B-2 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-2 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-2 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-2 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-2 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-2 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-2 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-2 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-2 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-2 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-2 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-2 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-2 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-2 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-2 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-2 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-2 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-2 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-2 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-2 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-2 Prepayment Percentage, Group II Class B-2 Prepayment
Percentage, Group III Class B-2 Prepayment Percentage, Group IV Class B-2
Prepayment Percentage or Group V Class B-2 Prepayment Percentage, as applicable,
of the Recovery for each Loan Group 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 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 sixth of Section 4.01(a)(ii) 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 Aggregate Adjusted Pool Amount as of
the preceding Distribution Date less the sum of the Aggregate Class A Principal
Balance and the Class B-1 Principal Balance as of such Determination Date.

      Class B-2 Principal Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-2 Certificates pursuant to
Paragraph sixth of Section 4.01(a)(ii).

      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 fifth of Section 4.01(a)(ii).

      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 seventh, eighth and ninth of Section 4.01(a)(ii).

      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
seventh of Section 4.01(a)(ii).

      Class B-3 Loan Group I Optimal Principal Amount: As to any Distribution
Date, the Class B-3 Optimal Principal Amount calculated only with respect to
Group I Mortgage Loans and without regard to the proviso thereto.

      Class B-3 Loan Group II Optimal Principal Amount: As to any Distribution
Date, the Class B-3 Optimal Principal Amount calculated only with respect to
Group II Mortgage Loans and without regard to the proviso thereto.

      Class B-3 Loan Group III Optimal Principal Amount: As to any Distribution
Date, the Class B-3 Optimal Principal Amount calculated only with respect to
Group III Mortgage Loans and without regard to the proviso thereto.

      Class B-3 Loan Group IV Optimal Principal Amount: As to any Distribution
Date, the Class B-3 Optimal Principal Amount calculated only with respect to
Group IV Mortgage Loans and without regard to the proviso thereto.

      Class B-3 Loan Group V Optimal Principal Amount: As to any Distribution
Date, the Class B-3 Optimal Principal Amount calculated only with respect to
Group V Mortgage Loans and without regard to the proviso thereto.

      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 Group I Class B-3 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-3 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-3 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-3 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-3 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-3 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-3 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-3 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-3 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-3 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-3 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-3 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-3 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-3 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-3 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-3 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-3 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-3 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-3 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-3 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-3 Prepayment Percentage, Group II Class B-3 Prepayment
Percentage, Group III Class B-3 Prepayment Percentage, Group IV Class B-3
Prepayment Percentage or Group V Class B-3 Prepayment Percentage, as applicable,
of the Recovery for each Loan Group 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 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 ninth of Section 4.01(a)(ii) 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 Aggregate Adjusted Pool Amount as of
the preceding Distribution Date less the sum of the Aggregate 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 Principal Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-3 Certificates pursuant to
Paragraph ninth of Section 4.01(a)(ii).

      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 eighth of Section 4.01(a)(ii).

      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 tenth, eleventh and twelfth of Section 4.01(a)(ii).

      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 tenth
of Section 4.01(a)(ii).

      Class B-4 Loan Group I Optimal Principal Amount: As to any Distribution
Date, the Class B-4 Optimal Principal Amount calculated only with respect to
Group I Mortgage Loans and without regard to the proviso thereto.

      Class B-4 Loan Group II Optimal Principal Amount: As to any Distribution
Date, the Class B-4 Optimal Principal Amount calculated only with respect to
Group II Mortgage Loans and without regard to the proviso thereto.

      Class B-4 Loan Group III Optimal Principal Amount: As to any Distribution
Date, the Class B-4 Optimal Principal Amount calculated only with respect to
Group III Mortgage Loans and without regard to the proviso thereto.

      Class B-4 Loan Group IV Optimal Principal Amount: As to any Distribution
Date, the Class B-4 Optimal Principal Amount calculated only with respect to
Group IV Mortgage Loans and without regard to the proviso thereto.

      Class B-4 Loan Group V Optimal Principal Amount: As to any Distribution
Date, the Class B-4 Optimal Principal Amount calculated only with respect to
Group V Mortgage Loans and without regard to the proviso thereto.

      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 Group I Class B-4 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-4 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-4 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-4 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-4 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-4 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-4 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-4 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-4 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-4 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-4 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-4 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-4 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-4 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-4 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-4 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-4 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-4 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-4 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-4 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-4 Prepayment Percentage, Group II Class B-4 Prepayment
Percentage, Group III Class B-4 Prepayment Percentage, Group IV Class B-4
Prepayment Percentage or Group V Class B-4 Prepayment Percentage, as applicable,
of the Recovery for each Loan Group 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 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 twelfth of Section 4.01(a)(ii) 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 Aggregate Adjusted Pool Amount as of
the preceding Distribution Date less the sum of the Aggregate 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 Principal Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-4 Certificates pursuant to
Paragraph twelfth of Section 4.01(a)(ii).

      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 eleventh of Section 4.01(a)(ii).

      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 thirteenth, fourteenth and fifteenth of Section 4.01(a)(ii).

      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
thirteenth of Section 4.01(a)(ii).

      Class B-5 Loan Group I Optimal Principal Amount: As to any Distribution
Date, the Class B-5 Optimal Principal Amount calculated only with respect to
Group I Mortgage Loans and without regard to the proviso thereto.

      Class B-5 Loan Group II Optimal Principal Amount: As to any Distribution
Date, the Class B-5 Optimal Principal Amount calculated only with respect to
Group II Mortgage Loans and without regard to the proviso thereto.

      Class B-5 Loan Group III Optimal Principal Amount: As to any Distribution
Date, the Class B-5 Optimal Principal Amount calculated only with respect to
Group III Mortgage Loans and without regard to the proviso thereto.

      Class B-5 Loan Group IV Optimal Principal Amount: As to any Distribution
Date, the Class B-5 Optimal Principal Amount calculated only with respect to
Group IV Mortgage Loans and without regard to the proviso thereto.

      Class B-5 Loan Group V Optimal Principal Amount: As to any Distribution
Date, the Class B-5 Optimal Principal Amount calculated only with respect to
Group V Mortgage Loans and without regard to the proviso thereto.

      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 Group I Class B-5 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-5 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-5 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-5 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-5 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-5 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-5 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-5 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-5 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-5 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-5 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-5 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-5 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-5 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-5 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-5 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-5 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-5 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-5 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-5 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-5 Prepayment Percentage, Group II Class B-5 Prepayment
Percentage, Group III Class B-5 Prepayment Percentage, Group IV Class B-5
Prepayment Percentage or Group V Class B-5 Prepayment Percentage, as applicable,
of the Recovery for each Loan Group 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 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 fifteenth of Section 4.01(a)(ii) 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 Aggregate Adjusted Pool Amount as
of the preceding Distribution Date less the sum of the Aggregate 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 Principal Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-5 Certificates pursuant to
Paragraph fifteenth of Section 4.01(a)(ii).

      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 fourteenth of Section 4.01(a)(ii).

      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 sixteenth, seventeenth and eighteenth of Section 4.01(a)(ii).

      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
sixteenth of Section 4.01(a)(ii).

      Class B-6 Loan Group I Optimal Principal Amount: As to any Distribution
Date, the Class B-6 Optimal Principal Amount calculated only with respect to
Group I Mortgage Loans and without regard to the proviso thereto.

      Class B-6 Loan Group II Optimal Principal Amount: As to any Distribution
Date, the Class B-6 Optimal Principal Amount calculated only with respect to
Group II Mortgage Loans and without regard to the proviso thereto.

      Class B-6 Loan Group III Optimal Principal Amount: As to any Distribution
Date, the Class B-6 Optimal Principal Amount calculated only with respect to
Group III Mortgage Loans and without regard to the proviso thereto.

      Class B-6 Loan Group IV Optimal Principal Amount: As to any Distribution
Date, the Class B-6 Optimal Principal Amount calculated only with respect to
Group IV Mortgage Loans and without regard to the proviso thereto.

      Class B-6 Loan Group V Optimal Principal Amount: As to any Distribution
Date, the Class B-6 Optimal Principal Amount calculated only with respect to
Group V Mortgage Loans and without regard to the proviso thereto.

      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 Group I Class B-6 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-6 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-6 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-6 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-6 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-6 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-6 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-6 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-6 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-6 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-6 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-6 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-6 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-6 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-6 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-6 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-6 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-6 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-6 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-6 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-6 Prepayment Percentage, Group II Class B-6 Prepayment
Percentage, Group III Class B-6 Prepayment Percentage, Group IV Class B-6
Prepayment Percentage or Group V Class B-6 Prepayment Percentage, as applicable,
of the Recovery for each Loan Group 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 Principal Balance: As to the first Determination Date, the
Original Class B-6 Principal Balance. As of any subsequent Determination Date,
the Original Class B-6 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-6 Certificates on prior Distribution Dates
(A) pursuant to Paragraph eighteenth of Section 4.01(a)(ii) and (B) as a result
of a Principal Adjustment; provided, however, if the Class B-6 Certificates are
the most subordinate Certificates outstanding, the Class B-6 Principal Balance
will equal the difference, if any, between the Aggregate Adjusted Pool Amount as
of the preceding Distribution Date less the sum of the Aggregate 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 Principal Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-6 Certificates pursuant to
Paragraph eighteenth of Section 4.01(a)(ii).

      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 seventeenth of Section 4.01(a)(ii).

      Class B-7 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-7 and Exhibit C hereto.

      Class B-7 Certificateholder: The registered holder of a Class B-7
Certificate.

      Class B-7 Distribution Amount: As to any Distribution Date, any amount
distributable to the Holders of the Class B-7 Certificates pursuant to
Paragraphs nineteenth, twentieth and twenty-first of Section 4.01(a)(ii).

      Class B-7 Interest Shortfall Amount: As to any Distribution Date, any
amount by which the Interest Accrual Amount of the Class B-7 Certificates with
respect to such Distribution Date exceeds the amount distributed in respect of
the Class B-7 Certificates on such Distribution Date pursuant to Paragraph
nineteenth of Section 4.01(a)(ii).

      Class B-7 Loan Group I Optimal Principal Amount: As to any Distribution
Date, the Class B-7 Optimal Principal Amount calculated only with respect to
Group I Mortgage Loans and without regard to the proviso thereto.

      Class B-7 Loan Group II Optimal Principal Amount: As to any Distribution
Date, the Class B-7 Optimal Principal Amount calculated only with respect to
Group II Mortgage Loans and without regard to the proviso thereto.

      Class B-7 Loan Group III Optimal Principal Amount: As to any Distribution
Date, the Class B-7 Optimal Principal Amount calculated only with respect to
Group III Mortgage Loans and without regard to the proviso thereto.

      Class B-7 Loan Group IV Optimal Principal Amount: As to any Distribution
Date, the Class B-7 Optimal Principal Amount calculated only with respect to
Group IV Mortgage Loans and without regard to the proviso thereto.

      Class B-7 Loan Group V Optimal Principal Amount: As to any Distribution
Date, the Class B-7 Optimal Principal Amount calculated only with respect to
Group V Mortgage Loans and without regard to the proviso thereto.

      Class B-7 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 Group I Class B-7 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-7 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-7 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-7 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-7 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-7 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-7 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-7 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-7 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-7 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-7 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-7 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-7 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-7 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-7 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-7 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-7 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-7 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-7 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-7 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-7 Prepayment Percentage, Group II Class B-7 Prepayment
Percentage, Group III Class B-7 Prepayment Percentage, Group IV Class B-7
Prepayment Percentage or Group V Class B-7 Prepayment Percentage, as applicable,
of the Recovery for each Loan Group 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-7 Optimal Principal Amount
will equal the lesser of (A) the Class B-7 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-7 Certificates.

      Class B-7 Principal Balance: As to the first Determination Date, the
Original Class B-7 Principal Balance. As of any subsequent Determination Date,
the Original Class B-7 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-7 Certificates on prior Distribution Dates
(A) pursuant to Paragraph twenty-first of Section 4.01(a)(ii) and (B) as a
result of a Principal Adjustment; provided, however, if the Class B-7
Certificates are the most subordinate Certificates outstanding, the Class B-7
Principal Balance will equal the difference, if any, between the Aggregate
Adjusted Pool Amount as of the preceding Distribution Date less the sum of the
Aggregate 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, the Class B-5 Principal Balance and the Class B-6 Principal Balance as
of such Determination Date.

      Class B-7 Principal Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-7 Certificates pursuant to
Paragraph twenty-first of Section 4.01(a)(ii).

      Class B-7 Unpaid Interest Shortfall: As to any Distribution Date, the
amount, if any, by which the aggregate of the Class B-7 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-7 Certificates on prior Distribution Dates pursuant to
Paragraph twentieth of Section 4.01(a)(ii).

      Class B-8 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-8 and Exhibit C hereto.

      Class B-8 Certificateholder: The registered holder of a Class B-8
Certificate.

      Class B-8 Distribution Amount: As to any Distribution Date, any amount
distributable to the Holders of the Class B-8 Certificates pursuant to
Paragraphs twenty-second, twenty-third and twenty-fourth of Section 4.01(a)(ii).

      Class B-8 Interest Shortfall Amount: As to any Distribution Date, any
amount by which the Interest Accrual Amount of the Class B-8 Certificates with
respect to such Distribution Date exceeds the amount distributed in respect of
the Class B-8 Certificates on such Distribution Date pursuant to Paragraph
twenty-second of Section 4.01(a)(ii).

      Class B-8 Loan Group I Optimal Principal Amount: As to any Distribution
Date, the Class B-8 Optimal Principal Amount calculated only with respect to
Group I Mortgage Loans and without regard to the proviso thereto.

      Class B-8 Loan Group II Optimal Principal Amount: As to any Distribution
Date, the Class B-8 Optimal Principal Amount calculated only with respect to
Group II Mortgage Loans and without regard to the proviso thereto.

      Class B-8 Loan Group III Optimal Principal Amount: As to any Distribution
Date, the Class B-8 Optimal Principal Amount calculated only with respect to
Group III Mortgage Loans and without regard to the proviso thereto.

      Class B-8 Loan Group IV Optimal Principal Amount: As to any Distribution
Date, the Class B-8 Optimal Principal Amount calculated only with respect to
Group IV Mortgage Loans and without regard to the proviso thereto.

      Class B-8 Loan Group V Optimal Principal Amount: As to any Distribution
Date, the Class B-8 Optimal Principal Amount calculated only with respect to
Group V Mortgage Loans and without regard to the proviso thereto.

      Class B-8 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 Group I Class B-8 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-8 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-8 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-8 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-8 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-8 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-8 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-8 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-8 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-8 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-8 Prepayment Percentage (with respect to each
   such Group I Mortgage Loan), Group II Class B-8 Prepayment Percentage (with
   respect to each such Group II Mortgage Loan), Group III Class B-8 Prepayment
   Percentage (with respect to each such Group III Mortgage Loan), Group IV
   Class B-8 Prepayment Percentage (with respect to each such Group IV Mortgage
   Loan) or Group V Class B-8 Prepayment Percentage (with respect to each such
   Group V Mortgage Loan) 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 Group I Class B-8 Percentage (with respect to each such Group I
   Mortgage Loan), Group II Class B-8 Percentage (with respect to each such
   Group II Mortgage Loan), Group III Class B-8 Percentage (with respect to each
   such Group III Mortgage Loan), Group IV Class B-8 Percentage (with respect to
   each such Group IV Mortgage Loan) or Group V Class B-8 Percentage (with
   respect to each such Group V Mortgage Loan) 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 Group I Class B-8 Prepayment Percentage, Group II Class B-8 Prepayment
Percentage, Group III Class B-8 Prepayment Percentage, Group IV Class B-8
Prepayment Percentage or Group V Class B-8 Prepayment Percentage, as applicable,
of the Recovery for each Loan Group 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-8 Optimal Principal Amount
will equal the lesser of (A) the Class B-8 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-8 Certificates.

      Class B-8 Principal Balance: As to the first Determination Date, the
Original Class B-8 Principal Balance. As of any subsequent Determination Date,
the Class B-8 Principal Balance will equal the difference, if any, between the
Aggregate Adjusted Pool Amount as of the preceding Distribution Date less the
sum of the Aggregate 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, the Class B-5 Principal Balance, the Class B-6 Principal
Balance and the Class B-7 Principal Balance as of such Determination Date.

      Class B-8 Principal Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-8 Certificates pursuant to
Paragraph twenty-fourth of Section 4.01(a)(ii).

      Class B-8 Unpaid Interest Shortfall: As to any Distribution Date, the
amount, if any, by which the aggregate of the Class B-8 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-8 Certificates on prior Distribution Dates pursuant to
Paragraph twenty-third of Section 4.01(a)(ii).

      Class B-M1 Interest: A regular interest in the Middle-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)(iii) hereof.

      Class B-M2 Interest: A regular interest in the Middle-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)(iii) hereof.

      Class B-M3 Interest: A regular interest in the Middle-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)(iii) hereof.

      Class B-M4 Interest: A regular interest in the Middle-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)(iii) hereof.

      Class B-M5 Interest: A regular interest in the Middle-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)(iii) hereof.

      Class B-M6 Interest: A regular interest in the Middle-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)(iii) hereof.

      Class B-M7 Interest: A regular interest in the Middle-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)(iii) hereof.

      Class B-M8 Interest: A regular interest in the Middle-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)(iii) 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 11.16.

      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, WFALT 2007-PA4 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--WFALT 2007-PA4, and for all other purposes at
9062 Old Annapolis Road, Columbia, Maryland 21045 Attn: Corporate Trust
Services--WFALT 2007-PA4.

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

Uncertificated Middle-Tier Interest      Corresponding Upper-Tier Class or
                                         Classes
Class I-A-M1 Interest                    Class I-A-1, Class I-A-2 and Class
                                         I-A-IO Certificates
Class I-A-MUR Interest                   Class I-A-R Interest
Class II-A-M1 Interest                   Class II-A-1, Class II-A-2 and Class
                                         II-A-IO Certificates
Class III-A-M1 Interest                  Class III-A-1, Class III-A-2 and Class
                                         III-A-IO Certificates
Class IV-A-M1 Interest                   Class IV-A-1, Class IV-A-2 and Class
                                         IV-A-IO Certificates
Class V-A-M1 Interest                    Class V-A-1 and Class V-A-IO
                                         Certificates
Class B-M1 Interest                      Class B-1 Certificates
Class B-M2 Interest                      Class B-2 Certificates
Class B-M3 Interest                      Class B-3 Certificates
Class B-M4 Interest                      Class B-4 Certificates
Class B-M5 Interest                      Class B-5 Certificates
Class B-M6 Interest                      Class B-6 Certificates
Class B-M7 Interest                      Class B-7 Certificates
Class B-M8 Interest                      Class B-8 Certificates

      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 first, fourth, seventh, tenth, thirteenth, sixteenth,
nineteenth and twenty-second of Section 4.01(a)(ii) 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, Class B-6, Class B-7 and Class B-8 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, Class
B-6, Class B-7 and Class B-8 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, Class B-6, Class
B-7 and Class B-8 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, Class B-6, Class B-7 and
Class B-8 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 Balances of the Class B-6, Class B-7 and Class B-8 Certificates by
the Aggregate Principal Balance. As to the first Distribution Date, the Original
Class B-5 Fractional Interest.

      Current Class B-6 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the Principal Balances of the Class B-7 and Class B-8 Certificates by the
Aggregate Principal Balance. As to the first Distribution Date, the Original
Class B-6 Fractional Interest.

      Current Class B-7 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-8 Certificates by the Aggregate Principal
Balance. As to the first Distribution Date, the Original Class B-7 Fractional
Interest.

      Current Group I-A Interest Distribution Amount: As to any Distribution
Date, the amount allocated in respect of the Classes of Group I-A Certificates
pursuant to Paragraph first clause (A) of Section 4.01(a)(i) on such
Distribution Date.

      Current Group II-A Interest Distribution Amount: As to any Distribution
Date, the amount allocated in respect of the Classes of Group II-A Certificates
pursuant to Paragraph first clause (B) of Section 4.01(a)(i) on such
Distribution Date.

      Current Group III-A Interest Distribution Amount: As to any Distribution
Date, the amount allocated in respect of the Classes of Group III-A Certificates
pursuant to Paragraph first clause (C) of Section 4.01(a)(i) on such
Distribution Date.

      Current Group IV-A Interest Distribution Amount: As to any Distribution
Date, the amount allocated in respect of the Classes of Group IV-A Certificates
pursuant to Paragraph first clause (D) of Section 4.01(a)(i) on such
Distribution Date.

      Current Group V-A Interest Distribution Amount: As to any Distribution
Date, the amount allocated in respect of the Classes of Group V-A Certificates
pursuant to Paragraph first clause (E) of Section 4.01(a)(i) on such
Distribution Date.

      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
Group I, Group II, Group III, Group IV or Group V 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 July 25, 2007,
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 an Interest Only Certificate) of a Class representing
the principal portion of the Original Principal Balance of such Class evidenced
by such Certificates. As to an Interest Only Certificate of a Class, the amount
specified on the face of each Certificate of such Class representing the portion
of the Original Notional Amount of such Class evidenced by such Certificates.

      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) 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 (iii) such other account that
is acceptable to each of the Rating Agencies and would not cause the Trust
Estate to fail to qualify as three separate REMICs or result in the imposition
of any federal tax on any of the Upper-Tier REMIC, the Middle-Tier REMIC or the
Lower-Tier REMIC. If an account ceases to be an Eligible Account under clause
(i) and does not otherwise qualify under clause (ii) or (iii) the account will
be moved within 30 days to a depository meeting the ratings criteria.

      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 any Rating Agency or result in
   any of such rated Certificates being placed on credit review status (other
   than for possible upgrading) by any 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 any
   Rating Agency or result in any of such rated Certificates being placed on
   credit review status (other than for possible upgrading) by any 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 any Rating Agency or result in any of such rated
   Certificates being placed on credit review status (other than for possible
   upgrading) by any 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 any Rating Agency or result in any of such
   rated Certificates being placed on credit review status (other than for
   possible upgrading) by any 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 any Rating Agency or result in any of such rated Certificates being placed
   on credit review status (other than for possible upgrading) by any 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 rating such fund.

      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 Certificates (other than the Class I-A-IO, Class II-A-IO, Class
III-A-IO, Class IV-A-IO and Class V-A-IO Certificates) is July 25, 2037, 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 I-A-IO Certificates is August 25, 2009. The Final
Scheduled Maturity Date for the Class II-A-IO Certificates is May 25, 2012. The
Final Scheduled Maturity Date for the Class III-A-IO Certificates is May 25,
2012. The Final Scheduled Maturity Date for the Class IV-A-IO Certificates is
May 25, 2014. The Final Scheduled Maturity Date for the Class V-A-IO
Certificates is May 25, 2017.

      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 applicable 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.

      Group: The Group I-A Certificates, the Group II-A Certificates, the Group
III-A Certificates, the Group IV-A Certificates or the Group V-A Certificates.

      Group Subordinate Amount: Any of the Group I Subordinate Amount, Group
II Subordinate Amount, Group III Subordinate Amount, Group IV Subordinate
Amount or Group V Subordinate Amount.

      Group I Adjusted Pool Amount: With respect to any Distribution Date, the
aggregate of the Cut-Off Date Principal Balances of the Group I Mortgage Loans
minus the sum of (i) all amounts in respect of principal received in respect of
the Group I 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 Group I 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 Group I 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.

      Group I Apportioned Principal Balance: As to any Distribution Date and any
Class of Class B Certificates, an amount equal to the product of (i) the
Principal Balance of the Class of Class B Certificates and (ii) a fraction, the
numerator of which is the Group I Subordinate Amount and the denominator of
which is the sum of the Group I Subordinate Amount, the Group II Subordinate
Amount, the Group III Subordinate Amount, the Group IV Subordinate Amount and
the Group V Subordinate Amount.

      Group I Class B Percentage: Any of the Group I Class B-1 Percentage, Group
I Class B-2 Percentage, Group I Class B-3 Percentage, Group I Class B-4
Percentage, Group I Class B-5 Percentage, Group I Class B-6 Percentage, Group I
Class B-7 Percentage or Group I Class B-8 Percentage.

      Group I Class B Prepayment Percentage: Any of the Group I Class B-1
Prepayment Percentage, Group I Class B-2 Prepayment Percentage, Group I Class
B-3 Prepayment Percentage, Group I Class B-4 Prepayment Percentage, Group I
Class B-5 Prepayment Percentage, Group I Class B-6 Prepayment Percentage, Group
I Class B-7 Prepayment Percentage or Group I Class B-8 Prepayment Percentage.

      Group I Class B-1 Percentage: As to any Distribution Date, the percentage
calculated by multiplying the Group I 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.

      Group I Class B-1 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group I Subordinated Prepayment Percentage by (ii) 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 (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
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-1 Certificates are the only
Class B Certificates eligible to receive such unscheduled principal
distributions in accordance with Section 4.01(d)(i), the Group I Class B-1
Prepayment Percentage for such unscheduled principal distributions for such
Distribution Date will be one.

      Group I Class B-2 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group I 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.

      Group I 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 Group I 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
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 Group I Class B-2 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group I Class B-3 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group I 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.

      Group I 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 Group I 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
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 distributions in accordance with
Section 4.01(d)(i), the Group I Class B-3 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group I Class B-4 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group I 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.

      Group I 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 Group I 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
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 distributions in accordance with
Section 4.01(d)(i), the Group I Class B-4 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group I Class B-5 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group I 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.

      Group I 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 Group I 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
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 such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group I Class B-5 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group I Class B-6 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group I 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.

      Group I 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 Group I 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
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 distributions in accordance with
Section 4.01(d)(i), the Group I Class B-6 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group I Class B-7 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group I Subordinated Percentage by (ii) a
fraction, the numerator of which is the Class B-7 Principal Balance (determined
as of the Determination Date preceding such Distribution Date) and the
denominator of which is the Class B Principal Balance.

      Group I Class B-7 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group I Subordinated Prepayment Percentage by (ii) a
fraction, the numerator of which is the Class B-7 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
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-7 Certificates are not
eligible to receive such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group I Class B-7 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group I Class B-8 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group I Subordinated Percentage by (ii) a
fraction, the numerator of which is the Class B-8 Principal Balance (determined
as of the Determination Date preceding such Distribution Date) and the
denominator of which is the Class B Principal Balance.

      Group I Class B-8 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group I Subordinated Prepayment Percentage by (ii) a
fraction, the numerator of which is the Class B-8 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
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-8 Certificates are not
eligible to receive such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group I Class B-8 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group I Mortgage Loans: Those Mortgage Loans identified in the Mortgage
Loan Schedule as Group I Mortgage Loans.

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

      Group I Pool Distribution Amount: As of any Distribution Date, the funds
eligible for distribution to the Group I-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 Group I Mortgage Loans (including, without limitation, the
proceeds of any repurchase of a Group I 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 with respect to Group I Mortgage Loans by a Servicer pursuant to the
related Servicing Agreement or Periodic Advances with respect to Group I
Mortgage Loans made by the Master Servicer or the Trustee pursuant to Section
3.03, (iii) any remaining Reimbursement Amount with respect to a Group I
Mortgage Loan as provided in Section 4.01(a)(ii) and (iv) all other amounts
(including any Insurance Proceeds and Compensating Interest) with respect to a
Group I Mortgage Loan 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 with
   respect to a Group I Mortgage Loan 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 with respect to a Group I Mortgage Loan by the Master
   Servicer or the Trustee;

      (c) that portion of each payment of interest on a particular Group I
   Mortgage Loan which represents (i) the applicable Servicing Fee and (ii) the
   Master Servicing Fee;

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

      (e) all Unscheduled Principal Receipts received by the Servicers with
   respect to Group I Mortgage Loans 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 Group I 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 Group I
   Mortgage Loans for which Group I 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 with respect to
   any Group I Mortgage Loan which represents (i) the applicable Servicing Fee
   and (ii) the Master Servicing Fee;

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

      (i) Liquidation Profits in respect of Group I Mortgage Loans;

      (j) Month End Interest in respect of Group I Mortgage Loans;

      (k) all amounts reimbursable to a Servicer for PMI Advances in respect of
   Group I Mortgage Loans; and

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

      Group I Subordinate Amount: As to any Distribution Date, the excess of (i)
the Group I Pool Balance over (ii) the Group I-A Principal Balance.

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

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

      Group II Adjusted Pool Amount: With respect to any Distribution Date, the
aggregate of the Cut-Off Date Principal Balances of the Group II Mortgage Loans
minus the sum of (i) all amounts in respect of principal received in respect of
the Group II 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 Group II Mortgage Loans
for which the Liquidation Proceeds were received from the Cut-Off Date through
the end of 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 Group II 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.

      Group II Apportioned Principal Balance: As to any Distribution Date and
any Class of Class B Certificates, an amount equal to the product of (i) the
Principal Balance of the Class of Class B Certificates and (ii) a fraction, the
numerator of which is the Group II Subordinate Amount and the denominator of
which is the sum of the Group I Subordinate Amount, Group II Subordinate Amount,
Group III Subordinate Amount, Group IV Subordinate Amount and Group V
Subordinate Amount.

      Group II Class B Percentage: Any of the Group II Class B-1 Percentage,
Group II Class B-2 Percentage, Group II Class B-3 Percentage, Group II Class B-4
Percentage, Group II Class B-5 Percentage, Group II Class B-6 Percentage, Group
II Class B-7 Percentage or Group II Class B-8 Percentage.

      Group II Class B Prepayment Percentage: Any of the Group II Class B-1
Prepayment Percentage, Group II Class B-2 Prepayment Percentage, Group II Class
B-3 Prepayment Percentage, Group II Class B-4 Prepayment Percentage, Group II
Class B-5 Prepayment Percentage, Group II Class B-6 Prepayment Percentage, Group
II Class B-7 Prepayment Percentage or Group II Class B-8 Prepayment Percentage.

      Group II Class B-1 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group II Subordinated Percentage by (ii) 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.

      Group II Class B-1 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group II Subordinated Prepayment Percentage by (ii) 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 (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
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-1 Certificates are the only
Class B Certificates eligible to receive such unscheduled principal
distributions in accordance with Section 4.01(d)(i), the Group II Class B-1
Prepayment Percentage for such unscheduled principal distributions for such
Distribution Date will be one.

      Group II Class B-2 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group II 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.

      Group II 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 Group II 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
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 Group II Class B-2 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group II Class B-3 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group II 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.

      Group II 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 Group II 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
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 distributions in accordance with
Section 4.01(d)(i), the Group II Class B-3 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group II Class B-4 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group II 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.

      Group II 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 Group II 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
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 distributions in accordance with
Section 4.01(d)(i), the Group II Class B-4 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group II Class B-5 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group II 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.

      Group II 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 Group II 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
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 such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group II Class B-5 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group II Class B-6 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group II 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.

      Group II 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 Group II 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
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 distributions in accordance with
Section 4.01(d)(i), the Group II Class B-6 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group II Class B-7 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group II Subordinated Percentage by (ii) a
fraction, the numerator of which is the Class B-7 Principal Balance (determined
as of the Determination Date preceding such Distribution Date) and the
denominator of which is the Class B Principal Balance.

      Group II Class B-7 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group II Subordinated Prepayment Percentage by (ii) a
fraction, the numerator of which is the Class B-7 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
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-7 Certificates are not
eligible to receive such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group II Class B-7 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group II Class B-8 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group II Subordinated Percentage by (ii) a
fraction, the numerator of which is the Class B-8 Principal Balance (determined
as of the Determination Date preceding such Distribution Date) and the
denominator of which is the Class B Principal Balance.

      Group II Class B-8 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group II Subordinated Prepayment Percentage by (ii) a
fraction, the numerator of which is the Class B-8 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
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-8 Certificates are not
eligible to receive such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group II Class B-8 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group II Mortgage Loans: Those Mortgage Loans identified in the Mortgage
Loan Schedule as Group II Mortgage Loans.

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

      Group II Pool Distribution Amount: As of any Distribution Date, the funds
eligible for distribution to the Group II-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 Group II Mortgage Loans (including, without
limitation, the proceeds of any repurchase of a Group II 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 with respect to Group II Mortgage Loans by a Servicer pursuant to
the related Servicing Agreement or Periodic Advances with respect to Group II
Mortgage Loans made by the Master Servicer or the Trustee pursuant to Section
3.03, (iii) any remaining Reimbursement Amount with respect to a Group II
Mortgage Loan as provided in Section 4.01(a)(ii) and (iv) all other amounts
(including any Insurance Proceeds and Compensating Interest) with respect to a
Group II Mortgage Loan 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 with
   respect to a Group II Mortgage Loan 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 with respect to a Group II Mortgage Loan by the Master
   Servicer or the Trustee;

      (c) that portion of each payment of interest on a particular Group II
   Mortgage Loan which represents (i) the applicable Servicing Fee and (ii) the
   Master Servicing Fee;

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

      (e) all Unscheduled Principal Receipts received by the Servicers with
   respect to Group II Mortgage Loans 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 Group II 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 Group II
   Mortgage Loans for which Group II 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 with respect to
   any Group II Mortgage Loan which represents(i) the applicable Servicing Fee
   and (ii) the Master Servicing Fee;

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

      (i) Liquidation Profits in respect of Group II Mortgage Loans;

      (j) Month End Interest in respect of Group II Mortgage Loans;

      (k) all amounts reimbursable to a Servicer for PMI Advances in respect of
   Group II Mortgage Loans; and

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

      Group II Subordinate Amount: As to any Distribution Date, the excess of
(i) the Group II Pool Balance over (ii) the Group II-A Principal Balance.

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

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

      Group III Adjusted Pool Amount: With respect to any Distribution Date, the
aggregate of the Cut-Off Date Principal Balances of the Group III Mortgage Loans
minus the sum of (i) all amounts in respect of principal received in respect of
the Group III 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 Group III 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 Group III 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.

      Group III Apportioned Principal Balance: As to any Distribution Date and
any Class of Class B Certificates, an amount equal to the product of (i) the
Principal Balance of the Class of Class B Certificates and (ii) a fraction, the
numerator of which is the Group III Subordinate Amount and the denominator of
which is the sum of the Group I Subordinate Amount, the Group II Subordinate
Amount, the Group III Subordinate Amount, the Group IV Subordinate Amount and
the Group V Subordinate Amount.

      Group III Class B Percentage: Any of the Group III Class B-1 Percentage,
Group III Class B-2 Percentage, Group III Class B-3 Percentage, Group III Class
B-4 Percentage, Group III Class B-5 Percentage, Group III Class B-6 Percentage,
Group III Class B-7 Percentage or Group III Class B-8 Percentage.

      Group III Class B Prepayment Percentage: Any of the Group III Class B-1
Prepayment Percentage, Group III Class B-2 Prepayment Percentage, Group III
Class B-3 Prepayment Percentage, Group III Class B-4 Prepayment Percentage,
Group III Class B-5 Prepayment Percentage, Group III Class B-6 Prepayment
Percentage, Group III Class B-7 Prepayment Percentage or Group III Class B-8
Prepayment Percentage.

      Group III Class B-1 Percentage: As to any Distribution Date, the
percentage calculated by multiplying the Group III 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.

      Group III Class B-1 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group III Subordinated Prepayment Percentage by (ii) 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 (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
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-1 Certificates are the only
Class B Certificates eligible to receive such unscheduled principal
distributions in accordance with Section 4.01(d)(i), the Group III Class B-1
Prepayment Percentage for such unscheduled principal distributions for such
Distribution Date will be one.

      Group III Class B-2 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i) the Group III 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.

      Group III 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 Group III 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
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 Group III Class B-2 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group III Class B-3 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i) the Group III 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.

      Group III 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 Group III 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
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 distributions in accordance with
Section 4.01(d)(i), the Group III Class B-3 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group III Class B-4 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i) the Group III 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.

      Group III 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 Group III 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
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 distributions in accordance with
Section 4.01(d)(i), the Group III Class B-4 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group III Class B-5 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i) the Group III 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.

      Group III 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 Group III 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
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 such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group III Class B-5 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group III Class B-6 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i) the Group III 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.

      Group III 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 Group III 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
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 distributions in accordance with
Section 4.01(d)(i), the Group III Class B-6 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group III Class B-7 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i) the Group III Subordinated Percentage
by (ii) a fraction, the numerator of which is the Class B-7 Principal Balance
(determined as of the Determination Date preceding such Distribution Date) and
the denominator of which is the Class B Principal Balance.

      Group III Class B-7 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group III Subordinated Prepayment Percentage by (ii) a
fraction, the numerator of which is the Class B-7 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
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-7 Certificates are not
eligible to receive such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group III Class B-7 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group III Class B-8 Percentage: As to any Distribution Date, the
percentage calculated by multiplying (i) the Group III Subordinated Percentage
by (ii) a fraction, the numerator of which is the Class B-8 Principal Balance
(determined as of the Determination Date preceding such Distribution Date) and
the denominator of which is the Class B Principal Balance.

      Group III Class B-8 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group III Subordinated Prepayment Percentage by (ii) a
fraction, the numerator of which is the Class B-8 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
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-8 Certificates are not
eligible to receive such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group III Class B-8 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group III Mortgage Loans: Those Mortgage Loans identified in the Mortgage
Loan Schedule as Group III Mortgage Loans.

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

      Group III Pool Distribution Amount: As of any Distribution Date, the funds
eligible for distribution to the Group III-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 Group III Mortgage Loans (including, without
limitation, the proceeds of any repurchase of a Group III 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 with respect to Group III Mortgage Loans by a Servicer pursuant to
the related Servicing Agreement or Periodic Advances with respect to Group III
Mortgage Loans made by the Master Servicer or the Trustee pursuant to Section
3.03, (iii) any remaining Reimbursement Amount with respect to a Group III
Mortgage Loan as provided in Section 4.01(a)(ii) and (iv) all other amounts
(including any Insurance Proceeds and Compensating Interest) with respect to a
Group III Mortgage Loan 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 with
   respect to a Group III Mortgage Loan 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 with respect to a Group III Mortgage Loan by the Master
   Servicer or the Trustee;

      (c) that portion of each payment of interest on a particular Group III
   Mortgage Loan which represents (i) the applicable Servicing Fee and (ii) the
   Master Servicing Fee;

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

      (e) all Unscheduled Principal Receipts received by the Servicers with
   respect to Group III Mortgage Loans 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 Group III 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 Group III
   Mortgage Loans for which Group III 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 with respect to
   any Group III Mortgage Loan which represents (i) the applicable Servicing Fee
   and (ii) the Master Servicing Fee;

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

      (i) Liquidation Profits in respect of Group III Mortgage Loans;

      (j) Month End Interest in respect of Group III Mortgage Loans;

      (k) all amounts reimbursable to a Servicer for PMI Advances in respect of
   Group III Mortgage Loans; and

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

      Group III Subordinate Amount: As to any Distribution Date, the excess of
(i) the Group III Pool Balance over (ii) the Group III-A Principal Balance.

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

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

      Group IV Adjusted Pool Amount: With respect to any Distribution Date, the
aggregate of the Cut-Off Date Principal Balances of the Group IV Mortgage Loans
minus the sum of (i) all amounts in respect of principal received in respect of
the Group IV 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 Group IV 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 Group IV 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.

      Group IV Apportioned Principal Balance: As to any Distribution Date and
any Class of Class B Certificates, an amount equal to the product of (i) the
Principal Balance of the Class of Class B Certificates and (ii) a fraction, the
numerator of which is the Group IV Subordinate Amount and the denominator of
which is the sum of the Group I Subordinate Amount, the Group II Subordinate
Amount, the Group III Subordinate Amount, the Group IV Subordinate Amount and
the Group V Subordinate Amount.

      Group IV Class B Percentage: Any of the Group IV Class B-1 Percentage,
Group IV Class B-2 Percentage, Group IV Class B-3 Percentage, Group IV Class B-4
Percentage, Group IV Class B-5 Percentage, Group IV Class B-6 Percentage, Group
IV Class B-7 Percentage or Group IV Class B-8 Percentage.

      Group IV Class B Prepayment Percentage: Any of the Group IV Class B-1
Prepayment Percentage, Group IV Class B-2 Prepayment Percentage, Group IV Class
B-3 Prepayment Percentage, Group IV Class B-4 Prepayment Percentage, Group IV
Class B-5 Prepayment Percentage, Group IV Class B-6 Prepayment Percentage, Group
IV Class B-7 Prepayment Percentage or Group IV Class B-8 Prepayment Percentage.

      Group IV Class B-1 Percentage: As to any Distribution Date, the percentage
calculated by multiplying the Group IV 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.

      Group IV Class B-1 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group IV Subordinated Prepayment Percentage by (ii) 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 (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
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-1 Certificates are the only
Class B Certificates eligible to receive such unscheduled principal
distributions in accordance with Section 4.01(d)(i), the Group IV Class B-1
Prepayment Percentage for such unscheduled principal distributions for such
Distribution Date will be one.

      Group IV Class B-2 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group IV 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.

      Group IV 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 Group IV 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
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 Group IV Class B-2 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group IV Class B-3 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group IV 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.

      Group IV 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 Group IV 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
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 distributions in accordance with
Section 4.01(d)(i), the Group IV Class B-3 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group IV Class B-4 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group IV 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.

      Group IV 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 Group IV 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
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 distributions in accordance with
Section 4.01(d)(i), the Group IV Class B-4 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group IV Class B-5 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group IV 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.

      Group IV 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 Group IV 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
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 such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group IV Class B-5 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group IV Class B-6 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group IV 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.

      Group IV 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 Group IV 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
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 distributions in accordance with
Section 4.01(d)(i), the Group IV Class B-6 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group IV Class B-7 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group IV Subordinated Percentage by (ii) a
fraction, the numerator of which is the Class B-7 Principal Balance (determined
as of the Determination Date preceding such Distribution Date) and the
denominator of which is the Class B Principal Balance.

      Group IV Class B-7 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group IV Subordinated Prepayment Percentage by (ii) a
fraction, the numerator of which is the Class B-7 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
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-7 Certificates are not
eligible to receive such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group IV Class B-7 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group IV Class B-8 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group IV Subordinated Percentage by (ii) a
fraction, the numerator of which is the Class B-8 Principal Balance (determined
as of the Determination Date preceding such Distribution Date) and the
denominator of which is the Class B Principal Balance.

      Group IV Class B-8 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group IV Subordinated Prepayment Percentage by (ii) a
fraction, the numerator of which is the Class B-8 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
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-8 Certificates are not
eligible to receive such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group IV Class B-8 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group IV Mortgage Loans: Those Mortgage Loans identified in the Mortgage
Loan Schedule as Group IV Mortgage Loans.

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

      Group IV Pool Distribution Amount: As of any Distribution Date, the funds
eligible for distribution to the Group IV-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 Group IV Mortgage Loans (including, without
limitation, the proceeds of any repurchase of a Group IV 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 with respect to Group IV Mortgage Loans by a Servicer pursuant to
the related Servicing Agreement or Periodic Advances with respect to Group IV
Mortgage Loans made by the Master Servicer or the Trustee pursuant to Section
3.03, (iii) any remaining Reimbursement Amount with respect to a Group IV
Mortgage Loan as provided in Section 4.01(a)(ii) and (iv) all other amounts
(including any Insurance Proceeds and Compensating Interest) with respect to a
Group IV Mortgage Loan 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 with
   respect to a Group IV Mortgage Loan 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 with respect to a Group IV Mortgage Loan by the Master
   Servicer or the Trustee;

      (c) that portion of each payment of interest on a particular Group IV
   Mortgage Loan which represents (i) the applicable Servicing Fee and (ii) the
   Master Servicing Fee;

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

      (e) all Unscheduled Principal Receipts received by the Servicers with
   respect to Group IV Mortgage Loans 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 Group IV 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 Group IV
   Mortgage Loans for which Group IV 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 with respect to
   any Group IV Mortgage Loan which represents (i) the applicable Servicing Fee
   and (ii) the Master Servicing Fee;

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

      (i) Liquidation Profits in respect of Group IV Mortgage Loans;

      (j) Month End Interest in respect of Group IV Mortgage Loans;

      (k) all amounts reimbursable to a Servicer for PMI Advances in respect of
   Group IV Mortgage Loans; and

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

      Group IV Subordinate Amount: As to any Distribution Date, the excess of
(i) the Group IV Pool Balance over (ii) the Group IV-A Principal Balance.

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

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

      Group V Adjusted Pool Amount: With respect to any Distribution Date, the
aggregate of the Cut-Off Date Principal Balances of the Group V Mortgage Loans
minus the sum of (i) all amounts in respect of principal received in respect of
the Group V 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 Group V 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 Group V 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.

      Group V Apportioned Principal Balance: As to any Distribution Date and any
Class of Class B Certificates, an amount equal to the product of (i) the
Principal Balance of the Class of Class B Certificates and (ii) a fraction, the
numerator of which is the Group V Subordinate Amount and the denominator of
which is the sum of the Group I Subordinate Amount, the Group II Subordinate
Amount, the Group III Subordinate Amount, the Group IV Subordinate Amount and
the Group V Subordinate Amount.

      Group V Class B Percentage: Any of the Group V Class B-1 Percentage, Group
V Class B-2 Percentage, Group V Class B-3 Percentage, Group V Class B-4
Percentage, Group V Class B-5 Percentage, Group V Class B-6 Percentage, Group V
Class B-7 Percentage or Group V Class B-8 Percentage.

      Group V Class B Prepayment Percentage: Any of the Group V Class B-1
Prepayment Percentage, Group V Class B-2 Prepayment Percentage, Group V Class
B-3 Prepayment Percentage, Group V Class B-4 Prepayment Percentage, Group V
Class B-5 Prepayment Percentage, Group V Class B-6 Prepayment Percentage, Group
V Class B-7 Prepayment Percentage or Group V Class B-8 Prepayment Percentage.

      Group V Class B-1 Percentage: As to any Distribution Date, the percentage
calculated by multiplying the Group V 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.

      Group V Class B-1 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group V Subordinated Prepayment Percentage by (ii) 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 (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
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-1 Certificates are the only
Class B Certificates eligible to receive such unscheduled principal
distributions in accordance with Section 4.01(d)(i), the Group V Class B-1
Prepayment Percentage for such unscheduled principal distributions for such
Distribution Date will be one.

      Group V Class B-2 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group V 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.

      Group V 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 Group V 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
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 Group V Class B-2 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group V Class B-3 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group V 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.

      Group V 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 Group V 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
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 distributions in accordance with
Section 4.01(d)(i), the Group V Class B-3 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group V Class B-4 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group V 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.

      Group V 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 Group V 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
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 distributions in accordance with
Section 4.01(d)(i), the Group V Class B-4 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group V Class B-5 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group V 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.

      Group V 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 Group V 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
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 such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group V Class B-5 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group V Class B-6 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group V 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.

      Group V 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 Group V 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
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 distributions in accordance with
Section 4.01(d)(i), the Group V Class B-6 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group V Class B-7 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group V Subordinated Percentage by (ii) a
fraction, the numerator of which is the Class B-7 Principal Balance (determined
as of the Determination Date preceding such Distribution Date) and the
denominator of which is the Class B Principal Balance.

      Group V Class B-7 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group V Subordinated Prepayment Percentage by (ii) a
fraction, the numerator of which is the Class B-7 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
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-7 Certificates are not
eligible to receive such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group V Class B-7 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group V Class B-8 Percentage: As to any Distribution Date, the percentage
calculated by multiplying (i) the Group V Subordinated Percentage by (ii) a
fraction, the numerator of which is the Class B-8 Principal Balance (determined
as of the Determination Date preceding such Distribution Date) and the
denominator of which is the Class B Principal Balance.

      Group V Class B-8 Prepayment Percentage: As to any Distribution Date,
except as set forth in the next sentence, the percentage calculated by
multiplying (i) the Group V Subordinated Prepayment Percentage by (ii) a
fraction, the numerator of which is the Class B-8 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
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-8 Certificates are not
eligible to receive such unscheduled principal distributions in accordance with
Section 4.01(d)(i), the Group V Class B-8 Prepayment Percentage for such
unscheduled principal distributions for such Distribution Date will be zero.

      Group V Mortgage Loans: Those Mortgage Loans identified in the Mortgage
Loan Schedule as Group V Mortgage Loans.

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

      Group V Pool Distribution Amount: As of any Distribution Date, the funds
eligible for distribution to the Group V-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 Group V Mortgage Loans (including, without limitation, the
proceeds of any repurchase of a Group V 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 with respect to Group V Mortgage Loans by a Servicer pursuant to the
related Servicing Agreement or Periodic Advances with respect to Group V
Mortgage Loans made by the Master Servicer or the Trustee pursuant to Section
3.03, (iii) any remaining Reimbursement Amount with respect to a Group V
Mortgage Loan as provided in Section 4.01(a)(ii) and (iv) all other amounts
(including any Insurance Proceeds and Compensating Interest) with respect to a
Group V Mortgage Loan 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 with
   respect to a Group V Mortgage Loan 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 with respect to a Group V Mortgage Loan by the Master
   Servicer or the Trustee;

      (c) that portion of each payment of interest on a particular Group V
   Mortgage Loan which represents (i) the applicable Servicing Fee and (ii) the
   Master Servicing Fee;

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

      (e) all Unscheduled Principal Receipts received by the Servicers with
   respect to Group V Mortgage Loans 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 Group V 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 Group V
   Mortgage Loans for which Group V 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 with respect to
   any Group V Mortgage Loan which represents (i) the applicable Servicing Fee
   and (ii) the Master Servicing Fee;

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

      (i) Liquidation Profits in respect of Group V Mortgage Loans;

      (j) Month End Interest in respect of Group V Mortgage Loans;

      (k) all amounts reimbursable to a Servicer for PMI Advances in respect of
   Group V Mortgage Loans; and

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

      Group V Subordinate Amount: As to any Distribution Date, the excess of (i)
the Group V Pool Balance over (ii) the Group V-A Principal Balance.

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

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

      Group I-A Certificate: Any Class I-A-1, Class I-A-2, Class I-A-IO or Class
I-A-R Certificate.

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

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

      Group I-A Interest Percentage: As to any Distribution Date and any Class
of Group I-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 Group I-A Interest Accrual Amount (determined without
regard to clause (ii) of the definition of each Interest Accrual Amount).

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

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

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

      Group I-A Optimal Amount: As to any Distribution Date, the sum for such
Distribution Date of (i) the Group I-A Interest Accrual Amount, (ii) the
Aggregate Group I-A Unpaid Interest Shortfall and (iii) the Group I-A Optimal
Principal Amount.

      Group I-A Optimal Principal Amount: As to any Distribution Date, an amount
equal to the sum of (I) the sum, as to each Group I Mortgage Loan that is an
Outstanding Mortgage Loan, of:

      (i) the Group I-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 Group I-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 Group I-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 Group I-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 Group I-A Prepayment Percentage of the Recovery for Loan Group I for
   such Distribution Date.

      Group I-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 Group I-A Principal Balance (determined as of the
Determination Date preceding such Distribution Date) by the Group I Pool
Balance. As to any Distribution Date occurring subsequent to the Subordination
Depletion Date, 100% or such lesser percentage which will cause the Group I-A
Principal Balance to decline to zero following the distribution made on such
Distribution Date.

      Group I-A Prepayment Percentage: As to any Distribution Date to and
including the Distribution Date in July 2014, 100%. As to any Distribution Date
subsequent to July 2014 to and including the Distribution Date in July 2015, the
Group I-A Percentage as of such Distribution Date plus 70% of the Group I
Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to July 2015 to and including the Distribution Date in July
2016, the Group I-A Percentage as of such Distribution Date plus 60% of the
Group I Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2016 to and including the Distribution Date
in July 2017, the Group I-A Percentage as of such Distribution Date plus 40% of
the Group I Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2017 to and including the Distribution Date
in July 2018, the Group I-A Percentage as of such Distribution Date plus 20% of
the Group I Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2018, the Group I-A Percentage as of such
Distribution Date.

      No reduction of the level of the Group I-A Prepayment Percentage shall
occur on any Distribution Date unless, as of such Distribution Date, (A) the
average outstanding principal balance on such Distribution Date and for the
preceding five Distribution Dates of the Mortgage Loans in all Loan Groups 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 (B) cumulative Realized Losses on the Mortgage Loans in
all Loan Groups do not exceed the following percentages of the Original
Subordinated Principal Amount: (1) 30%, if such Distribution Date occurs between
and including August 2014 and July 2015, (2) 35%, if such Distribution Date
occurs between and including August 2015 and July 2016, (3) 40%, if such
Distribution Date occurs between and including August 2016 and July 2017, (4)
45%, if such Distribution Date occurs between and including August 2017 and July
2018, and (5) 50%, if such Distribution Date occurs during or after August 2018.

      Notwithstanding the foregoing, with respect to any Distribution Date on
which the preceding criteria are not met, the reduction of the Group I-A
Prepayment Percentage described in the second through sixth sentences of this
definition of Group I-A Prepayment Percentage shall not be applicable with
respect to such Distribution Date. In such event, the Group I-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 of this
definition, which was actually used to determine the Group I-A Prepayment
Percentage for the Distribution Date occurring in the July preceding such
Distribution Date (it being understood that for the purposes of the
determination of the Group I-A Prepayment Percentage for the current
Distribution Date, the current Group I-A Percentage and Group I 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 Aggregate Subordinate
Percentage is equal to or greater than twice the Aggregate Subordinate
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 in all Loan Groups 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 August 2010, cumulative Realized Losses on the
Mortgage Loans in all Loan Groups do not exceed 20% of the Original Subordinated
Principal Amount, then the Group I-A Prepayment Percentage for such Distribution
Date will equal the Group I-A Percentage for such Distribution Date plus 50% of
the Group I Subordinated Percentage for such Distribution Date or (B) on or
after the Distribution Date in August 2010, cumulative Realized Losses on the
Mortgage Loans in all Loan Groups do not exceed 30% of the Original Subordinated
Principal Amount, then the Group I-A Prepayment Percentage for such Distribution
Date will equal the Group I-A Percentage for such Distribution Date.

      Notwithstanding the foregoing, if on any Distribution Date, the Aggregate
Class A Percentage exceeds such percentage as of the Cut-Off Date, then the
Group I-A Prepayment Percentage will equal 100%.

      If on any Distribution Date the allocation to the Group I-A Certificates
of Unscheduled Principal Receipts and other amounts in the percentage required
above would reduce the Group I-A Principal Balance below zero, the Group I-A
Prepayment Percentage for such Distribution Date will be limited to the
percentage necessary to reduce the Group I-A Principal Balance to zero. In
addition, once the Group I-A Principal Balance has been reduced to zero, the
Group I-A Prepayment Percentage will be 0%.

      With respect to any Distribution Date on which the Group I-A Prepayment
Percentage is reduced below the Group I-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 this definition are met.

      Group I-A Principal Balance: As of any date, an amount equal to the sum of
the Principal Balances for the Group I-A Certificates.

      Group I-A Principal Distribution Amount: As to any Distribution Date, the
aggregate amount distributed in respect of the Classes of Group I-A Certificates
pursuant to Paragraph third clause (A) of Section 4.01(a)(i).

      Group I-A Shortfall Percentage: As to any Distribution Date and any Class
of Group I-A Certificates, the percentage calculated by dividing the Class A
Unpaid Interest Shortfall for such Class by the Aggregate Group I-A Unpaid
Interest Shortfall, in each case determined as of the day preceding the
applicable Distribution Date.

      Group II-A Certificate: Any Class II-A-1, Class II-A-2 and Class
II-A-IO Certificate.

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

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

      Group II-A Interest Percentage: As to any Distribution Date and any Class
of Group II-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 Group II-A Interest Accrual Amount (determined
without regard to clause (ii) of the definition of each Interest Accrual
Amount).

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

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

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

      Group II-A Optimal Amount: As to any Distribution Date, the sum for such
Distribution Date of (i) the Group II-A Interest Accrual Amount, (ii) the
Aggregate Group II-A Unpaid Interest Shortfall and (iii) the Group II-A Optimal
Principal Amount.

      Group II-A Optimal Principal Amount: As to any Distribution Date, an
amount equal to the sum of (I) the sum, as to each Group II Mortgage Loan that
is an Outstanding Mortgage Loan, of:

      (i) the Group II-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 Group II-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 Group II-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 Group II-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 Group II-A Prepayment Percentage of the Recovery for Loan Group II
   for such Distribution Date.

      Group II-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 Group II-A Principal Balance (determined as
of the Determination Date preceding such Distribution Date) by the Group II Pool
Balance. As to any Distribution Date occurring subsequent to the Subordination
Depletion Date, 100% or such lesser percentage which will cause the Group II-A
Principal Balance to decline to zero following the distribution made on such
Distribution Date.

      Group II-A Prepayment Percentage: As to any Distribution Date to and
including the Distribution Date in July 2014, 100%. As to any Distribution Date
subsequent to July 2014 to and including the Distribution Date in July 2015, the
Group II-A Percentage as of such Distribution Date plus 70% of the Group II
Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to July 2015 to and including the Distribution Date in July
2016, the Group II-A Percentage as of such Distribution Date plus 60% of the
Group II Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2016 to and including the Distribution Date
in July 2017, the Group II-A Percentage as of such Distribution Date plus 40% of
the Group II Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2017 to and including the Distribution Date
in July 2018, the Group II-A Percentage as of such Distribution Date plus 20% of
the Group II Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2018, the Group II-A Percentage as of such
Distribution Date.

      No reduction of the level of the Group II-A Prepayment Percentage shall
occur on any Distribution Date unless, as of such Distribution Date, (A) the
average outstanding principal balance on such Distribution Date and for the
preceding five Distribution Dates of the Mortgage Loans in all Loan Groups 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 (B) cumulative Realized Losses on the Mortgage Loans in
all Loan Groups do not exceed the following percentages of the Original
Subordinated Principal Amount: (1) 30%, if such Distribution Date occurs between
and including August 2014 and July 2015, (2) 35%, if such Distribution Date
occurs between and including August 2015 and July 2016, (3) 40%, if such
Distribution Date occurs between and including August 2016 and July 2017, (4)
45%, if such Distribution Date occurs between and including August 2017 and July
2018, and (5) 50%, if such Distribution Date occurs during or after August 2018.

      Notwithstanding the foregoing, with respect to any Distribution Date on
which the preceding criteria are not met, the reduction of the Group II-A
Prepayment Percentage described in the second through sixth sentences of this
definition of Group II-A Prepayment Percentage shall not be applicable with
respect to such Distribution Date. In such event, the Group II-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 of this
definition, which was actually used to determine the Group II-A Prepayment
Percentage for the Distribution Date occurring in the July preceding such
Distribution Date (it being understood that for the purposes of the
determination of the Group II-A Prepayment Percentage for the current
Distribution Date, the current Group II-A Percentage and Group II 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 Aggregate Subordinate
Percentage is equal to or greater than twice the Aggregate Subordinate
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 in all Loan Groups 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 August 2010, cumulative Realized Losses on the
Mortgage Loans in all Loan Groups do not exceed 20% of the Original Subordinated
Principal Amount, then the Group II-A Prepayment Percentage for such
Distribution Date will equal the Group II-A Percentage for such Distribution
Date plus 50% of the Group II Subordinated Percentage for such Distribution Date
or (B) on or after the Distribution Date in August 2010, cumulative Realized
Losses on the Mortgage Loans in all Loan Groups do not exceed 30% of the
Original Subordinated Principal Amount, then the Group II-A Prepayment
Percentage for such Distribution Date will equal the Group II-A Percentage for
such Distribution Date.

      Notwithstanding the foregoing, if on any Distribution Date, the Aggregate
Class A Percentage exceeds such percentage as of the Cut-Off Date, then the
Group II-A Prepayment Percentage will equal 100%.

      If on any Distribution Date the allocation to the Group II-A Certificates
of Unscheduled Principal Receipts and other amounts in the percentage required
above would reduce the Group II-A Principal Balance below zero, the Group II-A
Prepayment Percentage for such Distribution Date will be limited to the
percentage necessary to reduce the Group II-A Principal Balance to zero. In
addition, once the Group II-A Principal Balance has been reduced to zero, the
Group II-A Prepayment Percentage will be 0%.

      With respect to any Distribution Date on which the Group II-A Prepayment
Percentage is reduced below the Group II-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 this definition are met.

      Group II-A Principal Balance: As of any date, an amount equal to the sum
of the Principal Balances for the Group II-A Certificates.

      Group II-A Principal Distribution Amount: As to any Distribution Date, the
aggregate amount distributed in respect of the Classes of Group II-A
Certificates pursuant to Paragraph third clause (B) of Section 4.01(a)(i).

      Group II-A Shortfall Percentage: As to any Distribution Date and any Class
of Group II-A Certificates, the percentage calculated by dividing the Class A
Unpaid Interest Shortfall for such Class by the Aggregate Group II-A Unpaid
Interest Shortfall, in each case determined as of the day preceding the
applicable Distribution Date.

      Group III-A Certificate: Any Class III-A-1, Class III-A-2 and Class
III-A-IO Certificate.

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

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

      Group III-A Interest Percentage: As to any Distribution Date and any Class
of Group III-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 Group III-A Interest Accrual Amount (determined
without regard to clause (ii) of the definition of each Interest Accrual
Amount).

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

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

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

      Group III-A Optimal Amount: As to any Distribution Date, the sum for such
Distribution Date of (i) the Group III-A Interest Accrual Amount, (ii) the
Aggregate Group III-A Unpaid Interest Shortfall and (iii) the Group III-A
Optimal Principal Amount.

      Group III-A Optimal Principal Amount: As to any Distribution Date, an
amount equal to the sum of (I) the sum, as to each Group III Mortgage Loan that
is an Outstanding Mortgage Loan, of:

      (i) the Group III-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 Group III-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 Group III-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 Group III-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 Group III-A Prepayment Percentage of the Recovery for Loan Group III
   for such Distribution Date.

      Group III-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 Group III-A Principal Balance (determined as
of the Determination Date preceding such Distribution Date) by the Group III
Pool Balance. As to any Distribution Date occurring subsequent to the
Subordination Depletion Date, 100% or such lesser percentage which will cause
the Group III-A Principal Balance to decline to zero following the distribution
made on such Distribution Date.

      Group III-A Prepayment Percentage: As to any Distribution Date to and
including the Distribution Date in July 2014, 100%. As to any Distribution Date
subsequent to July 2014 to and including the Distribution Date in July 2015, the
Group III-A Percentage as of such Distribution Date plus 70% of the Group III
Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to July 2015 to and including the Distribution Date in July
2016, the Group III-A Percentage as of such Distribution Date plus 60% of the
Group III Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2016 to and including the Distribution Date
in July 2017, the Group III-A Percentage as of such Distribution Date plus 40%
of the Group III Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2017 to and including the Distribution Date
in July 2018, the Group III-A Percentage as of such Distribution Date plus 20%
of the Group III Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2018, the Group III-A Percentage as of such
Distribution Date.

      No reduction of the level of the Group III-A Prepayment Percentage shall
occur on any Distribution Date unless, as of such Distribution Date, (A) the
average outstanding principal balance on such Distribution Date and for the
preceding five Distribution Dates of the Mortgage Loans in all Loan Groups 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 (B) cumulative Realized Losses on the Mortgage Loans in
all Loan Groups do not exceed the following percentages of the Original
Subordinated Principal Amount: (1) 30%, if such Distribution Date occurs between
and including August 2014 and July 2015, (2) 35%, if such Distribution Date
occurs between and including August 2015 and July 2016, (3) 40%, if such
Distribution Date occurs between and including August 2016 and July 2017, (4)
45%, if such Distribution Date occurs between and including August 2017 and July
2018, and (5) 50%, if such Distribution Date occurs during or after August 2018.

      Notwithstanding the foregoing, with respect to any Distribution Date on
which the preceding criteria are not met, the reduction of the Group III-A
Prepayment Percentage described in the second through sixth sentences of this
definition of Group III-A Prepayment Percentage shall not be applicable with
respect to such Distribution Date. In such event, the Group III-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 of this
definition, which was actually used to determine the Group III-A Prepayment
Percentage for the Distribution Date occurring in the July preceding such
Distribution Date (it being understood that for the purposes of the
determination of the Group III-A Prepayment Percentage for the current
Distribution Date, the current Group III-A Percentage and Group III 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 Aggregate Subordinate
Percentage is equal to or greater than twice the Aggregate Subordinate
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 in all Loan Groups 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 August 2010, cumulative Realized Losses on the
Mortgage Loans in all Loan Groups do not exceed 20% of the Original Subordinated
Principal Amount, then the Group III-A Prepayment Percentage for such
Distribution Date will equal the Group III-A Percentage for such Distribution
Date plus 50% of the Group III Subordinated Percentage for such Distribution
Date or (B) on or after the Distribution Date in August 2010, cumulative
Realized Losses on the Mortgage Loans in all Loan Groups do not exceed 30% of
the Original Subordinated Principal Amount, then the Group III-A Prepayment
Percentage for such Distribution Date will equal the Group III-A Percentage for
such Distribution Date.

      Notwithstanding the foregoing, if on any Distribution Date, the Aggregate
Class A Percentage exceeds such percentage as of the Cut-Off Date, then the
Group III-A Prepayment Percentage will equal 100%.

      If on any Distribution Date the allocation to the Group III-A Certificates
of Unscheduled Principal Receipts and other amounts in the percentage required
above would reduce the Group III-A Principal Balance below zero, the Group III-A
Prepayment Percentage for such Distribution Date will be limited to the
percentage necessary to reduce the Group III-A Principal Balance to zero. In
addition, once the Group III-A Principal Balance has been reduced to zero, the
Group III-A Prepayment Percentage will be 0%.

      With respect to any Distribution Date on which the Group III-A Prepayment
Percentage is reduced below the Group III-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 this definition are met.

      Group III-A Principal Balance: As of any date, an amount equal to the sum
of the Principal Balances for the Group III-A Certificates.

      Group III-A Principal Distribution Amount: As to any Distribution Date,
the aggregate amount distributed in respect of the Classes of Group III-A
Certificates pursuant to Paragraph third clause (C) of Section 4.01(a)(i).

      Group III-A Shortfall Percentage: As to any Distribution Date and any
Class of Group III-A Certificates, the percentage calculated by dividing the
Class A Unpaid Interest Shortfall for such Class by the Aggregate Group III-A
Unpaid Interest Shortfall, in each case determined as of the day preceding the
applicable Distribution Date.

      Group IV-A Certificate: Any Class IV-A-1, Class IV-A-2 and Class
IV-A-IO Certificate.

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

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

      Group IV-A Interest Percentage: As to any Distribution Date and any Class
of Group IV-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 Group IV-A Interest Accrual Amount (determined
without regard to clause (ii) of the definition of each Interest Accrual
Amount).

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

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

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

      Group IV-A Optimal Amount: As to any Distribution Date, the sum for such
Distribution Date of (i) the Group IV-A Interest Accrual Amount, (ii) the
Aggregate Group IV-A Unpaid Interest Shortfall and (iii) the Group IV-A Optimal
Principal Amount.

      Group IV-A Optimal Principal Amount: As to any Distribution Date, an
amount equal to the sum of (I) the sum, as to each Group IV Mortgage Loan that
is an Outstanding Mortgage Loan, of:

      (i) the Group IV-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 Group IV-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 Group IV-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 Group IV-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 Group IV-A Prepayment Percentage of the Recovery for Loan Group IV
   for such Distribution Date.

      Group IV-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 Group IV-A Principal Balance (determined as
of the Determination Date preceding such Distribution Date) by the Group IV Pool
Balance. As to any Distribution Date occurring subsequent to the Subordination
Depletion Date, 100% or such lesser percentage which will cause the Group IV-A
Principal Balance to decline to zero following the distribution made on such
Distribution Date.

      Group IV-A Prepayment Percentage: As to any Distribution Date to and
including the Distribution Date in July 2014, 100%. As to any Distribution Date
subsequent to July 2014 to and including the Distribution Date in July 2015, the
Group IV-A Percentage as of such Distribution Date plus 70% of the Group IV
Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to July 2015 to and including the Distribution Date in July
2016, the Group IV-A Percentage as of such Distribution Date plus 60% of the
Group IV Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2016 to and including the Distribution Date
in July 2017, the Group IV-A Percentage as of such Distribution Date plus 40% of
the Group IV Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2017 to and including the Distribution Date
in July 2018, the Group IV-A Percentage as of such Distribution Date plus 20% of
the Group IV Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2018, the Group IV-A Percentage as of such
Distribution Date.

      No reduction of the level of the Group IV-A Prepayment Percentage shall
occur on any Distribution Date unless, as of such Distribution Date, (A) the
average outstanding principal balance on such Distribution Date and for the
preceding five Distribution Dates of the Mortgage Loans in all Loan Groups 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 (B) cumulative Realized Losses on the Mortgage Loans in
all Loan Groups do not exceed the following percentages of the Original
Subordinated Principal Amount: (1) 30%, if such Distribution Date occurs between
and including August 2014 and July 2015, (2) 35%, if such Distribution Date
occurs between and including August 2015 and July 2016, (3) 40%, if such
Distribution Date occurs between and including August 2016 and July 2017, (4)
45%, if such Distribution Date occurs between and including August 2017 and July
2018, and (5) 50%, if such Distribution Date occurs during or after August 2018.

      Notwithstanding the foregoing, with respect to any Distribution Date on
which the preceding criteria are not met, the reduction of the Group IV-A
Prepayment Percentage described in the second through sixth sentences of this
definition of Group IV-A Prepayment Percentage shall not be applicable with
respect to such Distribution Date. In such event, the Group IV-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 of this
definition, which was actually used to determine the Group IV-A Prepayment
Percentage for the Distribution Date occurring in the July preceding such
Distribution Date (it being understood that for the purposes of the
determination of the Group IV-A Prepayment Percentage for the current
Distribution Date, the current Group IV-A Percentage and Group IV 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 Aggregate Subordinate
Percentage is equal to or greater than twice the Aggregate Subordinate
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 in all Loan Groups 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 August 2010, cumulative Realized Losses on the
Mortgage Loans in all Loan Groups do not exceed 20% of the Original Subordinated
Principal Amount, then the Group IV-A Prepayment Percentage for such
Distribution Date will equal the Group IV-A Percentage for such Distribution
Date plus 50% of the Group IV Subordinated Percentage for such Distribution Date
or (B) on or after the Distribution Date in August 2010, cumulative Realized
Losses on the Mortgage Loans in all Loan Groups do not exceed 30% of the
Original Subordinated Principal Amount, then the Group IV-A Prepayment
Percentage for such Distribution Date will equal the Group IV-A Percentage for
such Distribution Date.

      Notwithstanding the foregoing, if on any Distribution Date, the Aggregate
Class A Percentage exceeds such percentage as of the Cut-Off Date, then the
Group IV-A Prepayment Percentage will equal 100%.

      If on any Distribution Date the allocation to the Group IV-A Certificates
of Unscheduled Principal Receipts and other amounts in the percentage required
above would reduce the Group IV-A Principal Balance below zero, the Group IV-A
Prepayment Percentage for such Distribution Date will be limited to the
percentage necessary to reduce the Group IV-A Principal Balance to zero. In
addition, once the Group IV-A Principal Balance has been reduced to zero, the
Group IV-A Prepayment Percentage will be 0%.

      With respect to any Distribution Date on which the Group IV-A Prepayment
Percentage is reduced below the Group IV-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 this definition are met.

      Group IV-A Principal Balance: As of any date, an amount equal to the sum
of the Principal Balances for the Group IV-A Certificates.

      Group IV-A Principal Distribution Amount: As to any Distribution Date, the
aggregate amount distributed in respect of the Classes of Group IV-A
Certificates pursuant to Paragraph third clause (D) of Section 4.01(a)(i).

      Group IV-A Shortfall Percentage: As to any Distribution Date and any Class
of Group IV-A Certificates, the percentage calculated by dividing the Class A
Unpaid Interest Shortfall for such Class by the Aggregate Group IV-A Unpaid
Interest Shortfall, in each case determined as of the day preceding the
applicable Distribution Date.

      Group V-A Certificate: Any Class V-A-1 and Class V-A-IO Certificate.

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

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

      Group V-A Interest Percentage: As to any Distribution Date and any Class
of Group V-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 Group V-A Interest Accrual Amount (determined without
regard to clause (ii) of the definition of each Interest Accrual Amount).

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

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

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

      Group V-A Optimal Amount: As to any Distribution Date, the sum for such
Distribution Date of (i) the Group V-A Interest Accrual Amount, (ii) the
Aggregate Group V-A Unpaid Interest Shortfall and (iii) the Group V-A Optimal
Principal Amount.

      Group V-A Optimal Principal Amount: As to any Distribution Date, an amount
equal to the sum of (I) the sum, as to each Group V Mortgage Loan that is an
Outstanding Mortgage Loan, of:

         (i) the Group V-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 Group V-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 Group V-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 Group V-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 Group V-A Prepayment Percentage of the Recovery for Loan Group V for
   such Distribution Date.

      Group V-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 Group V-A Principal Balance (determined as of the
Determination Date preceding such Distribution Date) by the Group V Pool
Balance. As to any Distribution Date occurring subsequent to the Subordination
Depletion Date, 100% or such lesser percentage which will cause the Group V-A
Principal Balance to decline to zero following the distribution made on such
Distribution Date.

      Group V-A Prepayment Percentage: As to any Distribution Date to and
including the Distribution Date in July 2014, 100%. As to any Distribution Date
subsequent to July 2014 to and including the Distribution Date in July 2015, the
Group V-A Percentage as of such Distribution Date plus 70% of the Group V
Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to July 2015 to and including the Distribution Date in July
2016, the Group V-A Percentage as of such Distribution Date plus 60% of the
Group V Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2016 to and including the Distribution Date
in July 2017, the Group V-A Percentage as of such Distribution Date plus 40% of
the Group V Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2017 to and including the Distribution Date
in July 2018, the Group V-A Percentage as of such Distribution Date plus 20% of
the Group V Subordinated Percentage as of such Distribution Date. As to any
Distribution Date subsequent to July 2018, the Group V-A Percentage as of such
Distribution Date.

      No reduction of the level of the Group V-A Prepayment Percentage shall
occur on any Distribution Date unless, as of such Distribution Date, (A) the
average outstanding principal balance on such Distribution Date and for the
preceding five Distribution Dates of the Mortgage Loans in all Loan Groups 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 (B) cumulative Realized Losses on the Mortgage Loans in
all Loan Groups do not exceed the following percentages of the Original
Subordinated Principal Amount: (1) 30%, if such Distribution Date occurs between
and including August 2014 and July 2015, (2) 35%, if such Distribution Date
occurs between and including August 2015 and July 2016, (3) 40%, if such
Distribution Date occurs between and including August 2016 and July 2017, (4)
45%, if such Distribution Date occurs between and including August 2017 and July
2018, and (5) 50%, if such Distribution Date occurs during or after August 2018.

      Notwithstanding the foregoing, with respect to any Distribution Date on
which the preceding criteria are not met, the reduction of the Group V-A
Prepayment Percentage described in the second through sixth sentences of this
definition of Group V-A Prepayment Percentage shall not be applicable with
respect to such Distribution Date. In such event, the Group V-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 of this
definition, which was actually used to determine the Group V-A Prepayment
Percentage for the Distribution Date occurring in the July preceding such
Distribution Date (it being understood that for the purposes of the
determination of the Group V-A Prepayment Percentage for the current
Distribution Date, the current Group V-A Percentage and Group V 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 Aggregate Subordinate
Percentage is equal to or greater than twice the Aggregate Subordinate
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 in all Loan Groups 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 August 2010, cumulative Realized Losses on the
Mortgage Loans in all Loan Groups do not exceed 20% of the Original Subordinated
Principal Amount, then the Group V-A Prepayment Percentage for such Distribution
Date will equal the Group V-A Percentage for such Distribution Date plus 50% of
the Group V Subordinated Percentage for such Distribution Date or (B) on or
after the Distribution Date in August 2010, cumulative Realized Losses on the
Mortgage Loans in all Loan Groups do not exceed 30% of the Original Subordinated
Principal Amount, then the Group V-A Prepayment Percentage for such Distribution
Date will equal the Group V-A Percentage for such Distribution Date.

      Notwithstanding the foregoing, if on any Distribution Date, the Aggregate
Class A Percentage exceeds such percentage as of the Cut-Off Date, then the
Group V-A Prepayment Percentage will equal 100%.

      If on any Distribution Date the allocation to the Group V-A Certificates
of Unscheduled Principal Receipts and other amounts in the percentage required
above would reduce the Group V-A Principal Balance below zero, the Group V-A
Prepayment Percentage for such Distribution Date will be limited to the
percentage necessary to reduce the Group V-A Principal Balance to zero. In
addition, once the Group V-A Principal Balance has been reduced to zero, the
Group V-A Prepayment Percentage will be 0%.

      With respect to any Distribution Date on which the Group V-A Prepayment
Percentage is reduced below the Group V-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 this definition are met.

      Group V-A Principal Balance: As of any date, an amount equal to the sum of
the Principal Balances for the Group V-A Certificates.

      Group V-A Principal Distribution Amount: As to any Distribution Date, the
aggregate amount distributed in respect of the Classes of Group V-A Certificates
pursuant to Paragraph third clause (E) of Section 4.01(a)(i).

      Group V-A Shortfall Percentage: As to any Distribution Date and any Class
of Group V-A Certificates, the percentage calculated by dividing the Class A
Unpaid Interest Shortfall for such Class by the Aggregate Group V-A Unpaid
Interest Shortfall, in each case determined as of the day preceding the
applicable Distribution Date.

      Group A Principal Balance: Any of the Group I-A Principal Balance, Group
II-A Principal Balance, Group III-A Principal Balance, Group IV-A Principal
Balance or Group V-A Principal Balance.

      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.

      Index: Any of the One-Year CMT Index, the One-Year LIBOR Index or the
Six-Month LIBOR Index. In the event that any 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 of such Class or in the case
of the Class I-A-IO, Class II-A-IO, Class III-A-IO, Class IV-A-IO or Class
V-A-IO Certificates, the related Notional Amount, as of the Determination Date
immediately preceding such Distribution Date minus (ii) the sum of (A) the Group
I-A Interest Percentage, Group II-A Interest Percentage, Group III-A Interest
Percentage, Group IV-A Interest Percentage or Group V-A Interest Percentage, as
applicable, of such Class of the interest portion of any Realized Losses
allocated to the Group I-A Certificates, Group II-A Certificates, Group III-A
Certificates, Group IV-A Certificates or Group V-A Certificates, as applicable,
on or after the Subordination Depletion Date pursuant to Section 4.02(c) and (B)
the Class A Interest Percentage of such Class of any Non-Supported Interest
Shortfall or Relief Act Shortfall allocated to the Class A Certificates with
respect to such Distribution Date.

      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 I-A-IO, Class II-A-IO, Class
III-A-IO, Class IV-A-IO and Class V-A-IO Certificates.

      Letter of Credit: As defined in the Wells Fargo Bank Servicing
Agreement.

      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 Group: Any of Loan Group I, Loan Group II, Loan Group III, Loan Group
IV or Loan Group V.

      Loan Group I: The Group I Mortgage Loans.

      Loan Group II: The Group II Mortgage Loans.

      Loan Group III: The Group III Mortgage Loans.

      Loan Group IV: The Group IV Mortgage Loans.

      Loan Group V: The Group V Mortgage Loans.

      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)(iv).

      Lower-Tier REMIC: One of three 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 the Master Servicing Fee Rate of the unpaid principal
balance of such Mortgage Loan.

      Master Servicing Fee Rate: As set forth in Section 11.20.

      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.

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

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

      Middle-Tier REMIC: One of the three 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 Middle-Tier
Certificate Account.

      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 July 25, 2007 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 applicable 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;

      (xxi) the name of the Servicer; and

      (xxii) whether such Mortgage Loan is a Group I Mortgage Loan, Group II
Mortgage Loan, Group III Mortgage Loan, Group IV Mortgage Loan or Group V
Mortgage Loan.

      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 minus (ii) the sum
of (a) the applicable Servicing Fee Rate, as set forth in Section 11.19 with
respect to such Mortgage Loan and (b) the Master Servicing Fee Rate, as set
forth in Section 11.20 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 Loan Group and any Distribution Date, a per annum rate
equal to the weighted average of the Net Mortgage Interest Rates of the Mortgage
Loans in such Loan Group (based on the Scheduled Principal Balances of the
Mortgage Loans in such Loan Group 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 Aggregate 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 I-A-IO Notional Amount, the Class II-A-IO
Notional Amount, the Class III-A-IO Notional Amount, the Class IV-A-IO Notional
Amount or the Class V-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).

            One-Year CMT 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.

      One-Year LIBOR Index: As to any Mortgage Loan and Adjustment Date, a rate
per annum that is defined to be the average of interbank offered rates for
one-year U.S. dollar-denominated deposits in the London market, as published in
The Wall Street Journal and most recently available as of the date up to 45 days
before the applicable Adjustment Date.

      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,
Class B-6 Principal Balance, Class B-7 Principal Balance or Class B-8 Principal
Balance.

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

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

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

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

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

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

      Original Class B Principal Balance: The sum of the Original Class B-1
Principal Balance, 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, the Original Class B-6 Principal Balance, the
Original Class B-7 Principal Balance and the Original Class B-8 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, the Original Class
B-6 Principal Balance, the Original Class B-7 Principal Balance and the Original
Class B-8 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, the Original Class B-6 Principal Balance, the Original Class
B-7 Principal Balance and the Original Class B-8 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, the Original Class B-6
Principal Balance, the Original Class B-7 Principal Balance and the Original
Class B-8 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, the Original Class B-6 Principal Balance, the Original Class B-7
Principal Balance and the Original Class B-8 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,
the Original Class B-7 Principal Balance and the Original Class B-8 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-6 Fractional Interest: As to the first Distribution Date,
the percentage obtained by dividing the Original Class B-7 Principal Balance and
the Original Class B-8 Principal Balance by the Cut-Off Date Aggregate Principal
Balance. The Original Class B-6 Fractional Interest is specified in Section
11.14.

      Original Class B-7 Fractional Interest: As to the first Distribution Date,
the percentage obtained by dividing the Original Class B-8 Principal Balance by
the Cut-Off Date Aggregate Principal Balance. The Original Class B-7 Fractional
Interest is specified in Section 11.15.

      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 Class B-7 Principal Balance: The Class B-7 Principal Balance as
of the Cut-Off Date, as set forth in Section 11.08.

      Original Class B-8 Principal Balance: The Class B-8 Principal Balance as
of the Cut-Off Date, as set forth in Section 11.08.

      Original Group I-A Percentage: The Group I-A Percentage as of the Cut-Off
Date as set forth in Section 11.03 (a).

      Original Group II-A Percentage: The Group II-A Percentage as of the
Cut-Off Date as set forth in Section 11.03 (b).

      Original Group III-A Percentage: The Group III-A Percentage as of the
Cut-Off Date as set forth in Section 11.03 (c).

      Original Group IV-A Percentage: The Group IV-A Percentage as of the
Cut-Off Date as set forth in Section 11.03 (d).

      Original Group V-A Percentage: The Group V-A Percentage as of the Cut-Off
Date as set forth in Section 11.03 (e).

      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, Original Class B-6 Principal Balance Original Class
B-7 Principal Balance or Original Class B-8 Principal Balance as set forth in
Section 11.08.

      Original Subordinated Principal Amount: The Class B Principal Balance
as of the Cut-Off Date.

      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 a Class of Interest Only Certificates), the undivided percentage
interest obtained by dividing the Denomination of such Certificate by the
Original Principal Balance of such Class of Class A Certificates. With respect
to a Class A Certificate of a Class of Interest Only Certificates, the undivided
percentage interest obtained by dividing the Denomination of such Certificate by
the Original Notional Amount of such Class of Interest Only Certificates. With
respect to a Class B Certificate of a Class, the undivided percentage interest
obtained by dividing the Denomination 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. For purposes of the preceding sentence, the Monthly Payment on each
Balloon Loan with a delinquent Balloon Payment is equal to the assumed monthly
payment that would have been due on the related Due Date based on the original
principal amortization schedule for such Balloon Loan.

      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).

      Pledge Holder: As defined in the Wells Fargo Bank Servicing Agreement.

      Pledged Asset Mortgage Loans: The Mortgage Loans listed on Exhibit Q
for which Letters of Credit have been issued.

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

      Pool Balance: Any of the Group I Pool Balance, Group II Pool Balance,
Group III Pool Balance, Group IV Pool Balance or Group V Pool Balance.

      Pool Scheduled Principal Balance: The sum of the Group I Pool Balance,
Group II Pool Balance, Group III Pool Balance, Group IV Pool Balance or Group V
Pool Balance.

      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, Class
B-6 Optimal Principal Amount Class B-7 Optimal Principal Amount or Class B-8
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)(ii) 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 a Class of 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 a Class of Interest Only Certificates), the Original
Principal Balance of such Class less the sum of all amounts previously allocated
to such Class on prior Distribution Dates (i) pursuant to Paragraph third
clauses (A)(1), (B)(1), (C)(1), (D)(1) and (E)(1) of Section 4.01(a)(i) as
applicable, (ii) pursuant to clause (vi) of Section 4.01(b) and (iii) 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 Group I-A Loss Percentage, Group II-A Loss Percentage, Group III-A Loss
Percentage, Group IV-A Loss Percentage or Group V-A Loss Percentage, as
applicable, of such Class and the difference, if any, between (a) the Group I-A
Principal Balance, Group II-A Principal Balance, Group III-A Principal Balance,
Group IV-A Principal Balance or Group V-A Principal Balance, as applicable, as
of such Determination Date without regard to this sentence and (b) Group I
Adjusted Pool Amount, Group II Adjusted Pool Amount, Group III Adjusted Pool
Amount, Group IV Adjusted Pool Amount or Group V Adjusted Pool Amount, as
applicable, for the preceding Distribution Date; provided, however, that the
amount of any such reduction for the Class I-A-1 Certificates will be decreased
by the Class I-A-2 Loss Allocation Amount, the amount of any such reduction for
the Class II-A-1 Certificates will be decreased by the Class II-A-2 Loss
Allocation Amount, the amount of any such reduction for the Class III-A-1
Certificates will be decreased by the Class III-A-2 Loss Allocation Amount and
the amount of any such reduction for the Class IV-A-1 Certificates will be
decreased by the Class IV-A-2 Loss Allocation Amount. After the Subordination
Depletion Date, the Principal Balance of the Class I-A-2 Certificates will
additionally be reduced by the Class I-A-2 Loss Allocation Amount, the Principal
Balance of the Class II-A-2 Certificates will additionally be reduced by the
Class II-A-2 Loss Allocation Amount, the Principal Balance of the Class III-A-2
Certificates will additionally be reduced by the Class III-A-2 Loss Allocation
Amount and the Principal Balance of the Class IV-A-2 Certificates will
additionally be reduced by the Class IV-A-2 Loss Allocation Amount. In addition,
any increase allocated to the Class I-A-1 Certificates pursuant to the third
sentence above will instead increase the Principal Balance of the Class I-A-2
Certificates, any increase allocated to the Class II-A-1 Certificates pursuant
to the third sentence above will instead increase the Principal Balance of the
Class II-A-2 Certificates, any increase allocated to the Class III-A-1
Certificates pursuant to the third sentence above will instead increase the
Principal Balance of the Class III-A-2 Certificates and any increase allocated
to the Class IV-A-1 Certificates pursuant to the third sentence above will
instead increase the Principal Balance of the Class IV-A-2 Certificates.

      The Class I-A-IO, Class II-A-IO, Class III-A-IO, Class IV-A-IO and Class
V-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, Class B-6 Principal Balance, Class B-7 Principal
Balance or Class B-8 Principal Balance, as applicable.

      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 clauses (A), (B), (C), (D) or (E) of Section 4.01(a)(i) or
Paragraphs third, sixth, ninth, twelfth, fifteenth, eighteenth, twenty-first or
twenty-fourth of Section 4.01(a)(ii).

      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 July 23, 2006 as supplemented by the
prospectus supplement dated July 23, 2006, relating to the Class A, Class B-1,
Class B-2, Class B-3, Class B-4 and Class B-5 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, Class B-1, Class B-2, Class
B-3, Class B-4 and Class B-5 Certificates are Fitch and S&P. The Rating Agency
for the Class B-6 and Class B-7 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 F-1+ in the case of Fitch, A-1 in the case of S&P 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 Fitch and S&P, 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: As to any Distribution Date and each Loan Group, the sum of all
amounts received (net of any reimbursable expenses) for the Group I Mortgage
Loans, Group II Mortgage Loans, Group III Mortgage Loans, Group IV Mortgage
Loans or Group V Mortgage Loans, as applicable, subsequent to any 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 (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 Aggregate 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.

      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.

      Residual Certificate: The Class I-A-R Certificate.

      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 listed on 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 11.19.

      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).

      Six-Month LIBOR Index: As to any Mortgage Loan and Adjustment Date, a rate
per annum that is defined to be the average of interbank offered rates for
six-month U.S. dollar-denominated deposits in the London market, as published in
The Wall Street Journal and most recently available as of the date up to 45 days
before the applicable Adjustment Date.

      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 11.18.

      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.

      Subordinate Balance Ratio: As of any date of determination, the ratio
among the principal balances of the Class I-LS Interest, Class II-LS Interest,
Class III-LS Interest, Class IV-LS Interest and Class V-LS Interest, equal to
the ratio among the Group I Subordinate Amount, the Group II Subordinate Amount,
the Group III Subordinate Amount, the Group IV Subordinate Amount and the Group
V Subordinate Amount.

      Subordination Depletion Date: The Distribution Date preceding the first
Distribution Date on which each of the Group I-A Percentage, Group II-A
Percentage, Group III-A Percentage, Group IV-A Percentage and Group V-A
Percentage (in each case, 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 which shall
be entitled "Wells Fargo Alternative Loan 2007-PA4 Trust."

      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 I-L Interest, Class
I-LS Interest, Class II-L Interest, Class II-LS Interest, Class III-L Interest,
Class III-LS Interest, Class IV-L Interest, Class IV-LS Interest, Class V-L
Interest and Class V-LS Interest.

      Uncertificated Middle-Tier Interest: Any of the Class I-A-M1 Interest,
Class I-A-MUR Interest, Class II-A-M1 Interest, Class III-A-M1 Interest, Class
IV-A-M1 Interest, Class V-A-M1 Interest, Class B-M1 Interest, Class B-M2
Interest, Class B-M3 Interest, Class B-M4 Interest, Class B-M5 Interest, Class
B-M6 Interest, Class B-M7 Interest and Class B-M8 Interest.

      Undercollateralized Amount: As defined in Section 4.01(b)(vi).

      Undercollateralized Group: As defined in Section 4.01(b)(vi).

      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, the Class
B-6 Unpaid Interest Shortfall, the Class B-7 Unpaid Interest Shortfall and the
Class B-8 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
those portions of the Class I-A-R Certificate represented by the Class I-A-LR
Interest and the Class I-A-MR 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 three separate REMICs comprising the Trust
Estate, the assets of which consist of the Uncertificated Middle-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, each Class of Interest Only
Certificates will each 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, (e) all
of the Depositor's right, title and interest in and to the proceeds of the
Letters of Credit and (f) 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); and

      (v) For each Letter of Credit, the original advice of such Letter of
   Credit endorsed by the Pledge Holder and Wells Fargo Bank's notice of
   transfer (Exhibit A to the Letter of Credit) of beneficiary of such Letter of
   Credit to the Trustee.

      (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 defects, 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 or otherwise in
   writing provided by the Master Servicer to the Depositor, there has been 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 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 (other than with respect to any Balloon Loans) 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 6.0 Revised, 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,
(ii) the issuance of and hereby declares that it holds the Uncertificated
Lower-Tier Interests on behalf of the Middle-Tier REMIC and Certificateholders
and (iii) the issuance of and hereby declares that it holds the Uncertificated
Middle-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 the Uncertificated Middle-Tier Interests 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 and the Uncertificated Middle-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 I-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 I-A-M1 Interest, Class I-A-MUR Interest, Class II-A-M1 Interest, Class
III-A-M1 Interest, Class IV-A-M1 Interest, Class V-A-M1 Interest, Class B-M1
Interest, Class B-M2 Interest, Class B-M3 Interest, Class B-M4 Interest, Class
B-M5 Interest, Class B-M6 Interest, Class B-M7 Interest and Class B-M8 Interest
as classes of "regular interests" and the Class I-A-MR Interest as the single
class of "residual interest" in the Middle-Tier REMIC for the purposes of Code
Sections 860G(a)(1) and 860G(a)(2), respectively. The Depositor hereby further
designates the Class I-L Interest, Class I-LS Interest, Class II-L Interest,
Class II-LS Interest, Class III-L Interest, Class III-LS Interest, Class IV-L
Interest, Class IV-LS Interest, Class V-L Interest and Class V-LS Interest as
classes of "regular interests" and the Class I-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, the Middle-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, the
Middle-Tier REMIC and the Lower-Tier REMIC is July 25, 2037 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 amounts received from draws on any Letters
of Credit 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 any of the Upper-Tier REMIC, the Middle-Tier
REMIC or the Lower-Tier REMIC to be subject to Prohibited Transactions Tax,
otherwise subject the Trust Estate to tax, or cause any of the Upper-Tier REMIC,
the Middle-Tier REMIC or the Lower-Tier REMIC to fail to qualify as three REMICs
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 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 2008,
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, the Middle-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 Middle-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,
the Middle-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 2008, 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.

      provided, however that no such assessment shall be required with respect
to any Servicing Function Participant who would not be considered a separate
"party participating in the servicing function" for purposes of Item 1122 of
Regulation AB, as then interpreted by the Commission. In the event of any
disagreement among any of the parties hereto regarding the application of the
Commission's interpretation to a particular Servicing Function Participant, the
determination of the Master Servicer shall be binding.

      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 from
which an assessment of servicing compliance is required pursuant to Section 3.11
(a), 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 2008, 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 (or, solely in the case of Item 7 of
Exhibit S, the greater of five (5) calendar days or three (3) Business 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 2008, 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 2008, (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 Group I Pool Distribution Amount, Group
II Pool Distribution Amount, Group III Pool Distribution Amount, Group IV Pool
Distribution Amount and Group V Pool Distribution Amount will be applied in the
following amounts, to the extent the Group I Pool Distribution Amount, Group II
Pool Distribution Amount, Group III Pool Distribution Amount, Group IV Pool
Distribution Amount and Group V Pool Distribution Amount are sufficient
therefor, in the manner and in the order of priority as follows, subject to
adjustment in accordance with Section 4.01(b)(vi) below:

      (i) with respect to the Group I-A Certificates, Group II-A Certificates,
Group III-A Certificates, Group IV-A Certificates and Group V-A Certificates,
from the Group I Pool Distribution Amount, Group II Pool Distribution Amount,
Group III Pool Distribution Amount, Group IV Pool Distribution Amount and Group
V Pool Distribution Amount, respectively, as follows:

      first, (A) to the Classes of Group I-A Certificates, pro rata, based upon
their respective Interest Accrual Amounts, in an aggregate amount up to the
Group I-A Interest Accrual Amount with respect to such Distribution Date; (B) to
the Classes of Group II-A Certificates, pro rata, based upon their respective
Interest Accrual Amounts, in an aggregate amount up to the Group II-A Interest
Accrual Amount with respect to such Distribution Date; (C) to the Classes of
Group III-A Certificates, pro rata, based upon their respective Interest Accrual
Amounts, in an aggregate amount up to the Group III-A Interest Accrual Amount
with respect to such Distribution Date; (D) to the Classes of Group IV-A
Certificates, pro rata, based upon their respective Interest Accrual Amounts, in
an aggregate amount up to the Group IV-A Interest Accrual Amount with respect to
such Distribution Date; and (E) to the Classes of Group V-A Certificates, pro
rata, based upon their respective Interest Accrual Amounts, in an aggregate
amount up to the Group V-A Interest Accrual Amount with respect to such
Distribution Date;

      second, (A) to the Classes of Group I-A Certificates, pro rata, based upon
their respective Class A Unpaid Interest Shortfalls, in an aggregate amount up
to the Aggregate Group I-A Unpaid Interest Shortfall; (B) to the Classes of
Group II-A Certificates, pro rata, based upon their respective Class A Unpaid
Interest Shortfalls, in an aggregate amount up to the Aggregate Group II-A
Unpaid Interest Shortfall; (C) to the Classes of Group III-A Certificates, pro
rata, based upon their respective Class A Unpaid Interest Shortfalls, in an
aggregate amount up to the Aggregate Group III-A Unpaid Interest Shortfall; (D)
to the Classes of Group IV-A Certificates, pro rata, based upon their respective
Class A Unpaid Interest Shortfalls, in an aggregate amount up to the Aggregate
Group IV-A Unpaid Interest Shortfall; and (E) to the Classes of Group V-A
Certificates, pro rata, based upon their respective Class A Unpaid Interest
Shortfalls, in an aggregate amount up to the Aggregate Group V-A Unpaid Interest
Shortfall;

      third, (A) to the Group I-A Certificates in an aggregate amount up to the
Group I-A Optimal Principal Amount, such distribution to be allocated among such
Classes in accordance with Section 4.01(b)(i); (B) to the Group II-A
Certificates in an aggregate amount up to the Group II-A Optimal Principal
Amount, such distribution to be allocated among such Classes in accordance with
Section 4.01(b)(ii); (C) to the Group III-A Certificates in an aggregate amount
up to the Group III-A Optimal Principal Amount, such distribution to be
allocated among such Classes in accordance with Section 4.01(b)(iii); (D) to the
Group IV-A Certificates in an aggregate amount up to the Group IV-A Optimal
Principal Amount, such distribution to be allocated among such Classes in
accordance with Section 4.01(b)(iv); and (E) to the Group V-A Certificates in an
aggregate amount up to the Group V-A Optimal Principal Amount, such distribution
to be allocated among such Classes in accordance with Section 4.01(b)(v);

      (ii) to the Class B Certificates, from the Group I Pool Distribution
Amount, Group II Pool Distribution Amount, Group III Pool Distribution Amount,
Group IV Pool Distribution Amount and Group V Pool Distribution Amount, as
follows:

      first, 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;

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

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

      fourth, 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;

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

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

      seventh, 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;

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

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

      tenth, 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;

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

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

      thirteenth, 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;

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

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

      sixteenth, 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;

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

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

      nineteenth, to the Class B-7 Certificates in an amount up to the Interest
Accrual Amount for the Class B-7 Certificates with respect to such Distribution
Date;

      twentieth, to the Class B-7 Certificates in an amount up to the Class B-7
Unpaid Interest Shortfall;

      twenty-first, to the Class B-7 Certificates in an amount up to the
Class B-7 Optimal Principal Amount;

      twenty-second, to the Class B-8 Certificates in an amount up to the
Interest Accrual Amount for the Class B-8 Certificates with respect to such
Distribution Date;

      twenty-third, to the Class B-8 Certificates in an amount up to the Class
B-8 Unpaid Interest Shortfall;

      twenty-fourth, to the Class B-8 Certificates in an amount up to the
Class B-8 Optimal Principal Amount; and

      twenty-fifth, to the Holder of the Class I-A-R Certificate (i) in respect
of the Class I-A-R Interest, any amounts remaining in the Upper-Tier Certificate
Account, (ii) in respect of the Class I-A-MR Interest, any amounts remaining in
the Middle-Tier Certificate Account and (iii) in respect of the Class I-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 allocated
sequentially to the Classes of Class A Certificates of the related Group and
Class B Certificates then outstanding which bore the loss to which such
Reimbursement Amount relates beginning with the most senior of such Class of
Class A Certificates of such Group and Class B 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 Group I Pool Distribution Amount, Group II Pool Distribution
Amount, Group III Pool Distribution Amount, Group IV Pool Distribution Amount or
Group V Pool Distribution Amount, as applicable.

      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.

         (iii) Distributions on the Uncertificated Middle-Tier Interests. On
each Distribution Date, each Uncertificated Middle-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, Classes
as provided herein. On each Distribution Date, each Uncertificated Middle-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 Middle-Tier Interests in respect of principal and interest with
respect to any Distribution Date are referred to herein collectively as the
"Middle-Tier Distribution Amount."

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

      The pass-through rate with respect to the Class I-A-M1 Interest and the
Class I-A-MUR Interest shall be the Net WAC of the Group I Mortgage Loans. The
pass-through rate with respect to the Class II-A-M1 Interest shall be the Net
WAC of the Group II Mortgage Loans. The pass-through rate with respect to the
Class III-A-M1 Interest shall be the Net WAC of the Group III Mortgage Loans.
The pass-through rate with respect to the Class IV-A-M1 Interest shall be the
Net WAC of the Group IV Mortgage Loans. The pass-through rate with respect to
the Class V-A-M1 Interest shall be the Net WAC of the Group V Mortgage Loans.
The pass-through rate with respect to the Class B-M1 Interest, Class B-M2
Interest, Class B-M3 Interest, Class B-M4 Interest, Class B-M5 Interest, Class
B-M6 Interest, Class B-M7 Interest and Class B-M8 Interest shall be equal to the
Class B Pass-Through Rate. Any Non-Supported Interest Shortfalls and Relief Act
Shortfalls will be allocated to each Uncertificated Middle-Tier Interest in the
same relative proportions as interest is allocated to such Uncertificated
Middle-Tier Interest.

      (iv) Distributions on the Uncertificated Lower-Tier Interests. On each
Distribution Date, interest shall be distributed in respect of each
Uncertificated Lower-Tier Interest at the pass-through rate thereon, as
described in the final paragraph of this Section 4.01(a)(iv). On each
Distribution Date, all distributions of principal shall be made first, to the
Class I-LS Interest, Class II-LS Interest, Class III-LS Interest, Class IV-LS
Interest and the Class V-LS Interest, so as to keep the principal balances
thereof equal to 0.1% of the Group I Subordinate Amount, Group II Subordinate
Amount, Group III Subordinate Amount, Group IV Subordinate Amount and Group V
Subordinate Amount, respectively (except that if any such excess is a larger
number than in the preceding distribution period, the least amount of principal
shall be distributed to the Class I-LS Interest, Class II-LS Interest, Class
III-LS Interest, Class IV-LS Interest and Class V-LS Interest such that the
Subordinate Balance Ratio is maintained); and second, any remaining principal to
the Class I-L Interest, Class II-L Interest, Class III-L Interest, Class IV-L
Interest and Class V-L Interest. 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." Any distributions made to the Uncertificated Lower-Tier
Interests pursuant to this paragraph shall be made (a) from Group I Pool
Distribution Amounts distributed in respect of principal to Uncertificated
Lower-Tier Interests beginning with the numeral "I," (b) from Group II Pool
Distribution Amounts distributed in respect of principal to Uncertificated
Lower-Tier Interests beginning with the numeral "II," (c) from Group III Pool
Distribution Amounts distributed in respect of principal to Uncertificated
Lower-Tier Interests beginning with the numeral "III," (d) from Group IV Pool
Distribution Amounts distributed in respect of principal to Uncertificated
Lower-Tier Interests beginning with the numeral "IV," and (e) from Group V Pool
Distribution Amounts distributed in respect of principal to Uncertificated
Lower-Tier Interests beginning with the numeral "V."

      Realized Losses shall be applied after all distributions have been made on
each Distribution Date first, to the Class I-LS Interest, Class II-LS Interest,
Class III-LS Interest, Class IV-LS Interest and Class V-LS Interest so as to
keep their principal balances equal to 0.1% of the Group I Subordinate Amount,
Group II Subordinate Amount, Group III Subordinate Amount, Group IV Subordinate
Amount and Group V Subordinate Amount, respectively (except that if any such
excess is a larger number than in the preceding distribution period, the least
amount of Realized Losses shall be allocated to the Class I-LS Interest, Class
II-LS Interest, Class III-LS Interest, Class IV-LS Interest and Class V-LS
Interest such that the Subordinate Balance Ratio is maintained); and second, the
remaining Realized Losses shall be allocated to the Class I-L Interest, Class
II-L Interest, Class III-L Interest, Class IV-L Interest and Class V-L Interest.
Any Realized Losses allocated to the Uncertificated Lower-Tier Interests
pursuant to this paragraph shall be (a) from Realized Losses allocated to Loan
Group I in the case of Uncertificated Lower-Tier Interests beginning with the
numeral "I," (b) from Realized Losses allocated to Loan Group II in the case of
Uncertificated Lower-Tier Interests beginning with the numeral "II," (c) from
Realized Losses allocated to Loan Group III in the case of Uncertificated
Lower-Tier Interests beginning with the numeral "III," (d) from Realized Losses
allocated to Loan Group IV in the case of Uncertificated Lower-Tier Interests
beginning with the numeral "IV," and (e) from Realized Losses allocated to Loan
Group V in the case of Uncertificated Lower-Tier Interests beginning with the
numeral "V."

      Recoveries and Reimbursement Amounts shall be applied to the
Uncertificated Lower Tier Interests in a manner analogous to the application of
Realized Losses to the Uncertificated Lower Tier Interests.

      As of any date, the aggregate principal balance of the Class I-L Interest
and the Class I-LS Interest shall equal the principal balance of Loan Group I.
As of any date, the aggregate principal balance of the Class II-L Interest and
the Class II-LS Interest shall equal the principal balance of Loan Group II. As
of any date, the aggregate principal balance of the Class III-L Interest and the
Class III-LS Interest shall equal the principal balance of Loan Group III. As of
any date, the aggregate principal balance of the Class IV-L Interest and the
Class IV-LS Interest shall equal the principal balance of Loan Group IV. As of
any date, the aggregate principal balance of the Class V-L Interest and the
Class V-LS Interest shall equal the principal balance of Loan Group V.

      The pass-through rate with respect to the Class I-L Interest and Class
I-LS Interest shall be the Net WAC of the Group I Mortgage Loans. The
pass-through rate with respect to the Class II-L Interest and Class II-LS
Interest shall be the Net WAC of the Group II Mortgage Loans. The pass-through
rate with respect to the Class III-L Interest and Class III-LS Interest shall be
the Net WAC of the Group III Mortgage Loans. The pass-through rate with respect
to the Class IV-L Interest and Class IV-LS Interest shall be the Net WAC of the
Group IV Mortgage Loans. The pass-through rate with respect to the Class V-L
Interest and Class V-LS Interest shall be the Net WAC of the Group V 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 I-A-IO, Class II-A-IO, Class III-A-IO, Class IV-A-IO and
Class V-A-IO Certificates are Interest Only Certificates and are not entitled to
distributions in respect of principal.

      (i) Group I-A Certificates

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

      first, to the Class I-A-R Certificates; and

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

      (ii) Group II-A Certificates

      On each Distribution Date occurring prior to the Subordination Depletion
Date, the Group II Principal Distribution Amount for the Group II-A Certificates
will be allocated among and distributed in reduction of the Principal Balances
of the Group II-A Certificates, concurrently, to the Class II-A-1 and Class
II-A-2 Certificates, pro rata.

      (iii) Group III-A Certificates

      On each Distribution Date occurring prior to the Subordination Depletion
Date, the Group III Principal Distribution Amount for the Group III-A
Certificates will be allocated among and distributed in reduction of the
Principal Balances of the Group III-A Certificates, concurrently, to the Class
III-A-1 and Class III-A-2 Certificates, pro rata.

      (iv) Group IV-A Certificates

      On each Distribution Date occurring prior to the Subordination Depletion
Date, the Group IV Principal Distribution Amount for the Group IV-A Certificates
will be allocated among and distributed in reduction of the Principal Balances
of the Group IV-A Certificates, concurrently, to the Class IV-A-1 and Class
IV-A-2 Certificates, pro rata.

      (v) Group V-A Certificates

      On each Distribution Date occurring prior to the Subordination Depletion
Date, the Group V Principal Distribution Amount for the Group V-A Certificates
will be distributed in reduction of the Principal Balance of the Class V-A-1
Certificates.

      (vi) Notwithstanding the foregoing, (X) on any Distribution Date occurring
prior to the Subordination Depletion Date but on or after the date on which the
Principal Balances of the Group I-A Certificates, Group II-A Certificates, Group
III-A Certificates, Group IV-A Certificates or Group V-A Certificates have been
reduced to zero and on which (a) the Aggregate Subordinate Percentage for such
Distribution Date is less than 8.00% or (b) the average outstanding principal
balance of the Mortgage Loans delinquent 60 days or more over the preceding six
months as a percentage of the Class B Principal Balance is greater than or equal
to 100%, the remaining Group of Class A Certificates will be entitled to receive
as principal, in addition to any principal payments described in Section 4.01(a)
above, in accordance with the priorities set forth in Section 4.01(b)(i), (ii),
(iii), (iv) or (v) above and until the aggregate Principal Balance of each such
Group of Class A Certificates has been reduced to zero, amounts otherwise
distributable pursuant to clauses (ii) and (iii) of the Class B Loan Group
Optimal Principal Amounts with respect to the related Loan Group (other than
Liquidation Proceeds that are not Partial Liquidation Proceeds) (without regard
to this clause (vi)) first to the Class B-8 Certificates pursuant to Paragraph
twenty-fourth of 4.01(a)(ii) above, second to the Class B-7 Certificates
pursuant to Paragraph twenty-first of 4.01(a)(ii) above, third to the Class B-6
Certificates pursuant to Paragraph eighteenth of 4.01(a)(ii) above, fourth to
the Class B-5 Certificates pursuant to Paragraph fifteenth of 4.01(a)(ii) above,
fifth to the Class B-4 Certificates pursuant to Paragraph twelfth of 4.01(a)(ii)
above, sixth to the Class B-3 Certificates pursuant to Paragraph ninth of
4.01(a)(ii) above, seventh to the Class B-2 Certificates pursuant to Paragraph
sixth of 4.01(a)(ii) above and eighth to the Class B-1 Certificates pursuant to
Paragraph third of 4.01(a)(ii) above but in each case only from the applicable
Apportioned Class B Principal Distribution Amount for such Class of Class B
Certificates and (Y) if on any Distribution Date the Group I-A Principal
Balance, Group II-A Principal Balance, Group III-A Principal Balance, Group IV-A
Principal Balance or Group V-A Principal Balance (after giving effect to all
distributions on such Distribution Date) is greater than the Group I Adjusted
Pool Amount, Group II Adjusted Pool Amount, Group III Adjusted Pool Amount,
Group IV Adjusted Pool Amount or Group V Adjusted Pool Amount, respectively (the
Group I-A Certificates, Group II-A Certificates, Group III-A Certificates, Group
IV-A Certificates or Group V-A Certificates, as applicable, in such instance,
the "Undercollateralized Group"), the Class A Certificates of the
Undercollateralized Group will be entitled to receive first in respect of any
Class A Unpaid Interest Shortfalls therefor (including any Group I Interest
Shortfall Amount, Group II Interest Shortfall Amount, Group III Interest
Shortfall Amount, Group IV Interest Shortfall Amount or Group V Interest
Shortfall Amount, as applicable, arising on such Distribution Date) and second
as principal, in addition to any principal payments described in Section
4.01(a)(i) above, in accordance with the priorities set forth in Section
4.01(b)(i), (ii), (iii), (iv) or (v) above and until the aggregate Principal
Balance of the Class A Certificates of the Undercollateralized Group equals the
Group I Adjusted Pool Amount, Group II Adjusted Pool Amount, Group III Adjusted
Pool Amount, Group IV Adjusted Pool Amount or Group V Adjusted Pool Amount, as
applicable (such amount, the "Undercollateralized Amount"), all amounts
otherwise distributable (without regard to this clause (vi)) first to the Class
B-8 Certificates pursuant to Paragraph twenty-fourth of 4.01(a)(ii) above,
second to the Class B-7 Certificates pursuant to Paragraph twenty-first of
4.01(a)(ii) above, third to the Class B-6 Certificates pursuant to Paragraph
eighteenth of 4.01(a)(ii) above, fourth to the Class B-5 Certificates pursuant
to Paragraph fifteenth of 4.01(a)(ii) above, fifth to the Class B-4 Certificates
pursuant to Paragraph twelfth of 4.01(a)(ii) above, sixth to the Class B-3
Certificates pursuant to Paragraph ninth of 4.01(a)(ii) above, seventh to the
Class B-2 Certificates pursuant to Paragraph sixth of 4.01(a)(ii) above and
eighth to the Class B-1 Certificates pursuant to Paragraph third of 4.01(a)(ii)
above. If two or more Groups remain outstanding, the distributions described in
Section 4.01(b)(vi)(X) will be made among such outstanding Groups in proportion
to the Group A Principal Balances of such Groups (after distributions pursuant
to Sections 4.01(b)(i), (ii), (iii), (iv) and (v)). If two or more Groups are
Undercollateralized Groups, the distributions described in this Section
4.01(b)(vi)(Y) shall be made to such Groups pro rata in proportion to the amount
by which the Group A Principal Balance of each such Group exceeds the Group I
Adjusted Pool Amount, Group II Adjusted Pool Amount, Group III Adjusted Pool
Amount, Group IV Adjusted Pool Amount or Group V Adjusted Pool Amount, as
applicable.

      (c) Notwithstanding the foregoing, on each Distribution Date occurring on
or subsequent to the Subordination Depletion Date, (I) the Group I-A Principal
Distribution Amount shall be distributed among the Classes of Group I-A
Certificates, (II) the Group II-A Principal Distribution Amount shall be
distributed among the Classes of Group II-A Certificates, (III) the Group III-A
Principal Distribution Amount shall be distributed among the Classes of Group
III-A Certificates, (IV) the Group IV-A Principal Distribution Amount shall be
distributed among the Classes of Group IV-A Certificates and (V) the Group V-A
Principal Distribution Amount shall be distributed among the Classes of Group
V-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)(i), (ii), (iii), (iv) or (v).

      (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, Class B-6, Class
   B-7 and Class B-8 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, Class B-6, Class B-7 and
   Class B-8 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, Class B-6, Class B-7 and Class B-8
   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, Class B-6, Class B-7 and Class B-8 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, Class B-7 and Class B-8 Certificates shall not be
   eligible to receive distributions of such unscheduled principal; or

      (F) if the Current Class B-6 Fractional Interest is less than the Original
   Class B-6 Fractional Interest and the Class B-6 Principal Balance is greater
   than zero, the Class B-7 and Class B-8 Certificates shall not be eligible to
   receive distributions of such unscheduled principal; or

      (G) if the Current Class B-7 Fractional Interest is less than the Original
   Class B-7 Fractional Interest and the Class B-7 Principal Balance is greater
   than zero, the Class B-8 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 Group I Class B Prepayment Percentage, Group
II Class B Prepayment Percentage, Group III Class B Prepayment Percentage, Group
IV Class B Prepayment Percentage and Group V 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 Group I Class B Percentage, Group II Class B Percentage, Group
III Class B Percentage, Group IV Class B Percentage and Group V 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 Group I Subordinated
Prepayment Percentage, Group II Subordinated Prepayment Percentage, Group III
Subordinated Prepayment Percentage, Group IV Subordinated Prepayment Percentage
and Group V Subordinated Prepayment Percentage and the Group I Subordinated
Percentage, Group II Subordinated Percentage, Group III Subordinated Percentage,
Group IV Subordinated Percentage and Group V Subordinated Percentage in such
computations the difference between (A) the Group I Subordinated Prepayment
Percentage, Group II Subordinated Prepayment Percentage, Group III Subordinated
Prepayment Percentage, Group IV Subordinated Prepayment Percentage or Group V
Subordinated Prepayment Percentage or the Group I Subordinated Percentage, Group
II Subordinated Percentage, Group III Subordinated Percentage, Group IV
Subordinated Percentage or Group V 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 in accordance with this section shall be reduced to zero
on such Distribution Date, the Group I Class B Prepayment Percentage, Group II
Class B Prepayment Percentage, Group III Class B Prepayment Percentage, Group IV
Class B Prepayment Percentage and Group V 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 Group
I Subordinated Prepayment Percentage, Group II Subordinated Prepayment
Percentage, Group III Subordinated Prepayment Percentage, Group IV Subordinated
Prepayment Percentage and Group V Subordinated Prepayment Percentage for such
Distribution Date minus the sum of the Group I Class B Prepayment Percentages,
Group II Class B Prepayment Percentages, Group III Class B Prepayment
Percentages, Group IV Class B Prepayment Percentages and Group V 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 Group
I Class B Prepayment Percentage, Group II Class B Prepayment Percentage, Group
III Class B Prepayment Percentage, Group IV Class B Prepayment Percentage or
Group V Class B Prepayment Percentage.

      (e) The Master Servicer shall establish and maintain the Middle-Tier
Certificate Account and Upper-Tier Certificate Account, each of which shall be a
separate trust account and an Eligible Account (provided that such accounts may
be deemed sub-accounts 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,
(i) be deemed to deposit, in immediately available funds, by wire transfer or
otherwise, into the Middle-Tier Certificate Account the Lower-Tier Distribution
Amount and (ii) be deemed to deposit, in immediately available funds, by wire
transfer or otherwise, into the Upper-Tier Certificate Account the Middle-Tier
Distribution Amount. The Master Servicer may clear and terminate the Middle-Tier
Certificate Account and 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 has so notified the Paying Agent at least
seven Business Days prior to the Distribution Date or if such Holder 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 Group
I-A Distribution Amount, Group II-A Distribution Amount, Group III-A
Distribution Amount, Group IV-A Distribution Amount or Group V-A Distribution
Amount, as applicable, 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 Interest Only Certificates and the Residual Certificate) or the
Principal Balance of any Class of Class B Certificates would be reduced to zero,
or in the case of each Class of Interest Only Certificates, its respective
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)(i).

      (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) occurring with respect to
Group I Mortgage Loans, Group II Mortgage Loans, Group III Mortgage Loans, Group
IV Mortgage Loans and Group V Mortgage Loans will be allocated as follows:

      first, to the Class B-8 Certificates until the Class B-8 Principal
Balance has been reduced to zero;

      second, to the Class B-7 Certificates until the Class B-7 Principal
Balance has been reduced to zero;

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

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

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

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

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

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

      ninth, (i) with respect to such losses occurring with respect to Group I
Mortgage Loans, to the Group I-A Certificates; (ii) with respect to such losses
occurring with respect to Group II Mortgage Loans, to the Group II-A
Certificates; (iii) with respect to such losses occurring with respect to Group
III Mortgage Loans, to the Group III-A Certificates; (iv) with respect to such
losses occurring with respect to Group IV Mortgage Loans, to the Group IV-A
Certificates; and (v) with respect to such losses occurring with respect to
Group V Mortgage Loans, to the Group V-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, Class B-6 Principal
Balance, Class B-7 Principal Balance and Class B-8 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 occurring with respect to the Group I Mortgage Loans, Group II
Mortgage Loans, Group III Mortgage Loans, Group IV Mortgage Loans and Group V
Mortgage Loans will be allocated after the Subordination Depletion Date among
the outstanding Classes of Group I-A, Group II-A, Group III-A, Group IV-A and
Group V-A Certificates, respectively, based on their Group I-A Interest
Percentage, Group II-A Interest Percentage, Group III-A Interest Percentage,
Group IV-A Interest Percentage and Group V-A Interest Percentage.

      (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 as provided in Section 4.01(a)(iv).

      (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 as provided in Section 4.01(a)(iv).

      (g) 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 Middle-Tier Interest in an amount equal to the amount allocated
to its respective Corresponding Upper-Tier Class or Classes as provided above.

      (h) 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 Middle-Tier Interest in the same relative proportions as
interest is allocated to such Uncertificated Middle-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) if the Depositor or the Master Servicer determine it necessary in
   order to comply with the requirements of Regulation AB, 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
   Group I-A Interest Distribution Amount allocated to each Class of Group I-A
   Certificates, Current Group II-A Interest Distribution Amount allocated to
   each Class of Group II-A Certificates, Current Group III-A Interest
   Distribution Amount allocated to each Class of Group III-A Certificates,
   Current Group IV-A Interest Distribution Amount allocated to each Class of
   Group IV-A Certificates, and Current Group V-A Interest Distribution Amount
   allocated to each Class of Group V-A Certificates, (C) any Group I Interest
   Shortfall Amounts, Group II Interest Shortfall Amounts, Group III Interest
   Shortfall Amounts, Group IV Interest Shortfall Amounts or Group V 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;

      (vii) the number and aggregate principal balance of Group I Mortgage
   Loans, Group II Mortgage Loans, Group III Mortgage Loans, Group IV Mortgage
   Loans and Group V Mortgage Loans outstanding, the weighted average Mortgage
   Interest Rate and weighted average remaining term to maturity of the related
   Mortgage Loans outstanding and the cumulative prepayment amounts, in each
   case, as of the preceding Determination Date;

      (viii) the number and aggregate principal balances of the of Group I
   Mortgage Loans, Group II Mortgage Loans, Group III Mortgage Loans, Group IV
   Mortgage Loans and Group V Mortgage Loans by range of current Mortgage
   Interest Rates;

      (ix) the pool factors for such Distribution Date;

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

      (xi) the Group I-A Principal Balance, Group II-A Principal Balance, Group
   III-A Principal Balance, Group IV-A Principal Balance, Group V-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;

      (xii) the Group I Adjusted Pool Amount, the Group II Adjusted Pool Amount,
   the Group III Adjusted Pool Amount, the Group IV Adjusted Pool Amount, the
   Group V Adjusted Pool Amount, the Group I Pool Balance of the Group I
   Mortgage Loans for such Distribution Date, the Group II Pool Balance of the
   Group II Mortgage Loans for such Distribution Date, the Group III Pool
   Balance of the Group III Mortgage Loans for such Distribution Date, the Group
   IV Pool Balance of the Group IV Mortgage Loans for such Distribution Date and
   the Group V Pool Balance of the Group V Mortgage Loans for such Distribution
   Date;

      (xiii) the aggregate Scheduled Principal Balances of the Group I Mortgage
   Loans, Group II Mortgage Loans, Group III Mortgage Loans, Group IV Mortgage
   Loans and Group V Mortgage Loans serviced by Wells Fargo Bank in its capacity
   as Servicer and, collectively, by the Other Servicers as of such Distribution
   Date;

      (xiv) the Group I-A Percentage, Group II-A Percentage, Group III-A
   Percentage, Group IV-A Percentage and Group V-A Percentage for such
   Distribution Date;

      (xv) the Group I-A Prepayment Percentage, Group II-A Prepayment
   Percentage, Group III-A Prepayment Percentage, Group IV-A Prepayment
   Percentage and Group V-A Prepayment Percentage for such Distribution Date;

      (xvi) the Group I Class B-1, Class B-2, Class B-3, Class B-4, Class B-5,
   Class B-6, Class B-7 and Class B-8 Percentages; the Group II Class B-1, Class
   B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7 and Class B-8
   Percentages; the Group III Class B-1, Class B-2, Class B-3, Class B-4, Class
   B-5, Class B-6, Class B-7 and Class B-8 Percentages; the Group IV Class B-1,
   Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7 and Class
   B-8 Percentages; and the Group V Class B-1, Class B-2, Class B-3, Class B-4,
   Class B-5, Class B-6, Class B-7 and Class B-8 Percentages for such
   Distribution Date;

      (xvii) the Group I Class B-1, Class B-2, Class B-3, Class B-4, Class B-5,
   Class B-6, Class B-7 and Class B-8 Prepayment Percentages; the Group II Class
   B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7 and
   Class B-8 Prepayment Percentages; the Group III Class B-1, Class B-2, Class
   B-3, Class B-4, Class B-5, Class B-6, Class B-7 and Class B-8 Prepayment
   Percentages; the Group IV Class B-1, Class B-2, Class B-3, Class B-4, Class
   B-5, Class B-6, Class B-7 and Class B-8 Prepayment Percentages; and the Group
   V Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7
   and Class B-8 Prepayment Percentages for such Distribution Date;

      (xviii) the number and aggregate principal balances of Group I Mortgage
   Loans, Group II Mortgage Loans, Group III Mortgage Loans, Group IV Mortgage
   Loans and Group V 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;

      (xix) 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;

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

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

      (xxii) the amount by which the Principal Balance of each Class of Class B
   Certificates has been reduced as a result of Realized Losses with respect to
   Group I Mortgage Loans, Group II Mortgage Loans, Group III Mortgage Loans,
   Group IV Mortgage Loans and Group V Mortgage Loans allocated as of such
   Distribution Date;

      (xxiii) 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; and

      (xxiv) the amount of PMI Advances made by a Servicer, if any with respect
   to each Loan Group;

      (xxv) 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;

      (xxvi) in the case of each Class of Interest Only Certificates, the
   Notional Amount;

      (xxvii) any material modifications, extensions or waivers to Mortgage Loan
   terms, fees, penalties or payments since the previous Distribution Date;

      (xxviii) a any material breaches of representations and warranties
   relating to the Group I Mortgage Loans, Group II Mortgage Loans, Group III
   Mortgage Loans, Group IV Mortgage Loans or Group V Mortgage Loans or material
   breaches of transaction covenants;

      (xxix) if any of the Group I Mortgage Loans, Group II Mortgage Loans,
   Group III Mortgage Loans, Group IV Mortgage Loans or Group V Mortgage Loans
   have prepayment penalties, the aggregate amount of any prepayment penalties
   paid; and

      (xxx) 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 Group I-A Distribution
Amount, Group II-A Distribution Amount, Group III-A Distribution Amount, Group
IV-A Distribution Amount or Group V-A Distribution Amount, as applicable, 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-6, Class
B-7 or Class B-8 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
(866) 846-4526. 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 Reserved.

      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 Certificate,
integral multiples of $1 in excess thereof (except, if necessary, for one
Certificate of the Class B-8 Certificates that evidences one Single Certificate
plus such additional principal portion as is required in order for all
Certificates of such Class to equal the aggregate Original Principal Balance of
such Class), and shall be substantially in the respective forms set forth as
Exhibits A-I-A-1, A-I-A-2, A-1-A-IO, A-I-A-R, A-II-A-1, A-II-A-2, A-II-A-IO,
A-III-A-1, A-III-A-2, A-III-A-IO, A-IV-A-1, A-IV-A-2, A-IV-A-IO, A-V-A-1,
A-V-A-IO, B-1, B-2, B-3, B-4, B-5, B-6, B-7, B-8 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-6, Class B-7 or Class B-8 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-6, Class B-7 or Class B-8
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-6, Class B-7 or Class B-8
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-6, Class B-7
or Class B-8 Certificates under said Act or any other securities law.

      (c) No transfer of a Class B-6, Class B-7 or Class B-8 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-6, Class B-7 or Class B-8
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-6, Class B-7 or Class B-8 Certificate is covered by
Sections I and III of PTE 95-60 or (ii) in the case of any such Class B-6, Class
B-7 or Class B-8 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-6, Class B-7 or Class B-8 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-6, Class B-7 and Class B-8 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 income 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; 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, but which shall not
include the initial acceptance and/or legal fee of the Trustee which shall be
paid by the Depositor) 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
three 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 Middle-Tier REMIC, the Lower-Tier REMIC or the Trust
Estate. The Master Servicer, or, in the case of any 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, the Middle-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, the Middle-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, the Middle-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 any of the Upper-Tier REMIC, the
Middle-Tier REMIC or the Lower-Tier REMIC within the meaning of Code Section
860D(a)(2) other than the interests represented by the Class I-A-1, Class I-A-2,
Class I-A-IO, Class I-A-R, Class II-A-1, Class II-A-2, Class II-A-IO, Class
III-A-1, Class III-A-2, Class III-A-IO, Class IV-A-1, Class IV-A-2, Class
IV-A-IO, Class V-A-1, Class V-A-IO, Class B-1, Class B-2, Class B-3, Class B-4,
Class B-5, Class B-6, Class B-7 and Class B-8 Certificates and the Class I-A-R
Interest, the interests in the Middle-Tier REMIC represented by the Class I-A-M1
Interest, Class I-A-MUR Interest, Class II-A-M1 Interest, Class III-A-M1
Interest, Class IV-A-M1 Interest, Class V-A-M1 Interest, Class B-M1 Interest,
Class B-M2 Interest, Class B-M3 Interest, Class B-M4 Interest, Class B-M5
Interest, Class B-M6 Interest, Class B-M7 Interest and Class B-M8 Interest and
the Class I-A-MR Interest and the interests in the Lower-Tier REMIC represented
by the Class I-L Interest, Class I-LS Interest, Class II-L Interest, Class II-LS
Interest, Class III-L Interest, Class III-LS Interest, Class IV-L Interest,
Class IV-LS Interest, Class V-L Interest, Class V-LS Interest and the Class
I-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 Middle-Tier REMIC, the Lower-Tier REMIC
or the Trust Estate to tax or (c) cause the Trust Estate to fail to qualify as
three separate REMICs; (ix) exercise reasonable care not to allow any of the
Upper-Tier REMIC, the Middle-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, the Middle-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, the Middle-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 any REMIC as described above. In
the event that the Trustee prepares any of the federal, state and local tax
returns of any 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, the Middle-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 11.17 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, the Middle-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 (A) the Uncertificated Middle-Tier Interests in the manner
specified in Section 4.01(a)(iii) and (B) the Uncertificated Lower-Tier
Interests in the manner specified in Section 4.01(a)(iv). 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 Section 4.02(a),
(e) and (g) 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 any of the Upper-Tier REMIC, the
Middle-Tier REMIC or the Lower-Tier REMIC to federal tax or cause the Trust
Estate to fail to qualify as three 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, the Middle-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, the Middle-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 three 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, the Middle-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, the Middle-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 any of the Upper-Tier
REMIC, the Middle-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 any of the Upper-Tier REMIC, the Middle-Tier REMIC or the Lower-Tier
REMIC to tax or cause any of the Upper-Tier REMIC, the Middle-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-WFALT 2007-PA4; 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 Depositor
shall make the initial Uniform Commercial Code filings and take actions as shall
be necessary to perfect such security interest. The Master Servicer shall take
all actions, including, without limitation, filing any Uniform Commercial Code
continuation statements, as shall be necessary to 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 July 1, 2007.

      Section 11.02 Cut-Off Date Aggregate Principal Balance.

      The Cut-Off Date Aggregate Principal Balance is $571,572,575.18.

      Section 11.03 Original Group Percentages.

      Section 11.03(a) Original Group I-A Percentage.

      The Original Group I-A Percentage is 94.24611242%.

      Section 11.03(b) Original Group II-A Percentage.

      The Original Group II-A Percentage is 94.24976327%.

      Section 11.03(c) Original Group III-A Percentage.

      The Original Group III-A Percentage is 94.24959172%.

      Section 11.03(d) Original Group IV-A Percentage.

      The Original Group IV-A Percentage is 94.24865068%.

      Section 11.03(e) Original Group V-A Percentage.

      The Original Group V-A Percentage is 94.24957724%.

      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 I-A-1                     $18,032,000.00
              Class I-A-2                      $1,172,000.00
              Class I-A-R                            $100.00
              Class II-A-1                   $197,814,000.00
              Class II-A-2                    $12,852,000.00
              Class III-A-1                  $117,468,000.00
              Class III-A-2                    $7,632,000.00
              Class IV-A-1                    $34,838,000.00
              Class IV-A-2                     $2,263,000.00
              Class V-A-1                    $146,633,000.00

      Section 11.05 Original Notional Amounts.

      Section 11.05(a) Original Class I-A-IO Notional Amount.

      The Original Class I-A-IO Notional Amount is $19,204,000.00.

      Section 11.05(b) Original Class II-A-IO Notional Amount.

      The Original Class II-A-IO Notional Amount is $210,666,000.00.

      Section 11.05(c) Original Class III-A-IO Notional Amount.

      The Original Class III-A-IO Notional Amount is $125,100,000.00.

      Section 11.05(d) Original Class IV-A-IO Notional Amount.

      The Original Class IV-A-IO Notional Amount is $37,101,000.00.

      Section 11.05(e) Original Class V-A-IO Notional Amount.

      The Original Class V-A-IO Notional Amount is $146,633,000.00.

      Section 11.06 Original Aggregate Subordinate Percentage.

      The Original Aggregate Subordinate Percentage is 4.98963748%.

      Section 11.07 Original Class B Principal Balance.

      The Original Class B Principal Balance is $32,868,475.18.

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

      As to the following Classes of Class B Certificate, the Principal Balance
of such Class as of the Cut-Off Date, is as follows:

                                                 Original
                       Class                Principal Balance

            Class B-1                         $13,431,000.00
            Class B-2                          $4,573,000.00
            Class B-3                          $2,000,000.00
            Class B-4                          $1,429,000.00
            Class B-5                          $2,286,000.00
            Class B-6                          $4,572,000.00
            Class B-7                          $2,573,000.00
            Class B-8                          $2,004,475.18

      Section 11.09 Original Class B-1 Fractional Interest.

      The Original Class B-1 Fractional Interest is 3.40070116%.

      Section 11.10 Original Class B-2 Fractional Interest.

      The Original Class B-2 Fractional Interest is 2.60062778%.

      Section 11.11 Original Class B-3 Fractional Interest.

      The Original Class B-3 Fractional Interest is 2.25071596%.

      Section 11.12 Original Class B-4 Fractional Interest.

      The Original Class B-4 Fractional Interest is 2.00070397%.

      Section 11.13 Original Class B-5 Fractional Interest.

      The Original Class B-5 Fractional Interest is 1.60075476%.

      Section 11.14 Original Class B-6 Fractional Interest.

      The Original Class B-6 Fractional Interest is 0.80085634%.

      Section 11.15 Original Class B-7 Fractional Interest.

      The Original Class B-7 Fractional Interest is 0.35069478%.

      Section 11.16 Closing Date.

      The Closing Date is July 25, 2007.

      Section 11.17 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 aggregate Scheduled
Principal Balance of the Mortgage Loans being less than $57,157,257.52 (10% of
the Cut-Off Date Aggregate Principal Balance) at the time of any such purchase.

      Section 11.18 Single Certificate.

      A Single Certificate for the Class I-A-1, Class II-A-1, Class III-A-1,
Class IV-A-1 and Class V-A-1 Certificates represents a $25,000 Denomination. A
Single Certificate for the Class I-A-2, Class II-A-2, Class III-A-2, Class
IV-A-2, Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates
represents a $100,000 Denomination. A Single Certificate for the Class I-A-IO
Certificates represents a $19,204,000 Denomination. A Single Certificate for the
Class II-A-IO Certificates represents a $30,095,000 Denomination. A Single
Certificate for the Class III-A-IO Certificates represents a $25,020,000
Denomination. A Single Certificate for the Class IV-A-IO Certificates represents
a $9,275,000 Denomination. A Single Certificate for the Class V-A-IO
Certificates represents a $6,665,000 Denomination. A Single Certificate for the
Residual Certificate represents a $100 Denomination. A Single Certificate for
the Class B-6, Class B-7 and Class B-8 Certificates represents a $250,000
Denomination.

      Section 11.19 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 11.20 Master Servicing Fee Rate.

      The rate used to calculate the Master Servicing Fee for each Mortgage Loan
is 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/ Bradley A. Davis
                                          --------------------------------------
                                           Name:  Bradley A. Davis
                                           Title: Vice President

                                       WELLS FARGO BANK, N.A.
                                           as Master Servicer

                                       By:    /s/ Christopher Furlow
                                          --------------------------------------
                                           Name:  Christopher Furlow
                                           Title: Assistant Vice President

                                       HSBC BANK USA, NATIONAL ASSOCIATION
                                          as Trustee

                                       By:    /s/ Elena Zheng
                                          --------------------------------------
                                           Name:  Elena Zheng
                                           Title: Assistant Vice President

<PAGE>

STATE OF MARYLAND    )
                     ss.:
COUNTY OF FREDERICK  )

            On this 25th day of July, 2007, before me, a notary public in and
for the State of Maryland, personally appeared Bradley A. Davis, known to me
who, being by me duly sworn, did depose and say that he resides at Cooksville,
Maryland; that he is a 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 25th day of July, 2007, before me, the undersigned officer,
personally appeared Christopher Furlow, and acknowledged to me to be an
Assistant Vice President of Wells Fargo Bank, National Association, and that as
such officer, being duly authorized to do so pursuant to such entity's by-laws
or a resolution of its board of directors, executed and acknowledged the
foregoing instrument for the purposes therein contained, by signing the name of
such entity by himself as such officer as his free and voluntary act and deed
and the free and voluntary act and deed and the free and voluntary act and deed
of said entity.

            IN WITNESS WHEREOF, I hereunto set my hand and official seal.

-------------------------
Notary Public

[NOTARIAL SEAL]

<PAGE>

STATE OF  NEW YORK   )
                     ss.:
COUNTY OF NEW YORK   )

      On this 25th day of July, 2007, before me, a notary public in and for the
State of New York, personally appeared Elena Zheng, known to me who, being by me
duly sworn, did depose and say that she is an Assistant Vice President of HSBC
Bank USA, National Association, a national banking association, one of the
parties that executed the foregoing instrument; and that s he signed her 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 Asset-Backed Pass-Through Certificates, Series 2007-PA4
                 Applicable Unscheduled Principal Receipt Period

                                         Full Unscheduled   Partial Unscheduled
Servicer                                Principal Receipts   Principal Receipts

Wells Fargo Bank
(Type 1 Mortgage Loans)                      Mid-Month            Mid-Month

<PAGE>

                                 EXHIBIT A-I-A-1
                    [FORM OF FACE OF CLASS I-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                          SERIES 2007-PA4, CLASS I-A-1

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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:  July 1, 2007

CUSIP No.: 94984U AA4                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAA43                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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 I-A-1 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group I-A Distribution Amount for the Class I-A-1
Certificates required to be distributed to Holders of the Class I-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 Group I-A Certificates in accordance with the provisions of
the Agreement. The Class I-A-1 Pass-Through Rate with respect to each
Distribution Date prior to the Distribution Date in September 2009 will be a per
annum rate equal to the Net WAC of the Group I Mortgage Loans minus 0.66429486%.
On and after the Distribution Date in September 2009, the Class I-A-1
Pass-Through Rate will be a per annum rate equal to the Net WAC of the Group I
Mortgage Loans. 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 I-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 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-I-A-2
                    [FORM OF FACE OF CLASS I-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                          SERIES 2007-PA4, CLASS I-A-2

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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 I-A-1 CERTIFICATES WILL BE BORNE BY THE
CLASS I-A-2 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:  July 1, 2007

CUSIP No.: 94984U AB2                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAB26                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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 I-A-2 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group I-A Distribution Amount for the Class I-A-2
Certificates required to be distributed to Holders of the Class I-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 Group I-A Certificates in accordance with the provisions of
the Agreement. The Class I-A-2 Pass-Through Rate with respect to each
Distribution Date prior to the Distribution Date in September 2009 will be a per
annum rate equal to the Net WAC of the Group I Mortgage Loans minus 0.66429486%.
On and after the Distribution Date in September 2009, the Class I-A-2
Pass-Through Rate will be a per annum rate equal to the Net WAC of the Group I
Mortgage Loans. 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 I-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 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-I-A-IO
                   [FORM OF FACE OF CLASS I-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                          SERIES 2007-PA4, CLASS I-A-IO

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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:  July 1, 2007

CUSIP No.: 94984U AC0                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAC09                  Denomination: $(Initial Notional Amount)

Percentage Interest evidenced           Final Scheduled Maturity Date:  August
by this Certificate: %                  25, 2009

<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 I-A-IO Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group I-A Distribution Amount for the Class I-A-IO
Certificates required to be distributed to Holders of the Class I-A-IO
Certificates on such Distribution Date, subject to adjustment in certain events
as specified in the Agreement. The Class I-A-IO Certificates are not entitled to
distributions in respect of principal. The Class I-A-IO Pass-Through Rate with
respect to each Distribution Date prior to the Distribution Date in September
2009 will be a per annum rate equal to 0.66429486%. On and after the
Distribution Date in September 2009, the Class I-A-IO Pass-Through Rate will be
zero and the Class I-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 I-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 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-I-A-R
                    [FORM OF FACE OF CLASS I-A-R CERTIFICATE]

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE "RESIDUAL
INTEREST" IN THREE "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 I-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, MIDDLE-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,
MIDDLE-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                          SERIES 2007-PA4, CLASS I-A-R

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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:  July 1, 2007

CUSIP No.: 94984U  AD8             First Distribution Date:  August 27, 2007

ISIN No.: US94984UAD81             Denomination: $

Percentage Interest evidenced
by this Certificate:  %            Final Scheduled Maturity Date:  July 25, 2037

<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 I-A-R Certificate with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group I-A Distribution Amount for the Class I-A-R
Certificate required to be distributed to the Holder of the Class I-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 Group I-A Certificates in accordance with the provisions of
the Agreement. The pass-through rate on the Class I-A-R Certificate with respect
to each Distribution Date will be a per annum rate equal to the Net WAC of the
Group I Mortgage Loans. 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 I-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 A-II-A-1
                   [FORM OF FACE OF CLASS II-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                          SERIES 2007-PA4, CLASS II-A-1

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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:  July 1, 2007

CUSIP No.: 94984U AE6                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAE64                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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 II-A-1 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group II-A Distribution Amount for the Class II-A-1
Certificates required to be distributed to Holders of the Class II-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 Group II-A Certificates in accordance with the provisions
of the Agreement. The Class II-A-1 Pass-Through Rate with respect to each
Distribution Date prior to the Distribution Date in June 2012 will be a per
annum rate equal to the Net WAC of the Group II Mortgage Loans minus
0.18786445%. On and after the Distribution Date in June 2012, the Class II-A-1
Pass-Through Rate will be a per annum rate equal to the Net WAC of the Group II
Mortgage Loans. 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 II-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 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-II-A-2
                   [FORM OF FACE OF CLASS II-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                          SERIES 2007-PA4, CLASS II-A-2

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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 II-A-1 CERTIFICATES WILL BE BORNE BY THE
CLASS II-A-2 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:  July 1, 2007

CUSIP No.: 94984U AF3                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAF30                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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 II-A-2 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group II-A Distribution Amount for the Class II-A-2
Certificates required to be distributed to Holders of the Class II-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 Group II-A Certificates in accordance with the provisions
of the Agreement. The Class II-A-2 Pass-Through Rate with respect to each
Distribution Date prior to the Distribution Date in June 2012 will be a per
annum rate equal to the Net WAC of the Group II Mortgage Loans minus
0.18786445%. On and after the Distribution Date in June 2012, the Class II-A-2
Pass-Through Rate will be a per annum rate equal to the Net WAC of the Group II
Mortgage Loans. 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 II-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 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-II-A-IO
                   [FORM OF FACE OF CLASS II-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                         SERIES 2007-PA4, CLASS II-A-IO

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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:  July 1, 2007

CUSIP No.: 94984U AG1                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAG13                  Denomination:  $      (Initial Notional
                                        Amount)

Percentage Interest evidenced           Final Scheduled Maturity Date: May 25,
by this Certificate: %                  2012

<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 II-A-IO Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group II-A Distribution Amount for the Class II-A-IO
Certificates required to be distributed to Holders of the Class II-A-IO
Certificates on such Distribution Date, subject to adjustment in certain events
as specified in the Agreement. The Class II-A-IO Certificates are not entitled
to distributions in respect of principal. The Class II-A-IO Pass-Through Rate
with respect to each Distribution Date prior to the Distribution Date in June
2012 will be a per annum rate equal to 0.18786445%. On and after the
Distribution Date in June 2012, the Class II-A-IO Pass-Through Rate will be zero
and the Class II-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 II-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 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-III-A-1
                   [FORM OF FACE OF CLASS III-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                         SERIES 2007-PA4, CLASS III-A-1

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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:  July 1, 2007

CUSIP No.: 94984U AH9                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAH95                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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 III-A-1 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group III-A Distribution Amount for the Class III-A-1
Certificates required to be distributed to Holders of the Class III-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 Group III-A Certificates in accordance with the provisions
of the Agreement. The Class III-A-1 Pass-Through Rate with respect to each
Distribution Date prior to the Distribution Date in June 2012 will be a per
annum rate equal to the Net WAC of the Group III Mortgage Loans minus
0.22538908%. On and after the Distribution Date in June 2012, the Class III-A-1
Pass-Through Rate will be a per annum rate equal to the Net WAC of the Group III
Mortgage Loans. 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 III-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 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-III-A-2
                   [FORM OF FACE OF CLASS III-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                         SERIES 2007-PA4, CLASS III-A-2

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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 III-A-1 CERTIFICATES WILL BE BORNE BY THE
CLASS III-A-2 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:  July 1, 2007

CUSIP No.: 94984U AJ5                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAJ51                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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 III-A-2 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group III-A Distribution Amount for the Class III-A-2
Certificates required to be distributed to Holders of the Class III-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 Group III-A Certificates in accordance with the provisions
of the Agreement. The Class III-A-2 Pass-Through Rate with respect to each
Distribution Date prior to the Distribution Date in June 2012 will be a per
annum rate equal to the Net WAC of the Group III Mortgage Loans minus
0.22538908%. On and after the Distribution Date in June 2012, the Class III-A-2
Pass-Through Rate will be a per annum rate equal to the Net WAC of the Group III
Mortgage Loans. 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 III-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 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-III-A-IO
                  [FORM OF FACE OF CLASS III-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                         SERIES 2007-PA4, CLASS III-A-IO

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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:  July 1, 2007

CUSIP No.: 94984U AK2                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAK25                  Denomination:  $      (Initial Notional
                                        Amount)

Percentage Interest evidenced           Final Scheduled Maturity Date:  May 25,
by this Certificate: %                  2012

<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 III-A-IO Certificates with respect to
a Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group III-A Distribution Amount for the Class III-A-IO
Certificates required to be distributed to Holders of the Class III-A-IO
Certificates on such Distribution Date, subject to adjustment in certain events
as specified in the Agreement. The Class III-A-IO Certificates are not entitled
to distributions in respect of principal. The Class III-A-IO Pass-Through Rate
with respect to each Distribution Date prior to the Distribution Date in June
2012 will be a per annum rate equal to 0.22538908%. On and after the
Distribution Date in June 2012, the Class III-A-IO Pass-Through Rate will be
zero and the Class III-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 III-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 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-IV-A-1
                   [FORM OF FACE OF CLASS IV-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                          SERIES 2007-PA4, CLASS IV-A-1

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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:  July 1, 2007

CUSIP No.: 94984U AL0                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAL08                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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 IV-A-1 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group IV-A Distribution Amount for the Class IV-A-1
Certificates required to be distributed to Holders of the Class IV-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 Group IV-A Certificates in accordance with the provisions
of the Agreement. The Class IV-A-1 Pass-Through Rate with respect to each
Distribution Date prior to the Distribution Date in June 2014 will be a per
annum rate equal to the Net WAC of the Group IV Mortgage Loans minus
0.47430468%. On and after the Distribution Date in June 2014, the Class IV-A-1
Pass-Through Rate will be a per annum rate equal to the Net WAC of the Group IV
Mortgage Loans. 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 IV-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 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-IV-A-2
                   [FORM OF FACE OF CLASS IV-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                          SERIES 2007-PA4, CLASS IV-A-2

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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 IV-A-1 CERTIFICATES WILL BE BORNE BY THE
CLASS IV-A-2 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:  July 1, 2007

CUSIP No.: 94984U AM8                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAM80                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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 IV-A-2 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group IV-A Distribution Amount for the Class IV-A-2
Certificates required to be distributed to Holders of the Class IV-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 Group IV-A Certificates in accordance with the provisions
of the Agreement. The Class IV-A-2 Pass-Through Rate with respect to each
Distribution Date prior to the Distribution Date in June 2014 will be a per
annum rate equal to the Net WAC of the Group IV Mortgage Loans minus
0.47430468%. On and after the Distribution Date in June 2014, the Class IV-A-2
Pass-Through Rate will be a per annum rate equal to the Net WAC of the Group IV
Mortgage Loans. 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 IV-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 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-IV-A-IO
                   [FORM OF FACE OF CLASS IV-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                         SERIES 2007-PA4, CLASS IV-A-IO

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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:  July 1, 2007

CUSIP No.: 94984U AN6                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAN63                  Denomination:  $      (Initial Notional
                                        Amount)

Percentage Interest evidenced           Final Scheduled Maturity Date:  May 25,
by this Certificate: %                  2014

<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 IV-A-IO Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group IV-A Distribution Amount for the Class IV-A-IO
Certificates required to be distributed to Holders of the Class IV-A-IO
Certificates on such Distribution Date, subject to adjustment in certain events
as specified in the Agreement. The Class IV-A-IO Certificates are not entitled
to distributions in respect of principal. The Class IV-A-IO Pass-Through Rate
with respect to each Distribution Date prior to the Distribution Date in June
2014 will be a per annum rate equal to 0.47430468%. On and after the
Distribution Date in June 2014, the Class IV-A-IO Pass-Through Rate will be zero
and the Class IV-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 IV-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 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-V-A-1
                    [FORM OF FACE OF CLASS V-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                          SERIES 2007-PA4, CLASS V-A-1

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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:  July 1, 2007

CUSIP No.: 94984U AP1                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAP12                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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 V-A-1 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group V-A Distribution Amount for the Class V-A-1
Certificates required to be distributed to Holders of the Class V-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 Group V-A Certificates in accordance with the provisions of
the Agreement. The Class V-A-1 Pass-Through Rate with respect to each
Distribution Date prior to the Distribution Date in June 2017 will be a per
annum rate equal to the Net WAC of the Group V Mortgage Loans minus 0.52119129%.
On and after the Distribution Date in June 2017, the Class V-A-1 Pass-Through
Rate will be a per annum rate equal to the Net WAC of the Group V Mortgage
Loans. 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 V-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 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-V-A-IO
                   [FORM OF FACE OF CLASS V-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                          SERIES 2007-PA4, CLASS V-A-IO

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                         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:  July 1, 2007

CUSIP No.: 94984U AQ9                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAQ94                  Denomination:  $      (Initial Notional
                                        Amount)

Percentage Interest evidenced           Final Scheduled Maturity Date:  May 25,
by this Certificate: %                  2017

<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 V-A-IO Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 Group V-A Distribution Amount for the Class V-A-IO
Certificates required to be distributed to Holders of the Class V-A-IO
Certificates on such Distribution Date, subject to adjustment in certain events
as specified in the Agreement. The Class V-A-IO Certificates are not entitled to
distributions in respect of principal. The Class V-A-IO Pass-Through Rate with
respect to each Distribution Date prior to the Distribution Date in June 2017
will be a per annum rate equal to 0.52119129%. On and after the Distribution
Date in June 2017, the Class V-A-IO Pass-Through Rate will be zero and the Class
V-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 V-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 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 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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                           SERIES 2007-PA4, CLASS B-1

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
       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:  July 1, 2007

CUSIP No.: 94984U AR7                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAR77                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 with respect to each
Distribution Date will be a per annum rate equal to the weighted average (based
on the Group Subordinate Amount of each Loan Group) of the Net WACs of the Loan
Groups. 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 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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                           SERIES 2007-PA4, CLASS B-2

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
       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:  July 1, 2007

CUSIP No.: 94984U AS5                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAS50                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 with respect to each
Distribution Date will be a per annum rate equal to the weighted average (based
on the Group Subordinate Amount of each Loan Group) of the Net WACs of the Loan
Groups. 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 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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                           SERIES 2007-PA4, CLASS B-3

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
       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:  July 1, 2007

CUSIP No.: 94984U AT3                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAT34                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 with respect to each
Distribution Date will be a per annum rate equal to the weighted average (based
on the Group Subordinate Amount of each Loan Group) of the Net WACs of the Loan
Groups. 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 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.

[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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                           SERIES 2007-PA4, CLASS B-4

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
       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:  July 1, 2007

CUSIP No.: 94984U AU0                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAU07                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 with respect to each
Distribution Date will be a per annum rate equal to the weighted average (based
on the Group Subordinate Amount of each Loan Group) of the Net WACs of the Loan
Groups. 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 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-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.

[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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                           SERIES 2007-PA4, CLASS B-5

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
       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:  July 1, 2007

CUSIP No.: 94984U AV8                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAV89                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 with respect to each
Distribution Date will be a per annum rate equal to the weighted average (based
on the Group Subordinate Amount of each Loan Group) of the Net WACs of the Loan
Groups. 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 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-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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                           SERIES 2007-PA4, CLASS B-6

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
       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:  July 1, 2007

CUSIP No.: 94984U AW6                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAW62                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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 with respect to each
Distribution Date will be a per annum rate equal to the weighted average (based
on the Group Subordinate Amount of each Loan Group) of the Net WACs of the Loan
Groups. 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 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 B-7
                     [FORM OF FACE OF CLASS B-7 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, THE CLASS B-5 CERTIFICATES AND THE
CLASS B-6 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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                           SERIES 2007-PA4, CLASS B-7

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
       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:  July 1, 2007

CUSIP No.: 94984U AX4                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAX46                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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-7 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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-7 Distribution Amount required to be
distributed to Holders of the Class B-7 Certificates on such Distribution Date,
subject to adjustment, in certain events, as specified in the Agreement. The
pass-through rate on the Class B-7 Certificates with respect to each
Distribution Date will be a per annum rate equal to the weighted average (based
on the Group Subordinate Amount of each Loan Group) of the Net WACs of the Loan
Groups. 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-7 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 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-7 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-8
                     [FORM OF FACE OF CLASS B-8 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, THE CLASS B-5 CERTIFICATES, THE
CLASS B-6 CERTIFICATES AND THE CLASS B-7 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 ASSET-BACKED PASS-THROUGH CERTIFICATE
                           SERIES 2007-PA4, CLASS B-8

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
       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:  July 1, 2007

CUSIP No.: 94984U AY2                   First Distribution Date: August 27, 2007

ISIN No.: US94984UAY29                  Denomination:  $

Percentage Interest evidenced           Final Scheduled Maturity Date:  July 25,
by this Certificate: %                  2037

<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-8 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
first lien, one- to four-family residential mortgage loans consisting of five
loan groups (the "Group I Mortgage Loans," "Group II Mortgage Loans," "Group III
Mortgage Loans," "Group IV Mortgage Loans" and "Group V Mortgage Loans,"
respectively), 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 July 25, 2007 (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-8 Distribution Amount required to be
distributed to Holders of the Class B-8 Certificates on such Distribution Date,
subject to adjustment, in certain events, as specified in the Agreement. The
pass-through rate on the Class B-8 Certificates with respect to each
Distribution Date will be a per annum rate equal to the weighted average (based
on the Group Subordinate Amount of each Loan Group) of the Net WACs of the Loan
Groups. 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-8 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 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-8 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 2007-PA4 Certificates]

                    WELLS FARGO ASSET SECURITIES CORPORATION
                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATES
                                 SERIES 2007-PA4

            This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Asset-Backed 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 Asset-Backed
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 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 July 25, 2007, 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 July 25, 2007
relating to the issuance of Mortgage Asset-Backed Pass-Through Certificates,
Series 2007-PA4 (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. The Master Servicer's obligations
regarding payments due to the Custodian pursuant to this Section 3.4 shall
survive the termination of this Agreement with respect to any fees and expenses
due hereunder.

               Section 3.5. Custodian May Resign; Trustee May Remove Custodian.
The Custodian, upon 30 days written notice to the Depositor, the Master Servicer
and the Trustee, 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 to the Depositor, the
Master Servicer and the Custodian, 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.

               Section 3.8. Limitations on the Responsibilities of the
Custodian.

               (a) Neither the Custodian nor any of its Affiliates, directors,
officers, agents, counsel, attorneys-in-fact, and employees shall be liable for
any action or omission to act hereunder except for its own or such person's
gross negligence or willful misconduct. Notwithstanding the foregoing sentence,
in no event shall the Custodian or its Affiliates, directors, officers, agents,
counsel, attorneys-in-fact, and employees be held liable for any special,
indirect, punitive or consequential damages resulting from any action taken or
omitted to be taken by it or them hereunder or in connection herewith even if
advised of the possibility of such damages. The provisions of this Section 3.8
shall survive the resignation or removal of the Custodian and the termination of
this Agreement.

               (b) The Custodian shall not be responsible for preparing or
filing any reports or returns relating to federal, state or local income taxes
with respect to this Agreement, other than for the Custodian's compensation or
for reimbursement of expenses.

               (c) The Custodian shall not be responsible or liable for, and
makes no representation or warranty with respect to, the validity, adequacy or
perfection of any lien upon or security interest in any Mortgage File.

               (d) The Custodian shall not be responsible for delays or failures
in performance resulting from acts beyond its control. Such acts shall include,
but not be limited to, acts of God, strikes, lockouts, riots, acts of war or
terrorism, epidemics, nationalization, expropriation, currency restrictions,
governmental regulations superimposed after the fact, fire, communication line
failures, computer viruses, power failures, earthquakes or other disasters.

               (e) The duties and obligations of the Custodian shall only be
such as are expressly set forth in this Agreement and the Pooling and Servicing
Agreement or as set forth in a written amendment to this Agreement or the
Pooling and Servicing Agreement executed by the parties hereto or their
successors and assigns. In the event that any provision of this Agreement
implies or requires that action or forbearance be taken by a party, but is
silent as to which party has the duty to act or refrain from acting, the parties
agree that the Custodian shall not be the party required to take the action or
refrain from acting. In no event shall the Custodian have any responsibility to
ascertain or take action except as expressly provided herein.

               (f) Nothing in this Agreement shall be deemed to impose on the
Custodian any duty to qualify to do business in any jurisdiction, other than (i)
any jurisdiction where any Mortgage File is or may be held by the Custodian from
time to time hereunder, and (ii) any jurisdiction where its ownership of
property or conduct of business requires such qualification and where failure to
qualify could have a material adverse effect on the Custodian or its property or
business or on the ability of the Custodian to perform it duties hereunder.

               (g) The Custodian shall have no duty to ascertain whether or not
any cash amount or payment has been received by the Trustee, the Depositor, the
Master Servicer, or any third person.

                                   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 2008, 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 2008, 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:  Elena Zheng
                                       Title: Assistant Vice President

Address:                               WELLS FARGO ASSET SECURITIES CORPORATION,
                                       as Depositor

7430 New Technology Way
Frederick, Maryland 21703              By:
                                          --------------------------------------
                                       Name:  Bradley A. Davis
                                       Title: Vice President

Address:                               WELLS FARGO BANK, N.A.,
                                       as Master Servicer

9062 Old Annapolis Road
Columbia, Maryland 21045               By:
                                          --------------------------------------
                                       Name:  Christopher Furlow
                                       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 25th day of July, 2007, before me, a notary public in and
for the State of Maryland, personally appeared Bradley A. Davis, known to me
who, being by me duly sworn, did depose and say that he resides at Cooksville,
Maryland; that he is a 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 25th day of July, 2007, before me, the undersigned
officer, personally appeared Christopher Furlow, and acknowledged to me to be an
Assistant Vice President of Wells Fargo Bank, National Association, and that as
such officer, being duly authorized to do so pursuant to such entity's by-laws
or a resolution of its board of directors, executed and acknowledged the
foregoing instrument for the purposes therein contained, by signing the name of
such entity by himself as such officer as his free and voluntary act and deed
and the free and voluntary act and deed and the free and voluntary act and deed
of said entity.

               IN WITNESS WHEREOF, I hereunto set my hand and official seal.

-------------------------
Notary Public

[NOTARIAL SEAL]

<PAGE>

STATE OF NEW YORK            )
                             ss.:
COUNTY OF NEW YORK           )

               On this 25th day of July, 2007, before me, a notary public in and
for the State of New York, personally appeared Elena Zheng, known to me who,
being by me duly sworn, did depose and say that she resides in _______________;
that she is an Assistant Vice President of HSBC Bank USA, National Association,
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 MINNESOTA           )
                             ss.:
COUNTY OF HENNEPIN           )

               On this 25th day of July, 2007, 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 - WFALT 2007-PA4

<PAGE>

                                    EXHIBIT G

                        REQUEST FOR RELEASE OF DOCUMENTS

To:   Wells Fargo Bank, N.A.
      1015 10th Avenue S.E.
      Minneapolis., MN  55414
      Attn:  ________________

      Re:   Custodial Agreement, dated as of July 25, 2007, 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 Asset-Backed
            Pass-Through Certificates, Series 2007-PA4.

            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 Asset-Backed Pass-Through Certificates, Series 2007-PA4,
Class I-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 completed 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 WFALT 2007-PA4

      Re:   Wells Fargo Asset Securities Corporation,
            Series 2007-PA4, Class I-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 ASSET-BACKED PASS-THROUGH CERTIFICATES
                                 SERIES 2007-PA4
                       CLASS [B-6][B-7][B-8] CERTIFICATES

                               TRANSFEREE'S LETTER

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

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attn: Corporate Trust Services WFALT 2007-PA4

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 Asset-Backed Pass-Through Certificates,
Series 2007-PA4, Class [B-6][B-7][B-8] Certificates (the "Class [B-6][B-7][B-8]
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 July 25, 2007 (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 Asset-Backed Pass-Through
Certificates, Series 2007-PA4.

            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-6][B-7][B-8] Certificates, and to enter
into this Agreement, and duly executed and delivered this Agreement.

            (b) The Purchaser is acquiring the Class [B-6][B-7][B-8]
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-6][B-7][B-8] 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-6][B-7][B-8] 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 __________ __, 20__, relating to
the Class [B-6][B-7][B-8] 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-6][B-7][B-8] Certificates and all
matters relating thereto, and obtain any additional information (including
documents) relevant to its decision to purchase the Class [B-6][B-7][B-8]
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-6][B-7][B-8] Certificates. The Purchaser will not use
or disclose any information it receives in connection with its purchase of the
Class [B-6][B-7][B-8] Certificates other than in connection with a subsequent
sale of Class [B-6][B-7][B-8] 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-6][B-7][B-8] 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-6][B-7][B-8]
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-6][B-7][B-8] Certificates is in compliance therewith.

            Section 3. Transfer of Class [B-6][B-7][B-8] Certificates.

            (a) The Purchaser understands that the Class [B-6][B-7][B-8]
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-6][B-7][B-8] 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-6][B-7][B-8] 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-6][B-7][B-8] 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-6][B-7][B-8]
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

         [Included as Exhibit 10.1 to the Current Report on Form 8-K to
              which this Pooling and Servicing Agreement is filed]
<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 Asset-Backed Pass-Through Certificates, Series [
], 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 [ ] 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 F-1 by Fitch Ratings ("Fitch") or at least A-1
by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") 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 AA by 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 F-1 by Fitch or A-1 by S&P or (z) the
depository institution or trust company is one that is acceptable to either
Fitch or S&P 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.

                                   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 Asset-Backed 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

                                  July 25, 2007

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 WFALT 2007-PA4

HSBC Bank USA, National Association
452 Fifth Avenue
New York, New York 10018
Attention: Fernando Acebedo

      Re:   The Pooling and Servicing Agreement, dated July 25, 2007, 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 Asset-Backed Pass-Through
            Certificates, Series 2007-PA4.
            --------------------------------------------------------------------

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

                              [---------- --, ----]

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 WFALT 2007-PA4

HSBC Bank USA, National Association
452 Fifth Avenue
New York, New York 10018
Attention: Fernando Acebedo

      Re:   The  Pooling  and  Servicing  Agreement,  dated July 25,  2007,
            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  Asset-Backed
            Pass-Through Certificates, Series 2007-PA4.
            ---------------------------------------------------------------

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 Asset-Backed Pass-Through Certificates,
                                 Series 2007-PA4

      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 Asset-Backed
Pass-Through Certificates, Series 2007-PA4 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 July 25, 2007, among Wells Fargo Asset Securities
Corporation, as depositor, Wells Fargo Bank, N.A., as master servicer, and HSBC
Bank USA, National Association, as trustee, in all material respects; 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

                    Schedule of Pledged Asset Mortgage Loans

WFALT
WFALT 2007-PA4 EXHIBIT Q Schedule of Pledged Asset Mortgage Loans
GROUP 3  -   5 YEAR ARM RATE LOANS

<TABLE>
<CAPTION>
(i)         (ii)                        (iii)     (iv)      (v)       (vi)       (vii)     (viii)     (ix)         (x)     (xi)
----------  ------------  -----  -----  --------  --------  --------  ---------  --------  ---------  -----------  ------  -------
                                                            NET                                       CUT-OFF
MORTGAGE                                          MORTGAGE  MORTGAGE             ORIGINAL  SCHEDULED  DATE
LOAN                             ZIP    PROPERTY  INTEREST  INTEREST  MONTHLY    TERM TO   MATURITY   PRINCIPAL
NUMBER      CITY          STATE  CODE   TYPE      RATE      RATE      PAYMENT    MATURITY  DATE       BALANCE      LTV     SUBSIDY
----------  ------------  -----  -----  --------  --------  --------  ---------  --------  ---------  -----------  ------  -------
<S>         <C>           <C>    <C>    <C>       <C>       <C>       <C>        <C>       <C>        <C>          <C>     <C>
0170402051  GLOBE         AZ     85501  SFD       6.375     6.115     $1,500.78  360       1-Jun-37   $282,500.00  100.00

                                                                                                      $282,500.00

<CAPTION>
(i)           (xii)    (xiii)    (xiv)      (xv)      (xvi)      (xvii)    (xviii)     (xix)    (xx)        (xxi)
----------  ---------  --------  ---------  --------  ---------  --------  ----------  -------  ----------  ----------------------
                                                                                                            MORTGAGE
MORTGAGE     MORTGAGE            MASTER                                    NEXT                 MORTGAGE    LOAN
LOAN        INSURANCE  SERVICE   SERVICE              GROSS      PERIODIC  ADJUSTMENT  RATE     LOAN        SERVICER
NUMBER         CODE    FEE       FEE        INDEX     MARGIN     CAP       DATE        CEILING  TYPE        NAME
----------  ---------  --------  ---------  --------  ---------  --------  ----------  -------  ----------  ----------------------
<S>         <C>        <C>       <C>        <C>       <C>        <C>       <C>         <C>      <C>         <C>
0170402051             0.250     0.010      1CM       2.750      2.000     1-Jun-12    11.375   1           WELLS FARGO BANK, N.A.

COUNT:      1
WAC:        6.3750000000
WALTV:      100.0000000000
WAM:        360.0000000000
</TABLE>

<PAGE>

                                    EXHIBIT R

         Servicing Criteria to be Addressed in Assessment of Compliance
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
                              SERVICING CRITERIA                        APPLICABLE SERVICING CRITERIA
-----------------------------------------------------------------------------------------------------------
    Reference                         Criteria                      Master   Trustee  Servicers Custodian
                                                                    Servicer
<S>                <C>                                              <C>      <C>      <C>       <C>
-----------------------------------------------------------------------------------------------------------
                        General Servicing Considerations
-----------------------------------------------------------------------------------------------------------
1122(d)(1)(i)      Policies and procedures are instituted to           X       X(1)       X
                   monitor any performance or other triggers and
                   events of default in accordance with the
                   transaction agreements.
-----------------------------------------------------------------------------------------------------------
1122(d)(1)(ii)     If any material servicing activities are            X                  X
                   outsourced to third 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            X        X         X         X
                   policy is in effect on the 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       X                  X
                   the appropriate 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      X                  X
                   of an obligor or to an investor are made only
                   by authorized personnel.
-----------------------------------------------------------------------------------------------------------
1122(d)(2)(iii)    Advances of funds or guarantees regarding           X      X (2)       X
                   collections, cash flows 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 accounts or accounts
                   established as a form of
                   overcollateralization, are separately               X                  X
                   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           X                  X
                   federally insured 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            X                  X
                   prevent unauthorized access.
-----------------------------------------------------------------------------------------------------------
1122(d)(2)(vii)    Reconciliations are prepared on a monthly           X                  X
                   basis for all 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         X                  X
                   filed with the 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          X                  X
                   remitted in accordance 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 days to the Servicer's
                   investor records, or such other number of days      X                  X
                   specified in the transaction agreements.
-----------------------------------------------------------------------------------------------------------
1122(d)(3)(iv)     Amounts remitted to investors per the investor
                   reports agree with cancelled checks, or other       X                  X
                   form of payment, or custodial bank statements.
-----------------------------------------------------------------------------------------------------------
                            Pool Asset Administration
-----------------------------------------------------------------------------------------------------------
1122(d)(4)(i)      Collateral or security on mortgage loans is         X                  X         X
                   maintained as required by the transaction
                   agreements or related mortgage loan documents.
-----------------------------------------------------------------------------------------------------------
1122(d)(4)(ii)     Mortgage loan and related documents are
                   safeguarded as required by the transaction                             X         X
                   agreements
-----------------------------------------------------------------------------------------------------------
1122(d)(4)(iii)    Any additions, removals or substitutions to         X        X         X
                   the asset pool are 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                              X
                   payoffs, made in 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                          X
                   loans agree with the 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      X                  X
                   an obligor's 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.,          X                  X
                   forbearance plans, 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                             X
                   maintained during the 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                              X
                   return for mortgage loans with variable rates
                   are computed based on the related mortgage
                   loan documents.
-----------------------------------------------------------------------------------------------------------
1122(d)(4)(x)      Regarding any funds held in trust for an                               X
                   obligor (such as escrow 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                         X
                   tax or insurance 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                          X
                   any payment to be 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 business days to the
                   obligor's records maintained by the Servicer,                          X
                   or such other number of days specified in the
                   transaction agreements.
-----------------------------------------------------------------------------------------------------------
1122(d)(4)(xiv)    Delinquencies, charge-offs and uncollectible        X                  X
                   accounts are recognized and recorded in
                   accordance with the transaction agreements.
-----------------------------------------------------------------------------------------------------------
122(d)(4)(xv)      Any external enhancement or other support,          X(3)
                   identified in Item 1114(a)(1) through (3) or
                   Item 1115 of Regulation AB, is maintained as
                   X(3)1122(d)(4)(xv) 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 Item          (i) All parties to the Pooling
        1117 of Reg AB                      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 Use of       Depositor
        Proceeds
-------------------------------------------------------------------------------
Item 4: Defaults Upon Senior Securities     Master Servicer
-------------------------------------------------------------------------------
Item 5: Submission of Matters to a          Master Servicer, Trustee
        Vote of Security Holders
-------------------------------------------------------------------------------
Item 6: Significant Obligors of Pool        Depositor, if applicable
        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 Comments          Depositor
-------------------------------------------------------------------------------
Item 9B:  Other Information                  Any party responsible for
                                             disclosure items on Form 8-K
-------------------------------------------------------------------------------
Item 15:  Exhibits, Financial Statement      Master Servicer
          Schedules
                                             Depositor
-------------------------------------------------------------------------------
Additional Item:                             (i) All parties to the Pooling
                                             and Servicing Agreement, the
                                             Custodian, each Servicer and, if
                                             applicable the Special Servicer
Disclosure per Item 1117 of Reg AB           (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 Pooling
                                             and Servicing Agreement, the
Disclosure per Item 1119 of Reg AB           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 Reg AB
-------------------------------------------------------------------------------
Additional Item:                             Depositor, if applicable

Disclosure per Items 1114(b) and
1115(b) of Reg 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 and
           Definitive Agreement              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 Material         All parties to the Pooling and
           Definitive Agreement              Servicing 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 Receivership        (i) Depositor, as to itself, 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 that            Master Servicer
           Accelerate or Increase a
           Direct Financial Obligation
           or an Obligation under an
           Off-Balance Sheet Arrangement
-------------------------------------------------------------------------------
Item 3.03- Material Modification to          Master Servicer
           Rights of Security Holders
-------------------------------------------------------------------------------
Item 5.03- Amendments of Articles of         Master Servicer
           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 Required        Master Servicer
           Distribution
-------------------------------------------------------------------------------
Item 6.05- Securities Act Updating           Depositor
           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- WFALT 2007-PA4--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 July 25, 2007, 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 July 25, 2007

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

                                    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 Asset-Backed Pass-Through Certificates..................
               Mortgage Interest Rate...........................................
               Mortgage Loan....................................................
               Mortgage Loan Documents..........................................
               Mortgage Loan Purchase Agreement.................................
               Mortgage Note....................................................
               Mortgage Note Assumption Rider...................................
               Mortgaged Property...............................................
               Mortgagee........................................................
               Net Mortgage Interest Rate.......................................
               Non-Assigned Letter of Credit....................................
               Non-Recoverable Advance..........................................
               Notice of Periodic Adjustment....................................
               Officer..........................................................
               Officer's Certificate............................................
               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.      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..........................................
      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............................................

                                   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 25th day of July, 2007
(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 Asset-Backed Pass-Through Certificates, Series 2007-PA4, 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:

                                    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 Asset-Backed Pass-Through Certificates: The specific
series of Wells Fargo Asset Securities Corporation, mortgage pass-through
certificates specified on page 1 of this Agreement.

               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.

               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.

               Officer's Certificate: A certificate signed by the Chairman of
the Board or a Vice President or an Assistant Vice President and certified by
the Treasurer or the Secretary or one of the Assistant Treasurers or Assistant
Secretaries of the Servicer, and delivered to the Master Servicer as required by
this Agreement.

               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 Asset-Backed
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 8.3.2 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 (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.

                                    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.
                    1 Home Campus
                    Des Moines, Iowa 50328-0001
                    Attention:  John Brown, MAC X2302-033
                    Fax: 515-324-3118

                    with a copy to:

                    Wells Fargo Bank, N.A.
                    1 Home Campus
                    Des Moines, Iowa 50328-0001
                    Attention:  General Counsel, MAC X2401-06T

               (c)  if to the Custodian:

                    Wells Fargo Bank, N.A.
                    1015 10th Avenue South East
                    Minneapolis, Minnesota 55414
                    Attention:  WFALT 2007-PA4

               (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.

                                    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.

                                    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 2008, 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 2008, 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 2008, 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 2008, 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 2008, 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 (as then interpreted by the Commission),
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. In the event of any disagreement among any of the
parties hereto regarding the application of the Commission's interpretation to a
particular Subcontractor, the determination of the Master Servicer shall be
binding.

               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.

                                    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 or otherwise in writing provided by the Servicer to the Master
Servicer, there has been no material noncompliance with the applicable servicing
criteria with respect to securitizations of residential mortgage loans involving
the Servicer as a 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.

                                    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 Asset-Backed
          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 Asset-Backed 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 account number and the title
          of the account; 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;

               (f) to transfer payment on account of Buydown Funds and/or
          Subsidy Funds to the Custodial P&I Account; and

               (g) 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
Asset-Backed 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 Asset-Backed
Pass-Through Certificates by either Rating Agency or result in any of such rated
Mortgage Asset-Backed Pass-Through Certificates being placed on credit review
status by either Rating Agency.

                                    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, 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.

                                    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. 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.

                                    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.

                                   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 (or such longer period as may be permitted in the
discretion of the Servicer).

               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.

                                   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 Asset-Backed Pass-Through
Certificates, Series 2007-PA4.

               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.

                                   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) 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.
          Nothing in this Section 12.3.6(b) shall be construed to limit the
          ability of the Servicer to arrange for the sale of a Mortgaged
          Property pursuant to Section 13.3.3.

               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.

                                   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.

                                   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.

                                   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.

                                   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.

                                   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. For purposes of the preceding sentence, the Monthly Payment
on each Balloon Loan with a delinquent Balloon Amount is equal to the assumed
monthly payment that would have been due on the related Due Date based on the
original principal amortization schedule for such Balloon Loan. 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.

The Servicer shall have no obligation to make any P&I Advances as to any
Mortgage Loan with respect to shortfalls relating to the Servicemembers Civil
Relief Act or similar state and local laws.

               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").

               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.

                                   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.

                                   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.

                                   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/ Bradley A. Davis
                                             -----------------------------------
                                             Name:   Bradley A. Davis
                                             Title:  Vice President

                                          WELLS FARGO BANK, N.A.
                                             as Master Servicer

                                          By:    /s/ Christopher Furlow
                                             -----------------------------------
                                             Name:   Christopher Furlow
                                             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

<PAGE>

               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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